FINANCIAL SUMMARY

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

FY2015 First Quarter

(April 1, 2014 through June 30, 2014)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

            FY2015 First Quarter Consolidated Financial Results

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

English translation from the original Japanese-language document

August 5, 2014

Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo, Nagoya, Sapporo and Fukuoka Stock Exchanges in Japan
Code number	:	7203
URL Representative	: :	http://www.toyota.co.jp Akio Toyoda, President
Contact person	:	Hiroshi Nishida, Project General Manager, Accounting Division Tel. (0565)28-2121
Filing date of quarterly securities report	:	August 8, 2014
Payment date of cash dividends	:	—
Supplemental materials prepared for quarterly financial results	:	yes
Earnings announcement for quarterly financial results	:	yes

(Amounts are rounded to the nearest million yen)

1. Consolidated Results for FY2015 First Quarter (April 1, 2014 through June 30, 2014)

(1) Consolidated financial results (For the three months ended June 30)

	(% of change from previous first quarter)
	Net revenues				Operating income				Quarterly income before income taxes and equity in earnings  of affiliated companies				Quarterly net income attributable to Toyota Motor Corporation
	Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2015 first quarter		6,390,688		2.2		692,728		4.4		771,826		6.6		587,774		4.6
FY2014 first quarter		6,255,319		13.7		663,383		87.9		724,163		74.4		562,194		93.6

(Note)  Quarterly comprehensive income: FY2015 first quarter 584,618 million yen (-40.7 %), FY2014 first quarter 985,532 million yen (— %)

	Quarterly net income attributable to Toyota Motor Corporation per share – Basic		Quarterly net income attributable to Toyota Motor Corporation per share – Diluted
	Yen		Yen
FY2015 first quarter		185.43		185.34
FY2014 first quarter		177.45		177.32

(2) Consolidated financial position

	Total assets		Shareholders’ equity		Toyota Motor  Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity
	Million yen		Million yen		Million yen		%
FY2015 first quarter		41,455,717		15,458,288		14,714,033		35.5
FY2014		41,437,473		15,218,987		14,469,148		34.9

2. Cash Dividends

	Annual cash dividends per share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2014		—		65.00		—		100.00		165.00
FY2015		—
FY2015 (forecast)				—		—		—		—

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

3. Forecast of Consolidated Results for FY2015 (April 1, 2014 through March 31, 2015)

	(% of change from FY2014)
	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
Full-year		25,700,000		0.0		2,300,000		0.3		2,390,000		-2.1		1,780,000		-2.4		561.54

(Note) Revisions to the forecast of consolidated results since the latest announcement: none

Notes

(1) Changes in significant subsidiaries during the current quarter

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

(2) Simplified accounting procedures and specific accounting procedures: yes

Note: For more details, please see page 5 “Other Information”.

(3) Changes in accounting policies

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

(ii) Changes other than (3)-(i) above: none

Note: For more details, please see page 5 “Other Information”.

(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): FY2015 first quarter 3,417,997,492 shares, FY2014 3,447,997,492 shares

(ii) Number of treasury stock at the end of each period: FY2015 first quarter 248,146,459 shares,

FY2014 278,231,473 shares

(iii) Average number of shares issued and outstanding in each period: FY2015 first quarter 3,169,812,004 shares,

FY2014 first quarter 3,168,225,188 shares

Information Regarding the Quarterly Review Procedures

At the time of disclosure of this report, the procedures for review of quarterly consolidated 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) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

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

This report contains summarized and condensed financial information prepared in accordance with U.S. generally accepted accounting principles.

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

TABLE OF CONTENTS

1.   Qualitative Information Concerning Consolidated Financial Results for FY2015 First Quarter	2
(1) Financial Results	2
(2) Segment Operating Results	2
(3) Geographic Information	3
2.  Qualitative Information Concerning Forecast of Consolidated Financial Results for FY2015	4
3.  Other Information	5
(1) Changes in significant subsidiaries during the current period	5
(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements	5
(3) Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements	5
4.  Consolidated Production and Sales	6
(1) Production	6
(2) Sales (by destination)	6
5.  Quarterly Consolidated Financial Statements	7
(1) Quarterly Consolidated Balance Sheets	7
(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income	9
(3) Quarterly Consolidated Statements of Cash Flows	11
(4) Going Concern Assumption	11
(5) Segment Information	12
(6) Significant Changes in Shareholders’ Equity	13

1

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

1. Qualitative Information Concerning Consolidated Financial Results for FY2015 First Quarter

(1) Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 9 thousand units, or 0.4%, to 2,241 thousand units in FY2015 first quarter (the three months ended June 30, 2014) compared with FY2014 first quarter (the three months ended June 30, 2013). Vehicle unit sales in Japan decreased by 20 thousand units, or 3.8%, to 506 thousand units in FY2015 first quarter compared with FY2014 first quarter. Meanwhile, overseas vehicle unit sales increased by 29 thousand units, or 1.7%, to 1,735 thousand units in FY2015 first quarter compared with FY2014 first quarter.

As for the results of operations, net revenues increased by 135.3 billion yen, or 2.2%, to 6,390.6 billion yen in FY2015 first quarter compared with FY2014 first quarter, and operating income increased by 29.3 billion yen, or 4.4%, to 692.7 billion yen in FY2015 first quarter compared with FY2014 first quarter. The factors contributing to an increase in operating income were cost reduction efforts of 40.0 billion yen, the effects of changes in exchange rates of 30.0 billion yen, and other factors of 49.3 billion yen. On the other hand, the factors contributing to a decrease in operating income were the increase in expenses and others of 50.0 billion yen and the effects of marketing activities of 40.0 billion yen. Quarterly income before income taxes and equity in earnings of affiliated companies increased by 47.6 billion yen, or 6.6%, to 771.8 billion yen in FY2015 first quarter compared with FY2014 first quarter. Quarterly net income attributable to Toyota Motor Corporation increased by 25.5 billion yen, or 4.6%, to 587.7 billion yen in FY2015 first quarter compared with FY2014 first quarter.

(2) Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations increased by 96.6 billion yen, or 1.7%, to 5,914.6 billion yen in FY2015 first quarter compared with FY2014 first quarter. However, operating income decreased by 21.7 billion yen, or 3.6%, to 586.7 billion yen in FY2015 first quarter compared with FY2014 first quarter. The decrease in operating income was mainly due to the increase in expenses and others.

(ii) Financial services:

Net revenues for the financial services operations increased by 37.5 billion yen, or 11.0%, to 377.4 billion yen in FY2015 first quarter compared with FY2014 first quarter, and operating income increased by 46.9 billion yen, or 91.6%, to 98.2 billion yen in FY2015 first quarter compared with FY2014 first quarter. The increase in operating income was mainly due to the recording of valuation gains on interest rate swaps stated at fair value in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses increased by 23.8 billion yen, or 10.2%, to 258.3 billion yen in FY2015 first quarter compared with FY2014 first quarter, and operating income increased by 3.6 billion yen, or 51.4%, to 10.7 billion yen in FY2015 first quarter compared with FY2014 first quarter.

2

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(3) Geographic Information

(i) Japan:

Net revenues in Japan decreased by 159.6 billion yen, or 4.6%, to 3,296.5 billion yen in FY2015 first quarter compared with FY2014 first quarter, and operating income decreased by 90.1 billion yen, or 19.8%, to 365.9 billion yen in FY2015 first quarter compared with FY2014 first quarter. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales.

(ii) North America:

Net revenues in North America increased by 153.9 billion yen, or 7.3%, to 2,259.1 billion yen in FY2015 first quarter compared with FY2014 first quarter, and operating income increased by 82.8 billion yen, or 100.2%, to 165.5 billion yen in FY2015 first quarter compared with FY2014 first quarter. The increase in operating income was mainly due to the recording of valuation gains on interest rate swaps stated at fair value in sales finance subsidiaries and increases in both production volume and vehicle unit sales.

(iii) Europe:

Net revenues in Europe increased by 54.6 billion yen, or 9.2%, to 650.6 billion yen in FY2015 first quarter compared with FY2014 first quarter, and operating income increased by 5.6 billion yen, or 106.5%, to 10.8 billion yen in FY2015 first quarter compared with FY2014 first quarter.

(iv) Asia:

Net revenues in Asia decreased by 20.6 billion yen, or 1.7%, to 1,197.4 billion yen in FY2015 first quarter compared with FY2014 first quarter. However, operating income increased by 6.2 billion yen, or 6.0%, to 110.3 billion yen in FY2015 first quarter compared with FY2014 first quarter.

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

Net revenues in other regions decreased by 17.0 billion yen, or 2.8%, to 591.9 billion yen in FY2015 first quarter compared with FY2014 first quarter, and operating income decreased by 8.4 billion yen, or 19.9%, to 34.0 billion yen in FY2015 first quarter compared with FY2014 first quarter.

3

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

2. Qualitative Information Concerning Forecast of Consolidated Financial Results for FY2015

Reflecting the current trend of financial results, the current forecast of consolidated financial results for FY2015 (April 1, 2014 through March 31, 2015) is set forth below. This forecast assumes average exchange rates through the fiscal year of 101 yen per US$1 and 136 yen per 1 euro.

Forecast of consolidated results for FY2015

Net revenues	25,700.0 billion yen	(an increase of 0.0% compared with FY2014)
Operating income	2,300.0 billion yen	(an increase of 0.3% compared with FY2014)
Income before income taxes and equity in earnings of affiliated companies	2,390.0 billion yen	(a decrease of 2.1% compared with FY2014)
Net income attributable to Toyota Motor Corporation	1,780.0 billion yen	(a decrease of 2.4% compared with FY2014)

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

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

4

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

3. Other Information

(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 quarterly income before income taxes and equity in earnings of affiliated companies by estimated annual effective tax rates. These estimated annual effective tax rates reflect anticipated investment tax credits, foreign tax credits and other items, including changes in valuation allowances, that are expected to affect estimated annual effective tax rates.

(3) Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements

In July 2013, the Financial Accounting Standards Board issued updated guidance on uncertain tax positions. This guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward for tax purposes, a similar tax loss, or a tax credit carryforward. The parent company and its consolidated subsidiaries (“Toyota”) adopted this guidance from the interim period within the fiscal year, begun after December 15, 2013. The adoption of this guidance did not have a material impact on Toyota’s quarterly consolidated financial statements.

5

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

4. Consolidated Production and Sales

(1) Production

		(Units)
Business segment		FY2014 first quarter (April 1, 2013 through June 30, 2013)		FY2015 first quarter (April 1, 2014 through June 30, 2014)		Increase (Decrease)
Automotive	Japan		1,059,427		1,015,997		(43,430	)
	North America		484,419		503,517		19,098
	Europe		108,396		127,087		18,691
	Asia		473,419		473,866		447
	Other		128,511		118,269		(10,242	)
	Total		2,254,172		2,238,736		(15,436	)
Other	Housing		1,189		1,040		(149	)

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

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

(2) Sales (by destination)

		(Units)
Business segment		FY2014 first quarter (April 1, 2013 through June 30, 2013)		FY2015 first quarter (April 1, 2014 through June 30, 2014)		Increase (Decrease)
Automotive	Japan		525,777		505,827		(19,950	)
	North America		688,656		710,409		21,753
	Europe		192,511		207,481		14,970
	Asia		394,866		385,376		(9,490	)
	Other		430,049		432,192		2,143
	Total		2,231,859		2,241,285		9,426
Other	Housing		988		898		(90	)

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

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

6

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

5. Quarterly Consolidated Financial Statements

(1) Quarterly Consolidated Balance Sheets

	(Yen in millions)
	FY2014 (March 31, 2014)			FY2015 first quarter (June 30, 2014)			Increase (Decrease)
Assets
Current assets:
Cash and cash equivalents		2,041,170			2,175,052			133,882
Time deposits		180,207			115,834			(64,373	)
Marketable securities		2,046,877			2,076,170			29,293
Trade accounts and notes receivable, less allowance for doubtful accounts		2,036,232			1,793,667			(242,565	)
Finance receivables, net		5,628,934			5,615,585			(13,349	)
Other receivables		351,182			373,278			22,096
Inventories		1,894,704			1,972,856			78,152
Deferred income taxes		866,386			850,853			(15,533	)
Prepaid expenses and other current assets		672,014			600,979			(71,035	)
Total current assets		15,717,706			15,574,274			(143,432	)
Noncurrent finance receivables, net		8,102,294			8,143,879			41,585
Investments and other assets:
Marketable securities and other securities investments		6,765,043			6,800,260			35,217
Affiliated companies		2,429,778			2,391,908			(37,870	)
Employees receivables		44,966			44,697			(269	)
Other		736,388			735,123			(1,265	)
Total investments and other assets		9,976,175			9,971,988			(4,187	)
Property, plant and equipment:
Land		1,314,040			1,314,447			407
Buildings		4,073,335			4,094,213			20,878
Machinery and equipment		10,381,285			10,307,943			(73,342	)
Vehicles and equipment on operating leases		3,709,560			3,883,569			174,009
Construction in progress		286,571			319,489			32,918
Total property, plant and equipment, at cost		19,764,791			19,919,661			154,870
Less – Accumulated depreciation		(12,123,493	)		(12,154,085	)		(30,592	)
Total property, plant and equipment, net		7,641,298			7,765,576			124,278
Total assets		41,437,473			41,455,717			18,244

7

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

	(Yen in millions)
	FY2014 (March 31, 2014)			FY2015 first quarter (June 30, 2014)			Increase (Decrease)
Liabilities
Current liabilities:
Short-term borrowings		4,830,820			4,587,346			(243,474	)
Current portion of long-term debt		2,949,663			3,262,313			312,650
Accounts payable		2,213,218			2,101,543			(111,675	)
Other payables		845,426			768,521			(76,905	)
Accrued expenses		2,313,160			2,374,298			61,138
Income taxes payable		594,829			238,813			(356,016	)
Other current liabilities		933,569			987,082			53,513
Total current liabilities		14,680,685			14,319,916			(360,769	)
Long-term liabilities:
Long-term debt		8,546,910			8,638,078			91,168
Accrued pension and severance costs		767,618			789,273			21,655
Deferred income taxes		1,811,846			1,825,053			13,207
Other long-term liabilities		411,427			425,109			13,682
Total long-term liabilities		11,537,801			11,677,513			139,712
Total liabilities		26,218,486			25,997,429			(221,057	)
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity:
Common stock, no par value, authorized: 10,000,000,000 shares at March 31, 2014 and June 30, 2014 issued: 3,447,997,492 shares at March 31, 2014 and 3,417,997,492 shares at June 30, 2014		397,050			397,050			—
Additional paid-in capital		551,308			549,750			(1,558	)
Retained earnings		14,116,295			14,267,629			151,334
Accumulated other comprehensive income (loss)		528,161			501,770			(26,391	)
Treasury stock, at cost, 278,231,473 shares at March 31, 2014 and 248,146,459 shares at June 30, 2014		(1,123,666	)		(1,002,166	)		121,500
Total Toyota Motor Corporation shareholders’ equity		14,469,148			14,714,033			244,885
Noncontrolling interests		749,839			744,255			(5,584	)
Total shareholders’ equity		15,218,987			15,458,288			239,301
Commitments and contingencies
Total liabilities and shareholders’ equity		41,437,473			41,455,717			18,244

8

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

First quarter for the three months ended June 30

Quarterly Consolidated Statements of Income

	(Yen in millions)
	FY2014 first quarter (Three months ended June 30, 2013)			FY2015 first quarter (Three months ended June 30, 2014)			Increase (Decrease)
Net revenues:
Sales of products		5,926,535			6,023,590			97,055
Financing operations		328,784			367,098			38,314
Total net revenues		6,255,319			6,390,688			135,369
Costs and expenses:
Cost of products sold		4,802,456			4,896,086			93,630
Cost of financing operations		219,797			199,089			(20,708	)
Selling, general and administrative		569,683			602,785			33,102
Total costs and expenses		5,591,936			5,697,960			106,024
Operating income		663,383			692,728			29,345
Other income (expense):
Interest and dividend income		38,163			46,483			8,320
Interest expense		(4,584	)		(3,914	)		670
Foreign exchange gain, net		9,477			12,985			3,508
Other income, net		17,724			23,544			5,820
Total other income (expense)		60,780			79,098			18,318
Quarterly income before income taxes and equity in earnings of affiliated companies		724,163			771,826			47,663
Provision for income taxes		210,130			259,973			49,843
Equity in earnings of affiliated companies		89,938			105,329			15,391
Quarterly net income		603,971			617,182			13,211
Less: Quarterly net income attributable to noncontrolling interests		(41,777	)		(29,408	)		12,369
Quarterly net income attributable to Toyota Motor Corporation		562,194			587,774			25,580
	(Yen)
Quarterly net income attributable to Toyota Motor Corporation per share
Basic		177.45			185.43			7.98
Diluted		177.32			185.34			8.02

9

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

Quarterly Consolidated Statements of Comprehensive Income

	(Yen in millions)
	FY2014 first quarter (Three months ended June 30, 2013)			FY2015 first quarter (Three months ended June 30, 2014)			Increase (Decrease)
Quarterly net income		603,971			617,182			13,211
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		117,861			(85,510	)		(203,371	)
Unrealized gains (losses) on securities		260,921			52,495			(208,426	)
Pension liability adjustments		2,779			451			(2,328	)
Total other comprehensive income (loss)		381,561			(32,564	)		(414,125	)
Quarterly comprehensive income		985,532			584,618			(400,914	)
Less: Quarterly comprehensive income attributable to noncontrolling interests		(50,673	)		(23,235	)		27,438
Quarterly comprehensive income attributable to Toyota Motor Corporation		934,859			561,383			(373,476	)

10

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(3) Quarterly Consolidated Statements of Cash Flows

	(Yen in millions)
	FY2014 first quarter (Three months ended June 30, 2013)			FY2015 first quarter (Three months ended June 30, 2014)
Cash flows from operating activities:
Quarterly net income		603,971			617,182
Adjustments to reconcile quarterly net income to net cash provided by operating activities
Depreciation		287,661			316,004
Provision for doubtful accounts and credit losses		8,187			11,321
Pension and severance costs, less payments		3,738			5,718
Losses on disposal of fixed assets		5,607			5,027
Unrealized losses on available-for-sale securities, net		2,526			15
Deferred income taxes		(19,375	)		26,828
Equity in earnings of affiliated companies		(89,938	)		(105,329	)
Changes in operating assets and liabilities, and other		226,961			(1,170	)
Net cash provided by operating activities		1,029,338			875,596
Cash flows from investing activities:
Additions to finance receivables		(3,015,498	)		(3,190,505	)
Collection of and proceeds from sales of finance receivables		2,722,212			2,982,259
Additions to fixed assets excluding equipment leased to others		(239,446	)		(264,417	)
Additions to equipment leased to others		(403,833	)		(531,883	)
Proceeds from sales of fixed assets excluding equipment leased to others		8,655			13,743
Proceeds from sales of equipment leased to others		205,701			181,521
Purchases of marketable securities and security investments		(1,702,481	)		(753,193	)
Proceeds from sales of and maturity of marketable securities and security investments		1,081,860			790,883
Changes in investments and other assets, and other		33,476			73,664
Net cash used in investing activities		(1,309,354	)		(697,928	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		1,127,431			1,050,791
Payments of long-term debt		(821,711	)		(541,420	)
Decrease in short-term borrowings		(43,045	)		(186,965	)
Dividends paid to Toyota Motor Corporation shareholders		(190,046	)		(316,977	)
Dividends paid to noncontrolling interests		(23,581	)		(29,499	)
Reissuance (repurchase) of treasury stock		4,709			330
Net cash provided by (used in) financing activities		53,757			(23,740	)
Effect of exchange rate changes on cash and cash equivalents		34,249			(20,046	)
Net increase (decrease) in cash and cash equivalents		(192,010	)		133,882
Cash and cash equivalents at beginning of period		1,718,297			2,041,170
Cash and cash equivalents at end of period		1,526,287			2,175,052

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

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TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(5) Segment Information

(i) Segment operating results

FY2014 first quarter (Three months ended June 30, 2013)

	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		5,807,049		328,784		119,486		—			6,255,319
Inter-segment sales and transfers		10,956		11,092		114,985		(137,033	)		—
Total		5,818,005		339,876		234,471		(137,033	)		6,255,319
Operating expenses		5,209,509		288,607		227,337		(133,517	)		5,591,936
Operating income		608,496		51,269		7,134		(3,516	)		663,383

FY2015 first quarter (Three months ended June 30, 2014)

	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		5,900,070		367,098		123,520		—			6,390,688
Inter-segment sales and transfers		14,597		10,330		134,796		(159,723	)		—
Total		5,914,667		377,428		258,316		(159,723	)		6,390,688
Operating expenses		5,327,915		279,215		247,517		(156,687	)		5,697,960
Operating income		586,752		98,213		10,799		(3,036	)		692,728

12

TOYOTA MOTOR CORPORATION    FY2015 First Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(ii) Geographic information

FY2014 first quarter (Three months ended June 30, 2013)

	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		1,939,067		2,062,276		568,278		1,123,017		562,681		—			6,255,319
Inter-segment sales and transfers		1,517,149		42,857		27,720		95,050		46,337		(1,729,113	)		—
Total		3,456,216		2,105,133		595,998		1,218,067		609,018		(1,729,113	)		6,255,319
Operating expenses		3,000,141		2,022,462		590,734		1,113,889		566,512		(1,701,802	)		5,591,936
Operating income		456,075		82,671		5,264		104,178		42,506		(27,311	)		663,383
FY2015 first quarter (Three months ended June 30, 2014)
	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		1,908,471		2,196,326		621,370		1,114,044		550,477		—			6,390,688
Inter-segment sales and transfers		1,388,060		62,797		29,288		83,384		41,481		(1,605,010	)		—
Total		3,296,531		2,259,123		650,658		1,197,428		591,958		(1,605,010	)		6,390,688
Operating expenses		2,930,568		2,093,587		639,790		1,087,042		557,907		(1,610,934	)		5,697,960
Operating income		365,963		165,536		10,868		110,386		34,051		5,924			692,728

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

(6) Significant Changes in Shareholders’ Equity

None

13