Daihatsu Motor Company

Daihatsu's net profit fell 38.5% to JPY 41.9 bil in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company made a net profit of JPY 41.9 bil in 2015, down 38.5% when compared to the last year. Total sales reached JPY...

Daihatsu's price/earnings (P/E) rose 69.0% to 16.7 in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company stock traded at JPY 1,641 per share at the end 2015 translating into a market capitalization of USD 5,804 mil. ...

Daihatsu's Net Debt/EBITDA rose 72.6% to 0.504 in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company's net debt reached JPY 82.9 bil and accounted for 11.2% of equity at the end of 2015. The ratio is up 50.6% ...

Profit Statement 2013 2014 2015
Sales JPY bil 1,913 1,817 1,690
Gross Profit JPY bil 432 370 344
EBITDA JPY bil 212 192 164
EBIT JPY bil 145 111 82.9
Financing Cost JPY bil -15.0 -17.0 -7.58
Pre-Tax Profit JPY bil 162 127 91.2
Net Profit JPY bil 83.7 68.1 41.9
Dividends JPY bil 23.9 17.9 ...
Balance Sheet 2013 2014 2015
Total Assets JPY bil 1,450 1,519 1,439
Non-Current Assets JPY bil 596 674 650
Current Assets JPY bil 854 844 789
Working Capital JPY bil 106 142 156
Shareholders' Equity JPY bil 666 751 739
Liabilities JPY bil 784 767 700
Total Debt JPY bil 175 192 201
Net Debt JPY bil 24.3 56.0 82.9
Ratios 2013 2014 2015
ROE % 13.3 9.62 5.62
ROCE % 11.8 8.98 5.17
Gross Margin % 22.6 20.4 20.3
EBITDA Margin % 11.1 10.5 9.73
EBIT Margin % 7.58 6.10 4.91
Net Margin % 4.37 3.75 2.48
Net Debt/EBITDA 0.115 0.292 0.504
Net Debt/Equity % 3.65 7.45 11.2
Cost of Financing % -8.81 -9.26 -3.86
Valuation 2013 2014 2015
Market Capitalisation USD mil 7,215 5,615 5,804
Enterprise Value (EV) USD mil 7,445 6,082 6,492
Number Of Shares mil 426 426 426
Share Price JPY 1,782 1,579 1,641
EV/EBITDA 3.44 3.57 4.74
EV/Sales 0.381 0.377 0.462
Price/Earnings (P/E) 9.07 9.87 16.7
Price/Book Value (P/BV) 1.14 0.896 0.946
Dividend Yield % 3.14 2.66 ...

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summary Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                                
Sales JPY bil                                   1,559 1,631 1,765 1,913 1,817   ...
Gross Profit JPY bil ... ... ... ...                           342 361 397 432 370   ...
EBIT JPY bil ... ... ... ...                           97.6 113 133 145 111   ...
Net Profit JPY bil ... ... ... ...                           52.6 65.1 81.4 83.7 68.1   ...
ROE % ... ... ... ...                           12.4 13.7 14.9 13.3 9.62   ...
EBIT Margin % ... ... ... ...                           6.26 6.93 7.52 7.58 6.10   ...
Net Margin % ... ... ... ...                           3.37 3.99 4.61 4.37 3.75   ...
Employees ...                                 39,760 40,076 39,862 40,761 42,575 ... ...
balance sheet                                                
Total Assets JPY bil ... ... ... ...                           1,103 1,277 1,345 1,450 1,519   ...
Non-Current Assets JPY bil ... ... ... ...                           508 513 551 596 674   ...
Current Assets JPY bil ... ... ... ...                           595 765 794 854 844   ...
Shareholders' Equity JPY bil ... ... ... ...                           448 504 592 666 751   ...
Liabilities JPY bil ... ... ... ...                           655 773 753 784 767   ...
Non-Current Liabilities JPY bil ... ... ... ...                           141 122 125 153 137   ...
Current Liabilities JPY bil ... ... ... ...                           514 651 628 631 630   ...
Net Debt/EBITDA ... ... ... ...                           0.723 0.460 0.236 0.115 0.292   ...
Net Debt/Equity % ... ... ... ...                           17.8 11.6 7.81 3.65 7.45   ...
Cost of Financing % ... ... ... ... ...                         1.28 1.07 1.62 -8.81 -9.26   ...
cash flow                                                
Total Cash From Operations JPY bil ... ... ... ... ... ...                       144 206 130 139 101   ...
Total Cash From Investing JPY bil ... ... ... ... ... ...                       -42.0 -60.7 -65.1 -125 -117   ...
Total Cash From Financing JPY bil ... ... ... ... ... ...                       -27.8 -37.8 -38.6 -22.4 -19.4   ...
Net Change In Cash JPY bil ... ... ... ... ... ...                       74.3 107 26.1 -8.20 -35.4   ...
valuation                                                
Market Capitalisation USD mil ... ... ... ... ... ... ...                     6,539 7,605 8,417 7,215 5,615   ...
Number Of Shares mil ... ... ... ... ... ...                       426 426 426 426 426   ...
Share Price JPY ... ... ... ... ... ... ...                     1,246 1,374 1,711 1,782 1,579   ...
Earnings Per Share (EPS) JPY ... ... ... ... ... ...                       123 153 191 196 160   ...
Book Value Per Share JPY ... ... ... ... ... ...                       1,052 1,184 1,389 1,562 1,763   ...
Dividend Per Share JPY ... ... ... ... ... ...                       33.0 54.0 56.0 56.0 42.0 ... ...
Price/Earnings (P/E) ... ... ... ... ... ... ...                     10.1 8.99 8.96 9.07 9.87   ...
Price/Book Value (P/BV) ... ... ... ... ... ... ...                     1.18 1.16 1.23 1.14 0.896   ...
Dividend Yield % ... ... ... ... ... ... ...                     2.65 3.93 3.28 3.14 2.66 ... ...
Earnings Per Share Growth % ... ... ... ... ... ... ...                     148 23.9 25.0 2.80 -18.6   ...
Book Value Per Share Growth % ... ... ... ... ... ... ...                     13.1 12.5 17.3 12.5 12.9   ...
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                                
Sales JPY bil                                   1,559 1,631 1,765 1,913 1,817   ...
Cost of Goods & Services JPY bil ... ... ... ...                           1,218 1,270 1,368 1,482 1,447   ...
Gross Profit JPY bil ... ... ... ...                           342 361 397 432 370   ...
Staff Cost JPY bil ... ... ... ... ... ... ... ... ... ... ... ...           74.3 74.9 78.6 82.0 85.2 ... ...
Other Cost JPY bil ... ... ... ... ... ... ... ... ... ... ... ...           157 159 123 138 93.5 ... ...
EBITDA JPY bil ... ... ... ...                           110 127 196 212 192   ...
Depreciation JPY bil ... ... ... ...                           12.6 14.4 62.9 66.7 80.8   ...
EBIT JPY bil ... ... ... ...                           97.6 113 133 145 111   ...
Financing Cost JPY bil ... ... ... ...                           2.25 1.79 2.66 -15.0 -17.0   ...
Extraordinary Cost JPY bil ... ... ... ...                           -11.2 -14.2 -17.8 -1.78 0.486   ...
Pre-Tax Profit JPY bil ... ... ... ...                           107 126 148 162 127   ...
Tax JPY bil ... ... ... ...                           35.7 43.0 46.4 52.7 35.3   ...
Minorities JPY bil ... ... ... ...                           18.3 17.4 20.0 25.3 23.9   ...
Net Profit JPY bil ... ... ... ...                           52.6 65.1 81.4 83.7 68.1   ...
Dividends JPY bil ... ... ... ...                           14.1 23.0 23.9 23.9 17.9 ... ...
growth rates                                                
Total Revenue Growth % ...                                 -0.973 4.61 8.19 8.40 -5.03   ...
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ... ...         -2.07 0.993 -13.8 9.16 -18.7 ... ...
EBITDA Growth % ... ... ... ... ...                         107 15.6 53.5 8.24 -9.48   ...
EBIT Growth % ... ... ... ... ...                         140 15.8 17.3 9.26 -23.6   ...
Pre-Tax Profit Growth % ... ... ... ... ...                         155 17.8 17.8 9.41 -21.3   ...
Net Profit Growth % ... ... ... ... ...                         148 23.9 25.0 2.82 -18.6   ...
ratios                                                
ROE % ... ... ... ...                           12.4 13.7 14.9 13.3 9.62   ...
ROCE % ... ... ... ... ...                         8.44 11.3 12.8 11.8 8.98   ...
Gross Margin % ... ... ... ...                           21.9 22.1 22.5 22.6 20.4   ...
EBITDA Margin % ... ... ... ...                           7.07 7.81 11.1 11.1 10.5   ...
EBIT Margin % ... ... ... ...                           6.26 6.93 7.52 7.58 6.10   ...
Net Margin % ... ... ... ...                           3.37 3.99 4.61 4.37 3.75   ...
Payout Ratio % ... ... ... ...                           26.8 35.4 29.3 28.5 26.3 ... ...
Cost of Financing % ... ... ... ... ...                         1.28 1.07 1.62 -8.81 -9.26   ...
Net Debt/EBITDA ... ... ... ...                           0.723 0.460 0.236 0.115 0.292   ...
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                                                
Non-Current Assets JPY bil ... ... ... ...                           508 513 551 596 674   ...
Property, Plant & Equipment JPY bil ... ... ... ...                           407 410 436 468 537   ...
Intangible Assets JPY bil ... ... ... ... ... ...                       5.52 7.14 7.57 6.94 8.01   ...
Current Assets JPY bil ... ... ... ...                           595 765 794 854 844   ...
Inventories JPY bil ... ... ... ...                           80.6 73.3 76.8 72.8 95.8   ...
Receivables JPY bil ... ... ... ...                           239 306 287 314 336   ...
Cash & Cash Equivalents JPY bil ... ... ... ...                           92.1 104 119 150 136   ...
Total Assets JPY bil ... ... ... ...                           1,103 1,277 1,345 1,450 1,519   ...
Shareholders' Equity JPY bil ... ... ... ...                           448 504 592 666 751   ...
Of Which Minority Interest JPY bil ... ... ... ...                           64.4 74.0 91.1 115 133   ...
Liabilities JPY bil ... ... ... ...                           655 773 753 784 767   ...
Non-Current Liabilities JPY bil ... ... ... ...                           141 122 125 153 137   ...
Long-Term Debt JPY bil ... ... ... ...                           67.7 50.1 49.1 60.3 62.6   ...
Deferred Tax Liabilities JPY bil ... ... ... ... ... ... ...                     5.41 4.29 4.15 2.53 5.48   ...
Current Liabilities JPY bil ... ... ... ...                           514 651 628 631 630   ...
Short-Term Debt JPY bil ... ... ... ...                           104 113 116 114 129   ...
Trade Payables JPY bil ... ... ... ...                           232 336 196 281 291   ...
Provisions JPY bil ... ... ... ...                           68.0 70.8 14.3 16.2 15.9   ...
Equity And Liabilities JPY bil ... ... ... ...                           1,103 1,277 1,345 1,450 1,519   ...
growth rates                                                
Total Asset Growth % ... ... ... ... ...                         -2.74 15.8 5.25 7.81 4.76   ...
Shareholders' Equity Growth % ... ... ... ... ...                         13.1 12.5 17.3 12.5 12.9   ...
Net Debt Growth % ... ... ... ... ...                         -37.6 -26.6 -21.1 -47.5 131   ...
Total Debt Growth % ... ... ... ... ...                         -4.92 -5.25 1.52 5.62 9.86   ...
ratios                                                
Total Debt JPY bil ... ... ... ...                           172 163 165 175 192   ...
Net Debt JPY bil ... ... ... ...                           79.8 58.6 46.2 24.3 56.0   ...
Working Capital JPY bil ... ... ... ...                           88.4 43.8 168 106 142   ...
Capital Employed JPY bil ... ... ... ...                           597 557 718 702 816   ...
Net Debt/Equity % ... ... ... ...                           17.8 11.6 7.81 3.65 7.45   ...
Cost of Financing % ... ... ... ... ...                         1.28 1.07 1.62 -8.81 -9.26   ...
cash flow Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                                                
Net Profit JPY bil ... ... ... ...                           52.6 65.1 81.4 83.7 68.1   ...
Depreciation JPY bil ... ... ... ...                           12.6 14.4 62.9 66.7 80.8   ...
Non-Cash Items JPY bil ... ... ... ... ... ...                       65.1 81.8 110 -73.1 -12.5   ...
Change in Working Capital JPY bil ... ... ... ... ... ...                       13.8 44.6 -124 62.0 -35.8   ...
Total Cash From Operations JPY bil ... ... ... ... ... ...                       144 206 130 139 101   ...
Capital Expenditures JPY bil ... ... ... ... ... ...                       -39.4 -65.1 -65.1 -90.3 -138   ...
Other Investments JPY bil ... ... ... ... ... ...                       -2.59 4.38 0.020 -34.9 21.2   ...
Total Cash From Investing JPY bil ... ... ... ... ... ...                       -42.0 -60.7 -65.1 -125 -117   ...
Dividends Paid JPY bil ... ... ... ... ... ...                       -14.1 -23.0 -23.9 -23.9 -17.9 ... ...
Issuance Of Debt JPY bil ... ... ... ... ... ...                       -8.89 -9.02 2.48 9.29 17.2   ...
Total Cash From Financing JPY bil ... ... ... ... ... ...                       -27.8 -37.8 -38.6 -22.4 -19.4   ...
Net Change In Cash JPY bil ... ... ... ... ... ...                       74.3 107 26.1 -8.20 -35.4   ...
ratios                                                
Days Sales Outstanding days ... ... ... ...                           56.0 68.5 59.4 60.0 67.6   ...
Days Sales Of Inventory days ... ... ... ...                           24.2 21.1 20.5 17.9 24.2   ...
Days Payable Outstanding days ... ... ... ...                           69.4 96.5 52.4 69.3 73.3   ...
Cash Conversion Cycle days ... ... ... ...                           10.8 -6.91 27.6 8.62 18.4   ...
Cash Earnings JPY bil ... ... ... ...                           65.2 79.5 144 150 149   ...
Cash Earnings Per Share JPY ... ... ... ... ... ...                       153 187 339 353 350   ...
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ...                     8.15 7.37 5.05 5.05 4.52   ...
Free Cash Flow JPY bil ... ... ... ... ... ...                       102 145 64.7 14.2 -16.0   ...
Free Cash Flow Yield % ... ... ... ... ... ... ...                     17.8 24.0 9.62 2.02 -2.53   ...
other data Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                                                
ROA % ... ... ... ...                           4.70 5.47 6.21 5.99 4.59   ...
Gross Margin % ... ... ... ...                           21.9 22.1 22.5 22.6 20.4   ...
Employees ...                                 39,760 40,076 39,862 40,761 42,575 ... ...
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ...           1,776 1,954 2,058 1,714 1,482 ... ...
Cost Per Employee (Local Currency) JPY per month ... ... ... ... ... ... ... ... ... ... ... ...           155,825 155,719 164,321 167,581 166,812 ... ...
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ...           5.09 4.93 4.82 4.64 4.99 ... ...
Effective Tax Rate % ... ... ... ...                           33.5 34.2 31.4 32.6 27.7   ...
Enterprise Value (EV) USD mil ... ... ... ... ... ... ...                     7,522 8,365 8,951 7,445 6,082   ...
EV/EBITDA ... ... ... ... ... ... ...                     5.99 5.23 3.65 3.44 3.57   ...
EV/Capital Employed ... ... ... ... ... ... ...                     1.02 1.16 1.08 1.12 0.893   ...
EV/Sales ... ... ... ... ... ... ...                     0.423 0.409 0.405 0.381 0.377   ...
EV/EBIT ... ... ... ... ... ... ...                     6.76 5.90 5.39 5.02 6.18   ...
Domestic Sales JPY bil ... ... ... ... ... ...                       1,195 1,262 1,159 1,229 1,211   ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ...                       2.53 3.99 3.69 4.72 7.59   ...
Revenues From Abroad JPY bil ... ... ... ... ... ...                       364 370 606 684 606   ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ...                       23.4 22.7 34.4 35.7 33.4   ...
Price Per Vehicle Sold JPY ... ... ... ...                           1,747,040 1,735,820 1,691,030 1,728,760 1,655,290   ...
EBIT Per Vehicle Sold JPY ... ... ... ...                           109,377 120,322 127,102 130,972 100,930   ...
Net Profit Per Vehicle Sold JPY ... ... ... ...                           58,885 69,311 77,997 75,628 62,078   ...
Price Per Vehicle Sold (USD) USD ... ... ... ...                           19,907 21,782 21,182 17,679 14,707   ...
EBIT Per Vehicle Sold (USD) USD ... ... ... ...                           1,246 1,510 1,592 1,339 897   ...
Net Profit Per Vehicle Sold (USD) USD ... ... ... ...                           671 870 977 773 552   ...
Production of Vehicles vehicles ... ...             ... ... ... ...           979,000 979,000 1,028,800 1,119,510 1,104,820    
Sales of Vehicles vehicles ... ... ... ...                           892,600 939,800 1,043,730 1,106,720 1,097,760    
Production of Vehicles (At Home) vehicles ... ... ... ... ... ... ... ... ... ... ... ...           627,700 627,700 661,441 699,337 713,193    
Domestic Production (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ...           64.1 64.1 64.3 62.5 64.6    
Exports Of Vehicles vehicles ... ... ... ... ...                         526,500 562,800 388,455 405,325 408,584    
Exports (As % Of Total Vehicles Sold) % ... ... ... ... ...                         59.0 59.9 37.2 36.6 37.2    
Sales of Mira vehicles ... ... ... ... ... ... ... ... ... ...               100,000 182,900 ... ... ... ... ...
Sales of Esse vehicles ... ... ... ... ... ... ... ... ... ...               31,700 7,900 ... ... ... ... ...
Sales of Copen vehicles ... ... ... ... ... ... ... ... ... ...               2,300 2,100 ... ... ... ... ...
Sales of Move vehicles ... ... ... ... ... ... ... ... ... ...               138,000 144,400 ... ... ... ... ...
Sales of Tanto vehicles ... ... ... ... ... ... ... ... ... ...               169,000 139,300 ... ... ... ... ...
Sales of Terios Kid vehicles ... ... ... ... ... ... ... ... ... ...               2,600 2,700 ... ... ... ... ...
Sales of Atrai Wagon vehicles ... ... ... ... ... ... ... ... ... ...               11,500 11,700 ... ... ... ... ...
Sales of Hijet Cargo vehicles ... ... ... ... ... ... ... ... ... ...               51,400 53,900 ... ... ... ... ...
Sales of Hijet Truck vehicles ... ... ... ... ... ... ... ... ... ...               62,100 57,700 ... ... ... ... ...
Sales of Others vehicles ... ... ... ... ... ... ... ... ... ... ...             ... ... ... ... ... ... ...
Sales of BOON vehicles ... ... ... ... ... ... ... ... ... ...               1,700 ... ... ... ... ... ...
Sales in Asia vehicles ... ... ... ... ... ... ... ... ... ...               316,100 327,100 ... ... ... ... ...
Sales in Oceania vehicles ... ... ... ... ... ... ... ... ... ...               300 200 ... ... ... ... ...
Sales in Europe vehicles ... ... ... ... ... ... ... ... ... ...               16,800 10,100 ... ... ... ... ...
Sales in Middle East vehicles ... ... ... ... ... ... ... ... ... ...               20,700 19,100 ... ... ... ... ...
Sales in Latin America vehicles ... ... ... ... ... ... ... ... ... ...               4,400 4,600 ... ... ... ... ...
Sales in Africa vehicles ... ... ... ... ... ... ... ... ... ...               8,500 6,300 ... ... ... ... ...
Production of Cars in Japan vehicles                                   491,399 552,890 609,481 ... ... ... ...
Production of Trucks in Japan vehicles                                   127,664 137,021 147,994 ... ... ... ...

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Oct 2013
Statistical Dossier

Daihatsu's Cash & Cash Equivalents fell 12.8% to JPY 118 bil in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company's total assets reached JPY 1,439 bil at the end of 2015, up 8.14% when compared to the previous year. Current assets amounted to JPY 789 bil, or 54.8% of total assets while cash reached JPY 118 bil at the end of 2015. On the other hand, total debt re...

Daihatsu's Capital Expenditures fell 36.6% to JPY 87.4 bil in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company invested total of JPY 87.4 bil in 2015, down 36.6% when compared to the previous year. Historically, company's investments reached an all time high of JPY 138 bil in 2014 and an all time low of JPY 32.1 bil in 2003. When compared ...

Daihatsu's Total Cash From Operations fell 2.20% to JPY 98.5 bil in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company's operating cash flow reached JPY 98.5 bil in 2015, down 2.20% when compared to the previous year. Historically, the firm’s operating cash flow reached an all time high of JPY 206 bil in 2011 and an all time low of JPY 36.7 bil in 2001. ...

Daihatsu's Net Margin fell 33.9% to 2.48% in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company made a net profit of CZK JPY 41.9 bil under revenues of JPY 1,690 bil in 2015, down 38.5% and -6.98%, respectively, when compared to the last year. This translates into a net margin of 2.48%. Historically, the firm’s net margin reached an a...

Daihatsu's ROCE fell 42.4% to 5.17% in 2015

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company made a net profit of JPY 41.9 bil in 2015, down 38.5% when compared to the previous year. Historically, company's net profit reached an all time high of JPY 83.7 bil in 2013 and an all time low of JPY 3.01 bil in 1998. This implies return on...

Daihatsu's employees rose 4.45% to 42,575 in 2014

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company employed 42,575 persons in 2014, up 4.45% when compared to the previous year. Historically, the firm's workforce hit an all time high of 42,575 in 2014 and an all time low of 33,011 in 2005. Average cost reached USD 1,482 per month per emplo...

Daihatsu's Share Price fell 11.4% to JPY 1,579 in 2014

By Helgi Analytics - November 05, 2019

Daihatsu Motor Company stock traded at JPY 1,579 per share at the end 2014 implying a market capitalization of USD 5,615 mil. Since the end of 2009, the stock has appreciated by 70.7% implying an annual average growth of 11.3%. In absolute terms, the value of t...

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Daihatsu Motor Co is the oldest Japanese car manufacturer, mostly known for its range of smaller models and off-road vehicles. The Company now manufactures and sells passenger automobiles, commercial automobiles, specialty automobiles, welfare vehicles and environment-friendly automobiles. The headquarters are located in Ikeda, Osaka Prefecture. Daihatsu was formed in 1951 as a successor to Hatsudoki Seizo Co. Ltd, founded in 1907, as part of Hatsudoki's major restructure. Hatsudoki's formation was largely influenced by the Engineering Department's faculty of Osaka University, to develop a gasoline powered engine for small stationary power plants. Since February 1992, Toyota distributes Daihatsu models as part of its North American distribution.