Annual Report
For the years ended March 31, 2020, 2019 and 2018, The repurchase was made to return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment. (1) If the record date falls in the fiscal year ending on March 31, 2016 : 0.5% of the issue price (2) If the record date falls in the fiscal year ending on March 31, 2017 through March 31, 2020 : the annual dividend rate for the previous fiscal year plus 0.5% of the issue price (3) If the record date falls in the fiscal year ending on March 31, 2021 or later : 2.5% of the issue price (1) Shareholder's conversion right into Common Shares Shareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for Common Shares on the first business day of April and October of every year, starting October 1, 2020. (2) Shareholder's cash put option Shareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for cash on the last business day of March, June, September and December of each year, starting on September 1, 2020.P0YP0YP0Yfalse2020FYTOYOTA MOTOR CORP/0001094517--03-31M0NONEtrueMarketable securities and Marketable securities and other securities investments for the fiscal year ended March 31, 2020 include securities loaned of ¥156,051 million and ¥2,061,295 million, respectively.The total number of authorized shares for common stock and Model AA Class Shares is 10,000,000,000 shares. 0001094517 2019-03-31 0001094517 2020-03-31 0001094517 2017-04-01 2018-03-31 0001094517 2018-04-01 2019-03-31 0001094517 2019-04-01 2020-03-31 0001094517 2018-03-31 0001094517 2016-04-01 2017-03-31 0001094517 2017-03-31 0001094517 tm:RepurchaseOfTreasuryStockMember tm:ScenarioTwoMember 2018-04-01 2019-03-31 0001094517 tm:AutomotiveMember 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Table of Contents
As filed with the U.S. Securities and Exchange Commission on June 2
4
, 2020
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
20-F
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OR
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the fiscal year ended: March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OR
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commission file number:
001-14948
 
TOYOTA JIDOSHA KABUSHIKI KAISHA
(Exact name of registrant as specified in its charter)
TOYOTA MOTOR CORPORATION
(Translation of registrant’s name into English)
Japan
(Jurisdiction of incorporation or organization)
 
1 Toyota-cho, Toyota City
Aichi Prefecture
471-8571
Japan
+81 565
28-2121
(Address of principal executive offices)
Nobukazu Takano
Telephone number: +81 565
28-2121
Facsimile number: +81 565
23-5800
Address: 1 Toyota-cho, Toyota City, Aichi Prefecture
471-8571,
Japan
(Name, telephone,
e-mail
and/or facsimile number and address of registrant’s contact person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
American Depositary Shares*
 
TM
 
The New York Stock Exchange
Common Stock**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*
American Depositary Receipts evidence American Depositary Shares, each American Depositary Share representing two shares of the registrant’s Common Stock.
 
 
 
 
**
No par value. Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the U.S. Securities and Exchange Commission.
 
 
 
 
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
2,766,152,532
shares of common stock (including 43,321,651 shares of common stock in the form of American Depositary Shares) and 47,099,900 First Series Model AA class shares as of March 31, 2020
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes
  
    No  
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: Yes  
    No
  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes
  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files): Yes
  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act. (Check one):
         
Large accelerated filer
  
 
Accelerated filer  
 
Non-accelerated
filer  
 
 
 
 
 
 
 
Emerging growth company  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange
 Act:
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
  
             International Financial Reporting Standards as issued by the International Accounting Standards Board  
            Other  
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to
 follow: Item  17  
    Item  18  
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
 12b-2
of the Exchange Act):Yes  
    No  
 
 

Table of Contents
TABLE OF CONTENTS
             
ITEM 1.
     
1
 
             
ITEM 2.
     
1
 
             
ITEM 3.
     
1
 
             
   3.A
     
1
 
   3.B
     
4
 
   3.C
     
4
 
   3.D
     
4
 
             
ITEM 4.
     
8
 
             
   4.A
     
8
 
   4.B
     
8
 
   4.C
     
50
 
   4.D
     
51
 
             
ITEM 4A.
     
52
 
             
ITEM 5.
     
52
 
             
   5.A
     
52
 
   5.B
     
83
 
   5.C
     
85
 
   5.D
     
88
 
   5.E
     
88
 
   5.F
     
89
 
   5.G
     
90
 
             
ITEM 6.
     
90
 
             
   6.A
     
90
 
   6.B
     
97
 
   6.C
     
100
 
   6.D
     
102
 
   6.E
     
102
 
             
ITEM 7.
     
103
 
             
   7.A
     
103
 
   7.B
     
104
 
   7.C
     
105
 
             
ITEM 8.
     
105
 
             
   8.A
     
105
 
   8.B
     
105
 
             
ITEM 9.
     
105
 
             
   9.A
     
105
 
   9.B
     
105
 
   9.C
     
106
 
   9.D
     
106
 
   9.E
     
106
 
   9.F
     
106
 
             
ITEM 10.
     
106
 
             
   10.A
     
106
 
   10.B
     
106
 
   10.C
     
114
 
   10.D
     
114
 

Table of Contents
             
   10.E
     
118
 
   10.F
     
124
 
   10.G
     
124
 
   10.H
     
125
 
   10.I
     
125
 
             
ITEM 11.
     
125
 
             
ITEM 12.
     
126
 
             
   12.A
     
126
 
   12.B
     
126
 
   12.C
     
126
 
   12.D
     
127
 
             
ITEM 13.
     
128
 
             
ITEM 14.
     
128
 
             
ITEM 15.
     
128
 
             
ITEM 16.
     
129
 
             
ITEM 16A.
     
129
 
             
ITEM 16B.
     
129
 
             
ITEM 16C.
     
130
 
             
ITEM 16D.
     
131
 
             
ITEM 16E.
     
131
 
             
ITEM 16F.
     
132
 
             
ITEM 16G.
     
132
 
             
ITEM 16H.
     
135
 
             
ITEM 17.
     
136
 
             
ITEM 18.
     
136
 
             
ITEM 19.
     
137
 

Table of Contents
As used in this annual report, the term “fiscal” preceding a year means the twelve-month period ended March 31 of the year referred to. All other references to years refer to the applicable calendar year, unless the context otherwise requires. As used herein, the term “Toyota” refers to Toyota Motor Corporation and its consolidated subsidiaries as a group, unless the context otherwise indicates.
CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS
Written forward-looking statements may appear in documents filed with the U.S. Securities and Exchange Commission, or the SEC, including this annual report, documents incorporated by reference, reports to shareholders and other communications.
The U.S. Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking information to encourage companies to provide prospective information about themselves without fear of litigation so long as the information is identified as forward looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. Toyota relies on this safe harbor in making forward-looking statements.
Forward-looking statements appear in a number of places in this annual report and include statements regarding Toyota’s current intent, belief, targets or expectations or those of its management. In many, but not all cases, words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “intend,” “may,” “plan,” “predict,” “probability,” “risk,” “should,” “will,” “would,” and similar expressions, are used as they relate to Toyota or its management, to identify forward-looking statements. These statements reflect Toyota’s current views with respect to future events and are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those which are anticipated, aimed at, believed, estimated, expected, intended or planned.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those in forward-looking statements as a result of various factors. Important factors that could cause actual results to differ materially from estimates or forecasts contained in the forward-looking statements are identified in “Risk Factors” and elsewhere in this annual report, and include, among others:
(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), 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;

Table of Contents
(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.
 

Table of Contents
PART I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
 
Not applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
 
Not applicable.
I
TEM 3. KEY INFORMATION
 
3.A SELECTED FINANCIAL DATA
You should read the U.S. GAAP selected consolidated financial information presented below together with “Operating and Financial Review and Prospects” and Toyota’s consolidated financial statements contained in this annual report.
U.S. GAAP Selected Financial Data
The following selected financial data have been derived from Toyota’s consolidated financial statements. These financial statements were prepared in accordance with U.S. GAAP.
                                         
 
Year Ended March 31,
 
 
2016
 
 
2017
 
 
2018
 
 
2019
 
 
2020
 
 
(Yen in millions, except share and per share data)
 
Consolidated Statement of Income Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive:
   
     
     
     
     
 
Revenues
  ¥
25,977,416
    ¥
25,081,847
    ¥
26,397,940
    ¥
27,079,077
    ¥
26,863,514
 
Operating income
   
2,448,998
     
1,692,973
     
2,011,135
     
2,038,884
     
2,052,346
 
Financial Services:
   
     
     
     
     
 
Revenues
   
1,896,224
     
1,823,600
     
2,017,008
     
2,153,547
     
2,190,559
 
Operating income
   
339,226
     
222,428
     
285,546
     
322,821
     
292,183
 
All Other:
   
     
     
     
     
 
Revenues
   
1,177,387
     
1,321,052
     
1,646,118
     
1,676,377
     
1,504,550
 
Operating income
   
66,507
     
81,327
     
100,812
     
105,538
     
96,655
 
Elimination of intersegment:
   
     
     
     
     
 
Revenues
   
(647,909
)    
(629,306
)    
(681,556
)    
(683,320
)    
(628,631
)
Operating income
   
(760
)    
(2,356
)    
2,369
     
302
     
1,685
 
Total Company:
   
     
     
     
     
 
Revenues
   
28,403,118
     
27,597,193
     
29,379,510
     
30,225,681
     
29,929,992
 
Operating income
   
2,853,971
     
1,994,372
     
2,399,862
     
2,467,545
     
2,442,869
 
Income before income taxes and equity in earnings of affiliated companies
   
2,983,381
     
2,193,825
     
2,620,429
     
2,285,465
     
2,554,607
 
Net income attributable to Toyota Motor Corporation
   
2,312,694
     
1,831,109
     
2,493,983
     
1,882,873
     
2,076,183
 
Net income attributable to Toyota Motor Corporation per common share (yen):
   
     
     
     
     
 
Basic
   
741.36
     
605.47
     
842.00
     
650.55
     
735.61
 
Diluted
   
735.36
     
599.22
     
832.78
     
645.11
     
729.50
 
Shares used in computing net income attributable to Toyota Motor Corporation per common share, basic (in thousands)
   
3,111,306
     
3,008,088
     
2,947,365
     
2,871,534
     
2,798,918
 
Shares used in computing net income attributable to Toyota Motor Corporation per common share, diluted (in thousands)
   
3,144,947
     
3,055,826
     
2,994,766
     
2,918,674
     
2,846,018
 
 
1

Table of Contents
                                         
 
Year Ended March 31,
 
 
2016
 
 
2017
 
 
2018
 
 
2019
 
 
2020
 
 
(Yen in millions, except per share and numbers of vehicles sold data)
 
Consolidated Balance Sheet Data (end of period):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets:
   
47,427,597
     
48,750,186
     
50,308,249
     
51,936,949
     
52,680,436
 
Short-term debt, including current portion of long-term debt
   
8,521,088
     
9,244,131
     
9,341,190
     
9,599,233
     
9,860,071
 
Long-term debt, less current portion
   
9,772,065
     
9,911,596
     
10,006,374
     
10,550,945
     
10,692,898
 
Toyota Motor Corporation shareholders’ equity
   
16,746,935
     
17,514,812
     
18,735,982
     
19,348,152
     
20,060,618
 
Common stock
   
397,050
     
397,050
     
397,050
     
397,050
     
397,050
 
Other Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per share (yen)
  ¥
210.0
    ¥
210.0
    ¥
220.0
    ¥
220.0
    ¥
220.0
 
Number of vehicles sold
   
     
     
     
     
 
Japan
   
2,059,093
     
2,273,962
     
2,255,313
     
2,226,177
     
2,239,549
 
North America
   
2,839,229
     
2,837,334
     
2,806,467
     
2,745,047
     
2,713,165
 
Europe
   
844,412
     
924,560
     
968,077
     
994,060
     
1,028,537
 
Asia
   
1,344,836
     
1,587,822
     
1,542,806
     
1,684,494
     
1,604,870
 
Other*
   
1,593,758
     
1,347,182
     
1,391,731
     
1,327,017
     
1,372,302
 
                                         
Worldwide total
   
8,681,328
     
8,970,860
     
8,964,394
     
8,976,795
     
8,958,423
 
                                         
 
 
 
* “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.
 
 
Dividend Information
Toyota normally pays dividends twice per year, including an interim dividend and a
year-end
dividend. Toyota’s articles of incorporation provide that retained earnings can be distributed as dividends pursuant to a resolution of its board of directors. Toyota’s board of directors resolves to pay
year-end
dividends to holders of common shares and registered pledgees of common shares of record as of March 31, the record date, in each year.
At the 111th Ordinary General Shareholders’ Meeting held in June 2015, Toyota’s shareholders approved amendments to Toyota’s articles of incorporation permitting the issuance of Model AA Class Shares in the future. The articles of incorporation currently provide that in the event that Toyota pays a
year-end
dividend to holders of common shares, it will pay a
year-end
dividend to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares of record as of the record date for the
year-end
dividend, in the amount payable on the Model AA Class Shares pursuant to their terms (“AA Dividends”), in preference to holders of common shares or registered pledgees of common shares.
In addition to these
year-end
dividends, Toyota may pay an interim dividend in the form of cash distributions from its distributable surplus to holders of common shares and pledgees of common shares of record as of September 30, the record date, in each year by a resolution of its board of directors. The articles of incorporation currently provide that in the event that Toyota pays such interim dividends, Toyota will pay an amount equivalent to
one-half
of the AA Dividends (“AA Interim Dividends”) as an interim dividend to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares of record as of the record date for the interim dividend, in preference to holders of common shares or registered pledgees of common shares.
If the amount of the dividends from surplus paid to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall will be carried forward to and accumulate in the following fiscal year and thereafter. Dividends from surplus will be paid to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares in preference to the payment of interim and
year-end
dividends until such payment reaches the amount of the accumulated unpaid dividends on the Model AA Class Shares.
2

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For a further discussion of Model AA Class Shares, please see “Additional Information — Memorandum and Articles of Association.”
In addition, under the Companies Act of Japan (the “Companies Act”), dividends may be paid to holders of common shares and pledgees of record of common shares as of any record date, other than those specified above, as set forth in Toyota’s articles of incorporation or as determined by its board of directors from time to time. Under the Companies Act, dividends may be distributed in cash or (except in the case of interim dividends mentioned in the third preceding paragraph) in kind, subject to limitations on distributable surplus and to certain other conditions.
The following table sets forth the dividends declared per common share by Toyota for each of the periods shown. The periods shown are the six months ended on that date. The U.S. dollar equivalents for the cash dividends shown are based on the noon buying rate for Japanese yen on the last date of each period set forth below.
                 
 
Cash Dividends per Common
Share
 
Period Ended
 
Yen
 
 
U.S. dollars
 
September 30, 2014
   
75.0
     
0.68
 
March 31, 2015
   
125.0
     
1.04
 
September 30, 2015
   
100.0
     
0.83
 
March 31, 2016
   
110.0
     
0.97
 
September 30, 2016
   
100.0
     
0.98
 
March 31, 2017
   
110.0
     
0.98
 
September 30, 2017
   
100.0
     
0.88
 
March 31, 2018
   
120.0
     
1.12
 
September 30, 2018
   
100.0
     
0.88
 
March 31, 2019
   
120.0
     
1.08
 
September 30, 2019
   
100.0
     
0.92
 
March 31, 2020
   
120.0
     
1.10
 
 
Toyota 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. Toyota will strive to continue to pay stable dividends on its common shares aiming at a consolidated dividend payout ratio, defined as dividends per common share divided by net income attributable to Toyota Motor Corporation per common share, of 30%. Toyota will pay dividends on the First Series Model AA Class Shares in accordance with a prescribed calculation method.
In order to successfully compete in this highly competitive industry, Toyota plans to utilize its internal funds for the early commercialization of technologies for next-generation environment and safety giving priority to customer safety and sense of security. Considering these factors, with respect to the dividends for fiscal 2020, Toyota has determined to pay a
year-end
dividend of 120 yen per common share by a resolution of the board of directors pursuant to Toyota’s articles of incorporation. As a result, combined with the interim dividend of 100 yen per common share, the annual dividend will be 220 yen per common share, and the total amount of the dividends on common shares for the year will be 610.8 billion yen. Furthermore, Toyota will flexibly repurchase shares with the aim to promote capital efficiency by comprehensively taking into consideration cash reserves, stock price levels and the like.
In fiscal 2020, Toyota repurchased 26 million common shares, for an aggregate purchase price of 199.9 billion yen, in order to return to shareholders the profits derived from Toyota’s business operations in the interim period.
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3.B CAPITALIZATION AND INDEBTEDNESS
Not applicable.
3.C REASONS FOR THE OFFER AND USE OF PROCEEDS
Not applicable.
3.D RISK FACTORS
Industry and Business Risks
The worldwide automotive market is highly competitive.
The worldwide automotive market is highly competitive. Toyota faces intense competition from automotive manufacturers in the markets in which it operates. Competition in the automotive industry has further intensified amidst difficult overall market conditions. In addition, competition is likely to further intensify in light of further continuing globalization in the worldwide automotive industry, possibly resulting in industry reorganizations. Factors affecting competition include product quality and features, safety, reliability, fuel economy, the amount of time required for innovation and development, pricing, customer service and financing terms. Increased competition may lead to lower vehicle unit sales, which may result in a further downward price pressure and adversely affect Toyota’s financial condition and results of operations. Toyota’s ability to adequately respond to the recent rapid changes in the automotive market and to maintain its competitiveness will be fundamental to its future success in existing and new markets and to maintain its market share. There can be no assurances that Toyota will be able to compete successfully in the future.
The worldwide automotive industry is highly volatile.
Each of the markets in which Toyota competes has been subject to considerable volatility in demand. Demand for vehicles depends to a large extent on economic, social and political conditions in a given market and the introduction of new vehicles and technologies. As Toyota’s revenues are derived from sales in markets worldwide, economic conditions in such markets are particularly important to Toyota.
Reviewing the general economic environment for the fiscal year ended March 2020, the 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 the rest of 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.
The changes in demand for automobiles are continuing, and it is unclear how this situation will transition in the future. Toyota’s financial condition and results of operations may be adversely affected if the changes in demand for automobiles continues or progresses further. Demand may also be affected by factors directly impacting vehicle price or the cost of purchasing and operating vehicles such as sales and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations (including tariffs, import regulation and other taxes). Volatility in demand may lead to lower vehicle unit sales, which may result in downward price pressure and adversely affect Toyota’s financial condition and results of operations.
Toyota’s future success depends on its ability to offer new, innovative and competitively priced products that meet customer demand on a timely basis.
Meeting customer demand by introducing attractive new vehicles and reducing the amount of time required for product development are critical to automotive manufacturers. In particular, it is critical to meet customer
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demand with respect to quality, safety and reliability. The timely introduction of new vehicle models, at competitive prices, meeting rapidly changing customer preferences and demand is more fundamental to Toyota’s success than ever, as the automotive market is rapidly transforming in light of the changing global economy. There is no assurance, however, that Toyota will adequately and appropriately respond to changing customer preferences and demand with respect to quality, safety, reliability, styling and other features in a timely manner. Even if Toyota succeeds in perceiving customer preferences and demand, there is no assurance that Toyota will be capable of developing and manufacturing new, price competitive products in a timely manner with its available technology, intellectual property, sources of raw materials and parts and components, and production capacity, including cost reduction capacity. Further, there is no assurance that Toyota will be able to implement capital expenditures at the level and times planned by management. Toyota’s inability to develop and offer products that meet customers’ preferences and demand with respect to quality, safety, reliability, styling and other features in a timely manner could result in a lower market share and reduced sales volumes and margins, and may adversely affect Toyota’s financial condition and results of operations.
Toyota’s ability to market and distribute effectively is an integral part of Toyota’s successful sales.
Toyota’s success in the sale of vehicles depends on its ability to market and distribute effectively based on distribution networks and sales techniques tailored to the needs of its customers. There is no assurance that Toyota will be able to develop sales techniques and distribution networks that effectively adapt to changing customer preferences or changes in the regulatory environment in the major markets in which it operates. Toyota’s inability to maintain well-developed sales techniques and distribution networks may result in decreased sales and market share and may adversely affect its financial condition and results of operations.
Toyota’s success is significantly impacted by its ability to maintain and develop its brand image.
In the highly competitive automotive industry, it is critical to maintain and develop a brand image. In order to maintain and develop a brand image, it is necessary to further increase customers’ confidence by providing safe, high-quality products that meet customer preferences and demand. If Toyota is unable to effectively maintain and develop its brand image as a result of its inability to provide safe, high-quality products or as a result of the failure to promptly implement safety measures such as recalls when necessary, vehicle unit sales and/or sale prices may decrease, and as a result revenues and profits may not increase as expected or may decrease, adversely affecting its financial condition and results of operations.
Toyota relies on suppliers for the provision of certain supplies including parts, components and raw materials
Toyota purchases supplies including parts, components and raw materials from a number of external suppliers located around the world. For some supplies, Toyota relies on a single supplier or a limited number of suppliers, whose replacement with another supplier may be difficult. Inability to obtain supplies from a single or limited source supplier may result in difficulty obtaining supplies and may restrict Toyota’s ability to produce vehicles. Furthermore, even if Toyota were to rely on a large number of suppliers, first-tier suppliers with whom Toyota directly transacts may in turn rely on a single second-tier supplier or limited second-tier suppliers. Toyota’s ability to continue to obtain supplies from its suppliers in a timely and cost-effective manner is subject to a number of factors, some of which are not within Toyota’s control. These factors include the ability of Toyota’s suppliers to provide a continued source of supply, and Toyota’s ability to effectively compete and obtain competitive prices from suppliers. A loss of any single or limited source supplier or inability to obtain supplies from suppliers in a timely and cost-effective manner could lead to increased costs or delays or suspensions in Toyota’s production and deliveries, which could have an adverse effect on Toyota’s financial condition and results of operations.
The worldwide financial services industry is highly competitive.
The worldwide financial services industry is highly competitive
.
Increased competition in automobile financing may lead to decreased margins. A decline in Toyota’s vehicle unit sales, an increase in residual value
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risk due to lower used vehicle prices, an increase in the ratio of credit losses and increased funding costs are additional factors which may impact Toyota’s financial services operations. If Toyota is unable to adequately respond to the changes and competition in automobile financing, Toyota’s financial services operations may adversely affect its financial condition and results of operations.
Toyota’s operations and vehicles rely on various digital and information technologies.
Toyota depends on various information technology networks and systems, some of which are managed by third parties, to process, transmit and store electronic information, including sensitive data, and to manage or support a variety of business processes and activities, including manufacturing, research and development, supply chain management, sales and accounting. In addition, Toyota’s vehicles may rely on various digital and information technologies, including information service and driving assistance functions. Despite security measures, Toyota’s digital and information technology networks and systems may be vulnerable to damage, disruptions, shutdowns due to unauthorized access or attacks by hackers, computer viruses, breaches due to unauthorized use, errors or malfeasance by employees and others who have or gain access to the networks and systems Toyota depends on, service failures or bankruptcy of third parties such as software development or cloud computing vendors, power shortages and outages, and utility failures or other catastrophic events like natural disasters. In particular, cyber-attacks or other intentional malfeasance are increasing in terms of intensity, sophistication and frequency, and Toyota may be the subject of such attacks. Such attacks could materially disrupt critical operations, disclose sensitive data, interfere with information services and driving assistance functions in Toyota’s vehicles, and/or give rise to legal claims or proceedings, liability or regulatory penalties under applicable laws, which could have an adverse effect on Toyota’s brand image and its financial condition and results of operations.
Financial Market and Economic Risks
Toyota’s operations are subject to currency and interest rate fluctuations.
Toyota is sensitive to fluctuations in foreign currency exchange rates and is principally exposed to fluctuations in the value of the Japanese yen, the U.S. dollar and the euro and, to a lesser extent, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound. Toyota’s consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency exchange fluctuations through translation risk, and changes in foreign currency exchange rates may also affect the price of products sold and materials purchased by Toyota in foreign currencies through transaction risk. In particular, strengthening of the Japanese yen against the U.S. dollar can have an adverse effect on Toyota’s operating results.
Toyota believes that its use of certain derivative financial instruments including foreign exchange forward contracts and interest rate swaps and increased localized production of its products have reduced, but not eliminated, the effects of interest rate and foreign currency exchange rate fluctuations. Nonetheless, a negative impact resulting from fluctuations in foreign currency exchange rates and changes in interest rates may adversely affect Toyota’s financial condition and results of operations. For a further discussion of currency and interest rate fluctuations and the use of derivative financial instruments, see “Operating and Financial Review and Prospects — Operating Results — Overview — Currency Fluctuations,” “Quantitative and Qualitative Disclosures About Market Risk,” and notes 21 and 22 to Toyota’s consolidated financial statements.
High prices of raw materials and strong pressure on Toyota’s suppliers could negatively impact Toyota’s profitability.
Increases in prices for raw materials that Toyota and Toyota’s suppliers use in manufacturing their products or parts and components such as steel, precious metals,
non-ferrous
alloys including aluminum, and plastic parts, may lead to higher production costs for parts and components. This could, in turn, negatively impact Toyota’s future profitability because Toyota may not be able to pass all those costs on to its customers or require its suppliers to absorb such costs.
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A downturn in the financial markets could adversely affect Toyota’s ability to raise capital.
Should the world economy suddenly deteriorate, a number of financial institutions and investors will face difficulties in providing capital to the financial markets at levels corresponding to their own financial capacity, and, as a result, there is a risk that companies may not be able to raise capital under terms that they would expect to receive with their creditworthiness. If Toyota is unable to raise the necessary capital under appropriate conditions on a timely basis, Toyota’s financial condition and results of operations may be adversely affected.
Regulatory, Legal, Political and Other Risks
The automotive industry is subject to various governmental regulations and actions.
The worldwide automotive industry is subject to various laws and governmental regulations including those related to vehicle safety and environmental matters such as emission levels, fuel economy, noise and pollution. In particular, automotive manufacturers such as Toyota are required to implement safety measures such as recalls for vehicles that do not or may not comply with the safety standards of laws and governmental regulations. In addition, Toyota may, in order to reassure its customers of the safety of Toyota’s vehicles, decide to voluntarily implement recalls or other safety measures even if the vehicle complies with the safety standards of relevant laws and governmental regulations. If Toyota launches products that result in safety measures such as recalls (including where parts related to recalls or other measures were procured by Toyota from a third party), Toyota may incur various costs including significant costs for free repairs. Many governments also impose tariffs and other trade barriers, taxes and levies, or enact price or exchange controls. Toyota has incurred significant costs in response to governmental regulations and actions, including costs relating to changes in global trade dynamics and policies, and expects to incur such costs in the future. Furthermore, new legislation or regulations or changes in existing legislation or regulations may also subject Toyota to additional costs in the future. If Toyota incurs significant costs related to implementing safety measures or responding to laws, regulations and governmental actions, Toyota’s financial condition and results of operations may be adversely affected.
Toyota may become subject to various legal proceedings.
As an automotive manufacturer, Toyota may become subject to legal proceedings in respect of various issues, including product liability and infringement of intellectual property. Toyota may also be subject to legal proceedings brought by its shareholders and governmental proceedings and investigations. Toyota is in fact currently subject to a number of pending legal proceedings and government investigations. A negative outcome in one or more of these pending legal proceedings could adversely affect Toyota’s financial condition and results of operations. For a further discussion of governmental regulations, see “Information on the Company — Business Overview — Governmental Regulation, Environmental and Safety Standards” and for legal proceedings, please see “Information on the Company — Business Overview — Legal Proceedings.”
Toyota may be adversely affected by natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes.
Toyota is subject to various risks associated with conducting business worldwide. These risks include natural calamities; epidemics; political and economic instability; fuel shortages; interruption in social infrastructure including energy supply, transportation systems, gas, water, or communication systems resulting from natural hazards or technological hazards; wars; terrorism; labor strikes and work stoppages. Should the major markets in which Toyota purchases materials, parts and components and supplies for the manufacture of Toyota products or in which Toyota’s products are produced, distributed or sold be affected by any of these events, it may result in disruptions and delays in the operations of Toyota’s business. Should significant or prolonged disruptions or delays related to Toyota’s business operations occur, it may adversely affect Toyota’s financial condition and results of operations.
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Toyota has been, and is expected to continue to be, adversely affected by the spread of
COVID-19.
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 example, 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 a number of countries and jurisdictions.
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. In addition, the global spread of
COVID-19
and related matters have adversely affected businesses in a wide variety of industries, as well as consumers, all of which negatively impacted demand for Toyota’s vehicles and related financial services.
The aforementioned factors adversely affected Toyota’s net revenues and operating income for the fourth quarter of the fiscal year ended March 31, 2020, in particular through reducing Toyota’s vehicle sales and through increases in provisions relating to credit losses and residual value losses. See “Operating and Financial Review and Prospects — Operating Results — Results of Operations — Fiscal 2020 Compared with Fiscal 2019.” Such factors are expected to adversely affect results for the fiscal year ending March 31, 2021 as well.
The duration of the
COVID-19
outbreak and the resulting future effects are uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of the
COVID-19
outbreak, are difficult to predict. The impact of the
COVID-19
outbreak and the resulting future effects may thus adversely affect Toyota’s financial condition and results of operations in later periods as well.
ITEM
4. INFORMATION ON THE COMPANY
4.A HISTORY AND DEVELOPMENT OF THE COMPANY
Toyota Motor Corporation is a limited liability, joint-stock company incorporated under the Commercial Code of Japan and continues to exist under the Companies Act. Toyota commenced operations in 1933 as the automobile division of Toyota Industries Corporation (formerly, Toyoda Automatic Loom Works, Ltd.). Toyota became a separate company in August 1937. In 1982, the Toyota Motor Company and Toyota Motor Sales merged into one company, the Toyota Motor Corporation of today. As of March 31, 2020, Toyota operated through 528 consolidated subsidiaries (including variable interest entities) and 201 affiliated companies, of which 72 companies were accounted for through the equity method.
See “— Business Overview — Capital Expenditures and Divestitures”
for a description of Toyota’s principal capital expenditures and divestitures between April 1, 2017 and March 31, 2020 and information concerning Toyota’s principal capital expenditures and divestitures currently in progress.
Toyota’s principal executive offices are located at 1
Toyota-cho,
Toyota City, Aichi Prefecture
471-8571,
Japan. Toyota’s telephone number in Japan is
+81-565-28-2121.
The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Toyota also maintains a website (https://global.toyota/en/) through which its annual reports on Form
20-F
and certain of its other SEC filings may be accessed. Information contained on or accessible through Toyota’s website is not part of this annual report on Form
20-F.
4.B BUSINESS OVERVIEW
Toyota primarily conducts business in the automotive industry. Toyota also conducts business in finance and other industries. Toyota sold 8,958 thousand vehicles in fiscal 2020 on a consolidated basis. Toyota had net revenues of ¥29,929.9 billion and net income attributable to Toyota Motor Corporation of ¥2,076.1 billion in fiscal 2020.
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Toyota’s business segments are automotive operations, financial services operations and all other operations. The following table sets forth Toyota’s sales to external customers in each of its business segments for each of the past three fiscal years.
                         
 
Yen in millions
 
 
Year Ended March 31,
 
 
2018
 
 
2019
 
 
2020
 
Automotive
   
26,347,229
     
27,034,492
     
26,834,485
 
Financial Services
   
1,959,234
     
2,120,343
     
2,170,243
 
All Other
   
1,073,047
     
1,070,846
     
925,264
 
Toyota’s automotive operations include the design, manufacture, assembly and sale of passenger vehicles, minivans and commercial vehicles such as trucks and related parts and accessories. Toyota’s financial services business consists primarily of providing financing to dealers and their customers for the purchase or lease of Toyota vehicles. Toyota’s financial services business also provides mainly retail installment credit and leasing through the purchase of installment and lease contracts originated by Toyota dealers. Related to Toyota’s automotive operations, Toyota is working towards having all of its vehicles become connected vehicles, creating new value and reforming businesses by utilizing big data obtained from those connected vehicles, and establishing new mobility services. Toyota’s all other operations business segment includes the design and manufacture of prefabricated housing and information technology related businesses including a web portal for automobile information called GAZOO.com, etc. Please see “— Automotive Operations — Realizing a Smart Mobility Society that expands through connected car technologies — Connected with people (COMFORT) — Connected Service” for details on GAZOO.com.
Toyota sells its vehicles in approximately 200 countries and regions. Toyota’s primary markets for its automobiles are Japan, North America, Europe and Asia. The following table sets forth Toyota’s sales to external customers in each of its geographical markets for each of the past three fiscal years.
                         
 
Yen in millions
 
 
Year Ended March 31,
 
 
2018
 
 
2019
 
 
2020
 
Japan
   
9,273,672
     
9,520,148
     
9,522,905
 
North America
   
10,347,266
     
10,585,934
     
10,416,582
 
Europe
   
2,940,243
     
3,055,654
     
3,138,755
 
Asia
   
4,497,374
     
4,832,392
     
4,828,635
 
Other*
   
2,320,955
     
2,231,553
     
2,023,115
 
 
* “Other” consists of Central and South America, Oceania, Africa and the Middle East.
During fiscal 2020, 25.0% of Toyota’s automobile unit sales on a consolidated basis were in Japan, 30.3% were in North America, 11.5% were in Europe and 17.9% were in Asia. The remaining 15.3% of consolidated unit sales were in other markets.
The Worldwide Automotive Market
Toyota estimates that annual worldwide vehicle sales totaled approximately 92 million units in 2019.
Automobile sales are affected by a number of factors including:
  social, political and economic conditions;
  introduction of new vehicles and technologies; and
  costs incurred by customers to purchase and operate automobiles.
These factors can cause consumer demand to vary substantially from year to year in different geographic markets and in individual categories of automobiles.
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In fiscal 2020, the world economy experienced a significant slowdown through December 2019 due to U.S.-China trade frictions and the weak Chinese economy, mainly in the manufacturing sector. Since January 2020, the outbreak of
COVID-19
spread globally, causing a difficult situation in which many countries in the world were driven into an unprecedented crisis requiring public spending and the launch of substantial monetary easing measures. The United States saw a sudden shift from steady employment growth to a situation in which it has diverted a significant part of its focus to overcoming these difficulties by providing substantial financial support to both businesses and individuals. Europe, which was affected by weak economic sentiment following the slowdown of the Chinese economy, lost momentum due to the UK’s exit from the EU at the end of January 2020 and the direct impact of the subsequent spread of
COVID-19
in Italy, Spain and other major countries. In Japan, the consumption tax increase in October, as well as effects related to the spread of
COVID-19,
put downward pressure on consumer spending. The Chinese economy experienced downward pressure from credit contraction triggered by sluggish domestic and international demand due to trade frictions with the United States and other countries, as well as effects related to the spread of
COVID-19.
As a result, emerging countries in Asia and other regions also saw a slowdown in consumption owing to the recession.
The automotive industry was also impacted by the foregoing factors and experienced a
year-on-year
contraction for the second straight year. With respect to developed countries, the United States and Japan recorded
year-on-year
contractions, where Europe recorded a slight
year-on-year
increase, partly owing to a surge in sales prior to the introduction of strengthened emission controls. The automotive market in China shrank for the second straight year, and other emerging countries also had poor results resulting in their markets shrinking, such as India, which recorded double-digit
year-on-year
contraction due to corporate debt problems.
In the medium- to long-term, Toyota expects the automotive market to continue growing driven principally by growth in China and other emerging markets. However, global competition is expected to be severe, as competition in compact and
low-price
vehicles intensifies, and the pace of technological advancement and development of new products quickens, including in response to a heightened global awareness of the environment and more stringent fuel economy standards.
In 2019, China, North America, Europe and Asia were the world’s largest automotive markets. The share of each market across the globe, which Toyota estimates based on the available automobile sales data in each country and region information, was 29% for China, 22% for North America (21% excluding Mexico and Puerto Rico), 23% for Europe and 11% for Asia. In China, new vehicle sales decreased for the second straight year to approximately 25.8 million units. In North America, new vehicle sales were approximately 20.4 million units, down from the previous year. In Europe, new vehicle sales also decreased from the previous year at approximately 20.7 million units. In Asia (including India but excluding Japan and China), new vehicle unit sales also decreased from the previous year to approximately 9.7 million units.
The worldwide automotive industry is affected significantly by government regulations aimed at reducing harmful effects on the environment, enhancing vehicle safety and improving fuel economy. These regulations have added to the cost of manufacturing vehicles. Many governments also mandate local procurement of parts and components and impose tariffs and other trade barriers, as well as price or exchange controls as a means of creating jobs, protecting domestic producers or influencing their balance of payments. Changes in regulatory requirements and other government-imposed restrictions can limit or otherwise burden an automaker’s operations. Government laws and regulations can also make it difficult to repatriate profits to an automaker’s home country.
The development of the worldwide automotive market includes the continuing globalization of automotive operations. Manufacturers seek to achieve globalization by localizing the design and manufacture of automobiles and their parts and components in the markets in which they are sold. By expanding production capabilities beyond their home markets, automotive manufacturers are able to reduce their exposure to fluctuations in foreign exchange rates as well as to trade restrictions and tariffs.
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Over the years, there have been many global business alliances and investments entered into between manufacturers in the global automotive industry. There are various reasons behind these transactions including the need to address excessive global capacity in the production of automobiles, and the need to reduce costs and improve efficiency by increasing the number of automobiles produced using common vehicle platforms and by sharing research and development expenses for environmental and other technology, the desire to expand a company’s global presence through increased size and the desire to expand into particular segments or geographic markets.
Toyota believes that its research and development initiatives, particularly the development of environmentally friendly new vehicle technologies, vehicle safety and information technology, provide it with a strategic advantage.
Toyota’s ability to compete in the global automotive industry will depend in part on Toyota’s successful implementation of its business strategy. This is subject to a number of factors, some of which are not in Toyota’s control. These factors are discussed in “Operating and Financial Review and Prospects” and elsewhere in this annual report.
Toyota Global Vision
In March 2011, Toyota unveiled its “Toyota Global Vision” corporate outline for the future, which serves not only to give direction to Toyota employees around the world, but also to convey such direction to customers and to the public at large. Toyota will work to achieve sustained growth through the realization of the following ideals which are parts of the Vision:
Toyota Global Vision
Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people.
Through our commitment to quality, constant innovation and respect for the planet, we aim to exceed expectations and be rewarded with a smile.
We will meet challenging goals by engaging the talent and passion of people, who believe there is always a better way.
“The safest and most responsible ways of moving people”
  Safety is Toyota’s highest priority, and Toyota will continue to provide world-class safety.
 
 
  Toyota will also continue to contribute to environmental quality and to human happiness by using leading environmental technology and by deploying that technology in a growing line of vehicle models. At the same time, Toyota will work through the provision of products, sales and services that exceed customer expectation to offer a rewarding experience for customers.
 
 
“Enriching lives around the world”
  Toyota has been consistently true to its founding spirit of serving society through conscientious manufacturing, and it will continue working in that spirit to contribute to enhance the quality of life wherever it has operations.
 
 
  Toyota will strive to continue contributing to economic vitality wherever it has operations by generating stable employment and by participating in mutually beneficial business relationships with dealers and suppliers. It will also strive to continue to actively engage in initiatives for human resources development and the promotion of cultural activities of its host communities.
 
 
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“Lead the way to the future of mobility”
  Toyota will lead the industry in technological development that will spawn next-generation mobility. For example, it will explore possibilities in personal mobility and in the convergence of information technology for automobiles and “smart grids” for optimizing ene