FINANCIAL SUMMARY

FY2012

(April 1, 2011 through March 31, 2012)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

            FY2012 Consolidated Financial Results

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the

United States of America)

English translation from the original Japanese-language document

May 9, 2012

Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo, Osaka, Nagoya, Sapporo and Fukuoka Stock Exchanges in Japan
Code number	:	7203
URL Representative	: :	http://www.toyota.co.jp Akio Toyoda, President
Contact person	:	Tetsuya Otake, General Manager, Accounting Division Tel. (0565)28-2121
Date of the ordinary general shareholders’ meeting	:	June 15, 2012
Payment date of cash dividends	:	June 18, 2012
Filing date of financial statements	:	June 25, 2012
Supplemental materials prepared for financial results	:	yes
Earnings announcement for financial results	:	yes

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

1. Consolidated Results for FY2012 (April 1, 2011 through March 31, 2012)

(1) Consolidated financial results

	(% of change from previous year)
	Net revenues				Operating income				Income before income  taxes and equity in earnings of affiliated companies				Net income attributable  to Toyota Motor Corporation
	Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2012		18,583,653		-2.2		355,627		-24.1		432,873		-23.2		283,559		-30.5
FY2011		18,993,688		0.2		468,279		217.4		563,290		93.3		408,183		94.9

Note:  Comprehensive income    FY2012    341,694 million yen (128.2%),    FY2011    149,704 million yen (-70.9%)

	Net income attributable to Toyota Motor Corporation per share – Basic		Net income attributable to Toyota Motor Corporation per share  – Diluted		Ratio of net income attributable to Toyota Motor Corporation to Toyota Motor Corporation shareholders’ equity		Ratio of income before income taxes and equity in earnings of affiliated companies to total assets		Ratio of operating income to net revenues
	Yen		Yen		%		%		%
FY2012		90.21		90.20		2.7		1.4		1.9
FY2011		130.17		130.16		3.9		1.9		2.5

Reference:  Equity in earnings of affiliated companies    FY2012    197,701 million yen,    FY2011    215,016 million yen

(2) Consolidated financial position

	Total assets		Shareholders’ equity		Toyota Motor  Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity		Toyota Motor  Corporation Shareholders’ equity per share
	Million yen		Million yen		Million yen		%		Yen
FY2012		30,650,965		11,066,478		10,550,261		34.4		3,331.51
FY2011		29,818,166		10,920,024		10,332,371		34.7		3,295.08

(3) Consolidated cash flows

	From operating activities		From investing activities		From financing activities		Cash and cash  equivalents at end of year
	Million yen		Million yen		Million yen		Million yen
FY2012		1,452,435		-1,442,658		-355,347		1,679,200
FY2011		2,024,009		-2,116,344		434,327		2,080,709

2. Cash dividends

	Annual cash dividends per share										Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)		Ratio of total amount of dividends to Toyota Motor Corporation shareholders’ equity (consolidated)
	End of first quarter		End of second quarter		End of third quarter		Year-end		Annual
	Yen		Yen		Yen		Yen		Yen		Million Yen		%		%
FY2011		—		20.00		—		30.00		50.00		156,791		38.4		1.5
FY2012		—		20.00		—		30.00		50.00		157,718		55.6		1.5
FY2013 (forecast)		—		—		—		—		—				—

3. Forecast of consolidated results for FY2013 (April 1, 2012 through March 31, 2013)

	(% of change from FY2012)
	Net revenues				Operating income				Income before income  taxes and equity in earnings of affiliated companies				Net income attributable  to Toyota Motor Corporation				Net income attributable to Toyota Motor Corporation per share – Basic
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Yen
FY2013		22,000,000		18.4		1,000,000		181.2		1,160,000		168.0		760,000		168.0		239.99

Notes

(1) Changes in significant subsidiaries during FY2012

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

(2) Changes in accounting principles, procedures, and disclosures during FY2012

(i) Changes by a newly issued accounting pronouncement: yes

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

Note: For more details, please see page 14 “(6) Summary of Significant Accounting Policies”.

(3) Number of shares issued and outstanding (common stock)

(i) Number of shares issued and outstanding at the end of each fiscal year (including treasury stock): FY2012    3,447,997,492 shares, FY2011    3,447,997,492 shares

(ii) Number of treasury stock at the end of each fiscal year: FY2012    281,187,739 shares, FY2011    312,298,805 shares

(iii) Average number of shares issued and outstanding in each fiscal year: FY2012     3,143,470,129 shares, FY2011    3,135,880,538 shares

Reference: Overview of the Unconsolidated Financial Results

FY2012 Unconsolidated Financial Results

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

English translation from the original Japanese-language document

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

1. Unconsolidated results for FY2012 (April 1, 2011 through March 31, 2012)

(1) Unconsolidated financial results

	(% of change from previous year)
	Net revenues				Operating income				Ordinary income				Net income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2012		8,241,176		-0.0		-439,805		—		23,098		—		35,844		-32.1
FY2011		8,242,830		-4.1		-480,938		—		-47,012		—		52,764		101.5
	Net income per share – Basic				Net income per share – Diluted
	Yen				Yen
FY2012		11.40				11.40
FY2011		16.83				16.83
(2)    Unconsolidated financial position
	Total assets				Net assets				Equity ratio				Net assets per share
	Million yen				Million yen				%				Yen
FY2012		10,612,765				6,634,666				62.4				2,091.65
FY2011		9,593,164				6,538,399				68.0				2,081.64

Reference: Equity at the end of FY2012: 6,623,868 million yen, Equity at the end of FY2011: 6,527,392 million yen

2. Forecast of unconsolidated results for FY2013 (April 1, 2012 through March 31, 2013)

	(% of change from FY2012)
	Net revenues				Operating income				Ordinary income				Net income				Net income per share – Basic
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Yen
FY2013		9,500,000		15.3		-70,000		—		440,000		—		360,000		904.3		113.68

Information Regarding the Audit Procedures

At the time of disclosure of this report, the procedures for audit of financial statements, pursuant to the “Financial Instruments and Exchange Act” of Japan, have not been completed.

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) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales; (ii) changes in economic conditions and market demand affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (iii) 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, and interest rates; (iv) changes in funding environment in financial markets and increased competition in the financial services industry; (v) Toyota’s ability to market and distribute effectively; (vi) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vii) 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; (viii) political instability in the markets in which Toyota operates; (ix) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (x) any damage to Toyota’s brand image; (xi) Toyota’s reliance on various suppliers for the provision of supplies; (xii) increases in prices of raw materials; and (xiii) fuel shortages or interruptions in 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.

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.

Consolidated financial information in this report is prepared in accordance with accounting principles generally accepted in the United States of America.

TABLE OF CONTENTS

1.  Business Results	2
(1) Consolidated Financial Results for FY2012	2
(2) Consolidated Financial Position for FY2012	4
(3) Basic Policy on the Distribution of Profits and the Distribution of Profits for FY2012	4
(4) Forecast of Consolidated Financial Results for FY2013	5
2.  Management Policy	6
(1) Toyota’s Basic Management Policy	6
(2) Medium- and Long-term Management Strategy	6
3.  Consolidated Production and Sales	7
(1) Production	7
(2) Sales (by destination)	7
4.  Breakdown of Consolidated Net Revenues	8
5.  Consolidated Financial Statements	9
(1) Consolidated Balance Sheets	9
(2) Consolidated Statements of Income	11
(3) Consolidated Statements of Shareholders’ Equity	12
(4) Consolidated Statements of Cash Flows	13
(5) Going Concern Assumption	13
(6) Summary of Significant Accounting Policies	14
(7) Segment Information	15
6.  Unconsolidated Financial Statements	23
(1) Balance Sheets	23
(2) Statements of Income	25
(3) Changes in Net Assets	26
(4) Going Concern Assumption	29

1

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

1. Business Results

(1) Consolidated Financial Results for FY2012

Financial Results

Reviewing FY2012, the world economy is gradually improving due to increasing personal consumption and a falling unemployment rate in the U.S. Meanwhile, the economic situation in Europe is at a standstill, mainly due to the government bond crisis, and the pace of expansion in emerging countries has slowed down compared to its earlier period of steady growth. The Japanese economy, which is still facing dire challenges linked to the impact of the Great East Japan Earthquake, is gradually picking up thanks to the effects of various policy measures aimed at post-earthquake restoration.

For the automobile industry, markets in the U.S. and emerging countries such as Asia have developed in a steady manner. However, many Japanese manufacturers, including our company, were obliged to adjust or stop productions due to sales restrictions in parts supplies caused by the Great East Japan Earthquake and the flood in Thailand.

Under these conditions, consolidated vehicle sales in Japan and overseas increased by 44 thousand units, or 0.6%, to 7,352 thousand units in FY2012 compared with FY2011 (April 1, 2010 through March 31, 2011). Vehicle sales in Japan increased by 158 thousand units, or 8.2%, to 2,071 thousand units in FY2012 compared with FY2011, primarily as a result of the active introduction of new products and the efforts of dealers nationwide. Toyota and Lexus brands’ market share excluding mini-vehicles was 45.5%, and market share (including Daihatsu and Hino brands) including mini-vehicles was 43.2%, each remained at a high level following FY2011. Meanwhile, overseas vehicle sales decreased by 114 thousand units, or 2.1%, to 5,281 thousand units in FY2012 compared with FY2011, because of the sales decline in North America and other regions despite the sales expansion in Asia.

As for the results of operations, net revenues decreased by 410.0 billion yen, or 2.2%, to 18,583.6 billion yen in FY2012 compared with FY2011, and operating income decreased by 112.6 billion yen, or 24.1%, to 355.6 billion yen in FY2012 compared with FY2011. Among the factors contributing to an increase in operating income were the effects of marketing efforts of 150.0 billion yen and cost reduction efforts of 150.0 billion yen. On the other hand, factors contributing to a decrease in operating income primarily included the effects of changes in exchange rates of 250.0 billion yen, an increase in expense of 100.0 billion yen, and other factors of 62.6 billion yen. Income before income taxes and equity in earnings of affiliated companies decreased by 130.4 billion yen, or 23.2%, to 432.8 billion yen in FY2012 compared with FY2011. Net income attributable to Toyota Motor Corporation decreased by 124.6 billion yen, or 30.5%, to 283.5 billion yen in FY2012 compared with FY2011.

2

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations decreased by 342.7 billion yen, or 2.0%, to 16,994.5 billion yen in FY2012 compared with FY2011, and operating income decreased by 64.3 billion yen, or 74.8%, to 21.6 billion yen in FY2012 compared with FY2011. The decrease in operating income was mainly due to the effects of changes in exchange rates, despite cost reduction efforts.

(ii) Financial services:

Net revenues for the financial services operations decreased by 91.8 billion yen, or 7.7%, to 1,100.3 billion yen in FY2012 compared with FY2011, and operating income decreased by 51.8 billion yen, or 14.5%, to 306.4 billion yen in FY2012 compared with FY2011. The decrease in operating income was mainly due to the recording of valuation losses on interest rate swaps stated at fair value and effects related to credit losses including provision and reversal in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses increased by 76.6 billion yen, or 7.9%, to 1,048.9 billion yen in FY2012 compared with FY2011, and operating income increased by 6.8 billion yen, or 19.4%, to 42.0 billion yen in FY2012 compared with FY2011.

Geographic Information

(i) Japan:

Net revenues in Japan increased by 181.0 billion yen, or 1.6%, to 11,167.3 billion yen in FY2012 compared with FY2011, and operating loss decreased by 155.3 billion yen to 207.0 billion yen in FY2012 compared with FY2011. The decrease in operating loss was mainly due to cost reduction efforts and increases in both production volume and vehicle unit sales, despite the effects of changes in exchange rates.

(ii) North America:

Net revenues in North America decreased by 677.2 billion yen, or 12.5%, to 4,751.8 billion yen in FY2012 compared with FY2011, and operating income decreased by 153.0 billion yen, or 45.1%, to 186.4 billion yen in FY2012 compared with FY2011. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales and effects related to credit losses including provision and reversal in sales finance subsidiaries.

(iii) Europe:

Net revenues in Europe increased by 12.4 billion yen, or 0.6%, to 1,993.9 billion yen in FY2012 compared with FY2011, and operating income increased by 4.6 billion yen, or 35.4%, to 17.7 billion yen in FY2012 compared with FY2011.

(iv) Asia:

Net revenues in Asia decreased by 40.3 billion yen, or 1.2%, to 3,334.2 billion yen in FY2012 compared with FY2011, and operating income decreased by 56.2 billion yen, or 18.0%, to 256.7 billion yen in FY2012 compared with FY2011. The decrease in operating income was mainly due to an increase in expenses.

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

Net revenues in other regions decreased by 48.9 billion yen, or 2.7%, to 1,760.1 billion yen in FY2012 compared with FY2011, and operating income decreased by 51.3 billion yen, or 32.0%, to 108.8 billion yen in FY2012 compared with FY2011. The decrease in operating income was mainly due to a decrease in vehicle unit sales.

3

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(2) Consolidated Financial Position for FY2012

Cash flows from operating activities resulted in an increase in cash by 1,452.4 billion yen in FY2012. Net cash provided by operating activities decreased by 571.6 billion yen from 2,024.0 billion yen in FY2011. Cash flows from investing activities resulted in a decrease in cash by 1,442.6 billion yen in FY2012. Net cash used in investing activities decreased by 673.7 billion yen from 2,116.3 billion yen in FY2011. Cash flows from financing activities resulted in a decrease in cash by 355.3 billion yen in FY2012. Net cash provided by financing activities decreased by 789.6 billion yen from 434.3 billion yen in FY2011. After taking into account the effect of changes in exchange rates, cash and cash equivalents decreased by 401.5 billion yen, or 19.3%, to 1,679.2 billion yen at the end of FY2012 compared with the end of FY2011.

Regarding the consolidated cash flows by segment for FY2012, in non-financial services business, net cash provided by operating activities was 967.3 billion yen, net cash used in investing activities was 916.1 billion yen and net cash used in financing activities was 211.0 billion yen. Meanwhile, in the financial services business, net cash provided by operating activities was 501.1 billion yen, net cash used in investing activities was 550.8 billion yen and net cash used in financing activities was 135.9 billion yen.

(3) Basic Policy on the Distribution of Profits and the Distribution of Profits for FY2012

Toyota Motor Corporation (“TMC”) deems the benefit of its shareholders as one of its priority management policies, and it is working to improve corporate structure towards the realization of sustainable growth in order to enhance its corporate value.

TMC will strive to continue to pay stable dividends while giving due consideration to factors such as business results for each term, investment plans and its cash reserves.

In order to successfully compete in this highly competitive industry, TMC plans to utilize its internal funds for the early commercialization of technologies for the next-generation environment and safety, giving priority to customer safety and sense of security.

Considering these factors, with respect to the dividends for FY2012, TMC plans to propose a year-end dividend of 30 yen per share, and an annual dividend of 50 yen per share, combined with the interim dividend of 20 yen per share.

TMC pays dividends twice a year – an interim dividend and a year-end dividend –, and in order to secure an opportunity to directly seek shareholders’ opinions, TMC will treat payments of year-end dividends as a matter to be resolved at the 108th Ordinary General Shareholders’ Meeting, even though TMC’s articles of incorporation stipulate that retained earnings can be distributed as dividends pursuant to the resolution of the board of directors.

In FY2012, TMC did not repurchase its own shares, excluding shares constituting less than one unit that were purchased by TMC upon request.

Going forward, in view of the uncertain condition of the global economy, TMC will not repurchase its own shares for the time being to prioritize securing its cash reserves.

4

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(4) Forecast of Consolidated Financial Results for FY2013

As for our future business environment, the world economy is expected to continue to expand slowly, but faces downside risks by the European sovereign debt crises and oil price hikes. The Japanese economy is expected to steadily achieve a modest pickup with the help from various policy measures. However, Toyota Motor Corporation must closely watch for downward moves in overseas economies and for unfavorable changes in foreign exchange markets. The automotive market is expected to expand continuously, particularly in emerging countries. However, amid the changes in market structure, with the shift toward compact cars and low-price cars in parallel with the expansion and diversification of demand for eco-cars backed by rising environmental consciousness, fierce competition exists on a global scale.

Under these circumstances, the current forecast of consolidated financial results for the next fiscal year ending March 31, 2013 is set forth below. This forecast assumes average exchange rates through the fiscal year of 80 yen per US$1 and 105 yen per 1 euro.

Forecast of consolidated results for FY2013

Net revenues	22,000.0 billion yen	(an increase of 18.4% compared with FY2012)
Operating income	1,000.0 billion yen	(an increase of 181.2% compared with FY2012)
Income before income taxes and equity in earnings of affiliated companies	1,160.0 billion yen	(an increase of 168.0% compared with FY2012)
Net income attributable to Toyota Motor Corporation	760.0 billion yen	(an increase of 168.0% compared with FY2012)

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) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales; (ii) changes in economic conditions and market demand affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (iii) 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, and interest rates; (iv) changes in funding environment in financial markets and increased competition in the financial services industry; (v) Toyota’s ability to market and distribute effectively; (vi) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vii) 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; (viii) political instability in the markets in which Toyota operates; (ix) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (x) any damage to Toyota’s brand image; (xi) Toyota’s reliance on various suppliers for the provision of supplies; (xii) increases in prices of raw materials; and (xiii) fuel shortages or interruptions in 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.

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.

5

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

2. Management Policy

(1) Toyota’s Basic Management Policy

Toyota Motor Corporation holds up the “Guiding Principles at Toyota” as its basic management policy and believes that efforts to achieve the goals set forth in the principles will lead to an increase in corporate value. The “Guiding Principles at Toyota” are as follows:

1. Honor the language and spirit of the law of every nation and undertake open and fair business activities to be a good corporate citizen of the world.

2. Respect the culture and customs of every nation and contribute to economic and social development through corporate activities in their respective communities.

3. Dedicate our business to providing clean and safe products and to enhancing the quality of life everywhere through all of our activities.

4. Create and develop advanced technologies and provide outstanding products and services that fulfill the needs of customers worldwide.

5. Foster a corporate culture that enhances both individual creativity and the value of teamwork, while honoring mutual trust and respect between labor and management.

6. Pursue growth through harmony with the global community via innovative management.

7. Work with business partners in research and manufacture to achieve stable, long-term growth and mutual benefits, while keeping ourselves open to new partnerships.

(2) Medium- and Long-term Management Strategy

The Toyota group as a whole will make an even greater effort to address the following in order to respond promptly to environmental changes and to progress steadily toward the realization of the “Future Automobile Society”.

First, we intend to manufacture “good automobiles” that exceed expectation of customers, automobiles that exhilarate driving experience and have high environmental performance, with a top priority on customer security and safety. For emerging markets with strong potential for continuous expansion, we will reinforce products that meet the customers’ needs.

Second, by maintaining and strengthening production in Japan, we intend to bring about and globally expand technological innovation through the hands-on interaction among development, production, sales, and other functions.

Third, we plan to establish a stable business base for sustainable growth. While promoting profit improvement activities such as drastic cost reductions, we will encourage to build a corporate structure responding to drastic environmental changes in future, and to implement region-based management. We plan to develop our human resources to reinforce our global competitive edge.

Fourth, we will continue to support the restoration of areas damaged by the Great East Japan Earthquake, and hope to enhance business continuity in large-scale disasters by balancing risk reduction in the supply chain with the Toyota Production System that pursues high efficiency in production.

Fifth, we will encourage initiatives toward the realization of a future mobility society, such as the building of smart grids that contribute to a comfortable, low-carbon automobile society.

Based on these efforts, Toyota will contribute to realize “enriching lives of communities” through providing “good automobiles” that is accepted by customers and society. This will encourage more customers to well-purchase Toyota cars and thereby lead to the establishment of a stable business base. By perpetuating this good cycle, we will aim to realize “sustainable growth” and enhance corporate value. And, through full observance of corporate ethics such as compliance with applicable laws and regulations, Toyota will fulfill its social responsibilities by carrying out its Corporate Social Responsibility (CSR).

6

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

3. Consolidated Production and Sales

(1) Production

		(Units)
Business segment		FY2011 (April 1, 2010 through March 31, 2011)		FY2012 (April 1, 2011 through March 31, 2012)		Increase (Decrease)
Automotive	Japan		3,721,351		3,940,509		219,158
	North America		1,338,294		1,274,510		(63,784	)
	Europe		371,528		383,287		11,759
	Asia		1,343,719		1,440,890		97,171
	Other		394,829		396,585		1,756
	Total		7,169,721		7,435,781		266,060
Other	Housing		5,014		5,351		337

Note: 1 Production in “Automotive” indicates production units of vehicles (new).

2 “Other” in “Automotive” consists of Central and South America, Oceania and Africa.

(2) Sales (by destination)

		(Units)
Business segment		FY2011 (April 1, 2010 through March 31, 2011)		FY2012 (April 1, 2011 through March 31, 2012)		Increase (Decrease)
Automotive	Japan		1,913,117		2,070,799		157,682
	North America		2,031,249		1,872,423		(158,826	)
	Europe		795,534		797,993		2,459
	Asia		1,255,016		1,326,829		71,813
	Other		1,313,123		1,283,885		(29,238	)
	Total		7,308,039		7,351,929		43,890
Other	Housing		5,157		5,699		542

Note: 1 Sales in “Automotive” indicates sales units of vehicles (new).

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

7

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

4. Breakdown of Consolidated Net Revenues

		(Amount: million yen)
Business segment		FY2011 (April 1, 2010 through March 31, 2011)		FY2012 (April 1, 2011 through March 31, 2012)		Increase (Decrease)
Automotive	Vehicles		14,507,479		14,164,940		(342,539	)
	Parts & components for overseas production		335,366		338,000		2,634
	Parts		1,553,497		1,532,219		(21,278	)
	Other		926,411		929,219		2,808
	Total		17,322,753		16,964,378		(358,375	)
Financial services	—		1,173,168		1,071,737		(101,431	)
Other	Housing		132,003		150,543		18,540
	Telecommunications		45,477		46,924		1,447
	Other		320,287		350,071		29,784
	Total		497,767		547,538		49,771
Total			18,993,688		18,583,653		(410,035	)

Note: The amounts represent net revenues from external customers.

8

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

5. Consolidated Financial Statements

(1) Consolidated Balance Sheets

	(Amount: million yen)
	FY2011 (March 31, 2011)			FY2012 (March 31, 2012)			Increase (Decrease)
Assets
Current assets:
Cash and cash equivalents		2,080,709			1,679,200			(401,509	)
Time deposits		203,874			80,301			(123,573	)
Marketable securities		1,225,435			1,181,070			(44,365	)
Trade accounts and notes receivable, less allowance for doubtful accounts of ¥11,856 million at March 31, 2011 and ¥13,004 million at March 31, 2012		1,449,151			1,999,827			550,676
Finance receivables, net		4,136,805			4,114,897			(21,908	)
Other receivables		306,201			408,547			102,346
Inventories		1,304,242			1,622,282			318,040
Deferred income taxes		605,884			718,687			112,803
Prepaid expenses and other current assets		517,454			516,378			(1,076	)
Total current assets		11,829,755			12,321,189			491,434
Noncurrent finance receivables, net		5,556,746			5,602,462			45,716
Investments and other assets:
Marketable securities and other securities investments		3,571,187			4,053,572			482,385
Affiliated companies		1,827,331			1,920,987			93,656
Employees receivables		62,158			56,524			(5,634	)
Other		661,829			460,851			(200,978	)
Total investments and other assets		6,122,505			6,491,934			369,429
Property, plant and equipment:
Land		1,237,620			1,243,261			5,641
Buildings		3,635,605			3,660,912			25,307
Machinery and equipment		8,947,350			9,094,399			147,049
Vehicles and equipment on operating leases		2,491,946			2,575,353			83,407
Construction in progress		298,828			275,357			(23,471	)
Total property, plant and equipment, at cost		16,611,349			16,849,282			237,933
Less – Accumulated depreciation		(10,302,189	)		(10,613,902	)		(311,713	)
Total property, plant and equipment, net		6,309,160			6,235,380			(73,780	)
Total assets		29,818,166			30,650,965			832,799

9

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

	(Amount: million yen)
	FY2011 (March 31, 2011)			FY2012 (March 31, 2012)			Increase (Decrease)
Liabilities
Current liabilities:
Short-term borrowings		3,179,009			3,450,649			271,640
Current portion of long-term debt		2,772,827			2,512,620			(260,207	)
Accounts payable		1,503,072			2,242,583			739,511
Other payables		579,326			629,093			49,767
Accrued expenses		1,773,233			1,828,523			55,290
Income taxes payable		112,801			133,778			20,977
Other current liabilities		870,722			984,328			113,606
Total current liabilities		10,790,990			11,781,574			990,584
Long-term liabilities:
Long-term debt		6,449,220			6,042,277			(406,943	)
Accrued pension and severance costs		668,022			708,402			40,380
Deferred income taxes		810,127			908,883			98,756
Other long-term liabilities		179,783			143,351			(36,432	)
Total long-term liabilities		8,107,152			7,802,913			(304,239	)
Total liabilities		18,898,142			19,584,487			686,345
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity:
Common stock, no par value, authorized: 10,000,000,000 shares at March 31, 2011 and March 31, 2012 issued: 3,447,997,492 shares at March 31, 2011 and March 31, 2012		397,050			397,050			—
Additional paid-in capital		505,760			550,650			44,890
Retained earnings		11,835,665			11,917,074			81,409
Accumulated other comprehensive income (loss)		(1,144,721	)		(1,178,833	)		(34,112	)
Treasury stock, at cost, 312,298,805 shares at March 31, 2011 and 281,187,739 shares at March 31, 2012		(1,261,383	)		(1,135,680	)		125,703
Total Toyota Motor Corporation shareholders’ equity		10,332,371			10,550,261			217,890
Noncontrolling interests		587,653			516,217			(71,436	)
Total shareholders’ equity		10,920,024			11,066,478			146,454
Commitments and contingencies
Total liabilities and shareholders’ equity		29,818,166			30,650,965			832,799

10

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(2) Consolidated Statements of Income

	(Amount: million yen)
	FY2011 (For the year ended March 31, 2011)			FY2012 (For the year ended March 31, 2012)			Increase (Decrease)
Net revenues:
Sales of products		17,820,520			17,511,916			(308,604	)
Financing operations		1,173,168			1,071,737			(101,431	)
Total net revenues		18,993,688			18,583,653			(410,035	)
Costs and expenses:
Cost of products sold		15,985,783			15,795,918			(189,865	)
Cost of financing operations		629,543			592,646			(36,897	)
Selling, general and administrative		1,910,083			1,839,462			(70,621	)
Total costs and expenses		18,525,409			18,228,026			(297,383	)
Operating income		468,279			355,627			(112,652	)
Other income (expense):
Interest and dividend income		90,771			99,865			9,094
Interest expense		(29,318	)		(22,922	)		6,396
Foreign exchange gain, net		14,305			37,105			22,800
Other income (loss), net		19,253			(36,802	)		(56,055	)
Total other income (expense)		95,011			77,246			(17,765	)
Income before income taxes and equity in earnings of affiliated companies		563,290			432,873			(130,417	)
Provision for income taxes		312,821			262,272			(50,549	)
Equity in earnings of affiliated companies		215,016			197,701			(17,315	)
Net income		465,485			368,302			(97,183	)
Less: Net income attributable to noncontrolling interests		(57,302	)		(84,743	)		(27,441	)
Net income attributable to Toyota Motor Corporation		408,183			283,559			(124,624	)
	(Amount: yen)
Net income attributable to Toyota Motor Corporation per share
Basic		130.17			90.21			(39.96	)
Diluted		130.16			90.20			(39.96	)

11

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(3) Consolidated Statements of Shareholders’ Equity

	(Amount: million yen)
	FY2011 (For the year ended March 31, 2011)
	Common stock		Additional paid-in capital		Retained earnings			Accumulated other comprehensive income (loss)			Treasury stock, at cost			Total Toyota Motor Corporation shareholders’ equity			Noncontrolling interests			Total shareholders’ equity
Balances at March 31, 2010		397,050		501,331		11,568,602			(846,835	)		(1,260,425	)		10,359,723			570,720			10,930,443
Equity transaction with noncontrolling interests and other				2,310											2,310			5,183			7,493
Issuance during the year				2,119											2,119						2,119
Comprehensive income:
Net income						408,183									408,183			57,302			465,485
Other comprehensive income (loss)
Foreign currency translation adjustments									(287,613	)					(287,613	)		(11,965	)		(299,578	)
Unrealized gains or (losses) on securities, net of reclassification adjustments									(26,058	)					(26,058	)		(1,599	)		(27,657	)
Pension liability adjustments									15,785						15,785			(4,331	)		11,454
Total comprehensive income															110,297			39,407			149,704
Dividends paid to Toyota Motor Corporation shareholders						(141,120	)								(141,120	)					(141,120	)
Dividends paid to noncontrolling interests																		(27,657	)		(27,657	)
Purchase and reissuance of common stock												(958	)		(958	)					(958	)
Balances at March 31, 2011		397,050		505,760		11,835,665			(1,144,721	)		(1,261,383	)		10,332,371			587,653			10,920,024

	(Amount: million yen)
	FY2012 (For the year ended March 31, 2012)
	Common stock		Additional paid-in capital		Retained earnings			Accumulated other comprehensive income (loss)			Treasury stock, at cost			Total Toyota Motor Corporation shareholders’ equity			Noncontrolling interests			Total shareholders’ equity
Balances at March 31, 2011		397,050		505,760		11,835,665			(1,144,721	)		(1,261,383	)		10,332,371			587,653			10,920,024
Equity transaction with noncontrolling interests and other				43,311		(45,365	)		(6,503	)		125,819			117,262			(119,824	)		(2,562	)
Issuance during the year				1,483											1,483						1,483
Comprehensive income:
Net income						283,559									283,559			84,743			368,302
Other comprehensive income (loss)
Foreign currency translation adjustments									(87,729	)					(87,729	)		(5,563	)		(93,292	)
Unrealized gains or (losses) on securities, net of reclassification adjustments									129,328						129,328			2,466			131,794
Pension liability adjustments									(69,208	)					(69,208	)		4,098			(65,110	)
Total comprehensive income															255,950			85,744			341,694
Dividends paid to Toyota Motor Corporation shareholders						(156,785	)								(156,785	)					(156,785	)
Dividends paid to noncontrolling interests																		(37,356	)		(37,356	)
Purchase and reissuance of common stock				96								(116	)		(20	)					(20	)
Balances at March 31, 2012		397,050		550,650		11,917,074			(1,178,833	)		(1,135,680	)		10,550,261			516,217			11,066,478

12

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(4) Consolidated Statements of Cash Flows

	(Amount: million yen)
	FY2011 (For the year ended March 31, 2011)			FY2012 (For the year ended March 31, 2012)
Cash flows from operating activities:
Net income		465,485			368,302
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,175,573			1,067,830
Provision for doubtful accounts and credit losses		4,140			9,623
Pension and severance costs, less payments		(23,414	)		16,711
Losses on disposal of fixed assets		36,214			33,528
Unrealized losses on available-for-sale securities, net		7,915			53,831
Deferred income taxes		85,710			6,395
Equity in earnings of affiliated companies		(215,016	)		(197,701	)
Changes in operating assets and liabilities, and other		487,402			93,916
Net cash provided by operating activities		2,024,009			1,452,435
Cash flows from investing activities:
Additions to finance receivables		(8,438,785	)		(8,333,248	)
Collection of and proceeds from sales of finance receivables		8,003,940			8,061,710
Additions to fixed assets excluding equipment leased to others		(629,326	)		(723,537	)
Additions to equipment leased to others		(1,061,865	)		(808,545	)
Proceeds from sales of fixed assets excluding equipment leased to others		51,342			36,633
Proceeds from sales of equipment leased to others		486,695			431,313
Purchases of marketable securities and security investments		(4,421,807	)		(3,173,634	)
Proceeds from sales of and maturity of marketable securities and security investments		3,716,156			2,856,825
Payment for additional investments in affiliated companies, net of cash acquired		(299	)		(147	)
Changes in investments and other assets, and other		177,605			209,972
Net cash used in investing activities		(2,116,344	)		(1,442,658	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		2,931,436			2,394,807
Payments of long-term debt		(2,489,632	)		(2,867,572	)
Increase in short-term borrowings		162,260			311,651
Dividends paid		(141,120	)		(156,785	)
Purchase of common stock, and other		(28,617	)		(37,448	)
Net cash provided by (used in) financing activities		434,327			(355,347	)
Effect of exchange rate changes on cash and cash equivalents		(127,029	)		(55,939	)
Net increase (decrease) in cash and cash equivalents		214,963			(401,509	)
Cash and cash equivalents at beginning of year		1,865,746			2,080,709
Cash and cash equivalents at end of year		2,080,709			1,679,200

Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, bank deposits that can be withdrawn at any time and short-term investments that can be converted into cash at any time and carry minimal risk of change in value.

(5) Going Concern Assumption

None

13

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(6) Summary of Significant Accounting Policies

“Summary of Significant Accounting Policies” has been omitted, as there were no significant changes from the most recent Securities Report (filed on June 24, 2011). Changes in accounting principles, procedures, and disclosures for consolidated financial statements by newly issued accounting pronouncements are set forth below.

In October 2009, the Financial Accounting Standards Board (“FASB”) issued updated guidance of accounting for and disclosure of revenue recognition with multiple deliverables. This guidance allows the use of estimated selling price for determining the selling price of deliverables, eliminates the residual method of allocation and expands the disclosures related to a vendor’s multiple-deliverable revenue arrangements. Toyota and its consolidated subsidiaries (“Toyota”) adopted this guidance for revenue arrangements entered into or materially modified in the fiscal year begun on or after June 15, 2010. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In April 2011, FASB issued updated guidance to clarify the accounting for and disclosures about troubled debt restructurings by creditors. This guidance provides the criteria as to whether a loan modification constitutes a troubled debt restructuring and requires additional disclosures about troubled debt restructurings. Toyota adopted this guidance from the fiscal year ended March 31, 2012. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In May 2011, FASB issued updated guidance on fair value measurement and disclosure requirements. This guidance is the amendment to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. Consequently, this guidance changes some fair value measurement principles and enhances the disclosure requirements. Toyota adopted this guidance from the fiscal year ended March 31, 2012. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

14

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(7) Segment Information

(i) Segment Operating Results and Assets

FY2011 (As of and for the year ended March 31, 2011)

	(Amount: million yen)
	Automotive		Financial Services		All Other		Inter-segment Elimination and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		17,322,753		1,173,168		497,767		—			18,993,688
Inter-segment sales and transfers		14,567		19,037		474,485		(508,089	)		—
Total		17,337,320		1,192,205		972,252		(508,089	)		18,993,688
Operating expenses		17,251,347		833,925		937,010		(496,873	)		18,525,409
Operating income		85,973		358,280		35,242		(11,216	)		468,279
Assets		11,341,558		13,365,394		1,146,720		3,964,494			29,818,166
Investment in equity method investees		1,784,539		3,519		3,045		26,885			1,817,988
Depreciation expenses		819,075		330,865		25,633		—			1,175,573
Capital expenditure		691,867		991,330		21,058		(13,064	)		1,691,191

FY2012 (As of and for the year ended March 31, 2012)

	(Amount: million yen)
	Automotive		Financial Services		All Other		Inter-segment Elimination and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		16,964,378		1,071,737		547,538		—			18,583,653
Inter-segment sales and transfers		30,168		28,587		501,377		(560,132	)		—
Total		16,994,546		1,100,324		1,048,915		(560,132	)		18,583,653
Operating expenses		16,972,863		793,886		1,006,853		(545,576	)		18,228,026
Operating income		21,683		306,438		42,062		(14,556	)		355,627
Assets		12,261,814		13,172,548		1,161,224		4,055,379			30,650,965
Investment in equity method investees		1,877,720		3,887		4,765		27,757			1,914,129
Depreciation expenses		744,067		298,757		25,006		—			1,067,830
Capital expenditure		796,839		683,161		35,340		16,742			1,532,082

Note: Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2011 and FY2012 are 4,613,672 million yen and 4,749,259 million yen, respectively, and consist primarily of funds such as cash and cash equivalents, marketable securities and portion of security investments held by TMC.

15

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

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

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

	(Amount: million yen)
	FY2011 (March 31, 2011)			FY2012 (March 31, 2012)			Increase (Decrease)
Assets
(Non-financial services)
Current assets:
Cash and cash equivalents		1,300,553			1,104,636			(195,917	)
Marketable securities		1,036,555			1,015,626			(20,929	)
Trade accounts and notes receivable, less allowance for doubtful accounts		1,483,551			2,031,472			547,921
Inventories		1,304,128			1,622,154			318,026
Prepaid expenses and other current assets		1,383,616			1,464,124			80,508
Total current assets		6,508,403			7,238,012			729,609
Investments and other assets		5,825,966			6,218,377			392,411
Property, plant and equipment		4,608,309			4,510,716			(97,593	)
Total assets		16,942,678			17,967,105			1,024,427
(Financial services)
Current assets:
Cash and cash equivalents		780,156			574,564			(205,592	)
Marketable securities		188,880			165,444			(23,436	)
Finance receivables, net		4,136,805			4,114,897			(21,908	)
Prepaid expenses and other current assets		636,249			685,611			49,362
Total current assets		5,742,090			5,540,516			(201,574	)
Noncurrent finance receivables, net		5,556,746			5,602,462			45,716
Investments and other assets		365,707			304,906			(60,801	)
Property, plant and equipment		1,700,851			1,724,664			23,813
Total assets		13,365,394			13,172,548			(192,846	)
(Elimination)
Elimination of assets		(489,906	)		(488,688	)		1,218
(Consolidated)
Total assets		29,818,166			30,650,965			832,799

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

16

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

	(Amount: million yen)
	FY2011 (March 31, 2011)			FY2012 (March 31, 2012)			Increase (Decrease)
Liabilities
(Non-financial services)
Current liabilities:
Short-term borrowings		478,646			715,019			236,373
Current portion of long-term debt		243,817			339,441			95,624
Accounts payable		1,497,253			2,234,316			737,063
Accrued expenses		1,666,748			1,737,490			70,742
Income taxes payable		104,392			123,344			18,952
Other current liabilities		1,024,662			1,175,801			151,139
Total current liabilities		5,015,518			6,325,411			1,309,893
Long-term liabilities:
Long-term debt		839,611			503,070			(336,541	)
Accrued pension and severance costs		660,918			700,211			39,293
Other long-term liabilities		554,402			531,982			(22,420	)
Total long-term liabilities		2,054,931			1,735,263			(319,668	)
Total liabilities		7,070,449			8,060,674			990,225
(Financial services)
Current liabilities:
Short-term borrowings		2,986,700			3,040,373			53,673
Current portion of long-term debt		2,541,479			2,218,526			(322,953	)
Accounts payable		19,472			27,095			7,623
Accrued expenses		110,348			96,247			(14,101	)
Income taxes payable		9,555			10,434			879
Other current liabilities		538,026			536,291			(1,735	)
Total current liabilities		6,205,580			5,928,966			(276,614	)
Long-term liabilities:
Long-term debt		5,669,456			5,555,112			(114,344	)
Accrued pension and severance costs		7,104			8,191			1,087
Other long-term liabilities		435,508			520,252			84,744
Total long-term liabilities		6,112,068			6,083,555			(28,513	)
Total liabilities		12,317,648			12,012,521			(305,127	)
(Elimination) Elimination of liabilities		(489,955	)		(488,708	)		1,247
(Consolidated) Total liabilities		18,898,142			19,584,487			686,345
Shareholders’ equity
(Consolidated) Total Toyota Motor Corporation shareholders’ equity		10,332,371			10,550,261			217,890
(Consolidated) Noncontrolling interests		587,653			516,217			(71,436	)
(Consolidated) Total shareholders’ equity		10,920,024			11,066,478			146,454
(Consolidated) Total liabilities and shareholders’ equity		29,818,166			30,650,965			832,799

17

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

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

	(Amount: million yen)
	FY2011 (For the year ended March 31, 2011)			FY2012 (For the year ended March 31, 2012)			Increase (Decrease)
(Non-financial services)
Net revenues		17,826,986			17,534,872			(292,114	)
Costs and expenses:		17,709,812			17,473,634			(236,178	)
Cost of revenues		15,986,741			15,796,635			(190,106	)
Selling, general and administrative		1,723,071			1,676,999			(46,072	)
Operating income		117,174			61,238			(55,936	)
Other income, net		88,840			69,935			(18,905	)
Income before income taxes and equity in earnings of affiliated companies		206,014			131,173			(74,841	)
Provision for income taxes		178,795			141,558			(37,237	)
Equity in earnings of affiliated companies		214,229			196,544			(17,685	)
Net income		241,448			186,159			(55,289	)
Less: Net income attributable to noncontrolling interests		(54,055	)		(82,181	)		(28,126	)
Net income attributable to Toyota Motor Corporation		187,393			103,978			(83,415	)
(Financial services)
Net revenues		1,192,205			1,100,324			(91,881	)
Costs and expenses:		833,925			793,886			(40,039	)
Cost of revenues		636,374			615,563			(20,811	)
Selling, general and administrative		197,551			178,323			(19,228	)
Operating income		358,280			306,438			(51,842	)
Other income (expense), net		1,349			(4,679	)		(6,028	)
Income before income taxes and equity in earnings of affiliated companies		359,629			301,759			(57,870	)
Provision for income taxes		134,094			120,725			(13,369	)
Equity in earnings of affiliated companies		787			1,157			370
Net income		226,322			182,191			(44,131	)
Less: Net income attributable to noncontrolling interests		(3,251	)		(2,566	)		685
Net income attributable to Toyota Motor Corporation		223,071			179,625			(43,446	)
(Elimination)
Elimination of net income		(2,281	)		(44	)		2,237
(Consolidated)
Net income		408,183			283,559			(124,624	)

18

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

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

	(Amount: million yen)
	FY2011 (For the year ended March 31, 2011)			FY2012 (For the year ended March 31, 2012)
(Non-financial services)
Cash flows from operating activities:
Net income		241,448			186,159
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		844,708			769,073
Provision for doubtful accounts		1,806			5,843
Pension and severance costs, less payments		(24,867	)		15,410
Losses on disposal of fixed assets		36,076			33,448
Unrealized losses on available-for-sale securities, net		7,915			53,831
Deferred income taxes		(17,258	)		(82,792	)
Equity in earnings of affiliated companies		(214,229	)		(196,544	)
Changes in operating assets and liabilities, and other		591,378			182,931
Net cash provided by operating activities		1,466,977			967,359
Cash flows from investing activities:
Additions to fixed assets excluding equipment leased to others		(621,302	)		(713,867	)
Additions to equipment leased to others		(78,559	)		(135,054	)
Proceeds from sales of fixed assets excluding equipment leased to others		50,742			36,203
Proceeds from sales of equipment leased to others		17,700			20,689
Purchases of marketable securities and security investments		(4,063,499	)		(2,565,772	)
Proceeds from sales of and maturity of marketable securities and security investments		3,423,618			2,227,812
Payment for additional investments in affiliated companies, net of cash acquired		(299	)		(147	)
Changes in investments and other assets, and other		394,479			213,957
Net cash used in investing activities		(877,120	)		(916,179	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		15,318			39,803
Payments of long-term debt		(309,862	)		(294,646	)
Increase (decrease) in short-term borrowings		(86,884	)		238,072
Dividends paid		(141,120	)		(156,785	)
Purchase of common stock, and other		(28,617	)		(37,448	)
Net cash used in financing activities		(551,165	)		(211,004	)
Effect of exchange rate changes on cash and cash equivalents		(76,960	)		(36,093	)
Net decrease in cash and cash equivalents		(38,268	)		(195,917	)
Cash and cash equivalents at beginning of year		1,338,821			1,300,553
Cash and cash equivalents at end of year		1,300,553			1,104,636

19

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

	(Amount: million yen)
	FY2011 (For the year ended March 31, 2011)			FY2012 (For the year ended March 31, 2012)
(Financial services)
Cash flows from operating activities:
Net income		226,322			182,191
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		330,865			298,757
Provision for doubtful accounts and credit losses		2,334			3,780
Pension and severance costs, less payments		1,453			1,301
Losses on disposal of fixed assets		138			80
Deferred income taxes		103,035			89,199
Equity in earnings of affiliated companies		(787	)		(1,157	)
Changes in operating assets and liabilities, and other		(106,416	)		(73,020	)
Net cash provided by operating activities		556,944			501,131
Cash flows from investing activities:
Additions to finance receivables		(14,323,261	)		(13,455,792	)
Collection of and proceeds from sales of finance receivables		13,887,751			13,168,058
Additions to fixed assets excluding equipment leased to others		(8,024	)		(9,670	)
Additions to equipment leased to others		(983,306	)		(673,491	)
Proceeds from sales of fixed assets excluding equipment leased to others		600			430
Proceeds from sales of equipment leased to others		468,995			410,624
Purchases of marketable securities and security investments		(358,308	)		(607,862	)
Proceeds from sales of and maturity of marketable securities and security investments		292,538			629,013
Changes in investments and other assets, and other		18,303			(12,206	)
Net cash used in investing activities		(1,004,712	)		(550,896	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		2,934,588			2,379,152
Payments of long-term debt		(2,306,139	)		(2,608,135	)
Increase in short-term borrowings		122,619			93,002
Net cash provided by (used in) financing activities		751,068			(135,981	)
Effect of exchange rate changes on cash and cash equivalents		(50,069	)		(19,846	)
Net increase (decrease) in cash and cash equivalents		253,231			(205,592	)
Cash and cash equivalents at beginning of year		526,925			780,156
Cash and cash equivalents at end of year		780,156			574,564
(Consolidated)
Effect of exchange rate changes on cash and cash equivalents		(127,029	)		(55,939	)
Net increase (decrease) in cash and cash equivalents		214,963			(401,509	)
Cash and cash equivalents at beginning of year		1,865,746			2,080,709
Cash and cash equivalents at end of year		2,080,709			1,679,200

Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, bank deposits that can be withdrawn at any time and short-term investments that can be converted into cash at any time and carry minimal risk of change in value.

20

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(iii) Geographic Information

FY2011 (As of and for the year ended March 31, 2011)

	(Amount: million yen)
	Japan			North America		Europe		Asia		Other		Inter-segment Elimination and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		6,966,929			5,327,809		1,920,416		3,138,112		1,640,422		—			18,993,688
Inter-segment sales and transfers		4,019,317			101,327		61,081		236,422		168,694		(4,586,841	)		—
Total		10,986,246			5,429,136		1,981,497		3,374,534		1,809,116		(4,586,841	)		18,993,688
Operating expenses		11,348,642			5,089,633		1,968,349		3,061,557		1,648,987		(4,591,759	)		18,525,409
Operating income (loss)		(362,396	)		339,503		13,148		312,977		160,129		4,918			468,279
Assets		11,285,864			9,910,828		1,931,231		2,138,499		2,044,379		2,507,365			29,818,166

FY2012 (As of and for the year ended March 31, 2012)

	(Amount: million yen)
	Japan			North America		Europe		Asia		Other		Inter-segment Elimination and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		7,293,804			4,644,348		1,917,408		3,116,849		1,611,244		—			18,583,653
Inter-segment sales and transfers		3,873,515			107,538		76,538		217,425		148,931		(4,423,947	)		—
Total		11,167,319			4,751,886		1,993,946		3,334,274		1,760,175		(4,423,947	)		18,583,653
Operating expenses		11,374,359			4,565,477		1,976,150		3,077,484		1,651,361		(4,416,805	)		18,228,026
Operating income (loss)		(207,040	)		186,409		17,796		256,790		108,814		(7,142	)		355,627
Assets		12,034,423			9,693,232		1,960,532		2,433,312		2,175,493		2,353,973			30,650,965

Note:	1.	Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2011 and FY2012 are 4,613,672 million yen and 4,749,259 million yen, respectively, and consist primarily of funds such as cash and cash equivalents, marketable securities and portion of security investments held by TMC.
	2.	“Other” consists of Central and South America, Oceania and Africa.

21

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

(Consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(iv) Overseas Sales

FY2011 (For the year ended March 31, 2011)

	(Amount: million yen)
	North America		Europe		Asia		Other		Total
Overseas sales		5,398,278		1,793,932		3,280,384		3,196,114		13,668,708
Consolidated sales		—		—		—		—		18,993,688
Ratio of overseas sales to consolidated sales		%		%		%		%		%
		28.4		9.5		17.3		16.8		72.0

FY2012 (For the year ended March 31, 2012)

	(Amount: million yen)
	North America		Europe		Asia		Other		Total
Overseas sales		4,715,804		1,817,944		3,284,392		3,103,383		12,921,523
Consolidated sales		—		—		—		—		18,583,653
Ratio of overseas sales to consolidated sales		%		%		%		%		%
		25.4		9.8		17.6		16.7		69.5

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

22

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

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

6. Unconsolidated Financial Statements

(1) Balance Sheets

	(Amount: million yen)
	FY2011 (March 31, 2011)			FY2012 (March 31, 2012)
Assets
Current assets
Cash and deposits		40,926			163,720
Trade accounts receivable		596,450			1,026,650
Marketable securities		1,302,090			1,239,157
Finished goods		56,182			154,854
Work in process		72,062			74,323
Raw materials and supplies		100,037			103,290
Income taxes receivable		20,112			20,391
Short-term loans		298,794			494,649
Deferred tax assets		369,359			404,802
Others		287,622			631,088
Less: allowance for doubtful accounts		(900	)		(2,300	)
Total current assets		3,142,738			4,310,629
Fixed assets
Property, plant and equipment
Buildings, net		380,605			356,071
Structures, net		43,237			40,574
Machinery and equipment, net		229,189			187,782
Vehicle and delivery equipment, net		18,328			17,255
Tools, furniture and fixtures, net		65,233			61,914
Land		379,990			384,136
Construction in progress		83,873			82,878
Total property, plant and equipment		1,200,458			1,130,612
Investments and other assets
Investments in securities		2,721,813			2,752,772
Investments in subsidiaries and affiliates		1,889,205			1,965,714
Long-term loans		322,276			199,730
Deferred tax assets		197,245			136,183
Others		141,025			138,823
Less: allowance for doubtful accounts		(21,600	)		(21,700	)
Total investments and other assets		5,249,966			5,171,524
Total fixed assets		6,450,425			6,302,136
Total assets		9,593,164			10,612,765

23

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

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

	(Amount: million yen)
	FY2011 (March 31, 2011)			FY2012 (March 31, 2012)
Liabilities
Current liabilities
Trade notes payable		674			39
Electronically recorded obligations-operating		—			279,916
Trade accounts payable		390,907			823,201
Short-term borrowings		10,000			160,000
Current portion of long-term borrowings		163,800			65,000
Current portion of bonds		—			150,000
Other payables		308,458			322,054
Accrued expenses		741,604			794,039
Deposits received		449,748			663,112
Others		29,845			44,965
Total current liabilities		2,095,039			3,302,328
Long-term liabilities
Bonds		530,000			380,000
Long-term borrowings		145,147			9,982
Allowance for retirement benefits		269,541			273,356
Others		15,037			12,431
Total long-term liabilities		959,725			675,770
Total liabilities		3,054,765			3,978,099
Net assets
Shareholders’ equity
Common stock		397,049			397,049
Capital surplus
Capital reserve		416,970			416,970
Other capital surplus		1,132			—
Total capital surplus		418,103			416,970
Retained earnings
Legal reserve		99,454			99,454
Other retained earnings
Reserve for special depreciation		1,194			885
Reserve for reduction of acquisition cost of fixed assets		8,956			9,641
General reserve		6,340,926			6,340,926
Retained earnings carried forward		316,890			148,968
Total retained earnings		6,767,422			6,599,875
Less: treasury stock		(1,279,668	)		(1,152,142	)
Total shareholders’ equity		6,302,907			6,261,754
Valuation and translation adjustments
Net unrealized gains on other securities		224,485			362,114
Total valuation and translation adjustments		224,485			362,114
Stock acquisition rights		11,006			10,797
Total net assets		6,538,399			6,634,666
Total liabilities and net assets		9,593,164			10,612,765

24

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

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

(2) Statements of Income

	(Amount: million yen)
	FY2011 (April 1, 2010 through March 31, 2011)			FY2012 (April 1, 2011 through March 31, 2012)
Net revenues		8,242,830			8,241,176
Cost of sales		7,601,036			7,742,254
Gross profit		641,794			498,922
Selling, general and administrative expenses		1,122,733			938,728
Operating loss		(480,938	)		(439,805	)
Non-operating income
Interest income		31,262			30,752
Dividend income		331,293			475,206
Others		160,760			96,944
Total non-operating income		523,316			602,903
Non-operating expenses
Interest expenses		15,138			12,477
Others		74,251			127,521
Total non-operating expenses		89,390			139,999
Ordinary income (loss)		(47,012	)		23,098
Income (loss) before income taxes		(47,012	)		23,098
Income taxes – current		16,500			15,800
Income taxes – deferred		(116,277	)		(28,546	)
Total income taxes		(99,777	)		(12,746	)
Net income		52,764			35,844

25

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

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

(3) Changes in Net Assets

	(Amount: million yen)
	FY2011 (April 1, 2010 through March 31, 2011)			FY2012 (April 1, 2011 through March 31, 2012)
Shareholders’ equity
Common stock
Balance at the beginning of current period		397,049			397,049
Balance at the end of current period		397,049			397,049
Capital surplus
Capital reserve
Balance at the beginning of current period		416,970			416,970
Balance at the end of current period		416,970			416,970
Other capital surplus
Balance at the beginning of current period		1,132			1,132
Changes of items during the period
Reissuance of common stock		—			(1,132	)
Total changes of items during the period		—			(1,132	)
Balance at the end of current period		1,132			—
Total capital surplus
Balance at the beginning of current period		418,103			418,103
Changes of items during the period
Reissuance of common stock		—			(1,132	)
Total changes of items during the period		—			(1,132	)
Balance at the end of current period		418,103			416,970
Retained earnings
Legal reserve
Balance at the beginning of current period		99,454			99,454
Balance at the end of current period		99,454			99,454
Other retained earnings
Reserve for losses on overseas investments
Balance at the beginning of current period		12			—
Changes of items during the period
Reversal of reserve for losses on overseas investments		(12	)		—
Total changes of items during the period		(12	)		—
Balance at the end of current period		—			—
Reserve for special depreciation
Balance at the beginning of current period		1,791			1,194
Changes of items during the period
Appropriation to reserve for special depreciation		188			125
Reversal of reserve for special depreciation		(786	)		(434	)
Total changes of items during the period		(597	)		(308	)
Balance at the end of current period		1,194			885

26

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

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

	(Amount: million yen)
	FY2011 (April 1, 2010 through March 31, 2011)			FY2012 (April 1, 2011 through March 31, 2012)
Reserve for reduction of acquisition cost of fixed assets
Balance at the beginning of current period		8,462			8,956
Changes of items during the period
Appropriation to reserve for reduction of acquisition cost of fixed assets		516			705
Reversal of reserve for reduction of acquisition cost of fixed assets		(21	)		(21	)
Total changes of items during the period		494			684
Balance at the end of current period		8,956			9,641
General reserve
Balance at the beginning of current period		6,340,926			6,340,926
Balance at the end of current period		6,340,926			6,340,926
Retained earnings carried forward
Balance at the beginning of current period		405,130			316,890
Changes of items during the period
Reversal of reserve for losses on overseas investments		12			—
Appropriation to reserve for special depreciation		(188	)		(125	)
Reversal of reserve for special depreciation		786			434
Appropriation to reserve for reduction of acquisition cost of fixed assets		(516	)		(705	)
Reversal of reserve for reduction of acquisition cost of fixed assets		21			21
Dividends paid		(141,119	)		(156,784	)
Net income		52,764			35,844
Reissuance of common stock		—			(46,607	)
Total changes of items during the period		(88,239	)		(167,922	)
Balance at the end of current period		316,890			148,968
Total retained earnings
Balance at the beginning of current period		6,855,777			6,767,422
Changes of items during the period
Reversal of reserve for losses on overseas investments		—			—
Appropriation to reserve for special depreciation		—			—
Reversal of reserve for special depreciation		—			—
Appropriation to reserve for reduction of acquisition cost of fixed assets		—			—
Reversal of reserve for reduction of acquisition cost of fixed assets		—			—
Dividends paid		(141,119	)		(156,784	)
Net income		52,764			35,844
Reissuance of common stock		—			(46,607	)
Total changes of items during the period		(88,355	)		(167,546	)
Balance at the end of current period		6,767,422			6,599,875
Treasury stock
Balance at the beginning of current period		(1,278,708	)		(1,279,668	)
Changes of items during the period
Purchase of common stock		(960	)		(115	)
Reissuance of common stock		—			127,642
Total changes of items during the period		(960	)		127,526
Balance at the end of current period		(1,279,668	)		(1,152,142	)

27

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

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

	(Amount: million yen)
	FY2011 (April 1, 2010 through March 31, 2011)			FY2012 (April 1, 2011 through March 31, 2012)
Total shareholders’ equity
Balance at the beginning of current period		6,392,222			6,302,907
Changes of items during the period
Dividends paid		(141,119	)		(156,784	)
Net income		52,764			35,844
Purchase of common stock		(960	)		(115	)
Reissuance of common stock		—			79,902
Total changes of items during the period		(89,315	)		(41,152	)
Balance at the end of current period		6,302,907			6,261,754
Valuation and translation adjustments
Net unrealized gains on other securities
Balance at the beginning of current period		236,133			224,485
Changes of items during the period
Net changes of items other than shareholders’ equity		(11,648	)		137,628
Total changes of items during the period		(11,648	)		137,628
Balance at the end of current period		224,485			362,114
Deferred hedge gains or losses
Balance at the beginning of current period		186			—
Changes of items during the period
Net changes of items other than shareholders’ equity		(186	)		—
Total changes of items during the period		(186	)		—
Balance at the end of current period		—			—
Total valuation and translation adjustments
Balance at the beginning of current period		236,319			224,485
Changes of items during the period
Net changes of items other than shareholders’ equity		(11,834	)		137,628
Total changes of items during the period		(11,834	)		137,628
Balance at the end of current period		224,485			362,114
Stock acquisition rights
Balance at the beginning of current period		9,149			11,006
Changes of items during the period
Net changes of items other than shareholders’ equity		1,857			(208	)
Total changes of items during the period		1,857			(208	)
Balance at the end of current period		11,006			10,797
Total net assets
Balance at the beginning of current period		6,637,692			6,538,399
Changes of items during the period
Dividends paid		(141,119	)		(156,784	)
Net income		52,764			35,844
Purchase of common stock		(960	)		(115	)
Reissuance of common stock		—			79,902
Net changes of items other than shareholders’ equity		(9,977	)		137,420
Total changes of items during the period		(99,292	)		96,267
Balance at the end of current period		6,538,399			6,634,666

28

TOYOTA MOTOR CORPORATION    FY2012 Financial Summary

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

(4) Going Concern Assumption

None

29