The three key priorities of Toyota's financial strategy are growth, efficiency and stability. We believe that the balanced pursuit of these three priorities over the medium-to long-term will allow us to achieve steady and sustainable growth, as well as increase corporate value. Based on the Toyota Global Vision, we have been aiming to establish a cycle of developing always better cars that delight our customers and benefit society while fulfilling our duty to increase sales and consequently profits that are then reinvested in developing ever-better cars. To support this cycle, all 330,000 global Toyota employees will work together to maintain and build on a strong earnings base, towards becoming a company that realizes sustainable growth.
The focus of growth in automotive markets worldwide is likely to shift toward emerging markets and such fuel-efficient options as hybrid and compact vehicles. Toyota plans to invest efficiently and actively in these areas to respond to these changes and to ensure long-term sustainable growth. For example, we will prioritize the investment of management resources in the development of next-generation environmental technologies, such as fuel cells. We will also increase sales in emerging markets by strengthening locally produced models and building an optimized supply structure to realize a "50:50 sales ratio," with half of our sales coming from developed markets such as Japan, the United States, and Europe and the other half from emerging markets.
Toyota will continue its push forward with the Toyota New Global Architecture (TNGA), an initiative to overhaul the way we work with the goal of facilitating the timely launch of appealing products globally. Under TNGA, we are improving development efficiency and making always better cars by standardizing parts and components through grouped development. We will strive to further improve our earnings structure through efficient investment that emphasizes the areas in which we want to advance, including eco-cars and emerging markets.
To ensure a solid financial base, we secure sufficient liquidity and stable shareholders' equity. This allows us to maintain capital expenditure and R&D investment at levels conducive to future growth, including the development of next-generation technologies and the establishment of global production and sales structures, as well as to maintain working capital at a level sufficient for operations, even when business conditions are difficult due to such factors as steep increases in raw materials prices or volatility in foreign exchange rates. In order to maintain sufficient capital reserves, we will continue to pursue improvements in capital efficiency and cash flow.
On a consolidated basis for the fiscal year ended March 31, 2013, vehicle sales increased 1.519 million units to 8.871 million units compared with the previous fiscal year. Net revenues expanded 3,480.5 billion yen to 22,064.1 billion yen, operating income grew 965.2 billion yen to 1,320.8 billion yen, and net income rose 678.6 billion yen to 962.1 billion yen. In addition to increased vehicle sales, operating income also received a significant boost from a drive to reduce costs undertaken together with our suppliers throughout the fiscal year as well as a weakening of the yen in the second half of the fiscal year. We believe these results have positioned the company within reach of accomplishing its objective of creating a strong earnings base under the Toyota Global Vision announced in 2011.