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Economic Performance “ We need to put in place strategies and actions to adapt to ever-changing market conditions. Flexibility in the development and production of our vehicles in order to satisfy customer needs will become a significant area of competitive advantage. Our top priority must be on rebuilding our customers’ trust. Long-term trust is more important than short-term profits. We will pursue mutual growth with our business partners based on mutual trust.„ Ludo Vandervelden
Ludo Vandervelden Senior Vice-President, Accounting and Finance, Business Services, Legal, Toyota Motor Europe Market Context In FY09, the automotive market continued to expand in China, India and other developing countries. In developed countries, despite government efforts to stimulate demand, overall market conditions were difficult. In FY09, our net revenues in Europe decreased by 22% from FY08 to €16,390 million as a result of both reduced sales and vehicle unit production. Consolidated Financial Results for Europe (in million Euro) Self Reliance with Focus on Core Models One of the reasons for this was a change in the market structure resulting from shifts in consumer demand to small family cars (C-segment) and for cars in the lowest price segments. However, our operating loss was €252 million in FY09 compared to €995 million in FY08. This was mainly due to cost reduction efforts in all areas. fy05 fy06 fy07 fy08 fy09 Net Revenues 19,764 23,615 24,651 20,925 16,390 Operating Expenses 19,083 22,699 23,777 21,919 16,641 Operating Income 681 916 874 (995) (252) Assets 17,908 19,448 19,294 16,143 15,733 Source: TMC Annual Results - Segment Information Toyota European Sustainability Report 2010 I Economic Performance 83
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