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 November 2024

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 November 6, 2024, with respect to the registrant’s results of operations for FY2025 first half ended September 30, 2024.

 

II.

English translation of the Notice Concerning Distribution of Interim Dividends from Surplus and Revision of Dividend Forecast for FY2025, as filed by the registrant with the Tokyo Stock Exchange on November 6, 2024.

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/  Yoshihide Moriyama

 

Name:

  

Yoshihide Moriyama

 

Title:

  

General Manager,

   

Capital Strategy & Affiliated Companies Finance Division

Date: November 6, 2024

Table of Contents

FINANCIAL SUMMARY

(All financial information has been prepared in accordance with IFRS Accounting Standards)

FY2025 Semi-Annual

(April 1, 2024 through September 30, 2024)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

Table of Contents

FY2025 Semi-Annual Consolidated Financial Results

(All financial information has been prepared in accordance with IFRS Accounting Standards)

English translation from the original Japanese-language document

November 6, 2024

 

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

   :   Koji Sato, President

Contact person

   :   Hideaki Hayashi, General Manager, Accounting Division
Tel. (0565)28-2121

Filing date of semi-annual securities report

   :   November 13, 2024

Payment date of cash dividends

   :   November 26, 2024

Supplemental materials prepared for financial results

   :   yes

Earnings announcement for financial results

   :   yes

(Amounts are rounded to the nearest million yen)

 

1.

Consolidated Results for FY2025 First Half (April 1, 2024 through September 30, 2024)

 

(1)

Consolidated financial results (For the six months ended September 30)

 

    (% of change from previous first half)  
    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     %  

FY2025 first half

     23,282,450       5.9       2,464,217       -3.7       2,732,069       -22.4       1,865,651       -29.5       1,907,113       -26.4       1,614,391       -62.0  

FY2024 first half

     21,981,617       24.1       2,559,294       124.2       3,521,525       92.0       2,647,521       117.1       2,589,428       121.1       4,245,386       73.0  

 

     Earnings per share attributable to
Toyota Motor Corporation – Basic		      Earnings per share attributable to
Toyota Motor Corporation – Diluted		  
     Yen      Yen  

FY2025 first half

      142.15        142.15  

FY2024 first half

      191.26        191.26  

 

(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      %  

FY2025 first half

      89,169,296        35,266,663        34,368,513        38.5  

FY2024

      90,114,296        35,239,338        34,220,991        38.0  

 

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  

FY2024

     —       30.00       —       45.00       75.00  

FY2025

     —       40.00        

FY2025 (forecast)

         —       50.00       90.00  

 

(Note)

   

Revisions to the forecast of cash dividends since the latest announcement: yes

 

3.

Forecast of Consolidated Results for FY2025 (April 1, 2024 through March 31, 2025)

 

   

(% of change from FY2024)

   

Sales revenues

    

Operating income

    

Income before income
taxes

    

Net income attributable to

Toyota Motor
Corporation

    

Earnings per share
attributable to Toyota
Motor Corporation – Basic

    Million yen   %     Million yen   %     Million yen   %     Million yen   %     Yen

Full-year

   46,000,000     2.0     4,300,000     -19.7     4,980,000     -28.5     3,570,000     -27.8     268.77

 

(Note)

   

Revisions to the forecast of consolidated results since the latest announcement: yes

Table of Contents

Notes

(1)

Significant changes in the scope of consolidation during the period: none

 

(2)

Changes in accounting policies and changes in accounting estimates

 

  (i)

Changes in accounting policies required by IFRS Accounting Standards: 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):

   

FY2025 first half 15,794,987,460 shares, FY2024 16,314,987,460 shares

 

  (ii)

Number of treasury stock at the end of each period: FY2025 first half 2,645,215,176 shares,

   

FY2024 2,840,815,433 shares

 

  (iii)

Average number of shares issued and outstanding in each period: FY2025 first half 13,416,064,614 shares,

   

FY2024 first half 13,539,125,720 shares

These semi-annual consolidated financial results are not subject to certified public accountant’s or audit firm’s review.

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

This report contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). 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 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, as well as information security; (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; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

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

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

TABLE OF CONTENTS

 

Financial Results and Position

      2  

1. Consolidated Financial Results for FY2025 First Half

      2  

2. Consolidated Financial Position for FY2025 First Half

      4  

Unaudited Condensed Semi-Annual Consolidated Financial Statements

      5  

1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position

      5  

2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and
Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

      7  

3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity

      9  

4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows

      10  

5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

      11  

(1) Going Concern Assumption

      11  

(2) Segment Information

      12  

Supplemental Material for Financial Results for FY2025 First Half

 

—1—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

Financial Results and Position

1. Consolidated Financial Results for FY2025 First Half

Financial Results

Consolidated vehicle unit sales in Japan and overseas decreased by 188 thousand units, or 4.0%, to 4,556 thousand units in FY2025 first half (the first half ended September 30, 2024) compared with FY2024 first half (the first half ended September 30, 2023). Vehicle unit sales in Japan decreased by 133 thousand units, or 12.4%, to 939 thousand units in FY2025 first half compared with FY2024 first half. Overseas vehicle unit sales decreased by 55 thousand units, or 1.5%, to 3,617 thousand units in FY2025 first half compared with FY2024 first half.

The results of operations for FY2025 first half were as follows:

 

Sales revenues    23,282.4 billion yen   

(an increase of 1,300.8 billion yen or 5.9% compared with FY2024 first half)

Operating income    2,464.2 billion yen   

(a decrease of 95.0 billion yen or 3.7% compared with FY2024 first half)

Income before income taxes    2,732.0 billion yen   

(a decrease of 789.4 billion yen or 22.4% compared with FY2024 first half)

Net income attributable to

Toyota Motor Corporation

    1,907.1 billion yen   

(a decrease of 682.3 billion yen or 26.4% compared with FY2024 first half)

The changes in operating income were as follows:

 

Effects of marketing activities    a decrease of 70.0 billion yen
Effects of changes in exchange rates    an increase of 610.0 billion yen
Cost reduction efforts    an increase of 90.0 billion yen
Increase or decrease in expenses and expense reduction efforts    a decrease of 440.0 billion yen
Other    a decrease of 285.0 billion yen

 

—2—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 926.8 billion yen, or 4.6%, to 21,092.1 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 179.5 billion yen, or 8.0%, to 2,067.7 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the increase in expenses and others.

(2) Financial services:

Sales revenues for the financial services operations increased by 421.6 billion yen, or 26.0%, to 2,043.0 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 87.5 billion yen, or 35.8%, to 332.4 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value.

(3) All other:

Sales revenues for all other businesses increased by 27.6 billion yen, or 4.4%, to 653.3 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 5.7 billion yen, or 7.2%, to 74.0 billion yen in FY2025 first half compared with FY2024 first half.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 31.1 billion yen, or 0.3%, to 10,541.4 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 58.6 billion yen, or 3.7%, to 1,522.4 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the effects of the misconduct in relation to applications for certification by Hino Motors, Ltd and the increase in expenses and others.

(2) North America:

Sales revenues in North America increased by 929.1 billion yen, or 10.8%, to 9,525.3 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 175.3 billion yen, or 60.7%, to 113.7 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the increase in expenses and others.

(3) Europe:

Sales revenues in Europe increased by 230.6 billion yen, or 8.7%, to 2,889.1 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 33.5 billion yen, or 18.4%, to 215.9 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to cost reduction efforts.

(4) Asia:

Sales revenues in Asia increased by 158.8 billion yen, or 3.7%, to 4,470.0 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 79.3 billion yen, or 19.3%, to 490.4 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to the effects of changes in exchange rates.

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

Sales revenues in other regions decreased by 69.3 billion yen, or 3.2%, to 2,120.4 billion yen in FY2025 first half compared with FY2024 first half, and operating income decreased by 49.0 billion yen, or 25.9%, to 140.6 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the unfavorable impact of inflation and weak peso in Argentina.

 

—3—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

2. Consolidated Financial Position for FY2025 First Half

Financial Position

The financial position for FY2025 first half was as follows:

Total assets decreased by 945.0 billion yen, or 1.0%, to 89,169.2 billion yen at the end of FY2025 first half compared with the end of FY2024. Liabilities decreased by 972.3 billion yen, or 1.8%, to 53,902.6 billion yen at the end of FY2025 first half compared with the end of FY2024. Shareholders’ equity increased by 27.3 billion yen, or 0.1%, to 35,266.6 billion yen at the end of FY2025 first half compared with the end of FY2024.

Overview of Cash Flow

Cash and cash equivalents decreased by 1,780.6 billion yen, or 18.9%, to 7,631.4 billion yen at the end of FY2025 first half compared with the end of FY2024.

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

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 1,817.1 billion yen for FY2025 first half. Net cash provided by operating activities decreased by 460.9 billion yen from 2,278.0 billion yen for FY2024 first half.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 3,085.7 billion yen for FY2025 first half. Net cash used in investing activities increased by 434.1 billion yen from 2,651.5 billion yen for FY2024 first half.

Cash flows from financing activities

Net cash flows from financing activities resulted in a decrease in cash by 289.7 billion yen for FY2025 first half. A 843.7 billion yen change compared with net cash provided by financing activities of 554.0 billion yen for FY2024 first half.

 

—4—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

Unaudited Condensed Semi-Annual Consolidated Financial Statements

1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position

 

     Yen in millions  
     March 31, 2024     September 30, 2024  

Assets

                         

Current assets

     

Cash and cash equivalents

      9,412,060       7,631,457  

Trade accounts and other receivables

      3,789,429       3,628,810  

Receivables related to financial services

      11,057,269       10,879,596  

Other financial assets

      4,702,168       6,429,654  

Inventories

      4,605,368       4,505,280  

Income tax receivable

      116,886       161,683  

Other current assets

      1,031,098       1,129,182  
  

 

 

    

 

 

  

Total current assets

      34,714,279       34,365,661  
  

 

 

    

 

 

  

Non-current assets

     

Investments accounted for using the equity method

      5,710,106       5,593,119  

Receivables related to financial services

      20,637,090       20,909,301  

Other financial assets

      11,390,559       10,737,103  

Property, plant and equipment

     

Land

      1,441,811       1,421,209  

Buildings

      5,884,749       5,864,078  

Machinery and equipment

      16,469,032       16,219,070  

Vehicles and equipment on operating leases

      7,523,911       7,394,095  

Construction in progress

      1,040,188       1,312,187  
  

 

 

    

 

 

  

Total property, plant and equipment, at cost

      32,359,692       32,210,638  
  

 

 

    

 

 

  

Less - Accumulated depreciation and impairment losses

      (18,101,905 )      (18,032,821 ) 
  

 

 

    

 

 

  

Total property, plant and equipment, net

      14,257,788       14,177,816  
  

 

 

    

 

 

  

Right of use assets

      532,835       537,945  

Intangible assets

      1,355,326       1,315,568  

Deferred tax assets

      502,230       509,585  

Other non-current assets

      1,014,083       1,023,198  
  

 

 

    

 

 

  

Total non-current assets

      55,400,017       54,803,635  
  

 

 

    

 

 

  

Total assets

      90,114,296       89,169,296  
  

 

 

    

 

 

  

 

—5—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

     Yen in millions  
     March 31, 2024     September 30, 2024  

Liabilities

                         

Current liabilities

     

Trade accounts and other payables

      5,251,357       5,097,202  

Short-term and current portion of long-term debt

      15,406,284       14,890,799  

Accrued expenses

      1,863,760       1,743,570  

Other financial liabilities

      1,700,137       1,644,902  

Income taxes payable

      1,224,542       855,732  

Liabilities for quality assurance

      1,836,314       1,814,940  

Other current liabilities

      1,895,516       1,926,394  
  

 

 

    

 

 

  

Total current liabilities

      29,177,909       27,973,539  
  

 

 

    

 

 

  

Non-current liabilities

     

Long-term debt

      21,155,496       21,620,853  

Other financial liabilities

      495,814       476,202  

Retirement benefit liabilities

      1,077,962       1,077,266  

Deferred tax liabilities

      2,219,638       1,825,390  

Other non-current liabilities

      748,139       929,383  
  

 

 

    

 

 

  

Total non-current liabilities

      25,697,049       25,929,094  
  

 

 

    

 

 

  

Total liabilities

      54,874,958       53,902,633  
  

 

 

    

 

 

  

Shareholders’ equity

     

Common stock

      397,050       397,050  

Additional paid-in capital

      491,802       492,509  

Retained earnings

      32,795,365       33,617,132  

Other components of equity

      4,503,756       4,002,185  

Treasury stock

      (3,966,982 )      (4,140,363 ) 
  

 

 

    

 

 

  

Total Toyota Motor Corporation shareholders’ equity

      34,220,991       34,368,513  
  

 

 

    

 

 

  

Non-controlling interests

      1,018,347       898,150  
  

 

 

    

 

 

  

Total shareholders’ equity

      35,239,338       35,266,663  
  

 

 

    

 

 

  

Total liabilities and shareholders’ equity

      90,114,296       89,169,296  
  

 

 

    

 

 

  

 

—6—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and

 Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

 Unaudited Condensed Semi-Annual Consolidated Statement of Income

 

     Yen in millions  
     For the first half ended
September 30, 2023		     For the first half ended
September 30, 2024		  

Sales revenues

     

Sales of products

      20,383,442       21,263,215  

Financial services

      1,598,175       2,019,235  
  

 

 

    

 

 

  

Total sales revenues

      21,981,617       23,282,450  
  

 

 

    

 

 

  

Costs and expenses

     

Cost of products sold

      16,542,695       17,134,152  

Cost of financial services

      1,006,082       1,281,362  

Selling, general and administrative

      1,873,546       2,402,719  
  

 

 

    

 

 

  

Total costs and expenses

      19,422,323       20,818,233  
  

 

 

    

 

 

  

Operating income

      2,559,294       2,464,217  
  

 

 

    

 

 

  

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

      378,530       264,315  

Other finance income

      337,941       270,945  

Other finance costs

      (44,300 )      (53,694 ) 

Foreign exchange gain (loss), net

      299,376       (226,811 ) 

Other income (loss), net

      (9,314 )      13,097  
  

 

 

    

 

 

  

Income before income taxes

      3,521,525       2,732,069  
  

 

 

    

 

 

  

Income tax expense

      874,004       866,418  
  

 

 

    

 

 

  

Net income

      2,647,521       1,865,651  
  

 

 

    

 

 

  

Net income attributable to

     

Toyota Motor Corporation

      2,589,428       1,907,113  

Non-controlling interests

      58,093       (41,462 ) 
  

 

 

    

 

 

  

Net income

                 2,647,521                  1,865,651  
  

 

 

    

 

 

  
     Yen  

Earnings per share attributable to Toyota Motor Corporation

     

Basic and Diluted

      191.26       142.15  
  

 

 

    

 

 

  

 

—7—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

 

     Yen in millions  
     For the first half ended
September 30, 2023		     For the first half ended
September 30, 2024		  

Net income

                 2,647,521                  1,865,651  

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

      376,618       58,283  

Remeasurements of defined benefit plans

      (5,201 )      (5,209 ) 

Share of other comprehensive income of equity method investees

      178,815       (51,348 ) 
  

 

 

    

 

 

  

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

      550,232       1,726  
  

 

 

    

 

 

  

Items that may be reclassified subsequently to profit (loss)

     

Exchange differences on translating foreign operations

      944,115       (512,676 ) 

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

      (64,377 )      83,151  

Share of other comprehensive income of equity method investees

      167,894       176,539  
  

 

 

    

 

 

  

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

      1,047,633       (252,986 ) 
  

 

 

    

 

 

  

Total other comprehensive income, net of tax

      1,597,865       (251,260 ) 
  

 

 

    

 

 

  

Comprehensive income

      4,245,386       1,614,391  
  

 

 

    

 

 

  

Comprehensive income for the period attributable to

     

Toyota Motor Corporation

      4,145,722       1,653,798  

Non-controlling interests

      99,664       (39,407 ) 
  

 

 

    

 

 

  

Comprehensive income

      4,245,386       1,614,391  
  

 

 

    

 

 

  

 

—8—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity

For the first half ended September 30, 2023

 

    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, 2023

     397,050       498,728       28,343,296       2,836,195       (3,736,562 )      28,338,706       925,507       29,264,213  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income

                

Net income

     —       —       2,589,428       —       —       2,589,428       58,093       2,647,521  

Other comprehensive income, net of tax

     —       —       —       1,556,294       —       1,556,294       41,571       1,597,865  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income

     —       —       2,589,428       1,556,294       —       4,145,722       99,664       4,245,386  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactions with owners and other

                

Dividends paid

     —       —       (474,781 )      —       —       (474,781 )      (74,812 )      (549,593 ) 

Repurchase of treasury stock

     —       —       —       —       (116,507 )      (116,507 )      —       (116,507 ) 

Reissuance of treasury stock

     —       263       —       —       649       911       —       911  

Equity transactions and other

     —       (939 )      —       —         (939 )      9,296       8,358  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with owners and other

     —       (676 )      (474,781 )      —       (115,858 )      (591,316 )      (65,516 )      (656,831 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reclassification to retained earnings

     —       —       289,746       (289,746 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balances at September 30, 2023

     397,050       498,052       30,747,689       4,102,743       (3,852,421 )      31,893,112       959,656       32,852,768  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

For the first half ended September 30, 2024

 

 

    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, 2024

     397,050       491,802       32,795,365       4,503,756       (3,966,982 )      34,220,991       1,018,347       35,239,338  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income

                

Net income

     —       —       1,907,113       —       —       1,907,113       (41,462 )      1,865,651  

Other comprehensive income, net of tax

     —       —       —       (253,316 )      —       (253,316 )      2,055       (251,260 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income

     —       —       1,907,113       (253,316 )      —       1,653,798       (39,407 )      1,614,391  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactions with owners and other

                

Dividends paid

     —       —       (606,338 )      —       —       (606,338 )      (94,686 )      (701,024 ) 

Repurchase of treasury stock

     —       —       —       —       (903,464 )      (903,464 )      —       (903,464 ) 

Reissuance of treasury stock

     —       1,356       —       —       866       2,222       —       2,222  

Retirement of treasury stock

     —       (1,953 )      (727,264 )      —       729,217       —       —       —  

Equity transactions and other

     —       1,303       —       —       —       1,303       13,896       15,200  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with owners and other

     —       707       (1,333,602 )      —       (173,381 )      (1,506,276 )      (80,790 )      (1,587,065 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reclassification to retained earnings

     —       —       248,256       (248,256 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balances at September 30, 2024

     397,050       492,509       33,617,132       4,002,185       (4,140,363 )      34,368,513       898,150       35,266,663  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

—9—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows

 

     Yen in millions  
     For the first half ended
September 30, 2023		     For the first half ended
September 30, 2024		  

Cash flows from operating activities

     

Net income

      2,647,521       1,865,651  

Depreciation and amortization

      1,019,961       1,127,964  

Interest income and interest costs related to financial services, net

      (367,298 )      (392,225 ) 

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

      (378,530 )      (264,315 ) 

Income tax expense

      874,004       866,418  

Changes in operating assets and liabilities, and other

      (1,899,459 )      (1,011,456 ) 

Interest received

      1,038,446       1,324,780  

Dividends received

      463,630       492,691  

Interest paid

      (482,012 )      (747,311 ) 

Income taxes paid, net of refunds

      (638,183 )      (1,445,020 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      2,278,079       1,817,177  
  

 

 

    

 

 

  

Cash flows from investing activities

     

Additions to fixed assets excluding equipment leased to others

      (847,498 )      (848,071 ) 

Additions to equipment leased to others

      (1,298,943 )      (1,944,559 ) 

Proceeds from sales of fixed assets excluding equipment leased to others

      67,703       21,125  

Proceeds from sales of equipment leased to others

      932,990       1,169,262  

Additions to intangible assets

      (147,974 )      (140,020 ) 

Additions to public and corporate bonds and stocks

      (1,014,675 )      (2,331,054 ) 

Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds

      1,215,728       2,156,345  

Other, net

      (1,558,924 )      (1,168,778 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      (2,651,591 )      (3,085,752 ) 
  

 

 

    

 

 

  

Cash flows from financing activities

     

Increase (decrease) in short-term debt

      278,309       (27,289 ) 

Proceeds from long-term debt

                   5,261,465                    6,559,072  

Payments of long-term debt

      (4,328,396 )      (5,232,659 ) 

Dividends paid to Toyota Motor Corporation common shareholders

      (474,781 )      (606,338 ) 

Dividends paid to non-controlling interests

      (74,812 )      (94,686 ) 

Reissuance (repurchase) of treasury stock

      (116,507 )      (903,464 ) 

Other, net

      8,758       15,611  
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      554,035       (289,752 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      228,573       (222,277 ) 
  

 

 

    

 

 

  

Net increase (decrease) in cash and cash equivalents

      409,097       (1,780,603 ) 
  

 

 

    

 

 

  

Cash and cash equivalents at beginning of period

      7,516,966       9,412,060  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

      7,926,063       7,631,457  
  

 

 

    

 

 

  

 

—10—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

(1) Going Concern Assumption

None

 

—11—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

(2) Segment information

(i) Outline of reporting segments

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.

(ii) Segment operating results

For the first half ended September 30, 2023:

 

     Yen in millions  
     Automotive      Financial
services		      All other      Inter-segment
Elimination/
Unallocated
Amount		     Consolidated  

Sales revenues

              

Revenues from external customers

       20,131,829        1,598,175        251,613        —       21,981,617  

Inter-segment revenues and transfers

      33,479        23,191        374,053        (430,723 )      —  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      20,165,308         1,621,366        625,666        (430,723 )      21,981,617  

Operating expenses

      17,918,009        1,376,466        545,862        (418,014 )      19,422,323  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating income

      2,247,299        244,900        79,804        (12,709 )      2,559,294  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

For the first half ended September 30, 2024:

 

     Yen in millions  
     Automotive      Financial
services		      All other      Inter-segment
Elimination/
Unallocated
Amount		     Consolidated  

Sales revenues

              

Revenues from external customers

       20,986,201         2,019,235        277,014        —       23,282,450  

Inter-segment revenues and transfers

      105,979        23,777        376,325        (506,081 )      —  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      21,092,180        2,043,012        653,339        (506,081 )      23,282,450  

Operating expenses

      19,024,419        1,710,524        579,260        (495,969 )      20,818,233  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating income

      2,067,761        332,488        74,080        (10,112 )      2,464,217  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Accounting policies applied by each segment are in conformity with those of Toyota’s condensed semi-annual consolidated financial statements. Transfers between segments are made in accordance with terms and conditions in the ordinary course of business.

 

—12—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

(iii) Geographic information

For the first half ended September 30, 2023:

 

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

Sales revenues

                    

Revenues from external customers

      5,158,456        8,454,796        2,575,613        3,724,613        2,068,138        —       21,981,617  

Inter-segment revenues and transfers

      5,351,855        141,487        82,875        586,572        121,647        (6,284,436 )      —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      10,510,310        8,596,283        2,658,488        4,311,185        2,189,785        (6,284,436 )      21,981,617  

Operating expenses

      8,929,231        8,307,132        2,476,089        3,900,067        2,000,101        (6,190,298 )      19,422,323  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating income

      1,581,079        289,151        182,399        411,119        189,684        (94,138 )      2,559,294  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

For the first half ended September 30, 2024:

 

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

Sales revenues

                    

Revenues from external customers

      5,112,835        9,352,535        2,795,866        3,921,657        2,099,556        —       23,282,450  

Inter-segment revenues and transfers

      5,428,655        172,854        93,251        548,410        20,906        (6,264,076 )      —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      10,541,491        9,525,389        2,889,117        4,470,067        2,120,463        (6,264,076 )      23,282,450  

Operating expenses

      9,019,053        9,411,613        2,673,166        3,979,639        1,979,862        (6,245,100 )      20,818,233  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating income

      1,522,438        113,776        215,951        490,428        140,601        (18,977 )      2,464,217  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

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

The above amounts are aggregated by region based on the location of the country where Toyota Motor Corporation or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.

 

—13—

Table of Contents

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

 

(iv) Sales revenues by location of external customers

 

     Yen in millions  
       For the first half ended September 30,    
     2023      2024  

Japan

      3,775,930        3,674,817  

North America

      8,474,279        9,366,010  

Europe

      2,508,640        2,717,418  

Asia

      3,826,384        3,955,029  

Other

      3,396,385        3,569,176  
  

 

 

     

 

 

  

Total

      21,981,617        23,282,450  
  

 

 

     

 

 

  

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

 

—14—

Table of Contents

Supplemental Material for Financial Results for FY2025 First Half (Consolidated)

< IFRS >

 

    FY2024     FY2025     FY2025  
  1Q
(2023/4-6)		     2Q
(2023/7-9)		     First Half
6 months
(2023/4-9)		     3Q
(2023/10-12)		     4Q
(2024/1-3)		     12 months
(‘23/4-‘24/3)		     1Q
(2024/4-6)		     2Q
(2024/7-9)		     First Half
6 months
(2024/4-9)		     Forecast
12 months
(‘24/4-‘25/3)		  

Vehicle Production (thousands of units)

     2,345       2,379       4,725       2,444       2,095       9,263       2,186       2,217       4,403    

(Japan)
–including Daihatsu & Hino

     1,025       1,090       2,114       1,115       813       4,042       901       991       1,893    

[Daihatsu & Hino]

     [190 ]      [232 ]      [422 ]      [247 ]      [65 ]      [734 ]      [141 ]      [219 ]      [359 ]   

(Overseas)
–including Daihatsu & Hino

     1,321       1,289       2,610       1,328       1,282       5,221       1,285       1,226       2,511    

[Daihatsu & Hino]

     [118 ]      [139 ]      [258 ]      [134 ]      [114 ]      [506 ]      [106 ]      [122 ]      [228 ]   

North America

     520       482       1,002       475       499       1,976       523       445       968    

Europe

     223       161       384       238       224       846       215       181       396    

Asia

     437       498       935       489       453       1,876       434       466       900    

Central and South America

     102       105       207       91       85       383       87       100       187    

Africa

     39       44       83       35       22       140       26       33       59    

Vehicle Sales (thousands of units)

     2,326       2,418       4,744       2,551       2,148       9,443       2,252       2,304       4,556       9,400  

(Japan)
–including Daihatsu & Hino

     532       540       1,072       558       363       1,993       421       517       939       2,030  

[Daihatsu & Hino]

     [134 ]      [141 ]      [275 ]      [154 ]      [48 ]      [477 ]      [84 ]      [136 ]      [220 ]      [510 ] 

(Overseas)
–including Daihatsu & Hino

     1,794       1,878       3,672       1,993       1,784       7,450       1,830       1,787       3,617       7,370  

[Daihatsu & Hino]

     [69 ]      [74 ]      [144 ]      [64 ]      [64 ]      [271 ]      [61 ]      [65 ]      [126 ]      [240 ] 

North America

     682       703       1,385       776       655       2,816       705       643       1,348       2,720  

Europe

     286       270       557       327       308       1,192       291       256       547       1,150  

Asia

     417       478       895       480       428       1,804       436       469       905       1,860  

Central and South America

     128       126       254       120       136       510       114       134       248       490  

Oceania

     76       87       163       80       74       318       82       71       153       310  

Africa

     59       62       121       55       46       221       49       56       106       230  

Middle East

     143       149       292       151       136       579       151       157       308       610  

Other

     3       2       5       3       2       10       2       2       4    

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

     2,751       2,845       5,596       2,968       2,526       11,090       2,636       2,737       5,373       10,850  

 

Supplemental 1

Table of Contents

Supplemental Material for Financial Results for FY2025 First Half (Consolidated)

< IFRS >

 

    FY2024     FY2025     FY2025  
  1Q
(2023/4-6)		     2Q
(2023/7-9)		     First Half
6 months
(2023/4-9)		     3Q
(2023/10-12)		     4Q
(2024/1-3)		     12 months
(‘23/4-‘24/3)		     1Q
(2024/4-6)		     2Q
(2024/7-9)		     First Half
6 months
(2024/4-9)		     Forecast
12 months
(‘24/4-‘25/3)		  

Foreign Exchange Rates

                    

Yen to US Dollar Rate

     137       145       141       148       149       145       156       150       153       as premise: 147  

Yen to Euro Rate

     150       157       153       159       161       157       168       164       166       as premise: 161  

Number of Employees

     379,659       381,576       381,576       380,737       380,793       380,793       384,954       384,158       384,158 (Note 1)   

Sales Revenues
(billions of yen)

     10,546.8       11,434.7       21,981.6       12,041.1       11,072.6       45,095.3       11,837.8       11,444.5       23,282.4       46,000.0  

Geographic Information

                    

Japan

     5,105.5       5,404.7       10,510.3       5,626.8       4,883.5       21,020.7       5,224.0       5,317.3       10,541.4    

North America

     4,092.0       4,504.2       8,596.2       4,958.1       4,388.6       17,943.0       5,002.4       4,522.9       9,525.3    

Europe

     1,299.0       1,359.4       2,658.4       1,520.7       1,502.4       5,681.7       1,509.0       1,380.1       2,889.1    

Asia

     1,964.5       2,346.6       4,311.1       2,371.3       2,048.2       8,730.7       2,231.7       2,238.2       4,470.0    

Other

     1,024.6       1,165.1       2,189.7       974.0       1,225.9       4,389.7       1,053.8       1,066.6       2,120.4    

Elimination

     -2,939.0       -3,345.3       -6,284.4       -3,410.0       -2,976.3       -12,670.7       -3,183.2       -3,080.7       -6,264.0    

Business Segment

                    

Automotive

     9,687.9       10,477.3       20,165.3       11,065.7       10,035.1       41,266.2       10,759.7       10,332.4       21,092.1    

Financial Services

     775.1       846.1       1,621.3       922.3       940.4       3,484.1       1,005.3       1,037.6       2,043.0    

All Other

     306.4       319.2       625.6       357.4       385.0       1,368.1       315.6       337.6       653.3    

Elimination

     -222.7       -207.9       -430.7       -304.4       -288.0       -1,023.2       -242.8       -263.2       -506.0    

Operating Income
(billions of yen)

     1,120.9       1,438.3       2,559.2       1,680.9       1,112.6       5,352.9       1,308.4       1,155.7       2,464.2       4,300.0  

(Operating Income Ratio) (%)

     (10.6 )      (12.6 )      (11.6 )      (14.0 )      (10.0 )      (11.9 )      (11.1 )      (10.1 )      (10.6 )      (9.3 ) 

Geographic Information

                    

Japan

     701.9       879.1       1,581.0       1,104.1       799.0       3,484.2       881.2       641.1       1,522.4    

North America

     119.6       169.4       289.1       227.4       -10.2       506.3       85.0       28.7       113.7    

Europe

     83.0       99.3       182.3       103.1       102.5       388.0       124.6       91.2       215.9    

Asia

     186.2       224.9       411.1       238.4       215.9       865.5       245.9       244.4       490.4    

Other

     85.4       104.2       189.6       9.2       -0.6       198.3       41.7       98.8       140.6    

Elimination

     -55.4       -38.7       -94.1       -1.5       5.9       -89.6       -70.2       51.3       -18.9    

Business Segment

                    

Automotive

     945.6       1,301.6       2,247.2       1,472.6       901.5       4,621.4       1,117.9       949.8       2,067.7    

Financial Services

     147.2       97.6       244.9       172.0       153.0       570.0       159.7       172.7       332.4    

All Other

     40.2       39.5       79.8       44.1       51.2       175.2       40.7       33.2       74.0    

Elimination

     -12.2       -0.4       -12.7       -7.9       6.8       -13.8       -9.9       -0.1       -10.1    

Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)

     193.3       185.1       378.5       217.6       166.9       763.1       164.9       99.3       264.3       590.0  

Income before Income Taxes (billions of yen)

     1,720.5       1,800.9       3,521.5       1,835.5       1,608.0       6,965.0       1,872.2       859.8       2,732.0       4,980.0  

(Income before Income Taxes Ratio) (%)

     (16.3 )      (15.7 )      (16.0 )      (15.2 )      (14.5 )      (15.4 )      (15.8 )      (7.5 )      (11.7 )      (10.8 ) 

Net Income Attributable toToyota Motor Corporation (billions of yen)

     1,311.3       1,278.0       2,589.4       1,357.8       997.6       4,944.9       1,333.3       573.7       1,907.1       3,570.0  

(Net Income Ratio) (%)

     (12.4 )      (11.2 )      (11.8 )      (11.3 )      (9.0 )      (11.0 )      (11.3 )      (5.0 )      (8.2 )      (7.8 ) 

Dividends

                    

Cash Dividends (billions of yen)

     —        405.4       405.4       —        606.3       1,011.7       —        525.9       525.9 (Note 2)   

Cash Dividends per Share (yen)

     —        30       30       —        45       75       —        40       40       90  

Payout Ratio (%)

     —        15.6       15.6       —        25.7       20.4       —        28.1       28.1       33.4  

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

     34.3       82.1       116.4       75.0       39.4       231.0       18.9       884.4       903.4 (Note 3)   

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

     —        99.9       99.9       —        1,000.0       1,099.9       —        200.0      

  

200.0

 (Note 3) 

(Note 4) 

  

Number of Outstanding Shares
(thousands)

     16,314,987       16,314,987       16,314,987       16,314,987       16,314,987       16,314,987       15,794,987       15,794,987       15,794,987    

 

Supplemental 2

Table of Contents

Supplemental Material for Financial Results for FY2025 First Half (Consolidated)

< IFRS >

 

    FY2024     FY2025     FY2025  
  1Q
(2023/4-6)		     2Q
(2023/7-9)		     First Half
6 months
(2023/4-9)		     3Q
(2023/10-12)		     4Q
(2024/1-3)		     12 months
(‘23/4-‘24/3)		     1Q
(2024/4-6)		     2Q
(2024/7-9)		     First Half
6 months
(2024/4-9)		     Forecast
12 months
(‘24/4-‘25/3)		  

R&D Expenses (billions of yen)

     294.8       314.0       608.9       289.2       304.2       1,202.3       304.6       334.9       639.5       1,300.0 (Note 5) 

Depreciation Expenses
(billions of yen)

     298.3       303.2       601.6       302.9       343.8       1,248.4       352.3       335.4       687.7       1,380.0 (Note 6) 

Geographic Information

                    

Japan

     140.7       139.5       280.2       133.6       152.8       566.7       148.6       141.8       290.5    

North America

     79.4       84.5       163.9       91.4       122.4       377.8       120.4       114.8       235.3    

Europe

     21.4       23.4       44.8       21.3       15.9       82.1       23.4       25.6       49.1    

Asia

     46.1       44.6       90.7       45.4       45.4       181.6       48.3       43.0       91.4    

Other

     10.5       11.1       21.7       11.0       7.2       40.0       11.4       9.9       21.4    

Capital Expenditures (billions of yen)

     366.6       442.8       809.4       486.9       714.4       2,010.8       368.0       443.1       811.1       2,150.0 (Note 6) 

Geographic Information

                    

Japan

     144.0       175.2       319.3       174.0       354.3       847.6       163.2       198.7       361.9    

North America

     154.1       159.5       313.6       182.6       226.2       722.5       115.9       173.4       289.4    

Europe

     12.5       28.9       41.4       23.4       23.9       88.8       17.4       10.7       28.1    

Asia

     41.1       54.9       96.0       89.4       82.7       268.2       52.6       30.6       83.3    

Other

     14.7       24.2       38.9       17.3       27.1       83.5       18.6       29.5       48.1    

Total Liquid Assets (billions of yen)

     12,287.8       13,808.6       13,808.6       14,143.6       15,079.5       15,079.5       15,585.7       15,404.1       15,404.1 (Note 7)   

Total Assets (billions of yen)

     80,131.2       83,661.3       83,661.3       84,232.1       90,114.2       90,114.2       94,037.3       89,169.2       89,169.2    

Toyota Motor Corporation Shareholders’ Equity
(billions of yen)

     30,330.0       31,893.1       31,893.1       32,561.6       34,220.9       34,220.9       35,737.7       34,368.5       34,368.5    

Return on Equity (%)

     17.9       16.4       17.2       16.9       12.0       15.8       15.2       6.5       11.1    

Return on Asset (%)

     6.8       6.2       6.6       6.5       4.6       6.0       5.8       2.5       4.3    

Number of Consolidated Subsidiaries (including Structured Entities)

               577          

Number of Associates and Joint Ventures Accounted for Using the Equity Method

               165          

 

Analysis of Consolidated Net Income

Attributable to Toyota Motor Corporation for FY2025

(billions of yen, approximately)

    2Q
(2024/7-9)		      First Half
6 months
(2024/4-9)		  

Effects of Marketing Activities

      -140.0        -70.0  

Effects of Changes in Exchange Rates

     240.0        610.0  

Cost Reduction Efforts

      35.0        90.0  

From Engineering

      35.0        70.0  

From Manufacturing and Logistics

      0.0        20.0  

Increase or Decrease in Expenses and Expense Reduction Efforts

      -215.0        -440.0  

Other

      -202.6        -285.0  

(Changes in Operating Income)

      -282.6        -95.0  

Non-operating Income

      -658.5        -694.3  

Share of Profit (Loss) of Investments Accounted for Using the Equity Method

      -85.7        -114.2  

Income tax expense, Net Income Attributable to Non-controlling Interests

      236.8        107.1  

(Changes in Net Income Attributable to Toyota Motor Corporation)

      -704.2        -682.3  

Cautionary Statement with Respect to Forward-Looking Statements

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 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, as well as information security; (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; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

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

 

(Note 1)

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

(Note 2)

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

(Note 3)

Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase

(Note 4)

Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.)

(Note 5)

Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income

(Note 6)

Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets

(Note 7)

Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services

 

Supplemental 3

[Reference Translation]

November 6, 2024

 

  Company name:   TOYOTA MOTOR CORPORATION
  Representative:   Koji Sato, President
    (Code number:7203; TSE Prime/NSE Premier)
  Inquiries:   Yoshihide Moriyama, General Manager, Capital Strategy & Affiliated Companies Finance Div.
    (Telephone: 0565-28-2121)

Notice Concerning Distribution of Interim Dividends from Surplus and

Revision of Dividend Forecast for FY2025

At a meeting held on November 6, 2024, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to distribute dividends from surplus, with a record date of September 30, 2024. TMC also revised the dividend forecast for FY2025 (April 1, 2024 through March 31, 2025). In relation to the above, we hereby inform you of the following:

 

1.

Details of dividends

 

     Interim dividend
for FY2025		     Most recent dividend 
forecast		    Interim dividend paid
for FY2024

Record date

     September 30, 2024     September 30, 2024     September 30, 2023 

Dividend per share

    40.00 yen    —     30.00 yen

Total amount of dividends

    525,991 million yen    —     405,416 million yen

Effective date

    November 26, 2024    —     November 22, 2023

Source of dividends

    Retained earnings    —     Retained earnings

 

2.

Details of the revised dividend forecast

 

    

Dividend per share

    

Interim

   

Year-end

   

Total

Previous forecast

    —     —     — 

Revised forecast

    —     50.00 yen    90.00 yen

Dividends for FY2025

    40.00 yen    —     — 

Dividends for FY2024

    30.00 yen    45.00 yen    75.00 yen

 

3.

Reason

TMC deems the benefit of its shareholders an important element of its management policy, and its basic policy for shareholder returns is to reward long-term shareholders. TMC will strive to increase dividends in a stable and continuous manner.

Moreover, TMC intends to disclose dividend forecasts beginning in the current fiscal year to create an environment that is more conducive to investment by our shareholders.

-End-

(Note)

This notice contains forward-looking statements that reflect the plans and expectations of TMC and its consolidated subsidiaries (“Toyota”). 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 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, as well as information security; (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; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

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

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