SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of May, 2020

Commission File Number 001-14948

 

 

Toyota Motor Corporation

(Translation of Registrant’s Name Into English)

 

 

1, Toyota-cho, Toyota City,

Aichi Prefecture 471-8571,

Japan

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F       X         Form 40-F             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

 

 

 


Material Contained in this Report:

 

I.

English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on May 12, 2020, with respect to the registrant’s results of operations for the fiscal year ended March 31, 2020.

 

II.

English translation of the Notice Concerning the Holding of Ordinary General Shareholders’ Meeting to be held on June 11, 2020, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2020.

 

III.

English translation of the Notice Concerning the Distribution of Dividends from Surplus, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2020.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Toyota Motor Corporation

By:

 

    /s/    Kaname Shimizu

 

Name:

  Kaname Shimizu
 

Title:

  General Manager, Accounting Division

Date: May 12, 2020

FINANCIAL SUMMARY
Table of Contents

FINANCIAL SUMMARY

FY2020

(April 1, 2019 through March 31, 2020)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


Table of Contents

FY2020 Consolidated Financial Results

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

English translation from the original Japanese-language document

May 12, 2020

 

Company name

  :   Toyota Motor Corporation

Stock exchanges on which the shares are listed

  :   Tokyo and Nagoya Stock Exchanges in Japan

Code number

  :   7203

URL

  :   https://global.toyota/jp/

Representative

  :   Akio Toyoda, President

Contact person

  :   Kaname Shimizu, General Manager, Accounting Division
Tel. (0565)28-2121

Date of the ordinary general shareholders’ meeting

  :   June 11, 2020

Payment date of cash dividends

  :   May 28, 2020

Filing date of financial statements

  :   June 24, 2020

Supplemental materials prepared for financial results

  :   yes

Earnings announcement for financial results

  :   yes

(Amounts are rounded to the nearest million yen for consolidated results)

 

1.

Consolidated Results for FY2020 (April 1, 2019 through March 31, 2020)

 

(1)

Consolidated financial results

 

     (% of change from previous year)  
     Net revenues      Operating income      Income before income taxes
and equity in earnings  of
affiliated companies
     Net income attributable to
Toyota Motor Corporation
 
     Million yen      %      Million yen      %      Million yen      %      Million yen      %  

FY2020

     29,929,992        -1.0        2,442,869        -1.0        2,554,607        11.8        2,076,183        10.3  

FY2019

     30,225,681        2.9        2,467,545        2.8        2,285,465        -12.8        1,882,873        -24.5  

 

Note:  Comprehensive income    FY2020    1,866,642 million yen ( -3.6 %),    FY2019    1,936,602 million yen ( -19.1 %)

 

     Net income attributable to
Toyota Motor Corporation
per  common share – Basic
     Net income attributable to
Toyota Motor Corporation
per  common share –Diluted
     Ratio of net  income
attributable to Toyota
Motor Corporation to
Toyota Motor Corporation
shareholders’ equity
     Ratio of income  before
income taxes and
equity in earnings of
affiliated companies
to total assets
     Ratio of operating income
to net revenues
 
     Yen      Yen      %      %      %  

FY2020

     735.61        729.50        10.4        4.9        8.2  

FY2019

     650.55        645.11        9.8        4.5        8.2  

 

Reference:  Equity in earnings of affiliated companies    FY2020    271,152 million yen,    FY2019    360,066 million yen

 

(2)

Consolidated financial position

 

     Total assets      Mezzanine equity and
Shareholders’ equity
     Toyota Motor  Corporation
shareholders’ equity
     Ratio of
Toyota Motor Corporation
shareholders’ equity
     Toyota Motor  Corporation
shareholders’ equity
per share
 
     Million yen      Million yen      Million yen      %      Yen  

FY2020

     52,680,436        21,241,851        20,060,618        38.1        7,252.17  

FY2019

     51,936,949        20,565,210        19,348,152        37.3        6,830.92  

 

(3)

Consolidated cash flows

 

     From operating activities      From investing activities      From financing activities      Cash and cash equivalents
at end of year
 
     Million yen      Million yen      Million yen      Million yen  

FY2020

     3,590,643        -3,150,861        397,138        4,412,190  

FY2019

     3,766,597        -2,697,241        -540,839        3,706,515  

 

Note:  “Cash and cash equivalents at end of year” includes restricted cash and cash equivalents.

 

2.

Cash Dividends

 

    Annual cash dividends per common share     Total amount  of
cash dividends
(annual)
    Dividends  payout
ratio
(consolidated)
    Ratio of total amount
of dividends to Toyota
Motor Corporation
shareholders’ equity
(consolidated)
 
    End of  first
quarter
    End of  second
quarter
    End of  third
quarter
    Year-end     Total  
    Yen     Yen     Yen     Yen     Yen     Million yen     %     %  

FY2019

          100.00             120.00       220.00       626,819       33.8       3.3  

FY2020

          100.00             120.00       220.00       610,847       29.9       3.1  

FY2021 (forecast)

                                       

 

Note:

 

Please refer to “Reference: Cash Dividends on Class Shares” for information regarding cash dividends on class shares, which are unlisted and have different rights from common stock.

 

3.

Forecast of Consolidated Results for FY2021 (April 1, 2020 through March 31, 2021)

 

     (% of change from FY2020)
     Sales revenues      Operating income      Income before
income taxes
   Net income attributable to
owners of the parent
   Net income attributable to
owners of the parent per
common share – Basic
     Million yen      %      Million yen      %      Million yen    %    Million yen    %    Yen

Full-year

     24,000,000        -19.8        500,000        -79.5      To be determined

 

*1

The parent company intends to voluntarily adopt International Financial Reporting Standards (“IFRS”) for its consolidated financial statements from the first quarter of the fiscal year ending March 31, 2021. Accordingly, the parent company and its consolidated subsidiaries (“Toyota”)’s forecast of consolidated financial results for the fiscal year ending March 31, 2021 is based on IFRS.

*2

Toyota is not disclosing forecasts of both income before income taxes and net income attributable to owners of the parent for the fiscal year ending March 31, 2021, as the effects of the global spread of COVID-19 present challenges in preparing reasonable estimates for such figures. Toyota will disclose such figures promptly after they can be reasonably estimated.


Table of Contents

Notes

 

(1)

Changes in significant subsidiaries during FY2020

(Changes in specified subsidiaries that caused a change in the scope of consolidation): none

 

(2)

Changes in accounting principles, procedures, and disclosures during FY2020

 

  (i)

Changes by a newly issued accounting pronouncement: yes

 

  (ii)

Changes other than (2)-(i) above: yes

Note: For more details, please see page 13 “(6) Summary of Significant Accounting Policies.”

 

(3)

Number of shares issued and outstanding (common stock)

 

  (i)

Number of shares issued and outstanding at the end of each fiscal year (including treasury stock):

   

FY2020 3,262,997,492 shares, FY2019 3,262,997,492 shares

 

  (ii)

Number of treasury stock at the end of each fiscal year:

   

FY2020 496,844,960 shares, FY2019 430,558,325 shares

 

  (iii)

Average number of shares issued and outstanding in each fiscal year:

   

FY2020 2,798,917,983 shares, FY2019 2,871,533,872 shares

Reference: Overview of the Unconsolidated Financial Results

FY2020 Unconsolidated Financial Results

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

English translation from the original Japanese-language document

(Amounts less than one million yen are omitted for unconsolidated results)

 

1.

Unconsolidated Results for FY2020 (April 1, 2019 through March 31, 2020)

 

(1)

Unconsolidated financial results

 

    

(% of change from previous year)

    

Net revenues

  

Operating income

  

Ordinary income

  

Net income

     Million yen    %    Million yen    %    Million yen    %    Million yen    %

FY2020

   12,729,731    0.8    978,804    -26.2    1,735,365    -25.3    1,424,062    -24.9

FY2019

   12,634,439                 3.5    1,326,137               5.5    2,323,121    3.8    1,896,824               2.0
    

Net income per
common share – Basic

  

Net income per
common share –Diluted

     Yen    Yen

FY2020

   504.25    500.27

FY2019

   657.10    649.89

 

(2)

Unconsolidated financial position

 

    

Total assets

  

Net assets

  

Equity ratio

  

Net assets per
common share

          Million yen         Million yen         %         Yen

FY2020

                         17,809,246                        12,590,890                        70.7                        4,377.19

FY2019

      17,716,993       12,450,274       70.3       4,225.55

 

Reference:  Equity at the end of FY2020:  12,590,890 million yen,    Equity at the end of FY2019:  12,450,274 million yen

This report is not audited.

Cautionary Statement with Respect to Forward-Looking Statements, and Other Information

This report contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. With regard to Toyota’s decisions and assumptions for the forecast, please refer to “1. Financial Results and Position (3) Forecast of Consolidated Financial Results for FY2021” on page 5 of the materials accompanying this report. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii)changes in funding environment in financial markets and increased competition in the financial services industry; (iv)Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities as well as the outbreak and spread of epidemics, including the negative effect on Toyota’s vehicle production and sales.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

The global spread of COVID-19 and the responses to it by governments and other stakeholders have adversely affected Toyota in a number of ways. For reasons such as government directives as well as anticipated reduced demand for its vehicles, Toyota has temporarily suspended, or intends to temporarily suspend, production of automobiles and components at selected plants in Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party suppliers and business partners.

The duration of the global spread of COVID-19 is uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of COVID-19, are difficult to predict and could have an adverse effect on Toyota’s financial condition and results of operations.


Table of Contents

Reference: Cash Dividends on Class Shares

Cash dividends on class shares, which have different rights from common stock, are as follows:

 

     Annual cash dividends per First Series Model AA Class Share  
     End of first
quarter
     End of second
quarter
     End of third
quarter
     Year-end      Total  
     Yen      Yen      Yen      Yen      Yen  

FY2019

            105.50               105.50        211.00  

FY2020

            132.00               132.00        264.00  

FY2021 (forecast)

                                  

 

Note:  The First Series Model AA Class Shares were issued in July 2015.


Table of Contents

TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

TABLE OF CONTENTS

 

1.  Financial Results and Position

     2  

(1) Consolidated Financial Results for FY2020

     2  

(2) Consolidated Financial Position for FY2020

     4  

(3) Forecast of Consolidated Financial Results for FY2021

     5  

2.  Basic Concept Regarding the Selection of Accounting Standards

     6  

3.  Consolidated Financial Statements

     7  

(1) Consolidated Balance Sheets

     7  

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

     9  

(3) Consolidated Statements of Shareholders’ Equity

     11  

(4) Consolidated Statements of Cash Flows

     12  

(5) Going Concern Assumption

     13  

(6) Summary of Significant Accounting Policies

     13  

(7) Segment Information

     15  

(8) Per Share Amounts

     22  

(9) Significant Subsequent Events

     23  

Supplemental Material for Financial Results for FY 2020

  

 

1


Table of Contents

TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

1.

Financial Results and Position

(1) Consolidated Financial Results for FY2020

Financial Results

Reviewing the general economic environment for FY2020 (April 1, 2019 through March 31, 2020), the world economy changed from a trend of moderate expansion to a sharp slowdown due to the effects of trade frictions and the impact of COVID-19 spreading from China to North America, Europe and Asia.

Automotive markets slumped in China and some emerging countries, but remained stable in developed countries and declined only slightly in the world as a whole. However, COVID-19 has begun to have a major impact, leading to the suspension of operations at factories and the suspension of business at dealers worldwide.

Under these conditions, consolidated vehicle unit sales in Japan and overseas decreased by 19 thousand units, or 0.2%, to 8,958 thousand units in FY2020 compared with FY2019 (April 1, 2018 through March 31, 2019). Vehicle unit sales in Japan increased by 14 thousand units, or 0.6%, to 2,240 thousand units in FY2020 compared with FY2019, primarily as a result of the active introduction of new products and the efforts of dealers nationwide. Toyota and Lexus brands’ market share excluding mini-vehicles was 48.8%, representing a record high, and market share (including Daihatsu and Hino brands) including mini-vehicles was 45.5%, representing a record high. Each remaining at as high a level as in FY2019. Meanwhile, overseas vehicle unit sales decreased by 32 thousand units, or 0.5%, to 6,719 thousand units in FY2020 compared with FY2019, because of a decline in sales in Asia and North America.

The results of operations for FY2020 were as follows:

 

Net revenues      29,929.9 billion yen         (a decrease of 295.6 billion yen or 1.0% compared with FY2019)

Operating income

     2,442.8 billion yen         (a decrease of 24.6 billion yen or 1.0% compared with FY2019)

Income before income taxes and equity in earnings of affiliated companies

     2,554.6 billion yen         (an increase of 269.1 billion yen or 11.8% compared with FY2019)

Net income attributable to Toyota Motor Corporation

     2,076.1 billion yen         (an increase of 193.3 billion yen or 10.3% compared with FY2019)

The changes in operating income were as follows:

 

Effects of marketing activities

    a decrease of 90.0 billion yen

Effects of changes in exchange rates

    a decrease of 305.0 billion yen

Cost reduction efforts

    an increase of 170.0 billion yen

Increase or decrease in expenses and expense reduction efforts

    an increase of 45.0 billion yen

Other

    an increase of 155.4 billion yen

Due to the effects of the global spread of COVID-19, operating income for FY2020 decreased by 160.0 billion yen, which is mainly attributable to the decrease in consolidated vehicle unit sales.

Toyota changed the depreciation method of the parent company and Japanese subsidiaries to the straight-line method, effective as of April 1, 2019. The impact of this change for FY2020 was a decrease in depreciation expense of 173.2 billion yen.

The changes in net income attributable to Toyota Motor Corporation includes a loss of 38.1 billion yen (net of tax, etc.), which is attributable to the effect of unrealized gains (losses) on equity securities in FY2020.

 

2


Table of Contents

TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations decreased by 215.5 billion yen, or 0.8%, to 26,863.5 billion yen in FY2020 compared with FY2019. However, operating income increased by 13.4 billion yen, or 0.7%, to 2,052.3 billion yen in FY2020 compared with FY2019. The increase in operating income was mainly due to cost reduction efforts, as well as the decrease in expenses and expense reduction efforts.

(ii) Financial services:

Net revenues for the financial services operations increased by 37.0 billion yen, or 1.7%, to 2,190.5 billion yen in FY2020 compared with FY2019. However, operating income decreased by 30.6 billion yen, or 9.5%, to 292.1 billion yen in FY2020 compared with FY2019. The decrease in operating income was mainly due to the increase in expenses related to credit losses in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses decreased by 171.8 billion yen, or 10.2%, to 1,504.5 billion yen in FY2020 compared with FY2019, and operating income decreased by 8.8 billion yen, or 8.4%, to 96.6 billion yen in FY2020 compared with FY2019.

Geographic Information

(i) Japan:

Net revenues in Japan decreased by 163.8 billion yen, or 1.0%, to 16,461.5 billion yen in FY2020 compared with FY2019, and operating income decreased by 123.6 billion yen, or 7.3%, to 1,567.9 billion yen in FY2020 compared with FY2019. The decrease in operating income was mainly due to the effects of marketing activities and changes in exchange rates.

(ii) North America:

Net revenues in North America decreased by 178.4 billion yen, or 1.7%, to 10,638.7 billion yen in FY2020 compared with FY2019. However, operating income increased by 156.1 billion yen, or 136.3%, to 270.6 billion yen in FY2020 compared with FY2019. The increase in operating income was mainly due to marketing efforts.

(iii) Europe:

Net revenues in Europe increased by 122.0 billion yen, or 3.8%, to 3,360.8 billion yen in FY2020 compared with FY2019, and operating income increased by 25.6 billion yen, or 20.6%, to 150.5 billion yen in FY2020 compared with FY2019. The increase in operating income was mainly due to the increase in vehicle unit sales.

(iv) Asia:

Net revenues in Asia decreased by 174.3 billion yen, or 3.2%, to 5,338.6 billion yen in FY2020 compared with FY2019, and operating income decreased by 86.4 billion yen, or 18.9%, to 370.9 billion yen in FY2020 compared with FY2019. The decrease in operating income was mainly due to the effects of changes in exchange rates.

(v) Other (Central and South America, Oceania, Africa and the Middle East):

Net revenues in other regions decreased by 220.9 billion yen, or 9.5%, to 2,112.5 billion yen in FY2020 compared with FY2019, and operating income decreased by 0.3 billion yen, or 0.4%, to 90.7 billion yen in FY2020 compared with FY2019.

 

3


Table of Contents

TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(2) Consolidated Financial Position for FY2020

Cash and cash equivalents and restricted cash and cash equivalents increased by 705.6 billion yen, or 19.0%, to 4,412.1 billion yen at the end of FY2020 compared with the end of FY2019.

The increases or decreases for each cash flow activity compared with the previous fiscal year are as follows:

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 3,590.6 billion yen in FY2020. Net cash provided by operating activities decreased by 175.9 billion yen from 3,766.5 billion yen in FY2019.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 3,150.8 billion yen in FY2020. Net cash used in investing activities increased by 453.6 billion yen from 2,697.2 billion yen in FY2019.

Cash flows from financing activities

Net cash flows from financing activities resulted in an increase in cash by 397.1 billion yen in FY2020. Net cash provided by financing activities increased by 937.9 billion yen from 540.8 billion yen net cash used in FY2019.

The consolidated cash flows by segment for FY2020 are as follows:

Non-financial services

Net cash provided by operating activities was 2,506.8 billion yen, net cash used in investing activities was 1,445.7 billion yen and net cash used in financing activities was 1,005.2 billion yen.

Financial services

Net cash provided by operating activities was 1,045.2 billion yen, net cash used in investing activities was 1,915.9 billion yen and net cash provided by financing activities was 1,651.9 billion yen.

 

4


Table of Contents

TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(3) Forecast of Consolidated Financial Results for FY2021

The parent company intends to voluntarily adopt International Financial Reporting Standards (“IFRS”) for its consolidated financial statements from the first quarter of the fiscal year ending March 31, 2021. Accordingly, the parent company and its consolidated subsidiaries (“Toyota”)’s forecast of consolidated financial results for the fiscal year ending March 31, 2021 is based on IFRS.

As for the global economy going forward, there is concern that there will be a sharp decline in many countries and regions due to the impact of COVID-19. The production and sales of automobiles have already been greatly affected. We hope that the outbreak will be contained as early as possible, and the entire Toyota group will work as one to deal with this issue.

While we assume that the global automobile market as a whole, will gradually recover after bottoming out during April and June of 2020, leading the market to return to the same level as the previous year during the end of 2020 and the first half of 2021, the impact of COVID-19 is wide-ranging, significant and serious, and it is expected that weakness will continue for the time being. We have forecast sales revenues and operating income based on these assumptions.

Based on these assumptions, the current forecast of consolidated financial results for the fiscal year ending March 31, 2021 is set forth below. This forecast assumes average exchange rates through the fiscal year of 105 yen per US$1 and 115 yen per 1 euro. The effects of COVID-19, and when it will subside, is unclear, and depending on such factors as how the infection spreads or subsides the actual figures may differ.

Note that forecasts of income before income taxes, as well as net income attributable to owners of the parent, for the fiscal year ending March 31, 2021 are not disclosed due to the difficulty of reasonably estimating those figures at this time, as such figures would reflect numerous factors of the impact of COVID-19, in addition to the assumptions above, which remain uncertain. We will disclose such figures promptly after they can be reasonably estimated.

Forecast of consolidated results for FY2021

 

Sales revenues      24,000.0 billion yen                  (a decrease of 19.8% compared with FY2020)

Operating income

     500.0 billion yen         (a decrease of 79.5% compared with FY2020)

 

Note:   1.   “Net revenues” under U.S. generally accepted accounting principles is stated as “Sales revenues”
  2.   “Income before income taxes and equity in earnings of affiliated companies” under U.S. generally accepted accounting principles is stated as “Income before income taxes”
  3.   “Net income attributable to Toyota Motor Corporation” under U.S. generally accepted accounting principles is stated as “Net income attributable to owners of the parent”

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities as well as the outbreak and spread of epidemics, including the negative effect on Toyota’s vehicle production and sales.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

The global spread of COVID-19 and the responses to it by governments and other stakeholders have adversely affected Toyota in a number of ways. For reasons such as government directives as well as anticipated reduced demand for its vehicles, Toyota has temporarily suspended, or intends to temporarily suspend, production of automobiles and components at selected plants in Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party suppliers and business partners.

The duration of the global spread of COVID-19 is uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of COVID-19, are difficult to predict and could have an adverse effect on Toyota’s financial condition and results of operations.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

2.

Basic Concept Regarding the Selection of Accounting Standards

Toyota intends to replace the currently applied U.S. generally accepted accounting principles and voluntarily adopt IFRS for its consolidated financial statements in order to improve the international comparability of its financial information in the capital markets, among other reasons. The period for disclosure based on IFRS will begin with the first quarter of the fiscal year ending March 31, 2021.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

3.

Consolidated Financial Statements

(1) Consolidated Balance Sheets

     (Yen in millions)  
     FY2019
(March 31, 2019)
    FY2020
(March 31, 2020)
    Increase
(Decrease)
 

Assets

                                                                                                   

Current assets:

      

Cash and cash equivalents

     3,574,704       4,190,518       615,814  

Time deposits

     1,126,352       828,220       (298,132

Marketable securities

     1,127,160       678,731       (448,429

Trade accounts and notes receivable, less allowance for doubtful accounts of ¥16,370 million at March 31, 2019 and ¥23,944 million at March 31, 2020

     2,372,734       2,094,894       (277,840

Finance receivables, net

     6,647,771       6,614,171       (33,600

Other receivables

     568,156       564,854       (3,302

Inventories

     2,656,396       2,434,918       (221,478

Prepaid expenses and other current assets

     805,964       1,236,225       430,261  
  

 

 

   

 

 

   

 

 

 

Total current assets

     18,879,237       18,642,531       (236,706
  

 

 

   

 

 

   

 

 

 

Noncurrent finance receivables, net

     10,281,118       10,423,858       142,740  

Investments and other assets:

      

Marketable securities and other securities investments

     7,479,926       7,348,651       (131,275

Affiliated companies

     3,313,723       4,123,453       809,730  

Employees receivables

     21,683       21,484       (199

Other

     1,275,768       1,518,934       243,166  
  

 

 

   

 

 

   

 

 

 

Total investments and other assets

     12,091,100       13,012,522       921,422  
  

 

 

   

 

 

   

 

 

 

Property, plant and equipment:

      

Land

     1,386,308       1,346,988       (39,320

Buildings

     4,802,175       4,730,783       (71,392

Machinery and equipment

     11,857,425       11,939,121       81,696  

Vehicles and equipment on operating leases

     6,139,163       5,929,233       (209,930

Construction in progress

     651,713       510,963       (140,750
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, at cost

     24,836,784       24,457,088       (379,696
  

 

 

   

 

 

   

 

 

 

Less – Accumulated depreciation

     (14,151,290     (13,855,563     295,727  
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, net

     10,685,494       10,601,525       (83,969
  

 

 

   

 

 

   

 

 

 

Total assets

     51,936,949       52,680,436       743,487  
  

 

 

   

 

 

   

 

 

 

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

     (Yen in millions)  
     FY2019
(March 31, 2019)
    FY2020
(March 31, 2020)
    Increase
(Decrease)
 

Liabilities

                                                                                                   

Current liabilities:

      

Short-term borrowings

     5,344,973       5,286,026       (58,947

Current portion of long-term debt

     4,254,260       4,574,045       319,785  

Accounts payable

     2,645,984       2,434,180       (211,804

Other payables

     1,102,802       1,020,270       (82,532

Accrued expenses

     3,222,446       2,926,052       (296,394

Income taxes payable

     320,998       218,117       (102,881

Other current liabilities

     1,335,475       1,443,687       108,212  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     18,226,938       17,902,377       (324,561
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     10,550,945       10,692,898       141,953  

Accrued pension and severance costs

     963,406       978,626       15,220  

Deferred income taxes

     1,014,851       1,043,169       28,318  

Other long-term liabilities

     615,599       821,515       205,916  
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     13,144,801       13,536,208       391,407  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     31,371,739       31,438,585       66,846  
  

 

 

   

 

 

   

 

 

 

Mezzanine equity

      

Model AA Class Shares, no par value,
authorized: 150,000,000 shares at March 31, 2019 and March 31, 2020
issued: 47,100,000 shares at March 31, 2019 and March 31, 2020

     498,073       504,169       6,096  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

      

Toyota Motor Corporation shareholders’ equity:

      

Common stock, no par value,
authorized: 10,000,000,000 shares at March 31, 2019 and March 31, 2020
issued: 3,262,997,492 shares at March 31, 2019 and March 31, 2020

     397,050       397,050        

Additional paid-in capital

     487,162       489,334       2,172  

Retained earnings

     21,987,515       23,427,613       1,440,098  

Accumulated other comprehensive income (loss)

     (916,650     (1,166,273     (249,623

Treasury stock, at cost,
430,558,325 shares at March 31, 2019 and 496,844,960 shares at March 31, 2020

     (2,606,925     (3,087,106     (480,181
  

 

 

   

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     19,348,152       20,060,618       712,466  
  

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     718,985       677,064       (41,921
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     20,067,137       20,737,682       670,545  
  

 

 

   

 

 

   

 

 

 

Commitments and contingencies

      
  

 

 

   

 

 

   

 

 

 

Total liabilities, mezzanine equity and shareholders’ equity

     51,936,949       52,680,436       743,487  
  

 

 

   

 

 

   

 

 

 

 

Note: The total number of authorized shares for common stock and Model AA Class Shares is 10,000,000,000 shares.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(2)  Consolidated Statements of Income and

  Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

 

     (Yen in millions)  
      FY2019
(For the year ended
March 31, 2019)
    FY2020
(For the year ended
March 31, 2020)
    Increase
(Decrease)
 

Net revenues:

                                                                                                   

Sales of products

     28,105,338       27,759,749       (345,589

Financing operations

     2,120,343       2,170,243       49,900  
  

 

 

   

 

 

   

 

 

 

Total net revenues

     30,225,681       29,929,992       (295,689
  

 

 

   

 

 

   

 

 

 

Costs and expenses:

      

Cost of products sold

     23,389,495       23,142,744       (246,751

Cost of financing operations

     1,392,290       1,379,620       (12,670

Selling, general and administrative

     2,976,351       2,964,759       (11,592
  

 

 

   

 

 

   

 

 

 

Total costs and expenses

     27,758,136       27,487,123       (271,013
  

 

 

   

 

 

   

 

 

 

Operating income

     2,467,545       2,442,869       (24,676
  

 

 

   

 

 

   

 

 

 

Other income (expense):

      

Interest and dividend income

     225,495       232,870       7,375  

Interest expense

     (28,078     (32,217     (4,139

Foreign exchange gain (loss), net

     12,400       (79,020     (91,420

Unrealized gains (losses) on equity securities

     (341,054     (24,600     316,454  

Other income (loss), net

     (50,843     14,705       65,548  
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     (182,080     111,738       293,818  
  

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in earnings of affiliated companies

     2,285,465       2,554,607       269,142  
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     659,944       683,430       23,486  

Equity in earnings of affiliated companies

     360,066       271,152       (88,914
  

 

 

   

 

 

   

 

 

 

Net income

     1,985,587       2,142,329       156,742  
  

 

 

   

 

 

   

 

 

 

Less – Net income attributable to noncontrolling interests

     (102,714     (66,146     36,568  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

     1,882,873       2,076,183       193,310  
  

 

 

   

 

 

   

 

 

 

 

Note:     Net income attributable to common shareholders for the fiscal year ended March 31, 2020 and 2019 is 2,058,899 million yen and 1,868,085 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 17,284 million yen and 14,788 million yen, respectively, from Net income attributable to Toyota Motor Corporation.

 

   

     (Yen)  

Net income attributable to Toyota Motor Corporation per common share

                                                                                                   

Basic

     650.55       735.61       85.06  

Diluted

     645.11       729.50       84.39  

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

Consolidated Statements of Comprehensive Income

 

     (Yen in millions)  
      FY2019
(For the year ended
March 31, 2019)
    FY2020
(For the year ended
March 31, 2020)
    Increase
(Decrease)
 

Net income

     1,985,587       2,142,329       156,742  

Other comprehensive income (loss), net of tax

                                                                                                    

Foreign currency translation adjustments

     27,016       (333,854     (360,870

Unrealized gains (losses) on securities

     (21,165     118,363       139,528  

Pension liability adjustments

     (54,836     (60,196     (5,360
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (48,985     (275,687     (226,702
  

 

 

   

 

 

   

 

 

 

Comprehensive income

     1,936,602       1,866,642       (69,960
  

 

 

   

 

 

   

 

 

 

Less – Comprehensive income attributable to noncontrolling interests

     (96,458     (45,878     50,580  
  

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to Toyota Motor Corporation

     1,840,144       1,820,764       (19,380
  

 

 

   

 

 

   

 

 

 

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(3) Consolidated Statements of Shareholders’ Equity

 

     (Yen in millions)  
     FY2019 (For the year ended March 31, 2019)  
     Common
stock
     Additional
paid-in
capital
    Retained
earnings
    Accumulated
other
comprehensive
income (loss)
    Treasury
stock,
at cost
    Total Toyota
Motor
Corporation
shareholders’
equity
    Noncontrolling
interests
    Total
shareholders’
equity
 

Balances at March 31, 2018

     397,050        487,502       19,473,464       435,699       (2,057,733     18,735,982       694,120       19,430,102  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cumulative effect of
accounting changes

          1,282,082       (1,309,620       (27,538       (27,538

Equity transaction with
noncontrolling interests and other

        105             105       (2,226     (2,121

Comprehensive income:

                 

Net income

          1,882,873           1,882,873       102,714       1,985,587  

Other comprehensive income (loss)

                 

Foreign currency translation adjustments

            29,448         29,448       (2,432     27,016  

Unrealized gains (losses) on securities

            (21,111       (21,111     (54     (21,165

Pension liability adjustments

            (51,066       (51,066     (3,770     (54,836
             

 

 

   

 

 

   

 

 

 

Total comprehensive income

                1,840,144       96,458       1,936,602  
             

 

 

   

 

 

   

 

 

 

Accretion to Mezzanine equity

          (4,850         (4,850       (4,850

Dividends to Toyota Motor Corporation class shareholders

          (9,938         (9,938       (9,938

Dividends paid to Toyota Motor Corporation common shareholders

          (636,116         (636,116       (636,116

Dividends paid to noncontrolling interests

                  (69,367     (69,367

Repurchase of treasury stock

              (550,107     (550,107       (550,107

Reissuance of treasury stock

        (445         915       470         470  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at March 31, 2019

     397,050        487,162       21,987,515       (916,650     (2,606,925     19,348,152       718,985       20,067,137  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     (Yen in millions)  
     FY2020 (For the year ended March 31, 2020)  
     Common
stock
     Additional
paid-in
capital
    Retained
earnings
    Accumulated
other
comprehensive
income (loss)
    Treasury
stock,
at cost
    Total Toyota
Motor
Corporation
shareholders’
equity
    Noncontrolling
interests
    Total
shareholders’
equity
 

Balances at March 31, 2019

     397,050        487,162       21,987,515       (916,650     (2,606,925     19,348,152       718,985       20,067,137  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity transaction with noncontrolling interests and other

        (1,881       5,796         3,915       (32,854     (28,939

Comprehensive income:

                 

Net income

          2,076,183           2,076,183       66,146       2,142,329  

Other comprehensive income (loss)

                 

Foreign currency translation adjustments

            (313,186       (313,186     (20,668     (333,854

Unrealized gains (losses) on securities

            118,403         118,403       (40     118,363  

Pension liability adjustments

            (60,636       (60,636     440       (60,196
             

 

 

   

 

 

   

 

 

 

Total comprehensive income

                1,820,764       45,878       1,866,642  
             

 

 

   

 

 

   

 

 

 

Accretion to Mezzanine equity

          (4,850         (4,850       (4,850

Dividends to Toyota Motor Corporation class shareholders

          (12,434         (12,434       (12,434

Dividends paid to Toyota Motor Corporation common shareholders

          (618,801         (618,801       (618,801

Dividends paid to noncontrolling interests

                  (54,945     (54,945

Repurchase of treasury stock

              (500,309     (500,309       (500,309

Reissuance of treasury stock

        4,053           20,128       24,181         24,181  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at March 31, 2020

     397,050        489,334       23,427,613       (1,166,273     (3,087,106     20,060,618       677,064       20,737,682  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(4)   Consolidated Statements of Cash Flows

 

     (Yen in millions)  
     FY2019
(For the year ended
March 31, 2019)
    FY2020
(For the year ended
March 31, 2020)
 

Cash flows from operating activities:

    

Net income

     1,985,587       2,142,329  

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation

     1,792,375       1,605,383  

Provision (reversal) for doubtful accounts and credit losses

     80,065       142,982  

Pension and severance costs, less payments

     31,645       15,699  

Losses on disposal of fixed assets

     35,902       56,913  

Unrealized losses (gains) on securities

     339,472       20,082  

Deferred income taxes

     (86,594     192,147  

Equity in earnings of affiliated companies

     (360,066     (271,152

Changes in operating assets and liabilities, and other

     (51,789     (313,740
  

 

 

   

 

 

 

Net cash provided by operating activities

     3,766,597       3,590,643  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to finance receivables

     (15,884,610     (16,896,588

Collection of and proceeds from sales of finance receivables

     14,859,103       15,667,462  

Additions to fixed assets excluding equipment leased to others

     (1,452,725     (1,407,832

Additions to equipment leased to others

     (2,286,162     (2,187,299

Proceeds from sales of fixed assets excluding equipment leased to others

     65,437       48,751  

Proceeds from sales of equipment leased to others

     1,385,074       1,391,215  

Purchases of marketable securities and security investments

     (1,840,355     (2,413,087

Proceeds from sales of and maturity of marketable securities and security investments

     2,698,798       2,370,406  

Payment for additional investments in affiliated companies, net of cash acquired

     5,010       (14,763

Changes in investments and other assets, and other

     (246,811     290,874  
  

 

 

   

 

 

 

Net cash used in investing activities

     (2,697,241     (3,150,861
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     5,000,921       5,691,499  

Payments of long-term debt

     (4,442,232     (4,424,923

Increase in short-term borrowings

     164,282       291,623  

Dividends paid to Toyota Motor Corporation class shareholders

     (8,690     (11,186

Dividends paid to Toyota Motor Corporation common shareholders

     (636,116     (618,801

Dividends paid to noncontrolling interests

     (69,367     (54,945

Reissuance (repurchase) of treasury stock

     (549,637     (476,129
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (540,839     397,138  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

     (41,641     (131,245
  

 

 

   

 

 

 

Net increase in cash and cash equivalents and restricted cash and cash equivalents

     486,876       705,675  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year

     3,219,639       3,706,515  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at end of year

     3,706,515       4,412,190  
  

 

 

   

 

 

 

 

Note:

Cash and cash equivalents and restricted cash and cash equivalents for the fiscal year ended March 31, 2020 include restricted cash and cash equivalents of 131,811 million yen and 221,672 million yen at the beginning of the year and the end of the year, respectively. Restricted cash and cash equivalents were included in Prepaid expenses and other current assets in the consolidated balance sheets.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(5) Going Concern Assumption

None

(6) Summary of Significant Accounting Policies

“Summary of Significant Accounting Policies” has been omitted, as there were no significant changes from the most recent Securities Report (filed on June 21, 2019). Changes in accounting principles, procedures, and disclosures for consolidated financial statements by newly issued accounting pronouncements are set forth below.

Adoption of new accounting standard -

In February 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance for leases. This guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use asset and a lease liability. Toyota adopted this guidance on April 1, 2019 using the modified retrospective method of adoption and elected the transition method that allows for application of the standard at the adoption date. Additionally, Toyota elected the package of practical expedients of not reassessing lease classifications and others for lease contracts that expired or exist as of the adoption date. As a result of adoption, Toyota recognized an additional balance of 277,118 million yen as right-of-use assets as of March 31, 2020, which is included in “Other” of “Investments and other assets” of Toyota’s consolidated balance sheet. Lease liabilities are included in “Other current liabilities” and “Other long-term liabilities,” and were 37,385 million yen and 239,623 million yen, respectively.

In August 2017, the FASB issued updated guidance for hedge accounting. This guidance simplifies and expands the application of hedge accounting. Toyota adopted this guidance on April 1, 2019. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

Change in depreciation method -

Toyota used the declining-balance method mainly for the parent company and Japanese subsidiaries, and the straight-line method for foreign subsidiary companies, regarding the depreciation method of property, plant and equipment. In recent years, Toyota has been strengthening competitiveness globally through the investments in areas such as the remodeling of cars by introducing a new platform and powertrain units, the improvement of technological capabilities and productivity, as well as the promotion of equipment versatility. In response to such recent changes, effective as of April 1, 2019, Toyota changed the depreciation method of the parent company and Japanese subsidiaries to the straight-line method because Toyota believes it better reflects the future economic benefit from the stable usage of property, plant and equipment. The impact of the change in depreciation method is recognized prospectively as a change in accounting estimate in accordance with the FASB Accounting Standards Codification (ASC) 250 “Accounting Changes and Error Corrections”.

As a result of the change in depreciation method, depreciation expense for the fiscal year ended March 31, 2020 decreased by 173,201 million yen. Net income attributable to Toyota Motor Corporation and basic net income attributable to Toyota Motor Corporation per common share for the fiscal year ended March 31, 2020 increased by 117,001 million yen and 41.80 yen, respectively.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(7) Segment Information

(i) Segment Operating Results and Assets

FY2019 (As of and for the year ended March 31, 2019)

 

     (Yen in millions)  
     Automotive      Financial
Services
     All Other      Inter-segment
Elimination  and/or
Unallocated
Amount
    Consolidated  

Net revenues:

             

Sales to external customers

     27,034,492        2,120,343        1,070,846              30,225,681  

Inter-segment sales and transfers

     44,585        33,204        605,531        (683,320      
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     27,079,077        2,153,547        1,676,377        (683,320     30,225,681  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     25,040,193        1,830,726        1,570,839        (683,622     27,758,136  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     2,038,884        322,821        105,538        302       2,467,545  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Assets

     17,799,376        24,044,700        2,125,271        7,967,602       51,936,949  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Investment in equity method investees

     3,215,856        12,172               85,675       3,313,703  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Depreciation expenses

     997,312        758,847        36,216              1,792,375  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Capital expenditure

     1,520,366        2,165,609        66,075        (13,163     3,738,887  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

FY2020 (As of and for the year ended March 31, 2020)

 

     (Yen in millions)  
     Automotive      Financial
Services
     All Other      Inter-segment
Elimination  and/or
Unallocated
Amount
    Consolidated  

Net revenues:

             

Sales to external customers

     26,834,485        2,170,243        925,264              29,929,992  

Inter-segment sales and transfers

     29,029        20,316        579,286        (628,631      
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     26,863,514        2,190,559        1,504,550        (628,631     29,929,992  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     24,811,168        1,898,376        1,407,895        (630,316     27,487,123  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     2,052,346        292,183        96,655        1,685       2,442,869  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Assets

     18,754,728        24,858,837        2,023,111        7,043,760       52,680,436  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Investment in equity method investees

     3,711,151        61,852        180,425        137,362       4,090,790  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Depreciation expenses

     824,777        743,710        36,896              1,605,383  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Capital expenditure

     1,454,142        2,062,718        71,554        14,818       3,603,232  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

Note:

 

Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2019 and FY2020 are 9,329,020 million yen and 8,630,468 million yen, respectively, and consist primarily of funds such as cash and cash equivalents, marketable securities and portion of security investments held by the parent company.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(ii) Consolidated Financial Statements as Classified into Non-Financial Services Business and Financial Services Business

Consolidated Balance Sheets as Classified into Non-Financial Services Business and Financial Services Business

 

     (Yen in millions)  
     FY2019
(March 31, 2019)
    FY2020
(March 31, 2020)
    Increase
(Decrease)
 

Assets

                                                                                                            

(Non-financial services)

      

Current assets:

      

Cash and cash equivalents

     2,790,212       2,774,498       (15,714

Marketable securities

     1,108,540       648,982       (459,558

Trade accounts and notes receivable, less allowance for doubtful accounts

     2,489,105       2,155,943       (333,162

Inventories

     2,656,396       2,434,916       (221,480

Prepaid expenses and other current assets

     2,118,922       2,413,274       294,352  
  

 

 

   

 

 

   

 

 

 

Total current assets

     11,163,175       10,427,613       (735,562
  

 

 

   

 

 

   

 

 

 

Investments and other assets

     11,643,209       12,435,115       791,906  

Property, plant and equipment

     6,178,503       6,293,992       115,489  
  

 

 

   

 

 

   

 

 

 

Total assets

     28,984,887       29,156,720       171,833  
  

 

 

   

 

 

   

 

 

 

(Financial services)

      

Current assets:

      

Cash and cash equivalents

     784,492       1,416,020       631,528  

Marketable securities

     18,620       29,749       11,129  

Finance receivables, net

     6,647,771       6,614,171       (33,600

Prepaid expenses and other current assets

     997,116       1,205,912       208,796  
  

 

 

   

 

 

   

 

 

 

Total current assets

     8,447,999       9,265,852       817,853  
  

 

 

   

 

 

   

 

 

 

Noncurrent finance receivables, net

     10,281,118       10,423,858       142,740  

Investments and other assets

     808,592       861,594       53,002  

Property, plant and equipment

     4,506,991       4,307,533       (199,458
  

 

 

   

 

 

   

 

 

 

Total assets

     24,044,700       24,858,837       814,137  
  

 

 

   

 

 

   

 

 

 

(Elimination)

      

Elimination of assets

     (1,092,638     (1,335,121     (242,483
  

 

 

   

 

 

   

 

 

 

(Consolidated)

      

Total assets

     51,936,949       52,680,436       743,487  
  

 

 

   

 

 

   

 

 

 

 

Note: Assets in the non-financial services include unallocated corporate assets.

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

     (Yen in millions)  
     FY2019
(March 31, 2019)
    FY2020
(March 31, 2020)
    Increase
(Decrease)
 

Liabilities

                                                                                                            

(Non-financial services)

      

Current liabilities:

      

Short-term borrowings

     579,901       483,871       (96,030

Current portion of long-term debt

     173,379       156,664       (16,715

Accounts payable

     2,616,143       2,404,385       (211,758

Accrued expenses

     3,075,411       2,789,153       (286,258

Income taxes payable

     300,703       201,200       (99,503

Other current liabilities

     1,755,737       1,773,883       18,146  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     8,501,274       7,809,156       (692,118
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     784,256       818,371       34,115  

Accrued pension and severance costs

     948,377       963,061       14,684  

Other long-term liabilities

     1,059,237       1,303,628       244,391  
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     2,791,870       3,085,060       293,190  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     11,293,144       10,894,216       (398,928
  

 

 

   

 

 

   

 

 

 

(Financial services)

      

Current liabilities:

      

Short-term borrowings

     5,113,888       5,432,180       318,292  

Current portion of long-term debt

     4,127,133       4,508,666       381,533  

Accounts payable

     39,187       39,226       39  

Accrued expenses

     161,105       151,857       (9,248

Income taxes payable

     20,295       16,917       (3,378

Other current liabilities

     997,842       982,892       (14,950
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     10,459,450       11,131,738       672,288  
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     9,974,516       10,006,491       31,975  

Accrued pension and severance costs

     15,029       15,566       537  

Other long-term liabilities

     722,279       725,769       3,490  
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     10,711,824       10,747,826       36,002  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     21,171,274       21,879,564       708,290  
  

 

 

   

 

 

   

 

 

 

(Elimination) Elimination of liabilities

     (1,092,679     (1,335,195     (242,516
  

 

 

   

 

 

   

 

 

 

(Consolidated) Total liabilities

     31,371,739       31,438,585       66,846  
  

 

 

   

 

 

   

 

 

 

(Consolidated) Mezzanine equity

     498,073       504,169       6,096  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

      

(Consolidated) Total Toyota Motor Corporation shareholders’ equity

     19,348,152       20,060,618       712,466  
  

 

 

   

 

 

   

 

 

 

(Consolidated) Noncontrolling interests

     718,985       677,064       (41,921
  

 

 

   

 

 

   

 

 

 

(Consolidated) Total shareholders’ equity

     20,067,137       20,737,682       670,545  
  

 

 

   

 

 

   

 

 

 

(Consolidated) Total liabilities, mezzanine equity and shareholders’ equity

     51,936,949       52,680,436       743,487  
  

 

 

   

 

 

   

 

 

 

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

Consolidated Statements of Income as Classified into Non-Financial Services Business and Financial Services Business

 

     (Yen in millions)  
     FY2019
(For the year ended
March 31, 2019)
    FY2020
(For the year ended
March 31, 2020)
    Increase
(Decrease)
 

(Non-financial services)

                                                                                                            

Net revenues

     28,133,676       27,775,932       (357,744

Costs and expenses:

     25,991,799       25,626,710       (365,089

Cost of revenues

     23,400,550       23,143,209       (257,341

Selling, general and administrative

     2,591,249       2,483,501       (107,748
  

 

 

   

 

 

   

 

 

 

Operating income

     2,141,877       2,149,222       7,345  
  

 

 

   

 

 

   

 

 

 

Other income (expense), net

     (161,608     130,259       291,867  
  

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in earnings of affiliated companies

     1,980,269       2,279,481       299,212  
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     580,031       618,252       38,221  

Equity in earnings of affiliated companies

     357,527       260,149       (97,378
  

 

 

   

 

 

   

 

 

 

Net income

     1,757,765       1,921,378       163,613  
  

 

 

   

 

 

   

 

 

 

Less – Net income attributable to noncontrolling interests

     (97,500     (67,559     29,941  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

     1,660,265       1,853,819       193,554  
  

 

 

   

 

 

   

 

 

 

(Financial services)

      

Net revenues

     2,153,547       2,190,559       37,012  

Costs and expenses:

     1,830,726       1,898,376       67,650  

Cost of revenues

     1,418,636       1,395,211       (23,425

Selling, general and administrative

     412,090       503,165       91,075  
  

 

 

   

 

 

   

 

 

 

Operating income

     322,821       292,183       (30,638
  

 

 

   

 

 

   

 

 

 

Other income (expense), net

     (17,658     (17,103     555  
  

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in earnings of affiliated companies

     305,163       275,080       (30,083
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     79,903       65,164       (14,739

Equity in earnings of affiliated companies

     2,539       11,003       8,464  
  

 

 

   

 

 

   

 

 

 

Net income

     227,799       220,919       (6,880
  

 

 

   

 

 

   

 

 

 

Less – Net income attributable to noncontrolling interests

     (5,214     1,413       6,627  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

     222,585       222,332       (253
  

 

 

   

 

 

   

 

 

 

(Elimination)

      

Elimination of net income attributable to Toyota Motor Corporation

     23       32       9  
  

 

 

   

 

 

   

 

 

 

(Consolidated)

      

Net income attributable to Toyota Motor Corporation

     1,882,873       2,076,183       193,310  
  

 

 

   

 

 

   

 

 

 

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

Consolidated Statements of Cash Flows as Classified into Non-Financial Services Business and Financial Services Business

 

     (Yen in millions)  
     FY2019
(For the year ended
March 31, 2019)
    FY2020
(For the year ended
March 31, 2020)
 

(Non-financial services)

                                                                        

Cash flows from operating activities:

    

Net income

     1,757,765       1,921,378  

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation

     1,033,528       861,673  

Provision (reversal) for doubtful accounts

     (1,375     5,689  

Pension and severance costs, less payments

     30,477       14,880  

Losses on disposal of fixed assets

     33,676       54,549  

Unrealized losses (gains) on securities

     338,626       21,069  

Deferred income taxes

     (110,346     193,438  

Equity in earnings of affiliated companies

     (357,527     (260,149

Changes in operating assets and liabilities, and other

     (17,488     (305,705
  

 

 

   

 

 

 

Net cash provided by operating activities

     2,707,336       2,506,822  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to fixed assets excluding equipment leased to others

     (1,435,964     (1,377,238

Additions to equipment leased to others

     (137,314     (155,601

Proceeds from sales of fixed assets excluding equipment leased to others

     63,955       47,488  

Proceeds from sales of equipment leased to others

     60,657       49,913  

Purchases of marketable securities and security investments

     (1,737,107     (2,236,585

Proceeds from sales of and maturity of marketable securities and security investments

     2,255,635       2,245,119  

Payment for additional investments in affiliated companies, net of cash acquired

     5,010        

Changes in investments and other assets, and other

     (268,946     (18,895
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,194,074     (1,445,799
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     286,085       235,080  

Payments of long-term debt

     (142,556     (130,695

Increase in short-term borrowings

     49,161       51,406  

Dividends paid to Toyota Motor Corporation class shareholders

     (8,690     (11,186

Dividends paid to Toyota Motor Corporation common shareholders

     (636,116     (618,801

Dividends paid to noncontrolling interests

     (69,367     (54,945

Reissuance (repurchase) of treasury stock

     (549,637     (476,129
  

 

 

   

 

 

 

Net cash used in financing activities

     (1,071,120     (1,005,270
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

     (42,454     (71,467
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents

     399,688       (15,714
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year

     2,390,524       2,790,212  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at end of year

     2,790,212       2,774,498  
  

 

 

   

 

 

 

 

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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

     (Yen in millions)  
     FY2019
(For the year ended
March 31, 2019)
    FY2020
(For the year ended
March 31, 2020)
 

(Financial services)

                                                                        

Cash flows from operating activities:

    

Net income

     227,799       220,919  

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation

     758,847       743,710  

Provision (reversal) for doubtful accounts and credit losses

     81,440       137,293  

Pension and severance costs, less payments

     1,168       819  

Losses on disposal of fixed assets

     2,226       2,364  

Unrealized losses (gains) on securities

     846       (987

Deferred income taxes

     23,742       (1,305

Equity in earnings of affiliated companies

     (2,539     (11,003

Changes in operating assets and liabilities, and other

     15,557       (46,610
  

 

 

   

 

 

 

Net cash provided by operating activities

     1,109,086       1,045,200  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to finance receivables

     (26,000,249     (26,668,185

Collection of and proceeds from sales of finance receivables

     24,925,930       25,557,953  

Additions to fixed assets excluding equipment leased to others

     (16,761     (30,594

Additions to equipment leased to others

     (2,148,848     (2,031,698

Proceeds from sales of fixed assets excluding equipment leased to others

     1,482       1,263  

Proceeds from sales of equipment leased to others

     1,324,417       1,341,302  

Purchases of marketable securities and security investments

     (103,248     (176,502

Proceeds from sales of and maturity of marketable securities and security investments

     443,163       125,287  

Payment for additional investments in affiliated companies, net of cash acquired

           (14,763

Changes in investments and other assets, and other

     (4,130     (20,037
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,578,244     (1,915,974
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     4,747,506       5,466,618  

Payments of long-term debt

     (4,336,250     (4,335,145

Increase in short-term borrowings

     144,277       520,468  
  

 

 

   

 

 

 

Net cash provided by financing activities

     555,533       1,651,941  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

     813       (59,778
  

 

 

   

 

 

 

Net increase in cash and cash equivalents and restricted cash and cash equivalents

     87,188       721,389  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year

     829,115       916,303  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at end of year

     916,303       1,637,692  
  

 

 

   

 

 

 

(Consolidated)

    

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

     (41,641     (131,245
  

 

 

   

 

 

 

Net increase in cash and cash equivalents and restricted cash and cash equivalents

     486,876       705,675  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year

     3,219,639       3,706,515  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents at end of year

     3,706,515       4,412,190  
  

 

 

   

 

 

 

 

20


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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(iii) Geographic Information

FY2019 (As of and for the year ended March 31, 2019)

     (Yen in millions)  
     Japan      North
America
     Europe      Asia      Other      Inter-segment
Elimination
and/or
Unallocated
Amount
    Consolidated  

Net revenues:

                   

Sales to external customers

     9,520,148        10,585,934        3,055,654        4,832,392        2,231,553              30,225,681  

Inter-segment sales and transfers

     7,105,213        231,313        183,197        680,639        101,890        (8,302,252      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     16,625,361        10,817,247        3,238,851        5,513,031        2,333,443        (8,302,252     30,225,681  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     14,933,686        10,702,732        3,113,983        5,055,542        2,242,333        (8,290,140     27,758,136  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     1,691,675        114,515        124,868        457,489        91,110        (12,112     2,467,545  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Assets

     16,465,702        17,452,216        3,872,301        5,176,990        3,067,270        5,902,470       51,936,949  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

FY2020 (As of and for the year ended March 31, 2020)

     (Yen in millions)  
     Japan      North
America
     Europe      Asia      Other      Inter-segment
Elimination
and/or
Unallocated
Amount
    Consolidated  

Net revenues:

                   

Sales to external customers

     9,522,905        10,416,582        3,138,755        4,828,635        2,023,115              29,929,992  

Inter-segment sales and transfers

     6,938,616        222,166        222,123        510,021        89,387        (7,982,313      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     16,461,521        10,638,748        3,360,878        5,338,656        2,112,502        (7,982,313     29,929,992  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     14,893,543        10,368,119        3,210,333        4,967,657        2,021,778        (7,974,307     27,487,123  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     1,567,978        270,629        150,545        370,999        90,724        (8,006     2,442,869  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Assets

     17,517,032        18,012,336        4,192,858        5,241,588        2,837,944        4,878,678       52,680,436  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

Note:   1.  

Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2019 and FY2020 are 9,329,020 million yen and 8,630,468 million yen, respectively, and consist primarily of funds such as cash and cash equivalents, marketable securities and portion of security investments held by the parent company.

 

2.

 

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

 

21


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TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(8) Per Share Amounts

Basic and diluted net income attributable to Toyota Motor Corporation per common share for the years ended March 31, 2019 and 2020 are as follows:

 

     Yen in millions     Thousands
of shares
     Yen  
     Net income
attributable to Toyota
Motor Corporation
    Weighted-average
common shares
     Net income
attributable
to Toyota Motor
Corporation
per common share
 

For the year ended March 31, 2019

                                                                                    

Net income attributable to Toyota Motor Corporation

     1,882,873       

Accretion to Mezzanine equity

     (4,850     

Dividends to Toyota Motor Corporation Model AA Class Shareholders

     (9,938     
  

 

 

   

 

 

    

 

 

 

Basic net income attributable to Toyota Motor Corporation per common share

     1,868,085       2,871,534        650.55  

Effect of dilutive securities

       

Model AA Class Shares

     14,788       47,100     

Assumed exercise of dilutive stock options

     (0     40     
  

 

 

   

 

 

    

 

 

 

Diluted net income attributable to Toyota Motor Corporation per common share

     1,882,873       2,918,674        645.11  
  

 

 

   

 

 

    

 

 

 

For the year ended March 31, 2020

       

Net income attributable to Toyota Motor Corporation

     2,076,183       

Accretion to Mezzanine equity

     (4,850     

Dividends to Toyota Motor Corporation Model AA Class Shareholders

     (12,434     
  

 

 

   

 

 

    

 

 

 

Basic net income attributable to Toyota Motor Corporation per common share

     2,058,899       2,798,918        735.61  

Effect of dilutive securities

       

Model AA Class Shares

     17,284       47,100     

Assumed exercise of dilutive stock options

               
  

 

 

   

 

 

    

 

 

 

Diluted net income attributable to Toyota Motor Corporation per common share

                  2,076,183                  2,846,018                      729.50  
  

 

 

   

 

 

    

 

 

 

The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2019 and 2020.

 

     Yen in millions     Thousands
of shares
     Yen  
     Toyota Motor
Corporation
shareholders’ equity
    Common shares
issued and
outstanding
at the end of the year
(excluding treasury
stock)
     Toyota Motor
Corporation
shareholders’
equity per share
 

As of March 31, 2019

                19,348,152                   2,832,439                   6,830.92  

As of March 31, 2020

     20,060,618       2,766,153        7,252.17  

 

22


Table of Contents

TOYOTA MOTOR CORPORATION    FY2020 Financial Summary

 

(9) Significant Subsequent Events

Plant suspensions

For reasons such as government directives as well as anticipated reduced demand for its vehicles due to the global spread of COVID-19, Toyota is continuing after April 2020 to suspend temporarily the production of automobiles and components at selected plants in Japan and overseas. It is uncertain how this suspension will affect Toyota’s financial results.

Borrowing funds

Taking into consideration its funding plans, which take into account the risk that COVID-19 will have a prolonged impact, and market trends, in April 2020 Toyota entered into loan agreements and began borrowing funds in an aggregate amount of 1,250,000 million yen with multiple domestic financial institutions. The interest rates under the loan agreements are approximately the same as prevailing market rates, and the tenor of the loans are around one year. None of these agreements has collateral or other material covenant provisions.

 

23


Table of Contents

Supplemental Material for Financial Results for FY2020 (Consolidated)

< U.S. GAAP >

 

    FY2019     FY2020     FY2021  
    1Q
(2018/4-6)
    2Q
(2018/7-9)
    3Q
(2018/10-12)
    4Q
(2019/1-3)
    12 months
(‘18/4-‘19/3)
    1Q
(2019/4-6)
    2Q
(2019/7-9)
    3Q
(2019/10-12)
    4Q
(2020/1-3)
    12 months
(‘19/4-‘20/3)
    Forecast
    12 months*1
<IFRS>
(‘20/4-‘21/3)
 

Vehicle Production (thousands of units)

    2,199       2,184       2,262       2,340       8,985       2,311       2,236       2,146       2,126       8,820    

(Japan)
–including Daihatsu & Hino

    1,003       1,004       1,099       1,203       4,309       1,134       1,122       1,066       1,091       4,413    

[Daihatsu & Hino]

    [257     [257     [290     [292     [1,096     [265     [275     [277     [292     [1,109  

(Overseas)
–including Daihatsu & Hino

    1,196       1,180       1,163       1,138       4,676       1,178       1,114       1,080       1,035       4,406    

[Daihatsu & Hino]

    [133     [162     [161     [141     [598     [124     [155     [138     [127     [545  

North America

    517       447       435       442       1,841       499       456       434       418       1,807    

Europe

    168       159       173       180       679       174       143       182       176       674    

Asia

    402       449       429       402       1,682       386       413       366       357       1,522    

Central and South America

    82       93       96       82       353       86       69       76       62       293    

Africa

    28       31       30       32       121       33       32       22       23       110    

Vehicle Sales
(thousands of units)

    2,236       2,183       2,282       2,276       8,977       2,302       2,333       2,196       2,128       8,958      
as premise:
7,000
 
 

[First Half 6 months]

            [4,419             [4,634  

(Japan)
–including Daihatsu & Hino

    510       521       565       631       2,226       555       585       516       583       2,240    

[Daihatsu & Hino]

    [155     [161     [169     [203     [688     [158     [183     [139     [177     [657  

(Overseas)
–including Daihatsu & Hino

    1,726       1,662       1,717       1,645       6,751       1,746       1,748       1,679       1,545       6,719    

[Daihatsu & Hino]

    [75     [87     [89     [86     [337     [65     [76     [70     [74     [285  

North America

    746       665       680       654       2,745       744       702       668       600       2,713    

Europe

    253       240       232       269       994       274       250       246       259       1,029    

Asia

    394       417       464       410       1,684       398       431       406       370       1,605    

Central and South America

    117       120       114       97       448       104       109       114       77       403    

Oceania

    72       74       66       60       272       66       64       63       69       262    

Africa

    48       50       54       48       200       54       63       43       48       207    

Middle East

    93       95       105       104       398       106       128       138       122       493    

Other

    2       2       2       2       8       2       2       2       2       7    

Total Retail Unit Sales
(thousands of units)
[Toyota, Daihatsu and Hino]

    2,616       2,677       2,707       2,602       10,603       2,709       2,745       2,685       2,317       10,457      
as premise:
8,900
 
 

Housing Sales (units)

    1,892       4,808       2,656       5,777       15,133       2,164       4,821       2,610       —         9,595    

 

Supplemental 1


Table of Contents

Supplemental Material for Financial Results for FY2020 (Consolidated)

< U.S. GAAP >

 

    FY2019     FY2020     FY2021  
    1Q
(2018/4-6)
    2Q
(2018/7-9)
    3Q
(2018/10-12)
    4Q
(2019/1-3)
    12 months
(‘18/4-‘19/3)
    1Q
(2019/4-6)
    2Q
(2019/7-9)
    3Q
(2019/10-12)
    4Q
(2020/1-3)
    12 months
(‘19/4-‘20/3)
    Forecast
    12 months*1
<IFRS>
(‘20/4-‘21/3)
 

Foreign Exchange Rates

                     

Yen to US Dollar Rate

    109       111       113       110       111       110       107       109       109       109       as premise: 105  

Yen to Euro Rate

    130       130       129       125       128       123       119       120       120       121       as premise: 115  

Market Share (Japan)

                     

Toyota (excluding Mini-Vehicles) (%)

    46.2       45.2       47.3       45.1       45.9       49.0       47.6       51.2       47.9       48.8    

Toyota, Daihatsu and Hino
(including Mini-Vehicles) (%)

    43.8       42.7       44.9       43.1       43.6       45.2       45.2       47.4       44.7       45.5    

Number of Employees

    373,272       371,796       371,495       370,870       370,870       376,445       374,014       372,636       359,542       359,542 (Note 1)   

Net Revenues (billions of yen)

    7,362.7       7,311.2       7,801.5       7,750.1       30,225.6       7,646.0       7,639.5       7,544.5       7,099.8       29,929.9       24,000.0 *2 

Geographic Information

                     

Japan

    3,865.4       4,012.3       4,259.8       4,487.7       16,625.3       4,178.5       4,250.8       4,051.0       3,981.0       16,461.5    

North America

    2,791.1       2,636.4       2,753.7       2,635.9       10,817.2       2,833.5       2,681.7       2,708.7       2,414.6       10,638.7    

Europe

    785.8       795.8       784.0       873.0       3,238.8       862.1       818.7       853.9       826.0       3,360.8    

Asia

    1,316.2       1,318.7       1,496.5       1,381.4       5,513.0       1,314.3       1,367.3       1,347.1       1,309.9       5,338.6    

Other

    598.4       608.3       592.8       533.7       2,333.4       550.0       548.2       535.8       478.4       2,112.5    

Elimination

    -1,994.4       -2,060.4       -2,085.5       -2,161.7       -8,302.2       -2,092.5       -2,027.4       -1,952.1       -1,910.2       -7,982.3    

Business Segment

                     

Automotive

    6,633.4       6,514.8       7,018.4       6,912.2       27,079.0       6,880.9       6,808.1       6,758.9       6,415.4       26,863.5    

Financial Services

    516.8       534.4       552.4       549.8       2,153.5       547.7       541.4       553.4       547.9       2,190.5    

All Other

    358.0       412.3       391.2       514.6       1,676.3       370.6       454.9       378.9       300.0       1,504.5    

Elimination

    -145.6       -150.3       -160.6       -226.6       -683.3       -153.1       -165.0       -146.7       -163.6       -628.6    

Operating Income (billions of yen)

    682.6       579.1       676.1       529.5       2,467.5       741.9       662.3       654.4       384.0       2,442.8       500.0  

(Operating Income Ratio) (%)

    (9.3     (7.9     (8.7     (6.8     (8.2     (9.7     (8.7     (8.7     (5.4     (8.2     (2.1

Geographic Information

                     

Japan

    395.9       354.2       494.2       447.2       1,691.6       436.8       391.3       403.1       336.6       1,567.9    

North America

    63.5       47.4       18.1       -14.5       114.5       118.9       118.0       93.2       -59.6       270.6    

Europe

    23.0       38.1       27.9       35.6       124.8       37.7       37.1       38.4       37.1       150.5    

Asia

    146.3       137.1       116.7       57.2       457.4       110.9       110.6       95.2       54.0       370.9    

Other

    43.2       22.7       19.1       5.9       91.1       22.8       26.7       24.4       16.7       90.7    

Elimination

    10.4       -20.5       -0.1       -1.9       -12.1       14.5       -21.5       -0.1       -0.8       -8.0    

Business Segment

                     

Automotive

    602.5       462.2       581.3       392.7       2,038.8       621.4       492.9       585.9       352.0       2,052.3    

Financial Services

    73.5       81.4       82.6       85.1       322.8       108.2       119.6       72.6       -8.3       292.1    

All Other

    11.4       29.3       13.9       50.7       105.5       13.7       27.8       19.5       35.5       96.6    

Elimination

    -4.8       6.1       -1.8       0.9       0.3       -1.4       21.9       -23.6       4.8       1.6    

Share of profit of investments accounted for using the equity method (billions of yen)

    —         —         —         —         —         —         —         —         —         —         To be determined *7 

Income before Income Taxes (billions of yen)

    813.8       734.9       176.9       559.6       2,285.4       841.7       741.7       932.2       38.8       2,554.6       To be determined *7 

(Income before Income Taxes Ratio) (%)

    (11.1     (10.1     (2.3     (7.2     (7.6     (11.0     (9.7     (12.4     (0.5     (8.5  

Equity in Earnings of Affiliated Companies (billions of yen)

    116.5       106.0       32.2       105.2       360.0       109.5       96.3       97.4       -32.2       271.1       —    

Net Income (billions of yen)

    657.3       585.0       180.9       459.5       1,882.8       682.9       592.0       738.0       63.1       2,076.1 (Note 2)     

      

To be determined

*3 

*7 

(Net Income Ratio) (%)

    (8.9     (8.0     (2.3     (5.9     (6.2     (8.9     (7.7     (9.8     (0.9     (6.9  

Dividends

                     

Common Shares

                     

Cash Dividends (billions of yen)

    —         286.9       —         339.8       626.8       —         278.9       —         331.9       610.8 (Note 3)   

Cash Dividends per Share (yen)

    —         100       —         120       220       —         100       —         120       220    

Payout Ratio (%)

    —         23.4       —         54.0       33.8       —         22.2       —         42.1       29.9    

Model AA Class Shares

                     

Cash Dividends (billions of yen)

    —         4.9       —         4.9       9.9       —         6.2       —         6.2       12.4 (Note 3)   

Cash Dividends per Share (yen)

    —         105.5       —         105.5       211       —         132       —         132       264    

Value of Shares Repurchased (billions of yen) [actual purchase]

    129.1       170.7       151.7       98.1       549.9       54.2       245.7       70.1       129.8       499.9 (Note 4)   

Value of Shares Repurchased (billions of yen) [shareholder return]

    —         249.9       —         299.9       549.9       —         199.9       —         —        

          

199.9

(Note 4) 

(Note 5) 

 

Number of Outstanding Common Shares (thousands)

    3,262,997       3,262,997       3,262,997       3,262,997       3,262,997       3,262,997       3,262,997       3,262,997       3,262,997       3,262,997    

Number of Outstanding Model AA Class Shares (thousands)

    47,100       47,100       47,100       47,100       47,100       47,100       47,100       47,100       47,100       47,100    

 

Supplemental 2


Table of Contents

Supplemental Material for Financial Results for FY2020 (Consolidated)

< U.S. GAAP >

 

    FY2019     FY2020     FY2021  
    1Q
(2018/4-6)
    2Q
(2018/7-9)
    3Q
(2018/10-12)
    4Q
(2019/1-3)
    12 months
(‘18/4-‘19/3)
    1Q
(2019/4-6)
    2Q
(2019/7-9)
    3Q
(2019/10-12)
    4Q
(2020/1-3)
    12 months
(‘19/4-‘20/3)
    Forecast
    12 months*1
<IFRS>
(‘20/4-‘21/3)
 

R&D Expenses (billions of yen)

    268.5       258.5       274.4       247.3       1,048.8       297.4       286.9       288.5       237.3       1,110.3       1,100.0 *4 

Depreciation Expenses (billions of yen)

    217.7       255.3       248.1       263.6       984.8       198.0       190.9       210.4       213.3       812.8       830.0 *5(Note 6) 

Geographic Information

                     

Japan

    108.5       148.1       142.6       148.9       548.2       88.9       92.2       95.8       99.4       376.4    

North America

    49.8       50.6       51.2       57.4       209.1       53.8       46.8       56.6       62.9       220.3    

Europe

    14.1       11.3       11.1       12.1       48.7       13.1       12.7       14.6       12.0       52.6    

Asia

    36.5       36.0       34.2       34.9       141.9       33.9       30.5       32.5       33.5       130.5    

Other

    8.6       9.1       8.8       10.1       36.7       8.2       8.4       10.8       5.3       32.9    

Capital Expenditures (billions of yen)

    311.8       307.6       329.1       517.1       1,465.8       276.5       349.9       337.3       429.1       1,393.0       1,350.0 (Note 6) 

Geographic Information

                     

Japan

    143.6       167.5       156.0       263.3       730.6       146.6       183.8       151.6       265.4       747.6    

North America

    106.6       75.6       76.1       153.9       412.4       75.4       81.4       130.6       66.4       353.9    

Europe

    15.1       30.9       43.8       44.0       133.8       19.4       18.7       24.3       42.9       105.4    

Asia

    25.2       15.9       34.3       37.8       113.3       19.5       47.7