Contents
01
Daihatsu Group Characteristics
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02
Main Lineup
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03
Consolidated Financial Highlights
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04
Special Feature:
10
Review of Operations
Compact Cars that Offer Fuel Efficiency, Affordable Pricing, and
Conservation of Resources
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06
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Annual Report 2011
Management Message
Pushing the Limits in the Production of Compact Cars that Offer Fuel Efficiency, Affordable
Pricing, and Conservation of Resources
Japan
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Indonesia
Malaysia
Consigned Production and OEM
Corporate Governance/Corporate Social Responsibility
▲
16
Information
▲
18
Financial Section
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株主のみなさまへ
14
第170期報告書
平成 23 年 3 月31 日
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平成 22 年 4 月1 日
Disclaimer
This annual report contains forward-looking statements regarding future plans, strategies, and operating performance forecasts and
estimates for Daihatsu and its subsidiaries and affiliated companies. Statements that are not historical facts are expectations derived
from management’s assumptions and opinions based on its judgment of information available as of the date of this report. Such
statements contain risks and uncertainties that include but are not limited to economic fluctuations, severe competition in automobile
markets, market demand, exchange rates, taxation systems and changes in various other systems. Consequently, the reader should
understand that actual performance may differ from forecast results.
18 ●
Information
Financial Section
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16 ●
Corporate Governance/
Corporate Social Responsibility
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14 ●
Review of Operations
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10 ●
Special Feature
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06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
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01 ●
Daihatsu Group Characteristics
01
Daihatsu Motor Co., Ltd. (hereinafter referred to as “Daihatsu”), is an automobile
manufacturer with a history of over 100 years, established in 1907 through a consortium
of industry and academia as a developer, manufacturer and seller of compact cars for the
purpose of domestic production of an internal combustion engine.
Daihatsu has the three main pillars of business. The first is the domestic business driven
by mini vehicles, and then the overseas business, including local production in Indonesia
and Malaysia. In particular, business operations at P.T. Astra Daihatsu Motor (hereinafter
referred to as “ADM”), a consolidated subsidiary in Indonesia, and Perodua Manufacturing
Sdn. Bhd. (hereinafter referred to as “Perodua”), a local joint venture for production and
sales in Malaysia, have developed into one of the main pillars of our business by devoting
themselves thoroughly to the manufacturing of automobiles that suit the culture and
climate of their respective countries.
Furthermore, after becoming a consolidated subsidiary of Toyota Motor Corporation
(hereinafter referred to as “Toyota”) in 1998, Daihatsu has been enhancing the structure
of collaboration as a member of the Toyota Group by leveraging development synergies,
including consigned production, joint development and original equipment manufacturing
(OEM). In the autumn of 2011, we will commence the OEM supply of our mini vehicles to
Toyota in Japan. We are also supplying our mini vehicles on an OEM basis to Fuji Heavy
Industries Ltd. (hereinafter referred to as “FHI”), which has an operational tie-up with
Toyota. Not limited to the Japanese market, we are also undertaking consignment and
OEM business operations with Toyota in Indonesia and Malaysia as well.
As a member of the Toyota Group, Daihatsu is effectively making use of management
resources of the Group companies in the domestic, overseas and consigned production
and OEM businesses, and is striving to enhance our management structure by
strengthening the three pillars of our business, respectively.
Composition of net sales by operations
For the year ended March 31, 2011
Consigned production and OEM
29%
Net sales
¥1,559,412
million
Japan
50%
No. 1 Share of Mini Vehicle Sales in Japan
In fiscal 2011 (the fiscal year ended March 31, 2011), sales of new mini vehicles in Japan
declined 4.1% from the previous fiscal year to 1,629 thousand units* in the aftermath of
the Great East Japan Earthquake that jolted the nation in March 2011.
Although sales of our mini vehicles also fell 4.7% from the previous fiscal year to 568
thousand units, we have retained the top share of domestic mini vehicle sales for the
fifth consecutive year. We trace our top share in the Japanese market to the marketing
of attractive products developed by paying full heed to customer input and as well as
to the dealer innovation we have proceeded with since fiscal 2007 in order to enhance
customer satisfaction. Going forward, we will continue with the manufacturing of vehicles
with high merchantability and the dealer innovation.
34.9%
Five consecutive years
of share of domestic
mini vehicle sales
Product Development
Dealer Innovation
With our mission of “making compact cars
loved around the world” under the slogan of
“Innovation for Tomorrow,” we are vigorously
forging ahead with product development
for manufacturing compact cars with fuel
efficiency, affordable pricing and conservation
of resources.
Generally speaking, the complete redesign
of vehicle models takes place in a cycle of
once in four to six years. But we completely
redesign our flagship vehicle models once in
four years, and are delivering products that
match the market climate that changes daily
as well as the tastes of customers ahead of the
times by not only altering the exterior design
but also completely changing platforms and
improving engines.
We also offer the well-coordinated lineup
of products to accommodate the diversified
lifestyles and needs of customers.
One of Daihatsu’s major features is that
females account for approximately 70% of
our customers. In response to this fact, we
have made a drastic shift in selling style from
making home calls to attracting customers to
dealer outlets, in a bid to create dealer outlet
environments that attract female customers.
Specifically, we have come up with the
concept of “Daihatsu New Outlet Standards” to
make our dealer outlets easily recognizable by
customers by unifying the exteriors and colors
of showrooms. We have also been promoting
the “Café Project” to welcome customers with
the “heart of cordial hospitality” in order to
enhance the level of customer satisfaction.
As our next target, we are endeavoring
to increase the number of “the No.1 outlet in
the area chosen by customers” in an effort to
develop dealer outlets trusted by customers.
* Data from the Japan Mini Vehicles Association
Overseas
21%
No.1
Daihatsu Group Characteristics
Turning the Three Main Businesses into the More Solid Pillars
16 ●
18 ●
Corporate Governance/
Corporate Social Responsibility
Information
Financial Section
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▲
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14 ●
Review of Operations
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10 ●
Special Feature
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06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
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01 ●
Main Lineup
02
Mini passenger vehicles
Mira e:S
Compact passenger cars
Move Custom
Boon
Mini vehicles
The definition of “mini vehicle” is prescribed by the Road Transport Vehicle
Act enforcement guidelines of the Japanese
Ministry of Land, Infrastructure, Transport and
Tourism. At present, maximum specifications
for mini vehicles are a length of 3.40m, width
660cc
of 1.48m, height of 2.00m and displacement of
3,400mm
less than 660cc.
Be-go
Main Lineup
Centered on Mini, and Compact Vehicles
Mini Vehicle Features
Tanto
Move Conte
Boon Luminas
660cc
65% footprint of
Parking Made Easy 660cc
Turning
a passenger
car Radius
3,400mm Short
Coo
A mini vehicle occupies a3,400mm
footprint
Overseas production models
Indonesia
Tanto Exe Custom
Mira
Terios
Xenia
of 5.03m2, or only 65% of the
space required by a 2000cc
passenger car. A mini vehicle
needs only
around 5m2 of
65% footprint of
of
a passenger
car
parking area,65%
andfootprint
a passenger car
parallel parking is
easy.
On average, mini vehicles have
a minimum turning radius of only
4.4m. Sharp turning capabilities
make mini vehicles easier to
operate on narrow roads, country
lanes and in mountainous regions.
Turning radius of 4.4m
Turning radius of 4.4m
Gran Max (pickup)
Mira Cocoa
Copen
Malaysia
* Data from the Japan Mini Vehicles Association
* Data from the Japan Mini Vehicles Association
Viva
Small but Safe
Myvi
Atrai Wagon
Terios Kid
Mini commercial vehicles
Hijet Truck
Total Advanced Function (TAF) body, designed to augment safety in the event
of a collision, and a Safety-Oriented Friendly Interior (SOFI). In addition to
meeting Japanese and European standards for collision safety, our vehicles
are highly rated for their meet overall collision safety and
pedestrian safety according to standards that have
been set by Japanese government-affiliated
organizations.
Alza
Welfare vehicles
Hijet Cargo
Tanto Sloper
Tanto Welcome Seat
Front-end collision
Side collision
Turning radius of 4.4m
16 ●
18 ●
Corporate Governance/
Corporate Social Responsibility
Information
Financial Section
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▲
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14 ●
Review of Operations
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10 ●
Special Feature
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06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
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01 ●
Consolidated Financial Highlights Years ended March 31
03
Millions of yen
2007
2008
2009
2010
2011
Consolidated Financial Highlights
2006
For the year:
Net sales
¥1,347,972
¥1,637,124
¥1,702,602
¥1,631,395
¥1,574,727
¥1,559,412
Operating income
48,638
54,373
65,201
38,191
40,747
103,443
Net income
33,523
34,730
34,940
22,074
21,162
52,555
R&D expenses
Capital investment*1
Depreciation
Cash flows from operating activities
Free cash flow
47,803
46,724
44,213
44,209
43,734
38,227
114,039
77,590
111,749
76,700
36,745
40,614
60,773
65,143*1
66,487*1
83,654*1
72,945*1
63,728*1
64,283
107,391
74,070
76,087
132,011
144,107
(4,522)
5,733
(27,050)
(8,524)
84,777
102,085
¥1,027,228
¥1,124,762
¥1,152,498
¥1,098,368
¥1,134,105
¥1,102,981
*2
At year-end:
Total assets
Total net assets
303,306
369,599*3
385,889*3
365,114*3
396,332*3
448,332*3
33,011
36,043
37,165
39,019
39,985
39,760
¥78.14
¥81.38
¥81.92
¥51.80
¥49.66
¥123.34
12.00
15.00
17.00
12.00
12.00
30.00
Return on equity
12.3
11.1
10.8
6.8
6.4
14.5
Equity ratio
29.5
28.5
28.5
29.2
30.2
34.8
Number of employees
Amounts per share (yen):
Net income–basic
Cash dividends
*4
Ratios (%):
*1. Excluding assets for lease.
*2.Free cash flow is the sum of cash flows from operating and investing activities.
*3.The Company adopted the “Accounting Standard for Presentation of Net Assets in the Balance Sheets” (Accounting Standards Board of Japan (ASBJ) Statement No. 5, issued on December 9, 2005) and the “Implementation Guidance for Accounting Standard for Presentation of Net Assets in the
Balance Sheets”(ASBJ Guidance No. 8, issued on December 9, 2005) from the fiscal year ended March 31, 2007.
*4.Including commemorative dividends of ¥2.
Net income
Return on equity
Net Sales
Operating income
(Billions of yen)
(Billions of yen)
2,000
160
R&D expenses
(Billions of yen)
(%)
(Billions of yen)
(Billions of yen)
(Billions of yen)
60
20
48
120
1,200
52.5
1,500
1,559.4
120
45
38.2
15
36
90
1,000
80
30
10
24
60
500
40
15
5
12
30
0
0
0
0
’07 ’08 ’09 ’10 ’11
40.6
Total net assets
Equity ratio
1,102.9
(Billions of yen)
480
448.3
34.8
(%)
40
900
360
30
600
240
20
300
120
10
14.5
103.4
0
Total assets
Capital investment
Depreciation
’07 ’08 ’09 ’10 ’11
63.7
0
’07 ’08 ’09 ’10 ’11
0
’07 ’08
’09 ’10 ’11
0
’07 ’08 ’09 ’10 ’11
0
’07 ’08 ’09 ’10 ’11
Financial Section
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18 ●
Information
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16 ●
Corporate Governance/
Corporate Social Responsibility
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14 ●
Review of Operations
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10 ●
Special Feature
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06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
▲
01 ●
Management Message
04
Record Profits Attained
Daihatsu Group’s performance in fiscal 2011 saw the attainment of record profit
levels despite a decline in net sales to ¥1,559.4 billion (99.0% year-on-year).
Operating income was ¥103.4 billion (253.9% year-on-year), ordinary income was
¥112.2 billion (255.9% year-on-year), and net income was ¥52.5 billion (248.3%
year-on-year). These achievements represented the bearing of the first fruits of
measures taken thus far to select and concentrate businesses and resources, as
well as of various reform efforts focusing on procurement and production reform.
The Group awarded an interim dividend of ¥10 per share, and in consideration of
its performance, awarded a year-end dividend of ¥20 per share. Cash dividends for
the full year thus stood at ¥30 per share.
Katsuhiko Okumura
Chairman
Koichi Ina
President
We offer our deepest condolences for those who perished in the recent Great
East Japan Earthquake, and our heartfelt sympathy to all who have been
affected by the disaster.
Making Domestic and Overseas Businesses Stronger and
More Robust than Before
In the aftermath of the unprecedented earthquake disaster, Japan has worked
together as a nation toward reconstruction and economic recovery, beginning
with the areas stricken by the disaster. Even as we gradually begin to pave
a path toward recovery, the journey toward a full recovery remains grim and
difficult. What our company can do now, we believe, is to further enhance
our technology in the production of compact cars that offer fuel efficiency,
affordable pricing, and conservation of resources, and to put our utmost efforts
into development, production, and sales.
Selection and Concentration of Businesses and Resources,
and Various Reform Efforts, Bear Fruit
Japan’s domestic automobile market in fiscal 2011 showed signs of a gradual
recovery from a reactive decline to the termination of subsidies for purchases of ecocars in September 2010. However, the situation underwent a reversal with the Great
East Japan Earthquake disaster that struck Japan in March 2011, and both the
overall market and the market for mini vehicles weakened in comparison to the same
period in the previous fiscal year.
Although Daihatsu Group’s domestic businesses performed well with a boost from
the complete redesign of its flagship mini vehicle model—Move, plant operations
came to a halt after the earthquake, and unit sales fell as a result of the decline in
sales for March. Consequently, unit sales for mini vehicles fell below results for the
same period in the previous fiscal year. Nevertheless, we retained the largest market
share for the fifth consecutive year.
With regard to overseas businesses, efforts made in the Indonesian and Malaysian
markets to date, accompanied by the expansion of these markets in tandem with the
economic growth of the two countries, contributed to the favorable performance of
the automobile market.
Management Message
Pushing the Limits in the Production of Compact Cars that Offer Fuel Efficiency, Affordable Pricing,
and Conservation of Resources
Financial Section
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18 ●
Information
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16 ●
Corporate Governance/
Corporate Social Responsibility
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14 ●
Review of Operations
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10 ●
Special Feature
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06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
05
Domestic and Overseas Business Expansion Built upon a Foundation
of Compact Car Production
Until now, Daihatsu has taken initiatives to reform its cost structure through
means such as the implementation of “Simple, Slim, Compact” (SSC) concepts
at production plants and the promotion of procurement reforms, with the aim
of establishing, at an early stage, a business model based on further improving
profitability through mini vehicles. These initiatives represent the reform efforts we
have undertaken in all areas, aimed at achieving fuel efficient, affordably priced, and
resource conserving vehicle production for mini vehicles.
Mira e:S, the new mini vehicle model that was launched in September this year, is
the product of a thorough review of existing technologies. It ensures fuel mileage of
30km/L under the JC08 mode, and has successfully achieved a low price starting
from ¥795,000 as a result of various reforms. The technologies built up through the
creation of the Mira e:S will mature in the development of mini vehicles in Japan, and
we plan to expand the application of these technologies in products for overseas
markets.
Furthermore, we plan to concentrate our resources on our Indonesian and
Malaysian businesses, and in anticipation of future trade liberalization in ASEAN,
enhance our competitiveness in areas such as quality and cost. We also aim to
develop our local joint ventures into corporations that are deeply rooted in their
respective countries.
While we are witnessing gradual improvements to our profitability mechanism
thanks to our hard work and the reform efforts, these reform initiatives are still in their
infancy, and the challenges are growing. Hereon, we will push even more strongly
ahead with various reforms in order to enhance our global competitiveness.
We would like to seek the continued support and guidance of our shareholders
and other stakeholders going forward.
September 2011
Katsuhiko Okumura
Koichi Ina
Chairman
President
Management Message
Sales for ADM, the Group’s consolidated subsidiary in Indonesia, exceeded sales
for the same period in the previous fiscal year as a result of a good showing by the
flagship model. In addition, the steady progress of the collaboration with Toyota
and the significant year-on-year growth in ADM production are also contributing
to the positive performance by the Group. As the Indonesian market is one of the
main strongholds of Daihatsu’s global strategy, we aim to take measures to further
strengthen the market.
As a result of the strong and steady performance year-on-year by Perodua (fiscal
year: January to December), the Malaysian joint venture company engaging in
production and sales, the company was able to retain its leading position in terms of
market share for the fifth year running.
On the other hand, a decision was made to conclude the sale of new vehicles in
the European market with effect from the end of January 2013, from the perspective
of business selection and concentration. The decision had stemmed from declining
profitability arising from the weak Euro and strong Japanese yen, as well as cost
increases accompanying the need to respond to European CO2 regulations.
In the following fiscal year ending March 2012, we plan to further promote
various reforms, including the procurement and production reforms that have been
implemented thus far. However, the performance forecast was established to reflect
an increase in sales and fall in profitability as a result of income-reducing factors such
as the impact of the earthquake disaster on production and sales, and changes in
the market conditions for raw materials. Net sales are forecasted to be ¥1,570 billion
(100.7% year-on-year), while the forecast for operating income is ¥85 billion (82.2%
year-on-year), for ordinary income is ¥92 billion (82.0% year-on-year), and for net
income is ¥37 billion (70.4% year-on-year).
18 ●
Information
Financial Section
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16 ●
Corporate Governance/
Corporate Social Responsibility
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14 ●
Review of Operations
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10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Special Feature: Compact Cars that Offer Fuel Efficiency, Affordable Pricing, and Conservation of Resources
06
Making fuel consumption of 27km/L (under the 10-15 Japanese test cycle)
a reality in the new model Move
Daihatsu’s Move, launched in 1995, was an immediate hit with its distinctive packaging and total
height exceeding 1,600mm. It created a new vehicle category among mini vehicles known as
the “spacious genre.” With the revision of standards for mini vehicles that took place in 1998, a
new platform was developed for the second generation Move put on sale, and both safety and
quality were significantly enhanced. This triggered the overall improvement in quality for mini
vehicles. Unit sales increased further with the launch of the fourth generation Move in 2006,
contributing greatly to Daihatsu’s successful acquisition of the largest market share for mini
vehicles. On the other hand, improving fuel efficiency became a major issue for the weightier
spacious mini vehicles, and this became the main
focus in the development of the fifth generation Move.
車両重量比較
With a heightened need for greater fuel
efficiency in the
market, we believed that Move, the dominant model
（kg）
骨格合理化
for mini vehicles, could be the very solution
to this
840
problem. As such, we have injected our best efforts into
improving fuel efficiency.
約
35kg の軽量化
830
The fifth generation Move
インパネドア
トリムのスリム化
820
Fuel Efficiency Technologies Condensed into the new model Move
■ Contributes Significantly to Fuel Efficiency Idle Stop System “eco IDLE”
■ The Second Generation KF Engine with
810Further Improved Fuel Efficiency
The Idle Stop System prevents “idling” by automatically turning off the engine when the vehicle comes
to a stop, thus reducing fuel consumption and cutting exhaust gas emissions and noise pollution
completely. Daihatsu was an early adopter of the system in mini vehicles, installing it in the Mira
launched in 2002, and combining it with CVT (Continuously Variable
Transmission) in 2006 for the first time in the history of mini vehicles. A
new system known as “eco IDLE” was developed for the new model
Move, with efforts put into making it more lightweight and compact.
The KF engine is a lightweight, compact product that has succeeded in
ＣＶ
Ｔユニットの
achieving high levels of power, fuel efficiency, low emissions, and
quiet
軽量化
*1 as
その他
operation. The engine comes with the first 800
i–EGR system in the world
well as the first resin electronic throttle body in Japan*1, which facilitates
新型ムーヴ
coordinated control for the engine and the CVT. In addition, each of the
component parts has been thoroughly re-examined in pursuit of fuel
efficiency enhancement and mechanicalダイハツ調べ
loss reduction.ダイハツ社内測定値
アイドリング
ストップシステムの
新規採用
新型ムーヴ
アイドリングストップなし
Second generation KF engine
■ Thorough Measures to Reduce Fuel Consumption through the Car Body, Including Reducing
Weight by Approximately 35kg*2
Idle Stop System “eco IDLE”
Restarting the engine
During idling stop
環境性能
• If the driver steps on the brakes to stop the car
with the gear shift in the D range, the engine
shuts off automatically.
• Even with the engine shut off, the
high-performance battery allows for the use of
audio and navigation systems. The
air-conditioner switches to ventilation mode.
• The engine restarts instantly and automatically
when the driver removes his foot from the
brakes. A hill start system is built-in for greater
safety, by preventing the vehicle from slipping
backward when restarting the st
engine on an
stage
incline.
イース用
第2世代
KFエンジン&
「eco IDLE」
1st
stage
3
貴金属フリー
液体燃料電池
（PMfLFC）
次世代
軽自動車用
エンジン
2st
stage
EV
Beginning with efforts to streamline
the shell and frame, the instrument
panel, and door trimmings, as
well as to reduce the weight of the
CVT unit, each component part—
including wheels, brake drums, and
mufflers—has been carefully and
thoroughly re-examined. As a result,
we have succeeded in reducing
weight by as much as 35kg as
compared to previous models. In
addition to improving fuel efficiency,
we have also enhanced power
performance, driving stability, and
passenger comfort.
Comparison of vehicle weight*3
Weight reduction of
840
Making the instrument
panel and door trimmings
more streamlined
820
810
Reducing
the weight of
the CVT unit
800
（kg）
approximately
Making the frame
more streamlined
830
Previous model
Move
35kg
Introduction of
the new Idle Stop
System
Other
New model Move
without
Idle Stop System
Special Feature: Compact Cars that Offer Fuel Efficiency, Affordable Pricing, and Conservation of Resources
In December 2010, we introduced the entirely new model of the Move, our mainstay model that has established the market for spacious mini
vehicles, which realized the low-fuel consumption of 27 km/L (driving fuel consumption under the 10-15 Japanese test cycle).
New model Move
with
Idle Stop System
*1:As of December 13, 2010, based on surveys conducted by Daihatsu
*2:Compared to previous model Move, based on surveys conducted by Daihatsu
*3:Based on surveys by Daihatsu, and measurements taken within Daihatsu
新型ムーヴ
アイドリングストップあり
16 ●
18 ●
Corporate Governance/
Corporate Social Responsibility
Information
Financial Section
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▲
▲
14 ●
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
07
Maximizing Fuel Efficiency, Affordable Pricing, and Conservation of Resources to Achieve the “Third Eco-Car” that Anyone Can Drive
Amidst the continuing trend of heightening environmental awareness and a lack of clarity on the future of the economy, the environment for mini vehicles is becoming increasingly
difficult as they lose their relative predominance. This is due to factors such as the greater fuel efficiency offered by registered cars and falling prices for hybrid and compact cars.
Under such difficult circumstances, Daihatsu’s answer to the question of how to enhance the presence of the mini vehicles is to pursue fuel efficiency, affordable pricing, and
conservation of resources to the utmost limit using existing technologies, as well as to aim to produce a “Third Eco-Car” that anyone can drive.
Maximizing Fuel Efficiency, Affordable Pricing, and Conservation of Resources, Aimed at Producing the “Third Eco-Car” that Anyone Can Drive
Ecology & Economy
Fuel
efficiency
• No.1 among gasoline-powered vehicles*1
Achieved fuel efficiency of 30km/L under
the JC08 mode
Resource
conservation
• Weight reduction of approximately 60kg*2
• 20% reduction in CO2 emissions*2 through LCA*3
Affordable
pricing
• Price set at most affordable grade of below
¥800 thousand
What “Eco” and “Smart” Represent
“Eco” encompasses the meanings of “Ecology” and “Economy,” while “smart” expresses a vehicle targeted at
those who lead simple lifestyles.
Provides high levels of convenience
so drivers can have a smart and
enjoyable driving experience
Advanced and smart eco-styling
Smart package, allowing
four adults to ride comfortably
in the car
Balances a lightweight body with
outstanding safety features
Mira e:S
Development of “e:S Technology” to Achieve Fuel Efficiency of 30km/L
under the JC08 Mode
eco 1
From the perspectives of making “advancements in powertrain technology,” “revolutionizing
vehicles,” and “energy management,” we have succeeded in achieving fuel efficiency of 30km/L
under the JC08 mode—the first such gasoline-powered vehicle in the world to do so. This
was achieved through a thorough review and gradual improvement of existing technologies to
maximize energy efficiency. All vehicles exceed the 2010 fuel efficiency standards by 25% and
are eligible for eco-car tax breaks.
30.0km/L
Comparison of Fuel Consumption (2WD CVT)
No.1 fuel efficiency of
among gasoline-powered vehicles*1
Idling stop [+10%]
Mira
Transport and Tourism)〈2WD car〉
Reduction in travel
resistance, etc. [+3%]
32.0km/L
Infrastructure, Transport and Tourism)〈2WD car〉
CVT improvements [+4%]
Engine improvements (including control optimization) [+14%]
Revolutionizing vehicles
Energy management
Mira e:S
Compact
car A
Hybrid
car B
Enhanced starter
Engine
CVT
Enhancing Combustion
Efficiency
Idling stop function before car stops
Idling stop time
Driving fuel consumption under the 10-15 Japanese test
cycle (Values reviewed and approved by Ministry of Land,
Lightweight [+5%]
Advancements in
powertrain technology
（km/L）
30.0
The New Engine that Achieved the Combustion Efficiency
Enhancement and Energy Loss Reduction
The KF engine has succeeded in attaining the highest standards
in new engine power, fuel efficiency, low emissions, and quietness.
This engine has been built into existing Daihatsu cars, and with this
engine as a foundation, we are taking thorough steps to enhance
combustion efficiency and reduce mechanical loss, as well as ensure
The engine comes
to a stop
precise
coordinated
control between engine and CVT through
when speed falls below 7km/h
an electronic throttle, as part
of our efforts
to further enhance
Car stops
Restart
fuel efficiency.
Electric Oil Pump-less
During deceleration
Driving fuel consumption under the JC08 mode (values
reviewed and approved by Ministry of Land, Infrastructure,
Eco generation control [+3%]
Advancements in Powertrain Technology (Engine and CVT)
Hybrid
car C
Alternator
Smart
Enhanced battery
Brake booster
Navigator
KF (NA) Engine
Integrated auxiliary power
idling stop computer
＋computer for CVT
ABS
■ Improving Compression Ratio
We succeeded in enhancing combustion efficiency by improving engine compression ratio to 11.3.
While improving the compression ratio contributes to the enhancement of combustion efficiency, it also
causes knocking on the other hand. As such, we are making efforts to strengthen cooling functions
around the combustion chamber and to optimize the shape of the combustion chamber, in order to
strengthen resistance against knocking.
“Hill start system” built-in brake unit
Idling Stop
Acceleration
Idling Stop
Speed
Deceleration Excludes hybrid vehicles. Based on surveys conducted by Daihatsu.
*1: As of September 20, 2011. Based on driving fuel consumption under JC08 mode (values reviewed and approved by Ministry of Land,
Infrastructure, Transport and Tourism).
*2: Compared to Mira (2WD CVT). Based on surveys conducted by Daihatsu.
*3: Life Cycle Assessment (LCA) — The environmental load of a product (such as CO 2 emissions) is generated not only in the use of the product Halt
butin also
throughout the whole
life cycle
of the product - the extraction of raw materials for the product, the manufacture, distribution
Electrical
power generation
Halt in power generation
Mira e:S
discharge
and use of the product, and the discarding of the product. The LCA is an approach to assess the environmental impact of a product in all
stages to identify its overall environmental load.
Battery SOC
Electrical discharge
Charging
Concentrated power
generation during
deceleration
Electrical discharge
Special Feature: Compact Cars that Offer Fuel Efficiency, Affordable Pricing, and Conservation of Resources
— The Car in Demand in the Years Ahead —
Improvements in fuel efficiency
by approximately 40%
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08
eco 3
Reducing Energy Loss
Energy Management
New “eco IDLE” with Idling Stop Function before the Car Stops
■ i-EGR System
This is the first gasoline-powered CVT vehicle in the world*2 to adopt
The first technology of its kind in the world, this system combines the conventional EGR system that
The enginestop
comes to
a stop
an idling
function
that kicks in before the car stops. When the
when speed falls below 7km/h
recycles a part of emission gases at the suction end, with an “ion current combustion control” system
7km/h, the engine
During decelerationbrakes are applied and the speed
Car stops falls belowRestart
that detects the combustion status of ions in the combustion chamber. Pumping loss is reduced to an
stops,
increasing
The engine
comes to a stop the idling stop time and thus further enhancing fuel
30.0
when speed falls below 7km/h
absolute minimum through the feeding of a large quantity of EGR gases into the system.
Engine
Eco generation control [+3%]
CVT
Improvements in fuel efficiency
Improvements in fuel by
efficiency
approximately 40%
by approximately 40%
Improvements in fuel efficiency
by approximately 40%
Improvements in fuel efficiency
by approximately 40%
30.0
Mira e:S
Compact
car A
Hybrid
car B
Lightweight [+5%]
（km/L）
CVT improvements [+4%]
Advancements in
powertrain technology
Energy management
Revolutionizing vehicles
Mira
Revolutionizing Vehicles
Mira e:S
MiraSpeed
e:S
Compact
car A
Hybrid
car B
Hybrid
car C
Battery
SOC
Mira
e:S
Battery SOC
Conserving Resources through Weight Reductions of Approximately 60kg*1
While ensuring the required degree of body stiffness for absolute safety, we succeeded
Miracar
e:SbyCompact
Hybrid
Hybrid
in reducing the weight of the
approximately
60kg.
This was achieved by thoroughly
car A
car B
car C
reviewing and improving on each individual component part, including streamlining the frame
of the body shell, reducing interior weight by thinning out resin parts (such as the instrument
panel and door trimming), and reducing the weight of the CVT. We have also balanced the
improvement in fuel efficiency with enhancements in motor performance, maneuverability and
traveling performance, and passenger comfort.
Comparison of Vehicle Weight (2WD CVT)
Changing the arrangement package [-10kg]
Streamlining the frame of the body shell [-30kg]
Changing the arrangement package [-10kg]
Reducing the weight of interior parts [-20kg]
Streamlining the frame of the body shell [-30kg]
Reducing the weight of interior parts [-20kg]
Changing the arrangement package [-10kg]
Other (reducing the weight of
the CVT, etc.) [-15kg]
（kg）
（kg）
Mira
Other (reducing the weight of
the CVT, etc.) [-15kg]
Adopting the use of items aimed at
enhancing fuel efficiency [+15kg]
Streamlining the frame of the body shell [-30kg]
Mira e:S
Adopting the use of items aimed at
enhancing fuel efficiency [+15kg]
Reducing the weight of interior parts [-20kg]
Other (reducing the weight of
the CVT, etc.) [-15kg]
（kg）
Mira
Enhanced starter
Engine
ABS
“Hill start system” built-in brake unit
Enhanced battery
Idling Stop
Acceleration
Idling Stop
Deceleration
Idling stop function before car
stops
Idling Stop
Acceleration
Electrical
Deceleration
discharge
Mira e:S
Idling Stop
Charging
Concentrated power
Accelerationgeneration during
deceleration
Halt in power generation
Electrical discharge
Idling Stop
Deceleration
Electrical
discharge
Halt in power generation
Battery SOC
Electrical discharge
Charging
Electrical discharge
Concentrated power
generation during
deceleration
[Example] Streamlining the structure of the front side member
Abolishing inner reinforcement and partitioning to
reduce the
number of
parts
[Example]
Streamlining
the structure of the front side member
Abolishing inner reinforcement and partitioning to
reduce the number of parts
Adopting the use of items aimed at
enhancing fuel efficiency [+15kg]
Mira e:S
Abolishing inner reinforcement and partitioning to
reduce the number of parts
Navigator
Integrated auxiliary power
idling stop computer
＋computer for CVT
ABS
Idling stop time
Electrical discharge
Speed
Brake booster
Idling Stop
in power generation
Halt in power generation
EcoHaltGeneration
Control (Energy
Regenerative Function during Deceleration)
Advancements have been
made to the function whereby the alternator converts kinetic energy
Electrical
Halt in power generation
Halt in power generation
during deceleration
todischarge
electrical
energy,
and applies
the energy to the battery as regenerative
Charging
Electrical
discharge
Electrical discharge
Idling Stop
Acceleration
Idling Stop
Speed
energy.
In addition to increasingDeceleration
the amount of energy generated through the alternator during
Concentrated power
Charging
during
deceleration,
we havegeneration
also
significantly
reduced alternator power generation during normal
Electrical discharge
Electrical discharge
deceleration
Electrical
Halt in power generation
Halt in power generation
Mira e:S
discharge
and accelerated driving
by enhancing
the acceptance of lead batteries and increasing storage
Concentrated power
generation during
volume,
thereby
reducing
the
burden
on
the engine.
deceleration
Battery SOC
By reviewing the arrangement of frame parts, reducing
the use of stiffener by ensuring that component parts are
straightened as far as possible, and effectively positioning
the high tensile steel, we succeeded in reducing weight by
approximately 30kg without compressing the total length
[Example] Streamlining the structure of the front side member
of the body.
Based on surveys conducted byMira
Daihatsu
e:S
Mira
Restart
Integrated auxiliary power
idling stop computer
＋computer for CVT
CVT
Streamlining the Frame of the Body Shell to Achieve
Weight Reductions of Approximately 30kg*1
Weight reductions of
approximately 60kg *1
Mira
Energy management
Weight reductions
Weightofreductions of
approximately
60kg *1
approximately
60kg *1
（km/L）
Revolutionizing vehicles
Navigator
CVT improvements [+4%]
Engine improvements (including control optimization) [+14%]
Advancements in
powertrain technology
Electric Oil Pump-less
Brake booster
Enhanced battery
Idling stop time
Energy management
Engine improvements (including control optimization) [+14%]
Lightweight [+5%]
eco 2
Integrated auxiliary power
Electric
Oil Pump-less
idling
stop computer
＋computer for CVT
Hybrid
car C
■ Coordinated Control Using an Electronic Throttle
The
electronic
throttle coordinates control
between the
engine
and CVT, ensuring the most efficient
（km/L）
Mira e:S Compact
Mira
Hybrid
Hybrid
car B
car C
Speed
conditions to match various driving situations. car A
Revolutionizing vehicles
Engine
Car stops
Idling stop function before car stops
Navigator
“Hill start system” built-inEnhanced
brake unitstarter
ABS
CVT
“Hill start system” built-in brake unit
During deceleration
Reduction in travel
CVT improvements [+4%]resistance, etc. [+3%]
Revolutionizing vehicles
Energy management
powertrain technology
Eco generation control
[+3%]
Engine improvements (including control optimization) [+14%]
Advancements in
powertrain technology
CVT
Restart
Integrated auxiliary power
idling stop computer
＋computer for CVT
Brake booster
Enhanced battery
Car stops
Eco generation control [+3%]
Reduction in travel
resistance, etc. [+3%]
ABS
Idling stop time
The engine
comes to a stop
when speed falls below 7km/h
CVT improvements [+4%]
Engine improvements (including control optimization)
[+14%]
Idling
stop [+10%]
Lightweight [+5%]
Mira
Idling stop [+10%]
Brake booster
Navigator
Enhanced starter
Enhanced battery
Engine
Idling stop time
The engine comes to a stop
when speed falls below 7km/h
Idling stop [+10%]
Reduction in travel
resistance, etc. [+3%]Lightweight [+5%]
Optimizing Control
Restart
Alternator
Car stops
Alternator
efficiency.
Alternator
During deceleration
Reduction in travel
resistance, etc. [+3%]
Eco generation control [+3%]
■ Reducing Mechanical Loss
30.0
Idling stop function before car stops
We made a list of all individual engine component parts, and improved on each one of them. By
streamlining the timing chain, we succeeded in reducing chain tension, reducing piston ring tension,
During deceleration
Idling stop function before car stops
coating piston skirts with resin, and ensured thorough reduction in mechanical loss even across
30.0
detailed parts such as valve springs and V belts.
（km/L）
Enhanced starter
Electric Oil Pump-less
Idling stop [+10%]
Advancements in
Alternator
Electric Oil Pump-less
*1: Compared to Mira (2WD CVT). Based on surveys conducted by Daihatsu.
*2: As of September 20, 2011. Based on surveys conducted by Daihatsu.
Special Feature: Compact Cars that Offer Fuel Efficiency, Affordable Pricing, and Conservation of Resources
■ Injector Atomization
Atomizing the spray for injectors facilitates easier combustion, and at the same time, prevents fuel from
sticking to the intake port wall by spraying fuel near the combustion chamber with longer nozzles.
“Hill start system” built-in brake unit
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09
Producing Affordably Priced Cars
Promoting Cost Reductions that Go Beyond Departmental Boundaries
With the aim of delivering affordable prices to match the “Third Eco-Car” that anyone can
drive, we have undertaken activities to cut costs in the area of component parts and injected
efforts into reducing procurement costs through an open and fair procurement reform. Costcutting activities in the area of component parts involved the implementation of cost-cutting
activities that went beyond the boundary of functions, such as extracting 50 main component
parts, developing designs that take into consideration design quality, and designing parts that
take into consideration production conditions. These activities were targeted at enhancing
design quality, and took the following views: “Are structures correct in principle?” “Has the
potential of materials been sufficiently exploited?” “Is it possible to produce this at an even
lower cost by manipulating the design and method of production?” By pursuing the best quality
Conceptual Diagram for Cost-Cutting Activities in the Area of Component Parts
Expensive Cost
Expensive Cost
Car B
Car B
①
Car D
③
Car H
Car G
Car
C
Mira
①
Car D
②
③
Car H
Car GCar F
Car F
Mira
Car E
Car E
Cost-cutting activities
in the activities
area of in the area of
Cost-cutting
component parts
component parts
quality design quality
① Enhancing design
① Enhancing
match
② Pursuing specifications
specifications
that match
② Pursuingthat
the characteristics
the vehicle of the vehicle
theof
characteristics
②
Mira e:S Mira e:S
Roadmap of Core Daihatsu Mini Vehicle Powertrain Technologies
of procurement
③ Review of the③way
Review
of the way of procurement
based on an open
andon
fairan
approach
based
open and fair approach
Environmental performance
Car A
Car C
Working Toward the Production of Cars that Offer Fuel Efficiency, Affordable Pricing, and
Conservation of Resources, for the Future
Hence, although Daihatsu has been steadily conducting studies and research on the
existing gasoline engine technologies, there is still potential for the further enhancement of
the performance of the gasoline engine. We are currently pushing forward on research and
development for the next-generation powertrain technology. On top of that, we are also
injecting efforts into the development of a new type of fuel cell—the Precious Metal-free Liquidfeed Fuel Cell (PMfLFC)—as the element technology for the ultimate eco-car, that is, the fuel
cell car. This type of fuel cell does not make use of expensive metals such as platinum, but
ensures extremely high levels of performance and operability.
Through the production of cars that offer fuel efficiency, affordable pricing, and conservation
of resources, which are features that match mini vehicles and compact cars, Daihatsu will work
toward developing a business that is relevant to the global market.
Environmental performance
Car A
blueprints with respect to quality and cost through a thorough review of the arrangement of
parts, the shapes of parts, and material selection, and by reexamining specifications from the
very beginning, such as the size, functions, and quality that match the characteristics of the
vehicle, we succeeded in reducing costs by cutting down the number of component parts and
reducing vehicle weight. Furthermore, based on our quality design blueprints, we discovered
new business partners in Japan and overseas, enhanced local procurement rates in Kyushu,
and undertook other activities to review procurement method while taking an open and fair
stance, thereby achieving significant cost reductions.
3rd
stage
3rd
stage
Precious Metal-free
Precious Metal-free
Liquid-feed
Liquid-feed
Fuel Cell
Fuel Cell
(PMfLFC)
(PMfLFC)
Next generation Next generation
eco-engine for eco-engine for
For e:S
For e:S
mini vehicle
second generation
second generation mini vehicle
KF engine plus KF engine plus
nd
“eco IDLE” function
“eco IDLE”nd
function
1st
stage
2
stage
1st
stage
2
stage
EV
EV
Time
Time
Vehicle and functional
characteristics
Vehicle
and functional characteristics
Based on surveys conducted by Daihatsu
Glossary: Simple, Slim, Compact (SSC)
Refers to a series of activities aimed at minimizing the energy required in the car-manufacturing process, and at reducing CO 2 emissions. These activities include minimizing the floor area of factory buildings, coming up with highly efficient production methods that involve a minimal number
of steps, and reducing facility and material wastage.
Special Feature: Compact Cars that Offer Fuel Efficiency, Affordable Pricing, and Conservation of Resources
Procurement Reform
In addition to fuel efficiency, making affordably priced cars a reality is also an important issue
for Daihatsu. To that end, Daihatsu is implementing procurement and production reforms with
the aim of developing affordably priced compact cars.
Procurement reform was put in place with the goal of achieving significant cost savings in
procuring parts, which forms a large part of manufacturing costs. The target is to reduce part
procurement costs by 30% from the year ended March 31, 2009 to the year ending March 31,
2012. Furthermore, with the aim of reducing in-house production costs, our efforts are based
on the production concept of “Simple, Slim, Compact” (SSC), which is exemplified by the Oita
(Nakatsu) No. 2 Plant. We are actively driving the reform forward while focusing our efforts on
these two areas, in order to deliver affordable pricing to our customers—one of the points of
appeal of the mini vehicle.
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Review of Operations: Japan
10
Promotion of the Development of the No.1 Outlet in the Area Trusted by Customers
Domestic New Vehicle Sales Ranking by Model
(April 1, 2010 through March 31, 2011)
Model
Brand
Sales (Units)
283,332
1
Prius
Toyota
2
Fit
Honda
189,369
3
Wagon R
Suzuki
177,215
●
4
Tanto
Daihatsu
168,963
●
5
Move
Daihatsu
137,975
6
Vitz
Toyota
128,033
7
Corolla
Toyota
96,983
8
Alto
Suzuki
94,894
9
Freed
Honda
91,074
10
Mira
Daihatsu
85,882
●
Note: Data from the Japan Mini Vehicles Association and
Japan Automobile Dealers Association
Three Daihatsu vehicles ranked in the top 10.
We have thus far endeavored to revamp our
selling style. Given the fact that approximately
70% of Daihatsu customers are females, we are
striving to make our dealer outlets easily accessible
to female customers. We have instituted the two
broad innovation initiatives of “Daihatsu New Outlet
Standards” and the “Café Project,” and changed
the selling style from mainly making home calls to
encouraging customers to come and visit dealer
outlets.
Under the “Daihatsu New Outlet Standards,” we
have endeavored to allow customers to choose cars
of their liking in a bright and friendly atmosphere
by, among others, unifying the exterior colors of
dealer outlets to make them easily recognizable by
customers.
The “Café Project” represented our software
innovation in the form of enhancing the level of
hospitality to customers. We welcome customers
with the “heart of cordial hospitality,” with our staff
attired in casual wear greeting customers with
welcome sweets. This initiative is now turning into
independent area-based activities of respective
dealer outlets.
We believe we can increase the number of “the
No.1 outlet in the area” as our dealer outlets become
trusted by customers by combining these downto-earth activities with our strong product lineup.
Becoming “the No.1 outlet in the area” means that
each dealer outlet strives to enhance its selling power
by leveraging its strength, such as becoming “the
No.1 outlet in the area in CS (customer satisfaction),”
“the No.1 outlet in the area in hospitality” and the “the
No.1 outlet in maintenance service.”
While the mini vehicle market environment is likely
to rev up with the entry of Toyota, among others,
market competition is also expected to intensify. Amid
this severe market climate, we will make domestic
sales the more solid and adamantine business by
leveraging the high technological competence and
product lineup of the flagship models Move and
Tanto as well as the new mini vehicle Mira e:S, while
promoting the sales innovation with the “Daihatsu
New Outlet Standards” and the “Café Project.”
Review of Operations: Japan
The Great East Japan Earthquake in March 2011
forced us to suspend production, greatly
inconveniencing our customers. With production
activities having returned to normal now, we are
making our utmost efforts to recover the delay in
production.
With the new model Move, launched in December
2010, performing well, we have been able to maintain
the top share in domestic mini vehicle sales for the
fifth consecutive year since fiscal 2007. We believe
that sales innovation we have been addressing
together with the enhancement of our product lineup
is also a major factor that helped us to retain the top
market share.
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01 ●
Review of Operations: Indonesia
11
ADM Taking Firm Root in Indonesia, Accounting for 40% of Production
Indonesian domestic market, including production of
Toyota-brand vehicles. In May 2011, ADM increased
its production capacity (scheduled two shifts without
overtime) from 280 thousand units to 330 thousand
units. Furthermore, ADM commenced construction
of a new plant for the start of operation by the end
of 2012, gearing up to fully respond to an expected
increase in demand going forward. The earthquakecaused disruption in the supply of parts from Japan
affected ADM’s production in April and May 2011, but
it is now operating normally. ADM is selling vehicles
through both Astra International and independent
dealers, and striving to expand a network of dealers
and also enhance the quality of services.
As a result of ADM’s steady efforts to raise the local
content ratio, the ratio now stands at around 80%. In
June 2011, a member of ADM’s senior management
(a native president) was appointed to Daihatsu’s
Board of Directors, underscoring the increasing role
of Indonesia as one of our most important business
bases. Going forward, Daihatsu and ADM will focus
their resources on leveraging the technological
competence in relation to compact cars in which we
excel so that the company can market vehicles that
meet the tastes of Indonesian customers. We hope
that through these efforts, ADM will continue to grow
as a company that takes firm root in Indonesia.
*The export formula to assemble exported automotive parts into finished vehicles at a local
plant
The Event of Accumulated Total
Two Million Vehicles Manufactured
in Indonesia
(November 2010)
Left: Sudirman, President Director of ADM
Right:Ina, President of Daihatsu
Unit Automobile Sales Ranking in Indonesia
(April 1, 2010 through March 31, 2011)
Sales (units)
Share (%)
1
Toyota
Brand
297,333
36.4
2
Daihatsu
127,421
15.6
3
Company A
116,541
14.3
4
Company B
77,002
9.4
5
Company C
61,650
7.6
Note: Data from the Association of Indonesia Automotive Industries (Gaikindo), on a wholesale basis
The Indonesia International Motor Show
(July 2011)
Review of Operations: Indonesia
Indonesia has been sustaining economic growth
amid stable key interest rates since 2009, after going
through the Asian currency crisis, rises in gasoline
prices and interest rates and the global financial crisis
and other factors. The automobile market has also
expanded in tandem with stable growth, with the
market size reaching an all-time high of 799 thousand
units in fiscal 2011, a sharp increase of 45.7% over
the previous year. Sales of Daihatsu-brand vehicles
produced by ADM, a joint venture in which we have
an equity share of 61.75%, came to 123 thousand
units, up 47.7% over the previous year, with a market
share of 15.5%. In the initial stage of motorization at
the present, Indonesia is a market with potential for
demand expansion going forward.
Our business operations in Indonesia date back to
the commencement of CKD* (Complete Knock Down)
in 1975. Initially, we undertook production and sales
operations led by a local joint venture partner. Then,
we established ADM in 1992 in a bid to undertake
full-fledged domestic production in the country.
In 2004, we launched the multiple-passenger car,
the Xenia (Daihatsu brand) and the Avanza (Toyota
brand), jointly developed with Toyota. The Xenia and
the Avanza, both placed in the previously unheard-of
category of affordably priced seven-seaters, achieved
the sharp growth of sales in the Indonesian market.
We are enhancing the cooperative business with
Toyota, exporting the compact commercial vehicle
Gran Max to Japan as part of collaboration with
Toyota, which is being sold as Toyota’s Townace/
Liteace in Japan.
ADM has grown into a company that produces
vehicles that account for approximately 40% of the
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02 ●
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01 ●
Review of Operations: Malaysia
12
Improving Quality and Strengthening the Management Structure to Enhance Global Competitiveness
companies invest respectively, and is engaged in
the manufacturing of vehicles and engines as well
as sales. Perodua is also active in research and
development, with its own course for test running,
developing highly unique vehicles matching the
culture and climate of Malaysia.
Against the backdrop of the national car concept,
Malaysia has become a mature automobile market,
backed by the economic stability underpinned by
its export industries. In 2010 (January-December),
vehicle sales in Malaysia scaled an all-time high
of 605 thousand units, a jump of 12.7% over the
previous year, and Perodua achieved the top share
of sales for the fifth consecutive year. In addition
to the MPV (Multi Purpose Vehicle) Alza and the
compact passenger car Viva, both of which have
been showing robust performance, we completely
redesigned the Myvi, the best-selling compact
passenger car model, in June 2011, in an effort to
boost the product attractiveness and safety. Although
the disruption in the supply of parts from Japan in the
wake of the Great East Japan Earthquake affected
Perodua’s production between April and June, it is
now operating normally.
We position Malaysia as one of our most important
business bases, as with Indonesia. Looking to
severe global competition going forward as a party
to support the Perodua Group, we intend to strive
to strengthen its management base, enhance the
quality of its vehicles, push ahead with reform efforts
to let it embrace a low-cost structure and also
expand exports. In addition, from the perspective of
fostering Malaysia’s automotive industry, we intend
to strengthen cooperation with parts suppliers
and contribute to the further development of the
Malaysian automotive industry.
Unit Automobile Sales Ranking in Malaysia
(January 1, through December 31, 2010)
Brand
Sales (units)
1
Perodua
188,641
2
Proton
157,284
26.0
3
Company A
91,559
15.1
4
Company B
44,483
7.4
5
Company C
34,701
5.7
Note: Data from the Malaysian Automotive Association
Share (%)
The Launching Event of Myvi
(June 2011)
31.2
Myvi
The Kuala Lumpur International Motor Show
(December 2010)
Review of Operations: Malaysia
The Malaysian market is characterized by the
high share of “national cars” authorized by the
government, and Perodua, our local joint venture
for production and sales, has also been authorized
as the national car manufacturer. The “national car
concept,” launched as the Malaysian government’s
project, is designed for the promotion of Malaysia’s
industrialization driven by the automotive industry
and for the expansion of the means of transportation
for its people that complement public transportation
systems. First, Perusahaan Otomobil Nasional
(hereinafter referred to as “Proton”) was established
as the first national car manufacturer in 1983, and
then Perodua was born as the second national car
manufacturer in 1993. The national car concept
opened the way for the supply of entry cars in the
price ranges affordable to the general public, which
has contributed to a further spread of motor vehicles
in Malaysia.
The Perodua Group consists of two holding
companies in which a Malaysian government-affiliated
investment company and Daihatsu and trading
Financial Section
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16 ●
Corporate Governance/
Corporate Social Responsibility
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14 ●
Review of Operations
▲
10 ●
Special Feature
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06 ●
Management Message
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04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Review of Operations: Consigned Production and OEM
13
We Commenced the Full-Scale OEM Supply of Mini Vehicles to Toyota and FHI
model to be determined later) as needed, expecting
an annual total supply of 60 thousand units. While
Toyota’s entry into the mini vehicle market intensifies
competition, it also has merits like revitalizing the
market and increasing the number of vehicles we
produce. As for collaboration in Japan in the area of
environmental technology such as hybrid and electric
Arrangement
Production Overseas
Consigned Production
Production at Daihatsu’s plants of another company’s brand of vehicle or
engine developed by that company.
OEM
Manufacture and supply vehicles of that Daihatsu developed or produced
but will be sold under another company’s brand.
Joint Development
Development of vehicles jointly with another company. (Vehicles under
another company’s brand would be classified as consigned production.)
Production in Japan
Arrangement
Production Country
Brand
Production Company
Models
Joint development/
consigned production
Indonesia
Toyota
ADM
Avanza
Malaysia
Toyota
Perodua
Avanza
OEM
Indonesia
Toyota
ADM
Townace/Liteace
(for the Japanese
market), Rush
Consigned Engine Production
Arrangement
Brand
Engine Type
Models
Consigned production
Toyota
Probox/Succeed, Porte, Sienta
Joint development/
consigned production
Toyota
Passo, bB
OEM
vehicles, we plan to make decisions on specific
products and technologies by the end of 2011.
Furthermore, we commenced the OEM supply
of mini vehicles to FHI in May 2011, supplying one
of Daihatsu's models, Move as the Stella (Subaru
brand).
Toyota
Rush, Passo Sette
Subaru
(FHI)
Dex, Dias Wagon, Pleo, Lucra, Stella
Emissions
KR
1000cc
gasoline
NR
1300cc
gasoline
SZ
1300, 1500cc
gasoline
TR
2000, 2700cc
gasoline
KD/KZ
3000cc
diesel
B
3700, 4100cc
diesel
Brand
Toyota
Models Equipped
Vitz, Belta, Passo, iQ
Daihatsu Boon
Toyota
Passo, iQ, Corolla, MF Yaris
Daihatsu Boon
Toyota
Vitz, Belta, Ractis, bB, Rush
Daihatsu Coo, Be-go
Hiace
Toyota
Land Cruiser, Land Cruiser Prado, Hiace
Dyna, Coaster
Review of Operations: Consigned Production and OEM
Daihatsu is engaged in a variety of cooperative
businesses with Toyota, mostly in the category of
compact cars, including joint development and
consigned production of vehicles and engines. In the
autumn of 2011, we will newly commence the OEM
supply of mini vehicles to Toyota. We plan to supply
the three models (Move Conte, Hijet and another
Financial Section
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18 ●
Information
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16 ●
Corporate Governance/
Corporate Social Responsibility
▲
14 ●
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Corporate Governance/Corporate Social Responsibility
Daihatsu’s Corporate Governance System
Daihatsu has adopted the corporate auditor system. We have nine directors (as of
June 29, 2011), and the Board of Directors (which meets once a month, in principle)
makes decisions on the execution of important operations and supervises the directors
in the execution of their duties. We also have the vice president’s meeting (which
meets once a week, in principle), with the participation of the directors and a full-time
statutory corporate auditor, which discusses and reports on management matters of
importance. In addition, in order to respond to the globalization of business areas and
also to enhance corporate governance and strengthen the management structure, we
introduced the executive officer system and the functional business groups system in
2006. We are promoting the realization of “a clear delineation of responsible parties”
and “an organization that follows through on its missions” by strengthening and
speeding up the business execution function and having each functional business
group complete the process of business execution. We are also striving toward the
strategic use of human resources by binding our organization together.
With the aim of improving the corporate value and assuring the reliability of financial
reports and compliance with laws and regulations, we established the Internal Control
Committee, chaired by a director whom the president appoints and with chief officers
of groups of the Company as committee members. Our Internal Control Committee
adjusts internal control systems based on the Financial Instruments and Exchange Act
and the U.S. Sarbanes-Oxley Act and seeks to enhance the companywide internal
control system by including personal and other classified information.
For operations that require control, risk management, and compliance in each
division, in addition to the control activities carried out regularly, we ensure internal
audit activities thorough control by means of supervision by the Export Management
Committee, the Daihatsu Environmental Meeting, the Joint Labor-Management
Conference, and the Functional Labor-Management Coordinating Committee. For the
Internal Control Structure
Audit Committee
Daihatsu’s internal control system reflects its adoption of a corporate auditor system
as stipulated in the Corporate Law of Japan, which involves the supervision and
decision-making on business execution by the Board of Directors as well as auditing
by the corporate auditors and the Audit Committee. In addition, Daihatsu carries out
auditing through the Internal Auditing Department on a regular basis to examine and
evaluate activities and systems according to the Company’s management policies
from a fair and just position. The Company is also audited by an accounting auditor,
and its corporate auditors exchange opinions with them as needed.
Board of Directors
Policy
Various Committees
Report
Export, Environmental, etc.
Report
Internal Control Committee
• Chairman: a director whom the president appoints
• Regular committee meetings are held four times a year.
• Additional meetings can be held if needed.
• All matters related to internal control are covered.
Instruct
Current Status of Internal Control System and Risk Management System
Monitor
Report
Report
Instruct
Each Division of the Company
Report
Control Center
Report
(department responsible for
control of each affiliated company)
Employees’ Voice
(Helpline System)
Instruct
Hearing
Suggest
Audit Division
Report
Report
Hearing
Affiliated Companies
Cooperate
Investigate
Corporate Auditors Audit
Corporate Governance/Corporate Social Responsibility
Daihatsu has established the Daihatsu Group Philosophy and the Daihatsu Group’s
Basic CSR Principles in order to pursue its mission of “making compact cars loved
around the world” while achieving globalization of the Group. Daihatsu also has
distributed Daihatsu Group Action Guidelines. In accordance with our philosophy,
principles, and guidelines, we are striving to enhance our corporate governance in a
manner that satisfies all stakeholders, including our customers.
14
18 ●
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Financial Section
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16 ●
Corporate Governance/
Corporate Social Responsibility
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14 ●
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
15
Environmental Accounting
In accordance with the Ministry of the Environment’s Environmental Accounting
Guidelines, Daihatsu maintains an awareness of environmental-related investments
and maintenance costs. In fiscal 2011, environmental conservation costs came to
¥12.8 billion, or 1.3% of nonconsolidated net sales.
(Millions of yen)
Environmental Conservation Cost
Category
1. Business Area Cost
President
Crisis Countermeasures Chief Officer
Department in crisis
Group Heads or Executive Officers
(Factory Heads, Department Heads)
Public Relations
Dep.
Investment
Cost
283
2,773
(1) Pollution Prevention Cost
67
1,180
133
1,476
(2) Global Environmental Conservation Cost
58
306
116
381
(3) Resource Recycling Cost
17
656
34
916
2. Upstream/Downstream Cost
0
102
0
214
3. Environmental Conservation Cost, Administrative
6
796
12
832
1,526
8,133
950
8,462
5. Environmental Conservation Cost, Social Activity
0
0
0
0
6. Environmental Remediation Cost
0
2
0
3
1,673
11,175
1,245
12,284
Subtotal
12,848
13,529
Legal and Information
Gathering Dep.
Government & Industrial
Affairs Dep.
Victim Support Dep.
Supervisory
Dep.
Cost
2,141
Total
Crisis Countermeasures Group
Investment
Fiscal 2010
142
4. Environmental Conservation Cost, R&D
Information Transmission Route During Crises
Fiscal 2011
Consumer Support Dep.
Mass Media Support Dep.
In 2009, the scope of Crisis Countermeasures Group activities was approved by the Board of Directors
to include the execution of appropriate crisis management in emergency situations, such as fires,
accidents or scandals. The resolution defines the role of each department in a crisis situation, allowing
appropriate judgment on crisis situations and an integrated response on a working level as well as on a
consolidated basis.
Included in FTSE4Good for seventh consecutive year
A Socially Responsible Investment (SRI) index is a share index comprised of
corporations that meet globally recognised standards in their corporate social
responsibility (CSR) activities. The FTSE4Good Global Index is a global SRI index,
managed by the FTSE Group (a company coowned by the Financial Times and the London
Stock Exchange) and has included Daihatsu in its
index for seven years since 2005.
Daihatsu engages proactively in environmental
conservation and social contribution activities.
Reports on these initiatives are available on our
website.
Corporate Governance/Corporate Social Responsibility
Company’s subsidiaries and other Group companies, we ensure the enforcement of
internal control activities through the affiliated-company management system.
Daihatsu has published the Employee Action Guidelines summarizing appropriate
conduct as a corporation as well as the basic attitude and conduct policies of
employees concerning their relationship with society, business partners, and external
organizations. On the occasion of establishing the new Group Philosophy, in March
2007 we issued the Daihatsu Group Action Guidelines in order to thoroughly
implement compliance throughout the Group. In addition, in 2002 we established
the Employees’ Voice Helpline system, whereby an employee can offer pertinent
information in anonymity, in the event that a threat of conduct contrary to the law,
social ethics, human rights, or internal company regulations might take place in the
workplace or in the case when such conduct has already occurred. The system
enables the Company to take measures to prevent such occurrences or to take quick
actions in the event of an emergency.
18 ●
Information
Financial Section
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16 ●
Corporate Governance/
Corporate Social Responsibility
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14 ●
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Information
16
Company Name: Founded: Paid-in Capital: Number of Employees: Directors, Corporate Auditors and Executive Officers (As of June 29, 2011)
Daihatsu Motor Co., Ltd.
March 1, 1907
¥28,404 million
12,924 (As of June 1, 2011)
Chairman
Katsuhiko Okumura
President
Koichi Ina
Shares of Common Stock (As of March 31, 2011)
Executive Vice President
Masanori Mitsui
Authorized:
1,600,000,000 shares
Issued:
427,122,966 shares
Number of Shareholders:14,093
(Of the total number of the shareholders, there were 1,450 shareholders with less than one trading unit accounting for
1,093 thousand shares.)
Shareholders Register Manager
Mitsubishi UFJ Trust and Banking Corporation
Services Corporation
Mitsubishi UFJ Trust and Banking Corporation
Osaka Corporate Agency Division
3-6-3 Fushimimachi Chuo-ku, Osaka 541-8502, Japan
Director
Sudirman Maman Rusdi
Major Shareholders and Ownership (As of March 31, 2011)
Name
Toyota Motor Corporation
Directors
(Senior Managing Executive Officers)
Masahiro Takahashi
Takashi Nomoto
Kenji Baba
Tatsuya Kaneko
Naoto Kitagawa
Share holding ratio (%)
51.19
Japan Trustee Services Bank, Ltd. (Trust account)
3.76
The Master Trust Bank of Japan, Ltd. (Trust account)
3.57
Japan Trustee Services Bank, Ltd. (Trust account 9)
2.70
Aioi Nissay Dowa Insurance Co., Ltd.
1.37
Ohgi Shokai Co., Ltd.
1.11
Mitsui Sumitomo Insurance Co., Ltd.
0.96
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.92
Sumitomo Mitsui Banking Corporation
0.69
Daihatsu Employee Shareholders Association
0.60
Statutory Corporate Auditor
Kunihiko Morita
Corporate Auditors
Kosuke Ikebuchi*1
Takashi Matsuura*1
Kenji Yamamoto*1,2
*1 Outside corporate auditors under 16, Article 2 of the Corporate Law of Japan
*2 An independent auditor required by the Tokyo Stock Exchange and the Osaka
Securities Exchange
Senior Executive Officers
Hiroshi Okano
Katsuhiro Ikoma
Takamasa Kurinami
Masahiro Fukutsuka
Makoto Mizutani
Shinsuke Hori
Executive Officers
Hitoshi Horii
Masahiko Kawatsu
Makoto Irie
Shigeharu Toda
Shinichi Mukoda
Takahide Tatsumi
Sunao Matsubayashi
Osamu Tada
Hiroshi Kajikawa
Keiichi Shirakawa
Hajime Nishimura
Miki Ibaraki
Yasumitsu Morita
Information
Corporate Data (As of March 31, 2011)
16 ●
18 ●
Corporate Governance/
Corporate Social Responsibility
Information
Financial Section
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▲
▲
14 ●
Review of Operations
▲
10 ●
Special Feature
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06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
17
Name
Registered address
Capital or
investment
Major products and lines of businesses
(Millions of yen)
Major consolidated subsidiaries
Daihatsu Motor Kyushu Co., Ltd.
Nakatsu, Oita
6,000
Aoi Machine Industry Co., Ltd.
Konan, Shiga
300
Akashi-Kikai Industry Co., Ltd.
Kako, Hyogo
300
Daihatsu Metal Co., Ltd.
Daihatsu Credit Co., Ltd.
Kawanishi, Hyogo
Ikeda, Osaka
205
300
Daihatsu Transportation Co., Ltd.
Ikeda, Osaka
30
Daihastu Tokyo Sales Co., Ltd.
Chuo, Tokyo
Tönisvorst,
Germany
Shah Alam,
Malaysia
490
Euro
4.2 million
RM
140.0 million
Jakarta,
Indonesia
RP
894.37 billion
Daihatsu Deutschland GmbH
Perodua Manufacturing Sdn. Bhd.
P.T. Astra Daihatsu Motor
Manufacture of Hijet, Atrai Wagon,
Dias Wagon*, Be-go, Rush*, Mira, Pleo*,
Mira Cocoa, Move Conte, Tanto Exe, Lucra*,
engines, CVT parts
Manufacture of processed body parts and parts for
agricultural equipment
Manufacture of engines, drivetrain components,
parts for agricultural equipment, and hydraulic and
diesel devices
Processed cast parts
Consumer finance, debt guarantees, and leasing
Vehicle transport handler, cargo and transport, and
vehicle transportation
Retail sale of automobiles and automobile parts
Wholesale of automobiles and automobile parts
Osaka, Osaka
Metalart Corporation
Kusatsu, Shiga
Asano Gear Co., Ltd.
Osaka Sayama,
Osaka
Manufacture of Xenia, Avanza**, Terios, Rush*,
Gran Max, Townace*/Liteace*, Luxio, and sale of
automobiles and automobile parts
* OEM vehicles
2,434
Manufacture and sale of marine diesel engines, land
diesel engines, gas turbines, internal combustion
engine parts and aluminum wheels, and real estate
rental business.
2,143
Manufacture of processed cast parts, parts for
construction equipment and parts for agricultural
equipment
324
Manufacture and sale of precision gears, axles
for car chassis front and rear, gear boxes,
transmissions, and machine tools
** Consigned vehicles
Tokyo Office
19-15, Shinbashi, 6-chome, Minato-ku, Tokyo 105-0004, Japan
Sales and Service Network (As of June 29, 2011)
Domestic Distributors: 61 companies
Overseas Distributors: Approx. 130 companies
Major Domestic Plants (As of June 30, 2011)
Name
Plant
location
Head (Ikeda) Plant
Ikeda,
Osaka
Shiga (Ryuo) Plant
Gamo,
Shiga
Representative Office in Europe
Hermesstraat 8C, 1930, Zaventem, Belgium
Phone: +32-(0)2-719-7052
Facsimile:+32-(0)2-721-3174
Otokuni,
Kyoto
Kyoto Plant
Daihatsu Motor
Kyushu Co., Ltd.
Oita (Nakatsu) No.
1 and No. 2 Plant
Nakatsu,
Oita
Daihatsu Motor
Kyushu Co., Ltd.
Kurume Plant
Kurume,
Fukuoka
* OEM vehicles
Overseas Offices
Beijing Office
Room. 3801, Jing Guang Centre, Hujialou, Chaoyang
District, Beijing, 100020, P.R. CHINA
Phone: +86-10-6597-4178
Facsimile:+86-10-6597-4180
Head Office
1-1, Daihatsu-cho, Ikeda, Osaka 563-8651, Japan
Phone: +81-72-751-8811
http://www.daihatsu.co.jp (Japanese)
http://www.daihatsu.com (English)
Manufacture of Viva, Myvi, Alza, Avanza**
Major affiliates accounted for by the equity method
Daihatsu Diesel Mfg. Co., Ltd.
Major Domestic Offices/Sales and Service Network
** Consigned vehicles
Established
May 1939
(Plant No. 1)
May 1961
(Plant No. 2)
April 1974
(Plant No. 1)
January 1989
(Plant No. 2)
Products
Press parts, press mold and
plastic mold
Terios Kid, Copen, Boon, Passo**,
Coo, bB**, Dex*
Engines, transmissions, cast
components, etc.
Move, Stella*, Tanto
April 1973
Boon Luminus, Passo Sette*,
Probox**/Succeed**, Porte**
November
2004
(Plant No. 1)
Hijet Cargo, Hijet Truck,
Atrai Wagon, Dias Wagon*,
Be-go, Rush*, Mira
November
2007
(Plant No. 2)
Mira, Pleo*, Tanto Exe, Lucra*,
Move Conte, Mira Cocoa
August 2008
Engines, transmissions, etc.
Information
Major Domestic and Overseas Affiliated Companies (As of June 30, 2011)
16 ●
18 ●
Information
Financial Section
▲
Corporate Governance/
Corporate Social Responsibility
▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Balance Sheets
18
March 31, 2011 and 2010
Millions of yen
ASSETS
Current assets:
Cash on hand and in banks
Deposits
Trade notes and accounts receivable
Merchandise and finished products
Work in process
Raw materials and supplies
Deferred tax assets
Other
Less allowance for doubtful accounts
Total current assets
Fixed assets:
Property, plant and equipment:
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Construction in progress
Other, net
Total property, plant and equipment
(2) ¥
(6)
(2)(4)
(2)(4)
(2)(4)(5)
¥
52,869
59,259
301,206
61,427
17,459
17,076
26,787
53,389
(2,280)
587,195
133,955
117,028
124,713
9,113
22,446
407,258
139,994
134,395
124,222
3,582
36,112
438,306
5,523
5,936
69,181
4,648
16,674
(3)
5,422
(513)
95,414
508,195
¥1,102,981
70,886
6,995
19,957
5,398
(571)
102,666
546,909
¥1,134,105
(4)
(1)
Intangible fixed assets
Investments and other assets:
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Less allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
92,099
95,619
240,885
43,914
17,001
19,702
25,983
61,083
(1,504)
594,785
(2)(3)
Consolidated Balance Sheets
2010
2011
16 ●
18 ●
Information
Financial Section
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Corporate Governance/
Corporate Social Responsibility
▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Balance Sheets
19
March 31, 2011 and 2010
Millions of yen
LIABILITIES
Current liabilities:
Trade notes and accounts payable
Short-term debt
Accrued income taxes
Accrued expenses
Provision for bonuses for directors and corporate auditors
Provision for product warranties
Other
Total current liabilities
Long-term liabilities:
Long-term debt
Deferred tax liabilities
Provision for retirement benefits for employees
Provision for retirement benefits for directors and corporate auditors
Other
Total long-term liabilities
Total liabilities
NET ASSETS
Shareholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized holding gain (loss) on securities
Deferred gain (loss) on hedges
Foreign currency translation adjustments
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets
¥ 231,640
104,108
14,830
69,013
226
7,015
(2)
87,117
513,953
(2)
(6)
(2)
2010
¥ 292,717
109,644
12,924
73,536
227
6,785
95,010
590,846
67,743
5,414
59,100
1,656
6,781
140,695
654,649
71,096
5,439
63,247
1,720
5,422
146,926
737,772
28,404
10,896
345,500
(653)
384,147
28,404
10,837
300,194
(668)
338,767
9,697
(0)
(9,864)
(166)
64,350
448,332
¥1,102,981
12,846
—
(8,899)
3,947
53,618
396,332
¥1,134,105
Consolidated Balance Sheets
2011
16 ●
18 ●
Information
Financial Section
▲
Corporate Governance/
Corporate Social Responsibility
▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Statements of Income
20
March 31, 2011 and 2010
Millions of yen
2010
¥1,574,727
1,285,071
289,655
31,250
8,090
20,535
5,600
35,947
74,347
13,612
3,510
12,624
—
32,846
238,365
103,443
19,802
10,435
19,954
5,600
40,636
71,003
13,136
3,469
12,471
653
51,743
248,907
40,747
3,387
808
946
5,356
—
5,927
16,426
1,800
847
190
3,152
1,284
2,985
10,260
1,137
4,217
186
2,113
7,655
112,215
1,112
4,080
—
1,972
7,165
43,842
419
188
608
449
—
449
(1)
(2)
(3)
Consolidated Statements of Income
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses:
Sales incentive
Packing and transportation expenses
Advertising expenses
Provision for product warranties
Other selling expenses
Salaries and bonuses
Legal and employee benefits expenses
Retirement benefit expenses
Depreciation
Provision of allowance for doubtful accounts
Other
Total selling, general and administrative expenses
Operating income
Other income:
Interest income
Dividend income
Gain on sales of fixed assets
Equity in earnings of affiliates
Foreign exchange gains
Miscellaneous income
Total other income
Other expenses:
Interest expenses
Loss on sales and disposals of fixed assets
Foreign exchange losses
Miscellaneous expenses
Total other expenses
Ordinary income
Extraordinary income:
Subsidy for facilities
Gain on sales of fixed assets
Total extraordinary income
2011
¥1,559,412
(1)
1,217,603
341,809
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18 ●
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Financial Section
▲
Corporate Governance/
Corporate Social Responsibility
▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Statements of Income
21
March 31, 2011 and 2010
Millions of yen
Extraordinary loss:
Loss on disaster
(4)
5,017
—
828
—
392
323
Impairment loss
—
164
Expenses associated with the revision of the China Project
—
2,015
6,239
2,504
106,584
41,787
Current
29,541
18,540
Deferred
6,137
(5,023)
35,679
13,517
Income before minority interests
70,905
—
Minority interests in net income of consolidated subsidiaries
18,349
(7,107)
¥52,555
¥ 21,162
Loss on adjustment for changes of accounting standard for asset retirement obligations
Loss on reduction of fixed assets
Total extraordinary loss
Income before income taxes and minority interests
(5)
Income taxes:
Total income taxes
Net income
Consolidated Statements of Income
2010
2011
Corporate Governance/
Corporate Social Responsibility
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▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Statements of Comprehensive Income
22
March 31, 2011 and 2010
Millions of yen
Income before minority interests
¥70,905
—
(3,146)
—
0
—
(2,973)
—
248
—
Other comprehensive income
Net unrealized holding gain (loss) on securities
Deferred gain (loss) on hedges
Foreign currency translation adjustments
Share of other comprehensive income of equity method affiliates
Total other comprehensive income
(2)
(5,870)
—
Comprehensive income
(1)
65,034
—
Comprehensive income attributable to owners of the parent
48,442
—
Comprehensive income attributable to minority interests
16,592
—
Comprehensive income attributable to
Consolidated Statements of Comprehensive Income
2010
2011
▲
Corporate Governance/
Corporate Social Responsibility
16 ●
18 ●
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Financial Section
▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Statements of Changes in Net Assets
23
March 31, 2011 and 2010
Additional paidCommon stock
in capital
Balance at March 31, 2009
Accumulated other comprehensive income
Total
Treasury stock, shareholders’
at cost
equity
Retained
earnings
Net unrealized
holding
gain (loss) on
securities
Deferred
gain (loss) on
hedges
Foreign
currency
translation
adjustments
Total
accumulated
other
comprehensive
income
Minority
interests
Total net assets
¥28,404
¥10,837
¥283,296
¥(645)
¥321,893
¥10,128
—
¥(11,805)
¥(1,676)
¥44,897
¥365,114
—
—
—
—
—
—
—
—
—
—
—
Dividends from retained earnings
—
—
(4,265)
—
(4,265)
—
—
—
—
—
(4,265)
Net income
—
—
21,162
—
21,162
—
—
—
—
—
21,162
Acquisition of treasury stock
—
—
—
(23)
(23)
—
—
—
—
—
(23)
Net change in items other than
shareholders’ equity during the
year
—
—
—
—
—
2,717
—
2,906
5,624
8,720
14,344
—
—
16,897
(23)
16,874
2,717
—
2,906
5,624
8,720
31,218
¥28,404
¥10,837
¥300,194
¥(668)
¥338,767
¥12,846
—
¥(8,899)
¥3,947
¥53,618
¥396,332
—
—
—
—
—
—
—
—
—
—
—
Dividends from retained earnings
—
—
(7,250)
—
(7,250)
—
—
—
—
—
(7,250)
Net income
—
—
52,555
—
52,555
—
—
—
—
—
52,555
Acquisition of treasury stock
—
—
—
(19)
(19)
—
—
—
—
—
(19)
Disposal of treasury stock
—
58
—
35
94
—
—
—
—
—
94
Net change in items other than
shareholders’ equity during the
year
—
—
—
—
—
(3,148)
(0)
(965)
(4,113)
10,732
6,619
—
58
45,306
15
45,380
(3,148)
(0)
(965)
(4,113)
10,732
51,999
¥28,404
¥10,896
¥345,500
¥(653)
¥384,147
¥ 9,697
¥(0)
¥ (9,864)
¥ (166)
¥64,350
¥448,332
Effect of changes in accounting
policies applied to foreign
subsidiaries
Changes during the year
Total changes during the year
Balance at March 31, 2010
Effect of changes in accounting
policies applied to foreign
subsidiaries
Changes during the year
Total changes during the year
Balance at March 31, 2011
Consolidated Statements of Changes in Net Assets
Millions of yen
Shareholders’ equity
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▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Statements of Cash Flows
24
March 31, 2011 and 2010
Millions of yen
Cash flows from operating activities
Income before income taxes and minority interests
¥106,584
¥ 41,787
Depreciation
69,548
78,446
Increase (decrease) in provision for retirement benefits for employees
(4,389)
9,206
(64)
(446)
(841)
446
Interest and dividend income
(4,195)
(2,648)
Interest expenses
1,137
1,112
(505)
(160)
Equity in (earnings) loss of affiliates
(5,356)
(3,152)
Loss (gain) on sales of property, plant and equipment
(1,135)
(190)
Loss on disposal of property, plant and equipment
4,217
4,080
0
(4)
Increase in provision for retirement benefits for directors and corporate auditors
Decrease in allowance for doubtful accounts
Foreign exchange losses (gains)
Loss (gain) on sales of short-term and long-term investment securities
Loss (gain) on valuation of short-term and long-term investment securities
117
34
Decrease (increase) in notes and accounts receivable
59,567
(10,217)
Increase in inventories
14,825
9,507
Decrease in notes and accounts payable
(58,943)
(719)
(2,169)
1,850
(10,944)
11,301
Increase (decrease) in consumption taxes payable
Others
167,450
140,234
Interest and dividends received
Subtotal
5,566
3,197
Interest paid
(1,437)
(1,047)
(27,726)
(12,263)
253
1,891
144,107
132,011
Income taxes paid
Income taxes refunded
Net cash provided by operating activities
Consolidated Statements of Cash Flows
2010
2011
Corporate Governance/
Corporate Social Responsibility
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▲
▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Consolidated Statements of Cash Flows
25
March 31, 2011 and 2010
Millions of yen
Cash flows from investing activities
Payments into time deposits
(6,396)
(162)
Proceeds from refund of time deposits
6,160
146
(39,431)
(46,991)
3,597
889
Payments for acquisition of investment securities
(7)
(6)
Proceeds from sales of investment securities
47
8
(1,630)
—
Payments for acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investments in subsidiaries
Purchase of investments in subsidiaries resulting in change in scope of consolidation
(299)
—
—
186
Decrease in short-term loans receivable
(6,293)
(2,206)
Payments for long-term loans receivable
(959)
(3,603)
Proceeds from purchase of investment in a subsidiary resulting in change in scope of consolidation
Proceeds from collection of long-term loans receivable
Net cash used in investing activities
3,189
4,502
(42,022)
(47,234)
(20,503)
Cash flows from financing activities
Net decrease in short-term debt
(9,243)
Proceeds from long-term debt
15,082
34,971
Repayments of long-term debt
(14,967)
(41,691)
Payments for acquisition of treasury stock
(19)
(5)
Proceeds from disposal of treasury stock
94
—
Dividends paid
(7,250)
(4,265)
Dividends paid to minority interests in consolidated subsidiaries
(4,025)
(1,228)
Repayments of lease obligations
Net cash provided by financing activities
Effect of exchange rate changes
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
(7,460)
(4,799)
(27,791)
(37,521)
1,061
1,015
75,353
48,271
111,740
63,468
(1) ¥187,094
¥ 111,740
Consolidated Statements of Cash Flows
2010
2011
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Corporate Governance/
Corporate Social Responsibility
▲
14 ●
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Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
26
Years ended March 31, 2011
fiscal year-end, these transactions are included in the consolidated financial statements as
necessary.
1. Scope of consolidation
(Consolidated subsidiaries: 61)
All subsidiaries are included in the scope of consolidation.
Daihatsu Holland B.V., which had been accounted for using the equity method at the
end of the previous fiscal year, became a subsidiary following the purchase of additional
shares, and Daihatsu (Shanghai) Co., Ltd. was newly established during the fiscal year
ended March 31, 2011. Both companies are now included in the scope of consolidation.
Godo Kikai Co., Ltd., which was a consolidated subsidiary through the fiscal year
ended March 31, 2010, was extinguished through a merger with consolidated subsidiary
Akashi-Kikai Industry Co., Ltd.
4. Accounting policies
(a) Fair values of marketable securities and investment securities
2. Equity method
(a) Affiliates accounted for by the equity method: 20
Major affiliates accounted for by the equity method are Daihatsu Diesel Mfg. Co., Ltd.,
Metalart Corporation and Osaka Daihatsu Corporation.
Vietindo Daihatsu Automotive Corporation (VINDACO) was dissolved and has,
therefore, been excluded from the application of the equity method.
Daihatsu Holland B.V. was excluded from the application of the equity method
owing to its conversion to a consolidated subsidiary.
(b)Inventory valuation standards and methods
Finished products (manufactured vehicles)
Mainly stated at cost as determined by the cost average
reducing book value in line with decreases in profitability)
Merchandise (parts/components)
Mainly stated at cost as determined by the cost average
reducing book value in line with decreases in profitability)
Merchandise (purchased vehicles)
Mainly stated at cost as determined by the identified cost
reducing book value in line with decreases in profitability)
Raw materials
Mainly stated at cost as determined by the cost average
reducing book value in line with decreases in profitability)
Work in process
Mainly stated at cost as determined by the cost average
reducing book value in line with decreases in profitability)
(b) Affiliated companies not accounted for by the equity method (a total of five companies,
including Tono Daihatsu Co., Ltd.) are excluded because they do not have a material
impact on consolidated net income, retained earnings and others individually or in the
aggregate.
(c) As for affiliates accounted for by the equity method, when their fiscal year-end is
different from the Company’s fiscal year-end, their financial statements as of their fiscal
year-end are used.
Other securities
With market quotations
Stated at the market price on March 31, 2011 (with any unrealized valuation
difference regarded under net assets, and with cost computed using the
moving-average method)
Without market quotations
Stated at cost, cost being determined by the moving-average method
method (method of
method (method of
method (method of
method (method of
method (method of
(c) Depreciation methods for significant depreciable assets
3. Fiscal year of consolidated subsidiaries
The fiscal year-end for the following seven consolidated subsidiaries is December 31:
Perodua Auto Corporation Sdn. Bhd., Perodua Manufacturing Sdn. Bhd., Perodua Engine
Manufacturing Sdn. Bhd., DMCA Inc., Tianjin Daihatsu Precision Machinery Co., Ltd.,
Daihatsu Holland B.V., and Daihatsu (Shanghai) Co., Ltd.
For these subsidiaries, their financial statements as of December 31 are used in
the preparation of the Company’s consolidated financial statements. When significant
transactions occur at those subsidiaries between their fiscal year-end and the Company’s
Property, plant and equipment (excluding lease assets)
Depreciation is principally computed using the declining balance method.
However, the depreciation of buildings (excluding attached facilities) acquired on or
after April 1, 1998, is computed using the straight line method.
Furthermore, acquisitions made by the Company and its domestic consolidated
subsidiaries on or before March 31, 2007, that have been depreciated down to their
final depreciation limit are depreciated in equal amounts of the difference between 5%
Notes to Consolidated Financial Statements
Significant Accounting Policies Forming the Basis of Presentation of the
Consolidated Financial Statements
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▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
27
Years ended March 31, 2011
Intangible fixed assets
Depreciated principally using the straight line method
Lease assets
Lease assets related to finance lease transactions that do not transfer ownership are
depreciated using the straight line method over lease period, which corresponds to the
number of years of useful life, with a residual value of zero.
Of finance lease transactions other than those recognized as transferring ownership
of the leased properties to the borrower, transactions that commenced before March
31, 2008, are treated for accounting purposes as operating lease transactions.
Provision for retirement benefits for directors and corporate auditors
To prepare for the payment of retirement benefits to directors, executive officers and
corporate auditors, a necessary amount determined in accordance with the internal
rules is accrued at the end of the fiscal year.
Provision for product warranties
To provide for expenses for after-sales service based on warranty certificates, service
expenses in the amount estimated to be incurred over the warranty period are accrued.
(e) Accounting procedure of consumption tax
The tax-excluded method is adopted.
( f ) Goodwill amortization and amortization periods
Goodwill is recognized as a loss or a gain as incurred, due to immateriality.
(d)Policy for significant reserve allowances
Allowance for doubtful accounts
An allowance against losses caused by doubtful receivables and other bad debts
is made based on historical credit loss ratios. With specific claims where there is an
identified credit risk, an allowance is made for estimated uncollectible amounts based
on assessment its recoverability of individual receivables.
Provision for bonuses for directors and corporate auditors
To provide for the payment of bonuses for directors and corporate auditors, the share
of estimated bonuses to be paid to directors and corporate auditors for the fiscal year
ended March 31, 2011 are accrued.
Provision for retirement benefits for employees
To provide the payment of retirement benefits to employees, provision for retirement
benefits for employees are provided for based on the total amount of projected
retirement benefits obligation reduced by the fair value of pension plan assets as of the
fiscal year-end.
Unrecognized prior service obligations are amortized on a straight line method over
the average estimated remaining service years of the employees (15-18 years) from the
time such liability arose.
Actuarial differences are amortized on a straight line method over the average
remaining service years of the employees (14-21 years) from the next fiscal year after
the gain or loss occurs.
(g) Cash and cash equivalents
In the consolidated statements of cash flows, cash and cash equivalents are
composed of cash on hand, deposits that may be withdrawn on demand and highly
liquid investments purchased with original maturities of three months or less and which
present a low risk of fluctuation in value.
Change in Accounting Policy
The accounting standard for the equity method of accounting for investments and
the practical solution on unification of accounting policies applied to associates
accounted for using the equity method
Beginning with the fiscal year ended March 31, 2011, the “Accounting Standard for Equity
Method of Accounting for Investments” (ASBJ Statement No.16, March 10, 2008) and the
“Practical Solution on Unification of Accounting Policies Applied to Associates Accounted
for Using the Equity Method” (ASBJ PITF No.24, March 10, 2008) are being applied.
The impact of this change on ordinary income and income before income taxes and
minority interests was immaterial.
Accounting standard for asset retirement obligations
Beginning with the fiscal year ended March 31, 2011, the “Accounting Standard for Asset
Retirement Obligations” (ASBJ Statement No.18, issued on March 31, 2008) and the
“Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance
No.21, issued on March 31, 2008) are being applied.
As a result, operating income and ordinary income each decreased by ¥135 million,
while income before income taxes and minority interests decreased by ¥964 million.
Notes to Consolidated Financial Statements
of their acquisition price and their memorandum value over a five-year period from the
fiscal year after the fiscal year in which their depreciation limit reached zero.
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04 ●
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▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
28
Years ended March 31, 2011
Accounting standard for business combination
Beginning with the fiscal year ended March 31, 2011, the “Accounting Standard for
Business Combinations” (ASBJ Statement No.21, December 26, 2008), the “Accounting
Standard for Consolidated Financial Statements” (ASBJ Statement No.22, December 26,
2008), and the “Revised Guidance on Accounting Standard for Business Combinations
and Accounting Standard for Business Divestitures” (ASBJ Guidance No.10, Revised
December 26, 2008) are being applied.
Changes in Method of Presentation
Consolidated financial statements
Following the application of the “Cabinet Office Ordinance for Partial Amendment of the
Ordinance on Terminology, Forms, and Preparation Methods of Financial Statements, etc.”
(Cabinet Office Ordinance No.5, issued on March 24, 2009) based on the “Accounting
Standard for Consolidated Financial Statements” (ASBJ Statement No.22, issued on
December 26, 2008), the account item of “income before minority interests” is presented.
Notes to consolidated financial statements
(Notes to consolidated balance sheets)
1.
(1) Accumulated depreciation on property, plant and equipment
Cash on hand and in banks
¥102 million
Buildings and structures
6,838
Machinery, equipment and vehicles
Land
Effective from the current consolidated fiscal year, the “Accounting Standard for
Presentation of Comprehensive Income” (ASBJ Statement No.25 issued on June 30,
2010) has been applied. However, account items “accumulated other comprehensive
income” and “total accumulated other comprehensive income” present the amount of
“valuation and translation adjustments” and “total valuation and translation adjustments”
for the previous fiscal year.
90
12,683
Investment securities
390
Total
20,104
(Liabilities associated with the above)
Short-term debt
¥16,925 million
Other (current liabilities)
Long-term debt (including current portion)
Total
48
4,104
21,078
(3)Investments in Affiliates
Category
Additional Information
¥740,485 million
(2)Other assets pledged as collateral
(Assets pledged as collateral)
Millions of yen
2011
Fixed assets
Investment securities (shares)
Other assets (cash investment)
¥39,791
—
Notes to Consolidated Financial Statements
Accounting standard for measurement of inventories
Beginning with the fiscal year ended March 31, 2011, the “Accounting Standard for
Measurement of Inventories” (ASBJ Statement No. 9, revised September 26, 2008)
is being applied and the Company has changed the way it measures the value of raw
materials from the last-in, first-out method to the cost average method.
The impact of this change on operating income, ordinary income, and income before
income taxes and minority interests was immaterial.
16 ●
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Corporate Social Responsibility
▲
14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
▲
03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
29
Years ended March 31, 2011
of the Company’s objection has done nothing to change the possibility of a refund of
provisional tax payments, no additional accounting entries have been made.
On June 28, 2011, the objection filed for the fiscal year ended March 31, 2009
was accepted in part by Indonesian tax authorities, which lowered the amount of
the correction. Confirmation is currently underway to determine the manner in which
the amount of the correction was recalculated and the rationale for the revision. The
Company and its consolidated subsidiary find it regrettable that their position has not
been accepted in total and will continue advocating for its correctness. For the same
reasons cited with regard to the rejection of the objection filed in connection with the
fiscal year ended March 31, 2008, no additional accounting entries have been made.
2. Guarantee obligation
(5)As a result of the purchase of designated replacement assets, the carrying value of
land was written down by ¥66 million.
(6)On January 15, 2010, the Company’s consolidated subsidiary in Indonesia, P.T. Astra
Daihatsu Motor, received from the Indonesian tax authorities a notice of revision
of values of inter-company royalty transactions to affiliated companies during the
fiscal year ended March 31, 2008, of approximately 261.2 billion Indonesian rupiahs
(equivalent to approximately ¥2,508 million at the exchange rate prevailing on March
31, 2011), and a provisional payment was made on February 12, 2010. As the
Company views as extremely irrational the stance of the Indonesian tax authorities,
which is that no royalty payment deductions may be indicated, the Company submitted
a written statement of objection to the authorities on April 14, 2010.
In line with its submission of this written statement of objection, the Company
reported its royalties under the comparable uncontrolled price method and, taking the
possibility of a refund into consideration, stated this amount in the “other” category
within “current assets.”
In addition, in view of a correction notice, dated June 4, 2010, received from
Indonesian tax authorities in regard to the amount of 376.0 billion Indonesian rupiahs
(¥3,610 million based on the exchange rate as of March 31, 2011) related to relatedcompany royalty transaction pricing during the fiscal year ended March 31, 2009,
accrued income taxes were recorded under current liabilities for an amount based on
the estimated future tax liability. The calculation of this estimate covers also the period
for which a taxation decision has yet to be rendered.
After the end of the fiscal year ended March 31, 2011, on April 12, 2011, the
objection filed by the Company on April 14, 2010 was rejected by Indonesian tax
authorities. The Company and a consolidated subsidiary in Indonesia, P.T. Astra
Daihatsu Motor intend to continue advocating the correctness of the perspective taken
by itself and its consolidated subsidiary in a tax court. Given the view that rejection
Millions of yen
2011
Financial institution loans guarantee for employees
¥43
3. Contingent liabilities
On June 4, 2010, a consolidated subsidiary in Indonesia, P.T. Astra Daihatsu Motor,
received a correction notice from Indonesian tax authorities in regard to the amount of
686.2 billion Indonesian rupiahs (¥6,587 million based on the exchange rate as of March
31, 2011) related to sales transaction pricing during the fiscal year ended March 31, 2009.
The indication by Indonesian tax authorities that net sales were underreported is
based on a profit margin assessment relative to other companies selected by Indonesian
tax authorities, and is remarkably lacking in rationality. Given the unacceptability of the
correction notice content to both the Company and its consolidated subsidiary, an
objection was filed with Indonesian tax authorities on June 30, 2010.
On June 28, 2011, after the end of the fiscal year ended March 31, 2011, the
objection filed by the Company on June 30, 2010 was accepted in part by Indonesian
tax authorities, which lowered the amount of the correction. Confirmation is currently
underway to determine the manner in which the amount of the correction was recalculated
and the rationale for the revision. The Company and its consolidated subsidiary find it
regrettable that their position has not been accepted in total and will continue advocating
for its correctness. The same accounting approach used to calculate taxable income for
the fiscal year ended March 31, 2010, has remained in use since then, but no indication
regarding the same accounting approach has been received from Indonesian tax
authorities.
As of this point in time, it is difficult to make any forecasts regarding the resolution of
this matter and, therefore, also difficult to forecast financial impacts on the Company and
its consolidated subsidiary.
Notes to Consolidated Financial Statements
(4)The Company received government and other subsidies (a special subsidy for
corporate structural investment, a subsidy for development and diffusion of a lowemission vehicle, gain on insurance adjustment, a subsidy for companies located in
industrial parks in the city of Nakatsu, a subsidy for supporting new energy business,
a subsidy on business promoting the introduction of highly energy efficient systems for
housing and structures, a subsidy from the city of Kurume for the transfer of industry,
a regional business promotion subsidy from Shimane Prefecture, a regional business
promotion subsidy from Fukuoka Prefecture and a business expansion subsidy from
the city of Izumo). Accordingly the following amounts are directly deducted from
acquisition costs: buildings of ¥574 million, structures of ¥8 million, machinery of ¥370
million, tools and equipment of ¥5 million and land of ¥402 million.
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Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
30
Years ended March 31, 2011
(Notes to consolidated statements of changes in net assets)
(1)The following research and development expenses, in the amount of ¥38,227 million,
were included in cost of sales and selling, general and administrative expenses for the
fiscal year ended March 31, 2011.
1. Issued shares
(2)The subsidy for facilities comprises delivered amounts of a regional business promotion
subsidy from Fukuoka Prefecture and a special subsidiary for corporate structural
investment.
(3)A gain on sales of fixed assets was recorded as gain on sales of land in connection
with the replacement of designated assets by purchase.
(4)Loss on disaster is loss arising from the Great East Japan Earthquake and consists of
the following amounts.
Fixed expenses for periods of suspended operations
Loss of inventory assets
Fixed asset disposal, repairs expense, etc.
Total
¥2,911 million
1,404
702
5,017
(5)Loss on reduction of fixed assets is direct reduction of acquisition cost related to the
subsidies for facilities discussed in (2) and to the purchase of designated replacement
assets.
Class of shares
March 31, 2010
Increase
Decrease
March 31, 2011
Common stock (shares)
427,122,966
—
—
427,122,966
2. Treasury stock
Class of shares
March 31, 2010
Increase
Decrease
March 31, 2011
Common stock (shares)
1,092,902
8,991
91,182
1,010,711
Note: Breakdown of the increase in the number of treasury stock (common stocks) is as follows:
Increased shares by purchasing the financial shares
3. Items related to share options
None
4. Cash dividends
(1)Dividends paid in the fiscal year ended March 31, 2011
(Notes to consolidated statements of comprehensive income)
(1)Comprehensive income for the fiscal year ended March 31, 2010
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests
Total comprehensive income
Resolution
¥26,786 million
9,828
36,615
(2)Other comprehensive income for the fiscal year ended March 31, 2010
Net unrealized holding gain (loss) on securities
Foreign currency translation adjustments
Share of other comprehensive income of equity method affiliates
Total other comprehensive income
8,991 shares
Breakdown of the decrease in the number of treasury stockholders (common stocks) is as follows:
Of the treasury stock (stock in the Company) sold by consolidated subsidiaries, 86,291 shares are attributable to the Company.
Changes in the Company’s percentage holdings in affiliates resulted in a decrease of 4,891 treasury shares.
¥2,679 million
5,106
559
8,345
Class of shares
Total dividends (Millions of yen)
Cash dividends per share
Basis date
Effective date
Annual general meeting of
shareholders held on
June 29, 2010
Board of Directors
meeting held on
October 29, 2010
Common stock
2,985
7
March 31, 2010
June 30, 2010
Common stock
4,264
10
September 30, 2010
November 30, 2010
Notes to Consolidated Financial Statements
(Notes to consolidated statements of income)
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Corporate Governance/
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16 ●
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14 ●
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10 ●
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06 ●
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
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01 ●
Notes to Consolidated Financial Statements
31
Years ended March 31, 2011
Resolution
June 29, 2011
Annual general
meeting of shareholders
Class of shares
Source of dividends
Total cash dividends (Millions of yen)
Cash dividends per share
Basis date
Effective date
Common stock
Retained earnings
8,529
20
March 31, 2011
June 30, 2011
(As a lessee)
Pro forma information regarding acquisition cost, accumulated depreciation and net book
value of lease assets were as follows:
Millions of yen
2011
(1) Acquisition cost equivalent:
Machinery, equipment and vehicles
Other (property, plant and equipment)
Total
Other (property, plant and equipment)
Total
1. Cash and cash equivalents at the end of the period are reconciled to items on the
consolidated balance sheets as follows:
(As of March 31, 2011)
Millions of yen
1,344
¥5,673
Accumulated depreciation equivalent:
Machinery, equipment and vehicles
(Notes to consolidated statements of cash flows)
¥4,328
¥3,077
1,034
¥4,112
Net book value equivalent:
Machinery, equipment and vehicles
Other (property, plant and equipment)
Total
¥1,251
309
¥1,561
2011
Cash on hand and in banks
Time deposits with original maturities of more than 3 months
Deposits
Total
¥ 92,099
(624)
95,619
¥187,094
Assets and liabilities associated with finance lease transactions that were recorded in the
fiscal year ended March 31, 2011 amounted to ¥970 million, respectively.
(Lease transactions)
Finance lease transactions that do not transfer ownership prior to the first year of
application of accounting standards for lease transactions
(2) Future minimum lease payments equivalent:
Due within one year
Due after one year
Total
¥ 635
925
¥1,561
The amounts equivalent to the acquisition cost of lease assets and future minimum lease payments are calculated based
upon the inputted interest expense method because future minimum lease payments account for only a small proportion
of property, plant and equipment.
(3) Lease payments and depreciation equivalent:
Lease payments
Depreciation equivalent
¥ 942
942
Notes to Consolidated Financial Statements
(2)Dividends whose basis date belongs to the fiscal year ended March 31, 2011, but
effective date of dividends falls in the fiscal year ending March 31, 2012.
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10 ●
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06 ●
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
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01 ●
Notes to Consolidated Financial Statements
32
Years ended March 31, 2011
(As a lessor)
Acquisition cost, accumulated depreciation and net book value of lease assets were as
follows:
Millions of yen
2011
(1) Acquisition cost:
Machinery, equipment and vehicles
Other (property, plant and equipment)
Total
¥41
16
Other (property, plant and equipment)
Total
¥36
16
¥52
Net book value:
Machinery, equipment and vehicles
Other (property, plant and equipment)
Total
¥ 4
0
Due after one year
Total
Depreciation
2011
Future minimum lease payments:
Due within one year
¥ 383
Due after one year
1,991
Total
¥2,374
(As a lessor)
Millions of yen
2011
Future minimum lease income:
¥ 6
0
¥7
(3) Lease revenues and depreciation:
Lease revenues
Millions of yen
¥ 5
(2) Future minimum lease payments equivalent:
Due within one year
2. Operating lease transactions
(As a lessee)
¥58
Accumulated depreciation:
Machinery, equipment and vehicles
1. Finance lease transactions
(As a lessee)
(1)Lease assets
Finance lease transactions that do not transfer ownership
Property, plant and equipment
Primarily, large-scale computing and peripheral equipment, and molds
(2)Method of depreciating lease assets
Straight line method over lease period, which corresponds to the number of years of
useful life, with a residual value of zero
¥ 9
1
The amount equivalent to future minimum lease payments is calculated using the inputted income method because
future minimum lease payments and the estimated remaining value account for only a small proportion of operating
receivables.
Due within one year
Due after one year
Total
¥ 76
859
¥936
(Financial Instruments)
Fiscal year ended March 31, 2011
1. Financial instruments
(1) Policies on financial instruments
The Daihatsu Group raises funds through borrowings from banks and other financial
institutions for such purposes as sales financing and the acquisition of property,
Notes to Consolidated Financial Statements
(4)Method of calculating depreciation equivalent amount for leases:
The depreciation equivalent amount of the leases is calculated using the straight line
method over lease period, which corresponds to the number of years of useful life, with
a residual value of zero.
16 ●
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14 ●
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10 ●
Special Feature
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06 ●
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
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01 ●
Notes to Consolidated Financial Statements
33
Years ended March 31, 2011
(2) Financial instrument content and risk
Trade notes and accounts receivable, which are claimable assets, are subject to
customer credit risk. Investment securities, most of which are equity securities held to
cement operations with business partners, are subject to price fluctuation risk.
Trade notes and accounts payable, which are trade liabilities, are payable within one
year.
Bank loans, which are taken out to fund working capital and capital investment,
are subject to interest rate fluctuation risk in line with changes in market and credit
conditions.
As derivative transactions are used to hedge the risk of future exchange rate
fluctuations, the Company engages in forward exchange contracts to hedge risk in
relation to trade liabilities that are denominated in foreign currencies and employs
currency swaps to hedge risks related to bank loans that are denominated in foreign
currencies.
2. Fair value of financial instruments
Fair values as of March 31, 2011 (the end of the fiscal year ended March 31, 2011) and
differences between fair values and consolidated balance sheet amounts are as follows:
Millions of yen
Carried on
consolidated
balance sheet
(1) Cash on hand and in banks
92,099
¥
92,099
Difference
—
95,619
95,619
—
240,885
233,422
¥ (7,463)
37,340
33,928
(3,412)
4,648
4,648
(0)
470,594
459,718
(10,875)
(1) Trade notes and accounts payable
231,640
231,640
—
(2) Short-term debt
104,108
104,108
—
(3) Accrued Income taxes
14,830
14,830
—
(4) Long-term debt
67,743
68,052
309
418,632
309
(0)
—
(3) Trade notes and accounts receivable
(4) Investment securities
(5) Long-term loans receivable
Total assets
Total liabilities
Derivative transactions
(3) System for managing risks related to financial products
With regard to trade liabilities, the Company manages transactions for each business
partner by payment due date and balance. Market prices on investment securities are
periodically checked and reported to the Board of Directors.
Reports on the Group’s status on bank loans are submitted to the Board of
Directors.
The counterparties to all such transactions are highly credible banks, therefore
the credit risk is extremely low. These transactions are engaged in based on internal
regulations and in-house rules approved recognized by the Board of Directors, and are
reported on a regular basis to the Board of Directors and other important meetings.
¥
(2) Deposits
Fair value
418,323
¥
(0)
¥
Note 1. Method of calculating fair values of financial instruments and matters related to securities and derivative
transactions
Assets
(1) Cash on hand and in banks and (2) Deposits
As settlement terms on these items are short, and their fair values are nearly equal to
their book values, their book values are taken as their fair values.
(3) Trade notes and accounts receivable
Fair value is calculated by grouping these receivables by period and discounting each
to their present value by a rate that takes into account their periods to maturity and
credit risk.
(4) Investment securities
Quoted prices on securities exchanges are taken as fair value.
For details on investment securities, refer to the section entitled “(Securities).”
(5) Long-term loans receivable
Fair value is calculated by discounting these instruments to their present value, adding
a percentage for the credit spread to the appropriate indicator.
Notes to Consolidated Financial Statements
plant and equipment. Temporary surpluses are placed in short-term deposits with its
parent company, Toyota Motor Corporation, and banks and other financial institutions.
Derivative transactions are used to hedge exchange rate fluctuation risks on trade
liabilities and financial obligations denominated in foreign currencies. The Company
does not engage in speculative trading.
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▲
06 ●
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
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01 ●
Notes to Consolidated Financial Statements
34
Years ended March 31, 2011
(Securities)
Fiscal year ended March 31, 2011
Derivative transactions
For details on derivative transactions, refer to the section entitled “(Derivative transactions).”
Note 2. As unlisted equity securities (value stated in the consolidated balance sheets of ¥31,841 million) have no quoted
market value and their fair value is not readily available, they are not included in “(4) Investment securities.”
Note 3. Expected redemption amounts of financial obligations with maturities and securities after the balance sheet date.
Millions of yen
Type
1 year or less
Cash on hand and in banks
Trade notes and accounts receivable
More than 1
year
to 5 years
More than 5
years
to 10 years
1. Other securities
Millions of yen
Consolidated
balance sheet
amount
Acquisition cost
Difference
Stocks
¥27,366
¥11,066
¥16,300
Bonds
289
285
3
27,655
11,351
16,303
330
404
(73)
Type
Securities whose carrying value
exceeds their acquisition cost:
Subtotal
Securities whose carrying value dose
not exceeds their acquisition values:
Stocks
Subtotal
Total
More than 10
years
¥ 92,099
—
—
—
170,027
¥70,158
¥ 699
—
(Japanese government bonds)
Long-term loans receivable
Total
289
—
—
632
2,522
1,256
¥237
¥262,758
¥72,969
¥1,956
¥237
(73)
¥16,230
2. Other securities sold in the fiscal year ended March 31, 2011
Millions of yen
Category
—
404
¥11,755
Note: The market values of listed marketable securities are principally determined by closing prices on the Tokyo Stock
Exchange.
Investment securities
Other investment securities with
maturities
330
¥27,985
Proceeds from
sales
Total gain on
sales
Total loss on
sales
Stocks
¥47
¥1
¥2
Total
¥47
¥1
¥2
(Derivative transactions)
Fiscal year ended March 31, 2011
Note 4. Expected repayment amounts of long-term debt falling due after the consolidated balance sheet date.
Millions of yen
Type
1 year or
less
More than 1 More than 2 More than 3 More than 4
More than 5
years
years
years
year
years
to 2 years to 3 years to 4 years to 5 years
Long-term debt
¥15,120 ¥32,030 ¥26,940 ¥6,572
¥2,000
¥200
Total
¥15,120 ¥32,030 ¥26,940 ¥6,572
¥2,000
¥200
As the amount of derivative transactions is insignificant, this note has been omitted.
Notes to Consolidated Financial Statements
Liabilities
(1) Trade notes and accounts payable and (2) Short-term debt
As settlement terms on these items are short, and their fair values are nearly equal to
their book values, their book values are taken as their fair values.
(3) Accrued income taxes
As settlement terms on these items are short, and their fair values are nearly equal to
their book values, their book values are taken as their fair values.
(4) Long-term debt
The fair value of long-term debt is determined by discounting the total amount of
principal and interest by the assumed interest rate on new borrowings of the same
type.
Corporate Governance/
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06 ●
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Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
35
Years ended March 31, 2011
Millions of yen
1 Outline of retirement benefit plans
The Company and its consolidated subsidiaries have corporate pension funds, welfare
pension funds plans, tax-qualified pension plans, termination allowance plans and defined
contribution plans.
The Company has transferred some portion of its termination allowance systems to
the defined contribution plans.
2. Items regarding accrued retirement benefit obligations for employees
As of March 31, 2011
Millions of yen
a. Retirement benefit obligations
b. Pension plan assets
c. Provision for retirement benefits for employees
d. Pre-paid pension plan expenses
e. Balance (a+b+c+d)
(Details of balance)
f. Unrecognized actuarial differences
g. Unrecognized prior service obligations
(decrease of obligations)
h. Balance (f+g)
2011
¥(164,470)
81,751
59,100
(652)
¥ (24,271)
¥ (30,717)
6,445
¥ (24,271)
Notes:1. Certain consolidated subsidiaries have adopted a simplified method for calculating retirement benefit
obligations.
2. The figures as of March 31, 2011, include retirement benefit obligations and pension plan asset amounts
based on the balance of the minimum funding standard for the calculation of pension financing, and the
difference of ¥12,179 million is included provision for retirement benefits for employees.
3. The decrease in provision for retirement benefits for employees resulted from the
transfer of a portion of the Company’s termination allowance plans to defined contribution plans.
3. Items regarding retirement benefit expenses
Fiscal year ended March 31, 2011
2011
a. Service costs
¥5,957
b. Interest costs
2,174
c. Expected return on pension plan assets
(906)
d. Amortization of prior service obligations
(437)
e. Amortization of actuarial differences
2,899
f. Total retirement benefit expenses (a+b+c+d+e)
¥9,688
Notes:1.Retirement benefit expenses for consolidated subsidiaries adopting the simplified method are included in a.
service costs.
2.The service cost of ¥-1,327 million for consolidated subsidiaries who have adopted a multi-employer pension
plans is included in “a. Service costs” for the fiscal year ended March 31, 2011. The amount of pension contributions was ¥1,240 million
for the fiscal year ended March 31, 2011.
3.In the fiscal year ended March 31, 2011, service costs include ¥793 million in pension contributions to defined contribution plans.
4. Assumptions used in accounting for retirement benefit obligations
a. Method of attributing benefits to period
of service
b. Discount rate
c. Expected rate of return on pension plan
assets
d. Amortization period for prior service
obligation
e. Amortization period for actuarial
differences
Straight line method
2.0%
2.0%
15-18 years
Amortized on a straight line method over
the average estimated remaining service
years of employees from the time such
liability arises
14-21 years
Amortized on a straight line method over
the average remaining service years of
employees from the year after the gain or
loss occurs
Notes to Consolidated Financial Statements
(Retirement Benefits)
Corporate Governance/
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
36
Years ended March 31, 2011
1. The main components of deferred tax assets and liabilities are as follows:
2. Main components of the significant differences between the statutory tax rate
and the effective tax rate after adjustments:
%
Millions of yen
2011
Deferred tax assets:
Provision for retirement benefits for employees
Accrued expenses
¥24,042
16,359
Deferred expenses for sales promotion, etc. under the
corporate income tax law
1,472
Provision for product warranties
2,078
Tax loss carry forward
Allowance for doubtful accounts
57
358
Other
11,607
Subtotal
55,975
Less valuation allowance
(1,779)
Total deferred tax assets
54,196
Deferred tax liabilities:
Statutory tax rate
(Adjustments)
Equity in earnings (losses) of affiliates
Difference in effective tax rate for overseas subsidiaries
Tax credit
Entertainment expenses and others
Valuation allowance
Other
Effective tax rate after adjustments
(6,596)
This note has been omitted because there is little importance.
Reserve for advanced depreciation of property, plant and
equipment
(5,134)
Other
(6,106)
(Investment and Rental Property)
Fiscal year ended March 31, 2011
Net deferred tax assets
(17,837)
¥36,358
(5.0)
(6.0)
(0.6)
1.2
(0.6)
4.0
33.5 %
(Asset retirement obligations)
Fiscal year ended March 31, 2011
Net unrealized holding gain (loss) on securities
Total deferred tax liabilities
2011
40.5 %
As the amount of investment and rental property owned by the Company is insignificant,
this note has been omitted.
Note: Net deferred tax assets for the fiscal year ended March 31, 2011 are included in the following consolidated
balance sheet line items.
Current assets–Deferred tax assets
Fixed assets–Deferred tax assets
Current liabilities–Deferred tax liabilities
Long-term liabilities–Deferred tax liabilities
¥25,983 million
16,674
(884)
(5,414)
(Segment Information)
(Additional information)
Effective from April 1, 2011, the Company applied the “Accounting Standard for
Disclosures about Segments of an Enterprise and Related Information” (ASBJ Statement
No. 17, March 27, 2009) and the “Implementation Guidance on Accounting Standard for
Disclosures about Segments of an Enterprise and Related Information” (ASBJ Guidance
No. 20, March 21, 2008).
Notes to Consolidated Financial Statements
(Tax effect accounting)
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06 ●
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
37
Years ended March 31, 2011
Fiscal year ended March 31, 2011
2. Methods for calculating sales, income, and asset amount by reportable segment
The accounting treatments used for the Company’s reportable segments are the same as
those discussed in the "Significant Accounting Policies Forming the Basis of Presentation
of the Consolidated Financial Statements."
Segment income figures are based on operating income figures and inter-segment
sales and transfer are based on market prices.
Elimination between segments
3. Information about sales, income, assets and other items by reportable segment
Fiscal year ended March 31, 2011
Depreciation
(Millions of yen)
Internal sales or transfers between
segments
Total
102,948
Elimination between segments
103,443
Assets
Amount
(Millions of yen)
Total of reportable segment
Others
Amortization of goodwill
461,486
1,559,412
Increase in property, plant and
equipment and intangible fixed assets
97,105
17,835
114,940
1,674,353
44,929
102,948
Segment assets
904,310
211,459
1,115,769
56,990
12,557
69,548
84
168
253
Investment for affiliates accounted for by
the equity method
39,863
62
39,925
Increase in property, plant and equipment
and intangible fixed assets
28,431
12,362
40,793
Others
(12,788)
1,102,981
(Millions of yen)
1,097,925
479,322
1,115,769
Assets of consolidated financial statements
Total
58,019
495
Operating income of consolidated financial statements
Overseas
1,195,030
Amortization of goodwill
Total of reportable segment
Domestic
Segment income
Depreciation
Amount
Investment for affiliates accounted for
by the equity method
Net sales
Sales to external customers
(Millions of yen)
Income
Total of reportable
segment
Adjustment
Carried on
consolidated
financial statements
69,548
—
69,548
253
—
253
39,925
—
39,925
40,793
—
40,793
Related Information
1. Information by product and service
Sales to external customers of individual finished products and services accounted for
more than 90% of net sales reported on the consolidated financial statements. This note
has been omitted.
Notes to Consolidated Financial Statements
1. Overview of reportable segments
The Company’s reportable segments are constituent units for which separate financial
information can be gathered and are the subject of regular scrutiny by the Board of
Directors for the purposes of deciding management resource allocations and assessing
business performance.
The Daihatsu Group is engaged primarily in business activities consisting of the
manufacture and sale of automobiles and has built organizations for manufacturing and
selling automobiles and automobile parts in Japan and other countries, as well.
The Company, therefore, consists of two geographic reportable segments –
the “domestic” segment and the “overseas” segment – underpinned by separate
manufacturing and sales organizations.
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Corporate Governance/
Corporate Social Responsibility
16 ●
18 ●
Information
Financial Section
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
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01 ●
Notes to Consolidated Financial Statements
38
Years ended March 31, 2011
Fiscal year ended March 31, 2011
(Millions of yen)
Japan
1,056,714
Indonesia
253,833
Malaysia
196,665
Others
52,199
Total
1,559,412
Note: Net sales are reported based on the countries or regions in which customers are located.
There is nothing to report.
Information on unamortization of goodwill by reportable segment
Fiscal year ended March 31, 2011
(2) Property, plant and equipment
(Millions of yen)
Japan
Others
Total
344,532
62,725
407,258
There is nothing to report.
Information on accrual profit of negative goodwill by reportable segment
Fiscal year ended March 31, 2011
This note has been omitted because there is little importance.
3. Information by Major Customer
(Millions of yen)
Name of customer
Net sales
Related segment name
Toyota Motor Corporation
255,422
Domestic
Notes to Consolidated Financial Statements
Information on impairment loss of fixed assets by reportable segment
2. Information by region
(1) Net sales
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Corporate Governance/
Corporate Social Responsibility
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Financial Section
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Review of Operations
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10 ●
Special Feature
▲
06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
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02 ●
Daihatsu Group Characteristics
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01 ●
Notes to Consolidated Financial Statements
39
Years ended March 31, 2011
Fiscal year ended March 31, 2011
1.Related party transaction
Type
Name of related
company
Address
Common stock/
Investments in capital
Principal business
Millions of yen
Parent
Company
Toyota Motor
Corporation
Toyota, Aichi
Prefecture
¥397,049
Automobile
manufacturing
Owning (or owned)
shares with voting
rights
(Owned)
Directly
51.50%
Indirectly
0.14%
Business relationship
Contents of
transaction
Amount of
transaction
Account
Millions of yen
Millions of yen
¥255,422
Accounts
receivable
and accounts
receivable-other
¥20,371
Purchase of
automobile
parts
¥ 97,953
Accounts
payable,
accrued
expenses, and
other
¥13,202
Deposits
for cash
management
system
¥ 96,310
Deposits
¥95,619
Sales of
Provision of
consigned cars,
consigned
and others
vehicles and
OEM vehicles
Concurrent
directors, etc.
Balance at
year-end
Notes:1. Amount of transaction stated above does not include consumption taxes, while Balance at year-end includes consumption taxes.
2. Terms of transactions and decision-making policy of the terms
(a) The sales prices for consigned cars are determined, in the same way as terms of ordinary transactions, by negotiation based on our proposed price while paying due consideration to the market prices.
(b) The purchase prices of automobile parts are determined, in the same way as terms of ordinary transactions, by negotiation while paying due consideration to the given quotes and market prices.
(c) The interest rate of the deposits for cash management system is determined by considering the market interest rate. The amounts of transaction recorded are the average balances during the period.
Notes to Consolidated Financial Statements
Related Party Information
Corporate Governance/
Corporate Social Responsibility
16 ●
18 ●
Information
Financial Section
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14 ●
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Review of Operations
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10 ●
Special Feature
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06 ●
Management Message
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04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
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01 ●
Notes to Consolidated Financial Statements
40
Years ended March 31, 2011
Each amount per share is calculated based on following items:
1.Net assets per share
(Per Share Information)
Total net assets for common stocks
Yen
Notes to Consolidated Financial Statements
2. Notes regarding the parent company or affiliated companies
(a) Information regarding the parent company Toyota Motor Corporation (Listed on
the Tokyo Stock Exchange, Osaka Securities Exchange, Nagoya Stock Exchange,
Fukuoka Stock Exchange, Sapporo Stock Exchange, New York Stock Exchange and
the London Stock Exchange)
(b) Overview of financial information of important affiliated companies
There is nothing to report.
Millions of yen
2011
Total net assets
¥448,332
Amount deducted from total net assets
(64,350)
(Of the above amount, minority interests)
(64,350)
¥383,981
Number of issued and outstanding common stocks at the fiscal
year-end (thousand shares)
426,112
2011
Net assets per share
¥901.12
Net income per share
123.34
Diluted net income per share is not listed in the above since there was no potential share
dilution.
2. Net income per share
Millions of yen
2011
Net income
¥52,555
Amount not attributable to common stocks
—
Net income for common stocks
¥52,555
Average number of issued and outstanding common stocks
during the fiscal year-end (thousand shares)
426,090
Consolidated Supplementary Schedule
Schedule of Borrowings
Millions of yen
Category
%
As of March 31, 2010
As of March 31, 2011
Short-term debt
Average interest rate
Repayment period
¥98,147
¥ 88,987
0.47
—
Current portion of long-term debt
11,497
15,120
1.44
—
Current portion of lease obligations
11,175
1,882
5.94
—
67,743
1.15
April 5, 2012, to
March 6, 2018
Long-term debt (excluding current portion) (Note 2)
71,096
Lease obligations (excluding current portion)
2,571
1,141
4.13
—
11,755
10,956
0.64
—
¥206,244
¥185,832
—
—
Funds raised through the liquidation of interest-bearing debt among consolidated companies
Subtotal
Notes:1.“Average interest rate” refers to the weighted average interest rate on all the balance of total borrowings at the end of the fiscal year.
2. Long-term debt and lease obligations (excluding current portion) coming due within five years of the balance sheet date are as follows.
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Corporate Governance/
Corporate Social Responsibility
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18 ●
Information
Financial Section
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14 ●
▲
Review of Operations
▲
10 ●
Special Feature
▲
06 ●
Management Message
▲
04 ●
Consolidated Financial Highlights
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03 ●
Main Lineup
▲
02 ●
Daihatsu Group Characteristics
▲
01 ●
Notes to Consolidated Financial Statements
41
Years ended March 31, 2011
Long-term debt
Lease obligations
¥32,030
¥26,940
¥6,572
¥ 2,000
548
220
156
92
Consolidated net sales by quarter
Net sales
(Millions of yen)
Schedule of asset retirement obligations
Detailed information on asset retirement obligations for the fiscal year ended March 31,
2011 and the fiscal year immediately preceding has been omitted because the amounts
recorded were less than 1% of the sum of liabilities and net assets as of the end of the
respective fiscal years.
Income before income taxes
(Millions of yen)
Net income
(Millions of yen)
Net income per share (Yen)
Fourth quarter
Third quarter
(October 1, 2010, (January 1, 2011,
to March 31,
to December 31,
2011)
2010)
First quarter
(April 1, 2010, to
June 30, 2010)
Second quarter
(July 1, 2010, to
September 30,
2010)
¥411,411
¥401,705
¥351,233
¥395,061
35,972
18,340
20,810
31,461
19,945
8,344
9,613
14,652
46.81
19.58
22.56
34.38
Notes to Consolidated Financial Statements
Other
Millions of yen
More than 1 year More than 2 years More than 3 years More than 4 years
to 2 years
to 3 years
to 4 years
to 5 years