A Business Analysis of..

General Motors

& Toyota

Presented by: Team 11 Christina Ip Alberto Moreno Ankur Patel Jason Lee

Table of Contents

Executive Summary..p. 3 Overview of General Motors.p. 4 Overview of Toyota..p. 6 Economic Analysisp. 8 SWOT Analysis...p. 10 Industry Analysis.....p. 14 Financials.....p. 18 General Motors News..p. 23 Toyota Motor News.p. 24 Conclusion....p. 26 Referencesp. 27

Executive Summary Yahoo Finance listed Auto & Truck Manufacturers as one of the top industries. General Motors was listed as one of the top intraday performers. Toyota Motor Corporation is one of the top in market capitalization. Each company has been in operation for over 65 years and been providing consumers with quality automobiles. General Motors is well known for their auto brands including Cadillac, Saturn, Hummer and more. Throughout the years, they have continued to expand and acquire other companies. They have also been expanding into other fields such as finance and auto repair. Toyota is also a name many have heard before. Their most popular cars are the Corolla and the Camry. Their luxury line of Lexus automobiles is among the top in the industry. Not only has Toyota been producing cars but they have also been expanding into housing, marine and financials. Toyota seems fixed on world domination, with operations and manufacturers all over the world. The auto industry is highly based on consumer confidence. Purchasing a vehicle is a large investment for many low income families. As gas prices rise and the market falls, the auto industry has been in the midst of a very unpredictable market. Out of the numerous automobile companies, we have chosen to analyze General Motors and Toyota Motor Corporation.

General Motors Since September 16, 1908, General Motors has been continually expanding their company. It began in Detroit, Michigan where General Motors acquired the Buick Motor Company. In the following month of October, Oldsmobile was obtained. They continued to expand through acquisitions in North America. However, by 1926, General Motors began expansion oversees. First, there was General Motors South African located in Port Elizabeth. Next, the company formed subsidiaries in Argentina, Australia, Egypt, Japan, New Zealand, and Uruguay. In 1938, it came to be called the General Motors Overseas Operation. During the 1980s, General Motors joined with Toyota to create a small Chevrolet in Fremont, California. They created a new venture called the New United Motor Corporation, which continued through the 90s where they began to research new technologies for vehicle propulsion and built assembly plants in China. In 2001, General Motors formed a joint venture with a company in Russia called Avtovaz. The Chevrolet Niva was released in September 2002 in the Russian market. In November 2003, General Motors expanded their assembly plant in Shanghai and in early 2004 they acquired Delta Motor Corporation, a South African vehicle importer. In March 2004, the company purchased a facility owned by Daewoo Motors located in India. By October 2004, General Motors announced they would be cutting 12,000 jobs in Europe and in January 2005, they sold their Electro-Motive Division to investors.

Currently, General Motors is headquartered in Detroit, Michigan by CEO, G. Richard Wagoner, Jr. Employees have been estimated to be about 324,000. They operate in 32 countries while marketing in over 200. In the present day, General Motors offers a wide variety of automotive brands such as Buick, Cadillac, Chevrolet, GMC, Holden, Hummer, Opel, Pontiac, Saab, Saturn, and Vauxhall. They have also expanded into the financial business under the name General Motors Acceptance Corporation (GMAC) offering residential and commercial consumer services such as loans, leases, insurance, and assistance with mortgages. General Motors has also created OnStar, a vehicle safety and security system. It is designed to provide assistance with directions, traffic, weather, roadside assistance and more.

Toyota Motor Toyota Motor Corporation began in 1937 as a spin off from a weaving company called Toyoda Automatic Loom Works. In 1929, Sakichi Toyoda, head of Loom Works, sold a patent to the Platt Brothers in the UK. He used this money to create Toyotas first automobile. In 1943, Toyota merged with Chuo Spinning Company. Four years later, Toyota introduced the SA Model. In 1959, Toyota began manufacturing automobiles oversees starting in Brazil. At this time, they had also begun to export cars to the US market. In 1966, Hino Motors was acquired, followed by Daihatsu in 1967. By 1970, Toyotas production system was fully established incorporating methods used today. Techniques such as Jidoka, Just-in-time, and Kaizen help to reduce inventory and defects. Toyota began to expand into the housing industry in 1975 and created a joint venture with the Shin-Etsu Chemical Company in 1989. Subsidiaries were established in Poland, Hungary, and Russia in the 1990s. Expansion continued throughout Europe, South Africa and later into Asia. In April 2002, a European holding company was set up to direct manufacturers and sales. In June 2003, Toyota introduced a Thailand-Australia research and development base, their third one overseas. A marketing partnership was established with Ebay in February 2004. Ebay offered automotive sponsorship and in return Toyota donated vehicles for charity auctions and included links to Ebay items while showcasing their vehicle line-up. In September 2004, $460 million was invested to build a new manufacturing plant in China that was said to produce 100,000 cars annually. In December 2004, Toyota announced the merger of their North American engineering and manufacturing facility to create Toyota Motor Engineering & Manufacturing North America (TEMA). This has been said to be launched within the first six months of 2006.

Toyotas current chairman is Hiroshi Okuda. The company employs 264,410 workers. They operate in 26 countries and markets to over 140 countries. Automotive brands include Toyota, Lexus, Daihatsu, and Hino. Toyota offers financial services such as loans and leases but they also offer credit cards available only in Japan. They have also begun to build houses in Japan, making available earthquake proof structures. Toyota has expanded into the marine business producing boats and engines too.

Economic Analysis Generally, automobile industry is highly cyclical and also more volatile to the industry. While automobile companies sell a large proportion of vehicles to businesses and car rental companies, it depends heavily on consumers trend and tastes. It is because their major contribution to their revenue comes from consumer sales. Also, automobile companies, such as Toyota Motor and General Motors are not only subject to United States macroeconomic factors but throughout globally. In order for companies to maintain its status or to grow in size, companies usually recreate or introduce new lines of their product. However, there can be a problem when a company decides to significantly change the design of a car. These changes can cause massive delays and glitches, which results in increased costs and slower revenue growth. While a new design may pay off significantly in the long run, it's always a risky proposition.

Since our fall of economic status after 9/11, automobile industry has fallen below industry average. As seen in the graph, there are greater ups and downs for both

companies than the S&P 500. Since 2001, both companies have begun their downfall. However, around 2003, both companies showed improvement. Unfortunately, in 2004, General Motors reached its peak and again, started to fall. According to Investopedia.com, one of the reasons for the downfall of General Motors is because The American consumer became disenchanted with many of the products being offered by certain automakers and began looking for alternatives, namely foreign cars. More and more Americans have started to believe that foreign cars like Toyota are more reliable than domestic cars.

SWOT Analysis A SWOT analysis identifies a companys internal strengths and weaknesses and possible external opportunities and threats. With this information, a company can begin to formulate, and possibly implement, competitive strategies to deal with its future. General Motors Strengths Size/global exposure- Largest car manufacturer in the world. Diverse range of products/business- Strong brand portfolio and also conducts business with it subsidiary, GMAC, which provides car financing, insurance and mortgages. Truck Sales- First manufacturer to sell more than 2.7 million trucks in a calendar year in 2002. Weaknesses Loss of market share- Due to foreign competitors, such as Toyota Motor, increasing their market share in the US. Struggling European operations- Increased competition from both European and Asian brands, and a negative outlook on net vehicle pricing in Europe has implemented dramatic cost cutting measures. Pensions contributions- Faces rising pension and health-care obligations for its large retiree base.

10

Opportunities Asian automotive market- General Motors has formed strong links in the Asian market with stakes with Isuzu, Fuji Heavy Industries (Subaru), and Suzuki Motor Corp. They can continue to develop and capitalize in this market. Alternative fuel models- Alternatives to regular petrol and diesel engines (hybrid vehicles). New product development- Always seeking a new line of vehicles such as: Chevy SSR, Pontiac GTO, and Cadillacs XLR. High volume low cost products- Has the opportunity to dial-down its incentive spending, and it is expected that GM has engineered its new products to cost less than the outgoing products. Threats Global industry exposure- Auto & Truck Manufacturers Industry has seen a dramatic slowdown over recent years. This is due to the world economy, increased taxes, petrol prices and general running costs may reduce public demand for new cars. Competitive environment- Strong competition: Ford, DaimlerChrysler, Honda, Toyota, Nissan, Volkswagen, Volvo, Paccar Inc., and Ingersoll Rand. Requirement for yearly vehicle changeovers- Certain changeovers occur throughout the year for reasons such as new market entries and new vehicle changes.

11

Toyota Motors Strengths Vast size/resources- Global brand and is one of the largest car manufacturers in the world along with General Motors. Diverse brand- Brand portfolio, especially its well recognized brand Lexus Japans largest car manufacturer- A highly recognized company within a profitable market. Production engineering innovation- One of the most hi-tech product engineering divisions. Weaknesses US market reliance- Relies on the US market for most of its sales, which can damage the company if shifts occur in the US market or economic/political fluctuations occur. Foreign exchange rates- Toyota has foreign currency exposures related to buying, selling and financing in currencies other than the local currency in which it operates. Operational weakness- High level of capital expenditures in new product lines and opening of new production facilities. Opportunities Russian market growth- Entered the market in 1998, and has had a steady growth due to the fact of exceptional economic and political stability. Cost reduction strategies- This will allow Toyota to become more competitive and more flexible for future shifts in the market.

12

Further Globalization prospects- US light truck market has not fully matured and there is a high demand for more diesel-powered offerings in Europe.

Active R&D/technology advances- Toyota is very active in new technologies, proven with its hybrid vehicle, the Prius.

Threats Strong competition-These are the same as General Motors. Toyota faces a large number of competitors. Pending legal cases- Complaints that new vehicles sold in Canada are 10%-30% less than in the US and were not allowed to be purchased by US customers. This affects the companys name and financial conditions. Regulation change- Changes in development costs and supply chain changes.

It is evident that a SWOT analysis can only give a snap shot of where the company is at a specific moment in time. But this could give managers the necessary tools to direct the company in the right direction. It is crucial for managers to feel the pulse of the company and guide it in the right direction.

13

Industry Analysis An industry analysis begins with a definition of products and markets, skills and competitors contained within the industry, followed by industry structural analysis, and concluded with the identification of the key success factors for the industry.

Structure of the Industry (Porters 5 Forces) The Threat of New Entrants-Low New entrants have to face the fact that existing competitors have the competitive advantage of a valuable reputation and loyal customer base. This forces new entrants to spend large amounts to overcome this issue. Existing competitors usually have favorable access to raw materials and government policies. The Bargaining Power of Buyers-Moderate The car manufacturing industry has seen a dramatic slowdown over recent years. Companies are exposed to changes in the world economy and further economic slowdown will affect sales in the industry. For example, increased taxes, petrol prices and general running costs may reduce public demand for new vehicles. The Bargaining Power of Suppliers-High Suppliers products are very important to the industry because they have a power over the buyers. Most auto & truck makers have manufacturing plants of their own in the countries they operate in, or in third world countries. Also, many companies get their parts through a supplier, which could affect the customer because of manufacturing costs or regulation changes.

14

The Threat of Substitutes Products and Services-High A significant amount of substitutes exist in the Auto & Truck Manufacturers Industry. Many companies produce the same type of product line with identical features in the body style because they are under the same parent company. Knowing this fact, many brands have the same image and target the same group. This could lead to loss of market share and plant closings because every company is always trying to come up with low cost strategies. Intense Rivalry among Competitors in the Industry-High Currently there are equally balanced competitors in the Auto & Truck Manufacturers Industry. The pace of technological innovation has increased rapidly during the late 1990s and early 2000s with concerns towards the environment. Many companies are developing hybrid vehicles, high volume low cost products, and expansions into same markets.

Competitors General Motors & Toyota face strong competition from the worlds biggest car manufacturers that include: Ford, DaimlerChrysler, Honda, Nissan, Volkswagen, Volvo, Paccar, and Ingersoll Rand Ltd. Competitors are always trying to find new technologies and markets to increase global market share. Over the years we have seen globalization and mergers & acquisitions strategies used increasingly by competitors, resulting in more intense levels of competition. Competition has also increased in manufacturing to build low pollution cars and the first to successfully get these vehicles on the roads will gain a significant advantage in the market. However, driven by consumer demand, Toyota will

15

make 100,000 Prius hybrid cars available in the US market for 2005. Nissan has plans to sell cars that dont run on traditional petrol or gas. GM hopes to commercialize fuel cell vehicles by 2010, which seems optimistic.

Market Share General Motors 24.67 - 50.04 N/A $14.8 Toyota Motors 65.65-82.94 7.04 $118.4 Industry N/A 1.80 $2.78

52wk Range EPS Market Cap (in billions)

Market Cap in Billions

13.3 11.7 14.8 16.6 17 17.1 118.4

TOYOTA MTR CP ADS [TM] HONDA MOTOR CO ADR [HMC] DAIMLERCHRYSLER AG [DCX] NISSAN MTR SPON AD [NSANY] FORD MOTOR CO [F] VOLVO AB CL B ADR [VOLVY] VOLKSWAGEN A G SPONS [VLKAY.PK] GEN MOTORS [GM]

40.2 45

40.3

INGERSOLL RAND LTD A [IR] PACCAR INC [PCAR]

International Business Plans Toyota has plans for further globalization, expanding its manufacturing facilities as well as non-core business interests. There are a number of opportunities for further vehicle penetration globally. For instance, the US light truck market has not fully matured, and there is still growth in the market for further sales. There is also a market

16

for more diesel-powered offerings in Europe. The Russian market is notorious at the moment because it has had a steady growth due to the fact of exceptional economic and political stability. Toyota entered the Russian market in 1998. Lastly, the Chinese passenger car market also has a high growth opportunity. With its establishment in Asia, General Motors can contribute to develop and capitalize on the high growth Asian market. It claims about an 8 percent share of Chinas vehicle market. General Motors has already formed strong relations in the Asian market with a 49% stake in Isuzu Motors and 20% stakes in Fuji Heavy Industries (Subaru), and Suzuki Motor Corp. In addition, GM is the largest shareholder in GM Daewoo Auto & Technology Co. of South Korea, holding a 42% stake in South Koreas Daewoo Motor. GM also has technology partnerships with Toyota Motor, and a vehicle-manufacturing venture with Shanghai Automotive Industry Corp. of China. These partnerships give General Motors a valuable tie to the high growth Asian market. The only problem they will have to tackle are competitors, one being Volkswagen, which entered the China market in 1984 and is the countrys leading foreign brand with a 38% market share.

17

Financial Ratios: Financial ratios are useful indicators of a firms performance and financial situation. Ratios can be used to analyze trends and to compare a firms financials to other firms. Although there is an abundant amount of ratios, we will only be looking at the ones that are most important when analyzing Toyota and General Motors. Some key ratios we will be looking at include profitability ratios, management effectiveness ratios, and liquidity ratios. We will be comparing these ratios of Toyota and General Motors to the industry and S&P 500. Profitability Ratios: Profitability ratio is the most widely used ratio in the company. It measures how efficiently the firm used its assets and how efficiently the firm manages its operations, thus showing how much the firm is earning compared to its sales, assets, or equity. Various measures of profitability indicate how well management is using the resources at its disposal to earn a return on the funds invested by various group. The profitability ratios include profit margin, return on assets, return on equity and gross margin. Profit margin ratios measure how much a company earns relative to its sales. A company with higher profit margin than its competitor is more effective. There are two different profit margin ratios: operating profit and net profit margin. Operating profit margin measures the earnings before interest and taxes. Operating profit is calculated as net income divided by sales. Toyotas net profit margin is 6.6 and General Motors net profit margin is 0.2. This percentage is lower than S&P 500s 7.6. GM has a lower profit margin and TM has a higher profit margin than the industry which is 0.3. This illustrates that TM is more resourceful than its competitors. The difference between profit margin and net profit margin simply has to do with taxes. Profit margin is a pre-tax calculation,

18

and net profit margin measures earnings after taxes and it is calculated by dividing earnings after taxes by sales. Management Effectiveness Ratios: Equally important as the profitability ratios are the management effectiveness ratios. These ratios say a lot about a company when analyzed. Return on assets (ROA) is one of the management effective ratios. This tells how well management is performing on all the firms resources. However, it does not tell how well they are performing for the stockholders. It measures a companys success in earning a return for the common stockholders. Return on asset is calculated as net income divided by total assets. Toyota and General Motors recently reported their ROA as 5 and 0.1, respectively. Toyota Motor has a higher ROA than the industry and S&P 500 which illustrate that they are using their assets more productively relative to their competitors. General Motor has a really low ROA of 0.1 which is lower than the industry and S&P 500. Return on equity (ROE) measures how well management is doing by examining how much earning they are getting for each invested dollar. It is calculated by dividing net income by the average equity levels during the specified year. By looking at the ROE, Toyota has 13.3 and General motor has 1.4. Toyota has a higher ROE than the industry and is a little lower than the S&P 500. General Motors has a really low ROE compared to their competitors, the industry and the S&P 500. This shows that GM does not have higher earnings. However, for every dollar an investor invested into Toyota, they received earnings of 13.3%.

19

Year 2004 2003 2002 2001 2000

ROE GM 10.1 15.1 25.5 3 14.8

TM 14.2 10.5 7.7 9.5 7

ROA GM 0.6 0.9 0.5 0.2 0.5

TM 5.3 3.7 2.9 4 2.9

By analyzing the 5-year average of ROE and ROA, General Motors has had a higher return on equity percentage compared to Toyota Motor. For the return on assets, Toyota Motor has a higher ratio, which means they have more assts on hand. Liquidity Ratios: The most important ratios to be analyzed are the liquidity ratios. This is because they are probably the most commonly used of all the business ratios. Liquidity ratios measures a firms ability to pay its bills over the short run without undue stress and it also shows the ability of a company to quickly generate the cash needed to pay its bills. The inability to meet short-term debts would be a problem to the company and it would require immediate attention. In essence, liquidity ratios are a measure of the companys financial strength. These ratios focus on current assets and current liabilities. The current ratio is calculated by current assets divide by current liabilities. Toyota Motors current ratio is 1.2 and General Motors current ratio is 3. Industry has a ratio of 1.9 and the S&P 500 is 1.5. A current ratio close to 1 is best. As you can see TMs current ratio is close to 1, which is lower than the industry and S&P 500. GM has really high ratio but it is not above the industry and S&P 500. Quick ratio is unlike current ratio. The quick ratio is a stricter test of a companys ability to pay its current debts as they are due. It excludes inventories and prepaid assets from the numerator of the fraction so it is calculated by dividing quick assets by current

20

liabilities. TMs quick ratio is 0.9 and GMs quick ratio is 3. The industry has a ratio of 1.5 and the S&P 500 has a ratio of 1.1. Leverage Ratios: Financial leverage ratios measure the use of debt financing. These ratios provide an indication of the long-term solvency of the firm. It measures the extent to which the firm is using long-term debt. More simply, the concept of leverage refers to the practice of using borrowed funds and the amount received from preferred stockholders in an attempt to earn an overall return that is higher than the cost of these funds. Debt-toEquity shows a firms balance of debt and equity. It is calculated by total debt divided by total equity. Debt-to-equity ratio for GM is 10.83 and Toyota is at 0.54. The industry has 2.78 and S&P 500 has a ratio 1.2. By looking at the ratios, Toyota Motor is doing better because it is lower than the industry and S&P 500. General Motors has 10.83, which is higher than the industry. The company has high debt and it is not doing better compared to their competitors. By analyzing the company and this ratio, we can conclude that Toyota Motor successfully employed a favorable leverage because it has been able to earn an overall rate of return on assets that is higher than the amount the company must pay to creditors and preferred stockholders. General Motors has unfavorable leverage as seen by the high debt-to-equity ratio that shows the company is not doing well. The interest coverage ratio indicates how well the firms earnings can cover the interest payments on its debts. It measures the extent to which operating income can decline before the firm is unable to meet its annual interest costs. It is calculated by dividing the earnings before interest and taxes (EBIT) by interest charges. Toyota Motor has 1.2 and General Motor does not have an interest coverage ratio. The industry is at 2.7

21

and the S&P 500 has a ratio of 3.5. Toyota Motor has 1.2 which is lower than the industry and S&P 500 which is not good. But compared to General Motors, it is better because it proves that it has enough cash to cover its debt while General Motors does not. Toyota Motor and General Motors PE ratios are 10.7 and 5.2, respectively, compared to the industry of 10.6 and S&P 500 of 19.5. Higher PE ratios mean higher earnings and its shows that the company is growing faster then their competitors. General Motors is not doing well because it has a lower ratio than the industry and S&P 500.

GM Debt/Equity ratio 10.83 Current ratio 3 Quick ratio 2.5 Interest coverage 1.2 leverage coverage 17.3 BV/Sale 49.06 Price/Sale 0.08 Current P/E 5.2 Gross margin 25.4 ROE 10.1 ROA 0.6 Sales (5-year) 1.76 EPS (5-year) -10.88 Dividends (5-year) 1.36 Net Profit 0.2 5-year net profit margin 1.4

TM 0.54 1.2 0.9 NA 2.7 51.09 0.7 10.07 NA 13.3 5 8.79 23.42 3.53 6.6 5

Industry S&P 500 2.78 1.2 1.9 1.5 1.5 1.1 2.7 3.5 6.6 5.9 21.47 12.62 0.32 1.49 10.6 19.5 27.8 47.3 12.4 14.4 1.9 2.4 3.77 4.71 -0.37 2.47 -20.66 3.39 3 7.6 1.8 5.8

22

General Motors News

April 20, 2005 Price hit new 52-week low ($24.67) April 19, 2005 General Motors Corp. posted a first-quarter net loss of $1.10 billion, its worst result since the industrial bankruptcy in 1992, due to weaker U.S. sales and growing costs for employee health care and raw materials to build cars. March 4, 2005 Price hit new 52-week low ($34.77) March 1, 2005 General Motors Corp. laid off nearly 3,000 hourly workers at its Lansing Car Assembly plant that spring. The plant makes the Pontiac Grand Am and the Chevrolet Classic, which is the fleet version of the Chevrolet Malibu. Both models are being discontinued, so production at the plant is ending. February 28, 2005 Price hit new 52-week low ($35.01)

23

Toyota Motors News

April 26, 2005 Toyota Motor Corp. plans to build an auto assembly plant in St. Petersburg, making it the first Japanese carmaker to build a manufacturing plant in Russia. The plant, with initial annual production capacity of about 50,000 passenger cars, will begin operating by December 2007, Toyota said in a statement. Toyota said it decided to build a plant there "in view of the rapid growth and potential of the Russian market." The plant will initially produce the Camry, Toyota's top-selling sedan model globally, at an annual rate of 20,000. April 12, 2005 Toyota Motor Corp. will invest $150 million in a new Michigan facility that will double the automaker's work force in the heart of the American automotive industry. April 11, 2005 Tokyo stocks fell Tuesday morning amid uncertainty about possible political and economic fallout from anti-Japan protests in China. The dollar was down against the yen and the euro. Automakers Honda Motor Co., Toyota Motor Co., electronics- and technology-related issues Canon Inc., Sony Corp. and Advantest Corp., as well as major banks all ended the morning session lower. March 23, 2005 Toyota Motor Manufacturing North America, Inc. (TMMNA) announced awards for its top North American suppliers in 2004. Among the awards given out at the ceremony, AK Steel Corporation of Middletown, Ohio, NOVA Chemicals of Pittsburgh, Pa. and

24

U.S. Engine Valve Company of Westminster, S.C. were each recognized with Superior Awards in the areas of both Quality and Delivery. February 3, 2005 Toyota Motor Corp. reported a 3.5 percent on-year rise in its third-quarter net profit, as higher sales overseas and cost cuts offset the negative impact of a weaker dollar. February 2, 2005 Toyota Motor Credit Corp., the U.S. auto loan unit of the Japanese automaker, said Wednesday in a U.S. Securities and Exchange Commission filing that it found errors in its currency-related derivatives accounting.

25

Conclusion The US economy has been in a slump affecting many different companies. This of course includes the auto industry. GM, being a US based company, has been affected more than Toyota, who is headquartered in Japan. Some issues in the news said that

Toyota, the worlds second biggest auto maker, could raise the prices of their vehicles sold in the US to help the market. However, they have refused. Besides it seems that nothing can help GM now. Not only have they recalled two million vehicles due to safety issues, but they have also reported a loss of 1.1 billion dollars. So while GM continues to decline, Toyota is expanding and plans to build a new assembly plant in Russia, which should be in operation by December 2007. Accordingly, analysts have recommended a strong buy on Toyota Motor Corporation and a strong sell on General Motors.

26

References

Business Source Elite <http://www.uic.edu.proxy.cc.uic.edu/depts/lib/reference/resources/professional.shtml#B usi> Clear Station <http://clearstation.etrade.com/> DataMonitor <http://www.datamonitor.com> General Motors <http://www.gm.com/> Investopedia <www.investopedia.com/features/ industryhandbook/automobile.asp> MSN Money <http://moneycentral.msn.com/investor/invsub/results/compare.asp?Page=PriceRatios&S ymbol> Reuters <http://www.reuters.com/home.jhtml> Toyota Motors Corporation <http://www.toyota.co.jp/en/index.html> Wikipedia <http://en.wikipedia.org/wiki/Main_Page> Yahoo Finance <www.finance.yahoo.com>

27