Toyota Tsusho Corporation Annual Report 2009 英語版

カテゴリ：豊田通商AR
作成日： 2009/12/02 16:14:33
要約： This report focuses on our "offense" and "defense" measures to be implemented in the automotive and non-auto fields, and the achievements of investment plans under the business environment changed drastically.

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Annual Report 2009 Toyota Tsusho Corporation es ng Tim engi e in Chall Seeking New Valu
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Toyota Tsusho at a Glance The Toyota Tsusho Group’s long-term vision is to generate balanced earnings from automotive and non-automotive fields by 2015. Guided by this vision, we are working to reinforce and organically fuse four unique business platforms?Resources and the Environment, Processing and Manufacturing Businesses, Logistics, and Product and Market Development?to provide value-added functions and services that are matched to customer needs, offer support solutions addressing issues faced by customers and to generate new value. Machinery & Electronics Division Automotive Division Consumer Products, Services & Materials Division Business Stra tegies for the Autom otive Field 2015 50
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Annual Report 2009 01 One of our key competitive advantages lies in our global processing and logistics functions in the automotive field, which are grounded on the keywords of “real places, real things, reality,” along with our overseas automobile sales network. In the fields of produce & foodstuffs, energy & chemicals and electronics, other major business assets of ours include the extensive networks we have cultivated and developed worldwide, and our expertise in conducting large-scale business projects that span many years. Metals Division Energy & Chemicals Division Produce & Foodstuffs Division 50 Non-Automotive Field
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02 Toyota Tsusho Corporation Toyota Tsusho at a Glance (Business Fields) Resources and the Environment Processing and Manufacturing Businesses Logistics Product and Market Development Metals Division End-of-life vehicle recycling Recovery and processing of scrap metal inside plant Development of rare earth mines Metal processing (sheet steel, steel bars, wire, steel pipe, aluminum, etc.) Molten aluminum production JIT logistics at processing centers Development of recycling technologies Machinery & Electronics Division Environmental equipment (cogeneration equipment, etc.) Wind power generators Equipment design and manufacture EMS (Electronics Manufacturing Service) Development of automotive embedded software Delivery, assembly and maintenance of machinery and equipment, provision of consumables, etc. Parts logistics for overseas automobile production Quality control support for semiconductors, etc. Market identification of machinery, forklifts and trucks IT and network solutions 3-D printers, etc. Automotive Division Used vehicles JIT logistics of genuine factory and general-purpose parts, and accessory parts Market research, marketing proposals, development of sales markets Energy & Chemicals Division State-of-the-art chemical raw materials for electronic components and batteries Treatment and recycling of industrial wastes Energy procurement Drilling marine gas fields under contract Electric power wholesaling (IPP) Manufacturing of resin compounds, processing of semi-finished products Manufacturing of petrochemical products Manufacturing of inorganic chemicals Operation of chemical tanks Supply tankers for bunker fuel Identification of plant projects Renewable energy Development of clean development mechanism (CDM) projects Produce & Foodstuffs Division Advanced composting process Agricultural production and cultivation management Processing and manufacture of foods Rice milling Grain terminals Quality and safety control Development of sales markets Product development Consumer Products, Services & Materials Division Collection and recycling of used paper Garment processing Dyeing processing Materials development Product planning and development Development of sales markets Collection and recycling of used paper
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Annual Report 2009 03 Profile Toyota Tsusho is a general trading company that develops business together with its consolidated group companies?89 in Japan and 320 overseas?and with customers around the world, via a global network covering Japan and approximately 60 other countries worldwide. Toyota Tsusho has a divisional system made up of seven divisions, namely the Metals; Machinery & Electronics; Automotive; Energy & Chemicals; Produce & Foodstuffs; Consumer Products, Services & Materials; and Administration divisions. With this system, the Company provides products and services in a broad range of business domains that are essential to realizing the creation of a prosperous and fulfilling society. Looking ahead, we remain committed to harnessing teamwork as we strive to achieve our ambitions and share the rewards with all our stakeholders, while making every effort to become a company that is invaluable to society. “G’VALUE with you” is the Toyota Tsusho Group’s slogan for realizing its Corporate Philosophy. As our “flagship message,” this slogan is the embodiment of both our guiding principles and commitment to stakeholders. The letter “G” stands for three keywords that are important to the Toyota Tsusho Group: Global Development of our activities on the global stage Glowing Sustaining a healthy yet glowing morale and passion Generating Constant generation of new businesses Corporate Philosophy Living and prospering together with people, society, and the earth, we aim to be a value-generating corporation that contributes to the creation of a prosperous society. Behavioral Guidelines As a good corporate citizen, we will: Implement open and fair corporate activities Fulfill our social responsibilities, and conserve the global environment Offer creativity, and provide added value Respect people, and create an active workplace worth working in
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04 Toyota Tsusho Corporation Eight-year Financial Summary TOYOTA TSUSHO CORPORATION and its consolidated subsidiaries Years Ended March 31, 2009, 2008, 2007, 2006, 2005, 2004, 2003 and 2002 (￥ billion) 8,000 6,000 4,000 Net Sales (left scale) Gross Trading Profit (right scale) 2,000 0 2002 Results of Operations: Net Sales (Note 3) Cost of Sales Commission Income (Note 3) Gross Trading Profit SG&A Expenses Operating Income Net Income Financial Position at Year-End: Current Assets Total Assets Current Liabilities Total Net Assets (Note 4) Cash Flows: Net Cash Provided by Operating Activities Net Cash Used in Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents at End of Year ￥ 47,461 (11,745) (21,615) 56,674 ￥￥ 670,309 922,054 620,171 150,680 ￥2,255,698 2,153,454 15,048 117,292 91,040 26,252 8,781 2003 ￥2,576,453 2,462,173 17,039 131,319 100,252 31,067 18,829 2004 ￥2,787,794 2,658,589 17,223 146,428 109,407 37,021 20,663 ￥ 706,440 960,399 640,222 159,492 ￥ 742,328 1,032,602 671,155 188,785 19,092 (20,095) 5,874 61,666 ￥ 62,660 (38,220) (18,111) 67,704 Per Share: Net Income: Basic Diluted Cash Dividends for the Year ￥31.31 ? 7.50 ￥66.06 66.01 7.75 ￥72.75 72.35 8.00 Common Stock: Number of Shares Outstanding at Year-End 282,867 282,867 282,867 Notes: 1. TOYOTA TSUSHO CORPORATION merged with TOMEN CORPORATION on April 1, 2006. The figures for fiscal 2006 and before were based on the former TOYOTA TSUSHO CORPORATION. 2. The U.S. dollar amounts have been translated from the amounts stated in yen, solely for the convenience of the readers, at the rate of ￥98.23=U.S.$1, the approximate exchange rate on March 31, 2009, which was the final business day of financial institutions in fiscal 2009. 3. Commission Income was included in Net Sales from fiscal 2007, as a result of the reconsideration of the presentation of consolidated financial statements. 4. Effective from the fiscal year ended March 31, 2007, the Company and its consolidated subsidiaries adopted the “Accounting Standard for Presentation of Net Assets in the Balance Sheet.”
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Annual Report 2009 05 (￥ billion) 400 300 200 100 Former TOYOTA TSUSHO CORPORATION 0 New TOYOTA TSUSHO CORPORATION (Note 1) Millions of Yen Thousands of U.S. Dollars (Note 2) 2005 ￥3,315,831 3,161,069 20,921 175,683 119,368 56,315 37,522 2006 ￥3,945,319 3,751,042 27,316 221,593 141,536 80,057 45,733 2007 ￥6,212,726 5,884,267 ? 328,459 218,456 110,003 77,212 2008 ￥7,000,353 6,630,829 ? 369,524 237,853 131,671 67,506 2009 ￥6,286,996 5,960,317 ? 326,679 235,661 91,017 40,224 2009 $64,002,809 60,677,155 ? 3,325,654 2,399,073 926,570 409,487 ￥ 862,477 1,198,394 749,252 237,132 ￥1,106,984 1,602,702 1,019,217 314,319 ￥1,659,437 2,462,229 1,298,916 626,539 ￥1,885,496 2,603,207 1,479,494 639,731 ￥1,460,128 2,130,089 1,045,088 586,996 $14,864,379 21,684,709 10,639,193 5,975,730 ￥ 17,836 (29,410) 12,027 69,548 ￥ 33,089 (119,379) 90,453 75,032 ￥ 44,599 (31,159) (46,555) 125,603 ￥ 104,728 (36,717) (23,058) 174,197 ￥ 123,760 (54,827) 4,614 242,530 Yen $ 1,259,900 (558,149) 46,971 2,469,001 U.S. Dollars (Note 2) ￥132.98 132.11 12.00 ￥161.88 160.75 18.00 ￥231.47 230.30 26.00 ￥192.44 192.08 30.00 ￥114.73 114.72 26.00 Thousands of shares $1.17 1.17 0.26 282,867 282,867 354,057 354,057 354,056
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06 Toyota Tsusho Corporation Highlights Net Sales (￥ billion) Gross Trading Profit (￥ billion) Operating Income (￥ billion) Net Income (￥ billion) ?713.4 billion yen 6,212.7 6,000 8,000 ?42.9 billion yen 328.4 300 100 400 ?40.6 billion yen 110.0 ?27.3 billion yen 77.2 100 7,000.3 369.5 6,286.9 2 36.6 150 131.6 91.0 75 67.5 4,000 200 50 50 0 4.2 2,000 100 25 0 07 08 09 0 07 08 09 0 07 08 09 0 07 08 09 Total Assets (￥ billion) Total Net Assets (￥ billion) Net Income (Basic) per Share (￥) Cash Dividends per Share (￥) ?473.2 billion yen 2,462.2 2,000 400 1,000 200 3,000 ?52.8 billion yen 800 ?77.71 yen 231.47 192.44 ?4.0 yen 30.0 26.0 2,603.2 300 30 2,130.0 626.5 639.7 600 586.9 200 26.0 20 100 114.73 10 0 07 08 09 0 07 08 09 0 07 08 09 0 07 08 09 Segment Sales* (FY2009) (%) Segment Operating Income* (FY2009) (%) Regional Sales (FY2009) (%) Regional Operating Income (FY2009) (%) Produce & Foodstuffs 6% Consumer Products, Services & Materials 31% Metals 5% Energy & Produce & Consumer Metals Chemicals Foodstuffs Products, Services & 23% 5% 7% Materials North America 5% 7% 6% Europe Others 2% Europe 12% Others 20% 24% Japan 23% Energy & Chemicals 13% Automotive Machinery & Electronics 22% 40% Automotive Machinery & Electronics 20% 17% Asia & Oceania 68% Japan 8% North America Asia & Oceania 36% * Not including Others segment * Not including Others segment
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Annual Report 2009 07 Contents Glance sho at a Toyota Tsu 00 page 12 lders Stakeho To Our esident h the Pr rview Wit Feature 1: Inte h Throug e Chain ctions trong Valu n re 2: Building a S eation of New Fu Featu r the C 08 12 26 page 26 ivities CSR Act tems rol Sys rnal Cont nagement ce and Inte Ma k Corporate Governan Networ thod uity Me q iates by E ries and Affil Principal Consolidated Subsidia Section inancial F History rmation rate Info Corpo Metals Division ivision Machinery & Electronics D n Automotive Divisio Division Energy & Chemicals ivision Produce & Foodstuffs D s Division Consumer Products, Services & Material 36 38 40 42 44 46 lights ess High Busin erview ment Ov Seg 34 36 48 52 56 58 60 66 106 107 A Cautionary Note on Forward-Looking Statements: This annual report contains “forward-looking statements” about Toyota Tsusho’s future plans, strategies, beliefs and performance that are not historical facts. These forward-looking statements are presented to inform stakeholders of the views of Toyota Tsusho’s management but should not be relied on exclusively in making investment and other decisions. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the information presented here, which is based on assumptions and beliefs in light of information currently available to the management at the time of publication. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company assumes no obligation if our forward-looking statements do not reflect actual results due to new information, future events or other developments. Earnings forecasts and other projections in this annual report were formulated and announced as of May 2009.
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08 Toyota Tsusho Corporation To Our Stakeholders Positive Net Income Generated in Worse-Than-Expected Economic Conditions In fiscal 2009, the year ended March 31, 2009, Toyota Tsusho faced extremely harsh economic conditions. As we explained in last year’s annual report, we had always remained conscious of several risks that could hinder our sustained growth, such as further appreciation of the yen, and a U.S. economic recession caused by contraction in financial markets. However, the speed of the economic downturn and the extent of its impact on the global economy ended up surpassing our expectations. The worsening business environment had an impact on our consolidated performance for fiscal 2009. Consolidated net sales declined 10.2% year on year to ￥6,286.9 billion; operating income decreased 30.9% to ￥91.0 billion, and net income was down 40.4% at ￥40.2 billion. Consolidated net sales and earnings both underperformed our initial forecasts. Toyota Tsusho is aiming for ROE of at least 15% in five years as a long-term target. However, in fiscal 2009, ROE declined 4.4 percentage points year on year to 7.2%. This was partly due to an accounting effect in which foreign currency-denominated net assets of overseas group companies declined on a yen basis due to the stronger yen, in addition to lower net income. In terms of cash flows, Toyota Tsusho posted positive free cash flow of ￥68.9 billion. Free cash flow is cash flows from operating activities minus cash flows from investing activities. This positive free cash flow reflected our ongoing efforts to manage the company with an emphasis on cash-flow efficiency, through such means as the efficient use of working capital related mainly to trade receivables and inventories, and operating assets such as land and machinery and equipment. However, we faced a challenging environment shaped by what is referred to in some quarters as a “once in a century” downturn, and by losses posted by the auto industry and many other manufacturing sectors. In this context, I believe that our positive net income, despite falls in net sales and earnings, is an encouraging result. This is because it shows that efforts to boost our earnings power in non-automotive fields, such as the produce and foodstuffs business, have helped to give us an earnings structure that is resilient to changes in economic conditions. Playing “Offense” and “Defense” in an Increasingly Challenging Business Environment The auto industry, which is a major source of earnings for us, is now entering a period of profound transformation. Faced with an unprecedented drop in global automobile sales, the auto industry has been forced to drastically cut back production, curb capital investments, and reduce personnel, among other measures. Against the backdrop of this harsh business environment, Toyota Tsusho must unavoidably forecast sharp falls in net sales and earnings for fiscal 2010.
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Annual Report 2009 09 President JUNzO SHIMIzU
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10 Toyota Tsusho Corporation Conversely, I believe that these transformative periods also harbor many business opportunities. Eco-friendly cars such as hybrid and electric vehicles are a perfect example. Helped partly by preferential government policies in Japan and the U.S. as well as various European and Asian nations, business opportunities for eco-friendly vehicles are rapidly increasing around the world. In the resource and energy field, the markets are finally returning to normal after the influx of speculative money had caused the price-formation process to decouple from actual supply-demand dynamics. This is giving us a growing number of opportunities to make business investments in projects at appropriate price levels. Looking ahead, Toyota Tsusho will “play offense” by seizing on many different business opportunities of this kind, with the view to creating new earnings sources and growth opportunities. Meanwhile, we will also “play defense.” This will involve reaffirming the principle of “real places, real things, and reality,” to raise operating efficiency and rigorously ensure safety at actual business sites. The difficult business environment also provides a prime growth opportunity for our human resources, which are the greatest asset of Toyota Tsusho. For younger staff who joined the company during the boom times that had continued through the first half of the previous year, this is a great chance to learn in depth about risk management?the basis of the trading company business?in such areas as credit management, receivables collections, and controlling trading positions. I’m confident that the development of younger staff will ultimately help to drive the future growth of Toyota Tsusho. Toward Sustained Growth In July 2008, Toyota Tsusho celebrated its 60th anniversary. During the past sixty years, Toyota Tsusho has faced many economic downturns, including the two oil shocks, the high-yen recession, the collapse of Japan’s economic “bubble,” and the Asian currency crisis. Time and again, we have rode out each crisis with the support of our strong partners like our customers, business partners, and shareholders. Going forward, we will bring together our high aspirations, open-mindedness, and passion for excellence as well as our tough-minded spirit and initiative to develop businesses that give first priority to the needs of customers and society at large, as we work to achieve sustained growth in a challenging business environment. Finally, I would like to extend my sincerest thanks to all stakeholders for their longstanding support and understanding of Toyota Tsusho’s values, business foundations and growth strategies. I look forward to your continued support and advice in the years ahead. August 2009 Junzo Shimizu, President
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Annual Report 2009 11 Feature page 12 Feature 1: Interview With the President President Shimizu explains Toyota Tsusho’s business results for fiscal 2009, a year in which the business environment changed drastically, the Company’s “offense” and “defense” measures to be implemented in the automotive and non-automotive fields in line with the new long-term business plan, and the achievements of investment plans together with future plans. Feature 2: Building a Strong Value Chain Through the Creation of New Functions Toyota Tsusho is responding to the changing business environment by adding new functions to the global network and wide-ranging expertise it has built up, to implement the “Create new functions” initiative by applying added-value that is unique to the Company. “Create new functions,” one of our “offense” measures, is described by introducing some detailed examples of initiatives in various fields in which the Company has been involved. page 26
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12 Toyota Tsusho Corporation Feature 1: Interview With the President In fiscal 2009, the year ending March 31, 2009, Toyota Tsusho saw seismic shifts in its business environment, along with a noticeable impact on its performance for the fiscal year. Despite these conditions, the Company’s basic management policies and business strategies remained unchanged. Guided by our long-term business plan, we will continue to implement the Toyota Tsusho Group Way as we remain focused on the offensive and defensive aspects of management.
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Annual Report 2009 13 Fiscal 2009 Performance Question Fiscal 2009 was a year of significant challenges for the global economy. How did you see the business environment in fiscal 2009, and what are current conditions like? Answer The automobile market, where our core business lies, was hit hard by the global economic crisis, with global automobile production falling precipitously from the second half of fiscal 2009. Against this backdrop, the Metals Division and Machinery & Electronics Division, for which auto-related businesses account for a majority of business, faced an uphill battle in terms of performance. However, even the Automotive Division, which operates in the midst of the same automotive field, did not see a drop in earnings in proportion to the fall in automobile sales volume. This was because the automotive retail business being developed in Africa, Russia and elsewhere has started to shift to an operating structure capable of generating earnings from not only new car sales, but also parts sales, after-sales services and other sources. In non-automotive fields, higher earnings were posted by the Energy & Chemicals Division on the back of rising coal prices, and by the Produce & Foodstuffs Division, which benefited from rising feed grain prices and firm demand. In this manner, Toyota Tsusho is developing business in a broad range of areas as a general trading company and is making steady progress with building a balanced business portfolio. As a result, we are steadily putting in place a stable earnings structure. Next, I’d like to discuss the current business environment. Compared with the January?March quarter, that is, the fourth quarter of fiscal 2009 when sharp production cutbacks, including accompanying inventory reductions, took place, automobile production is returning to normal levels, due in part to steady orders for new hybrid models launched in May 2009. Generally speaking, however, automobile production remained at a low level in the April?June quarter. At this time, worldwide automobile production has gradually returned to around 70% of the peak level in fiscal 2009. On the other hand, some projections show that automobile sales in the U.S. market may fall significantly below 10 million units this year. However, we do not expect any drop in automobile sales to become protracted, considering the continuing growth in the U.S. population, and the number of vehicles owned and the years of ownership. Net Sales by Business Segment (Year-on-year Change) (￥ billion) Metals Machinery & Electronics Automotive Energy & Chemicals Produce & Foodstuffs Consumer Products, Services & Materials Others 2008 2009 2,109.0 1,942.2 (?7.9%) 1,581.9 1,355.0 (?14.3%) 938.3 809.5 (?13.7%) 1,562.3 1,399.4 (?10.4%) 335.4 366.0 (+9.1%) 379.0 311.5 (?17.8%) 94.1 103.0 (+9.5%) Operating Income by Business Segment (Year-on-year Change) (￥ billion) Metals Machinery & Electronics Automotive Energy & Chemicals Produce & Foodstuffs Consumer Products, Services & Materials Others 2008 2009 35.4 20.4 (?42.1%) 35.6 18.6 (?47.7%) 42.6 36.8 (?13.5%) 4.0 4.5 (+11.9%) 4.3 6.1 (+42.1%) 10.5 4.4 (?57.7%) (0.9) (0) (?)
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14 Toyota Tsusho Corporation Question Automakers and other autorelated companies have posted extremely weak business results for fiscal 2009 and forecasts for fiscal 2010. Why do you think Toyota Tsusho has been able to remain profitable despite the fact that its core source of earnings is the automotive field? Answer One reason is that Toyota Tsusho has far fewer fixed expenses than the manufacturing sector in terms of development expenses and depreciation and amortization. That said, compared with when our core business was trading activities, our fixed expenses are rising as we become involved in more businesses where we hold facilities and warehouses of our own as the principal. These businesses include processing, assembly and logistics operations related to automobile production, and trading activities such as automobile sales in overseas markets. However, our breakeven point is still low compared with the manufacturing sector. The second reason is that our expanded earnings power in non-automotive fields that are not unduly affected by economic conditions, such as the produce and foodstuffs business, has significantly benefited our overall profitability, following our merger with Tomen Corporation in 2006. Around the time of the merger, we carried out a drastic scrap-and-build program designed to more effectively utilize our limited business resources, as we strove to realign our business portfolio. At present, these measures have led to better risk diversification over product fields and geographical regions, and enhanced efficiency. Question Could you please elaborate on your business forecasts for fiscal 2010? Answer Since the second half of fiscal 2009, there has been a sharp drop in demand in a variety of fields in the wake of the rapid economic deterioration, including not only auto-related businesses, but also machinery, electronics, chemicals, textiles and real estate-related fields. Toyota Tsusho was able to generate consolidated net income of around ￥40.2 billion in fiscal 2009, due in part to its strong performance in the first half of the fiscal year, when the economy had remained healthy, in addition to its comparatively small fixed costs and diversified business portfolio, as I just explained. However, while it now seems that the worst is behind us, we expect the operating environment to remain challenging for the rest of the current fiscal year. Based on this, we are forecasting a decrease of 20% in net sales and a drop of nearly 40% in operating income from the previous fiscal year. In particular, the Machinery & Electronics segment is forecasting a decline of more than 60% in earnings based on expectations of sharp cuts in capital investment by companies and falling demand in the automobile and home electric appliance sectors. In the Metals segment and Energy & Chemicals segment, which benefited from surging prices in fiscal 2009, the major factors reducing earnings will be not only a projected drop in demand but also falling prices. In the Automotive segment, we are concerned that the segment will be unable to avoid worsening profitability due to an abrupt fall in sales in overseas markets, as well as the stronger yen, the shift from large to smaller automobiles, and a fierce sales offensive from competitors, including discounts offered by competing automakers. Long-Term Business Plan Question Given the challenging business environment faced by the auto industry, Toyota Tsusho’s core business, have you changed the Company’s business policies and strategies? Answer Basically, there has been no change to the vision we have pursued since 2006 of generating an equal share of earnings from automotive and non-automotive fields by 2015. Considering the serious deterioration in the operating environment faced by the auto industry since the summer of 2008, we believe that the recovery ahead will require a certain period of time. In non-automotive fields, we face similar circumstances in terms of the significant impact of the prevailing economic recession on these fields, except for certain areas. Therefore,
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Annual Report 2009 15 we need to properly strengthen the foundations of both fields, even as we sow the seeds of future growth at the same time. This approach is described in the keywords of “Offense” and “Defense” in the current long-term business plan running through fiscal 2014. However, these has been no change to our basic policy of “growing earnings in both automotive and non-automotive fields in a balanced manner.” We have included numerical targets for fiscal 2014 in the long-term business plan. In this regard, there was some discussion on whether it was really meaningful to include long-term targets for five years from now given the difficulty of setting forecasts for fiscal 2010 amid such an uncertain outlook for the business environment. However, I’m convinced that it is precisely because of the harsh business environment that we must establish a long-term vision and targets with a steady eye on the future, and take on challenges with high aspirations. That is why we included long-term numerical targets in the new plan. All directors, including myself, and employees are working as one to stay true to the Toyota Tsusho Group Way while embracing the challenge of achieving the plan’s goals. VISION 2015 Relationship between segments and fields Automotive Non-automotive Metals Machinery & Electronics Automotive Energy & Chemicals Produce & Foodstuffs Consumer Products, Services & Materials Synergy Synergy 65:35 Profit Balance 2009/3 Result 55:45 2013/3 Target 50:50 2016/3 Vision Operating Income by Division (￥ billion) Consumer Products, Services & Materials Produce & Foodstu s Energy & Chemicals Automotive Machinery & Electronics Metals (210.0)* 240.0 (57.0)* 9.2 9.6 5.5 19.6 11.0 17.2 72.1 * Divisional and total figures are before amortization of goodwill and allocation of Company-wide expenses. Total figures in parentheses are after allocation of Companywide expenses including amortization of goodwill. 2010/3 Estimate 2014/3 Target
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16 Toyota Tsusho Corporation Question Could you please provide more concrete details on the new long-term business plan? Answer Every year, we update the plan in line with changes in the operating environment and business progress. In fiscal 2009, there were headwinds such as sharp falls in automobile sales and declines in resource and materials prices due to the global financial crisis. In financial markets in Japan, these factors also led to a drastic drop in the Nikkei average. In this environment, we devised the future policies and plans of our long-term business plan based on two keywords for our businesses: “Offense” and “Defense.” In regard to the former, we believe that in a certain sense now is the perfect opportunity for making investments. Especially in the non-automotive fields, certain projects that previously surged in price and were too expensive for us now fall within the parameters of our risk capital. In fiscal 2010 and fiscal 2011, our policy is to do our utmost to identify fields where we can compete and tackle new challenges based on the three priorities: “Challenge new markets,” “Create new functions,” and “Pursue new businesses.” In regard to the latter, in the automotive field, although we expect the business environment to remain difficult, we will reaffirm the principle of “real places, real things, and reality,” to carry out general checks of actual operations. In this process, we will lay the foundation for “playing offense” with the view to capturing future growth opportunities. We will also keep a medium- and long-term perspective so that we don’t lose sight of the exact timing of the upturn in the general economy going forward. Let me now explain in more detail our concrete measures on both the offensive and defensive fronts. Beginning with measures on the offensive front, the first measure is “Challenge new markets.” From fiscal 2010, regionalized management will be introduced to cultivate new markets by concentrating business resources and to speed up decision-making at overseas sites. Our goal is for each of four key regions, namely Asia and Oceania, China, Europe, and North and Central America to formulate and implement their own strategy. Three countries and four regions, chosen from among emerging and resource-rich nations, have been identified as important countries and regions for the Company as a whole. These countries and regions will be managed directly by the head office to facilitate the concentration of business resources. Through these measures, we aim to speed up decisionmaking within each regional base, and strengthen our presence in emerging and resource-rich countries. Offensive and Defensive Management “Offense” I. Challenge new markets Develop Toyota Tsusho Group’s strong points in new regions and customers in accordance with the Global and Regional Strategy Add further functions to the existing core businesses to tackle the changes Concentrate management resources on endeavors in winnable fields and with winnable partners by ensuring selection and focus “Defense” Overall check of actual operations I. Overall check up: safety Raise the safety awareness of each and every employee and carry out comprehensive safety check leaving no stones unturned. Dive into business sites to carry out overall check of existing businesses and operations and implement Scrap and Build From a long-term perspective, systematically develop human resources who can succeed on the global stage II. Create new functions II. Overall check up: business III. Pursue new businesses III. Overall check up: the Group’s team power IV. Ensure compliance “Offense” : Identify fields to compete in and challenge enthusiastically “Defense” : Overall check of all activities according to the principles of “Genchi (Real places)”, “Genbutsu (Real things)”, “Genjitsu (Reality)” This describes the basic stance of the Toyota Motor Group regarding the importance of actually going to the site and confirming the situation first-hand when performing work.
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Annual Report 2009 17 Formulating strategies along regional lines, with the aim of having product divisions collaborate on developing businesses based on those strategies, will pave the way for the provision of one-stop services to customers in each region. Toyota Tsusho has always had a high internal fluidity of staff, with quite frequent personnel transfers across product divisions. Developing business through cross-divisional collaboration at the head office has long been part of our corporate culture. However, we have been strongly conscious of and have worked to strengthen consolidated management at each product division, including a growing number of group companies in step with rapid business expansion over the past few years. For this reason, we decided to use this opportunity to reaffirm our consciousness of horizontal collaborations across product divisions. The next initiative is “Create new functions.” Here, our approach is to extend existing businesses to new customers, and provide existing customers with new value-added functions, as well as cultivate new customers and develop new businesses. (For details on “Creating new functions,” please see the section titled “Feature 2: Building a Strong Value Chain Through the Creation of New Functions” starting on page 26.) The final management initiative is “Pursue new businesses.” Emerging global issues such as environmental and food problems are increasingly becoming a reality in step with the world’s population growth. Viewing these issues as business opportunities, we will consider developing environment-related, foodstuff-related and water-related businesses as priority fields. These fields address universal social needs and could allow Toyota Tsusho to provide new value that contributes to society. Accordingly, our policy is to channel funds and personnel into these areas to build new business models. The centerpiece of measures on the defensive front is an overall check of actual operations. Specifically, this will involve checks along the four key themes of an “overall check of safety,” “overall check of work,” “overall check of team power” and “ensuring compliance.” In terms of an “overall check of work,” we will rebuild our business portfolio through a rigorous scrap-and-build program. Efforts will also be focused on bolstering our IT infrastructure, risk management, and financial strategy as platforms for developing business. New Market Strategy Laterally introduce regionalized management while maintaining vertical divisional management as the main pillar Europe Explore markets by focusing management resources of various divisions Speed up decision making in overseas sites (includes Russia) (also includes Taiwan and South Korea) China North and Central America Asia and Oceania Policy (4 bases + 1) Asia and Oceania, China, Europe, and North and Central America to be 4 key regions, and each would formulate and implement its own strategy. Other emerging and resource-rich countries to be managed directly by head office under “+1” category Crucial countries and regions for the Company as a whole Russia, India, Turkey, South America (Brazil, Argentina), Africa (South Africa, Angola), Central Asia (Kazakhstan), Middle East (Iran, Iraq) Establishing framework for strengthening operations at key regions, emerging and resource-rich countries
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18 Toyota Tsusho Corporation Key Regions Question Could you please elaborate on your regional initiatives? To start, which regions do you believe have growth potential? Answer We will continue to prioritize the BRICS* markets as countries where we will strengthen our presence. Over more than thirty years, Toyota Tsusho has done businesses in China in a wide range of fields. We entered the region with the establishment of a subsidiary in Hong Kong in 1971. In 1977, we began importing coal and other resources from China for supply to Toyota Motor Corporation, and in 1983, we were involved in a technology partnership between Daihatsu Motor Co., Ltd. and Tianjin Automotive Industrial (Group) Co. From the latter half of the 1990s, when local joint venture auto production began, we enhanced production support capabilities, while concentrating investments on building a dealership network. Today, our business in China has a workforce of over 2,000 local employees, with nearly 200 staff members sent from Japan to 77 group companies (as of March 31, 2009), including local subsidiaries. At the same time, the business today generates operating income of more than ￥15.0 billion a year. Turning to business development in Brazil, Russia, India, and South Africa, our produce and foodstuffs business in Brazil and auto-related business in Russia and South Africa have started to generated a certain level of earnings. However, with the size of earnings from all four countries combined about the same as China, there are still many more business opportunities in these areas. Other countries and another region we are prioritizing include Egypt, Kuwait, Kazakhstan, Vietnam and Africa. While we need to take a long-term view over five or ten years, I believe that Africa is sure to enter a growth phase after Asia. Efforts will also be continued to develop business in Iran and Iraq, where we have long cultivated relationships based on trust. * BRICS: Brazil, Russia, India, China and South Africa Question Will the future direction for regional development of the automobile sales business change as well? Answer In terms of automobile sales, we will continue to make investments while carefully sorting the growing markets from the stagnant ones in each country and region. Specifically, our efforts will remain focused on newly emerging countries as before. Currently, Toyota Tsusho accounts for only around 5% of Toyota’s total overseas automobile sales volume, leaving us with much more room for growth. Remarkably, automobile sales are still growing in the Chinese market despite the prevailing global economic downturn, and rapid expansion is anticipated going forward. For this reason, although we expect competition to further intensify, we intend to actively enlarge our sales network, including through acquisitions. As we expect the model mix for automobile sales to shift from large to smaller vehicles due to environmental and cost factors, we plan to take active steps to promote overseas automobile sales on behalf of Daihatsu Motor Co., Ltd. and Fuji Heavy Industries Ltd. (Subaru). We aim to rise above the fierce competition by ensuring that we develop new services and functions. This will be achieved not only by leveraging our extensive track record and expertise, but also by constantly thinking about what kind of added-value we can provide to customers. Global Automobile Production Forecast (Calendar year; thousands of vehicles) Europe Japan/Korea North America Greater China South Asia South America Middle East/Africa 3% 7% 8% 18% 15% 30% 3% 6% 10% 17% 19% 19% 27% 55,495 2009 81,632 18% 2014 Source: CSM Worldwide
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Annual Report 2009 19 Strategies for the Automotive Field and Non-Automotive Fields What is your strategy for the automotive field going forward? Question Toyota Tsusho has constructed a new logistics center for Suzuki Motor Corporation in Shizuoka Prefecture. Do you intend to increase business with automakers other than Toyota? Answer Toyota Tsusho’s logistics business, which takes advantage of the Toyota Production System (TPS), has long been applauded by auto-related companies outside the Toyota Group. However, with very little breathing space in terms of human resources, we have yet to launch logistics services for non-Toyota companies on a full scale. We also had the opportunity to build new partnerships with non-Toyota automakers through the Eco Car Project backed by the Thai government. However, the reality at the moment is that new plant construction and business outsourcing services have come to a halt because Toyota and other automakers are grappling with overcapacity in terms of production facilities and personnel following the sharp contraction in production output. We believe that all will depend on the timing of an upturn in corporate investment sentiment in response to a gradual recovery in market conditions. Question How about extending TPS to companies other than automakers? Answer We have been actively pressing ahead with initiatives to provide the parts procurement and logistics capabilities we have developed for automobiles to home electric appliance manufacturers and other enterprises. Many parts and components for home electric appliances, such as plastic covers, have complex shapes and are bulky. Our logistics expertise can go a long way toward reducing losses caused by physical damage during transport and inventories for many different items. We hope to cultivate new customers by proposing improvements of this kind. We are also stepping up sales activities aimed at making the surplus capacity at our metal scrap processing and recycling plants available to other industries that are in proximity to our plants. Question Amid concerns over the downturn in the auto industry, addressing environmental issues has become a common challenge for the entire industry. However, initiatives to develop the hybrid and electric vehicles that have come under the spotlight in recent years will be considerably different than those in the traditional automotive field. How will Toyota Tsusho seize on these business opportunities? Answer In terms of differences with conventional gasoline-engine automobiles, the key factors distinguishing hybrid and electric vehicles are electric motors and batteries, as well as the electronic control unit (ECU) and power control unit (PCU) that control them. Besides the product aspects of these automobiles, many other issues must be addressed such as putting in place power generation and recharging infrastructure, and providing daily after-sales services such as repairs and maintenance. Of these, let me first discuss the elements directly related to automobiles such as motors and batteries. Ever since Toyota rolled out the world’s first mass-produced hybrid vehicle in 1997, Toyota Tsusho has been involved with the procurement of materials and components for the past ten years or so. These motors and batteries need to be fitted with many different cutting-edge materials and control technologies that must meet various criteria, such as power output, endurance and durability. To satisfy these needs of automakers, Toyota Tsusho has striven to procure higher quality, high value-added materials and components in cooperation with materials, semiconductor and other manufacturers.
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20 Toyota Tsusho Corporation Going forward, our plan is to actively move onto the offensive by making further investments in securing and developing materials vital to motors and batteries, such as rare earth metals. In 2008, Toyota Tsusho acquired all shares of Wako Bussan Co., Ltd., a trading company specialized in rare earth metals, allowing us to obtain this company’s rights to rare earth metals produced in India. However, because this is far from enough to ensure a stable supply in light of future market expansion, we are currently developing a mine in Vietnam. Our goal is to begin supplying rare earth metals from both India and Vietnam in 2010 and 2011, respectively, as we continue efforts to develop new There are high expectations for the roll-out of plug-in hybrid vehicles. sources of supply. Furthermore, as the market for plug-in hybrid vehicles that can be recharged at home expands, demand is expected to shift from today’s mainstream nickel-hydride batteries to lithium-ion batteries. Lithium is mined from salt lakes, and the world’s main supply sources are currently in South America. Toyota Tsusho has begun surveys to search for new supply sources. In addition, one component of the electrolytes of lithium-ion batteries is phosphorous. Toyota Tsusho commands the top share of yellow phosphorous in Japan in terms of handling volume. Leveraging our knowledge, expertise and network in this business, we aim to establish a new value chain going forward. In parallel, we will ensure that we “play defense” by once again checking our operations to see if we have overlooked anything during the rapid business expansion of past years. We will build upon advances already made through checking the safety of business sites that are responsible for actual operations around the world, and checking whether we are addressing local customer needs in a detailed manner. Outlook for New Electric, Hybrid, and Plug-in Hybrid Vehicle Sales in Japan (Calendar year; thousands of vehicles) 4,905 4,917 4,923 4,958 4,995 5,030 5,055 Electric vehicles (including minicars) Hybrid vehicles Plug-in hybrid vehicles Source: Ministry of the Environment Other vehicles 3% 2009 4% 2010 12% 2011 15% 2012 22% 22% 30% 2013 2014 2015
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Annual Report 2009 21 Next, could you please describe your activities in non-automotive fields? Question Toyota Tsusho is strengthening its hand in resource-related areas. Are you seeking to obtain upstream resource rights? Answer In resource businesses, we believe that how we incorporate resource rights into value chains is more important than the value of those rights. Whether it is rare metals or natural gas, Toyota Tsusho’s approach is to focus on projects where it can proactively get involved in the flow of resources from upstream, to mid-stream and downstream stages of the value chain by providing functions and services. Question Amid a downturn in other product divisions, which growing fields of the Produce & Foodstuffs Division contributed to earnings in fiscal 2009? Answer In the Produce & Foodstuffs business, we are working to shift from businesses focused on the demands and needs of the Japanese market to businesses focused on overseas consumers. We are also working to shift from trading activities centered on the import and export of commodities to businesses where we own operating assets for processing, production and other purposes. As an example, the silo business used to be focused mainly on Japan, but now we are looking at developing business in various Southeast Asian regions. As consumers’ standard of living improves in line with economic growth, the consumption of meat in local diets becomes more prevalent, giving rise to diversifying needs and luxury tastes for food, including the need for high quality, and food reliability and safety. In response to these needs, we intend to horizontally expand our business model in Japan to these regions. We have conducted business and proven our strengths in Japan, which is home to some of the world’s most demanding consumers and markets. This expertise is sure to allow us to compete successfully in overseas markets as well. Question Which businesses have the potential to drive future growth in the Consumer Products, Services & Materials Division? Answer In the lifestyle business, we believe that the only growth market in Japan is what we call the “harvest age” market*. As Japan’s overall population declines, we will develop businesses in the country targeting the growing senior citizen age segment. For example, Toyota Tsusho developed “medical condominiums” in a condominium project integrated with a general hospital through a method called an “equivalent exchange agreement.” This project won accolades from both the hospital and customers. Although the real estate business is susceptible to business cycles over the short term, we believe that demand will continue to increase for high value-added condominium units of this kind as Japan’s demographic structure changes. We are also strengthening business development targeting the harvest age segment in other The AXIA Hachioji “medical condominium” developed by Toyota Tsusho using the “equivalent exchange agreement” method. areas too. In addition, GUTT REHABILITATION LTD., an operating company that had been engaged in mail-order sales of nursing care-related products, was converted into a subsidiary of Toyota Tsusho. Efforts will also be focused on developing the insurance business overseas, and expanding the value chain in the housing materials-related business. * Toyota Tsusho refers to senior citizens aged 60 years or older as the “harvest age” generation.
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22 Toyota Tsusho Corporation Investment Plans, Financial Targets and Dividend Policy Question You often repeat the phrase, “Toyota Tsusho is not a mere investment company.” What is your approach to investment, and what is your investment record and plans going forward? Answer Our fundamental approach to investment is to determine whether an investment is consistent with the direction of the Company. For new investments, we look at what kinds of functions we can provide as a company to the project, and whether those functions will help to enhance the value of our partners and subsidiaries, allowing us to grow together over the medium and long terms. In this sense, the business investments we make as a trading company are entirely different from financial investments that are decided on by weighing investment risk and returns. We don’t make investments solely based on potential investment returns. Instead, we emphasize criteria such as whether the investment field or business fits in with our Company-wide strategy and product division strategy; whether the project is one with which Toyota Tsusho staff can get proactively involved at all stages, from talks and negotiations with partners and investees onward, while also giving serious consideration to the extent our staff can contribute to the project. Toyota Tsusho has established quantitative criteria for making investment decisions, including standards such as risk-return profiles and the collection time frame for investments. Together with consistency with the aforementioned approach, we make comprehensive “Go/No Go” investment decisions. After making investments, every year we check to see if there are any discrepancies between actual performance and initially planned P/L and B/S figures, risk-return targets and other parameters. In the event of something problematic, we continue to take steps to try to improve the situation, while promptly deciding to exit a business if the discrepancy with initial plans is too large and it is difficult to achieve an improvement. Main investment projects and investment results over the past two years are shown below: Main Investment Projects (Totals for 2008/3 and 2009/3) Automotive Field 80.0 billion yen Approx. Total Non-Automotive Fields 125.0 billion yen Increasing the capacity of the steel sheet processing business (Japan, U.S., etc.) Developing the molten aluminum supply business Developing the steel scrap processing business (Japan, U.K., etc.) Establishing a Semiconductor Quality Support Center (Japan) Establishing a Quality Center for Automotive Electronic Components (Japan) Developing an automotive software development business (China) Expanding the automobile sales business (Western Europe, Russia and Eastern Europe, Northern Europe, China, Africa, etc.) 45.0 billion yen Entering the rare earth metals business Bolstering the mobile phone sales business Strengthening the industrial waste processing business Strengthening functions in petroleum-related businesses (tanker charter business in Singapore) Expanding the IPP business (Thailand) Bolstering functions in natural gas-related businesses (contract-based offshore gas field business in Egypt) Expanding the capacity of grain terminals (Japan) Entering the agricultural production business (Japan) Strengthening the apparel business (established apparel retailing company in Hong Kong, etc.) Strengthening functions in businesses targeting the “harvest age” market
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Annual Report 2009 23 Investments in the Past and Current Investment Plans (￥ billion) 65.0 7.0 In addition to the Cross Functional Team in Corporate Division, which supports analysis and evaluation of investment plans, the time it takes to implement investment plans will be shortened through initiatives such as establishment of a dedicated department for new business plans at each division. 60.0 21.0 65.0 24.0 Non-automotive While ￥200 billion worth of investments are planned for two years, an overall check of the portfolio will be implemented and ￥10 billion worth of investment plans would be scrapped. 58.0 39.0 41.0 Automotive Ratio of total investments in two years Automotive : Non-Automotive 2007/3 Result 2008/3 Result 2009/3 Result 2010/3?2011/3 Plan 30:70 Under the recently announced long-term business plan, the ratio of investments in automotive and non-automotive fields is around 30:70. Investments in the automotive field should proceed as planned as most involve the horizontal expansion of businesses we have already developed. As for investment in the non-automotive field, investments should go forward in around 60% to 70% of the businesses we would like to pursue. This is because many of the prospective investments in the non-automotive field are large, and regrettably Toyota Tsusho does not have the human resources or risk buffers needed from a financial standpoint to complete every project from start to finish on a standalone basis. Therefore, we will work together with strategic partners to develop each business. In the current investment plans, there were actually around ￥300 billion worth of investment projects that all of the divisions combined would have liked to pursue. However, considering their timing and significance, we have announced investments of ￥200 billion, which is a highly reliable figure.
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24 Toyota Tsusho Corporation The energy field was given the highest priority in terms of the allocation of investments in our investment plan. In particular, we will make investments in developing new sources of energy in the two key areas of natural gas and power generation businesses. Biomass energy is one important component. Recently, we have been working to build a value chain extending from sourcing raw materials Jatropha is attracting attention as a raw material for biomass diesel fuel (BDF). to the supply of biomass fuel. The goal is to start marketing tree saplings of a non-food bio-fuel plant material called Jatropha, to enable the supply of biomass diesel fuel (BDF) going forward. In this field, we believe that the electric power business and the midstream petrochemical business in Asia and the Middle East will begin to contribute to earnings at the earliest stage. In the electric power generation business, our goal remains to expand the IPP business, although we have already begun implementing certain projects. In the petrochemical field, we believe that global conditions will undergo major transformation going forward. At present, naphtha can also be produced from natural gas. As a result, the prices of crude oil and naphtha have changed places, with naphtha prices currently lower than crude oil prices. Looking ahead, this could alter the way raw materials are distributed around the world. For example, Toyota Tsusho is considering joining forces with petrochemical manufacturers to build a plant in the Middle East that can process naphtha into ethylene for supply to Japan. This project has been included in our current investment plans, and will undergo further study going forward. A Dimethyl Ether (DME) Production Plant operated by a DME fuel production company in which Toyota Tsusho is a project participant and investor. (With a production capacity of 80,000 tons annually, the plant commenced DME fuel shipments after completing trial operations at the beginning of 2009.)
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Annual Report 2009 25 Question Could you please tell us about your financial targets and dividend policy? Answer Our financial targets are designed to establish a financial structure to ensure enduring growth through cycles of investment and return. First, we are targeting ROE of 15%, considering the need to generate returns in excess of the cost of shareholder capital, ensure consistency with internal benchmarks, and in light of past performance. We are also targeting a net DER of 1.0. However, in the event that a major project emerges that is consistent with our Company-wide strategy, we are prepared to make an investment after carefully reviewing project details, even if this may lead to a temporary deterioration in net DER. This is to ensure that we don’t miss out on investment opportunities. However, even in such a case, we seek to ensure that net DER does not exceed 1.5. Effective from fiscal 2009, we changed our dividend policy to one linking dividends to our consolidated earnings performance every fiscal year. Specifically, we plan to distribute earnings with the aim of raising the consolidated dividend payout ratio to 20%, taking into consideration funding demand for investments and other factors. In regard to internal reserves, we will allocate funds to investments aimed at further enhancing and strengthening our organization and developing future business, to ensure that we continue to generate shareholder returns over the long term. Based on the above policy, Toyota Tsusho plans to pay an annual dividend applicable to fiscal 2009 of ￥26 per share, down ￥4 from the previous fiscal year, including a year-end dividend of ￥8 per share. In fiscal 2010, we plan to pay an annual dividend of ￥16 per share, due to the projected downturn in our performance for the fiscal year. Even with an annual dividend of ￥16 per share, the consolidated payout ratio would be 22.4%, which is largely on a par with 22.7% in fiscal 2009. We look forward to sharing the fruits of our growth with shareholders through performance-linked dividends. Dividend Policy 2008/3 2009/3 2010/3 (Estimate) Dividends to be linked to consolidated earnings, with consolidated payout ratio of 20% Full year Consolidated payout ratio ￥30 15.6% ￥26 22.7% ￥16 22.4%
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26 Toyota Tsusho Corporation Feature 2: Building a Strong Value Chain Through the Creation ?Adding New Functions to Existing Core Businesses to Adapt to the Changing Business Environment Amid a rapidly changing business environment, Toyota Tsusho is newly re-assessing its long-term business plan and focusing on the offensive and defensive aspects of management. In this feature section, we will introduce some detailed examples of initiatives in both the automotive and non-automotive fields, while describing “Create new functions,” one of our “offense” initiatives. “Create New Functions” in the Automotive Field [ Businesses up to now ] Up to now, Toyota Tsusho has mainly been engaged in the businesses of procuring machinery and equipment in tandem with Japanese manufacturers’ advances into overseas markets, the processing and distributing of the metal raw materials and parts needed for production, and the recycling of the waste materials generated inside plants. We built support systems that enabled the manufacturers to consolidate their overseas production activities. Since the summer of 2008 however, significant changes in the business environment have caused the unavoidable cutting back or postponement of the ongoing expansion of equipment capabilities and of new productionbase projects. Businesses in the automotive field have entered a new phase. [ “Create new functions” in the automotive field ] Impacted by these changes in the business environment, we will work to identify new customers and develop “Vendor to Vendor (V?V) distribution,” with which we have already succeeded with the Toyota Group, with other manufacturers. As regards identifying new businesses, we will develop automotive sales finance services overseas and develop applications of rare earth resources, including for hybrid cars. Moreover, we will vigorously work to develop new businesses for new customers, including the development of raw materials for lithium batteries, which are expected to show dramatic growth in the future, and the manufacturing of parts and materials. Cultivation of new clients and market New customers ex.) ? Expanding global strategic logistics business to other manufacturers Cultivation of new clients, market, and creation of new value chain ex.) Development of raw mate? rials for lithium batteries and manufacturing of related parts io n Function n Fu ct Existing customers Creation of new value chain Current Business Lines Automotive Field ex.) ? verseas car sales & O financial business ? Rare earth development Function Existing business New business
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Annual Report 2009 27 of New Functions “Create New Functions” in the Non-automotive Field [ Businesses up to now ] Up to now, Toyota Tsusho has accumulated a wide range of expertise in the course of providing parts procurement functionality and logistics functionality to automakers. At the same time, we have actively worked to exploit the possibilities of making use of our expertise in areas outside the automotive field. [ “Create new functions” in the non-automotive field ] Making use of our experience and track record in existing businesses, we will win new customers by handling plants in new regions, expanding the IPP business, and operating overseas grain procurement bases. As regards new businesses, going forward we will create new value chains in such fields as the natural gas industry, the manufacture and sale of foods overseas, reinsurance and the direct-insurance business. In the area that combines new customers with new businesses, we will develop the overseas retail business for construction machinery and forklift trucks, and retail businesses that integrate clothes, foods and residences, thereby identifying customers and creating new value chains. Cultivation of new clients and market New customers ex.) ? Plants, IPP business in new regions ? Grain terminal business in new regions Cultivation of new clients, market, and creation of new value chain ex.) ? Overseas retail sales of construction machinery and forklifts ? Retail business encompassing food, clothing, and housing n Fu ct io n Function Creation of new value chain Existing customers Non-automotive Fields Current Operations ex.) ? Gas business ? Overseas food manufacturing and sales ? Reinsurance and direct insurance business Function Existing business New business
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28 Toyota Tsusho Corporation Case 01 Worldwide Development of Molten Aluminum Business The strongest features of Toyota Tsusho’s metals business are the high-precision high-quality operational functions offered in line with manufacturing and processing companies worldwide and with the TPS (Toyota Production System) philosophy. In the nonferrous field, demand for aluminum raw materials is expected to expand due to the need for lightweight materials of automakers and parts manufacturers. Up to now, aluminum materials in the form of ingots have been supplied to meet this demand. However, Toyota Tsusho is developing a business worldwide, including Japan, the U.S., Europe and Asia, of supplying these aluminum materials in a molten state, to reduce energy costs and the environmental burden. We are building an optimum supply system that always supports highly efficient production at the overseas locations. We have been operating a molten aluminum production company in the U.S. since 1998 and in Poland and Indonesia since 2004. We established companies in China and three domestic locations in 2005?2006, and launched one more company in Japan in 2008. Currently, we are engaged in this business at 13 bases in 5 countries worldwide. Walbrzych (Poland) Changchun (China) Kentucky (U.S.) Missouri (U.S.) Tennessee (U.S.) Value Chain of Molten Aluminum Business Rolled right metal manufacturers Nonferrous Center Toyota Tsusho ? Slittering ? Cutting and coating Users Automakers Component manufacturers Aluminum scrap generated Aluminum raw materials Melting facility Melting and transportation Wheels and other auto parts Return of aluminum scrap Aluminum scrap from market Overseas Development of Molten Aluminum Business Tianjin (China) Guangzhou (China) Surabaya (Indonesia) Tomakomai 13 bases Kanda Tahara Kurume Case 02 Developing an Efficient Recycling Business to Reuse Valuable Global Resources Toyota Tsusho has built a recycling network nationwide and is developing an efficient recycling business worldwide, including by actively investing in a comprehensive ELV (end-of-life vehicle) recycling business. In addition, Toyota Tsusho carries out a recycling business inside plants at 17 locations around the world. This business involves collecting, processing and reusing the metal scrap generated inside plants that use steel and aluminum. We employ the indoor scrap-yard method that minimizes environmental risk, and recently, in addition to metal scrap, we have also been processing and recycling used paper, wood and plastic, thereby contributing to the reuse of global resources. Going forward, we plan to vigorously invest in this business with the aim of operating 30 locations in five years time. Toyota Tsusho’s metal scrap recycling business is carried out at 17 locations around the world.
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Annual Report 2009 29 Case 03 High-tech Industries?Rare Earth Business Supports Hybrid Cars Although the phrase “rare earth” contains the word “rare,” we have now become familiar with rare earth materials in our daily lives. They are used in the lenses of cameras that we use regularly in the ceramic capacitors used in household electrical appliances, in sunglasses and in ultra-violet protection cosmetics. Lanthanum and cerium are used in cathode-ray tubes and elsewhere, and neodymium and other elements are used in the hard-disk magnets in PCs and the motor magnets of hybrid cars. Rare earth elements are now said to be indispensable in these industrial fields. However, China accounts for more than 90% of the rare earth mines operated around the world, and China is currently strengthening export regulations. As a result, it has become an urgent matter to secure supply sources other than China. Accordingly, Toyota Tsusho has turned its attention to the two countries of India and Vietnam, which produce the second largest amounts of rare earth elements after China. Looking ahead, rare earth elements are expected to become increasingly important. In addition to existing applications, research is being conducted into how to use them in new fields: rare earth elements are projected to become even more important in the industrial arena. Toyota Tsusho will make full use of the value chain it is developing globally to work together with business partners and sales customers to secure rare earth resources. At the same time, we will endeavor to provide a stable supply of rare earth raw materials and products that meet the needs of our customers. As regards the development of these resources around the world, we will dispatch Japanese technical staff to various countries to pass on and develop Japan’s ore concentration technologies and separation and refinement technologies, together with providing the relevant training. Top row: Rare earth ore and mine Bottom row: Rare earth samples and magnet made from rare earth elements n Initiatives in India In December 2008, Toyota Tsusho acquired the commercial rights for rare earth elements, rare metals and semiconductors that had been developed for over 50 years by Wako Bussan, a trading company specializing in rare earth elements. We are currently developing a project in India that is expected to yield a supply from the first half of 2011. n Initiatives in Vietnam In Vietnam, we concluded a memorandum of agreement regarding mine development with the state-operated minerals company that holds the mining rights for rare earth elements, and are conducting commercialization surveys. We plan not merely to develop mines but to create local high-tech industries that use rare earth elements, thereby both contributing to the development of Vietnam and bringing into view further mine development.
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30 Toyota Tsusho Corporation Case 04 Car Electronics Bringing About Future Car Society The auto industry is currently united in working to innovate car electronics technologies, in order to bring about a future with environmentally friendly, safe and comfortable cars by addressing the social needs of improving fuel efficiency and reducing CO2 emissions. Toyota Tsusho Electronics Corporation, a member of the Toyota Tsusho Group, is a specialist in these car electronics and opens up new possibilities in the auto industry by offering specialized proposals. n Semiconductors Toyota Tsusho supplies the semiconductor products of major overseas semiconductor manufacturers to automobile-related manufacturers. We do not merely sell semiconductor products but develop businesses unique to our being a technological trading company, including in-house quality support services after products have been supplied. n Telematics Toyota Tsusho aims to commercialize new services by installing various communication systems in cars that enable interflows between many types of information and the driving environment. Telematics opens up a wide range of possibilities for providing safety and comfort, including real-time traffic information, music distribution and information about stores in the vicinity. Electronics components are essential to realizing the eco-friendly, safe and comfortable automobiles of the future. n Embedded Software It is no exaggeration to say that the embedded software of car electronics is what determines the functionality of a car. Toyota Tsusho is widely involved in contracted development work for and sales of embedded software to domestic automakers. Furthermore, we are focusing on strengthening our embedded software system by vigorously working overseas to secure high-quality engineers. n Original ICs Having purchased the memory business of a U.S. semiconductor manufacturer, we produce our own original-brand ICs. n JasPar (Japan Automotive Software Platform and Architecture) Toyota Tsusho set up this standardization group for car electronics, thereby contributing to inter-company coop- n Development Tools* Amid the ongoing increases in advanced functionality and high added-value for cars, we are selling and developing software development tools as solutions that enable greater efficiency in software development work. * Software that supports software development eration with major automakers. JasPar determines the next-generation automotive communications and software standards in Japan. An Expanding Car Electronics Value Chain Original ICs Having purchased the memory business of a U.S. semiconductor manufacturer, we produce our own original-brand ICs. TAQS (Toyotsu Automotive Quality Support Center) TTET & TTED We established this quality support center for semiconductors that brings together in one location various quality enhancement technologies capable of meeting sophisticated quality requirements underpinning automobile safety and comfort. (Toyota Tsusho Electronics (Thailand) and Toyota Tsusho Electronics (Dalian)) VeLIO JasPar (Vehicle LAN Interoperability and Optimization) (Japan Automotive Software Platform and Architecture) Aiming to nurture automotive software engineers, we established bases in Thailand and China to conduct development work under contract. We established this certification and testing institution to determine whether the automotive computers and electronics planned for installation in automobiles satisfy the specified standards. We set up and run a standardization group that examines next-generation automotive communications and software standards in Japan.
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Annual Report 2009 31 Case 05 While Developing the Electric Power Business, IPP (Wholesale Electric Power) Projects Also Contribute to Regional Development and Environmental Protection Toyota Tsusho currently participates in the following seven IPP (wholesale electric power) projects, including the natural gas combined cycle power plant (output 140MKW) in Thailand which started commercial operations in 2008. The electric power business is a long-term business based on cooperation with local business partners with a large public-interest component. Toyota Tsusho is providing higher added-value by building a total business model in conjunction with related businesses that support electricity generation, including plant construction and fuel supply. Based on our approach of it being more than just an investment business, we endeavor to build deep local relationships. In Pakistan, for example, Kohinoor Energy Limited has committed to developing the regional community by such initiatives as setting up a free health clinic which sees over 100 patients a day, and opening a local elementary school and supplying the children with free uniforms and textbooks. In the wind power generation business, which we started in 1986, the Eurus Energy Holdings Corporation, a joint venture between Tokyo Electric Power Company and Toyota Tsusho, generates a total of 1.8 million kW of electricity from 18 domestic locations and 11 overseas locations in the U.S. and 4 European and Asian countries. We hold a 92% stake in the Japanese subsidiary of Vestas Wind Systems A/S, the world’s largest manufacturer of wind turbines, enabling us to build an integrated value chain spanning equipment sales to operation. Major IPP Projects Project Name Country Output Investment Generation Method Started Operations Supply Period (years) Kohinoor Energy Limited (KEL) Gul Ahmed Energy Limited (GAEL) Western Mindanao Power Corp. (WMPC) Southern Philippines Power Corp. (SPPC) PT Makassar Power (PTMP) Ratchaburi Power Company Limited (RPCL) Tomen Power Samukawa Corporation Pakistan Pakistan Philippines Philippines Indonesia Thailand Japan 124MW 127MW 100MW 50MW 60MW 1,400MW 67MW 36% 31% 25% 25% 47.5% 10% 70% Heavy oil diesel Heavy oil diesel Heavy oil diesel Heavy oil diesel Heavy oil diesel Gas CCGT Kerosene CCGT 1997/9 1998/5 1997/12 1998/3 1998/5 2008/3 ? 6 1999/6 30 22 18 18 18 25 15 Case 06 Focusing on the Clean Energy Business Toyota Tsusho is focusing efforts on the clean energy business on par with those for wind power generation. Looking ahead, there are increasing expectations that clean energy, especially biomass energy, will reduce greenhouse gases and help achieve a sustainable society. In Thailand, Toyota Tsusho is participating in a biogas Clean Development Mechanism (CDM) project. In China, we obtained U.N. approval in 2007 for a CDM electricity generation project involving the recovery of landfill gas, which includes much methane generated by a waste The solar and wind power generation businesses are being developed through Eurus Energy Holdings Corporation. landfill site. As a result, we are now acquiring greenhouse gas emission credits.
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32 Toyota Tsusho Corporation Case 07 Developing Innovative Recycling Technology for Metal Resources Together With Nuclear Power Organization If the metal from used metal products is not recovered and the products are to be disposed of as waste, there are substantial problems regarding soil contamination and the provision of the final disposal site. As the recycling of metal scrap involves high costs, what is needed is the development of an innovative low-cost recycling technology. Toyota Tsusho has positioned the recycling business as central to its environmental business, and is particularly focusing on metals. In collaboration with the Japan Atomic Energy Agency, an independent administrative agency with a track record of measuring impurity gases in metal materials, we have commenced the joint development of advanced recycling process technologies. We will establish an advanced recycling process technology for metal resources, one of the key technologies needed for society in the 21st century. This ambitious project involving cooperation between industry and academia aims to contribute to the creation of a recycling society. Case 09 Developing New High-frequency Response Low-dielectric Materials, Identifying Markets and Nurturing State-of-the-art Technologies Together with Admatechs Company Limited and Taiyo Kagaku Co., Ltd., Toyota Tsusho is developing and selling mesoporous silica*, new, porous and low-dielectric materials. These materials are expected to be developed for use mainly as catalysts and plastic fillers in the digital home electronics and car electronics fields, and won the Grand Award in the materials category of the nano tech 2008 International Nanotechnology Exhibition & Conference held last year. Toyota Tsusho is not only conducting marketing activities (intellectual property surveys, market potential studies) as the project leader in the business but also participating in R&D management and swiftly making planning proposals, conscious of end users. * Silicon dioxide particles filled with a regular arrangement of nano-sized holes that allow gas or special molecules to enter inside the particles. Case 08 New Material Made From Sugarcane? Technology Spreading Worldwide In light of global warming, there are increasing needs for petroleum substitutes, which are highly effective in reducing CO2. In this context, Toyota Tsusho has formed a business alliance with Braskem S.A., the largest chemical manufacturer in South America. We have become the sales partner in the Asian region, including Japan, for a plantderived polyethylene that Braskem will be the first company in the world to start commercial production, by 2011. Toyota Tsusho participated in Braskem’s project to develop plant-derived plastics, and in 2007 the project succeeded in manufacturing this polyethylene (bioplastic) from the raw material of ethanol derived from sugarcane, at an experimental production facility inside Braskem’s Technology Innovation Center. It has been verified that this is the world’s first polyethylene to be 100% derived from plants. Looking ahead, we will develop and increase sales of this sustainable and recyclable resource that is friendly to the global environment and does not compete with food materials. Sugarcane fields and plantderived plastic products
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Annual Report 2009 33 Case 10 Expanding the Scale of the Domestic Agricultural Production Business In July 2008, Toyota Tsusho Foods Corporation, a member of the Toyota Tsusho Group, established Vegi Dream Kurihara Co., Ltd. jointly with local farmers in Miyagi Prefecture as a point of entry into the agricultural industry in Japan. Vegi Dream Kurihara has developed a bell pepper cultivation business through the construction of a large-scale steel-frame greenhouse facility encompassing an area of 0.7 hectares (called the “Air House”) in Kurihara City of Miyagi Prefecture. The company’s first harvesting season was in June 2009. In response to moves to boost and enhance vegetable production in Japan, Vegi Dream Kurihara is currently constructing another bell pepper cultivation facility at a second location, to address demand for domestically produced vegetables. The objectives are to cultivate produce that is “fresh and tasty” and “reliable and safe”, as well as promote “local community development and corporate citizenship.” In doing so, the company is working to expand the scale of its business. Guided by its policy of becoming No. 1 in bell pepper production in Japan, the company seeks to increase production volume of Kurihara brand bell peppers as well as its share of the bell pepper market, and to raise recognition of the brand going forward. In the future, we aspire to cultivate “reliable and safe” domestically produced vegetables and fruits, targeting annual sales of around ￥10 billion. From the perspective of promoting “local community development and corporate citizenship,” the company is striving to help with the recovery efforts of Kurihara City, which suffered severe damage from a major earthquake in June 2008, and to contribute to the regional development of Miyagi Prefecture, which has been supportive of Vegi Dream Kurihara’s business activities. We have newly entered the agricultural production business in Japan (pre-harvest bell peppers). Case 11 Nursing Care and Healthcare Initiatives Toyota Tsusho worked to support residential nursing-care, including the development and sale of adult-use diapers that make use of high-absorbent resin technology, the development of a nursing-care equipment rental and wholesaling business for care-service providers at 12 locations nationwide, and the renting out of over 20,000 nursing-care beds. In collaboration with GUTT REHABILITATION LTD., a company engaged in mail-order sales of nursingcare products to providers, we strengthened product procurement and logistics capabilities to differentiate ourselves from competitors, with the aim of expanding market share in nursing-care related businesses. At the same time, we are engaged in lifestyle proposalbased businesses that bring peace of mind, safety, comfort and enjoyment to people in the second half of their lives in the healthy senior citizen (“harvest-age”) market, that is, people aged 60 or over, where significant demand is expected in the future. These businesses include financial planning services in the field of enhanced asset formation that make use of our insurance-business expertise, developing “medical condominiums” integrated with a general hospital and operating “community salons” at which harvest-age people can enjoy congregating and various health services are available. From left: Nursing-care equipment rental catalog, General nursing-care equipment catalog
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34 Toyota Tsusho Corporation Business Highlights Segment Sales* Net Sales (￥ billion) Operating Income (￥ billion) Metals Division 0 500 1,000 1,500 2,000 2,500 0 10 20 30 40 05/3 1,320.9 1,565.6 1,845.5 2,109.0 1,942.2 05/3 06/3 07/3 08/3 09/3 18.1 24.4 34.4 35.4 20.4 30% 06/3 07/3 08/3 09/3 Machinery & Electronics Division 0 500 1,000 1,500 2,000 0 10 20 30 40 05/3 849.8 1,072.9 1,535.1 1,581.9 1,355.0 05/3 06/3 07/3 08/3 09/3 17.5 24.0 30.6 35.6 18.6 21% 06/3 07/3 08/3 09/3 Automotive Division 0 250 500 750 1,000 0 10 20 30 40 50 05/3 538.3 639.2 751.7 938.3 809.5 05/3 06/3 07/3 08/3 09/3 13.6 20.0 33.2 42.6 36.8 12% 06/3 07/3 08/3 09/3 Energy & Chemicals Division 0 500 1,000 1,500 2,000 0 2 4 6 8 05/3 316.8 297.8 1,269.2 1,562.3 1,399.4 05/3 06/3 07/3 08/3 09/3 4.5 7.3 4.5 4.0 4.5 22% 06/3 07/3 08/3 09/3 Produce & Foodstuffs Division 0 100 200 300 400 0 2 4 6 8 05/3 05/3 06/3 349.6 335.4 366.0 5% 06/3 07/3 08/3 09/3 07/3 08/3 09/3 3.7 4.3 6.1 Consumer Products, Services & Materials Division 0 100 200 300 400 0 3 6 9 12 05/3 280.8 316.5 382.7 379.0 311.5 05/3 06/3 07/3 08/3 09/3 5.4 6.2 7.8 10.5 4.4 2% 06/3 07/3 08/3 09/3 * Not including Others segment
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Annual Report 2009 35 Total Assets (￥ billion)/ROA (%) Fiscal 2009 Results Main Products and Services 0 200 400 600 800 05/3 06/3 07/3 08/3 09/3 0 1.5 3.0 4.5 6.0 396.1 4.7% 525.1 4.7% 612.5 4.9% 646.8 5.6% 496.4 3.6% Net sales and operating income decreased 8% and 42% year on year, respectively. This was the result of the rapid drops in production by domestic and overseas automakers from the second half of the fiscal year and weakening market conditions. Ordinary and special steel products Unwrought nonferrous and precious metals Rolled light metal products, copper, and copper alloy products Scrap iron and scrap nonferrous metals Ferro-alloy products End-of-life vehicle (ELV) recycling and disposable catalysts Manufacturing, processing, disposal, and sales of the above products 0 150 300 450 600 05/3 06/3 07/3 08/3 09/3 0 2.0 4.0 6.0 8.0 262.6 7.2% 350.1 7.9% 487.2 7.0% 518.8 6.6% 390.9 4.3% Net sales and operating income decreased 14% and 48% year on year, respectively. This mainly reflected the result of the substantial reviews of facility plans and sharp production cuts by automobilerelated manufacturers and falls in semiconductor prices. Machine tools, industrial machinery and textile machinery Testing and measuring instruments Environmental equipment IT devices and equipment Electronic devices and semiconductors PCs, PC peripherals and software Component parts for automobiles Industrial vehicles and construction machinery Network integration and support Sales and services for the above products 0 50 100 150 200 250 05/3 06/3 07/3 08/3 09/3 0 5 10 15 20 25 104.6 19.8% 124.1 20.4% 170.5 24.4% 222.5 22.3% 186.9 18.5% Net sales and operating income both decreased 14% year on year. This was due to the decline in automobile sales mainly in Europe, newly emerging nations and resource-rich countries caused by the impact of the worldwide economic slowdown from the second half of the fiscal year. Automobiles Trucks and buses Automotive parts Sales and services for the above products 0 100 200 300 400 05/3 06/3 07/3 08/3 09/3 0 2.0 4.0 6.0 8.0 95.1 2.7% 112.6 7.0% 368.5 3.2% 378.7 2.5% 294.5 2.0% In this Division, net sales decreased 10% year on year; however, operating income increased 12% year on year. This was the result of drops in prices for crude oil, naptha and other petroleum products, and of falls in demand for resins and chemical materials for automobiles and home electric appliances. Petroleum products and liquefied petroleum gas (LPG) Coal Petrochemical products Fat and oil products, synthetic resin, and chemical additives Natural and synthetic rubber Processing, manufacturing, sales and services for the above products 0 30 60 90 120 150 05/3 06/3 07/3 08/3 09/3 0 2.0 4.0 6.0 8.0 109.9 6.3% 119.3 4.3% 127.8 4.6% This Division recorded increased net sales and operating income of 9% and 42% year on year, respectively. This mainly reflected increased handling volume in the livestock feed business due to rises in grain prices and expanded grain terminals. Feed and oilseeds Grains Processed foods Food ingredients Agriculture, marine and livestock products Alcoholic beverages Processing, sales and services for the above products 0 50 100 150 200 05/3 06/3 07/3 08/3 09/3 0 2.0 4.0 6.0 8.0 111.5 6.6% 113.5 6.3% 142.8 6.2% 150.8 7.0% 165.3 2.9% Net sales and operating income decreased 18% and 58% year on year, respectively. This was primarily the result of decreased demand for automobile materials due to the drastic production cuts by automakers and of lower condominium sales due to the rapid cooling of domestic business sentiment. Condominiums and commercial buildings Construction materials, housing materials and furniture Textile products, textile materials and jewelry Automotive interior parts and materials Packaging materials Paper and pulp Life and health insurance and property and casualty insurance Sales and services for the above products Notes: 1. Effective from fiscal 2007, the year ended March 31, 2007, commission income is included in net sales. 2. Effective from fiscal 2007, the Produce & Foodstuffs Division became a business segment.
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36 Toyota Tsusho Corporation Segment Overview Metals Division Overview of Division and Strengths The Metals Division considers steel and nonferrous metals not just as simple materials, but also as products possessing unique characteristics and functions, and strives to offer products optimally suited to the requirements of each user and supplier. Moreover, we actively collaborate with our business partners in developing new materials and processing technologies, as we endeavor to promote innovative businesses that enable win-win relationships with steel manufacturers and users. In our steel sheet, bars and tubes business, Toyota Tsusho deploys its domestic and overseas processing bases as the nucleus of an ordering system that utilizes cutting-edge IT and an efficient logistics structure for delivery control that ensures the most timely delivery of optimal sizes and weights matched to specific applications. Additionally, we undertake a steel blanking business worldwide for processing and delivering irregular-shaped steel sheets tailored to user needs. We engage in the nonferrous metals business and have built a global trading structure centered mainly in London and New York that plays a central role in reducing the risk of price fluctuations for nonferrous metals. In addition, we undertake a molten aluminum business that contributes to lowering costs and reducing environmental loads. In this manner, we have established an optimal supply structure for nonferrous metals that is constantly attuned to conditions in each local region and that supports highly efficient production. In the raw materials field, we conduct environmentally considerate businesses, including a scrap iron recovery and recycling business within plants as well as an ELV (end-of-life vehicle) recycling business. In response to rising demand for eco-friendly vehicles such as hybrid and electric vehicles, we have also begun working to secure and provide a stable supply of rare earth metals for use in motors and other applications. The Metals Division’s basic strategy is to generate steady earnings that are not readily susceptible to changes in commodity prices by adding more value to its products through the creation and enhancement of unique functions in value chains. MINORU HAYATA Managing Director, Chief Division Officer of Metals Division graph A Net Sales (￥ billion) 2,500 2,000 1,500 2,109.0 1,942.2 1,384.0 Above Our molten aluminum supply business lowers fuel costs and reduces environmental loads. Left A project in India is working to secure and provide a stable supply of rare earth materials. 1,000 500 0 08/3 09/3 10/3 (Forecast)
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Annual Report 2009 37 Changes in Business Environment and Division Initiatives (see graph D) The Metals Division has suffered sharp falls in handling volume mainly reflecting declining worldwide demand due to the onset of a sharp economic downturn since the second half of 2008, and drastic production cuts by various manufacturers to reduce inventories. In particular, the Division’s automobile business, one of its core businesses, has been significantly affected by the production cuts. This is because the Division has thus far worked to refine and expand its networks in countries and regions around the world in step with growing global automobile production. These networks include high-precision, high-quality steel sheet supply bases, aluminum processing and logistics bases, molten aluminum supply bases, and bases for recovering and recycling scrap iron generated during production processes. However, the automobile market as a whole is anticipated to gradually head toward recovery from the second half of 2009, helped partly by vigorous government economic stimulus measures in various countries, with auto markets in China and India already showing signs of recovery. In this context, the Division is working to enhance earnings by fortifying defensive measures, such as raising the efficiency of production sites and rigorously enforcing safety, with the aim of minimizing the impact of the drop in handling volumes. On the other hand, the Division is also focusing on offensive measures, such as expanding value chains for metal resources that address environmental technologies for hybrid, electric and other vehicles, and establishing metals processing businesses in new product fields. materials. Guided by its basic strategy, the Division is steadily expanding operations in automotive and non-automotive domains in each field. We are achieving this by utilizing procurement capabilities that draw on our overseas networks as well as our responsiveness to customer needs, which leverages our processing and logistics functions. Today, the Metals Division has more than 40 operating bases worldwide specializing in functions such as steel sheet and aluminum processing and logistics, as well as the supply of molten aluminum and recycling of scrap metal. The Division will continue to augment each specialized operating base by strengthening measures related to business fundamentals such as personnel development, and quality and safety. At the same time, we will also actively utilize these specialized operating bases outside the automotive field. For example, we will begin strengthening processing and logistics functions in new specialty steel fields, such as steel bars. In addition, ensuring stable supplies and procurement of resources has become a major issue against the backdrop of rapid economic growth in China and other factors. In addressing these trends, we are using businesses set up in India and Vietnam as footholds to establish stronger ties with new resource-rich countries, and thereby create new value chains. Outlook for Fiscal 2010 (see graphs A, B, C) Demand for metals is projected to fall across a wide range of industries, including automobiles, construction and home electric appliances, as economic conditions deteriorate, resulting in falls in handling volumes and prices. In this operating climate, for fiscal 2010 the Metals Division is forecasting net sales of ￥1,384.0 billion, a decrease of 29% year on year. In fiscal 2010, the Metals Division does not expect to record inventory revaluation losses as a result of the application of the lower-of-cost-or-market method, as were incurred in fiscal 2009 in line with sharp falls in prices since the second half of 2008. However, operating income is forecast to decline 16% year on year to ￥17.2 billion due to the large projected decline in net sales. Basic Strategies and Long-term Policies The Division’s basic strategy is to generate steady earnings that are not readily susceptible to changes in commodity prices by adding more value to its products through the creation and enhancement of unique functions in value chains. The Division divides its business into four fields based on products handled: steel sheets; steel bars, tubes and construction materials; nonferrous metals; and steel raw graph B graph C graph D Gross Trading Profit (￥ billion) 80 Operating Income (￥ billion) 40 Japanese Production, Inventory Ratio and Indexed Prices for Ordinary Steel Products (Tons) (%, Indexed price) 85,830 80,315 81,919 78,426 82,872 200 100,000 66.9 53.3 48.9 35.4 60 30 73,931 150 75,000 20.4 40 20 17.2 20 10 Production (left scale) Inventory ratio (right scale) Indexed prices (right scale) 50,000 100 25,000 50 0 08/3 09/3 10/3 0 (Forecast) 08/3 09/3 10/3 0 (Forecast) 04/3 05/3 06/3 07/3 08/3 09/3 0 * Data for April?March fiscal years Indexed prices are calculated based on a value of 100 for calendar year 2005. Sources: Ministry of Economy, Trade and Industry, The Japan Iron and Steel Federation, Bank of Japan, Ministry of Finance
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38 Toyota Tsusho Corporation Machinery & Electronics Division Overview of Division and Strengths The Machinery & Electronics Division not only procures goods in Japan and overseas, but also provides total support services in such fields as machinery, facilities, information and electronics, and parts for automobile production. These services cover planning and recommendations as well as technological development, quality control, and efficient logistics, and make important contributions to the building of customers’ local production structures. In the machinery business, the Division enables the optimal procurement of machinery, facilities and parts by leveraging its global product information gathering expertise and logistics technologies. We also offer expertise in specialized fields, information, technologies and skills tailored to each project. The Division works closely with Group companies responsible for engineering service functions to provide services that carefully reflect customer needs, ranging from planning and design to production guidance, optimal coordination of the machinery and facilities of multiple manufacturers, and software development related to machinery and facilities. In this manner, we offer a total integrated service encompassing installation, start up, adjustment and maintenance of equipment. In the electronics field, the Division satisfies diverse customer needs by harnessing functions such as design-in capabilities, involving participation from the product design phase, and extensive technical support. As an agent for major overseas semiconductor manufacturers, the Division assures clients of reliable product procurement and quality control. The Division also offers automotive embedded software development for automobile and component manufacturers. In our business for supplying parts for automobile production, we have leveraged our global logistics and IT expertise to establish a global supply chain management system that enables optimal integrated logistics ranging from collection of parts based on a “milk-run” procedure (parts collection rounds), to packaging and marine container transport, sorting and reloading at overseas warehouses and delivery to overseas business locations. Through this system, we are helping to ensure a stable supply of parts while achieving transport cost reductions, short delivery periods, and inventory cuts. graph A In each field, the Division plans to make strategic investments in reinforcing various functions in logistics, IT and engineering services, and to expand its business domains. HISASHI YAMAMOTO Senior Managing Director, Chief Division Officer of Machinery & Electronics Division Net Sales (￥ billion) 2,000 1,581.9 1,500 1,355.0 1,130.0 Above Our machinery business offers a total service making use of our engineering capabilities. Right This quality support center for semiconductors is capable of meeting sophisticated quality requirements. 1,000 500 0 08/3 09/3 10/3 (Forecast)
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Annual Report 2009 39 Changes in Business Environment and Division Initiatives (see graph D) The Machinery & Electronics Division has efficiently established overseas production bases and supported optimal global production against the backdrop of rising capital expenditures and moves by automakers to establish optimal global production and supply networks, driven by rapid economic growth in China and other Asian countries, and by steady expansion in the U.S. and European economies. For example, the Division has strengthened global procurement and engineering capabilities for machinery and equipment, and working in close collaboration with automakers, the Division has established a network of logistics bases for supplying parts for automobile production in various countries and that is planned and designed to accommodate global logistics between multiple countries. However, capital investment by various companies in the manufacturing sector dropped sharply in response to the onset of the sharp economic downturn since the second half of 2008, and a recovery has yet to be seen except in certain areas related to measures addressing the environment. The auto industry, the Division’s main client industry, is faced with an extremely challenging business environment in which production has been unavoidably slashed on an unprecedented scale, including through inventory reductions, due to the global contraction in the auto market. In response, the Division has taken a new look at the supply chain it built during the phase of rapid expansion through the first half of 2008, and has worked to raise efficiency, including through inventory reductions. Meanwhile, in order to enhance measures with respect to plant maintenance investment (supplies and general upkeep), the Division has reinforced operating capabilities primarily at related subsidiaries. On the other hand, the Division is working to secure new sources of earnings outside the automotive field through the development of automotive electronic devices and embedded software, which continue to make steady advancement in response to environmental needs, and by strengthening the overseas sales business for construction machinery and industrial vehicles in response to demand for infrastructure development in emerging countries. graph B graph C Basic Strategies and Long-term Policies The Division broadly divides its business into three fields based on products handled: machinery, electronics and parts for overseas automobile production. In each field, the Division plans to make strategic investments in reinforcing various functions in logistics, IT and engineering services, and to expand its business domains. Japanese automakers and auto-related makers have been rapidly building new plants and boosting production capacity, mainly in North America, China and Europe in the past few years. The outlook is for this trend to continue, mainly in the BRIC countries. Against this backdrop, the Division strategically positions its three main fields as an integrated whole. From this perspective, it is further strengthening support capabilities to help ensure the smooth start-up of local production by customers and to maintain steady production thereafter. The Division also plans to actively allocate business resources to the electronic components business, which offers prospects for capturing more synergies with environmental technologies for hybrid vehicles and electric vehicles as well as with technologies for improving safety and comfort. Plans also call for focusing business resources on the construction and heavy machinery business, where the market continues to expand against the backdrop of surging resource prices and economic advancement in emerging countries. Outlook for Fiscal 2010 (see graphs A, B, C) Against the backdrop of the global economic recession, the outlook calls for sharp falls in corporate capital investment, including IT investment, and automobile production. In this context, the Division is forecasting lower handling volumes of machinery and equipment, and parts for automobile production. Based on this outlook, the Division is forecasting net sales of ￥1,130.0 billion, down 17% year on year, and operating income of ￥6.8 billion, down 63% year on year. graph D Gross Trading Profit (￥ billion) 120 Operating Income (￥ billion) 40 Capital Investment in the Automobile Industry (￥ trillion) 200 103.1 85.2 77.4 35.6 181.1 145.6 144.0 183.2 155.3 90 30 150 60 20 18.6 Automobile components Auto body and frame Automobiles 100 77.3 30 10 6.8 50 0 08/3 09/3 10/3 0 (Forecast) 08/3 09/3 10/3 0 (Forecast) 04/3 05/3 06/3 07/3 08/3 09/3 * Data for April-March periods; Figures for 2009/3 are forecasts. Source: Ministry of Economy, Trade and Industry
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40 Toyota Tsusho Corporation Automotive Division Overview of Division and Strengths The Automotive Division sells automobiles and automobile parts manufactured by Toyota Group and non-Toyota Group companies in about 140 countries worldwide. In the Retailer Business, the Division is engaged in direct sales of vehicles and spare parts, as well as provision of services, to customers via a consolidated retail network of more than 150 sales outlets in over 40 countries. Toyota Tsusho invests in and manages each sales outlet. Regarding the distribution of automotive-related products and services, we have also directly invested in national distributors in approximately 30 countries and proactively manage marketing activities relating to pricing, model line-ups, supply and demand, marketing, etc. We have grouped the countries where we do business into regional areas, and have established several Regional Headquarters whose proximity to the local markets facilitate the collection and analysis of market data that allows us to react to customer needs in a more prompt and direct manner. This “antenna function” also provides vital information which can be utilized by Headquarters for risk management and other purposes, as well as by manufacturers for the development of future products and improvements to existing ones. We further utilize these Regional Headquarters in order to re-export automobiles and parts produced overseas to third countries. We also strive to maximize sales and efficiency, together with automobile manufacturers by providing “Logistic Center” functions in each region. The Automotive Division is engaged in the export of automobiles and automobile parts as well as the management of national distributors and sales outlets overseas. By implementing lean operations and strengthening the quality of sales activities, the Division aims to become the undisputed No.1 in each region. SEIICHIRO ADACHI Managing Director, Chief Division Officer of Automotive Division graph A Net Sales (￥ billion) 1,200 938.3 900 809.5 615.0 Above A Lexus dealer in Russia. Right Local staff receive instruction on repairs and other after-sales services. (China) 600 300 0 08/3 09/3 10/3 (Forecast)
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Annual Report 2009 41 Changes in Business Environment and Division Initiatives (see graph D) Overseas automobile sales had continued to grow steadily until around the first half of 2008, against the backdrop of economic development in Russia, Africa, China and other emerging economies and resource-rich nations. Thereafter, however, the business environment deteriorated sharply, mainly due to the global economic recession; contraction in auto loans extended by financial institutions to individuals; and the yen’s rapid appreciation, all of which were triggered by the onset of the financial crisis since the fall of 2008. In this environment, the Division will return to basics by strengthening the functions it has provided so far, such as model lineup introduction and pricing, as well as balancing supply and demand, and monitoring market developments in a timely and appropriate manner. In terms of the national distributors and sales outlets Toyota Tsusho has invested in, we are working to raise the quality of sales activities at each location so as to boost customer satisfaction. This entails further enhancing services by reaffirming our basic principles, and ensuring that all employees of overseas businesses embrace the Head Office’s customer-first policy. We are also working to bolster management quality grounded on the implementation of lean operations, and also strengthen the financial position of each location. Through these measures, we will continue to develop No. 1 automotive retailers that become “models of success” for other retailers in every country and region, in terms of both customer service and earnings power. Furthermore, we will work to refine and expand our retail network in emerging countries where motorization is expected to come to the fore in step with economic development over the medium and long terms. the Americas; Europe; China; Australia, Asia and the Middle East; and Africa. In each overseas region, we will formulate and execute optimal strategies in line with local characteristics and customer needs. The sixth strategic priority is promoting new business with non-Toyota Group automakers such as Daihatsu, Hino, and Fuji Heavy Industries (Subaru). Our basic policy is to focus on developing our two primary overseas sales functions?our core Distributor and Retailer businesses?with an emphasis on the BRICs regions and other emerging economies and resource-rich countries whose markets promise substantial future growth. This basic policy revolves around the above six strategic priorities. The Distributor Business is responsible for operations ranging from conducting market surveys to formulating and executing sales strategies in each country. The Retailer Business is responsible for selling vehicles and spare parts, and providing services to customers via sales outlets. Meanwhile, we intend to aggressively invest in new Retailerrelated businesses, such as sales finance and used car operations with the aim of creating new growth opportunities. Outlook for Fiscal 2010 (see graphs A, B, C) In fiscal 2010, the Division expects to face an extremely challenging business environment as auto markets in various countries rapidly contract due to the global economic recession. Despite some positive signs, such as demand for replacing vehicles arising from government economic stimulus measures in various countries and a recovery in market conditions in China, the Division is witnessing a substantial downturn in auto markets primarily in Eastern Europe, where financial institutions bore the brunt of the financial crisis and experienced significant setbacks, and resourcerich countries, which were impacted by falling commodity prices centered on crude oil. Based on the above, for fiscal 2010, the Automotive Division is forecasting net sales of ￥615.0 billion, a decrease of 24% year on year, and operating income of ￥19.1 billion, a decrease of 48% year on year. Basic Strategies and Long-term Policies The Automotive Division has established six strategic priorities aimed at boosting sales by bolstering its regional presence and expanding value chains. These include the five strategic regions of graph B graph C graph D Gross Trading Profit (￥ billion) 120 Operating Income (￥ billion) 60 Automobile Sales Volume in the BRICs Regions (Thousands of Vehicles) 20,000 95.0 90 16,798 13,792 8,751 10,174 10,842 86.7 66.8 45 42.6 36.8 15,000 60 30 19.1 30 15 0 08/3 09/3 10/3 0 Brazil Russia India China South Africa 10,000 7,278 5,000 (Forecast) 08/3 09/3 10/3 0 (Forecast) 02 03 04 05 06 07 * Data are for calendar years from January to December. Source: Japan Automobile Manufacturers Association, Inc.
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42 Toyota Tsusho Corporation Energy & Chemicals Division Overview of Division and Strengths The Energy & Chemicals Division procures chemicals, synthetic resins and other raw and elemental materials as well as such basic energy resources as coal and crude oil from optimal sources worldwide. Linking upstream supply sources and downstream consumption centers in a single value chain, the Division supplies these products in accordance with the needs of customers. In the chemicals field, we have established a value chain ranging from raw materials production facilities to delivery of products to users by securing competitive supply sources while harnessing logistics functions such as storage tank operations. Notably, our iodine operations, which supply the iodine used as a contrast medium for X-ray imagery, polarized film and other applications, boast world-class handling volume with production facilities in the U.S.A. and Japan. In addition, Toyota Tsusho handles more than 30% of Japan’s imports of white phosphorous, which is in strong demand for uses such as semiconductor etching and cleaning. In resin compounds, the Division is expanding its production and processing network to bases in China, Southeast Asia, and emerging nations elsewhere by leveraging synergies between products for automobiles and home electric appliances. In energy and plant businesses, the Division has strong operating bases in both the Middle East, a major energy supplying region, and Asia, a major consumption center. Furthermore, by harnessing its project development functions, the Division is developing operations in downstream sectors such as the electric power wholesale field, as well as midstream sectors such as refining and transportation. For example, the Division has developed power plant projects in excess of one gigawatt in Thailand and Pakistan, and is thereby contributing to the stable supply of electricity. Moreover, the Division is actively involved in a project in Thailand to recover methane gas and use it to generate electricity, and an emission rights development business in China and other countries. We are also engaged in eco-friendly energy businesses involving the development of gas to liquid (GTL) technology, dimethyl ether and more. The Division’s basic policy is to further strengthen core businesses like petroleum, coal, electric power and synthetic resins, while creating new core businesses in fields such as biogas, resin materials and fine chemicals. YOSHIMASA KONDO Senior Managing Director, Chief Division Officer of Energy & Chemicals Division graph A Net Sales (￥ billion) 2,000 1,562.3 1,500 1,399.4 1,103.0 Above This power generation project in Thailand has become completely operational, including commercial operations which have started at the No. 2 Plant. Left An offshore gas drilling rig under construction in Egypt as a production facility. 1,000 500 0 08/3 09/3 10/3 (Forecast)
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Annual Report 2009 43 Changes in Business Environment and Division Initiatives (see graph D) Over the past few years, global demand in the chemicals, and energy and plant fields, had been expanding by the year, with particularly high growth continuing in Asia, especially China. However, as the sharp global economic downturn since the summer of 2008 intensified, demand sharply declined for resin materials and materials for electronic and optical applications, among other products. This follows a period of growing overseas demand for these materials, supported mainly by expanding overseas auto production and flat panel TV markets. In the energy field, sharp falls in demand and prices have continued, particularly for crude oil and coal. On the other hand, supported by government policies for reducing environmental impact, demand for hybrid and electric vehicles has been rapidly increasing, while demand has remained strong for alternative and renewable energy such as natural gas, biofuels, solar power and heat. Furthermore, newly emerging nations eyeing medium- and long-term economic growth, primarily in the Asian region, have continued to make investments in electricity supply and other social infrastructure. In this business environment, the Division has been developing structural components for hybrid vehicles as well as battery cell and electronics materials together with chemicals manufacturers as well as user automakers and home electric appliance manufacturers. By leveraging our overseas networks, we have also striven in the energy and plant fields to ensure reliable supplies of crude oil, coal and other resources. At the same time, we have been stepping up efforts to develop eco-friendly sources of energy, such as natural gas, biofuels, and solar power and heat. In addition, tapping our project development expertise and ability to reliably procure fuel, we have been among the first to develop power generation businesses in Asia and have been involved in wind power generation businesses, which are a promising source of clean energy. Basic Strategies and Long-term Policies The Energy & Chemicals Division broadly divides its business into three fields based on products handled: chemicals, synthetic resins and functional materials, and energy and plant. In each field, the Division’s basic policies are to reinforce ties with strategic partners and shift the emphasis of business models from trading activities to business profits. Specifically, in core businesses like petroleum, electric power and synthetic resins, the Division is working to win new business projects, as well as develop business in midstream and downstream sectors by actively making investments. The Division also aims to create core businesses providing new sources of earnings in fields such as biogas, resin materials and fine chemicals. This will entail creating and growing new businesses in cooperation with strategic partners while reinforcing and incubating highly profitable businesses, among other measures. Efforts in the chemicals field will focus on augmenting local sales functions in BRIC countries and Asia in parallel with developing quasimanufacturing functions on a global basis mainly in the resin compound business. Securing scarce non-organic resources to boost profitability is also a priority. Outlook for Fiscal 2010 (see graphs A, B, C) Since the second half of 2008, the Division has faced an extremely challenging business environment, as the U.S. financial crisis slammed the brakes on real economies around the world. For example, prices for resources and energy such as crude oil and petroleum products, and coal have plummeted, reflecting sharp falls in demand for these commodities. In addition, demand has significantly weakened for synthetic resins and chemical materials for use in automobiles and home electric appliances against the backdrop of flagging personal consumption. Based on this, the Division is forecasting net sales of ￥1,103.0 billion, a decrease of 21% year on year, for fiscal 2010. Operating income is projected to decline 98% year on year to ￥0.1 billion. graph B graph C graph D Gross Trading Profit (￥ billion) 50 40 30 20 10 0 Operating Income (￥ billion) 5 Crude Oil and Coal Prices (US$/barrel) (US$/ton) 200 200 45.3 38.6 36.6 4.5 4.0 4 3 2 1 0.1 08/3 09/3 10/3 0 (Forecast) 08/3 09/3 10/3 Coal (Australian Thermal Coal Spot Price) 100 (right scale) Crude Oil 50 (WTI Spot Price FOB) (left scale) 0 150 150 100 50 (Forecast) 04/3 05/3 06/3 07/3 08/3 09/3 0
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44 Toyota Tsusho Corporation Produce & Foodstuffs Division Overview of Division and Strengths The Produce & Foodstuffs Division conducts various businesses in two fields. One is the grain field, where we mainly focus on upstream businesses involving the stable procurement of grain like wheat, rice and live stock feeds such as corn and other crops. The other is the foodstuffs field, where we mainly focus on midstream to downstream businesses involving the processing, manufacturing and sale of food materials, prepared frozen foods, and other general foodstuffs. Our main strength can be seen in our feed processing complexes, centered on four grain silos in Japan. Those silos are equipped with docks for large vessels to unload grains for direct supply to blended feed makers located further inland through our dedicated conveyor system. We are a top-ranked handler of feed grain in Japan. In wheat and flour, the Division has spent the past few decades establishing a comprehensive value chain spanning its ability to procure wheat from the U.S.A. and Canada to its sales network for flour in China and Southeast Asia. Among Japan’s trading companies, we now boast one of the largest handling volumes of wheat and flour. In the foodstuffs division, we are working to procure high-quality foodstuff materials from around the world and develop various food processing and production businesses using our processing bases worldwide in order to add value to our products. At the same time we are strengthening our food safety management functions and systems, including traceability, and have established a Food Safety Promotion Group within the Produce & Foodstuffs Division. The Division is actively developing new businesses targeting overseas markets to ensure the stable procurement and supply of food resources, while enhancing food safety management systems to maintain food reliability and safety. MAKOTO HYODO Managing Director, Chief Division Officer of Produce & Foodstuffs Division graph A Net Sales (￥ billion) 500 400 300 335.4 366.0 337.0 Above Toyota Tsusho’s grain terminal (silo) business boasts one of Japan’s largest storage capacities. Left The Toyota Tsusho Group’s food processing plants have rigorous quality and safety controls. 200 100 0 08/3 09/3 10/3 (Forecast)
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Annual Report 2009 45 Changes in Business Environment and Division Initiatives (see graph D) Japan relies on imports for most of its supplies of grains such as wheat, corn and soybeans, as well as oil-producing plant seeds. Meanwhile, countries and regions like the U.S.A. and South America are increasingly dominating the supply of these food materials, and there is stronger demand for food materials from China and Southeast Asian countries in step with their economic expansion. Meanwhile, with increased demand for food reliability and safety, mere mass imports are becoming insufficient. In light of these changes in the business environment, we’ve been making the most of the networks we’ve built worldwide over many years, while putting in place a system for gathering and analyzing information from production countries and regions such as the U.S.A., Australia, and South America by stationing people in these key places. These efforts are being made to ensure reliable supplies of food materials from the right place and at the right time. In response to stronger calls for food reliability and safety, we’ve been developing traceability functions to provide product history information from various processes such as cultivation, production, processing, distribution and sales, including data on buyers and sellers, as well as cultivation, production and processing procedures. For example, the Division carries out a strict “Identity Preserved Handling Procedure” unique to Toyota Tsusho to prevent as far as possible genetically modified (GM) corn being mixed with non-GM corn supplies. Careful controls have also been established in cultivation, production and processing systems, ranging from the screening of seeds to post-harvest sample inspections. In distribution and sales processes, we are reducing the number of material collections to minimize the risk of GM foods being mixed in with other supplies. As part of these efforts, the Division uses grain silos owned by Toyota Tsusho, which ensures a clearer understanding of how collection sites are controlled, and directly loads grains onto barges and ships. Meanwhile, we are also developing a quality assurance system where inspection certificates are issued for each process. In addition, amid rising awareness in Japan of the need to improve the food self-sufficiency rate, we are promoting the domestic vegetable growing business to help ensure food reliability and safety in Japan. Basic Strategies and Long-term Policies We are strengthening and expanding our business worldwide in cooperation with strategic partners in both grain and foodstuffs fields. Our main strategies are to develop overseas markets and ensure the stable procurement of domestic and overseas food resources. Meanwhile, amid global market conditions characterized by growing and diversifying demand for agricultural resources, we are working to establish a comprehensive value chain directly linked to Japanese and overseas markets. This will entail expanding our upstream operations in Japan to reinforce domestic businesses, while strengthening resource procurement capabilities in North America, South America and Asia in cooperation with strategic partners. Another goal is to improve our food manufacturing capabilities, with the view to strategically developing business targeting not only the Japanese market, but overseas markets as well. Outlook for Fiscal 2010 (see graphs A, B, C) The global economic downturn has led to large falls in grain prices, marking a sharp change from the surging grain prices seen through the first half of 2008, which were driven by growing and diversifying global demand for these resources. Based on this, the Division is forecasting net sales of ￥337.0 billion for fiscal 2010, a decrease of 8% year on year. However, the Division anticipates higher handling volumes of feed grain for Japanese and Southeast Asian markets, taking advantage of its ability to ensure the stable procurement of these resources. In addition, the Division aims to grow sales of wheat, soybeans and other agricultural produce in overseas markets. Consequently, operating income is projected to increase 3% year on year to ￥6.3 billion. graph B graph C graph D Gross Trading Profit (￥ billion) 25 Operating Income (￥ billion) 8 Major International Grain Prices (US$/ton) 1,200 19.9 20 15 21.5 21.0 6.1 6 6.3 1,000 800 600 4.3 4 10 5 0 2 08/3 09/3 10/3 0 Soybeans Rice Wheat Maize (corn) 400 200 0 (Forecast) 08/3 09/3 10/3 (Forecast) 04/3 05/3 06/3 07/3 08/3 09/3 * Monthly data Source: IMF Primary Commodity Prices
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46 Toyota Tsusho Corporation Consumer Products, Services & Materials Division Overview of Division and Strengths The Consumer Products, Services & Materials Division provides products and services that support people’s daily lives. The Division offers products and services in lifestyle-related businesses such as textile materials and products, housing materials and condominium construction, as well as automotive interior materials. Moreover, we are focused on increasingly important fields such as nursing care and insurance based on our watchwords of “reassurance,” “safety” and “comfort.” In the lifestyle business, we sell and rent nursing care equipment such as wheelchairs and beds in various regions in Japan. We have also begun taking new initiatives that make full use of our unique planning capabilities and product strengths. One example is offering new lifestyle proposals for senior citizens through the development of healthcare businesses and Universal Design products. Furthermore, in the insurance field, the Division conducts a worldwide insurance business to bring peace of mind to customers, as a non-life and life insurance agency. The Division is one of Japan’s leading insurance agencies in terms of the breadth and variety of its insurance products. The Division provides high-quality, integrated insurance services for both corporate customers and individuals, ranging from consulting to the signing of insurance policy agreements. In the textile products field, the Division develops and sells various functional materials in the apparel business. These include products based on the Division’s Gelanots? brand, which features highly waterproof and breathable fabric functions, and an anti-odor and antibacterial textile material called “V-CAT,” which utilizes a photocatalyst that can respond to room light. The Division is also engaged in the development and expansion of fashion brands such as O’Neill and TROY. In the urban development field, we develop and provide various types of housing and conduct a luxury condominium business to create more comfortable lifestyles. We are also planning and developing commercial facilities using real estate securitization schemes. In the lifestyle materials field, products based on the development of new eco-friendly textile materials and global production capabilities are marketed to the interior products, housing materials, graph A We are pursuing reforms based on two themes positioned as main strategic pillars: narrowing down operations so as to develop businesses with even higher profitability and making business investments that create opportunities for new earnings streams. JUN NAKAYAMA Managing Director, Chief Division Officer of Consumer Products, Services & Materials Division Net Sales (￥ billion) 500 400 300 379.0 311.5 342.0 Above This will be our first shopping mall, JFT, in Hong Kong. Left Our housing-related business offers safer and more comfortable living environments. 200 100 0 08/3 09/3 10/3 (Forecast)
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Annual Report 2009 47 and office furniture industries. In this manner, the Division works on a daily basis to provide products and services that are closely related to customers’ everyday lives. In the automotive interior materials field, which includes seat belts, airbags, floor mats and supplies, we bring to bear our functions as a comprehensive supplier, having established an integrated value chain from planning to materials procurement and textiles production backed by our worldwide network of textiles plants. floor mats for use in luxury vehicles. In the automotive interior materials field, the Division has been working to augment its functions as a comprehensive supplier. In the airbag business, where demand is expanding on the back of efforts to further improve auto safety, we have reinforced our business in China for producing airbag materials. Basic Strategies and Long-term Policies The Division broadly divides its business into six fields based on products handled: lifestyle, insurance, textile products, urban development, lifestyle materials and automotive interior materials. In each field, we have positioned two themes as main strategic pillars: narrowing down operations so as to develop businesses with even higher profitability and making business investments that create opportunities for new earnings streams. For example, in textile materials we are focusing on materials for industrial use centered on automobiles. Meanwhile, in apparel products, we are working to develop brand-name apparel and collaborate with companies with top-class product strengths in the industry. We are developing various products with Biscaye Holdings, Co., Ltd. and Fukusuke Corporation, with whom we forged equity-based business alliances in 2007. As an initiative to create new earnings opportunities, the Division is focusing on marketing and sales activities that take advantage of our extensive product lineups as in businesses targeting senior citizens. Changes in Business Environment and Division Initiatives (see graph D) In the lifestyle business, the Division has been increasing the number of its operating bases in Japan in step with growth in demand for the rental of nursing care equipment. In the insurance business, insurance is taking on an increasingly larger role as society itself becomes more and more complex. In this climate, the Division is working to develop insurance products that precisely reflect these changing times and has put in place effective systems to this end. For instance, in an event of an auto accident, we can provide assistance via the 365 Day Auto Accident Reporting and Consulting Center. Overseas, we are building an insurance network through such means as establishing and acquiring insurance agencies and brokerages, while establishing a captive insurance company with the aim of tightening risk controls. Through these measures, the Division is offering comprehensive consulting services related to insurance. In the textile products business, the Division is working to develop even better high value-added businesses principally by establishing an apparel retailing company in Hong Kong to begin supplying Japanese apparel brands overseas. In the urban development field, efforts are under way to develop residential housing and commercial facilities using the Company’s own real estate investment fund, in response to the real estate securitization market. In the lifestyle materials field, the Division is working to enhance its capabilities as a comprehensive supplier, through such means as establishing a joint venture operating company in China to manufacture and sell high-quality Outlook for Fiscal 2010 (see graphs A, B, C) In response to the global recession triggered by the financial crisis that began in the fall of 2008, the Division anticipates a downturn in the automotive interior materials business, which had previously grown steadily due to firm overseas demand, and a drop in textile product sales in Japan, among other areas. However, sales growth is projected mainly from commercial facilities developed in Japan. Based on this outlook, for fiscal 2010, the Division is forecasting net sales of ￥342.0 billion, up 10% year on year, and operating income of ￥8.4 billion, an increase of 88%. graph B graph C graph D Gross Trading Profit (￥ billion) 50 40 30 Operating Income (￥ billion) 12 No. of New Condominium Starts in Japan’s Three Largest Metropolitan Areas (Thousand units) 200 10.5 8.4 37.2 29.8 167.3 164.1 182.4 185.2 132.9 146.9 33.6 9 150 6 20 10 0 3 4.4 Tokyo Chubu (Nagoya) Kinki (Osaka) 100 50 08/3 09/3 10/3 0 (Forecast) 08/3 09/3 10/3 0 (Forecast) 03 04 05 06 07 08 * Data are for calendar years from January to December Source: Ministry of Land, Infrastructure, Transport and Tourism
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48 Toyota Tsusho Corporation CSR Activities Basic Approach to CSR For the Toyota Tsusho Group, CSR, rather than a special undertaking, is seen as being inseparable from managing all corporate activities. Through its wide-ranging business activities, Toyota Tsusho is closely involved in the lives of people around the world, and has a major role and responsibility to fulfill in terms of building a sustainable society for the future. Mindful of its relationships with stakeholders around the world, Toyota Tsusho is determined to conduct sincere business activities in compliance with laws and regulations in Japan and overseas, based on the themes of strengthening businesses and functions, protecting the environment and coexisting with society. These principles embody the Toyota Tsusho Group’s approach to CSR as we work to help build a sustainable society for the future. into the Specified Import & Export Control Committee, the Social Contribution Committee, the Conference on the Global Environment and the Safety Policy Committee, and built a structure enabling us to proactively conduct a wide range of CSR activities. (Please refer to the Corporate Governance Structure diagram on page 54.) The CSR Committee was formed to actively discuss not only matters related to Basic CSR Activities (see chart below) such as compliance and occupational health and safety, but also strengthening activities in Strategic and Charitable CSR Activities to meet growing societal expectations. Going forward, we will provide added value to society by implementing unique activities befitting Toyota Tsusho on a global basis. CSR Structure In January 2005, we reorganized the Corporate Ethics Committee and renamed it the CSR Committee, which is chaired by the president. The CSR Committee takes the central role in promoting CSR for the Toyota Tsusho Group and organizes committee meetings twice a year. In these meetings, from a Company-wide perspective, general managers of each product division’s planning department and general managers of the Administration Division and Global Strategic Integration Division report to participating committee members (management) on a range of issues, including results of activities, issues, and future measures, and in turn, receive guidance on future directions and measures to be implemented. In June 2009, we reorganized the organizations under the CSR Committee Creating a Safety-oriented Corporate Culture For the Toyota Tsusho Group, which is expanding globally in a quest to provide its customers with added value, ensuring safety is the foundation of trust. With many business sites creating value-added services such as processing and logistics in wide-ranging business fields, we recognize the creation of a safety-oriented culture as a top management priority. Realizing zero workplace accidents and zero hazards requires the establishment of both a framework for putting safety first and a framework for taking action based on results. Accordingly, Toyota Tsusho is actively engaged in human resources development, which is the starting point for safety, in addition to working to reduce risk at workplaces in Japan and overseas after carrying out risk assessments. Having appointed “Zero Workplace Accident Promoters” in Toyota Tsusho’s CSR Hierarchy Targeting Higher-Level CSR Activities [ Category A ] Desirable Actions [ Category B ] Social contribution activities, etc. Charitable CSR Activities Imperative Actions (Actions that give Toyota Tsusho an edge over competitors) [ Category C ] Clearly Necessary Actions (Actions that pose problems if not conducted) Strategic CSR Activities Solution of social issues through core businesses (recycling business, wind power generation business, etc.) Basic CSR Activities Compliance, occupational health and safety, etc.
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Annual Report 2009 49 each product division, we continue to work to enhance the capabilities of employees so that they can demonstrate leadership in safety management at their own worksites. In addition, because cooperation with sub-contractors and suppliers is essential to customers’ plant and delivery operations, we have organized a Safety Cooperation Council. This council makes routine safety inspections of worksites and provides guidance as well as convenes periodic safety meetings to boost safety awareness. Furthermore, we conduct preliminary inspections at the planning stage to assess whether safety assurance frameworks and safety measures have been adopted in business investments involving construction work. The Toyota Tsusho Group is dedicated to fostering a common understanding among each and every employee that “safety assurance is essential to a company’s continued existence,” and to constructing a system that encourages employees to take ownership of safety-related issues and activities. A Stronger Approach to the Environment Given that climate change and other environmental issues, as well as the transformation of energy systems, are being discussed around the world, companies must further accelerate their efforts to achieve a “sustainable society.” The Toyota Tsusho Group is making a Group-wide effort to pursue both economic development and environmental preservation through its business activities. In particular, positioning the reduction of CO2 emissions as a top priority for the Group’s overall business activities, the company promotes the recycling of metals, automobiles, consumer electronics and other items at all its operating bases around the world. To help combat global warming, we are engaged in the development and sale of devices and products that help to protect the environment, clean energy, and the emissions rights business through CDM (Clean Development Mechanism) projects in emerging countries, among other initiatives. To maintain good relationships with all stakeholders, environmental considerations are becoming increasingly important alongside the proactive disclosure of Creating Value through Diverse Human Resources Energetic employees are the driving force behind a business. The Toyota Tsusho Group promotes diversity in its human resources that “aims for the creation of new value through an organization where everybody is empowered regardless of gender or age, nationality or culture.” The Toyota Tsusho Group does business through more than 400 group companies in approximately 60 nations around the world, with overseas bases accounting for approximately 70% of operating income. To achieve the Toyota Tsusho Group’s corporate vision, it is essential to have a national staff that is highly knowledgeable about the business conditions in a given nation. We have established a global personnel strategy and are training employees responsible for managing operations overseas based on the basic stance of respecting the world’s diverse values. Additionally, we support a healthy work-life balance to create an environment that enables each and every employee to reach their full potential as individuals. In May 2007, we substantially revised our internal guidelines related to childcare and initiated programs aimed at creating an environment that is genuinely supportive of both work and home life. By vigorously promoting these programs, we are confident of creating relationships among employees worldwide that allow each employee to sharpen skills and knowledge, while working together under the shared vision of the “Toyota Tsusho Group Way,” which is encapsulated in the key words “real places, real things, reality,” “commercial spirit,” and “team power.” information and detailed responses to customers. To remain a company that earns the trust of society, the Toyota Tsusho Group will continue to pursue environmental preservation programs in order to fulfill its corporate social responsibilities. Social Contribution Activities The Toyota Tsusho Group adheres to the guiding principle of contributing to society as a good corporate citizen. Accordingly, the Group interacts directly with local communities while actively participating in an array of activities to find solutions to issues facing society and promoting initiatives aimed at ensuring people’s happiness and wellbeing. Moreover, we promote activities in which people can see our “corporate face” by encouraging employee participation in volunteer activities to provide direct personal support. Additionally, the Social Contribution Committee was established in June 2008, after beginning preparations in 2007. The committee positioned people (education), society (welfare), and the Earth (environment) as the key themes in light of our Corporate Philosophy. By electing the well-balanced pursuit of three approaches, consisting of 1) contributing financially, coupled with planning and implementing voluntary programs as a company; 2) creating a culture and systems that support participation/ contribution through volunteering by directors and employees; and 3) contributing to a recycling-oriented society and reducing the burden on the Earth’s environment through business activities, we are able to address our social responsibility of “creating a more prosperous society” through activities that are unique to the Toyota Tsusho Group.
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50 Toyota Tsusho Corporation Social Contribution Activities Around the World Today, Toyota Tsusho conducts social contribution activities around the world. China (Beijing) ? Homestay in Japan for Chinese students, support for company visits project (sponsored by The Japanese Chamber of Commerce and Industry in Beijing, China) Poland ? Education on the proper treatment of waste materials Myanmar ? Scholarship grants to children of workers at bean sorting factories Malaysia ? Support of 2008 Japan Charity Festival & Bazaar (Japanese Association) Thailand ? Educational support, school lunch donations, cleaning of temples ? Providing lunches; donation of education equipment and toys ? Reforestation Belgium ? Reforestation efforts through NGO activities for wilderness protection Mauritius ? Educational support for underprivileged children through Toyota Fund South Africa ? Movement to eradicate HIV/AIDS (Employee volunteers/Employee education) Singapore ? Contribution of proceeds of charity ice cream sale to hospital [ Education ] Fostering a Nurturing Spirit A Secure Learning Environment for Children ?Support for Schools in Remote Areas Toyota Tsusho Thailand chose CSR as the theme of its annual “POWER UP PROJECT” in 2007 and 2008, with company departments conducting their own social contribution activities. The Machinery and Energy departments donated kerosene lamps and dry food to remote, underdeveloped schools without electricity and only accessible by boat. At schools with aging cafeteria facilities, cafeterias were remodeled and on-campus mushroom cultivation facilities were installed. Scholarships, books, kitchen equipment and other resources were also provided. [ Environment ] Cleaning Up Everyone’s Planet Aiming for a Beautiful Forest ?Underbrush Clearing at the Foot of Mount Fuji In the run-up to the planned start of the “Toyota Tsusho Forest” reforestation project in 2009, a total of 47 employees and family members from bases in Tokyo, Nagoya, and Osaka volunteered in summer 2008 to clear underbrush with OISCA-International at the foot of Mount Fuji. After receiving guidance from local volunteers on how to hold the tools and clear the brush, all participants worked together to clear the tough, overgrown brush. In a questionnaire distributed afterwards, many enthusiastically reported that their “awareness of environmental protection increased” and they “wanted to participate again.” This was a big first step toward the reforestation project.
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Annual Report 2009 51 Other Social Contribution Activities Belgium ? Collecting PET bottle caps to donate wheelchairs to hospitals ? Contribution to Japanese Embassy Wives Circle Bazaar ? Exhibit at Japanese Association “Autumn Festival” Czech Republic ? Collecting PET bottle caps to donate to nursery schools Bangladesh Thailand Malaysia Singapore ? Exhibit, prize donation at Japanese Association “Spring Festival” ? Japan CUP Golf Tournament (Provided polo shirts and caps) ? Construction of a new library ? Donation of sporting goods, PCs, and books ? Trip to a resort in Malaysia with children and staff from orphanage ? Community chest (From employee salaries, matching corporate contributions) ? Fund-raising for Japanese Association, Japanese Chamber of Commerce ? Fund-raising for Myanmar Cyclone Relief ? Activities celebrating 50th anniversary of establishment of diplomatic relations between Japan and Indonesia ? Jakarta Japan Club Scholarship endowment activities ? Donation of stationery supplies to elementary schools in impoverished areas ? Provision of goods for Society of Commerce and Industry Bazaar ? Donation of relief money for victims of Great Sichuan Province Earthquake ? Donation of relief money for victims of Great Sichuan Province Earthquake ? Donation of relief money for victims of Great Sichuan Province Earthquake ? Operational support for Japanese school ? Soccer training for Japanese children ? Operational support for supplementary study school for Japanese stationed in Shenyang ? Contribution to school construction activities ? Participation in activities for protection of global environment ? Supporting independence for handi-capable persons ? Contributions to County Chamber of Commerce ? Contributions to Japanese school ? Support for abused and battered wives ? Sponsorship for soccer and baseball teams ? Child abuse care and prevention ? Employee volunteer activities ? Purchase of Christmas presents for the needy families, and scholarships ? Contributions to city, high schools, basketball team, YMCA, American Cancer Society, etc. ? Donation of bicycles for Christmas ? Support for breast cancer treatment research ? Japanese cultural activities ? Coordination of contributions (contributions toward facilities for preservation of materials in Japanese Immigration Museum) ? Collection of contributions supporting fund for handicapable persons ? Contributions and gifts to low-income families Indonesia Vietnam Hong Kong [ China ] Guangzhou Tianjin Dalian Japan ? Donation of chocolate by Grand Place Corporation ? Donation of solar-powered lighting to elementary schools by Toyotsu Energy Corporation Philippines [ USA ] Princeton Lafayette Los Angeles Maryville Chicago Argentina ? Donation of stationery supplies and educational materials to welfare institutions Battle Creek Georgetown [ Welfare ] Building a Harmonious, Bountiful Society Support for “Project for the End of Unelectrified Villages” (RENDEV project, PLANET FINANCE) ?Indonesian “Project Supporting Independence From Poverty” Toyota Tsusho was the first Japanese company to participate in the RENDEV project (“Project for the End of Unelectrified Villages”) conducted by the “PLANET FINANCE” NPO. This project utilizes microfinancing to introduce solar power to regions without electricity in Indonesia and Bangladesh. Through new forms of energy, the project supports needy families and small businesses that enable financial independence. In 2008, Toyota Tsusho provided partial project funding for PLANET FINANCE. In December, staff from Japan and a local representative office were sent to observe solar panel installation and maintenance training in Indonesia. Memphis Arkansas Miami & Dania Beach Brazil Chile Please refer to our CSR website for further details. http://www.toyota-tsusho.com/english/corporate/csr.cfm
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52 Toyota Tsusho Corporation Corporate Governance and Internal Control Systems Corporate Governance Basic Approach to Corporate Governance The Toyota Tsusho Group has established the following corporate philosophy: “Living and prospering together with people, society, and the globe, we aim to be a value-generating corporation that contributes to the creation of a prosperous society.” The Group has established “Behavioral Guidelines” as a fundamental code of conduct for realizing this philosophy in a legal and appropriate manner as a good corporate citizen. In line with its corporate philosophy, in May 2006, the Board of Directors approved the “Basic Policies on Establishing Internal Control Systems.” By putting in place systems for ensuring proper operations throughout the Company, we seek to pass on to younger employees a deeper understanding of the Toyota Tsusho Group Way, which sets forth the Group’s unique values, beliefs, and daily principles of conduct. The overriding goal is to fulfill the Group’s mission by creating value from the customer’s perspective. Guided by these Basic Policies, we are actively working to further raise management efficiency, enhance transparency, enforce rigorous compliance, and establish a sounder financial position. We also disclose information through our corporate website and various publications in order to broaden public understanding of the Toyota Tsusho Group. In addition, we are working to enhance our public relations and investor relations activities by holding company presentations for the general public in various locations, and creating opportunities for management to communicate with the news media on a regular basis. The Toyota Tsusho Group way Real places, real things, reality From “nothing” to “something” With the mobilization of advanced expertise, ability to judge, information gathering ability, the ability to build human relationships, the strengths of the location and human resources at our disposal, and through the art of joining these abilities together, we can discover new types of business and create business from “Nothing.” Value creation from our customers’ point of view Commercial Team spirit power From a one-dimensional point past a two-dimensional line to a three-dimensional plane From upstream fields all the way to downstream, through the construction of a global and speedy value chain, we aim to combine our functions. Commercial spirit An indomitable spirit By possessing a spirit strong enough to accomplish things, the toughness to absolutely never give up right to the very end, and by brimming over with passion, we will be able to achieve our goals. Real places, real things, reality Inquiring into the true needs of our customers By visiting the actual places, seeing the actual things, and looking straight ahead at reality, and always following rules and guidelines, with our own eyes, we can make the right decisions. Team power Individual power Setting ourselves tasks and then accomplishing them independently and autonomously: we strive for awareness that we are professionals, and improvement of our own abilities. A progressive spirit Through our lofty ambitions and expressions of freedom, we will be the first to catch the current of the times. We aim to create functions and business by honing our five senses and ensuring we are always one step ahead to help our customers. Putting PDCA* into practice By ascertaining the essence of reality, and without being bound by stereotypes or prejudices, we can always bring the problem to light, and carry out improvements, reforms, and innovations. * PLAN, DO, CHECK, ACTION Teamwork We will build relationships of mutual trust by stressing dialogue, pooling our wisdom, and acting in sympathy and cooperation. We can implement everything from the viewpoint of total optimization by taking responsibility combined with flexibility, providing a positive impact to everyone around us.
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Annual Report 2009 53 Corporate Governance Structure Toyota Tsusho conducts Group-wide management based on the divisional system. Currently, the Company has a total of eight divisions: six product divisions, the Administration Division and the Global Strategic Integration Division. Each division is led by a director appointed as Chief Division Officer. The duties of these directors encompass management at both the corporate and divisional levels. In April 2006, Toyota Tsusho introduced an Executive Officer System with the aims of raising management efficiency and reinforcing internal control. This move has expedited decision-making and enhanced management efficiency by streamlining the Board of Directors so that directors and executive officers can focus on corporate and divisional management, respectively, with the latter serving as Deputy Chief Division Officers. Directors and executive officers report, exchange information, and hold meetings on matters related to their mutual business execution and provide mutual oversight and checks through participation in the Business Management Committee and Business Operating Committee (both held monthly), as well as the ERM (Enterprise Risk Management) Committee and the CSR Committee (both held twice a year) and the Corporate Management Committees (each held at least twice a year). Toyota Tsusho has adopted the corporate auditor model of corporate governance to audit the duties of directors. Five corporate auditors, who are elected at the general meeting of shareholders, conduct audits of and provide checks over the duties of directors through attendance in meetings of the Board of Directors and the Board of Corporate Auditors, both of which are held at least once a month. The corporate auditors also gather information needed to audit the status of business execution at product divisions. Toyota Tsusho has introduced a stock option system to grant stock options to directors and certain employees of the Company, as well as to directors of Group companies and other personnel, with the aim of boosting motivation, raising group awareness, and promoting Groupwide management. The corporate auditors attend meetings of the Stock Option Committee, which monitors the implementation status of the stock option system and discusses planned stock-option issuances, in order to provide checks over initiatives related to providing additional incentive for directors. Three of the five corporate auditors are outside corporate auditors, each of whom either holds a concurrent directorship or has previous experience in such a position at companies that are major shareholders of Toyota Tsusho and are significant customers of the Company in terms of business. Toyota Tsusho therefore believes that the corporate auditors are appropriately and effectively conducting audits and providing checks of directors’ duties based on their broad knowledge of the Company’s industries and deep understanding of its businesses, as well as from the perspective of shareholders. The Company has also assigned dedicated staff to assist with the duties of corporate auditors, including outside corporate auditors. Toyota Tsusho’s senior management and the outside corporate auditors hold meetings around twice a year to exchange opinions on various issues. In addition, the ERM Department of Toyota Tsusho conducts Company-wide integrated risk management as an internal audit division. In accordance with internal audit rules, and audit policies and plans approved by the president, the ERM Department conducts audits of Toyota Tsusho and Group companies and meets with the corporate auditors of Toyota Tsusho every month to report on audit findings and exchange opinions, with the view to raising audit efficiency and quality. Additionally, Toyota Tsusho has established the Corporate Management Committees to enable directors and executive officers to discuss measures to resolve management issues from a Company-wide perspective, and consult the Board of Directors as necessary. Under this framework, the committees worked to address three Company-wide issues in fiscal 2009: improving human resources development, overseas regional strategies and IT strategies. (Objectives of the Corporate Management Committees) ? Human Resources Enhancement Committee: Discuss recruitment of personnel; human resources development, including local overseas staff; promoting the use of female staff, and facilitating the employment of persons with disabilities. ? Overseas Regional Strategy Committee: Planning and promotion of strategies for key overseas markets (Asia/Oceania, China, Europe, North and Central America) as well as for emerging nations and resource-rich countries. ? IT Strategy Committee: Discuss Company-wide policies on IT strategies.
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54 Toyota Tsusho Corporation Internal Control System We believe that the purpose of establishing an internal control system is to put in place systems for ensuring proper operations throughout the Toyota Tsusho Group based on our corporate philosophy. The overriding goal is to fulfill the Group’s mission as a good corporate citizen by creating value from the customer’s perspective as we pass on to younger employees a deeper understanding of the Toyota Tsusho Group Way, which sets forth the Group’s unique values, beliefs and daily principles of conduct. To establish such a system, in May 2006 the Board of Directors approved the “Basic Policies on Establishing Internal Control Systems.” With this move, we have clarified the duties of directors and established a system that enables us to confirm in a timely and appropriate manner the status of our systems for ensuring appropriate operations. We also revise these basic policies in accordance with changes in the environment. Compliance Structure Toyota Tsusho works hard to ensure that directors and employees perform their duties in accordance with laws, regulations, and the Company’s Articles of Incorporation. For example: the Company has distributed its Code of Ethics, including digests, to all directors and employees; formed the CSR Committee (see below), which is chaired by the president; and established information sharing systems and checks and balances at the divisional level through the Business Management Committee, Business Operating Committee, and other forums. Additionally, the ERM Department, which is responsible for Company-wide integrated risk management, carries out the evaluation, management, checking and monitoring of business execution in business processes. Other duties of the ERM Department include creating systems for ensuring the reliability of financial reporting, establishing internal reporting systems and conducting internal audits. Furthermore, Corporate Governance Structure (As of July 2009) General Meeting of Shareholders Election / Dismissal Audit Board of Directors Report Put Forward Important Matters for Discussion; Report on the Status of Business Execution Election / Dismissal Report Corporate Auditors / Board of Corporate Auditors Election / Dismissal Independent Auditors Report Audit Stock Option Committee Oversight of Directors’ Duties Election and Oversight of Executive O?cers Business Execution Organizations President CSR Committee ERM Committee ERM Conference Company-wide Integrated Risk Management (Including Internal Audits) Command / Oversight ? Speci?ed Import & Export Control Committee ? Social Contribution Committee ? Safety Policy Committee Safety Management Improvement Committee ? Conference on the Global Environment Executive Board Members’ Meeting Business Management Committee Business Operating Committee Corporate Management Committees Executive O cers Administration Division Global Strategic Integration Division Cooperation Checking / Support Six Operating Divisions All Group Companies (Japan, Overseas)
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Annual Report 2009 55 with the aim of fundamentally preventing misconduct, the Company offers a unique educational program in addition to conventional internal examinations and training courses. This program examines and explains the psychological aspects of the chain of events that could trigger misconduct. System for Eliminating Anti-social Forces Toyota Tsusho has established a system for eliminating anti-social forces in cooperation with specialized institutions outside the Company such as the National Center for the Elimination of Boryokudan* and the National Police Agency’s Organized Crime Countermeasures Bureau. Toyota Tsusho’s Nagoya Head Office, Risk Management System Having established rules and other systems concerning the management of the risk of future losses, Toyota Tsusho formulates management rules for various risks, conducts training programs, distributes manuals and takes other actions. The Company appropriately recognizes and manages risks encountered in the course of its business activities, including the quantification of risk assets, by formulating guidelines and management rules for risks requiring particular caution in Toyota Tsusho’s business activities, namely investment and financing, credit, market, OH&S, and environmental risks. In addition, appropriate risk management systems have been established by the relevant departments in charge of other areas, such as information security and crisis management. Furthermore, the ERM Committee and ERM Conference seek to understand risks on a Company-wide basis and identify issues. Tokyo Head Office and Osaka Head Office are members of the Aichi Prefecture Corporate Defense Council, NPA Special Violence Prevention Council, and the Osaka Corporate Defense Alliance Council, respectively. As members, each Head Office receives guidance while working to share information with relevant parties. In the event that an illegitimate request is received from anti-social forces, the General Administration Department, as the designated department responsible for responding to such cases, resolutely stands up to such requests in cooperation with relevant agencies such as the police and lawyers. * Japanese crime syndicates Information Management System Toyota Tsusho has formulated regulations and standards for information storage and management and has clarified departmental responsibility and storage periods for each type of document. System for Ensuring Appropriate Group Company Operations To ensure appropriate operations throughout the Group, Toyota Tsusho holds meetings of Group-wide management committees to increase awareness of Group policies and share information. Toyota Tsusho strives to ascertain and manage important matters relating to subsidiaries’ financial positions and operational issues without causing any unreasonable, adverse impact on the operations of those subsidiaries. In accordance with the systems of subsidiaries, directors and corporate auditors are dispatched to supervise and audit operations as necessary. Furthermore, internal audits are conducted by Toyota Tsusho’s ERM Department.
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56 Toyota Tsusho Corporation Management (As of July 1, 2009) Board of Directors Chairman Vice Chairman President Executive Vice President Executive Vice President MASAAKI FURUKAWA KATSUNORI TAKAHASHI JUNZO SHIMIZU KIYOSHI FURUBAYASHI KOJI OSHIGE Senior Managing Director Senior Managing Director Senior Managing Director Senior Managing Director Senior Managing Director YOSHIMASA KONDO Chief Division Officer of Energy & Chemicals Division KENJI TAKANASHI Chief Division Officer of Global Strategic Integration Division MIKIO ASANO Chief Division Officer of Administration Division HISASHI YAMAMOTO Chief Division Officer of Machinery & Electronics Division YASUHIKO YOKOI Deputy Chief Division Officer of Global Strategic Integration Division and Administration Division Board of Directors & Corporate Auditors Chairman Vice Chairman President Executive Vice Presidents Senior Managing Directors MASAAKI FURUKAWA KATSUNORI TAKAHASHI JUNZO SHIMIZU KIYOSHI FURUBAYASHI KOJI OSHIGE YOSHIMASA KONDO KENJI TAKANASHI MIKIO ASANO HISASHI YAMAMOTO YASUHIKO YOKOI Chief Division Officer of Energy & Chemicals Division Chief Division Officer of Global Strategic Integration Division Chief Division Officer of Administration Division Chief Division Officer of Machinery & Electronics Division Deputy Chief Division Officer of Global Strategic Integration Division and Administration Division Chief Division Officer of Produce & Foodstuffs Division Chief Division Officer of Automotive Division Chief Division Officer of Metals Division Chief Division Officer of Consumer Products, Services & Materials Division Managing Directors MAKOTO HYODO SEIICHIRO ADACHI MINORU HAYATA JUN NAKAYAMA Standing Corporate Auditors SHOZO HAMANA TATSUYA KUGO Corporate Auditors TETSURO TOYODA KYOJI SASAZU YUKITOSHI FUNO
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Annual Report 2009 57 Managing Director Managing Director Managing Director Managing Director MAKOTO HYODO Chief Division Officer of Produce & Foodstuffs Division SEIICHIRO ADACHI Chief Division Officer of Automotive Division MINORU HAYATA Chief Division Officer of Metals Division JUN NAKAYAMA Chief Division Officer of Consumer Products, Services & Materials Division Corporate Auditors Standing Corporate Auditor Standing Corporate Auditor Corporate Auditor Corporate Auditor Corporate Auditor SHOZO HAMANA TATSUYA KUGO TETSURO TOYODA KYOJI SASAZU YUKITOSHI FUNO Executive Officers Managing Executive Officers MASANORI YAMASE MASAMI SHIMIZU TOSHINAO MIKAMI MAKOTO ITO JUN KARUBE HIROSHI TAKANO TAMIO SHINOZAKI HIROKI SAWAYAMA AKIMASA YOKOI President of Toyota Tsusho America, Inc. Deputy Chief Division Officer of Administration Division Director for Domestic Strategy & Coordination Deputy Chief Division Officer of Automotive Division Deputy Chief Division Officer of Machinery & Electronics Division President of Toyota Tsusho (Thailand) Co., Ltd. Deputy Chief Division Officer of Global Strategic Integration Division President of Toyota Tsusho Europe S.A. and Toyota Tsusho U.K. Ltd. Chief Representative for China NOBUYUKI MINOWA MINORU MURATA TAKAHIRO HASEGAWA YOSHIFUMI ARAKI HIROFUMI SATO YOSHIKI MIURA MASANORI SHIMADA KAZUYUKI MUTO YASUSHI OKAMOTO Executive Vice President of Toyota Tsusho America, Inc. Deputy Chief Division Officer of Metals Division Deputy Chief Division Officer of Produce & Foodstuffs Division Deputy Chief Division Officer of Consumer Products, Services & Materials Division Deputy Chief Division Officer of Administration Division Deputy Chief Division Officer of Produce & Foodstuffs Division Deputy Chief Division Officer of Consumer Products, Services & Materials Division Deputy Chief Division Officer of Automotive Division Deputy Chief Division Officer of Machinery & Electronics Division Deputy Chief Division Officer of Metals Division Deputy Chief Division Officer of Energy & Chemicals Division Deputy Chief Division Officer of Energy & Chemicals Division Deputy Chief Division Officer of Machinery & Electronics Division Executive Officers TAKUMI SHIRAI KUNIAKI YAMAGIWA Deputy Chief Division Officer of Metals Division Deputy Chief Division Officer of Administration Division Machinery & Electronics Division Deputy Chief Division Officer of Global Strategic Integration Division Deputy Chief Division Officer of Energy & Chemicals Division Deputy Chief Division Officer of Automotive Division SHIZUKA HAYASHI TAKESHI MATSUSHITA HIDEKI YANASE TAKAHIRO KONDO SOICHIRO MATSUDAIRA Deputy Chief Division Officer of YUICHI OI HIDEKI YASUKI TAKASHI HATTORI Note: Company names and titles indicated are as of July 1, 2009.
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58 Toyota Tsusho Corporation Network (As of July 1, 2009) Organization Chart General Meeting of Shareholders Executive Board Members’ Meeting President Corporate Auditors Board of Corporate Auditors Metals Division Metal Planning Dept. Steel Sheet & Plate Sales Dept. 1 Steel Sheet & Plate Sales Dept. 2 Steel Bar, Wire Rod, Pipe & Construction Material Dept. Non Ferrous Metals Dept. Metal & Mineral Resources Dept. Iron & Steel Raw Material Dept. Steel Export Dept. Tokyo Metals Dept. Hamamatsu Metals Dept. Osaka Metals Dept. Kyushu Metals Dept. Machinery & Electronics Planning Dept. Toyota Automotive Units Machinery Dept. Toyota Automotive Body Machinery Dept. Machinery Service & Parts Dept. Machinery Dept. Tokyo Machinery Dept. Osaka Machinery Dept. Hamamatsu Machinery Dept. Global Industrial Machinery Dept. Material Handling & Construction Machinery Dept. Electronics Dept. Information System Dept. Global Production Parts Dept. 1 Global Production Parts Dept. 2 Global Production Parts Strategic Integration Dept. Automotive Planning Dept. S-Team Dept. (Sales Quality Enhancement) The Americas Automotive Dept. Europe Automotive Dept. China Automotive Dept. Asia & Oceania Automotive Dept. Middle East & Pakistan Automotive Dept. Africa Automotive Dept. Tokyo Automotive Dept. Osaka Automotive Dept. Automotive Customer Service Dept. Automotive Business Development Dept. Energy & Chemicals Planning Dept. Organic Chemicals Dept. Industrial Chemicals Dept. Fine Chemicals Dept. Plastics Dept. Automotive Materials Dept. 1 Automotive Materials Dept. 2 Electronics & Performance Materials Dept. Composite Plastics Business Dept. Energy Dept. Energy & Infrastructure Projects Dept. Energy Projects Development Dept. Produce & Foodstuffs Planning Dept. Produce & Foodstuffs Business Development Dept. Feed & Oilseeds Dept. Produce Dept. Foodstuffs Dept. Osaka Produce & Foodstuffs Dept. Consumer Products, Services & Materials Planning Dept. Life Style Business Dept. Insurance Dept. 1 Insurance Dept. 2 Textile Products Dept. Estate Development Dept. Living Materials & Products Dept. Automotive Parts & Materials Dept. 1 Automotive Parts & Materials Dept. 2 ERM Committee Executive Vice Presidents’ Meeting Business Management Committee Business Operating Committee CSR Committee Corporate Management Committees Safety Management Dept. Global Environment & Production Kaizen Dept. Machinery & Electronics Division Automotive Division Administration Division Secretarial Dept. Corporate Planning Dept. Marketing Research Dept. Human Resources Dept. General Administration Dept. Corporate Accounting Planning Dept. Business Accounting Dept. Financial Planning Dept. Enterprise Risk Management Dept. Credit & Trade Control Dept. Legal Dept. A liate Planning & Administration Dept. Global IT Dept. Toyota Coordination Dept. Domestic O ces: 16 Overseas Offices: 30 Overseas Trading Subsidiaries: 27 Energy & Chemicals Division Produce & Foodstu s Division Global Strategic Integration Division Global Strategic Integration Planning Dept. Global Project Planning Dept. Business Development Dept. Global Logistics Planning Dept. Global Logistics Operation Dept. Global Strategic Logistics Dept. Global Project Integration Dept. Consumer Products, Services & Materials Division
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Annual Report 2009 59 Network Japan TOYOTA TSUSHO CORPORATION Nagoya Head Office: 9-8, Meieki 4-chome, Nakamura-ku, Nagoya 450-8575, Japan Tokyo Head Office: 8-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100-8320, Japan Osaka, Hamamatsu, Toyota, Kariya, Hokkaido, Tohoku, Niigata, Hokuriku, Hiroshima, Kyushu, Matsumoto, Mishima, Fukuyama, Takamatsu Africa TOYOTA TSUSHO CORPORATION Alexandria, Alger, Cairo, Tunis TOYOTA TSUSHO (TAIWAN) CO., LTD. 5F., No. 101 Songren Rd., Sinyi District, Taipei City, Taiwan TOYOTA TSUSHO (THAILAND) CO., LTD. 607 Asoke-Dindaeng Rd., Kwaeng Dindaeng, Khet Dindaeng, Bangkok 10400, Thailand TOYOTA TSUSHO AFRICA PTY. LTD. 5th Floor, 138 West St., Sandton, South Africa Durban, Nairobi KASHO INTERNATIONAL (THAILAND) CO., LTD. 607 Asoke-Dindaeng Rd., Kwaeng Dindaeng, Khet Dindaeng, Bangkok 10400, Thailand North America TOYOTA TSUSHO AMERICA, INC. Head Office: 700 Triport Rd., Georgetown, KY 40324, U.S.A. Ann Arbor, Arkansas, Atlanta, Battle Creek, Boston, Chicago, Columbus, Dania Beach, Detroit, Erlanger, Hollywood, Houston, Huntsville, Jackson, Lafayette, Los Angeles, Memphis, Miami, Missouri, Monterrey, New York, Ontario, Pittsburgh, Princeton, San Antonio, San Diego, San Francisco, Tennessee, Tupelo, West Virginia Middle East TOYOTA TSUSHO CORPORATION Amman, Dubai, Jeddah, Sharjah TOYOTA TSUSHO (MALAYSIA) SDN. BHD. Rm. No. 1404, Wisma Lim Foo Yong, No. 86 Jalan Raja Chulan, 50718 Kuala Lumpur, Malaysia TOYOTA TSUSHO EUROPE S.A. Gebze Kocaeli TOYOTA TSUSHO (SINGAPORE) PTE. LTD. TOMEN IRAN LIMITED LIABILITY COMPANY No. 27 Shahid Naghdi St., Ostad Motahari Avenue, Tehran, 1576643535, Iran 600 North Bridge Rd. No.19-01 Parkview Square, Singapore 188778 Central & South America TOYOTA TSUSHO CORPORATION Santiago, Lima Asia TOYOTA TSUSHO CORPORATION Makati, Beijing, Guangzhou, Vientiane, Jakarta, Yangon, Dhaka, New Delhi, Mumbai, Bangalore, Colombo, Islamabad, Lahore, Karachi, Phnom Penh P.T. TOYOTA TSUSHO INDONESIA Mid Plaza 2 Bldg. 10th Floor, Jl. Jend. Sudirman kav. 10-11 Jakarta 10220, Indonesia Bandung, Cibitung TOYOTA TSUSHO AMERICA, INC. San Jose (Costa Rica) MYANMAR TOYOTA TSUSHO CO., LTD. Sedona Business Suite No. 03-12 No. 1, Kaba Aye Pagoda Rd., Yankin Township, Yangon, Myanmar TOYOTA TSUSHO KOREA CORPORATION TOYOTA TSUSHO DE VENEzUELA, C.A. Av. Francisco de Miranda con Av. Arturo Uslar Pietri, Edificio Torre Metalica, Piso 14, Urb. Chacao, Sector Chacao, Municipio Chacao Estado Milanda, Caracas, Venezuela Rm. No. 1809, Kukudong Bldg., 60-1, 3 Ka, Chungmuro, Chung-gu, Seoul, Korea TOYOTA TSUSHO INDIA PVT. LTD. Bldg. No. 4, Plot No. 20, Toyota Techno Park, Bidadi Ind. Area, Ramanagar Taluk, Bangalore (Rural) District, 562 109 India Bangalore, Mumbai, New Delhi, Chennai TOYOTA TSUSHO PHILIPPINES CORPORATION Block 4, Lot 2, Main Road 3, Calamba Premiere International Park, Calamba Laguna, Philippines Makati S.C. TOYOTA TSUSHO DO BRASIL LTDA. Edificio Parque Cultural Paulista Avenida Paulista 37-5 andar, CEP 01311-902, Bairro, Paraiso, Sao Paulo, SP, Brazil TOYOTA TSUSHO VIETNAM CO., LTD. TOYOTA TSUSHO (CHINA) CO., LTD. Rm. No. 220 Beijing Fortune Bldg. No. 5, Dong San Huan Bei Lu Chaoyang District, Beijing, China Sun Red River Building, Room 608, 23 Phan Chu Trinh, Phan Chu Trinh Street, Hoan Kiem District, Hanoi, Vietnam Ho Chi Minh TOYOTA TSUSHO ARGENTINA S.A. Ruta Panamericana Km.29.4 (B1618EZE), El Talar, Provincia de Buenos Aires, Argentina TOYOTA TSUSHO (DALIAN) CO., LTD. 7F Senmao Bldg., 147 Zhongshan Rd., Dalian, China Harbin, Shengyang Oceania TOYOTA TSUSHO (AUSTRALASIA) PTY. LTD. 231-233 Boundary Rd., Laverton North, VIC 3026, Australia Sydney, Perth C.I. TOYOTA TSUSHO DE COLOMBIA S.A. Calle 113 No.7-21 Oficina 607 Torre A Teleport Business Park, Colombia TOYOTA TSUSHO (TIANJIN) CO., LTD. 32th Floor, the Exchange Office Tower, 189 Nanjing Rd., Heping District, Tianjin, China Beijin, Changchun Europe TOYOTA TSUSHO EUROPE S.A. Belgicastraat 13, 1930 Zaventem, Belgium Budapest, Dusseldorf, Liberec, Milan, Paris, Prague, Valenciennes, Walbrzych TOYOTA TSUSHO (N.z.) LTD. Level 16, Westpac Tower, 120 Albert St., Auckland 0600, New Zealand TOYOTA TSUSHO (SHANGHAI) CO., LTD. 12th Floor, K.WAH CENTER, 1010 Huaihai Zhong Rd., Shanghai, China Chengdu, Chongqing, Hangzhou, Nanjing, Nantong, Qingdao, Wuxi, Yantai TOYOTA TSUSHO U.K. LTD. 5th Floor, 63 Queen Victoria Street, London EC4N 4UA, United Kingdom Derby TOYOTA TSUSHO (GUANGzHOU) CO., LTD. Rm. No. 5503, Citic Plaza, 233 Tian He North Rd., Guangzhou, China Russia & the CIS TOYOTA TSUSHO CORPORATION Almaty, Moscow, Tashkent TOYOTA TSUSHO (H.K.) CORPORATION LTD. Rm. No. 2702, Block 1, 27th Floor, Admiralty Centre, 18 Harcourt Rd., Hong Kong, China Xiamen
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60 Toyota Tsusho Corporation Principal Consolidated Subsidiaries and Affiliates by Equity Method (As of March 31, 2009) Main Regional Subsidiaries Company Name Toyota Tsusho (China) Co., Ltd. Toyota Tsusho (Dalian) Co., Ltd. Toyota Tsusho (Tianjin) Co., Ltd. Toyota Tsusho (Shanghai) Co., Ltd. Toyota Tsusho (Guangzhou) Co., Ltd. Toyota Tsusho (H.K.) Corporation Limited Toyota Tsusho Korea Corporation Toyota Tsusho Philippines Corporation Toyota Tsusho (Singapore) Pte. Ltd. P.T. Toyota Tsusho Indonesia Toyota Tsusho (Australasia) Pty. Ltd. Toyota Tsusho (N.Z.) Ltd. Tomen Iran Ltd. Toyota Tsusho Europe S.A. Toyota Tsusho U.K. Ltd. Toyota Tsusho Africa Pty. Ltd. Toyota Tsusho America, Inc. Toyota Tsusho de Venezuela, C.A. S.C. Toyota Tsusho do Brasil Ltda. Toyota Tsusho Argentina S.A. Toyota Tsusho India Pvt. Ltd. Toyota Tsusho (TAIWAN) Co., Ltd. Toyota Tsusho (Malaysia) Sdn. Bhd. Toyota Tsusho (Thailand) Co., Ltd. Country China China China China China China Korea Philippines Singapore Indonesia Australia New Zealand Iran Belgium U.K. South Africa U.S.A. Venezuela Brazil Argentina India Taiwan Malaysia Thailand Shareholding 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 95.40 74.77 51.00 49.00 Main Business Trading and investment Trading Trading Trading Trading Trading and investment Trading Trading Trading Trading and investment Trading and investment Trading Trading and investment Trading and investment Trading and investment Trading and investment Trading and investment Trading Trading and investment Trading and investment Trading and investment Trading and investment Trading and investment Trading and investment Metals Division Company Name Aichi Kokan Industries, Ltd. Kanto Coil Center Co., Ltd. Oriental Steel Co., Ltd. Toyotsu Material Corporation Ecoline Corporation Toyotsu Tekkou Hanbai Co., Ltd. Toyotsu Recycle Corporation Toyotsu Hitetsu Center Corporation Pro Steel Co., Ltd. Toyota Steel Center Co., Ltd. Toyota Metal Co., Ltd. Toyota Tsusho Non Ferrous, Inc. Toyota Tsusho Metals Ltd. P.T. Indonesia Smelting Technology Toyota Tsusho Technopark (M) Sdn. Bhd. Poland Smelting Technologies Sp. z o.o. Hanshin Kogyo. Co., Ltd. Country Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan U.S.A. U.K. Indonesia Malaysia Poland Japan Shareholding 100.00 100.00 100.00 100.00 100.00 99.00 97.02 65.00 61.30 90.00 50.00 100.00 100.00 100.00 95.10 85.10 25.00 Main Business Processing and sales of steel pipes Processing and sales of steel sheets Processing and sales of steel sheets Sales of metal products Development and sales of software and hardware and communication services Sales and processing of steel sheets Collection and sales of nonferrous metals and used automotive parts Processing and sales of aluminum and sheets Processing and sales of special steel sheets Processing and warehousing of steel sheets Collection, processing and sales of metal scrap; Disposal and recycling of industrial waste Manufacture and sales of wrought aluminum parts for vehicles Metal dealer and broker Supplying of molten aluminum Management of industrial park Supplying of molten aluminum Manufacture and sales of steel pipes
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Annual Report 2009 61 Company Name Tianjin Fengtian Steel Process Co., Ltd. Siam Hi-Tech Steel Center Co., Ltd. Top Tube Manufacturing Co., Ltd. P.T. Steel Center Indonesia Alpha Industries Bhd. O.Y.L. Steel Center Sdn. Bhd. Nanjing Yunhai Magnesium Tovecan Corporation Ltd. CFT Vina Copper Co., Ltd. Country China Thailand Thailand Indonesia Malaysia Malaysia China Vietnam Vietnam Shareholding 70.00 47.84 18.98 50.00 29.92 20.10 20.00 26.36 31.00 Main Business Processing and sales of steel sheets Processing and sales of steel sheets Manufacture and sales of high precision small dimension steel tube Processing and sales of steel sheets Manufacture and sales of copper products, wires and wire products Processing and sales of steel sheets Manufacture and sales of magnesium alloy Manufacture and sales of tin cans, marketing of printed tinplate sheets Manufacture and sales of copper wire rod Machinery & Electronics Division Company Name TEMCO Corporation Toyotsu S.K. Co., Ltd. Wind Tech Corporation Wind Tech Tahara Corporation Toyotsu Syscom Corporation Toyota Tsusho Electronics Corporation Tomuki Corporation DICO Co., Ltd. Ene Vision Corporation Vestech Japan Co., Ltd. Tomen Electronics Corporation PPL Corporation Tomen Devices Corporation Toyota Tsusho Corporation de Mexico S.A. de C.V. Tomen Electronics (Shanghai) Co., Ltd. Tomen Devices (Shanghai)., Ltd. Tomen Electronics (Hong Kong) Limited P.T. Toyota Tsusho Mechanical & Engineering Service Indonesia Industrial Tech Services Vietnam Co., Ltd. TT Network Integration Asia Pte. Ltd. Industrial Tech Services, Inc. Tomen Electronics America, Inc. Tomen (Singapore) Electronics Pte. Ltd. Tomen Electronics (Thailand) Co., Ltd. Shanghai Hong Ri International Electronics Co., Ltd. Country Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Mexico China China China Indonesia Vietnam Singapore U.S.A. U.S.A. Singapore Thailand China Shareholding 100.00 100.00 100.00 100.00 100.00 100.00 100.00 85.00 60.87 92.00 40.16 40.16 36.07 100.00 40.16 36.07 40.16 100.00 94.00 72.80 51.00 40.16 40.16 40.16 25.66 Main Business Manufacture, sales, mediation and maintenance of machinery and equipment Sales of textile, food processing and precision machinery and equipment Wind power generation Wind power generation Mobile communications services and handsets, other communication services and equipment Development and sales of semiconductors and electronic components Marketing and sales of such electronic components as passive components and electronic components for semiconductors Sales and maintenance of 3D printer machines, 3D scanner machines and 3D software Design, construction and maintenance for co-generation facilities Import and engineering support for wind power generators Marketing and sales of semiconductors, integrated circuits, electronic components and computer-related equipment Agency of central procurement for semiconductors and electronic components Sales of semiconductor memories and other electronic components Dealer of Toyota industrial equipment and genuine parts Marketing and sales of semiconductors, integrated circuits, electronic components and computer-related equipment Sales of semiconductor memories and other electronic components Marketing and sales of semiconductors, integrated circuits, electronic components and computer-related equipment Engineering services Engineering services Telecommunications network connection construction, monitoring and support of communications network systems and system integration Engineering services Marketing and sales of semiconductors, integrated circuits, electronic components and computer-related equipment Marketing and sales of semiconductors, integrated circuits, electronic components and computer-related equipment Marketing and sales of semiconductors, integrated circuits, electronic components and computer-related equipment Marketing and sales of semiconductors, integrated circuits and electronic components
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62 Toyota Tsusho Corporation Automotive Division Company Name Toyotsu Auto Service, Inc. Toyota Lanka (PVT) Ltd. Toyota Tsusho South Pacific Holdings Pty. Ltd. TTAF Management Ltd. Establishment Florden S.A. Toyota Tsusho Auto Valenciennes S.A.R.L. Toyota Tsusho Automobiles Bordeaux S.A.S. LMI Holdings B.V. Toyota Tsusho Praha spol. s.r.o. Toyota Adria, podjetje za izvoz in promet z vozili, d.o.o. Toyotsu Auto (Middle East) FZE Toyota Tsusho Vostok Auto Co., Ltd. Toyota de Angola, S.A.R.L. Toyota Zambia Ltd. Toyota East Africa Ltd. Toyota Malawi Ltd. Toyota Zimbabwe (Private) Ltd. LMI Ltd. Comercio de Veiculos Toyota Tsusho Ltda. Toyota Trinidad & Tobago Ltd. TTC Auto Argentina S.A. Toyota Tsusho Automobile London Holdings Limited Toyota Lakozy Auto Private Ltd. JV “Business Car” Co. Ltd. Daihatsu Italia S.R.L. Toyota Jamaica Ltd. T.T.H.K. Co., Ltd. T.T.A.S. Co., Ltd. Toyota Tsusho Saigon Motor Service Corporation Toyota TC Hanoi Car Service Corporation Toyota Tsusho Euroleasing Hungary KFT D&T Motors Corporation Jiangmen Huatong Toyota Motor Sales & Service Co., Ltd. Harbin Huatong Toyota Motor Service Co., Ltd. Shenyang Huatong Toyota Motor Sales & Service Co., Ltd. Xian Huatong Toyota Motor Sales & Service Co., Ltd. Wulumuqi Huatong Toyota Motor Sales & Service Co., Ltd. Guangzhou Huatong Toyota Motor Sales & Service Co., Ltd. Kunshan Tonghe Toyota Service Co., Ltd. Hangzhou Longtong Toyota Service Co., Ltd. Wenzhou Huatong Toyota Service Co., Ltd. P.T. Astra Auto Finance Hinopak Motors Ltd. Toyota Motor Hungary KFT Toyotoshi S.A. Country Japan Sri Lanka Australia U.K. British West Indies France France Netherlands Czech Republic Slovenia U.A.E. Russia Angola Zambia Kenya Malawi Zimbabwe Zimbabwe Brazil Trinidad and Tobago Argentina U.K. India Russia Italy Jamaica Cambodia Myanmar Vietnam Vietnam Hungary Korea China China China China China China China China China Indonesia Pakistan Hungary Paraguay Shareholding 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.16 92.00 80.00 80.00 75.50 75.00 62.36 50.00 51.00 46.55 50.00 50.00 50.00 50.00 40.00 50.00 50.00 40.00 33.00 30.00 29.67 50.00 23.00 Main Business Sales and repair of automotive parts and machinery Import, retail and services of Toyota vehicles and genuine parts Holding company Management services Holding company Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Holding company Retail and services of Toyota vehicles and genuine parts Wholesale of Toyota vehicles and genuine parts Trading of automotive parts Retail and services of Toyota vehicles and genuine parts Import and distribution of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Import and distribution of Toyota vehicles and genuine parts Import and distribution of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Holding company Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Holding company Retail and services of Toyota vehicles and genuine parts Wholesale, retail and services of Toyota vehicles, folklifts, and genuine parts Wholesale of Daihatsu vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Retail and services of Toyota vehicles and genuine parts Automobile consumer finance Manufacture and sales of truck, bus and automotive parts Distribution of Toyota products Retail and services of Toyota vehicles and genuine parts
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Annual Report 2009 63 Energy & Chemicals Division Company Name Toyotsu Plachem Co., Ltd. Daiichi Sekken Co., Ltd. Tomen Chemical Co., Ltd. Tomen Plastics Corporation Toyota Chemical Engineering Co., Ltd. Toyotsu Energy Corporation Daitoh Kasei Co., Ltd. Tomen Power Samukawa Corporation Toyotsu Petrotex Corporation Deepwater Chemicals, Inc. Dewey Chemical Inc. Toyota Tsusho Mining (Australia) Pty. Ltd. Toyota Tsusho Investment (Australia) Pty. Ltd. Tomen Toyota Tsusho Petroleum (S) Pte. Ltd. Tomen Power (Singapore) Pte. Ltd. Tomen Power Corporation Tomen Panama Asset Management S.A. Kwarta Maritime S.A. Kwarta Shipping S.A. Eastern Chemical Co., Ltd. Thai Chemical Terminal Co., Ltd. Tomen Telecommunications (Malaysia) Sdn. Bhd. Sanyo Chemical Industries, Ltd. Nihon Mistron Co., Ltd. Nihon Tennen Gas Co., Ltd. Nihon Detergent Mfg. Co., Ltd. Eurus Energy Holdings Corporation KPC Holdings Corporation Korea Fine Chemical Co., Ltd. Korea Polyol Co., Ltd. P.T. Kaltim Pasifik Amoniak Wuxi Advanced Kayaku Chemical Co., Ltd. Philippine Prosperity Chemicals Inc. Toyoda Gosei U.K. Ltd. Country Japan Japan Japan Japan Japan Japan Japan Japan Japan U.S.A. U.S.A. Australia Australia Singapore Singapore U.S.A. Panama Panama Panama Thailand Thailand Malaysia Japan Japan Japan Japan Japan Korea Korea Korea Indonesia China Philippines U.K. Shareholding 100.00 100.00 100.00 100.00 100.00 100.00 100.00 70.00 65.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.34 83.64 80.00 19.56 34.00 39.02 35.63 40.00 32.90 10.05 10.05 25.00 20.00 45.00 20.00 Main Business Sales of resin and chemical products Manufacture and sales of synthetic detergents and soaps Export, import and wholesale of various chemicals Export, import and wholesale of synthetic resins and synthetic rubber, and formed products Disposal of industrial waste, manufacture and sales of recycled dust fuel Sales and warehousing of LPG and petroleum products Plastic molding Electricity wholesale trade Sales of petroleum products Manufacture and sales of iodides Manufacture and sales of iodine Investment and management for Camberwell coal project Financing for coal project Export and offshore trading of crude oil, petroleum products and bunker oil Operation and management of wind power generation projects Holding company Financing for coal project Marine shipping business Marine shipping business Manufacture of ethyl alcohol by fermentation of molasses Sales of solvents Sales of IT communications equipment, etc. Manufacture and sales of chemicals, primarily surface active agents for textile and industrial use Processing of talc and sales of talcum products Production and sales of natural gas, iodine, industrial chemicals and pharmaceuticals Manufacture and sales of household and industrial detergent Operation and management of wind power generation projects worldwide Holding company Manufacture and sales of isocyanate and amino acids Manufacture and sales of polypropylene products Manufacture and sales of ammonia Manufacture and sales of dyes Distribution of solvents Manufacture and sales of resin and rubber products
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64 Toyota Tsusho Corporation Produce & Foodstuffs Division Company Name Sunfeed Co., Ltd. Chubu Syokuryo Kaisha, Ltd. Toyota Tsusho Foods Corporation Toyo Grain Terminal Co., Ltd. Higashi-Nada Tomen Silo Co., Ltd. Yamakichi Co., Ltd. Tohoku Grain Terminal Co., Ltd. Grand Place Corporation Tohoku Godo Warehouse Co., Ltd. Kanto Grain Terminal Co., Ltd. Oleos “MENU” Industria e Comercio Ltda. Tianjin Commercial River Cereals, Oils & Foodstuffs Co., Ltd. Cradle Foods Co., Ltd. Banshuu Choumiryou Co., Ltd. Langfang Itokin Food Co., Ltd. K&T Foods Co., Ltd. Yantai Sun Glory Foods Co., Ltd. Country Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Brazil China Japan Japan China China China Shareholding 100.00 100.00 100.00 99.00 97.51 100.00 88.78 97.50 63.75 59.82 100.00 100.00 45.23 50.00 44.51 50.00 45.00 Main Business Import and sales of feed products Sales of rice and special rice grain, wholesale marketing of frozen foods and other food products Import and distribution of foodstuffs, marine products and liquors Management of storage silos for feed grain, harbor transport, customs clearance functions Management of storage silos for feed grain, harbor transport, customs clearance functions Wholesale of commercial foodstuffs Management of storage silos for feed grain, harbor transport, customs clearance functions Production and sales of chocolate Warehousing and transport of animal feed Management of storage silos for feed grain, harbor transport, customs clearance functions Manufacture and sales of cottonseed oil products Sorting and processing of green mung beans Production and sales of canned products of processed farm produce Production and sales of amino acid seasoning Rice milling and production of rice flour mix Manufacture and sales of frozen foods and operation of take-out lunch outlets Sorting and processing of nuts Consumer Products, Services & Materials Division Company Name Toyotsu Life-Mac Corporation Toyotsu Fashion Express Co., Ltd. Toyo Tateami Kaisha, Ltd. Toyo Cotton (Japan) Co. Toyotsu Family Life Corporation Toyotsu Insurance Management Corporation Ogawatec Corporation Toyotsu Lumber, Pulp and Paper Corporation Toyotsu Hoken Customer Center Corporation Toyotsu-Living Co., Ltd. Toyotsu Vehitecs Co., Ltd. Renown Uniforms Corporation Toyotsu New Pack Co., Ltd. Tatsumura Textile AI Co., Ltd. Care Port Japan Corporation P.T. Tomenbo Indonesia Toyota Tsusho Hoken Agency (M) Sdn. Bhd. Pinghu Towa Co., Ltd. Shinatomo Co., Ltd. Fukusuke Corporation Country Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Indonesia Malaysia China Japan Japan Shareholding 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 80.00 80.00 75.00 70.02 75.00 100.00 75.99 82.70 20.00 23.18 Main Business Sales of office furniture and equipment, home nursing care goods Design, manufacture and sales of apparel Manufacture and sales of knit fabrics Import, export and sales of raw cotton Insurance agency Insurance broker Planning and construction of membrane structures such as domes for stadiums Import, processing and sales of wood products for trucks and houses, export and sales of recycled waste-paper, import and sales of pulp Consulting and customer service call center for insurance Management, construction and agent of condominiums Manufacture of textile goods Planning and marketing of uniforms and related products Manufacture and sales of packing supplies Development, manufacture, processing and sales of fabric for automotive industries Purchase of nursing care benefit claims Manufacture of synthetic yarn spinning Insurance agent Manufacture of automotive air-bags Domestic sales, import and export of various textile materials and products Manufacture, processing and sales of apparel
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Annual Report 2009 65 Company Name Biscaye Holdings Co., Ltd. Shanghai Ever Green Textile Co., Ltd. Fujian Daguan Stone Co., Ltd. Ningbo Araco Co., Ltd. Country Japan China China China Shareholding 36.46 22.30 20.00 20.00 Main Business Holding company Sizing, weaving, dyeing, finishing and sales of acetate lining fabrics Manufacture and sales of stone products Manufacture, processing and sales of fabric for automotive industries Corporate Staff Divisions Company Name Toyotsu Logistics Service Co., Ltd. Hot-Line International Transport Ltd. Toyotsu Business Service Corporation Toyotsu Office Service Corporation Toyotsu Human Resources Corporation Fong Yu Investment Co., Ltd. Hot-Line International Transport (H.K.) Limited Hot-Line International Transport (China) Limited Tianjin Fengtian International Logistics Co., Ltd. Tomen America Inc. P.T. Toyota Tsusho Logistic Center Country Japan Japan Japan Japan Japan Taiwan China China China U.S.A. Indonesia Shareholding 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 36.19 100.00 97.91 Main Business Warehousing and logistics services Non-vessel operating common carrier and returnable container business Accounting services and factoring Shared service provider General temporary staffing, special outsourcing, fee-based recruiting and consulting services Investment Non-vessel operating common carrier and returnable container business Non-vessel operating common carrier and returnable container business Warehousing and logistics services Trading Warehousing and logistics services
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106 Toyota Tsusho Corporation History 1936 1942 1948 1956 1957 1960 1961 1964 1975 1977 1985 1987 1999 2000 2003 2006 Toyoda Kinyu Kaisha was established to provide consumer financing for Toyota automobiles. Company name changed to Toyoda Sangyo Kaisha, Ltd., and subsequently extended the range of its activities to include trade. The trading division of Toyoda Sangyo Kaisha was established as a separate company (now Toyota Tsusho Corporation) under the name Nisshin Tsusho Kaisha, Ltd. Company name changed to Toyoda Tsusho Kaisha, Ltd. Established its first overseas joint venture, Toyoda Thailand Co., Ltd. Established its first overseas subsidiary, Toyoda New York, Inc. Stock listed on the Second Section of the Nagoya Stock Exchange. Began exporting Toyota vehicles, starting with the Dominican Republic. Stock re-listed on the First Section of the Nagoya Stock Exchange. Stock listed on the First Section of the Tokyo Stock Exchange. Unsecured convertible bonds (amounting to ￥10 billion) issued for the first time. Warrant bonds ($70 million in guarantees) issued on the European market. Company name changed to Toyota Tsusho Corporation. Business tie-up with Kasho Company, Ltd. Capital investment and business tie-up with Tomen Corporation. Merger with Kasho Company, Ltd. Accepted third-party allotment of new shares to increase capital position in Tomen Corporation by ￥5.0 billion. Merger with Tomen Corporation.
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Annual Report 2009 107 Corporate Information (As of March 31, 2009) General Information Name: Head Office: Established: Number of Employees: Paid-in Capital: Common Stock: TOYOTA TSUSHO CORPORATION 9-8, Meieki 4-chome, Nakamura-ku, Nagoya 450-8575, Japan July 1, 1948 Parent company 2,530 Consolidated 27,909 ￥64,936,432,888 Authorized Issued 1,000,000,000 354,056,516 Handling Offices Number of shares (thousands) Shareholding (%) Transfer Agent for Shares Special Management of Accounts: Mitsubishi UFJ Trust and Banking Corporation Address of Office Stock Transfer Agency Department Mitsubishi UFJ Trust and Banking Corporation 1-4-5, Marunouchi, Chiyoda-ku, Tokyo 100-8212 Stock Transfer Agency Department Mitsubishi UFJ Trust and Banking Corporation 7-10-11, Higashisuna, Koto-ku, Tokyo 137-8081 Phone: 0120-232-711 (free dial within Japan) All branches nationwide of Mitsubishi UFJ Trust and Banking Corporation All branches nationwide of Nomura Securities Co., Ltd. Mailing Address Number of Shareholders: 76,062 Major Shareholders: Toyota Motor Corporation Toyota Industries Corporation Japan Trustee Services Bank, Ltd. The Master Trust Bank of Japan, Ltd. The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsui Sumitomo Insurance Co., Ltd. Trust & Custody Services Bank, Ltd. Aioi Insurance Co., Ltd. Tokio Marine & Nichido Fire Insurance Co., Ltd. Nippon Life Insurance Company 76,368 39,365 32,279 15,579 11,698 10,000 8,585 6,813 6,746 4,691 21.57 11.12 9.12 4.40 3.30 2.82 2.42 1.92 1.91 1.33 Phone (free dial within Japan): 0120-244-479 (Headquarters Stock Transfer Agency Department) 0120-684-479 (Osaka Stock Transfer Agency Department) Contact: Stock Listings: Independent Auditors: Tokyo, Nagoya (Ticker code 8015) PricewaterhouseCoopers Aarata (Date of Engagement: July 25, 2006) Corporate Communications Office, Toyota Tsusho Corporation 8-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100-8320, Japan Phone: +81-3-5288-2081 Facsimile: +81-3-5288-9063 (Nagoya Office) 9-8, Meieki 4-chome, Nakamura-ku, Nagoya 450-8575, Japan Phone: +81-52-584-5011 Facsimile: +81-52-584-5659 URL: http://www.toyota-tsusho.com/english/ Stock Price Range and Trading Volume: (￥/Points) ト）（円／ポイン 4,000 3,600 3,200 2,800 2,400 2,000 1,600 1,200 800 400 0 04/4 （株） (Shares) 160,000,000 ? TOPIX 120,000,000 80,000,000 40,000,000 05/4 06/4 07/4 08/4 09/3 0 Additional copies of this annual report and other information may be obtained by contacting: Corporate Communications Office, Toyota Tsusho Corporation 8-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100-8320, Japan Phone: +81-3-5288-2081 Facsimile: +81-3-5288-9063 E-mail: ttc_ir@pp.toyota-tsusho.com URL: http://www.toyota-tsusho.com/english/ir/
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9-8, Meieki 4-chome, Nakamura-ku, Nagoya 450-8575, Japan This report is printed using recycled paper as well as eco-friendly soy ink and a waterless printing method that does not generate harmful waste liquid. Printed in Japan
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