Valuation P/E High P/E Low Price to Sales Price to Book Price to Tangible Book. Price to Cash Flow Dividends Dividend Yield Payout Ratio Growth Sales Growth Net Income Growth EPS Growth, Capital Spending Growth Rate Financial Strength Quick Ratio Current Reto LT Debt to Equity Total Debt to Equity Interest Coverage Book Value Per Share Profitability Gross Margin EBITD Margin Operating Margin Pre-Tax Margin Net Profit Margin Effective Tax Rate TOYOTA FIVE YEAR RATIO COMPARISON highest market price in year (highest price per ADS)/year end earings per share Jonest market price in year (lowest price per ADS)/year end earnings per share ‘avg. share price (rice per ADS)/per share revenue avg. share price (price per ADS)/(otal assets-intangible assets and labiltles) per share avg. share price (price per ADS)/tangible book value per share ‘ag. share price (price per ADS)/operating cash flow per share annual dividends per share/price per share (orice per ADS) dvidends/net income (current year product sales ~ prior year product ssales)/pror year product sales (current year NI ~ prior year NI/prior year NI (current year EPS ~ prior year EPS)/prior year EPS ‘capital spending (current year ~ prior year)/prior year (current assets - inventon}/current lebilties current assets/current liabilities longterm liabilty/stockholder’s equity ‘ota liabilly/stocknolder's equity earings before interest and tax/interest expense ‘common stockholder's equity/ average outstanding shares (revenue ~ cost of goods sold)/revenue earnings before interest tax and depreciatior/revenue ‘operating income/revenue net profit before taxes/revenue ‘et income after tax/revenue ‘actual income tax paid/net taxable income before taxes Management Effectiveness Retum On Assets Retum On Capital Efficiency Revenue per Employee ‘Net Income per Employee Receivable Turnover Receivables-Number of Days net income/total assets {net income ~ dvidends\/total capital Revenue/Employee Net income/Employee ‘sales/averege receivable 365 /receivable tumover 2009" (75.47) (40.62) 1.23 2.39 0.87 17.15 1.24% 10.70% 21.21% -125.94% 126.30% 14.08% 1.48 1.70 0.78 144 (9.53) 32.66 10.10% 5.11% 2.25% 273% 2.13% 10.08% 1.50% 12.18% 23.73 17.95 1.35 2.83 1.09 11.91 1.28% 25.08% 29.00% 23.11% 24.82% 14.68% 1.55 1.83 0.67 1.23 58.05 37.62 18.14% 15.85% 8.64% 9.27% 6.53% 37.40% 5.20% 18.72% $651,464 $830,042 ($13,865) 9.69 37.87 $54,238 11.20 32.59 318 21.78 1.83 3.52 1.35 13.55 0.88% 20.63% 12.46% 19.23% 20.89% 1.83% 0.85 1.00 07 17 52.52 31.35 19.71% 16.60% 9.22% 9.95% 6.87% 37.70% 5.05% 18.23% $677,582 $46,517 9.74 37.48 2006* 30.72 19.71 1.64 3.09 12 0.85% 17.82% 3.08% 7.40% 8.46% 31.73% ost 1.07 0.72 1.68 93.22 27.73 19.45% 16.16% 8.93% 9.92% 652% 38.10% 4.78% 17.26% 2005+ 25.05 19.83 .at 273 107 11.00 082%, 14.41% 56z% 08% 218% 27.16% 0.99 145 0.73 1.63 97.23 25.17 19.84% 15.34% 9.01% 9.46% 631% 37.50% 481% 17.08% $626,214 $650,035 $40,845 $41,044 9.06 40.3 9.24 39.49TovoTA es FIVE YEAR-RATIO COMPARISON 2009" 2008" 2007" ~—«-2006"——2005* Tumover cost of goods sold/aver a ee seventy on ‘Goods sold/average inventory dom iza9 apse = SOT 1208 iertony Ns inventory tumover 3395 2004 «3433408903 09s Asset Tumover sales/average total assets 067 087 = 7806.79 NetPPE Tumever _S8les/averge propery plant and equpment (net) 273 3890346 ate 3.80 Gross PPE Tumover _sales/average property plant and equipment (gross) 1.20 163 1.43 1.35 1.34 ‘kot Gross PPE accumulated depreciaton/ depreciable asset cost 62.48% 60.70% 59.36% 61.71% 65.26% Deprecated epreciaton (curent year prior year} / prior year 227% 27.07% 1359% 10986 1.24% Depletion, ‘amotzaton-Yr to Yr change “jer wee ken from the erga 20-sin hat epning yee FORD FIVE YEAR-RATIO COMPARISON 2009" 2008" = 2007" 2006" 2005+ ‘Stock Valuation P/E High highest market price in year/year end 11.40 4.36) (7.03) Gay (43.41) earnings per share P/E LOW lowest market price in year/year end 165 (16) (4.82) (02) 638 ‘earnings per share Price to Sales ‘vg. share price/per share revenue 0.5 0.08 0.09 0.09 oz ce to Book ‘2. share price/(otal assets intangible 284) (0.63) 3.25 (4.58) 253 assets and labilties) per share Poet Tangible Book avg. share price/tangible book value per 0.09 0.05 0.06 0.08 0.08 share Price to Cash Flow avg. share price/operating cash flow per Ait (62.22) 095 152 0.95 share Dividends Dhidend Yield ‘annual dividends per share/price per 0.00% 0.00% 0.00% 3.22% 3.58% share : Payout Ratio dvidends/net incorne 0.00% 0.00% 0.00% 3.71% 38.46%, Cowen Sales Growth (current year product sales ~ rir year 18.02% -16.33% 113% 6.64% 433% product sales)/pror year product sales Nat hcome aad anion eer 118,52% -498.82% © -121.50% 72.17% — ~41. 96% prior year NI BS Growth ferent yar EPS ~ prior yoer EPSY/ 114.0% -268.12% 7e.40K -71091% —-42.41% prior year EPS a Cinkal Spencing _aphial apencing 3L88% «11.19% 12.00% -8. 0 11.45% cont Rate (carent year ~ prior yean/Pir voor Francia Strength Wick Ratio {current assets ~ inventor/ 285 2.39 263 252 219 current iaities Curent Ratio current assets/current liabitios 2.96 252 2.76 2.65 A UrDebt to Equity longterm liailty/ stockholder’ eaulty (19.26) (956) 3473 67.9) 12.75 (Continued)FORD FIVEYEARRATIO COMPARISON ee zoos 2008" —~—=«2007" are 48.37 Total Debt to Equity total liabity/ttal equity So ae Interest Coverage earings before interest and tax/ sat (os) interest expense 204 (2.84) Book Value Per Share common stockholders equty/ er) (782) Tae average outstanding shares Profitabity : Gross Margin (revenue ~ cost of goods sold)/revenue 14.59% 11.83% a 88% 17.85% EBITD Margin earings before interest tax and 14.90% 5.40% 1.58% 623% 130% depreciation/reverue Operating Margin operating income/revenve 338% -282K 327K 25.10% bay. Pre‘Tex Margin net prof before taxes/revenve 256% 085% «= 217% 8.4 Le Net Profit Marg net income after tax/revenue 230% 10.09% 158K 7.88% ity, Etfective Tax Rate actual income tax paid/net taxable 230% 0.40% 34.00% 17.00% aay income before taxes Management Efectveness Return On Assets net income/total assets 130% 6.72% 20.98% 8.59% ee Retum On Capital (net income ~ dvidends/total capital 1708 8.50% 4.4% 648% 076% EMtcioney Revenue per Revenue/Employee $597,515.18 $686,746.48 $701,036.59 $565,805.65 $590.20667 Employee Net Income per Net income/Empioyee 33722 68882) (41.069) (44,726) gra? Employee Recehable Tumover seles/average receivable 128 1.38 143 a7 153 Receivables-Number 965/receivable tumover 252827037 = tsaz2aeag | a of Days Inventory Tumover cost of goods sold/average inventory 1422 1387 1344 13631378 Ineonsmbert 5 nae 2567 28.90 arzt 26.78 69 Asset Tumover _—_—sales/aveage total assets os7 . i. ose A Net PPE Tumover _sales/net ave . sees/net awe popey at nd 601 638 as 566 580 Gross PPE Tumover _sales/average property plant and oF equipment (gross) — 251 ue %of Gross PPE accumulated deoreciation/depreciable 60 Deprecated asset cost OOK 68.05% 6.24% gt som TA Depreciation, (eurrent year ~ prior year / prior year 63: : altos S49 64.44% 39.50% aragy adh Amotzation-¥r to Yr crane “Numbers were taken from te original 10-Ks in that repoing yea,