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 August, 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 August 6, 2020, with respect to the registrant’s results of operations for the first quarter of FY2021 ended June 30, 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: August 6, 2020

FY2021 FIRST QUARTER FINANCIAL SUMMARY
Table of Contents

FINANCIAL SUMMARY

(All financial information has been prepared in accordance with International Financial Reporting Standards)

FY2021 First Quarter

(April 1, 2020 through June 30, 2020)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


Table of Contents

FY2021 First Quarter Consolidated Financial Results

(All financial information has been prepared in accordance with International Financial Reporting Standards)

English translation from the original Japanese-language document

August 6, 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

Filing date of quarterly securities report

  :   August 7, 2020

Payment date of cash dividends

  :  

Supplemental materials prepared for quarterly financial results

  :   yes

Earnings announcement for quarterly financial results

  :   yes

(Amounts are rounded to the nearest million yen)

 

1.

Consolidated Results for FY2021 First Quarter (April 1, 2020 through June 30, 2020)

 

(1)

Consolidated financial results (For the first quarter ended June 30)

 

    (% of change from previous first quarter)  
    Sales revenues     Operating income     Income before
income taxes
    Net income     Net income
attributable to

Toyota Motor
Corporation
    Comprehensive
income
 
    Million yen     %     Million yen     %     Million yen     %     Million yen     %     Million yen     %     Million yen     %  

FY2021 first quarter

    4,600,796       -40.4       13,920       -98.1       118,233       -86.1       149,448       -76.3       158,843       -74.3       233,157       -60.6  

FY2020 first quarter

    7,721,273             740,611             850,985             631,382             619,131             591,996        

 

      Net income attributable to
Toyota Motor Corporation –  Basic
     Net income attributable to
Toyota Motor Corporation –  Diluted
 
     Yen      Yen  

FY2021 first quarter

     56.87        56.87  

FY2020 first quarter

     218.62        216.19  

 

(2)

Consolidated financial position

 

      Total assets      Total shareholders’ equity      Toyota Motor  Corporation
shareholders’ equity
     Ratio of
Toyota Motor Corporation
shareholders’ equity
 
     Million yen      Million yen      Million yen      %  

FY2021 first quarter

     55,916,537        21,507,667        20,713,930        37.0  

FY2020

     53,972,363        21,339,012        20,618,888        38.2  

 

2.

Cash Dividends

 

    Annual cash dividends per common share  
    End of first
quarter
    End of second
quarter
    End of third
quarter
    Year-end     Total  
    Yen     Yen     Yen     Yen     Yen  

FY2020

          100.00             120.00       220.00  

FY2021

             

FY2021 (forecast)

                         

 

(Note)

 

Revisions to the forecast of cash dividends since the latest announcement:  none

 

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
Toyota Motor
Corporation
    Net income attributable to
Toyota Motor Corporation
– Basic
 
    Million yen     %     Million yen     %     Million yen     %     Million yen     %     Yen  

Full-year

    24,000,000       -19.6       500,000       -79.2       890,000       -68.1       730,000       -64.1       261.15  

 

(Note)

  Revisions to the forecast of consolidated results since the latest announcement:  yes
  Regarding the forecasts of sales revenues and operating income, Toyota has left unchanged the forecasts announced on May 12, 2020 due to the possibility that the business environment will change significantly depending on such factors as the future spread of COVID-19 and the state of its containment.
  Regarding the forecasts of income before income taxes and net income attributable to Toyota Motor Corporation, Toyota has decided to announce based on information and forecasts available at this time though we did not disclose such information at the time of the previous announcement.


Table of Contents

Notes

 

(1)

Changes in significant subsidiaries during the current quarter

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

 

(2)

Changes in accounting policies and changes in accounting estimates

 

  (i)

Changes in accounting policies required by IFRS: none

 

  (ii)

Changes other than (2)-(i) above: none

 

  (iii)

Changes in accounting estimates: none

 

(3)

Number of shares issued and outstanding (common stock)

 

  (i)

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

   

FY2021 first quarter 3,262,997,492 shares, FY2020    3,262,997,492 shares

 

  (ii)

Number of treasury stock at the end of each period:

   

FY2021 first quarter 467,035,101 shares,FY2020    496,844,960 shares

 

  (iii)

Average number of shares issued and outstanding in each period:

   

FY2021 first quarter 2,793,273,694 shares,FY2020 first quarter 2,831,992,804 shares

This report is not reviewed.

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.

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

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

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

The parent company has adopted International Financial Reporting Standards (“IFRS”) for its consolidated financial statements beginning with the first quarter ended June 30, 2020. In addition, consolidated financial statements for the first quarter ended June 30, 2019 and for the fiscal year ended March 31, 2020 are also presented in accordance with IFRS.

(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  

FY2020

            132.00               132.00        264.00  

FY2021

                  

FY2021 (forecast)

                              

 

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


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

TABLE OF CONTENTS

 

Condensed Quarterly Consolidated Financial Statements and
Notes to Condensed Quarterly Consolidated Financial Statements
     2  

1. Condensed Quarterly Consolidated Statement of Financial Position

     2  

2. Condensed Quarterly Consolidated Statement of Income and
Condensed Quarterly Consolidated Statement of Comprehensive Income

     4  

3. Condensed Quarterly Consolidated Statement of Changes in Equity

     6  

4. Condensed Quarterly Consolidated Statement of Cash Flows

     7  

5. Going Concern Assumption

     8  

6. First-Time Adoption

     9  

Forecast of Consolidated Financial Results for FY2021

     25  
Supplemental Material for Financial Results for FY2021 First Quarter   

 

—1—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Condensed Quarterly Consolidated Financial Statements and

Notes to Condensed Quarterly Consolidated Financial Statements

1. Condensed Quarterly Consolidated Statement of Financial Position

     Yen in millions  
     April 1, 2019     March 31, 2020     June 30, 2020  

Assets

                                                                                 

Current assets

      

Cash and cash equivalents

     3,602,805       4,098,450       6,801,561  

Trade accounts and other receivables

     2,954,617       2,648,360       2,224,404  

Receivables related to financial services

     6,657,367       6,621,604       6,111,234  

Other financial assets

     2,640,392       2,143,602       1,960,564  

Inventories

     2,731,040       2,533,892       2,449,244  

Income tax receivable

     84,574       237,609       245,720  

Other current assets

     507,654       679,804       649,933  
  

 

 

   

 

 

   

 

 

 

Total current assets

     19,178,450       18,963,320       20,442,661  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Investments accounted for using the equity method

     3,467,242       4,297,564       3,732,034  

Receivables related to financial services

     10,281,028       10,417,797       10,782,410  

Other financial assets

     7,769,740       7,901,517       8,272,165  

Property, plant and equipment

      

Land

     1,359,271       1,318,964       1,351,333  

Buildings

     4,833,278       4,741,451       4,823,223  

Machinery and equipment

     11,956,773       11,979,449       12,131,439  

Vehicles and equipment on operating leases

     6,139,163       5,928,833       5,891,892  

Construction in progress

     656,067       517,460       580,098  

Total property, plant and equipment, at cost

     24,944,551       24,486,156       24,777,985  

Less - Accumulated depreciation and impairment losses

     (14,260,446     (13,952,141     (14,100,279

Total property, plant and equipment, net

     10,684,105       10,534,016       10,677,706  

Right of use assets

     396,830       337,335       387,710  

Intangible assets

     908,737       1,000,257       1,059,140  

Deferred tax assets

     446,383       326,364       335,357  

Other non-current assets

     283,889       194,192       227,354  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     34,237,955       35,009,043       35,473,876  
  

 

 

   

 

 

   

 

 

 

Total assets

     53,416,405       53,972,363       55,916,537  
  

 

 

   

 

 

   

 

 

 

 

—2—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

     Yen in millions  
     April 1, 2019     March 31, 2020     June 30, 2020  

Liabilities

                                                                                 

Current liabilities

      

Trade accounts and other payables

     3,856,133       3,498,029       2,731,625  

Short-term and current portion of long-term debt

     9,701,813       9,906,755       11,448,283  

Accrued expenses

     1,350,252       1,256,794       1,285,316  

Other financial liabilities

     475,302       538,740       674,197  

Income taxes payable

     321,316       212,276       169,785  

Liabilities for quality assurance

     1,769,514       1,552,970       1,490,291  

Other current liabilities

     1,008,032       1,176,645       1,107,723  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     18,482,362       18,142,209       18,907,220  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Long-term debt

     11,342,315       11,434,219       12,564,205  

Other financial liabilities

     189,957       360,588       416,320  

Retirement benefit liabilities

     1,002,710       1,022,161       1,045,717  

Deferred tax liabilities

     1,227,292       1,198,005       1,046,023  

Other non-current liabilities

     516,560       476,169       429,385  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     14,278,833       14,491,142       15,501,650  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     32,761,195       32,633,351       34,408,870  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

      

Common stock

     397,050       397,050       397,050  

Additional paid-in capital

     487,162       489,334       504,527  

Retained earnings

     20,613,776       22,234,061       22,073,722  

Other components of equity

     1,016,035       585,549       640,208  

Treasury stock

     (2,606,925     (3,087,106     (2,901,577
  

 

 

   

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     19,907,100       20,618,888       20,713,930  
  

 

 

   

 

 

   

 

 

 

Non-controlling interests

     748,110       720,124       793,737  
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     20,655,210       21,339,012       21,507,667  
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     53,416,405       53,972,363       55,916,537  
  

 

 

   

 

 

   

 

 

 

 

—3—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

2. Condensed Quarterly Consolidated Statement of Income and

    Condensed Quarterly Consolidated Statement of Comprehensive Income

Condensed Quarterly Consolidated Statement of Income

 

     Yen in millions  
     For the first quarter ended
June 30, 2019
    For the first quarter ended
June 30, 2020
 

Sales revenues

                                                              

Sales of products

     7,177,564       4,069,855  

Financial services

     543,709       530,941  
  

 

 

   

 

 

 

Total sales revenues

     7,721,273       4,600,796  
  

 

 

   

 

 

 

Costs and expenses

    

Cost of products sold

     5,927,739       3,726,300  

Cost of financial services

     341,406       325,068  

Selling, general and administrative

     711,517       535,508  
  

 

 

   

 

 

 

Total costs and expenses

     6,980,662       4,586,876  
  

 

 

   

 

 

 

Operating income

     740,611       13,920  
  

 

 

   

 

 

 

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

     104,744       (12,572

Other finance income

     77,551       114,789  

Other finance costs

     (9,842     (10,012

Foreign exchange gain (loss), net

     (63,060     8,510  

Other income (loss), net

     980       3,599  
  

 

 

   

 

 

 

Income before income taxes

     850,985       118,233  
  

 

 

   

 

 

 

Income tax expense

     219,603       (31,214
  

 

 

   

 

 

 

Net income

     631,382       149,448  
  

 

 

   

 

 

 

Net income attributable to

    

Toyota Motor Corporation

     619,131       158,843  

Non-controlling interests

     12,252       (9,396
  

 

 

   

 

 

 

Net income

     631,382       149,448  
  

 

 

   

 

 

 
     Yen  

Earnings per share attributable to Toyota Motor Corporation

    

Basic

     218.62       56.87  
  

 

 

   

 

 

 

Diluted

     216.19       56.87  
  

 

 

   

 

 

 

 

—4—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Condensed Quarterly Consolidated Statement of Comprehensive Income

 

     Yen in millions  
     For the first quarter ended
June 30, 2019
    For the first quarter ended
June 30, 2020
 

Net income

     631,382       149,448  

Other comprehensive income, net of tax

                                                              

Items that will not be reclassified to profit (loss)

    

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

     62,717       144,082  

Remeasurements of defined benefit plans

     (4,752     (1,578

Share of other comprehensive income of equity method investees

     45,014       (86,421
  

 

 

   

 

 

 

Total of items that will not be reclassified to profit (loss)

     102,979       56,084  
  

 

 

   

 

 

 

Items that may be reclassified subsequently to profit (loss)

    

Exchange differences on translating foreign operations

     (171,155     65,319  

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

     39,888       4,014  

Share of other comprehensive income of equity method investees

     (11,099     (41,707
  

 

 

   

 

 

 

Total of items that may be reclassified subsequently to profit (loss)

     (142,366     27,626  
  

 

 

   

 

 

 

Total other comprehensive income, net of tax

     (39,386     83,709  
  

 

 

   

 

 

 

Comprehensive income

     591,996       233,157  
  

 

 

   

 

 

 

Comprehensive income for the period attributable to

    

Toyota Motor Corporation

     582,549       226,258  

Non-controlling interests

     9,447       6,899  
  

 

 

   

 

 

 

Comprehensive income

     591,996       233,157  
  

 

 

   

 

 

 

 

—5—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

3. Condensed Quarterly Consolidated Statement of Changes in Equity

For the first quarter ended June 30, 2019

 

    Yen in millions  
    Common
stock
    Additional
paid-in
capital
    Retained
earnings
    Other
components
of equity
    Treasury
stock
    Toyota Motor
Corporation
shareholders’
equity
    Non-
controlling
interests
    Total
shareholders’
equity
 

Balances at April 1, 2019

    397,050       487,162       20,613,776       1,016,035       (2,606,925     19,907,100       748,110       20,655,210  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

               

Net income

                619,131                   619,131       12,252       631,382  

Other comprehensive income, net of tax

                      (36,582           (36,582     (2,804     (39,386
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                619,131       (36,582           582,549       9,447       591,996  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

               

Dividends paid

                (339,893                 (339,893     (23,881     (363,774

Repurchase of treasury stock

                            (54,308     (54,308           (54,308

Equity transactions and other

          914                         914       (2,703     (1,789
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

          914       (339,893           (54,308     (393,287     (26,584     (419,871
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                (2,670     2,670                          
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at June 30, 2019

    397,050       488,077       20,890,344       982,123       (2,661,233     20,096,362       730,973       20,827,336  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

For the first quarter ended June 30, 2020

 

 

    Yen in millions  
    Common
stock
    Additional
paid-in
capital
    Retained
earnings
    Other
components
of equity
    Treasury
stock
    Toyota Motor
Corporation
shareholders’
equity
    Non-
controlling
interests
    Total
shareholders’
equity
 

Balances at April 1, 2020

    397,050       489,334       22,234,061       585,549       (3,087,106     20,618,888       720,124       21,339,012  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

               

Net income

                158,843                   158,843       (9,396     149,448  

Other comprehensive income, net of tax

                      67,415             67,415       16,295       83,709  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                158,843       67,415             226,258       6,899       233,157  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

               

Dividends paid

                (331,938                 (331,938     (17,932     (349,870

Repurchase of treasury stock

                            (13     (13           (13

Reissuance of treasury stock

          15,031                   185,542       200,573             200,573  

Change in scope of consolidation

                                        67,331       67,331  

Equity transactions and other

          163                         163       17,316       17,478  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

          15,193       (331,938           185,529       (131,216     66,715       (64,501
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                12,756       (12,756                        
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at June 30, 2020

    397,050       504,527       22,073,722       640,208       (2,901,577     20,713,930       793,737       21,507,667  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

—6—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

4. Condensed Quarterly Consolidated Statement of Cash Flows

 

     Yen in millions  
     For the first
quarter ended

June 30, 2019
    For the first
quarter ended

June 30, 2020
 

Cash flows from operating activities

    

Net income

     631,382       149,448  

Depreciation and amortization

     395,997       398,044  

Interest income and interest costs related to financial services, net

     (45,419     (47,617

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

     (104,744     12,572  

Income tax expense

     219,603       (31,214

Changes in operating assets and liabilities, and other

     (454,266     134,000  

Interest received

     196,995       173,382  

Dividends received

     207,012       190,101  

Interest paid

     (82,860     (101,457

Income taxes paid, net of refund

     (312,802     (204,007
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     650,897       673,252  
  

 

 

   

 

 

 

Cash flows from investing activities

    

Additions to fixed assets excluding equipment leased to others

     (381,612     (358,358

Additions to equipment leased to others

     (596,156     (386,686

Proceeds from sales of fixed assets excluding equipment leased to others

     6,815       12,650  

Proceeds from sales of equipment leased to others

     366,021       265,751  

Additions to intangible assets

     (53,654     (74,804

Additions to financial assets

     (292,597     (592,187

Proceeds from sales of financial assets and upon maturity of financial assets

     885,676       593,473  

Other, net

     (345,314     202,544  
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     (410,820     (337,617
  

 

 

   

 

 

 

Cash flows from financing activities

    

Increase (decrease) in short-term debt

     102,762       (213,223

Proceeds from long-term debt

     1,569,856       3,982,675  

Payments of long-term debt

     (1,197,075     (1,284,411

Dividends paid to Toyota Motor Corporation common shareholders

     (339,893     (331,938

Dividends paid to non-controlling interests

     (23,881     (17,932

Reissuance (repurchase) of treasury stock

     (54,308     199,986  
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     57,463       2,335,157  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (60,337     32,319  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     237,203       2,703,111  
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

     3,602,805       4,098,450  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     3,840,008       6,801,561  
  

 

 

   

 

 

 

 

—7—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

5. Going Concern Assumption

None

 

—8—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

6. First-Time Adoption

Transition to reporting in accordance with IFRS

Toyota Motor Corporation (“TMC”) has prepared its condensed consolidated financial statements in accordance with IFRS from the first quarter ended June 30, 2020.

Up to the fiscal year ended March 31, 2020, TMC and its consolidated subsidiaries (“Toyota”) prepared its consolidated financial statements in accordance with Generally Accepted Accounting Standards in the United States (“U.S. GAAP”). The date of the transition to IFRS (“Transition Date”) was April 1, 2019.

IFRS 1 “First-time Adoption of International Financial Reporting Standards” (“IFRS 1”) stipulates that, in principle, the retrospective application of IFRS is required. However, it provides some voluntary and mandatory exemptions from full retrospective applications. TMC elected such exemptions with respect to the following items.

Business combination -

IFRS 3 “Business Combinations”, was not applied retrospectively to business combinations that occurred before the Transition Date.

Foreign currency translation adjustments of foreign operations -

The cumulative foreign currency translation adjustments were reclassified from other comprehensive income to retained earnings as of the date of the Transition Date.

Designation of equity financial assets -

Equity financial assets recognized before the Transition Date were designated as financial assets measured at fair value through other comprehensive income based on the facts and circumstances that existed as of the Transition Date.

Deemed cost -

IFRS 1 permits a first time adopter to elect to use fair value at the Transition Date as deemed cost for items of property, plant and equipment. For some property, plant and equipment, the fair value at the Transition Date is used as deemed cost.

Recognition of right of use assets and lease liabilities -

When a first time adopter that is a lessee recognizes right of use assets and lease liabilities, it is permitted to measure lease liabilities at the Transition Date under IFRS 1. Toyota measures all lease liabilities at the Transition Date, using the present value of the remaining lease payments and discounted by the lessee’s incremental borrowing rate at the Transition Date. Toyota measures right of use assets at the Transition Date and shall be equal to the lease liability.

For leases for which the lease term ends within 12 months of the Transition Date, lease payment associated with those leases as an expense on a straight-line basis over the lease term.

 

—9—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Reconciliation of U.S. GAAP to IFRS

Toyota has made the necessary adjustments to the previously disclosed U.S. GAAP consolidated financial statements or quarterly consolidated financial statements in transition to IFRS.

Items that do not affect retained earnings and comprehensive income are included in “Reclassification,” and items that affect retained earnings and comprehensive income are included in “Adjustment of recognition and measurement” of the reconciliation tables.

 

—10—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Reconciliation of equity as of the transition date (April 1, 2019)

 

    Yen in millions      

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes    

Presentation under IFRS

Assets

                             Assets

Current assets

           

Current assets

Cash and cash equivalents

    3,574,704             28,101       3,602,805      

Cash and cash equivalents

Trade accounts and notes receivable, less allowance for doubtful accounts

    2,372,734       568,156       13,728       2,954,617       A    

Trade accounts and other receivables

Other receivables

    568,156       (568,156                 A    

Finance receivables, net

    6,647,771             9,596       6,657,367      

Receivables related to financial services

Time deposits

    1,126,352       1,508,812       5,228       2,640,392       B,C,D    

Other financial assets

Marketable securities

    1,127,160       (1,127,160                 B    

Inventories

    2,656,396             74,644       2,731,040       a    

Inventories

          84,281       293       84,574       E    

Income tax receivable

Prepaid expenses and other current assets

    805,964       (297,502     (807     507,654       C,D,E    

Other current assets

 

 

 

   

 

 

   

 

 

   

 

 

     

Total current assets

    18,879,237       168,431       130,781       19,178,450      

Total current assets

 

 

 

   

 

 

   

 

 

   

 

 

     
           

Non-current assets

Investments in affiliated companies

    3,313,723       54,004       99,516       3,467,242      

Investments accounted for using the equity method

Noncurrent finance receivables, net

    10,281,118             (90     10,281,028      

Receivables related to financial services

Marketable securities and other securities investments

    7,479,926       238,009       51,806       7,769,740       D,F,G,b    

Other financial assets

Employees receivables

    21,683       (21,683                 F    

Property, plant and equipment

           

Property, plant and equipment

Land

    1,386,308       1,353       (28,391     1,359,271       c    

Land

Buildings

    4,802,175       (14,489     45,593       4,833,278      

Buildings

Machinery and equipment

    11,857,425       (6,097     105,445       11,956,773      

Machinery and equipment

Vehicles and equipment on operating leases

    6,139,163                   6,139,163      

Vehicles and equipment on operating leases

Construction in progress

    651,713       61       4,293       656,067      

Construction in progress

 

 

 

   

 

 

   

 

 

   

 

 

     

Total property, plant and equipment, at cost

    24,836,784       (19,172     126,939       24,944,551      

Total property, plant and equipment, at cost

 

 

 

   

 

 

   

 

 

   

 

 

     

Less - Accumulated depreciation

    (14,151,290     (8,140     (101,016     (14,260,446    

Less - Accumulated depreciation and impairment losses

 

 

 

   

 

 

   

 

 

   

 

 

     

Total property, plant and equipment, net

    10,685,494       (27,313     25,923       10,684,105      

Total property, plant and equipment, net

 

 

 

   

 

 

   

 

 

   

 

 

     
          27,313       369,517       396,830       d    

Right of use assets

          297,394       611,343       908,737       G,e    

Intangible assets

          501,872       (55,489     446,383       G,f    

Deferred tax assets

Other

    1,275,768       (991,888     9       283,889       G    

Other non-current assets

 

 

 

   

 

 

   

 

 

   

 

 

     
    33,057,712       77,709       1,102,535       34,237,955      

Total non-current assets

 

 

 

   

 

 

   

 

 

   

 

 

     

Total assets

    51,936,949       246,140       1,233,316       53,416,405      

Total assets

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—11—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

    Yen in millions    

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes  

Presentation under IFRS

Liabilities

                         Liabilities

Current liabilities

           

Current liabilities

Accounts payable

    2,645,984       1,180,657       29,492       3,856,133     H,K  

Trade accounts and other payables

Other payable

    1,102,802       (1,102,802               H  

Short-term borrowings

    5,344,973       4,254,260       102,580       9,701,813     I,d  

Short-term and current portion of long-term debt

Current portion of long-term debt

    4,254,260       (4,254,260               I  

Accrued expenses

    3,222,446       (1,870,433     (1,761     1,350,252     J  

Accrued expenses

          475,409       (107     475,302     D,K  

Other financial liabilities

Income taxes payable

    320,998             318       321,316      

Income taxes payable

          1,769,275       239       1,769,514     J  

Liabilities for quality assurance

Other current liabilities

    1,335,475       (339,131     11,688       1,008,032     D,K  

Other current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total current liabilities

    18,226,938       112,975       142,449       18,482,362      

Total current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Long-term liabilities

           

Non-current liabilities

Long-term debt

    10,550,945       498,073       293,298       11,342,315     L,d  

Long-term debt

          189,957             189,957     D  

Other financial liabilities

Accrued pension and severance costs

    963,406       37,532       1,771       1,002,710      

Retirement benefit liabilities

Deferred income taxes

    1,014,851       11,670       200,771       1,227,292     f  

Deferred tax liabilities

Other long-term liabilities

    615,599       (105,994     6,955       516,560      

Other non-current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total long-term liabilities

    13,144,801       631,238       502,794       14,278,833      

Total non-current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total liabilities

    31,371,739       744,213       645,244       32,761,195      

Total liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Mezzanine equity

    498,073       (498,073               L  

Shareholders’ equity

            Shareholders’ equity

Toyota Motor Corporation shareholders’ equity

           

Common stock, no par value

    397,050                   397,050      

Common stock

Additional paid-in capital

    487,162                   487,162      

Additional paid-in capital

Retained earnings

    21,987,515             (1,373,738     20,613,776     j  

Retained earnings

Accumulated other comprehensive income (loss)

    (916,650           1,932,686       1,016,035     b,g,h  

Other components of equity

Treasury stock, at cost

    (2,606,925                 (2,606,925    

Treasury stock

 

 

 

   

 

 

   

 

 

   

 

 

     

Total Toyota Motor Corporation shareholders’ equity

    19,348,152             558,947       19,907,100      

Total Toyota Motor Corporation shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

Noncontrolling interests

    718,985             29,125       748,110      

Non-controlling interests

 

 

 

   

 

 

   

 

 

   

 

 

     

Total shareholders’ equity

    20,067,137             588,072       20,655,210      

Total shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

Total mezzanine equity and shareholders’ equity

    20,565,210       (498,073     588,072       20,655,210      
 

 

 

   

 

 

   

 

 

   

 

 

     

Commitments and contingencies

           
 

 

 

   

 

 

   

 

 

   

 

 

     

Total liabilities, mezzanine equity and shareholders’ equity

    51,936,949       246,140       1,233,316       53,416,405      

Total liabilities and shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—12—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Reconciliation of equity as of the end of the first quarter (June 30, 2019)
    Yen in millions      

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes    

Presentation under IFRS

Assets

                             Assets

Current assets

           

Current assets

Cash and cash equivalents

    3,761,800             78,208       3,840,008      

Cash and cash equivalents

Trade accounts and notes receivable, less allowance for doubtful accounts

    2,234,909       528,709       11,844       2,775,461       A    

Trade accounts and other receivables

Other receivables

    528,709       (528,709                 A    

Finance receivables, net

    6,648,292             7,700       6,655,992      

Receivables related to financial services

Time deposits

    1,466,979       1,344,405       818       2,812,202       B,C,D    

Other financial assets

Marketable securities

    971,958       (971,958                 B    

Inventories

    2,738,140             63,872       2,802,012       a    

Inventories

          86,327       513       86,840       E    

Income tax receivable

Prepaid expenses and other current assets

    935,748       (294,095     13,431       655,084       C,D,E    

Other current assets

 

 

 

   

 

 

   

 

 

   

 

 

     

Total current assets

    19,286,535       164,679       176,386       19,627,600      

Total current assets

 

 

 

   

 

 

   

 

 

   

 

 

     
           

Non-current assets

Investments in affiliated companies

    3,288,535       56,693       97,354       3,442,582      

Investments accounted for using the equity method

Noncurrent finance receivables, net

    10,265,912             1,799       10,267,712      

Receivables related to financial services

Marketable securities and other securities investments

    7,095,229       224,748       48,338       7,368,315       D,F,G,b    

Other financial assets

Employees receivables

    22,408       (22,408                 F    

Property, plant and equipment

           

Property, plant and equipment

Land

    1,374,624       1,476       (28,409     1,347,692       c    

Land

Buildings

    4,773,122       (4,970     39,974       4,808,125      

Buildings

Machinery and equipment

    11,706,623       (25,432     100,827       11,782,019      

Machinery and equipment

Vehicles and equipment on operating leases

    5,968,646             (33     5,968,613      

Vehicles and equipment on operating leases

Construction in progress

    647,443       59       2,181       649,683      

Construction in progress

 

 

 

   

 

 

   

 

 

   

 

 

     

Total property, plant and equipment, at cost

    24,470,458       (28,867     114,541       24,556,132      

Total property, plant and equipment, at cost

 

 

 

   

 

 

   

 

 

   

 

 

     

Less - Accumulated depreciation

    (13,929,933     (4,375     (101,282     (14,035,591    

Less - Accumulated depreciation and impairment losses

 

 

 

   

 

 

   

 

 

   

 

 

     

Total property, plant and equipment, net

    10,540,525       (33,242     13,259       10,520,541      

Total property, plant and equipment, net

 

 

 

   

 

 

   

 

 

   

 

 

     
          387,812       (4,496     383,315       G    

Right of use assets

          299,163       601,714       900,877       G,e    

Intangible assets

          485,530       (36,614     448,916       G,f    

Deferred tax assets

Other

    1,618,292       (1,289,522     159       328,929       G    

Other non-current assets

 

 

 

   

 

 

   

 

 

   

 

 

     
    32,830,901       108,774       721,513       33,661,188      

Total non-current assets

 

 

 

   

 

 

   

 

 

   

 

 

     

Total assets

    52,117,436       273,453       897,898       53,288,787      

Total assets

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—13—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

    Yen in millions    

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes  

Presentation under IFRS

Liabilities

                         Liabilities

Current liabilities

           

Current liabilities

Accounts payable

    2,464,104       970,708       32,690       3,467,501     H,K  

Trade accounts and other payables

Other payable

    916,863       (916,863               H  

Short-term borrowings

    5,297,509       4,373,664       41,073       9,712,246     I  

Short-term and current portion of long-term debt

Current portion of long-term debt

    4,302,570       (4,302,570               I  

Accrued expenses

    3,236,485       (1,831,278     (7,597     1,397,610     J  

Accrued expenses

          574,996       (6,349     568,646     D,K  

Other financial liabilities

Income taxes payable

    208,238             (3,187     205,051      

Income taxes payable

          1,685,003       1,703       1,686,706     J  

Liabilities for quality assurance

Other current liabilities

    1,475,975       (423,559     35,072       1,087,489     D,K  

Other current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total current liabilities

    17,901,744       130,101       93,405       18,125,250      

Total current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Long-term liabilities

           

Non-current liabilities

Long-term debt

    10,549,161       780,821       2,897       11,332,880     L,M  

Long-term debt

          223,346             223,346     D  

Other financial liabilities

Accrued pension and severance costs

    967,683       37,638       4,615       1,009,936      

Retirement benefit liabilities

Deferred income taxes

    1,049,355       11,548       217,967       1,278,870     f  

Deferred tax liabilities

Other long-term liabilities

    910,964       (412,577     (7,217     491,169     M  

Other non-current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total long-term liabilities

    13,477,163       640,776       218,263       14,336,201      

Total non-current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total liabilities

    31,378,907       770,877       311,667       32,461,452      

Total liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Mezzanine equity

    497,425       (497,425               L  

Shareholders’ equity

            Shareholders’ equity

Toyota Motor Corporation shareholders’ equity

           

Common stock, no par value

    397,050                   397,050      

Common stock

Additional paid-in capital

    488,077                   488,077      

Additional paid-in capital

Retained earnings

    22,326,275             (1,435,930     20,890,344     j  

Retained earnings

Accumulated other comprehensive income (loss)

    (1,022,489           2,004,612       982,123     b,g,h  

Other components of equity

Treasury stock, at cost

    (2,661,233                 (2,661,233    

Treasury stock

 

 

 

   

 

 

   

 

 

   

 

 

     

Total Toyota Motor Corporation shareholders’ equity

    19,527,680             568,682       20,096,362      

Total Toyota Motor Corporation shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

Noncontrolling interests

    713,424             17,549       730,973      

Non-controlling interests

 

 

 

   

 

 

   

 

 

   

 

 

     

Total shareholders’ equity

    20,241,104             586,231       20,827,336      

Total shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

Total mezzanine equity and shareholders’ equity

    20,738,529       (497,425     586,231       20,827,336      
 

 

 

   

 

 

   

 

 

   

 

 

     

Commitments and contingencies

           
 

 

 

   

 

 

   

 

 

   

 

 

     

Total liabilities, mezzanine equity and shareholders’ equity

    52,117,436       273,453       897,898       53,288,787      

Total liabilities and shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—14—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Reconciliation of equity as of the end of the prior period (March 31, 2020)

 

    Yen in millions      

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes    

Presentation under IFRS

Assets

                             Assets

Current assets

           

Current assets

Cash and cash equivalents

    4,190,518             (92,068     4,098,450      

Cash and cash equivalents

Trade accounts and notes receivables, less allowance for doubtful accounts

    2,094,894       564,854       (11,389     2,648,360       A    

Trade accounts and other receivables

Other receivables

    564,854       (564,854                 A    

Finance receivables, net

    6,614,171             7,433       6,621,604      

Receivables related to financial services

Time deposits

    828,220       1,316,339       (958     2,143,602       B,C,D    

Other financial assets

Marketable securities

    678,731       (678,731                 B    

Inventories

    2,434,918             98,974       2,533,892       a    

Inventories

          237,333       275       237,609       E    

Income tax receivable

Prepaid expenses and other current assets

    1,236,225       (578,614     22,193       679,804       C,D,E    

Other current assets

 

 

 

   

 

 

   

 

 

   

 

 

     

Total current assets

    18,642,531       296,327       24,462       18,963,320      

Total current assets

 

 

 

   

 

 

   

 

 

   

 

 

     
           

Non-current assets

Investments in affiliated companies

    4,123,453       81,731       92,380       4,297,564      

Investments accounted for using the equity method

Noncurrent finance receivables, net

    10,423,858       49       (6,109     10,417,797      

Receivables related to financial services

Marketable securities and other securities investments

    7,348,651       502,296       50,570       7,901,517       D,F,G,b    

Other financial assets

Employees receivables

    21,484       (21,484                 F    

Property, plant and equipment

           

Property, plant and equipment

Land

    1,346,988       165       (28,189     1,318,964       c    

Land

Buildings

    4,730,783       (19,860     30,528       4,741,451      

Buildings

Machinery and equipment

    11,939,121       (43,092     83,419       11,979,449      

Machinery and equipment

Vehicles and equipment on operating leases

    5,929,233             (400     5,928,833      

Vehicles and equipment on operating leases

Construction in progress

    510,963       60       6,438       517,460      

Construction in progress

 

 

 

   

 

 

   

 

 

   

 

 

     

Total property, plant and equipment, at cost

    24,457,088       (62,728     91,797       24,486,156      

Total property, plant and equipment, at cost

 

 

 

   

 

 

   

 

 

   

 

 

     

Less - Accumulated depreciation

    (13,855,563     2,355       (98,933     (13,952,141    

Less - Accumulated depreciation and impairment losses

 

 

 

   

 

 

   

 

 

   

 

 

     

Total property, plant and equipment, net

    10,601,525       (60,373     (7,136     10,534,016      

Total property, plant and equipment, net

 

 

 

   

 

 

   

 

 

   

 

 

     
          337,442       (107     337,335       G    

Right of use assets

          374,263       625,994       1,000,257       G,e    

Intangible assets

          354,785       (28,420     326,364       G,f    

Deferred tax assets

Other

    1,518,934       (1,331,576     6,834       194,192       G    

Other non-current assets

 

 

 

   

 

 

   

 

 

   

 

 

     
    34,037,905       237,133       734,005       35,009,043      

Total non-current assets

 

 

 

   

 

 

   

 

 

   

 

 

     

Total assets

    52,680,436       533,460       758,468       53,972,363      

Total assets

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—15—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

    Yen in millions    

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes  

Presentation under IFRS

Liabilities

                         Liabilities

Current liabilities

           

Current liabilities

Accounts payable

    2,434,180       1,064,224       (375     3,498,029     H,K  

Trade accounts and other payables

Other payable

    1,020,270       (1,020,270               H  

Short-term borrowings

    5,286,026       4,611,537       9,192       9,906,755     I  

Short-term and current portion of long-term debt

Current portion of long-term debt

    4,574,045       (4,574,045               I  

Accrued expenses

    2,926,052       (1,689,158     19,901       1,256,794     J  

Accrued expenses

          546,378       (7,637     538,740     D,K  

Other financial liabilities

Income taxes payable

    218,117             (5,841     212,276      

Income taxes payable

          1,553,816       (846     1,552,970     J  

Liabilities for quality assurance

Other current liabilities

    1,443,687       (252,101     (14,942     1,176,645     D,K  

Other current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total current liabilities

    17,902,377       240,382       (549     18,142,209      

Total current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Long-term liabilities

           

Non-current liabilities

Long-term debt

    10,692,898       739,633       1,688       11,434,219     L,M  

Long-term debt

          360,588             360,588     D  

Other financial liabilities

Accrued pension and severance costs

    978,626       41,356       2,179       1,022,161      

Retirement benefit liabilities

Deferred income taxes

    1,043,169       1,487       153,349       1,198,005     f  

Deferred tax liabilities

Other long-term liabilities

    821,515       (345,816     471       476,169     M  

Other non-current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total long-term liabilities

    13,536,208       797,247       157,687       14,491,142      

Total non-current liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Total liabilities

    31,438,585       1,037,629       157,138       32,633,351      

Total liabilities

 

 

 

   

 

 

   

 

 

   

 

 

     

Mezzanine equity

    504,169       (504,169               L  

Shareholders’ equity

            Shareholders’ equity

Toyota Motor Corporation shareholders’ equity

           

Common stock, no par value

    397,050                   397,050      

Common stock

Additional paid-in capital

    489,334                   489,334      

Additional paid-in capital

Retained earnings

    23,427,613             (1,193,552     22,234,061     j  

Retained earnings

Accumulated other comprehensive income (loss)

    (1,166,273           1,751,822       585,549     b,g,h  

Other components of equity

Treasury stock, at cost

    (3,087,106                 (3,087,106    

Treasury stock

 

 

 

   

 

 

   

 

 

   

 

 

     

Total Toyota Motor Corporation shareholders’ equity

    20,060,618             558,270       20,618,888      

Total Toyota Motor Corporation Shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

Noncontrolling interests

    677,064             43,060       720,124      

Non-controlling interests

 

 

 

   

 

 

   

 

 

   

 

 

     

Total shareholders’ equity

    20,737,682             601,330       21,339,012      

Total shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

Total mezzanine equity and shareholders’ equity

    21,241,851       (504,169     601,330       21,339,012      
 

 

 

   

 

 

   

 

 

   

 

 

     

Commitments and contingencies

           
 

 

 

   

 

 

   

 

 

   

 

 

     

Total liabilities, mezzanine equity and shareholders’ equity

    52,680,436       533,460       758,468       53,972,363      

Total liabilities and shareholders’ equity

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—16—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

 

Reconciliation of net profit or loss for the first quarter ended June 30 (from April 1, 2019 to June 30, 2019)

 

    Yen in millions    

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes  

Presentation under IFRS

Net revenues

                         Sales revenues

Sales of products

    7,103,793             73,771       7,177,564     i  

Sales of products

Financing operations

    542,298             1,411       543,709      

Financial services

 

 

 

   

 

 

   

 

 

   

 

 

     

Total net revenues

    7,646,091             75,182       7,721,273      

Total sales revenues

 

 

 

   

 

 

   

 

 

   

 

 

     

Costs and expenses

            Costs and expenses

Cost of products sold

    5,869,652       (3,645     61,732       5,927,739     i  

Cost of products sold

Cost of financing operations

    340,438             968       341,406      

Cost of financial services

Selling, general and administrative

    694,050       (1,014     18,480       711,517      

Selling, general and administrative

 

 

 

   

 

 

   

 

 

   

 

 

     

Total costs and expenses

    6,904,140       (4,659     81,180       6,980,662      

Total costs and expenses

 

 

 

   

 

 

   

 

 

   

 

 

     

Operating income

    741,951       4,659       (5,999     740,611       Operating income
 

 

 

   

 

 

   

 

 

   

 

 

     

Other income (expense)

           
          109,553       (4,809     104,744      

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

Interest and dividend income

    74,391       2,359       801       77,551       Other finance income

Interest expense

    (4,351     (1,648     (3,843     (9,842     Other finance costs

Foreign exchange gain (loss), net

    (58,008           (5,052     (63,060    

Foreign exchange gain (loss), net

Unrealized gains (losses) on equity securities

    90,771             (90,771         b  

Total other income (loss), net

    (3,004     (5,370     9,354       980       Other income (loss), net
 

 

 

   

 

 

   

 

 

   

 

 

     

Income before income taxes and equity in earnings of affiliated companies

    841,750       109,553       (100,318     850,985       Income before income taxes
 

 

 

   

 

 

   

 

 

   

 

 

     

Provision for income taxes

    249,629             (30,027     219,603     b   Income tax expense

Equity in earnings of affiliated companies

    109,553       (109,553                
 

 

 

   

 

 

   

 

 

   

 

 

     

Net income

    701,674             (70,291     631,382       Net income
 

 

 

   

 

 

   

 

 

   

 

 

     
            Net income attributable to

Net income attributable to Toyota Motor Corporation

    682,974             (63,843     619,131      

Toyota Motor Corporation

Net income attributable to noncontrolling interests

    18,700             (6,448     12,252      

Non-controlling interests

 

 

 

   

 

 

   

 

 

   

 

 

     
    701,674             (70,291     631,382      

Net income

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—17—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

 

Reconciliation of other comprehensive income for the first quarter ended June 30 (from April 1, 2019 to June 30, 2019)

 

    Yen in millions    

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes  

Presentation under IFRS

Net income

    701,674             (70,291     631,382                    Net income

Other comprehensive income (loss), net of tax

           

Other comprehensive income, net of tax

           

Items that will not be reclassified to profit (loss)

Unrealized gains (losses) on securities

    40,453       (40,453     62,717       62,717     b  

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

Pension liability adjustments

    (2,562     93       (2,283     (4,752    

Remeasurements of defined benefit plans

          (93     45,107       45,014      

Shares of other comprehensive income of equity method investees

 

 

 

   

 

 

   

 

 

   

 

 

     
    37,891       (40,453     105,541       102,979      

Total of items that will not be reclassified to profit (loss)

 

 

 

   

 

 

   

 

 

   

 

 

     
           

Items that may be reclassified subsequently to profit (loss)

Foreign currency translation adjustments

    (143,006     64,719       (92,868     (171,155    

Exchange differences on translating foreign operations

          40,453       (565     39,888      

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

          (64,719     53,620       (11,099    

Shares of other comprehensive income of equity method investees

 

 

 

   

 

 

   

 

 

   

 

 

     
    (143,006     40,453       (39,812     (142,366    

Total of items that may be reclassified subsequently to profit (loss)

 

 

 

   

 

 

   

 

 

   

 

 

     

Total other comprehensive income (loss)

    (105,115           65,729       (39,386    

Total other comprehensive income, net of tax

 

 

 

   

 

 

   

 

 

   

 

 

     

Comprehensive income

    596,559             (4,562     591,996       Comprehensive income
 

 

 

   

 

 

   

 

 

   

 

 

     
           

Comprehensive income for the period attributable to

Comprehensive income attributable to Toyota Motor Corporation

    577,135             5,414       582,549      

Toyota Motor Corporation

Comprehensive income attributable to noncontrolling interests

    19,424             (9,976     9,447      

Non-controlling interests

 

 

 

   

 

 

   

 

 

   

 

 

     
    596,559             (4,562     591,996      

Comprehensive income

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—18—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

 

Reconciliation of net profit or loss for prior period (from April 1, 2019 to March 31, 2020)

 

    Yen in millions    

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS       Notes    

Presentation under IFRS

Net revenues

                   Sales revenues

Sales of products

    27,759,749             (66,056     27,693,693     i  

Sales of products

Financing operations

    2,170,243             2,611       2,172,854      

Financial services

 

 

 

   

 

 

   

 

 

   

 

 

     

Total net revenues

    29,929,992             (63,445     29,866,547      

Total sales revenues

 

 

 

   

 

 

   

 

 

   

 

 

     

Costs and expenses

            Costs and expenses

Cost of products sold

    23,142,744       (12,761     (26,387     23,103,596     i  

Cost of products sold

Cost of financing operations

    1,379,620             2,134       1,381,755      

Cost of financial services

Selling, general and administrative

    2,964,759       (3,391     20,597       2,981,965      

Selling, general and administrative    

 

 

 

   

 

 

   

 

 

   

 

 

     

Total costs and expenses

    27,487,123       (16,153     (3,655     27,467,315      

Total costs and expenses

 

 

 

   

 

 

   

 

 

   

 

 

     

Operating income

    2,442,869       16,153       (59,790     2,399,232       Operating income
 

 

 

   

 

 

   

 

 

   

 

 

     

Other income (expense)

           
          271,153       39,094       310,247      

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

Interest and dividend income

    232,870       77,241       (4,266     305,846       Other finance income

Interest expense

    (32,217     (2,573     (12,365     (47,155     Other finance costs

Foreign exchange gain (loss), net

    (79,020           (15,599     (94,619    

Foreign exchange gain (loss), net

Unrealized gains (losses) on equity securities

    (24,600           24,600           b  

Total other income (loss), net

    14,705       (90,821     (4,491     (80,607     Other income (loss), net
 

 

 

   

 

 

   

 

 

   

 

 

     

Income before income taxes and equity in earnings of affiliated companies

    2,554,607       271,152       (32,817     2,792,942       Income before income taxes
 

 

 

   

 

 

   

 

 

   

 

 

     

Provision for income taxes

    683,430             (1,613     681,817     b   Income tax expense

Equity in earnings of affiliated companies

    271,152       (271,152                
 

 

 

   

 

 

   

 

 

   

 

 

     

Net income

    2,142,329             (31,204     2,111,125       Net income
 

 

 

   

 

 

   

 

 

   

 

 

     
            Net income attributable to

Net income attributable to Toyota Motor Corporation

    2,076,183             (40,043     2,036,140      

Toyota Motor Corporation

Net income attributable to noncontrolling interests

    66,146             8,839       74,985      

Non-controlling interests

 

 

 

   

 

 

   

 

 

   

 

 

     
    2,142,329             (31,204     2,111,125      

Net income

 

 

 

   

 

 

   

 

 

   

 

 

     

 

—19—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

 

Reconciliation of other comprehensive income during prior period (from April 1, 2019 to March 31, 2020)

 

    Yen in millions      

Presentation under U.S. GAAP

  U.S. GAAP     Reclassification     Adjustment of
recognition and
measurement
    IFRS     Notes    

Presentation under IFRS

Net income

    2,142,329             (31,204     2,111,125                        Net income

Other comprehensive income (loss), net of tax

           

Other comprehensive income, net of tax

           

Items that will not be reclassified to profit (loss)

Unrealized gains (losses) on securities

    118,363       (118,363     (243,853     (243,853     b    

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

Pension liability adjustments

    (60,196     (612     17,409       (43,399    

Remeasurements of defined benefit plans

          612       61,956       62,568      

Shares of other comprehensive income of equity method investees

 

 

 

   

 

 

   

 

 

   

 

 

     
    58,167       (118,363     (164,488     (224,684    

Total of items that will not be reclassified to profit (loss)

 

 

 

   

 

 

   

 

 

   

 

 

     
           

Items that may be reclassified subsequently to profit (loss)

Foreign currency translation adjustments

    (333,854     89,371       (117,614     (362,098    

Exchange differences on translating foreign operations

          118,363       (4,973     113,390      

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

          (89,371     54,118       (35,253    

Shares of other comprehensive income of equity method investees

 

 

 

   

 

 

   

 

 

   

 

 

     
    (333,854     118,363       (68,469     (283,961    

Total of items that may be reclassified subsequently to profit (loss)

 

 

 

   

 

 

   

 

 

   

 

 

     

Total other comprehensive income (loss)

    (275,687           (232,958     (508,645    

Total other comprehensive income, net of tax

 

 

 

   

 

 

   

 

 

   

 

 

     

Comprehensive income

    1,866,642             (264,162     1,602,480       Comprehensive income
 

 

 

   

 

 

   

 

 

   

 

 

     
           

Comprehensive income for the period attributable to

Comprehensive income attributable to Toyota Motor Corporation

    1,820,764             (265,756     1,555,009      

Toyota Motor Corporation

Comprehensive income attributable to noncontrolling interests

    45,878             1,594       47,472      

Non-controlling interests

 

 

 

   

 

 

   

 

 

   

 

 

     
    1,866,642             (264,162     1,602,480      

Comprehensive income

 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

—20—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Notes to reconciliation

Changes in presentation -

 

A.

Other receivables separately presented under U.S. GAAP have been reclassified into trade accounts and other receivables under IFRS.

 

B.

Marketable securities separately presented under U.S. GAAP have been reclassified into other financial assets in current assets under IFRS.

 

C.

Other financial assets included in prepaid expenses and other current assets under U.S. GAAP are separately presented under IFRS.

 

D.

Derivative assets and liabilities that meet certain requirements are offset under U.S. GAAP. Under IFRS they are presented in gross amount.

 

E.

Income tax receivable included in prepaid expenses and others current assets under U.S. GAAP are separately presented under IFRS.

 

F.

Employees receivables separately presented under U.S. GAAP have been reclassified into other financial assets in non-current assets under IFRS.

 

G.

Right of use assets, intangible assets, deferred tax assets and other financial assets in non-current assets included in other in investment and other assets under U.S. GAAP are separately presented under IFRS.

 

H.

Other payables separately presented under U.S. GAAP have been reclassified into trade accounts and other payables under IFRS.

 

I.

Current portion of long-term debt separately presented under U.S. GAAP have been reclassified into short-term and current portion of long-term debt under IFRS.

 

J.

Liabilities for quality assurance included in accrued expenses under U.S. GAAP are separately presented under IFRS.

 

K.

Other financial liabilities included in other current liabilities under U.S. GAAP are separately presented under IFRS.

 

L.

Model AA Class Shares presented as mezzanine equity under U.S. GAAP have been reclassified into long-term debt under IFRS.

 

M.

Lease liabilities included in other long-term liabilities under U.S. GAAP have been reclassified into long-term debt under IFRS.

 

—21—


Table of Contents

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

 

Difference in recognition and measurement -

For the following reconciliation, related allocation to the non-controlling interests is recorded.

 

a.

Inventory valuation method

Under U.S. GAAP, inventories of some subsidiaries are calculated using the last-in, first-out method, but under IFRS, they are calculated using the weighted-average method.

 

b.

Fair value measurement of equity financial assets

Unlisted stocks are recorded at acquisition cost under U.S. GAAP but are measured at fair value through other comprehensive income under IFRS. For equity financial assets, U.S. GAAP recognizes valuation gains and losses, gains and losses on sales and impairment as profit or loss, but under IFRS, changes in fair value are recognized as other comprehensive income.

 

c.

Deemed cost

In accordance with IFRS 1, Toyota has elected to use fair value at the date of transition as deemed cost for certain items of property, plant and equipment. The book value of property, plant and equipment under U.S. GAAP to which the exemption is applied is 59,456 million y