OREANDA-NEWS. Toyota Motor Corporation (TMC) today announces its financial results for the fiscal year ended March 31, 2016.

Consolidated vehicle sales totaled 8,681,328 units, a decrease of 290,536 units compared to the previous fiscal year. On a consolidated basis, net revenues for the period totaled 28.4031 trillion yen, an increase of 4.3 percent. Operating income increased from 2.7505 trillion yen to 2.8539 trillion yen, while income before income taxes1 was 2.9833 trillion yen. Net income2 increased from 2.1733 trillion yen to 2.3126 trillion yen.

Operating income increased by 103.4 billion yen. Major factors contributing to the increase included cost reduction efforts of 390.0 billion yen and currency fluctuations of 160.0 billion yen.

Commenting on the results, TMC executive vice president Takahiko Ijichi said: "Operating income increased by 103.4 billion yen compared to the previous fiscal year. The positive factors such as cost reduction efforts and favorable foreign exchange rates more than offset the negative factors such as decreased vehicle sales and increased expenses, particularly labor costs and R&D expenses."

In Japan, vehicle sales totaled 2,059,093 units, a decrease of 94,601 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 102.6 billion yen to 1,676.7 billion yen.

In North America, vehicle sales totaled 2,839,229 units, an increase of 124,056 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 32.2 billion yen to 505.6 billion yen.

In Europe, vehicle sales totaled 844,412 units, a decrease of 14,626 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 0.3 billion yen to 75.7 billion yen.

In Asia, vehicle sales totaled 1,344,836 units, a decrease of 144,086 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 21.4 billion yen to 455.0 billion yen.

In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 1,593,758 units, a decrease of 161,279 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 6.0 billion yen to 103.4 billion yen.

Financial services operating income decreased by 22.6 billion yen to 339.2 billion yen, including a gain of 20.1 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income decreased by 2.8 billion yen to 319.0 billion yen.

For the fiscal year ending March 31, 2017, TMC estimates that consolidated vehicles sales will be 8.9 million units.

In addition, TMC forecasts consolidated net revenue of 26.5 trillion yen, operating income of 1.70 trillion yen and net income of 1.50 trillion yen for the fiscal year ending March 31, 2017, based on an exchange rate of 105 yen to the U.S. dollar and 120 yen to the euro.

This forecast does not include the effects of suspension of operations on vehicle assembly lines in Japan resulting from the Kumamoto Earthquake that struck Japan's island of Kyushu last month.

Today, TMC's board of directors resolved to pay 110 yen per share as the year-end dividend on common shares. The annual dividend on common shares for the fiscal year will be 210 yen per share including the interim dividend of 100 yen per share. Also today, TMC's board of directors resolved to buy back up to 500 billion yen or 100 million shares of the company's common stock.