EX-99.1 2 ss76705_ex9901.txt FY2010 SECOND QUARTER FINANCIAL SUMMARY FINANCIAL SUMMARY (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) FY2010 Second Quarter (April 1, 2009 through September 30, 2009) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION Cautionary Statement This report contains summarized and condensed financial information prepared in accordance with accounting principles generally accepted in the United States of America. Certain prior year amounts have been reclassified to conform to the presentations for the current quarterly financial statements. FY2010 Second Quarter Consolidated Financial Results (All 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 November 5, 2009 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 : http://www.toyota.co.jp Representative : Akio Toyoda, President Contact person : Takuo Sasaki, Managing Officer Tel. (0565)28-2121 Filing date of quarterly securities report : November 12, 2009 Payment date of cash dividends : November 26, 2009
(Amounts are rounded to the nearest million yen) 1. Consolidated Results for FY2010 First Half (April 1, 2009 through September 30, 2009) (1) Consolidated financial results (For the six months ended September 30) (% of change from previous first half) --------------------------------------------------------------------------------------------------------------------------------- Income before income taxes Net revenues Operating income and equity in earnings of affiliated companies --------------------------------------------------------------------------------------------------------------------------------- Million yen % Million yen % Million yen % FY2010 first half 8,377,643 -31.3 -136,859 -- -62,975 -- FY2009 first half 12,190,405 -6.3 582,068 -54.2 636,487 -53.3 --------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net income per share Net income per share - Basic - Diluted -------------------------------------------------------------------------------- Yen Yen FY2010 first half -- -- FY2009 first half -- -- -------------------------------------------------------------------------------- Net income attributable to Toyota Motor Corporation*: FY2010 first half - 55,986 million yen, FY2009 first half 493,469 million yen Net income attributable to Toyota Motor Corporation per share - Basic*: FY2010 first half -17.85 yen, FY2009 first half 156.92 yen Net income attributable to Toyota Motor Corporation per share - Diluted*: FY2010 first half -17.85 yen, FY2009 first half 156.90 yen *"Net income attributable to Toyota Motor Corporation" is equivalent to "Net income" up to FY2009.
(2) Consolidated financial position --------------------------------------------------------------------------------------------------------------------------------- Ratio of Total assets Toyota Motor Corporation Toyota Motor Corporation Toyota Motor Corporation shareholders' equity shareholders' equity shareholders' equity per share --------------------------------------------------------------------------------------------------------------------------------- Million yen Million yen % Yen FY2010 second quarter 28,538,759 9,973,659 34.9 3,180.36 FY2009 29,062,037 10,061,207 34.6 3,208.41 ---------------------------------------------------------------------------------------------------------------------------------
2. Cash dividends --------------------------------------------------------------------------------------------------------------------------------- Cash dividends per share --------------------------------------------------------------------------------------------------------------------------------- End of first quarter End of second quarter End of third quarter Year-end Total --------------------------------------------------------------------------------------------------------------------------------- Yen Yen Yen Yen Yen FY2009 -- 65.00 -- 35.00 100.00 FY2010 -- 20.00 ------ ------ ------ --------------------------------------------------------------------------------------------------------------------------------- FY2010 (forecast) ------ ------ -- -- -- --------------------------------------------------------------------------------------------------------------------------------- (Note) Revisions to the forecast of cash dividends in the current quarter: none
3. Forecast of consolidated results for FY2010 (April 1, 2009 through March 31, 2010) (% of change from FY2009) --------------------------------------------------------------------------------------------------------------------------------- Income before income taxes Net revenues Operating income and equity in earnings of affiliated companies --------------------------------------------------------------------------------------------------------------------------------- Million yen % Million yen % Million yen % FY2010 18,000,000 -12.3 -350,000 -- -300,000 -- --------------------------------------------------------------------------------------------------------------------------------- (Note) Revisions to the forecast of consolidated results in the current quarter: yes Net income attributable to Toyota Motor Corporation*: FY2010 -200,000 million yen Net income attributable to Toyota Motor Corporation per share - Basic*: FY2010 -63.78 yen *"Net income attributable to Toyota Motor Corporation" is equivalent to "Net income" up to FY2009.
1 4. Others (1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries that caused a change in the scope of consolidation): none (2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements: yes Note: For more details, please see page 5 "4.Other". (3) Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements (i) Changes by a newly issued accounting pronouncement: yes (ii) Changes other than (3)-(i) above: none Note: For more details, please see page 6 "4.Other". (4) Number of shares issued and outstanding (common stock) (i) Number of shares issued and outstanding at the end of each period (including treasury stock): FY2010 second quarter 3,447,997,492 shares, FY2009 3,447,997,492 shares (ii) Number of treasury stock at the end of each period: FY2010 second quarter 311,982,663 shares, FY2009 312,115,017 shares (iii) Average number of shares issued and outstanding in each period: FY2010 first half 3,135,967,997 shares, FY2009 first half 3,144,638,556 shares Cautionary Statement with Respect to Forward-Looking Statements This report contains forward-looking statements that reflect Toyota's forecasts for consolidated results. 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: (i) 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; (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; (iii) changes in funding environment in financial markets; (iv) Toyota's ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (v) 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 trade, environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies that affect Toyota's other operations, including the outcome of future litigation and other legal proceedings; (vi) political instability in the markets in which Toyota operates; (vii) Toyota's ability to timely develop and achieve market acceptance of new products; and (viii) 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. This report contains summarized and condensed financial information prepared in accordance with accounting principles generally accepted in the United States of America. Certain prior year amounts have been reclassified to conform to the presentations for the current quarterly financial statements. 2 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 1. Qualitative Information Concerning Consolidated Financial Results for FY2010 First Half (1)Financial Results Consolidated vehicle unit sales in Japan and overseas decreased by 1,120 thousand units, or 26.4%, to 3,130 thousand units in FY2010 first half (For the six months ended September 30, 2009) compared with FY2009 first half (For the six months ended September 30, 2008). Vehicle unit sales in Japan decreased by 113 thousand units, or 11.2%, to 903 thousand units in FY2010 first half compared with FY2009 first half. Meanwhile, overseas vehicle unit sales also decreased by 1,007 thousand units, or 31.1%, to 2,227 thousand units in FY2010 first half compared with FY2009 first half. As for the results of operations, net revenues decreased by 3,812.8 billion yen, or 31.3%, to 8,377.6 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 718.9 billion yen to an operating loss of 136.9 billion yen in FY2010 first half compared with FY2009 first half. Among the factors contributing to an increase in operating income were the effects of reduction in fixed costs of 390.0 billion yen and cost reduction efforts of 210.0 billion yen. On the other hand, factors resulting in the decrease in operating income primarily included the effects of sales volume and mix of 910.0 billion yen, changes in exchange rates of 320.0 billion yen, and other factors of 88.9 billion yen. Income before income taxes and equity in earnings of affiliated companies decreased by 699.4 billion yen to a loss of 63.0 billion yen in FY2010 first half compared with FY2009 first half. Net income attributable to Toyota Motor Corporation decreased by 549.4 billion yen to a loss of 56.0 billion yen in FY2010 first half compared with FY2009 first half. * "Net income attributable to Toyota Motor Corporation" is equivalent to "Net income" up to FY2009. (2)Segment Operating Results (i) Automotive: Net revenues for the automotive operations decreased by 3,639.4 billion yen, or 32.6%, to 7,521.3 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 726.3 billion yen to an operating loss of 260.4 billion yen in FY2010 first half compared with FY2009 first half. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales and the effects of changes in exchange rates, despite the effects of reduction in fixed costs and cost reduction efforts. (ii) Financial services: Net revenues for the financial services operations decreased by 105.6 billion yen, or 14.3%, to 632.1 billion yen in FY2010 first half compared with FY2009 first half. However, operating income increased by 17.2 billion yen, or 16.0%, to 124.4 billion yen in FY2010 first half compared with FY2009 first half. The increase in operating income was mainly due to decreases in the provision for credit losses, net charge-offs and allowance for residual value losses, and higher interest margins in financing in sales finance subsidiaries. (iii) All other: Net revenues for all other businesses decreased by 173.2 billion yen, or 28.7%, to 429.2 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 11.4 billion yen, or 96.6%, to 0.4 billion yen in FY2010 first half compared with FY2009 first half. 3 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (3) Geographic Information (i) Japan: Net revenues in Japan decreased by 2,369.2 billion yen, or 32.9%, to 4,838.1 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 579.4 billion yen to an operating loss of 257.7 billion yen in FY2010 first half compared with FY2009 first half. The decrease in operating income was mainly due to decreases in both production volume and vehicle exports, and the effects of changes in exchange rates, despite the effects of reduction in fixed costs and cost reduction efforts. (ii) North America: Net revenues in North America decreased by 1,358.7 billion yen, or 34.4%, to 2,594.3 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 7.4 billion yen, or 21.4%, to 26.9 billion yen in FY2010 first half compared with FY2009 first half. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales, despite decreases in the provision for credit losses, net charge-offs and allowance for residual value losses, and higher interest margins in financing in sales finance subsidiaries. (iii) Europe: Net revenues in Europe decreased by 704.5 billion yen, or 39.5%, to 1,079.4 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 27.3 billion yen to an operating loss of 18.6 billion yen in FY2010 first half compared with FY2009 first half. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales. (iv) Asia: Net revenues in Asia decreased by 542.1 billion yen, or 33.3%, to 1,083.9 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 71.8 billion yen, or 52.3%, to 65.4 billion yen in FY2010 first half compared with FY2009 first half. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales. (v) Other (Central and South America, Oceania and Africa): Net revenues in other regions decreased by 488.5 billion yen, or 40.0%, to 732.9 billion yen in FY2010 first half compared with FY2009 first half, and operating income decreased by 38.5 billion yen, or 48.6% to 40.6 billion yen in FY2010 first half compared with FY2009 first half. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales. 2. Qualitative Information Concerning Consolidated Financial Position for FY2010 First Half Cash flows from operating activities resulted in an increase in cash by 1,567.9 billion yen in FY2010 first half. Net cash provided by operating activities increased by 54.2 billion yen from 1,513.7 billion yen in FY2009 first half. Cash flows from investing activities resulted in a decrease in cash by 698.7 billion yen in FY2010 first half. Net cash used in investing activities decreased by 798.7 billion yen from 1,497.4 billion yen in FY2009 first half. Cash flows from financing activities resulted in a decrease in cash by 616.7 billion yen in FY2010 first half. Net cash provided by financing activities decreased by 815.2 billion yen from 198.5 billion yen in FY2009 first half. After taking into account the effect of changes in exchange rates, cash and cash equivalents increased by 208.3 billion yen, or 8.5%, to 2,652.5 billion yen at the end of FY2010 first half compared with the end of FY2009. 4 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 3. Qualitative Information Concerning Forecast of Consolidated Financial Results for FY2010 Reflecting the upward revision of our sales plan based on our recent business performance and favorable results obtained from a variety of measures for profit improvement, the current forecast of consolidated financial results for FY2010 (April 1, 2009 through March 31, 2010) is set forth below. This forecast assumes average exchange rates through the fiscal year of 93 yen per US$1 and 132 yen per 1 Euro. Forecast of consolidated results for FY2010 Net revenues 18,000.0 billion yen (a decrease of 12.3% compared with FY2009) Operating loss (350.0) billion yen (a decrease of -- compared with FY2009) Loss before income taxes and equity in earnings of affiliated companies (300.0) billion yen (a decrease of -- compared with FY2009) Net loss attributable to Toyota Motor Corporation (200.0) billion yen (a decrease of -- compared with FY2009) *"Net loss attributable to Toyota Motor Corporation" is equivalent to "Net loss" up to FY2009.
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. When using the forecast of financial results, please refer to the Cautionary Statement with Respect to Forward-Looking Statements on page 2. 4. Other (1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries that caused a change in the scope of consolidation) None (2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements Provision for income taxes The provision for income taxes is computed by multiplying income before income taxes and equity in earnings of affiliated companies by estimated annual effective tax rates. These estimated effective tax rates reflect anticipated investment tax credits, foreign tax credits and other items including changes in valuation allowances, that affect estimated effective tax rates. 5 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (3) Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements In December 2007, the Financial Accounting Standards Board ("FASB") issued updated guidance of accounting for and disclosure of business combinations. This guidance establishes principles and requirements for how the acquirer recognizes and measures the identifiable assets acquired, the liabilities assumed, any noncontrolling interest, and the goodwill acquired in a business combination or a gain from a bargain purchase. Also, this guidance provides several new disclosure requirements that enable users of the financial statements to evaluate the nature and financial effects of the business combination. Toyota and its consolidated subsidiaries ("Toyota") adopted this guidance from the business combinations on and after the beginning of fiscal year begun on or after December 15, 2008. The adoption of this guidance did not have a material impact on Toyota's quarterly consolidated financial statements. In December 2007, FASB issued updated guidance of accounting for and disclosure of consolidation. This guidance establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Toyota adopted this guidance from the interim period within the fiscal year begun on or after December 15, 2008. As a result, noncontrolling interest, formerly reported as minority interest, is reported as shareholders' equity in the quarterly consolidated balance sheets, and the amount of net income attributable to the parent and to the noncontrolling interest are identified and presented in the quarterly consolidated statements of income. Since the presentation and disclosure requirements have been applied retrospectively for all periods presented in the consolidated financial statements in which this guidance is applied, certain prior year amounts have been reclassified to conform to this guidance. The adoption of this guidance did not have a material impact on Toyota's quarterly consolidated financial statements. In April 2009, FASB issued updated guidance of accounting for and disclosure of investments. This guidance revises the recognition and presentation requirements for other-than-temporary impairments of debt securities, and contains additional disclosure requirements related to debt and equity securities. Toyota adopted this guidance from the interim period ended after June 15, 2009. The adoption of this guidance did not have a material impact on Toyota's quarterly consolidated financial statements. In May 2009, FASB issued updated guidance of accounting for and disclosure of subsequent events. This guidance is intended to establish general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Toyota adopted this guidance from the interim period ended after June 15, 2009. The adoption of this guidance did not have a material impact on Toyota's quarterly consolidated financial statements. 6 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 5. Consolidated Production and Sales (1) Production (Units) ------------------------------------------ --------------------------- ---------------------------- --------------------------- FY2009 first half FY2010 first half Business segment (April 1, 2008 through (April 1, 2009 through Increase September 30, 2008) September 30, 2009) (Decrease) ------------------------------------------ --------------------------- ---------------------------- --------------------------- Japan 2,450,845 1,708,872 (741,973) North America 562,400 452,119 (110,281) Europe 294,578 206,420 (88,158) Automotive Asia 521,122 427,967 (93,155) Other 260,210 159,401 (100,809) ----------------- --------------------------- ---------------------------- --------------------------- Total 4,089,155 2,954,779 (1,134,376) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- Other Housing 2,326 1,943 (383) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- ------------------------------------------ --------------------------- ---------------------------- --------------------------- FY2009 second quarter FY2010 second quarter Business segment (July 1, 2008 through (July 1, 2009 through Increase September 30, 2008) September 30, 2009) (Decrease) ------------------------------------------ --------------------------- ---------------------------- --------------------------- Japan 1,197,909 946,918 (250,991) North America 236,766 250,704 13,938 Europe 126,483 113,729 (12,754) Automotive Asia 258,734 236,222 (22,512) Other 132,072 87,701 (44,371) ----------------- --------------------------- ---------------------------- --------------------------- Total 1,951,964 1,635,274 (316,690) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- Other Housing 1,424 1,155 (269) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- 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) ------------------------------------------ --------------------------- ---------------------------- --------------------------- FY2009 first half FY2010 first half Business segment (April 1, 2008 through (April 1, 2009 through Increase September 30, 2008) September 30, 2009) (Decrease) ------------------------------------------ --------------------------- ---------------------------- --------------------------- Japan 1,016,352 902,804 (113,548) North America 1,357,569 904,469 (453,100) Europe 578,100 434,911 (143,189) Automotive Asia 510,201 422,499 (87,702) Other 788,764 465,317 (323,447) ----------------- --------------------------- ---------------------------- --------------------------- Total 4,250,986 3,130,000 (1,120,986) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- Other Housing 2,436 2,059 (377) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- ------------------------------------------ --------------------------- ---------------------------- --------------------------- FY2009 second quarter FY2010 second quarter Business segment (July 1, 2008 through (July 1, 2009 through Increase September 30, 2008) September 30, 2009) (Decrease) ------------------------------------------ --------------------------- ---------------------------- --------------------------- Japan 503,478 495,761 (7,717) North America 628,890 517,391 (111,499) Europe 277,102 222,374 (54,728) Automotive Asia 247,922 227,920 (20,002) Other 407,071 265,638 (141,433) ----------------- --------------------------- ---------------------------- --------------------------- Total 2,064,463 1,729,084 (335,379) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- Other Housing 1,520 1,285 (235) ------------------------ ----------------- --------------------------- ---------------------------- --------------------------- 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 FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 6. Quarterly Consolidated Financial Statements (1) Quarterly Consolidated Balance Sheets (Amount: million yen) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- FY2010 second quarter FY2009 (As of September 30, (As of March 31, Increase 2009) 2009) (Decrease) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- Assets Current assets: Cash and cash equivalents 2,652,505 2,444,280 208,225 Time deposits 119,407 45,178 74,229 Marketable securities 769,694 495,326 274,368 Trade accounts and notes receivable, 1,482,453 1,392,749 89,704 less allowance for doubtful accounts Finance receivables, net 3,660,937 3,891,406 (230,469) Other receivables 374,952 332,722 42,230 Inventories 1,460,746 1,459,394 1,352 Deferred income taxes 502,884 605,331 (102,447) Prepaid expenses and other current assets 577,284 632,543 (55,259) ------------------------- ------------------------ --------------------- Total current assets 11,600,862 11,298,929 301,933 ------------------------- ------------------------ --------------------- Noncurrent finance receivables, net 5,518,942 5,655,545 (136,603) Investments and other assets: Marketable securities and other securities 2,065,646 2,102,874 (37,228) investments Affiliated companies 1,773,943 1,826,375 (52,432) Employees receivables 67,683 69,523 (1,840) Other 642,922 707,110 (64,188) ------------------------- ------------------------ --------------------- Total investments and other assets 4,550,194 4,705,882 (155,688) ------------------------- ------------------------ --------------------- Property, plant and equipment: Land 1,259,964 1,257,409 2,555 Buildings 3,659,415 3,633,954 25,461 Machinery and equipment 9,259,214 9,201,093 58,121 Vehicles and equipment on operating leases 2,515,682 2,836,881 (321,199) Construction in progress 182,741 263,602 (80,861) ------------------------- ------------------------ --------------------- Subtotal 16,877,016 17,192,939 (315,923) ------------------------- ------------------------ --------------------- Less - Accumulated depreciation (10,008,255) (9,791,258) (216,997) ------------------------- ------------------------ --------------------- Total property, plant and equipment, net 6,868,761 7,401,681 (532,920) ------------------------- ------------------------ --------------------- Total assets 28,538,759 29,062,037 (523,278) ------------------------- ------------------------ --------------------- ----------------------------------------------------------- ------------------------- ------------------------ ---------------------
8 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (Amount: million yen) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- FY2010 second quarter FY2009 (As of September 30, (As of March 31, Increase 2009) 2009) (Decrease) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- Liabilities Current liabilities: Short-term borrowings 2,764,714 3,617,672 (852,958) Current portion of long-term debt 2,290,493 2,699,512 (409,019) Accounts payable 1,677,912 1,299,455 378,457 Other payables 624,841 670,634 (45,793) Accrued expenses 1,515,150 1,540,681 (25,531) Income taxes payable 64,577 51,298 13,279 Other current liabilities 701,508 710,041 (8,533) ------------------------- ------------------------ --------------------- Total current liabilities 9,639,195 10,589,293 (950,098) ------------------------- ------------------------ --------------------- Long-term liabilities: Long-term debt 6,922,762 6,301,469 621,293 Accrued pension and severance costs 635,953 634,612 1,341 Deferred income taxes 633,349 642,293 (8,944) Other long-term liabilities 209,230 293,633 (84,403) ------------------------- ------------------------ --------------------- Total long-term liabilities 8,401,294 7,872,007 529,287 ------------------------- ------------------------ --------------------- Total liabilities 18,040,489 18,461,300 (420,811) ------------------------- ------------------------ --------------------- Shareholders' equity Toyota Motor Corporation shareholders' equity: Common stock, no par value, 397,050 397,050 -- authorized: 10,000,000,000 shares as of September 30, 2009 and March 31, 2009 issued: 3,447,997,492 shares as of September 30, 2009 and March 31, 2009 Additional paid-in capital 502,253 501,211 1,042 Retained earnings 11,365,880 11,531,622 (165,742) Accumulated other comprehensive income (loss) (1,031,171) (1,107,781) 76,610 Treasury stock, at cost, (1,260,353) (1,260,895) 542 311,982,663 shares as of September 30, 2009 and 312,115,017 shares as of March 31, 2009 ------------------------- ------------------------ --------------------- Total Toyota Motor Corporation shareholders' 9,973,659 10,061,207 (87,548) equity ------------------------- ------------------------ --------------------- Noncontrolling interest 524,611 539,530 (14,919) ------------------------- ------------------------ --------------------- Total shareholders' equity 10,498,270 10,600,737 (102,467) ------------------------- ------------------------ --------------------- Commitments and contingencies ------------------------- ------------------------ --------------------- Total liabilities and shareholders' equity 28,538,759 29,062,037 (523,278) ------------------------- ------------------------ --------------------- ----------------------------------------------------------- ------------------------- ------------------------ ---------------------
9 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (2) Quarterly Consolidated Statements of Income (First half for the six months ended September 30) (Amount: million yen) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- FY2009 first half FY2010 first half (Six months ended (Six months ended Increase September 30, 2008) September 30, 2009) (Decrease) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- Net revenues: Sales of products 11,463,710 7,755,905 (3,707,805) Financing operations 726,695 621,738 (104,957) ------------------------- ------------------------ --------------------- Total net revenues 12,190,405 8,377,643 (3,812,762) ------------------------- ------------------------ --------------------- Costs and expenses: Cost of products sold 9,903,833 7,212,394 (2,691,439) Cost of financing operations 431,367 364,530 (66,837) Selling, general and administrative 1,273,137 937,578 (335,559) ------------------------- ------------------------ --------------------- Total costs and expenses 11,608,337 8,514,502 (3,093,835) ------------------------- ------------------------ --------------------- Operating income (loss) 582,068 (136,859) (718,927) ------------------------- ------------------------ --------------------- Other income (expense): Interest and dividend income 78,410 39,967 (38,443) Interest expense (26,826) (19,165) 7,661 Foreign exchange gain, net 32,441 29,501 (2,940) Other income (loss), net (29,606) 23,581 53,187 ------------------------- ------------------------ --------------------- Total other income (expense) 54,419 73,884 19,465 ------------------------- ------------------------ --------------------- Income (loss) before income taxes and equity in earnings (losses) of 636,487 (62,975) (699,462) affiliated companies ------------------------- ------------------------ --------------------- Provision for income taxes 258,855 (53,502) (312,357) Equity in earnings (losses) of affiliated companies 144,138 (55,504) (199,642) ------------------------- ------------------------ --------------------- Net income (loss) 521,770 (64,977) (586,747) ------------------------- ------------------------ --------------------- Less: Net (income) loss attributable to the noncontrolling interest (28,301) 8,991 37,292 ------------------------- ------------------------ --------------------- Net income (loss) attributable to Toyota Motor Corporation 493,469 (55,986) (549,455) ------------------------- ------------------------ --------------------- ----------------------------------------------------------- ------------------------- ------------------------ --------------------- (Amount: yen) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- Net income (loss) attributable to Toyota Motor Corporation per share Basic 156.92 (17.85) (174.77) Diluted 156.90 (17.85) (174.75) ----------------------------------------------------------- ------------------------- ------------------------ ---------------------
10 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (Second quarter for the three months ended September 30) (Amount: million yen) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- FY2009 second quarter FY2010 second quarter (Three months ended (Three months ended Increase September 30, 2008) September 30, 2009) (Decrease) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- Net revenues: Sales of products 5,604,867 4,234,824 (1,370,043) Financing operations 370,408 306,742 (63,666) ------------------------- ------------------------ --------------------- Total net revenues 5,975,275 4,541,566 (1,433,709) ------------------------- ------------------------ --------------------- Costs and expenses: Cost of products sold 4,914,066 3,843,534 (1,070,532) Cost of financing operations 247,051 180,575 (66,476) Selling, general and administrative 644,681 459,453 (185,228) ------------------------- ------------------------ --------------------- Total costs and expenses 5,805,798 4,483,562 (1,322,236) ------------------------- ------------------------ --------------------- Operating income 169,477 58,004 (111,473) ------------------------- ------------------------ --------------------- Other income (expense): Interest and dividend income 36,498 17,192 (19,306) Interest expense (12,473) (10,365) 2,108 Foreign exchange gain, net 18,456 1,502 (16,954) Other income (loss), net (28,525) 9,200 37,725 ------------------------- ------------------------ --------------------- Total other income (expense) 13,956 17,529 3,573 ------------------------- ------------------------ --------------------- Income before income taxes and equity in earnings (losses) of 183,433 75,533 (107,900) affiliated companies ------------------------- ------------------------ --------------------- Provision for income taxes 84,189 (5,705) (89,894) Equity in earnings (losses) of affiliated companies 49,074 (59,050) (108,124) ------------------------- ------------------------ --------------------- Net income 148,318 22,188 (126,130) ------------------------- ------------------------ --------------------- Less: Net income attributable to the noncontrolling interest (8,508) (352) 8,156 ------------------------- ------------------------ --------------------- Net income attributable to Toyota Motor Corporation 139,810 21,836 (117,974) ------------------------- ------------------------ --------------------- ----------------------------------------------------------- ------------------------- ------------------------ --------------------- (Amount: yen) ----------------------------------------------------------- ------------------------- ------------------------ --------------------- Net income attributable to Toyota Motor Corporation per share Basic 44.53 6.96 (37.57) Diluted 44.52 6.96 (37.56) ----------------------------------------------------------- ------------------------- ------------------------ ---------------------
11 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (3) Quarterly Consolidated Statements of Cash Flows (Amount: million yen) --------------------------------------------------------------------------- --------------------------- ---------------------------- FY2009 first half FY2010 first half (Six months ended (Six months ended September 30, 2008) September 30, 2009) --------------------------------------------------------------------------- --------------------------- ---------------------------- Cash flows from operating activities: Net income (loss) 521,770 (64,977) Adjustments to reconcile quarterly net income (loss) to net cash provided by operating activities Depreciation 741,800 686,473 Provision for doubtful accounts and credit losses 92,300 50,455 Pension and severance costs, less payments (18,646) 10,613 Losses on disposal of fixed assets 23,163 16,266 Unrealized losses on available-for-sale securities, net 20,190 1,434 Deferred income taxes (55,351) 56,454 Equity in (earnings) losses of affiliated companies (144,138) 55,504 Changes in operating assets and liabilities, and other 332,688 755,774 --------------------------- ---------------------------- Net cash provided by operating activities 1,513,776 1,567,996 --------------------------- ---------------------------- Cash flows from investing activities: Additions to finance receivables (4,509,417) (3,894,467) Collection of and proceeds from sales of finance receivables 3,872,757 3,819,697 Additions to fixed assets excluding equipment leased to others (701,867) (329,231) Additions to equipment leased to others (636,947) (363,712) Proceeds from sales of fixed assets excluding equipment 27,722 24,124 leased to others Proceeds from sales of equipment leased to others 193,748 266,704 Purchases of marketable securities and security investments (361,976) (479,306) Proceeds from sales of and maturity of marketable securities and 502,991 323,216 security investments Payment for additional investments in affiliated companies, (45) -- net of cash acquired Changes in investments and other assets, and other 115,586 (65,809) --------------------------- ---------------------------- Net cash used in investing activities (1,497,448) (698,784) --------------------------- ---------------------------- Cash flows from financing activities: (Purchase) reissuance of common stock (69,835) 551 Proceeds from issuance of long-term debt 1,204,650 1,715,193 Payments of long-term debt (1,468,592) (1,404,922) Increase (decrease) in short-term borrowings 768,517 (817,786) Dividends paid (236,196) (109,756) --------------------------- ---------------------------- Net cash provided by (used in) financing activities 198,544 (616,720) --------------------------- ---------------------------- Effect of exchange rate changes on cash and cash equivalents 7,195 (44,267) --------------------------- ---------------------------- Net increase in cash and cash equivalents 222,067 208,225 --------------------------- ---------------------------- Cash and cash equivalents at beginning of period 1,628,547 2,444,280 --------------------------- ---------------------------- Cash and cash equivalents at end of period 1,850,614 2,652,505 --------------------------- ---------------------------- --------------------------------------------------------------------------- --------------------------- ---------------------------- Note: In the Quarterly 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.
(4) Going Concern Assumption None 12 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (5) Segment Information (i)Segment operating results FY2009 first half (Six months ended September 30, 2008) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Automotive Financial Services All Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 11,151,818 726,695 311,892 -- 12,190,405 (2) Intersegment sales 8,932 11,043 290,506 (310,481) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 11,160,750 737,738 602,398 (310,481) 12,190,405 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 10,694,812 630,480 590,599 (307,554) 11,608,337 ------------------------------------------------------------------------------------------------------------------------------------ Operating income 465,938 107,258 11,799 (2,927) 582,068 ------------------------------------------------------------------------------------------------------------------------------------ FY2010 first half (Six months ended September 30, 2009) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Automotive Financial Services All Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 7,515,943 621,738 239,962 -- 8,377,643 (2) Intersegment sales 5,362 10,378 189,253 (204,993) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,521,305 632,116 429,215 (204,993) 8,377,643 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 7,781,746 507,687 428,812 (203,743) 8,514,502 ------------------------------------------------------------------------------------------------------------------------------------ Operating income (loss) (260,441) 124,429 403 (1,250) (136,859) ------------------------------------------------------------------------------------------------------------------------------------
13 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) FY2009 second quarter (Three months ended September 30, 2008) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Automotive Financial Services All Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 5,436,077 370,408 168,790 -- 5,975,275 (2) Intersegment sales 3,726 4,157 145,442 (153,325) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 5,439,803 374,565 314,232 (153,325) 5,975,275 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 5,306,210 346,441 305,395 (152,248) 5,805,798 ------------------------------------------------------------------------------------------------------------------------------------ Operating income 133,593 28,124 8,837 (1,077) 169,477 ------------------------------------------------------------------------------------------------------------------------------------ FY2010 second quarter (Three months ended September 30, 2009) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Automotive Financial Services All Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 4,105,872 306,742 128,952 -- 4,541,566 (2) Intersegment sales 2,466 5,225 96,114 (103,805) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,108,338 311,967 225,066 (103,805) 4,541,566 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 4,129,642 237,155 220,117 (103,352) 4,483,562 ------------------------------------------------------------------------------------------------------------------------------------ Operating income (loss) (21,304) 74,812 4,949 (453) 58,004 ------------------------------------------------------------------------------------------------------------------------------------
14 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (ii) Geographic information FY2009 first half (Six months ended September 30, 2008) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Japan North America Europe Asia Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 4,114,297 3,875,542 1,703,704 1,453,771 1,043,091 -- 12,190,405 (2) Intersegment sales 3,093,075 77,456 80,199 172,255 178,256 (3,601,241) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,207,372 3,952,998 1,783,903 1,626,026 1,221,347 (3,601,241) 12,190,405 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 6,885,599 3,918,733 1,775,165 1,488,770 1,142,289 (3,602,219) 11,608,337 ------------------------------------------------------------------------------------------------------------------------------------ Operating income 321,773 34,265 8,738 137,256 79,058 978 582,068 ------------------------------------------------------------------------------------------------------------------------------------ FY2010 first half (Six months ended September 30, 2009) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Japan North America Europe Asia Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 3,089,631 2,552,830 1,048,171 1,001,729 685,282 -- 8,377,643 (2) Intersegment sales 1,748,496 41,520 31,237 82,161 47,638 (1,951,052) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,838,127 2,594,350 1,079,408 1,083,890 732,920 (1,951,052) 8,377,643 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 5,095,797 2,567,422 1,098,048 1,018,466 692,323 (1,957,554) 8,514,502 ------------------------------------------------------------------------------------------------------------------------------------ Operating income (loss) (257,670) 26,928 (18,640) 65,424 40,597 6,502 (136,859) ------------------------------------------------------------------------------------------------------------------------------------ Note: "Other" consists of Central and South America, Oceania and Africa.
15 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) FY2009 second quarter (Three months ended September 30, 2008) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Japan North America Europe Asia Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 2,084,354 1,827,273 831,846 734,638 497,164 -- 5,975,275 (2) Intersegment sales 1,462,166 34,586 35,894 93,040 95,539 (1,721,225) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 3,546,520 1,861,859 867,740 827,678 592,703 (1,721,225) 5,975,275 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 3,441,909 1,896,768 879,290 759,792 558,097 (1,730,058) 5,805,798 ------------------------------------------------------------------------------------------------------------------------------------ Operating income (loss) 104,611 (34,909) (11,550) 67,886 34,606 8,833 169,477 ------------------------------------------------------------------------------------------------------------------------------------ FY2010 second quarter (Three months ended September 30, 2009) (Amount: million yen) ------------------------------------------------------------------------------------------------------------------------------------ Intersegment Japan North America Europe Asia Other Elimination Consolidated ------------------------------------------------------------------------------------------------------------------------------------ Net revenues: (1) Sales to external customers 1,690,853 1,397,440 548,116 543,789 361,368 -- 4,541,566 (2) Intersegment sales 965,467 21,680 16,219 45,992 28,246 (1,077,604) -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,656,320 1,419,120 564,335 589,781 389,614 (1,077,604) 4,541,566 ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses 2,701,988 1,388,555 562,588 551,259 366,400 (1,087,228) 4,483,562 ------------------------------------------------------------------------------------------------------------------------------------ Operating income (loss) (45,668) 30,565 1,747 38,522 23,214 9,624 58,004 ------------------------------------------------------------------------------------------------------------------------------------ Note: "Other" consists of Central and South America, Oceania and Africa.
16 TOYOTA MOTOR CORPORATION FY2010 Second Quarter Financial Summary (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (6) Significant Changes in Shareholders' Equity None 17