REPORT OF FOREIGN PRIVATE ISSUER

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

FINANCIAL SUMMARY

FY2020

(April 1, 2019 through March 31, 2020)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

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		Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)
	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

Yen

Full-year

24,000,000

-19.8

500,000

-79.5

To be determined

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.

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.

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 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.

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.

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

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.

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.

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.

TOYOTA MOTOR CORPORATION FY2020 Financial Summary

(3) Forecast of Consolidated Financial Results for FY2021

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.

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.

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

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.

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

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	)

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

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.

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.

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.

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.

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.

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

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

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

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

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.

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

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.

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 months¹ <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

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 months¹ <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

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 months¹ <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		19.5		40.5		127.4
Other		21.2		17.5		18.7		17.9		75.5		15.5		18.1		11.0		13.8		58.5
Total Liquid Assets (billions of yen)		9,005.4		9,562.6		9,198.8		9,454.4		9,454.4		9,143.2		9,452.0		9,072.4		8,685.1		8,685.1	^(Note 7)
Total Assets (billions of yen)		51,049.1		52,516.0		51,085.9		51,936.9		51,936.9		52,117.4		52,240.0		53,801.1		52,680.4		52,680.4
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		18,946.9		19,511.3		19,089.2		19,348.1		19,348.1		19,527.6		19,795.6		20,305.5		20,060.6		20,060.6
Return on Equity (%)		13.9		12.1		3.7		9.5		9.8		14.0		12.0		14.6		1.2		10.4
Return on Asset (%)		5.2		4.5		1.4		3.6		3.7		5.3		4.5		5.6		0.5		4.0
Number of Consolidated Subsidiaries (including Variable Interest Entities)										608										528
No. of Affil. Accounted for Under the Equity Method										63										72


Analysis of Consolidated Net Income for FY2020 (billions of yen, approximately)	4Q (2020/1-3)	12 months (‘19/4-‘20/3	)^(Note 2)
Effects of Marketing Activities	-250.0	-90.0
Effects of Changes in Exchange Rates	-55.0	-305.0
Cost Reduction Efforts	60.0	170.0
From Engineering	30.0	100.0
From Manufacturing and Logistics	30.0	70.0
Increase or decrease in expenses and expense reduction efforts	95.0	45.0
Other	4.6	155.4
(Changes in Operating Income)⁵⁶	-145.4	-24.6
Non-operating Income*⁶	-375.3	293.8
Equity in Earnings of Affiliated Companies*⁶	-137.4	-88.9
Income Taxes, Net Income Attributable to Noncontrolling Interests⁵⁶	261.9	13.0
(Changes in Net Income)⁵⁶	-396.3	193.3	^(Note 2)

*1	The parent company intends to voluntarily adopt IFRS for its consolidated financial statements from the first quarter of the fiscal year ending March 31, 2021.

Accordingly, Toyota’s forecast of consolidated financial results for the next fiscal year ending March 31, 2021 is based on IFRS.

*2	“Sales Revenues” under IFRS is stated as “Net Revenues”

*3	“Net income attributable to owners of the parent” under IFRS is set forth here under “Net Income”

*4	R&D Expenses are R&D activity related expenditures incurred during the reporting period and conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income in accordance with U.S. GAAP.

In accordance with IFRS, however, a portion of R&D Expenses are recognized as an intangible asset and amortized over its estimated useful life.

As such, this amount do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income under IFRS.

*5	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 the fiscal year ended March 31, 2020 was a decrease in depreciation expense of 173.2 billion yen and an increase in net income attributable to Toyota Motor Corporation of 117.0 billion yen.

*6	Net income attributable to Toyota Motor Corporation for the fiscal year ended March 31, 2020 and 2019 includes a loss of 38.1 billion yen and a loss of 293.7 billion yen, respectively, which is attributable to the effect of unrealized gains (losses) on equity securities (net of tax, etc.).

With respect to its forecasts of consolidated financial results for the fiscal year ending March 31, 2021, Toyota is not disclosing forecasts of share of profit of investments accounted for using the equity method, income before income taxes and net income attributable to owners of the parent, 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.

Supplemental 3

Supplemental Material for Financial Results for FY2020 (Unconsolidated)

< Japan GAAP >


	FY2019															FY2020
	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)
Toyota & Lexus brand
Domestic Vehicle Production (thousands of units)		746			748			809			911			3,213			869			847			789			798			3,304
Overseas Vehicle Production (thousands of units)		1,451			1,443			1,447			1,382			5,724			1,481			1,354			1,420			1,181			5,437
Domestic Vehicle Retail Sales (thousands of units)		359			381			384			445			1,569			386			435			345			422			1,587
Exports Vehicle Sales (thousands of units)		464			461			484			538			1,947			536			529			500			479			2,044
North America		191			197			190			246			824			222			210			172			175			780
Europe		65			56			61			80			262			78			69			67			66			280
Asia		76			83			96			82			337			102			105			109			95			411
Central and South America		16			11			8			12			47			13			13			13			12			51
Oceania		46			43			45			38			172			43			45			45			46			178
Africa		14			14			15			16			59			17			20			16			15			67
Middle East		54			55			67			62			238			60			65			77			67			269
Other		2			2			2			2			8			2			2			2			2			8
Net Revenues (billions of yen)		2,980.3			3,026.3			3,294.7			3,333.0			12,634.4			3,282.6			3,214.6			3,175.6			3,056.7			12,729.7
Domestic		923.9			949.9			1,083.3			1,131.2			4,088.5			1,049.6			1,046.7			1,012.4			1,042.5			4,151.4
Exports		2,056.3			2,076.3			2,211.4			2,201.7			8,545.8			2,232.9			2,167.9			2,163.1			2,014.2			8,578.3
Operating Income (billions of yen)		308.7			284.5			400.9			331.9			1,326.1			328.2			209.7			263.4			177.3			978.8
(Operating Income Ratio) (%)		(10.4	)		(9.4	)		(12.2	)		(10.0	)		(10.5	)		(10.0	)		(6.5	)		(8.3	)		(5.8	)		(7.7	)
Ordinary Income (billions of yen)		714.8			507.6			605.0			495.5			2,323.1			615.1			401.3			495.6			223.1			1,735.3
(Ordinary Income Ratio) (%)		(24.0	)		(16.8	)		(18.4	)		(14.9	)		(18.4	)		(18.7	)		(12.5	)		(15.6	)		(7.3	)		(13.6	)
Net Income (billions of yen)		591.5			397.7			504.8			402.6			1,896.8			514.0			333.3			407.1			169.4			1,424.0
(Net Income Ratio) (%)		(19.8	)		(13.1	)		(15.3	)		(12.1	)		(15.0	)		(15.7	)		(10.4	)		(12.8	)		(5.5	)		(11.2	)
R&D Expenses (billions of yen)		234.4			225.1			234.8			201.6			896.2			256.8			246.9			237.3			199.7			940.9
Depreciation Expenses (billions of yen)		52.6			57.3			61.7			65.7			237.5			52.4			56.6			58.5			65.4			233.1
Capital Expenditures (billions of yen)		73.6			61.8			62.5			104.0			302.1			50.4			59.9			57.1			106.5			274.1


Analysis of Unconsolidated Net Income for FY2020 (billions of yen, approximately)	4Q (2020/1-3)		12 months (‘19/4-‘20/3)
Effects of Marketing Activities		-170.0		-220.0
Effects of Changes in Exchange Rates		-40.0		-175.0
Cost Reduction Efforts		35.0		125.0
From Engineering		25.0		95.0
From Manufacturing and Logistics		10.0		30.0
Increase or decrease in expenses and expense reduction efforts		20.0		-75.0
Other		0.5		-2.3
(Changes in Operating Income)		-154.5		-347.3
Non-operating Income		-117.8		-240.4
Income Taxes, etc.		39.1		114.9
(Changes in Net Income)		-233.1		-472.7

Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect the parent company and its consolidated subsidiaries (“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.

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.

(Note 1)

Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2)

Shows “Net income attributable to Toyota Motor Corporation”

(Note 3)

2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend

(Note 4)

Value of common shares repurchased (excluding shares constituting less than one unit that were purchased upon request).This does not include the commission fees incurred for the repurchase.

(Note 5)

Value of common shares repurchased (shareholder return on Net Income for the period)

(Note 6)

Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease

The amounts include finance lease assets until the fiscal year ended March 31, 2019, whereas it does not for the fiscal year ended March 31, 2020.

(Note 7)

Cash and cash equivalents, time deposits, marketable debt securities and its investment in monetary trust funds, excluding in each case those relating to financial services

Supplemental 4

NOTICE CONCERNING THE HOLDING OF ORDINARY GENERAL SHAREHOLDERS' MEETING

(Reference Translation)

(For reference)

May 12, 2020

Toyota Motor Corporation

Holding of Ordinary General Shareholders’ Meeting


1. Date and time:		10:00 a.m., Thursday, June 11, 2020

2. Venue:		Toyota Head Office, 1, Toyota-cho, Toyota City, Aichi Prefecture

3. Meeting Agenda:

Reports:

Reports on business review, consolidated and unconsolidated financial statements for FY2020 (April 1, 2019 through March 31, 2020) and a report by the Accounting Auditor and the Audit & Supervisory Board on the audit results of the consolidated financial statements for FY2020.

Resolutions:



Proposed Resolution 1:		Election of 9 Members of the Board of Directors

Proposed Resolution 2:		Election of 1 Substitute Audit & Supervisory Board Member

Proposed Resolution 3:		Partial Amendments to the Articles of Incorporation

NOTICE CONCERNING THE DISTRIBUTION OF DIVIDENDS FROM SURPLUS

[Reference Translation]

May 12, 2020

To Whom It May Concern:

Company Name: TOYOTA MOTOR CORPORATION

Name and Title of Representative:

Akio Toyoda, President

(Code Number: 7203

First Section of Tokyo Stock Exchange

and Nagoya Stock Exchange)

Name and Title of Contact Person:

Kaname Shimizu, General Manager,

Accounting Division

(Telephone Number: 0565-28-2121)

Notice Concerning Distribution of Dividends from Surplus

At a meeting held on May 12, 2020, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to distribute dividends from surplus, with record date dated March 31, 2020. In relation to the above, we hereby inform you of the following:

1.	Details of dividends

(1)	Common shares


	Year-end dividend for FY 2020	Most recent dividend forecast	Year-end dividend paid for FY 2019
Record date	March 31, 2020	March 31, 2020	March 31, 2019
Dividend per share	120.00 yen	—	120.00 yen
Total amount of dividends	331,938 million yen	—	339,892 million yen
Effective date	May 28, 2020	—	May 24, 2019
Source of dividends	Retained earnings	—	Retained earnings

[Reference] Details of dividends per common share through the fiscal year


Record date	Dividends for FY 2020 (ended March 31, 2020)	Dividends for FY 2019 (ended March 31, 2019)
End of interim period	100.00 yen	100.00 yen
End of fiscal period	120.00 yen	120.00 yen
Total	220.00 yen	220.00 yen

(2)	First Series Model AA Class Shares


	Year-end dividend for FY 2020	Most recent dividend forecast	Year-end dividend paid for FY 2019
Record date	March 31, 2020	March 31, 2020	March 31, 2019
Dividend per share	132.00 yen	—	105.50 yen
Total amount of dividends	6,217 million yen	—	4,969 million yen
Effective date	May 28, 2020	—	May 24, 2019
Source of dividends	Retained earnings	—	Retained earnings

[Reference] Details of dividends per First Series Model AA Class Share through the fiscal year


Record date	Dividends for FY 2020 (ended March 31, 2020)	Dividends for FY 2019 (ended March 31, 2019)
End of interim period	132.00 yen	105.50 yen
End of fiscal period	132.00 yen	105.50 yen
Total	264.00 yen	211.00 yen

2.	Reason for the dividend amount

TMC deems the benefit of its shareholders as one of its priority management policies, and it continues to work to improve its corporate structure to realize sustainable growth in order to enhance its corporate value.

TMC will strive for the stable and continuous payment of dividends considering a consolidated payout ratio of 30% to shareholders of common stock as an indication. In addition, TMC will pay a prescribed amount of dividends to shareholders of First Series Model AA Class Shares.

In order to survive tough competition, TMC will utilize its internal funds mainly for the early commercialization of technologies for next-generation environment and safety, giving priority to customer safety and security.

Considering these factors, with respect to the dividends for this consolidated fiscal year, TMC has determined to pay a year-end dividend of 120 yen per common share and as a result, the annual dividend will be 220 yen per common share when combined with the interim dividend of 100 yen per common share.

In addition, TMC has determined to pay a year-end dividend of 132.00 yen per First Series Model AA Class Share in accordance with a prescribed calculation method and as a result, the annual dividend will be 264 yen per share when combined with the interim dividend of 132.00 yen per share.

-End-

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