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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Japan's ANA to cut 3,500 jobs in 3 years as it anticipates prolonged virus woes: Yomiuri

10/24/2020 | 09:37pm EST
 All Nippon Airways (ANA) aircrafts are seen amid the coronavirus disease (COVID-19) outbreak Haneda Airport in Tokyo

TOKYO (Reuters) - ANA Holdings Inc plans to cut about 3,500 jobs in three years as Japan's largest airline operator braces for its biggest-ever annual loss due to a plunge in demand driven by the coronavirus pandemic, the Yomiuri daily reported.

The job losses are part of ANA's broader business restructuring plan to be announced on Tuesday, as it scrambles to cut fixed costs in anticipation of a prolonged downturn in travel demand, the Yomiuri said on Sunday.

ANA, which had group workforce of 43,500 as of last year, plans to achieve the job cut target by the year ending in March 2023 through outplacement programmes and a hiring freeze, according to the paper.

ANA representatives could not be reached immediately.

As short-term measures, ANA is considering temporarily dispatching some of its workforce to several other firms including Toyota Motor Corp and selling 30 of its costly wide-body aircraft, the Yomiuri added.

Forecast to suffer a net loss of around 500 billion yen ($4.8 billion) for this fiscal year to March, ANA has turned to billions of dollars in loans and a government tourism campaign to weather the slump in air travel.

Separately, the Nikkei business daily reported on Sunday that ANA's local rival, Japan Airlines Co, was expected to report an operating loss of about 85 billion yen for the July-September quarter.

JAL was mired in the red as passenger traffic on international flights plunged 97% in the quarter, the Nikkei said.

Reflecting severe headwinds in the industry, domestic airline Star Flyer Inc is in talks with Japanese private equity firm Advantage Partners and others to raise some 10 billion yen in capital through new bond issuance, Japanese media reported late Saturday.

ANA is the biggest shareholder in Star Flyer with an 18% stake.

($1 = 104.6900 yen)

(Reporting by Makiko Yamazaki; Editing by Lincoln Feast.)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 4.67% 2599 End-of-day quote.-28.64%
JAPAN AIRLINES CO., LTD. 10.20% 2215 End-of-day quote.-34.80%
NIKKEI 225 0.50% 26296.86 Real-time Quote.10.61%
STAR FLYER INC. 2.34% 2232 End-of-day quote.-44.89%
TOYOTA INDUSTRIES CORPORATION 0.78% 7720 End-of-day quote.21.96%
TOYOTA MOTOR CORPORATION -1.09% 7350 End-of-day quote.-4.72%
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Financials
Sales 2021 25 534 B 245 B 245 B
Net income 2021 1 329 B 12 727 M 12 727 M
Net Debt 2021 16 192 B 155 B 155 B
P/E ratio 2021 15,5x
Yield 2021 3,03%
Capitalization 20 550 B 197 B 197 B
EV / Sales 2021 1,44x
EV / Sales 2022 1,31x
Nbr of Employees 359 542
Free-Float 62,1%
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Technical analysis trends TOYOTA MOTOR CORPORATION
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 7 902,78 JPY
Last Close Price 7 350,00 JPY
Spread / Highest target 27,9%
Spread / Average Target 7,52%
Spread / Lowest Target -25,2%
EPS Revisions
Managers
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Kenta Kon Chief Financial Officer
Seiji Sakai Manager-Information Systems & IT Management
Masahito Maeda Chief Technology Officer
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1st jan.Capitalization (M$)
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