Toyota Motor --- Ratios

(Assumes average balance sheet amounts)

(Amount: million yen except for EPS)
(Year end March 31, Q3 end December 31, 2011)
Income Statements
Revenues:
Sales of products
Financial operations
Total net revenues
Costs and expenses:
Cost of products sold
Cost of financing operations
Selling, general and administrative expenses
Total costs and expenses
Operating income
Other income:
Interest and dividend income
Interest expense
Foreign exchange gain, net
Other inome, net
Total other income
Pretax income
Income taxes
Equity in earnings of affiliated companies
Net income attributed to the noncotrolling interest
Net income
EPS (yen)
Average Balance Sheets
Assets
Current assets:
Cash and cash equivalents
Time deposits
Marketable securities
Trade accounts and notes receivables, net
Finance receivables, net
Other receivables, net
Inventories (not adjusted to FIFO)
Deferred income taxes
Prepaid expenses and other current assets
Total current assets
Noncurrent finance receivables, net
Long-term investments
Property, plant and equipment, net
Total assets
Liabilities
Current Liabilities:
Short-term borrowings
Current portion of long-term debt
Accounts payable
Other payable
Accrued expenses
Income taxes payable

2012 Q3

2011

2010

12,074,816
806,311
12,881,127

17,820,520
1,173,168
18,993,688

17,724,729
1,226,244
18,950,973

11,009,935
433,742
1,320,339
12,764,016
117,111

15,991,939
629,543
1,910,083
18,531,565
462,123

15,966,377
712,301
2,119,660
18,798,338
152,635

79,719
(14,830)
1,074
14,125
80,088
197,199
124,325
135,182
(45,531)
162,525
51.83
2012 Q3

90,771
(29,318)
14,305
19,253
95,011
557,134
312,821
215,016
(57,302)
402,027
130.17

78,224
(33,409)
68,251
30,886
143,952
296,587
92,664
45,408
(34,756)
214,575
66.79

2011

2010

1,656,438
258,806
1,309,102
1,502,548
3,952,610
322,468
1,419,751
564,385
617,537
11,603,642
5,290,774
6,071,105
6,032,993
28,998,514

1,973,228
298,299
1,509,300
1,667,712
4,173,151
333,290
1,424,329
619,024
514,369
12,512,701
5,593,713
5,528,304
6,510,031
30,144,748

2,155,013
218,951
1,144,246
1,639,511
4,050,451
346,551
1,502,423
618,748
571,914
12,247,806
5,643,113
4,819,992
7,056,291
29,767,202

3,296,724
2,514,572
1,688,623
492,961
1,646,567
111,415

3,229,341
2,495,576
1,729,789
575,888
1,754,582
133,094

3,448,673
2,458,918
1,627,980
621,542
1,638,306
102,343

Other current liabilities

Total current liabilities
Long-term Liabilities:
Long-term debt
Accrued pension and severance costs
Deferred income taxes
Other long-term liabilities
Total long-term liabilities
Total liabilities
Minority interest in consolidated subsidiaries
Shareholders' equity
Common stock, no par value
Additional paid-in-capital
Retained earnings
Accumulated other comprehensive income
Treasury stock
Total shareholders' equity
Total liabilities and shareholders' equity

839,417
10,590,277

820,334
10,738,602

739,993
10,637,754

6,055,301
671,330
799,705
175,702
7,702,037
18,292,314
578,795

6,732,315
673,350
811,674
202,553
8,419,891
19,158,493
579,187

6,658,439
656,645
727,757
259,478
8,302,319
18,940,072
555,125

397,050
504,940
11,825,836
(1,339,564)
(1,261,357)
10,126,906
28,998,014

397,050
503,546
11,702,134
(995,778)
(1,260,904)
10,346,047
30,083,727

397,050
501,271
11,550,112
(977,308)
(1,260,660)
10,210,465
29,705,662

2012 Q3
1.10
0.85

2011
1.17
0.93

2010
1.15
0.90

8.57
42.58

11.39
32.05

11.56
31.58

7.75
47.07
89.64
3,224,345.00
63,972,809.31
127,271,579.21
194,468,733.52
16.76
6.52
55.98
33.66

11.23
32.51
64.56
3,780,826.50
53,447,287.85
91,950,580.53
149,178,694.89
11.92
9.25
39.48
25.08

10.63
34.35
65.92
3,518,209.50
51,771,413.35
99,045,060.00
154,334,682.85
12.60
9.81
37.22
28.71

1.08
33
34
36

1.18
37
36
38

Liquidity Ratios
Current ratio
Quick ratio
Accounts receivable turnover
Number of days in accounts receivable
Inventory turnover
Number of days in inventory
Inventory conversion cycle
Cash and investments product dollar days
Accounts receivable product dollar days
Inventory product dollar days
Total product dollar days
Liquidity index
Accounts payable turnover
Number of days in accounts payable
Net cash conversion cycle
Industry Average
Current ratio
Number of days in accounts receivable
Number of days in inventory
Net cash conversion cycle

Honda Motor --- Ratios

(Assumes average balance sheet amounts)
(Amount: million yen except for EPS)
(Year end March 31, Q3 end December 31, 2011)
2009
19,173,720
1,355,850
20,529,570
17,439,796
987,384
2,534,781
20,961,961
(432,391)
138,467
(46,882)
(1,815)
(189,140)
(99,370)
(531,761)
(56,442)
42,724
24,278
(408,317)
(139.13)
2009

2,036,414
89,976
518,768
1,716,491
4,096,274
428,128
1,687,225
584,276
579,698
11,737,248
5,815,151
5,645,609
7,606,842
30,804,849

3,585,197
2,687,472
1,756,114
738,574
1,573,823
178,445

Income Statements
Revenues:
Net sales and other operating revenue
Costs and expenses:
Cost of sales
Selling, general and administrative expenses
Research and development
Total costs and expenses
Operating income
Other income (expenses):
Interest income
Interest expense
Other income (expenses)
Pretax income
Income taxes
Equity in earnings of affiliated companies
Minority interest in income of consolidated subsidiaries
Net income
EPS (yen)

Average Balance Sheets

Assets
Current assets:
Cash and cash equivalents
Trade accounts and notes receivables
Finance subsidiaries -receivables, net
Inventories
Deferred income taxes
Other current assets
Total current assets
Finance subsidiaries-receivables, net
Total Investments and Advances
Net property on operating leases
Net property, plant and equipment
Other assets, net of allowance for doubtful accounts
Total assets
Liabilities
Current Liabilities:
Short-term debt
Current portion of long-term debt
Notes payable
Accounts payable
Accrued expenses
Income taxes payable
Other current liabilities

2012 Q3

2011

5,543,033

8,936,867

4,141,925
909,418
372,302
5,423,645
119,388

6,496,841
1,382,660
487,591
8,367,092
569,775

25,119
(7,509)
27,348
164,346
(86,797)
67,111
(4,772)

23,577
(8,474)
45,670
630,548
(206,827)
139,756
(29,389)
534,088
295.67

139,888
77.62

2012 Q3

2011

1,150,694
669,318
1,072,365
912,327
187,716
384,252
4,376,672
2,248,054
661,632
1,315,200
1,879,639
589,758
11,070,954

1,199,463
835,584
1,115,613
917,721
189,448
394,058
4,651,886
2,355,124
641,307
1,332,890
2,013,010
605,780
11,599,995

1,048,096
941,657
22,563
658,047
437,810
28,236
200,621

1,080,542
842,376
24,960
746,992
534,031
27,954
236,808

745,394
11,265,018
6,141,700
633,455
870,650
285,892
7,931,696
19,196,713
598,099
397,050
499,390
11,970,086
(674,493)
(1,226,666)
10,965,367
30,760,179

Total current liabilities

Long-term Liabilities:
Long-term debt
Other long-term liabilities
Total long-term liabilities
Total liabilities
Noncontrolling Interests
Shareholders' equity
Common stock, no par value
Additional paid-in-capital
Legal Reserves
Retained earnings
Accumulated other comprehensive income
Treasury stock
Total Shareholders' Equity
Total liabilities and shareholders' equity

2009
1.04
0.79

Current ratio
Quick ratio

11.96
30.52

Accounts receivable turnover

Number of days in accounts receivable

10.34
35.31
65.83
2,645,157.00
52,383,688.21
111,070,135.70
166,098,980.91
14.15
9.93
36.75
29.08

1.11
31
36
43

Inventory turnover
Number of days in inventory
Inventory conversion cycle
Cash and investments product dollar days
Accounts receivable product dollar days
Inventory product dollar days
Total product dollar days
Liquidity index
Accounts payable turnover
Number of days in accounts payable
Net cash conversion cycle

3,337,029

3,493,661

1,955,382
1,341,642
3,297,024
6,634,052
119,968

2,178,138
1,408,525
3,586,663
7,080,324
130,364

86,067
172,529
46,496
5,687,006
(1,649,052)
(26,111)
4,316,935
11,070,954

86,067
172,529
45,897
5,485,506
(1,351,771)
(48,920)
4,389,308
11,599,995

2012 Q3
1.31
0.87

2011
1.33
0.90

8.28
44.07

10.70
34.13

4.54
80.40
124.47
1,150,694.00
29,499,211.64
113,558,054.25
144,207,959.88
32.95
6.29
57.99
66.48

7.08
51.56
85.69
1,199,463.00
28,515,912.98
78,635,444.54
108,350,820.52
23.29
8.70
41.97
43.72

2010

2009

8,579,174

10,011,241

6,414,721
1,337,324
463,354
8,215,399
363,775

7,419,582
1,838,819
563,197
9,821,598
189,643

18,232
(12,552)
(33,257)
336,198
(146,869)
93,282
(14,211)
268,400
147.91

41,235
(22,543)
(46,601)
161,734
(109,835)
99,034
(13,928)
137,005
75.5

2010

2009

905,136
868,845
1,136,094
1,089,795
187,381
430,201
4,617,451
2,380,809
640,875
1,297,973
2,117,192
669,717
11,724,016

870,636
937,979
1,256,379
1,221,611
178,492
461,278
4,926,373
2,554,051
705,496
1,103,386
2,174,510
753,415
12,217,230

1,386,582
849,910
28,269
738,481
552,597
28,281
244,131

1,696,967
924,287
35,420
844,814
646,644
51,984
254,737

3,828,249

4,454,852

2,122,836
1,479,544
3,602,380
7,430,629
125,423

1,884,645
1,466,419
3,351,064
7,805,916
132,431

86,067
172,529
44,714
5,201,870
(1,265,495)
(71,721)
4,167,964
11,724,016

86,067
172,529
41,888
5,102,732
(1,052,513)
(71,820)
4,278,884
12,217,230

2010
1.21
0.76

2009
1.11
0.69

9.87
36.96

10.67
34.20

5.89
62.01
98.97
905,135.50
32,116,780.29
107,862,081.45
140,883,997.24
30.51
8.69
42.02
56.95

6.07
60.10
94.29
870,635.50
32,076,776.32
115,190,367.99
148,137,779.81
30.07
8.78
41.56
52.73

Toyota Motor Balance Sheets

(Amount: million yen)
2012 Q3
Assets
Current assets:
Cash and cash equivalents
1,533,578
Time deposits
275,460
Marketable securities
1,122,657
Trade accounts and notes receivables,
1,560,153
net
Finance receivables, net
3,877,908
Other receivables, net
331,074
Inventories
1,465,876
Deferred income taxes
588,422
Prepaid expenses and other current assets
648,463
Total current assets
11,403,591
Noncurrent finance receivables, net
5,205,170
Long-term investments
6,279,863
Property, plant and equipment, net
5,873,055
Total assets
28,761,679
Liabilities
Current Liabilities:
Short-term borrowings
3,517,642
Current portion of long-term debt
2,775,346
Accounts payable
1,785,343
Other payable
494,792
Accrued expenses
1,624,278
Income taxes payable
106,702
Other current liabilities
869,417
Total current liabilities
11,173,520
Long-term Liabilities:
Long-term debt
5,404,585
Accrued pension and severance costs 660,502
Deferred income taxes
779,569
Other long-term liabilities
139,982
Total long-term liabilities
6,984,638
Total liabilities
18,158,158
Minority interest in consolidated subsidiaries
579,654
Shareholders' equity
Common stock, no par value
397,050
Additional paid-in-capital
504,990
Retained earnings
11,841,405
Accumulated other comprehensive income
(1,458,142)
Treasury stock
(1,261,436)
Total shareholders' equity
10,023,867
Total liabilities and shareholders' equity
28,761,679

2011 Q3

2011

2010

2009

1,779,297
242,152
1,495,546
1,444,942
4,027,312
313,861
1373625
540,347
586,611
11,803,693
5,376,378
5,862,347
6,192,931
29,235,349

2,080,709
203,874
1,225,435
1,449,151
4,136,805
306,201
1,362,185
605,884
517,454
11,887,698
5,556,746
6,122,505
6,309,160
29,876,109

1,865,746
392,724
1,793,165
1,886,273
4,209,496
360,379
1,486,472
632,164
511,284
13,137,703
5,630,680
4,934,102
6,710,901
30,413,386

2,444,280
45,178
495,326
1,392,749
3,891,406
332,722
1,518,374
605,331
632,543
11,357,909
5,655,545
4,705,882
7,401,681
29,121,017

3,075,806
2,253,798
1,591,902
491,129
1,668,856
116,127
809,416
10,007,034

3,179,009
2,772,827
1,503,072
579,326
1,773,233
112,801
870,722
10,790,990

3,279,673
2,218,324
1,956,505
572,450
1,735,930
153,387
769,945
10,686,214

3,617,672
2,699,512
1,299,455
670,634
1,540,681
51,298
710,041
10,589,293

6,706,016
682,157
819,841
211,421
8,419,435
18,426,469
577,936

6,449,220
668,022
810,127
179,783
8,107,152
18,898,142
587,653

7,015,409
678,677
813,221
225,323
8,732,630
19,418,844
570,720

6,301,469
634,612
642,293
293,633
7,872,007
18,461,300
539,530

397,050
504,890
11,810,267
(1,220,986)
(1,261,277)
10,229,944
29,234,349

397,050
505,760
11,835,665
(1,144,721)
(1,261,383)
10,332,371
29,818,166

397,050
501,331
11,568,602
(846,835)
(1,260,425)
10,359,723
30,349,287

397,050
501,211
11,531,622
(1,107,781)
(1,260,895)
10,061,207
29,062,037

2008

1,628,547
134,773
542,210
2,040,233
4,301,142
523,533
1,856,076
563,220
526,853
12,116,587
5,974,756
6,585,335
7,812,002
32,488,680

3,552,721
2,675,431
2,212,773
806,514
1,606,964
305,592
780,747
11,940,742
5,981,931
632,297
1,099,006
278,150
7,991,384
19,932,126
656,667
397,050
497,569
12,408,550
(241,205)
(1,192,437)
11,869,527
32,458,320

Honda Motor Balance Sheets

(Amount: million yen)
2012 Q3
Assets
Current assets:
Cash and cash equivalents
1,142,719
Trade accounts and notes receivables
605,522
Finance subsidiaries -receivables, net
1,048,114
Inventories
882,931
Deferred income taxes
194,277
Other current assets
335,796
Total current assets
4,209,359
Finance subsidiaries-receivables, net
2,234,563
Total Investments and Advances
612,590
1,353,116
Net property on operating leases
1,847,689
Net property, plant and equipment
Other assets, net of allowance for doubtful accounts 624,979
Total assets
10,882,296
Liabilities
Current Liabilities:
Short-term debt
1,019,866
Current portion of long-term debt
966,466
Notes payable
24,190
Accounts payable
653,315
Accrued expenses
430,591
Income taxes payable
22,992
Other current liabilities
196,218
Total current liabilities
3,313,638
Long-term Liabilities:
Long-term debt
1,849,536
Other long-term liabilities
1,359,954
Total long-term liabilities
3,209,490
Total liabilities
6,523,128
Noncontrolling Interests
113,785
Shareholders' equity
Common stock, no par value
86,067
Additional paid-in-capital
172,529
Legal Reserves
46,843
Retained earnings
5,724,811
Accumulated other comprehensive income
(1,758,752)
Treasury stock
(26,115)
Total Shareholders' Equity
4,245,383
Total liabilities and shareholders' equity
10,882,296

2011 Q3

2011

1,158,669
733,114
1,096,616
941,723
181,154
432,708
4,543,984
2,261,545
710,674
1,277,284
1,911,589
554,536
11,259,612

1,279,024
787,691
1,131,068
899,813
202,291
390,160
4,690,047
2,348,913
639,932
1,357,632
1,939,356
594,994
11,570,874

1,076,325
916,848
20,935
662,778
445,029
33,480
205,024
3,360,419

1,094,740
962,455
25,216
691,520
525,540
31,960
236,761
3,568,192

2,061,227
1,323,330
3,384,557
6,744,976
126,150

2,043,240
1,376,530
3,419,770
6,987,962
132,937

86,067
172,529
46,149
5,649,200
(1,539,352)
(26,107)
4,388,486
11,259,612

86,067
172,529
46,330
5,666,539
(1,495,380)
(26,110)
4,449,975
11,570,874

2010

2009

2008

1,119,902
883,476
1,100,158
935,629
176,604
397,955
4,613,724
2,361,335
642,681
1,308,147
2,086,663
616,565
11,629,115

690,369
854,214
1,172,030
1,243,961
198,158
462,446
4,621,178
2,400,282
639,069
1,287,799
2,147,721
722,868
11,818,917

1,050,902
1,021,743
1,340,728
1,199,260
158,825
460,110
5,231,568
2,707,820
771,922
918,972
2,201,299
783,962
12,615,543

1,066,344
722,296
24,704
802,464
542,521
23,947
236,854
3,419,130

1,706,819
977,523
31,834
674,498
562,673
32,614
251,407
4,237,368

1,687,115
871,050
39,006
1,015,130
730,615
71,354
258,066
4,672,336

2,313,035
1,440,520
3,753,555
7,172,685
127,790

1,932,637
1,518,568
3,451,205
7,688,573
123,056

1,836,652
1,414,270
3,250,922
7,923,258
141,806

86,067
172,529
45,463
5,304,473
(1,208,162)
(71,730)
4,328,640
11,629,115

86,067
172,529
43,965
5,099,267
(1,322,828)
(71,712)
4,007,288
11,818,917

86,067
172,529
39,811
5,106,197
(782,198)
(71,927)
4,550,479
12,615,543

Current Ratio
1.35
1.30
1.25
1.20
1.15
1.10
1.05
1.00
2009

Days in Accounts
38.00
36.00
Toyota

34.00

Honda

32.00

Industry

2010

30.00
28.00
2009

2011

Net Cash Conversion Cycle

60.00

70.00

50.00

60.00

40.00

50.00

Honda

40.00

Industry

30.00
20.00
2009

Toyota

2010

2011

30.00
20.00
2009

Days in Accounts Receivable

Toyota

Honda
Industry

2009

2010

2011

Days in Inventory

Toyota
Honda
Industry

2009

2010

2011