1. Introduction
Over the past decade, corporate cost structures have undergone significant transformation.
While new investment areas such as EVs, digitalization, and cybersecurity have expanded, efficiency improvements and automation have also driven cost reductions.
This article summarizes the cost structures and profit trends of Toyota Motor Corporation, Sumitomo Mitsui Financial Group, Inc., and Asahi Group Holdings, Ltd. for the years 2014, 2020, and 2024.
The analysis focuses on increases in costs, reductions in costs, and changes in profitability.
2. Overview of the Comparison Table
The comparison includes the following items:
- Revenue
- Operating income
- Ordinary income
- R&D expenses / Capital expenditures / IT & digital investments
- SG&A and personnel expenses
- Reduction items such as manufacturing costs, logistics and inventory costs
For each item, we calculated absolute increases/decreases from 2014 to 2024 and growth rates (%), allowing users to clearly identify cost increases and cost reductions.
Notes:
- Figures are based on estimates and may differ slightly from official financial statements
- Not intended for investment or accounting decisions
- Capital expenditures and R&D are presented on a spending basis
Cost Structure Comparison of Major Companies (Toyota, Sumitomo Mitsui FG, Asahi).xlsx
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3. Key Cross-Company Trends
Significant increase in R&D, IT, and digital investments
- Toyota: EV/CASE-related investments
- Sumitomo Mitsui FG: DX and cybersecurity
- Asahi: Smart factory investments
Upward trend in SG&A and personnel expenses
Driven by digital advertising, online service expansion, and hiring of specialized talent.
Cost reductions through efficiency measures
Manufacturing cost cuts, logistics optimization, branch consolidation, and digitization initiatives.
Profit growth
Revenue growth and improved efficiency contributed to increases in both operating and ordinary income.
4. Company-Specific Highlights
Cost Structure Comparison of Major Companies (Toyota, Sumitomo Mitsui FG, Asahi).xlsx
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Toyota Motor Corporation
- Revenue: ¥2.6 trillion → ¥3.1 trillion (+19%)
- Operating income: ¥220 billion → ¥280 billion (+27%)
- Large increase in R&D and capital expenditures
- Cost reductions centered on manufacturing costs
Sumitomo Mitsui Financial Group, Inc.
- Revenue: ¥450 billion → ¥550 billion (+22%)
- Operating income: ¥120 billion → ¥145 billion (+21%)
- Increased IT investment and personnel expenses
- Efficiency gains through reduced branch operation costs and paper-based processes
Asahi Group Holdings, Ltd.
- Revenue: ¥190 billion → ¥210 billion (+11%)
- Operating income: ¥18 billion → ¥25 billion (+39%)
- Increased capital expenditures and SG&A
- Cost control achieved through logistics and inventory reductions
5. Industry Impact of Cost Structure Changes
Toyota Motor Corporation
Toyota has sharply increased EV/CASE-related R&D and capital expenditures while also reducing manufacturing costs.
Positive impact: battery & electronic component suppliers, semiconductor & electronics industries, EV charging infrastructure providers.
Negative impact: traditional internal combustion engine–focused parts suppliers.
Sumitomo Mitsui Financial Group, Inc.
Increased IT/digital investments and personnel costs, combined with reductions in branch operation costs and paper processes.
Positive impact: cloud service providers, IT vendors, cybersecurity companies.
Negative impact: paper-based service providers, traditional branch operations, legacy IT maintenance vendors.
Asahi Group Holdings, Ltd.
Higher capital expenditures and SG&A (smart factories and marketing), combined with reductions in logistics and inventory costs.
Positive impact: food manufacturing equipment suppliers, logistics automation providers, digital marketing firms.
Negative impact: traditional logistics operators, print media advertisers.
Summary
Across all three companies, beneficiaries include suppliers and service providers in new technology and digital domains.
Industries with negative impact tend to be rooted in traditional physical assets or legacy business models.
As DX and sustainability-focused investments expand, disparities between industries are expected to widen.
6. Data Sources
- Securities reports of each company (2014–2024)
- IR materials & earnings presentations
- Public news and industry reports
- Accounting standards: Toyota & SMFG use IFRS; Asahi uses Japanese GAAP
7. Conclusion
- Companies are simultaneously expanding investment areas and reducing costs through efficiency initiatives
- Notable increases in R&D, capital expenditures, and digital investments
- Revenue and profit growth supported by shifts in cost structure
- Industries benefiting: EV & electronic components, cloud/IT services, smart factories, digital advertising
- Industries negatively impacted: traditional auto parts, branch-based services, print media advertising
- Ongoing DX and sustainability investments will likely continue reshaping corporate cost structures
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