FINANCIAL SUMMARY

FY2019

(April 1, 2018 through March 31, 2019)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2019 Consolidated Financial Results

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

English translation from the original Japanese-language document

May 8, 2019

Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://www.toyota.co.jp
Representative	:	Akio Toyoda, President
Contact person	:	Kenta Kon, General Manager, Accounting Division Tel. (0565)28-2121
Date of the ordinary general shareholders’ meeting	:	June 13, 2019
Payment date of cash dividends	:	May 24, 2019
Filing date of financial statements	:	June 21, 2019
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 FY2019 (April 1, 2018 through March 31, 2019)

(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		%
FY2019		30,225,681		2.9		2,467,545		2.8		2,285,465		-12.8		1,882,873		-24.5
FY2018		29,379,510		6.5		2,399,862		20.3		2,620,429		19.4		2,493,983		36.2

Note:  Comprehensive income    FY2019    1,936,602 million yen ( -19.1 %),    FY2018    2,393,256 million yen ( 21.7 %)

	Net income attributable to Toyota Motor Corporation per common share – Basic		Net income attributable to Toyota Motor Corporation per  common 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		%		%		%
FY2019		650.55		645.11		9.8		4.5		8.2
FY2018		842.00		832.78		13.7		5.3		8.2

Reference:  Equity in earnings of affiliated companies    FY2019    360,066 million yen,    FY2018    470,083 million yen

(2) Consolidated financial position

	Total assets		Mezzanine equity and 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
FY2019		51,936,949		20,565,210		19,348,152		37.3		6,830.92
FY2018		50,308,249		19,922,076		18,735,982		37.2		6,438.65

(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
FY2019		3,766,597		-2,697,241		-540,839		3,706,515
FY2018		4,223,128		-3,660,092		-449,135		3,219,639

Note:  “Cash and cash equivalents at end of year” includes restricted cash and cash equivalents.

2. Cash Dividends

	Annual cash dividends per common 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		Total
	Yen		Yen		Yen		Yen		Yen		Million yen		%		%
FY2018		—		100.00		—		120.00		220.00		642,669		26.1		3.6
FY2019		—		100.00		—		120.00		220.00		626,819		33.8		3.3
FY2020 (forecast)		—		—		—		—		—				—

Note:  Please refer to “Reference: Cash Dividends on Class Shares” for information regarding cash dividends on class shares, which are unlisted and have different rights from common stock.

3. Forecast of Consolidated Results for FY2020 (April 1, 2019 through March 31, 2020)

	(% of change from FY2019)
	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 common share – Basic
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Yen
Full-year		30,000,000		-0.7		2,550,000		3.3		2,720,000		19.0		2,250,000		19.5		788.37

Notes

(1) Changes in significant subsidiaries during FY2019

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

(2) Changes in accounting principles, procedures, and disclosures during FY2019

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

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

Note: For more details, please see page 13 “(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):

FY2019    3,262,997,492 shares, FY2018    3,262,997,492 shares

(ii) Number of treasury stock at the end of each fiscal year: FY2019 430,558,325 shares, FY2018 353,073,500 shares

(iii) Average number of shares issued and outstanding in each fiscal year: FY2019 2,871,533,872 shares, FY2018 2,947,365,044 shares

Reference: Overview of the Unconsolidated Financial Results

FY2019 Unconsolidated Financial Results

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

English translation from the original Japanese-language document

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

1. Unconsolidated Results for FY2019 (April 1, 2018 through March 31, 2019)

(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	%
FY2019	12,634,439	3.5	1,326,137	5.5	2,323,121	3.8	1,896,824	2.0
FY2018	12,201,443	6.3	1,257,543	50.2	2,238,140	24.2	1,859,312	21.5
	Net income per common share – Basic		Net income per common share – Diluted
	Yen		Yen
FY2019	657.10		649.89
FY2018	628.31		620.85

(2) Unconsolidated financial position

	Total assets		Net assets		Equity ratio		Net assets per common share
		Million yen		Million yen		%		Yen
FY2019		17,716,993		12,450,274		70.3		4,225.55
FY2018		17,209,436		12,040,947		70.0		3,972.72

Reference:  Equity at the end of    FY2019:    12,450,274 million yen, Equity at the end of    FY2018: 12,040,742 million yen

Note:  Since FY2019, we changed the presentation method in accordance with the “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ. Statement No. 28, February 16, 2018). Thus, the unconsolidated financial position for FY2018 shows the amounts to which such Accounting Standard has been applied retroactively.

2. Forecast of Unconsolidated Results for FY2020 (April 1, 2019 through March 31, 2020)

	(% of change from FY2019)
	Net revenues				Operating income				Ordinary income				Net income				Net income per common share – Basic
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Yen
Full-year		12,400,000		-1.9		950,000		-28.4		1,770,000		-23.8		1,470,000		-22.5		514.60

This report is not audited.

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

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

Consolidated financial information in this report is prepared in accordance with U.S. generally accepted accounting principles.

Reference: Cash Dividends on Class Shares

Cash dividends on class shares, which have different rights from common stock, are as follows:

	Annual cash dividends per First Series Model AA Class Share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2018		—		79.00		—		79.00		158.00
FY2019		—		105.50		—		105.50		211.00
FY2020 (forecast)		—		—		—		—		—

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

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

TABLE OF CONTENTS

1.  Financial Results and Position	2
(1) Consolidated Financial Results for FY2019	2
(2) Consolidated Financial Position for FY2019	4
(3) Forecast of Consolidated Financial Results for FY2020	5
2.  Basic Concept Regarding the Selection of Accounting Standards	6
3.  Consolidated Financial Statements	7
(1) Consolidated Balance Sheets	7
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	9
(3) Consolidated Statements of Shareholders’ Equity	11
(4) Consolidated Statements of Cash Flows	12
(5) Going Concern Assumption	13
(6) Summary of Significant Accounting Policies	13
(7) Segment Information	15
(8) Per Share Amounts	22
Supplemental Material for Financial Results for FY 2019

1

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

1. Financial Results and Position

(1) Consolidated Financial Results for FY2019

Financial Results

Reviewing the general economic environment for FY2019 (April 1, 2018 through March 31, 2019), the world economy overall has continued its moderate recovery despite the sluggish growth in some sectors. The Japanese economy has also been on a moderate recovery due to improvements in employment and income conditions.

Automotive markets have remained stable in developed countries, but have slowed down in China, which had been experiencing continued expansion, as well as in some resource-rich countries.

Under these conditions, consolidated vehicle unit sales in Japan and overseas increased by 13 thousand units, or 0.1%, to 8,977 thousand units in FY2019 compared with FY2018 (April 1, 2017 through March 31, 2018). Vehicle unit sales in Japan decreased by 29 thousand units, or 1.3%, to 2,226 thousand units in FY2019 compared with FY2018. However, with the efforts of dealers nationwide, Toyota and Lexus brands’ market share excluding mini-vehicles was 45.9%, and market share (including Daihatsu and Hino brands) including mini-vehicles was 43.6%, each remaining at as high a level as in FY2018. Meanwhile, overseas vehicle unit sales increased by 42 thousand units, or 0.6%, to 6,751 thousand units in FY2019 compared with FY2018, because of sales expansion in Asia and Europe.

The results of operations for FY2019 were as follows:

Net revenues	30,225.6 billion yen	(an increase of 846.1 billion yen or 2.9% compared with FY2018)
Operating income	2,467.5 billion yen	(an increase of 67.6 billion yen or 2.8% compared with FY2018)
Income before income taxes and equity in earnings of affiliated companies	2,285.4 billion yen	(a decrease of 334.9 billion yen or 12.8% compared with FY2018)
Net income attributable to Toyota Motor Corporation	1,882.8 billion yen	(a decrease of 611.1 billion yen or 24.5% compared with FY2018)

The changes in operating income were as follows:

Marketing efforts	an increase of 275.0 billion yen
Effects of changes in exchange rates	a decrease of 50.0 billion yen
Cost reduction efforts	an increase of 80.0 billion yen
Increase or decrease in expenses and expense reduction efforts	a decrease of 165.0 billion yen
Other	a decrease of 72.4 billion yen

The changes in net income attributable to Toyota Motor Corporation includes a loss of 293.7 billion yen (net of tax, etc.), which is attributable to the effect of unrealized gains (losses) on equity securities in FY2019 and a reduction in income taxes of 249.6 billion yen, which is mainly attributable to the revaluation of deferred tax assets and liabilities resulting from the Tax Cuts and Jobs Act of 2017 of the United States in FY2018.

2

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations increased by 681.1 billion yen, or 2.6%, to 27,079.0 billion yen in FY2019 compared with FY2018, and operating income increased by 27.7 billion yen, or 1.4%, to 2,038.8 billion yen in FY2019 compared with FY2018. The increase in operating income was mainly due to cost reduction efforts, as well as increases in both production volume and vehicle unit sales.

(ii) Financial services:

Net revenues for the financial services operations increased by 136.5 billion yen, or 6.8%, to 2,153.5 billion yen in FY2019 compared with FY2018, and operating income increased by 37.2 billion yen, or 13.1%, to 322.8 billion yen in FY2019 compared with FY2018. The increase in operating income was mainly due to the decrease in expenses related to residual value losses and the increase in financing volume, in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses increased by 30.2 billion yen, or 1.8%, to 1,676.3 billion yen in FY2019 compared with FY2018, and operating income increased by 4.7 billion yen, or 4.7%, to 105.5 billion yen in FY2019 compared with FY2018.

Geographic Information

(i) Japan:

Net revenues in Japan increased by 600.5 billion yen, or 3.7%, to 16,625.3 billion yen in FY2019 compared with FY2018, and operating income increased by 31.7 billion yen, or 1.9%, to 1,691.6 billion yen in FY2019 compared with FY2018. The increase in operating income was mainly due to cost reduction efforts and the increase in vehicle unit exports.

(ii) North America:

Net revenues in North America increased by 242.8 billion yen, or 2.3%, to 10,817.2 billion yen in FY2019 compared with FY2018. However, operating income decreased by 24.3 billion yen, or 17.6%, to 114.5 billion yen in FY2019 compared with FY2018. The decrease in operating income was mainly due to the recording of valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries.

(iii) Europe:

Net revenues in Europe increased by 53.6 billion yen, or 1.7%, to 3,238.8 billion yen in FY2019 compared with FY2018, and operating income increased by 49.8 billion yen, or 66.4%, to 124.8 billion yen in FY2019 compared with FY2018. The increase in operating income was mainly due to the decrease in expenses and expense reduction efforts.

(iv) Asia:

Net revenues in Asia increased by 364.8 billion yen, or 7.1%, to 5,513.0 billion yen in FY2019 compared with FY2018, and operating income increased by 24.2 billion yen, or 5.6%, to 457.4 billion yen in FY2019 compared with FY2018. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales.

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

Net revenues in other regions decreased by 119.8 billion yen, or 4.9%, to 2,333.4 billion yen in FY2019 compared with FY2018, and operating income decreased by 21.5 billion yen, or 19.1%, to 91.1 billion yen in FY2019 compared with FY2018. The decrease in operating income was mainly due to the effects of changes in exchange rates.

3

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(2) Consolidated Financial Position for FY2019

Cash and cash equivalents and restricted cash and cash equivalents increased by 486.8 billion yen, or 15.1%, to 3,706.5 billion yen at the end of FY2019 compared with the end of FY2018.

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

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 3,766.5 billion yen in FY2019. Net cash provided by operating activities decreased by 456.5 billion yen from 4,223.1 billion yen in FY2018.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 2,697.2 billion yen in FY2019. Net cash used in investing activities decreased by 962.8 billion yen from 3,660.0 billion yen in FY2018.

Cash flows from financing activities

Net cash flows from financing activities resulted in a decrease in cash by 540.8 billion yen in FY2019. Net cash used in financing activities increased by 91.7 billion yen from 449.1 billion yen in FY2018.

The consolidated cash flows by segment for FY2019 are as follows:

Non-financial services

Net cash provided by operating activities was 2,707.3 billion yen, net cash used in investing activities was 1,194.0 billion yen and net cash used in financing activities was 1,071.1 billion yen.

Financial services

Net cash provided by operating activities was 1,109.0 billion yen, net cash used in investing activities was 1,578.2 billion yen and net cash provided by financing activities was 555.5 billion yen.

4

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(3) Forecast of Consolidated Financial Results for FY2020

The future automotive market is expected to revert to a gradual expansion in the medium term, due in part to the wider use of cars mainly in emerging countries, despite entering a phase of cyclical changes in the short term. Meanwhile, the automotive industry is entering a once-in-a-century transformational period in response to environmental issues and other social challenges, as well as the rapid progress in technological innovation such as electrification, automated driving, connected vehicles and car-sharing.

Under these circumstances, the current forecast of consolidated financial results for the next fiscal year ending March 31, 2020 is set forth below. This forecast assumes average exchange rates through the fiscal year of 110 yen per US$1 and 125 yen per 1 euro.

Forecast of consolidated results for FY2020

Net revenues	30,000.0 billion yen	(a decrease of 0.7% compared with FY2019)
Operating income	2,550.0 billion yen	(an increase of 3.3% compared with FY2019)
Income before income taxes and equity in earnings of affiliated companies	2,720.0 billion yen	(an increase of 19.0% compared with FY2019)
Net income attributable to Toyota Motor Corporation	2,250.0 billion yen	(an increase of 19.5% compared with FY2019)

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

5

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

2. Basic Concept Regarding the Selection of Accounting Standards

Toyota prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles due to the listing of Toyota’s common stock on the New York Stock Exchange. Toyota is examining adoption of International Financial Reporting Standards in light of the environment surrounding Toyota, as well as domestic and international trends.

6

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

3. Consolidated Financial Statements

(1) Consolidated Balance Sheets

	(Yen in millions)
	FY2018 (March 31, 2018)			FY2019 (March 31, 2019)			Increase (Decrease)
Assets
Current assets:
Cash and cash equivalents		3,052,269			3,574,704			522,435
Time deposits		901,244			1,126,352			225,108
Marketable securities		1,768,360			1,127,160			(641,200	)
Trade accounts and notes receivable, less allowance for doubtful accounts of ¥25,925 million at March 31, 2018 and ¥16,370 million at March 31, 2019		2,219,562			2,372,734			153,172
Finance receivables, net		6,348,306			6,647,771			299,465
Other receivables		489,338			568,156			78,818
Inventories		2,539,789			2,656,396			116,607
Prepaid expenses and other current assets		833,788			805,964			(27,824	)
Total current assets		18,152,656			18,879,237			726,581
Noncurrent finance receivables, net		9,481,618			10,281,118			799,500
Investments and other assets:
Marketable securities and other securities investments		7,999,323			7,479,926			(519,397	)
Affiliated companies		3,162,917			3,313,723			150,806
Employees receivables		22,562			21,683			(879	)
Other		1,221,500			1,275,768			54,268
Total investments and other assets		12,406,302			12,091,100			(315,202	)
Property, plant and equipment:
Land		1,404,611			1,386,308			(18,303	)
Buildings		4,659,753			4,802,175			142,422
Machinery and equipment		11,535,381			11,857,425			322,044
Vehicles and equipment on operating leases		5,934,393			6,139,163			204,770
Construction in progress		509,851			651,713			141,862
Total property, plant and equipment, at cost		24,043,989			24,836,784			792,795
Less – Accumulated depreciation		(13,776,316	)		(14,151,290	)		(374,974	)
Total property, plant and equipment, net		10,267,673			10,685,494			417,821
Total assets		50,308,249			51,936,949			1,628,700

7

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

	(Yen in millions)
	FY2018 (March 31, 2018)			FY2019 (March 31, 2019)			Increase (Decrease)
Liabilities
Current liabilities:
Short-term borrowings		5,154,913			5,344,973			190,060
Current portion of long-term debt		4,186,277			4,254,260			67,983
Accounts payable		2,586,657			2,645,984			59,327
Other payables		1,048,216			1,102,802			54,586
Accrued expenses		3,104,260			3,222,446			118,186
Income taxes payable		462,327			320,998			(141,329	)
Other current liabilities		1,254,241			1,335,475			81,234
Total current liabilities		17,796,891			18,226,938			430,047
Long-term liabilities:
Long-term debt		10,006,374			10,550,945			544,571
Accrued pension and severance costs		931,182			963,406			32,224
Deferred income taxes		1,118,165			1,014,851			(103,314	)
Other long-term liabilities		533,561			615,599			82,038
Total long-term liabilities		12,589,282			13,144,801			555,519
Total liabilities		30,386,173			31,371,739			985,566
Mezzanine equity
Model AA Class Shares, no par value, authorized: 150,000,000 shares at March 31, 2018 and March 31, 2019 issued: 47,100,000 shares at March 31, 2018 and March 31, 2019		491,974			498,073			6,099
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity:
Common stock, no par value, authorized: 10,000,000,000 shares at March 31, 2018 and March 31, 2019 issued: 3,262,997,492 shares at March 31, 2018 and March 31, 2019		397,050			397,050			—
Additional paid-in capital		487,502			487,162			(340	)
Retained earnings		19,473,464			21,987,515			2,514,051
Accumulated other comprehensive income (loss)		435,699			(916,650	)		(1,352,349	)
Treasury stock, at cost, 353,073,500 shares at March 31, 2018 and 430,558,325 shares at March 31, 2019		(2,057,733	)		(2,606,925	)		(549,192	)
Total Toyota Motor Corporation shareholders’ equity		18,735,982			19,348,152			612,170
Noncontrolling interests		694,120			718,985			24,865
Total shareholders’ equity		19,430,102			20,067,137			637,035
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		50,308,249			51,936,949			1,628,700

Note: The total number of authorized shares for common stock and Model AA Class Shares is 10,000,000,000 shares.

8

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(2) Consolidated Statements of Income and

      Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

	(Yen in millions)
	FY2018 (For the year ended March 31, 2018)			FY2019 (For the year ended March 31, 2019)			Increase (Decrease)
Net revenues:
Sales of products		27,420,276			28,105,338			685,062
Financing operations		1,959,234			2,120,343			161,109
Total net revenues		29,379,510			30,225,681			846,171
Costs and expenses:
Cost of products sold		22,600,474			23,389,495			789,021
Cost of financing operations		1,288,679			1,392,290			103,611
Selling, general and administrative		3,090,495			2,976,351			(114,144	)
Total costs and expenses		26,979,648			27,758,136			778,488
Operating income		2,399,862			2,467,545			67,683
Other income (expense):
Interest and dividend income		179,541			225,495			45,954
Interest expense		(27,586	)		(28,078	)		(492	)
Foreign exchange gain, net		22,664			12,400			(10,264	)
Unrealized gains (losses) on equity securities		—			(341,054	)		(341,054	)
Other income (loss), net		45,948			(50,843	)		(96,791	)
Total other income (expense)		220,567			(182,080	)		(402,647	)
Income before income taxes and equity in earnings of affiliated companies		2,620,429			2,285,465			(334,964	)
Provision for income taxes		504,406			659,944			155,538
Equity in earnings of affiliated companies		470,083			360,066			(110,017	)
Net income		2,586,106			1,985,587			(600,519	)
Less – Net income attributable to noncontrolling interests		(92,123	)		(102,714	)		(10,591	)
Net income attributable to Toyota Motor Corporation		2,493,983			1,882,873			(611,110	)
Note:     Net income attributable to common shareholders for the fiscal year ended March 31, 2019 and 2018 is 1,868,085 million yen and 2,481,692 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 14,788 million yen and 12,291 million yen, respectively, from Net income attributable to Toyota Motor Corporation.
	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic		842.00			650.55			(191.45	)
Diluted		832.78			645.11			(187.67	)

9

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

Consolidated Statements of Comprehensive Income

	(Yen in millions)
	FY2018 (For the year ended March 31, 2018)			FY2019 (For the year ended March 31, 2019)			Increase (Decrease)
Net income		2,586,106			1,985,587			(600,519	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(120,606	)		27,016			147,622
Unrealized gains (losses) on securities		(94,559	)		(21,165	)		73,394
Pension liability adjustments		22,315			(54,836	)		(77,151	)
Total other comprehensive income (loss)		(192,850	)		(48,985	)		143,865
Comprehensive income		2,393,256			1,936,602			(456,654	)
Less – Comprehensive income attributable to noncontrolling interests		(93,096	)		(96,458	)		(3,362	)
Comprehensive income attributable to Toyota Motor Corporation		2,300,160			1,840,144			(460,016	)

10

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(3) Consolidated Statements of Shareholders’ Equity

	(Yen in millions)
	FY2018 (For the year ended March 31, 2018)
	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, 2017		397,050		484,013			17,601,070			640,922			(1,608,243	)		17,514,812			668,264			18,183,076
Equity transaction with noncontrolling interests and other				1,817			11,400			(11,400	)					1,817			(3,476	)		(1,659	)
Comprehensive income:
Net income							2,493,983									2,493,983			92,123			2,586,106
Other comprehensive income (loss)
Foreign currency translation adjustments										(118,977	)					(118,977	)		(1,629	)		(120,606	)
Unrealized gains (losses) on securities										(96,581	)					(96,581	)		2,022			(94,559	)
Pension liability adjustments										21,735						21,735			580			22,315
Total comprehensive income																2,300,160			93,096			2,393,256
Accretion to Mezzanine equity							(4,849	)								(4,849	)					(4,849	)
Dividends to Toyota Motor Corporation class shareholders							(7,442	)								(7,442	)					(7,442	)
Dividends paid to Toyota Motor Corporation common shareholders							(620,698	)								(620,698	)					(620,698	)
Dividends paid to noncontrolling interests																			(63,764	)		(63,764	)
Repurchase of treasury stock													(500,177	)		(500,177	)					(500,177	)
Reissuance of treasury stock				1,672									50,687			52,359						52,359
Balances at March 31, 2018		397,050		487,502			19,473,464			435,699			(2,057,733	)		18,735,982			694,120			19,430,102
	(Yen in millions)
	FY2019 (For the year ended March 31, 2019)
	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, 2018		397,050		487,502			19,473,464			435,699			(2,057,733	)		18,735,982			694,120			19,430,102
Cumulative effect of accounting changes							1,282,082			(1,309,620	)					(27,538	)					(27,538	)
Equity transaction with noncontrolling interests and other				105												105			(2,226	)		(2,121	)
Comprehensive income:
Net income							1,882,873									1,882,873			102,714			1,985,587
Other comprehensive income (loss)
Foreign currency translation adjustments										29,448						29,448			(2,432	)		27,016
Unrealized gains (losses) on securities										(21,111	)					(21,111	)		(54	)		(21,165	)
Pension liability adjustments										(51,066	)					(51,066	)		(3,770	)		(54,836	)
Total comprehensive income																1,840,144			96,458			1,936,602
Accretion to Mezzanine equity							(4,850	)								(4,850	)					(4,850	)
Dividends to Toyota Motor Corporation class shareholders							(9,938	)								(9,938	)					(9,938	)
Dividends paid to Toyota Motor Corporation common shareholders							(636,116	)								(636,116	)					(636,116	)
Dividends paid to noncontrolling interests																			(69,367	)		(69,367	)
Repurchase of treasury stock													(550,107	)		(550,107	)					(550,107	)
Reissuance of treasury stock				(445	)								915			470						470
Balances at March 31, 2019		397,050		487,162			21,987,515			(916,650	)		(2,606,925	)		19,348,152			718,985			20,067,137

11

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(4) Consolidated Statements of Cash Flows

	(Yen in millions)
	FY2018 (For the year ended March 31, 2018)			FY2019 (For the year ended March 31, 2019)
Cash flows from operating activities:
Net income		2,586,106			1,985,587
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,734,033			1,792,375
Provision for doubtful accounts and credit losses		76,069			80,065
Pension and severance costs, less payments		4,286			31,645
Losses on disposal of fixed assets		35,289			35,902
Unrealized losses (gains) on marketable securities		846			339,472
Deferred income taxes		(237,961	)		(86,594	)
Equity in earnings of affiliated companies		(470,083	)		(360,066	)
Changes in operating assets and liabilities, and other		494,543			(51,789	)
Net cash provided by operating activities		4,223,128			3,766,597
Cash flows from investing activities:
Additions to finance receivables		(15,058,516	)		(15,884,610	)
Collection of and proceeds from sales of finance receivables		14,046,312			14,859,103
Additions to fixed assets excluding equipment leased to others		(1,291,117	)		(1,452,725	)
Additions to equipment leased to others		(2,307,590	)		(2,286,162	)
Proceeds from sales of fixed assets excluding equipment leased to others		71,820			65,437
Proceeds from sales of equipment leased to others		1,211,272			1,385,074
Purchases of marketable securities and security investments		(3,052,916	)		(1,840,355	)
Proceeds from sales of and maturity of marketable securities and security investments		2,523,538			2,698,798
Payment for additional investments in affiliated companies, net of cash acquired		(576	)		5,010
Changes in investments and other assets, and other		197,681			(246,811	)
Net cash used in investing activities		(3,660,092	)		(2,697,241	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		4,793,939			5,000,921
Payments of long-term debt		(4,452,338	)		(4,442,232	)
Increase in short-term borrowings		347,738			164,282
Dividends paid to Toyota Motor Corporation class shareholders		(6,194	)		(8,690	)
Dividends paid to Toyota Motor Corporation common shareholders		(620,698	)		(636,116	)
Dividends paid to noncontrolling interests		(63,764	)		(69,367	)
Reissuance (repurchase) of treasury stock		(447,818	)		(549,637	)
Net cash used in financing activities		(449,135	)		(540,839	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(43,588	)		(41,641	)
Net increase in cash and cash equivalents and restricted cash and cash equivalents		70,313			486,876
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year		3,149,326			3,219,639
Cash and cash equivalents and restricted cash and cash equivalents at end of year		3,219,639			3,706,515

Note: Cash and cash equivalents and restricted cash and cash equivalents for the fiscal year ended March 31, 2019 include restricted cash and cash equivalents of 167,370 million yen and 131,811 million yen at the beginning of the year and the end of the year, respectively. Restricted cash and cash equivalents were included in Prepaid expenses and other current assets in the consolidated balance sheets.

12

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(5) Going Concern Assumption

None

(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 25, 2018). Changes in accounting principles, procedures, and disclosures for consolidated financial statements by newly issued accounting pronouncements are set forth below.

Accounting Changes-

In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance on the recognition of revenue from contracts with customers. This guidance requires an entity to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and supersedes the current revenue recognition guidance. The parent company and its consolidated subsidiaries (“Toyota”) applied the modified retrospective method of adoption to contracts that were not completed as of the adoption on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In January 2016, the FASB issued updated guidance for financial instruments. This guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and requires entities to measure equity investments at fair value and recognize any changes in fair value in net income. Toyota adopted this guidance on April 1, 2018. Toyota recognized a cumulative-effect adjustment to retained earnings of ¥1,309,725 million as of April 1, 2018 for after-tax unrealized gains (losses) on equity securities previously recognized in accumulated other comprehensive income. Unrealized gains (losses) on equity securities, which is mainly included in “Unrealized gains (losses) on equity securities” and “Equity in earnings of affiliated companies” of Toyota’s consolidated statements of income for the fiscal year ended March 31, 2019, was losses of ¥419,429 million.

In August 2016, the FASB issued updated guidance for classification of statement of cash flows. This guidance clarifies classification of certain cash receipts and cash payments of statement of cash flows. Toyota adopted this guidance on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In October 2016, the FASB issued updated guidance that would require entities to recognize the income tax consequences of intercompany asset transfers other than inventory. Toyota adopted this guidance on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In November 2016, the FASB issued updated guidance for the statement of cash flows. This guidance requires that restricted cash and restricted cash equivalents should be included with cash and cash equivalents. It also requires entities to disclose how the statement of cash flows that includes restricted cash with cash and cash equivalents reconciles to the balance sheet. Toyota adopted this guidance on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. Restricted cash and cash equivalents mainly include customer collections on securitized receivables to be distributed to investors as payments on the related secured debt.

13

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

Other information -

On April 1, 2018, Toyota changed the exchange rate used to translate foreign currency-denominated transactions as well as foreign currency-denominated monetary receivables and payables from the Telegraphic Transfer Buying Rate and Telegraphic Transfer Selling Rate to the Telegraphic Transfer Middle Rate. As a result, for FY2019, net revenues and operating income increased by 56,127 million yen and 136,272 million yen, respectively, other income (expense) decreased by 103,300 million yen and income before income taxes and equity in earnings of affiliated companies increased by 32,972 million yen.

14

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(7) Segment Information

(i) Segment Operating Results and Assets

FY2018 (As of and for the year ended March 31, 2018)

	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination  and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		26,347,229		1,959,234		1,073,047		—			29,379,510
Inter-segment sales and transfers		50,711		57,774		573,071		(681,556	)		—
Total		26,397,940		2,017,008		1,646,118		(681,556	)		29,379,510
Operating expenses		24,386,805		1,731,462		1,545,306		(683,925	)		26,979,648
Operating income		2,011,135		285,546		100,812		2,369			2,399,862
Assets		17,054,209		23,055,981		2,178,118		8,019,941			50,308,249
Investment in equity method investees		3,054,583		11,713		—		96,415			3,162,711
Depreciation expenses		976,735		723,061		34,237		—			1,734,033
Capital expenditure		1,381,122		2,166,805		62,447		(11,667	)		3,598,707

FY2019 (As of and for the year ended March 31, 2019)

	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination  and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		27,034,492		2,120,343		1,070,846		—			30,225,681
Inter-segment sales and transfers		44,585		33,204		605,531		(683,320	)		—
Total		27,079,077		2,153,547		1,676,377		(683,320	)		30,225,681
Operating expenses		25,040,193		1,830,726		1,570,839		(683,622	)		27,758,136
Operating income		2,038,884		322,821		105,538		302			2,467,545
Assets		17,799,376		24,044,700		2,125,271		7,967,602			51,936,949
Investment in equity method investees		3,215,856		12,172		—		85,675			3,313,703
Depreciation expenses		997,312		758,847		36,216		—			1,792,375
Capital expenditure		1,520,366		2,165,609		66,075		(13,163	)		3,738,887

Note: Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2018 and FY2019 are 9,386,399 million yen and 9,329,020 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    FY2019 Financial Summary

(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

	(Yen in millions)
	FY2018 (March 31, 2018)			FY2019 (March 31, 2019)			Increase (Decrease)
Assets
(Non-financial services)
Current assets:
Cash and cash equivalents		2,390,524			2,790,212			399,688
Marketable securities		1,546,459			1,108,540			(437,919	)
Trade accounts and notes receivable, less allowance for doubtful accounts		2,304,676			2,489,105			184,429
Inventories		2,539,497			2,656,396			116,899
Prepaid expenses and other current assets		1,818,687			2,118,922			300,235
Total current assets		10,599,843			11,163,175			563,332
Investments and other assets		11,861,394			11,643,209			(218,185	)
Property, plant and equipment		5,901,958			6,178,503			276,545
Total assets		28,363,195			28,984,887			621,692
(Financial services)
Current assets:
Cash and cash equivalents		661,745			784,492			122,747
Marketable securities		221,901			18,620			(203,281	)
Finance receivables, net		6,348,306			6,647,771			299,465
Prepaid expenses and other current assets		957,122			997,116			39,994
Total current assets		8,189,074			8,447,999			258,925
Noncurrent finance receivables, net		9,481,618			10,281,118			799,500
Investments and other assets		1,019,574			808,592			(210,982	)
Property, plant and equipment		4,365,715			4,506,991			141,276
Total assets		23,055,981			24,044,700			988,719
(Elimination)
Elimination of assets		(1,110,927	)		(1,092,638	)		18,289
(Consolidated)
Total assets		50,308,249			51,936,949			1,628,700

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

16

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

	(Yen in millions)
	FY2018 (March 31, 2018)			FY2019 (March 31, 2019)			Increase (Decrease)
Liabilities
(Non-financial services)
Current liabilities:
Short-term borrowings		541,968			579,901			37,933
Current portion of long-term debt		179,994			173,379			(6,615	)
Accounts payable		2,556,393			2,616,143			59,750
Accrued expenses		2,980,981			3,075,411			94,430
Income taxes payable		429,616			300,703			(128,913	)
Other current liabilities		1,797,724			1,755,737			(41,987	)
Total current liabilities		8,486,676			8,501,274			14,598
Long-term liabilities:
Long-term debt		642,691			784,256			141,565
Accrued pension and severance costs		917,133			948,377			31,244
Other long-term liabilities		1,111,843			1,059,237			(52,606	)
Total long-term liabilities		2,671,667			2,791,870			120,203
Total liabilities		11,158,343			11,293,144			134,801
(Financial services)
Current liabilities:
Short-term borrowings		4,929,478			5,113,888			184,410
Current portion of long-term debt		4,053,538			4,127,133			73,595
Accounts payable		40,251			39,187			(1,064	)
Accrued expenses		145,127			161,105			15,978
Income taxes payable		32,711			20,295			(12,416	)
Other current liabilities		870,634			997,842			127,208
Total current liabilities		10,071,739			10,459,450			387,711
Long-term liabilities:
Long-term debt		9,574,118			9,974,516			400,398
Accrued pension and severance costs		14,049			15,029			980
Other long-term liabilities		678,858			722,279			43,421
Total long-term liabilities		10,267,025			10,711,824			444,799
Total liabilities		20,338,764			21,171,274			832,510
(Elimination) Elimination of liabilities		(1,110,934	)		(1,092,679	)		18,255
(Consolidated) Total liabilities		30,386,173			31,371,739			985,566
(Consolidated) Mezzanine equity		491,974			498,073			6,099
Shareholders’ equity
(Consolidated) Total Toyota Motor Corporation shareholders’ equity		18,735,982			19,348,152			612,170
(Consolidated) Noncontrolling interests		694,120			718,985			24,865
(Consolidated) Total shareholders’ equity		19,430,102			20,067,137			637,035
(Consolidated) Total liabilities, mezzanine equity and shareholders’ equity		50,308,249			51,936,949			1,628,700

17

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

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

	(Yen in millions)
	FY2018 (For the year ended March 31, 2018)			FY2019 (For the year ended March 31, 2019)			Increase (Decrease)
(Non-financial services)
Net revenues		27,448,165			28,133,676			685,511
Costs and expenses:		25,334,812			25,991,799			656,987
Cost of revenues		22,613,450			23,400,550			787,100
Selling, general and administrative		2,721,362			2,591,249			(130,113	)
Operating income		2,113,353			2,141,877			28,524
Other income (expense), net		222,326			(161,608	)		(383,934	)
Income before income taxes and equity in earnings of affiliated companies		2,335,679			1,980,269			(355,410	)
Provision for income taxes		738,763			580,031			(158,732	)
Equity in earnings of affiliated companies		467,718			357,527			(110,191	)
Net income		2,064,634			1,757,765			(306,869	)
Less – Net income attributable to noncontrolling interests		(89,533	)		(97,500	)		(7,967	)
Net income attributable to Toyota Motor Corporation		1,975,101			1,660,265			(314,836	)
(Financial services)
Net revenues		2,017,008			2,153,547			136,539
Costs and expenses:		1,731,462			1,830,726			99,264
Cost of revenues		1,320,348			1,418,636			98,288
Selling, general and administrative		411,114			412,090			976
Operating income		285,546			322,821			37,275
Other income (expense), net		(794	)		(17,658	)		(16,864	)
Income before income taxes and equity in earnings of affiliated companies		284,752			305,163			20,411
Provision for income taxes		(234,356	)		79,903			314,259
Equity in earnings of affiliated companies		2,365			2,539			174
Net income		521,473			227,799			(293,674	)
Less – Net income attributable to noncontrolling interests		(2,589	)		(5,214	)		(2,625	)
Net income attributable to Toyota Motor Corporation		518,884			222,585			(296,299	)
(Elimination)
Elimination of net income attributable to Toyota Motor Corporation		(2	)		23			25
(Consolidated)
Net income attributable to Toyota Motor Corporation		2,493,983			1,882,873			(611,110	)

18

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

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

	(Yen in millions)
	FY2018 (For the year ended March 31, 2018)			FY2019 (For the year ended March 31, 2019)
(Non-financial services)
Cash flows from operating activities:
Net income		2,064,634			1,757,765
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,010,972			1,033,528
Provision for doubtful accounts		(74	)		(1,375	)
Pension and severance costs, less payments		5,027			30,477
Losses on disposal of fixed assets		35,010			33,676
Unrealized losses (gains) on marketable securities		459			338,626
Deferred income taxes		64,143			(110,346	)
Equity in earnings of affiliated companies		(467,718	)		(357,527	)
Changes in operating assets and liabilities, and other		205,434			(17,488	)
Net cash provided by operating activities		2,917,887			2,707,336
Cash flows from investing activities:
Additions to fixed assets excluding equipment leased to others		(1,276,788	)		(1,435,964	)
Additions to equipment leased to others		(155,114	)		(137,314	)
Proceeds from sales of fixed assets excluding equipment leased to others		70,755			63,955
Proceeds from sales of equipment leased to others		63,402			60,657
Purchases of marketable securities and security investments		(2,273,805	)		(1,737,107	)
Proceeds from sales of and maturity of marketable securities and security investments		1,762,189			2,255,635
Payment for additional investments in affiliated companies, net of cash acquired		(576	)		5,010
Changes in investments and other assets, and other		260,015			(268,946	)
Net cash used in investing activities		(1,549,922	)		(1,194,074	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		212,387			286,085
Payments of long-term debt		(170,072	)		(142,556	)
Increase (decrease) in short-term borrowings		(122,222	)		49,161
Dividends paid to Toyota Motor Corporation class shareholders		(6,194	)		(8,690	)
Dividends paid to Toyota Motor Corporation common shareholders		(620,698	)		(636,116	)
Dividends paid to noncontrolling interests		(63,764	)		(69,367	)
Reissuance (repurchase) of treasury stock		(447,818	)		(549,637	)
Net cash used in financing activities		(1,218,381	)		(1,071,120	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(16,124	)		(42,454	)
Net increase in cash and cash equivalents and restricted cash and cash equivalents		133,460			399,688
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year		2,257,064			2,390,524
Cash and cash equivalents and restricted cash and cash equivalents at end of year		2,390,524			2,790,212

19

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

	(Yen in millions)
	FY2018 (For the year ended March 31, 2018)			FY2019 (For the year ended March 31, 2019)
(Financial services)
Cash flows from operating activities:
Net income		521,473			227,799
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		723,061			758,847
Provision for doubtful accounts and credit losses		76,143			81,440
Pension and severance costs, less payments		(741	)		1,168
Losses on disposal of fixed assets		279			2,226
Unrealized losses (gains) on marketable securities		387			846
Deferred income taxes		(302,103	)		23,742
Equity in earnings of affiliated companies		(2,365	)		(2,539	)
Changes in operating assets and liabilities, and other		312,828			15,557
Net cash provided by operating activities		1,328,962			1,109,086
Cash flows from investing activities:
Additions to finance receivables		(25,153,088	)		(26,000,249	)
Collection of and proceeds from sales of finance receivables		24,117,335			24,925,930
Additions to fixed assets excluding equipment leased to others		(14,329	)		(16,761	)
Additions to equipment leased to others		(2,152,476	)		(2,148,848	)
Proceeds from sales of fixed assets excluding equipment leased to others		1,065			1,482
Proceeds from sales of equipment leased to others		1,147,870			1,324,417
Purchases of marketable securities and security investments		(779,111	)		(103,248	)
Proceeds from sales of and maturity of marketable securities and security investments		761,349			443,163
Changes in investments and other assets, and other		(106,597	)		(4,130	)
Net cash used in investing activities		(2,177,982	)		(1,578,244	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		4,666,579			4,747,506
Payments of long-term debt		(4,314,294	)		(4,336,250	)
Increase in short-term borrowings		461,052			144,277
Net cash provided by financing activities		813,337			555,533
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(27,464	)		813
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		(63,147	)		87,188
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year		892,262			829,115
Cash and cash equivalents and restricted cash and cash equivalents at end of year		829,115			916,303
(Consolidated)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(43,588	)		(41,641	)
Net increase in cash and cash equivalents and restricted cash and cash equivalents		70,313			486,876
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year		3,149,326			3,219,639
Cash and cash equivalents and restricted cash and cash equivalents at end of year		3,219,639			3,706,515

20

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(iii) Geographic Information

FY2018 (As of and for the year ended March 31, 2018)

	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		9,273,672		10,347,266		2,940,243		4,497,374		2,320,955		—			29,379,510
Inter-segment sales and transfers		6,751,172		227,144		244,981		650,765		132,344		(8,006,406	)		—
Total		16,024,844		10,574,410		3,185,224		5,148,139		2,453,299		(8,006,406	)		29,379,510
Operating expenses		14,364,926		10,435,511		3,110,198		4,714,940		2,340,636		(7,986,563	)		26,979,648
Operating income		1,659,918		138,899		75,026		433,199		112,663		(19,843	)		2,399,862
Assets		15,797,024		16,936,704		3,346,179		4,893,582		2,986,661		6,348,099			50,308,249

FY2019 (As of and for the year ended March 31, 2019)

	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination and/or Unallocated Amount			Consolidated
Net revenues:
Sales to external customers		9,520,148		10,585,934		3,055,654		4,832,392		2,231,553		—			30,225,681
Inter-segment sales and transfers		7,105,213		231,313		183,197		680,639		101,890		(8,302,252	)		—
Total		16,625,361		10,817,247		3,238,851		5,513,031		2,333,443		(8,302,252	)		30,225,681
Operating expenses		14,933,686		10,702,732		3,113,983		5,055,542		2,242,333		(8,290,140	)		27,758,136
Operating income		1,691,675		114,515		124,868		457,489		91,110		(12,112	)		2,467,545
Assets		16,465,702		17,452,216		3,872,301		5,176,990		3,067,270		5,902,470			51,936,949

Note:	1.	Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2018 and FY2019 are 9,386,399 million yen and 9,329,020 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, Africa and the Middle East.

21

TOYOTA MOTOR CORPORATION    FY2019 Financial Summary

(8) Per Share Amounts

Basic and diluted net income attributable to Toyota Motor Corporation per common share for the years ended March 31, 2018 and 2019 are as follows:

	Yen in millions			Thousands of shares		Yen
	Net income attributable to Toyota Motor Corporation			Weighted-average common shares		Net income attributable to Toyota Motor Corporation per common share
For the year ended March 31, 2018
Net income attributable to Toyota Motor Corporation		2,493,983
Accretion to Mezzanine equity		(4,849	)
Dividends to Toyota Motor Corporation Model AA Class Shareholders		(7,442	)
Basic net income attributable to Toyota Motor Corporation per common share		2,481,692			2,947,365		842.00
Effect of dilutive securities
Model AA Class Shares		12,291			47,100
Assumed exercise of dilutive stock options		(4	)		301
Diluted net income attributable to Toyota Motor Corporation per common share		2,493,979			2,994,766		832.78
For the year ended March 31, 2019
Net income attributable to Toyota Motor Corporation		1,882,873
Accretion to Mezzanine equity		(4,850	)
Dividends to Toyota Motor Corporation Model AA Class Shareholders		(9,938	)
Basic net income attributable to Toyota Motor Corporation per common share		1,868,085			2,871,534		650.55
Effect of dilutive securities
Model AA Class Shares		14,788			47,100
Assumed exercise of dilutive stock options		(0	)		40
Diluted net income attributable to Toyota Motor Corporation per common share		1,882,873			2,918,674		645.11

The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2018 and 2019.

	Yen in millions		Thousands of shares		Yen
	Toyota Motor Corporation shareholders’ equity		Common shares issued and outstanding at the end of the year (excluding treasury stock)		Toyota Motor Corporation shareholders’ equity per share
As of March 31, 2018		18,735,982		2,909,924		6,438.65
As of March 31, 2019		19,348,152		2,832,439		6,830.92

22

Supplemental Material for Financial Results for FY2019 (Consolidated)

< U.S. GAAP >

	FY2018															FY2019															FY2020
	1Q (2017/4-6)			2Q (2017/7-9)			3Q (2017/10-12)			4Q (2018/1-3)			12 months (’17/4-’18/3)			1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			4Q (2019/1-3)			12 months (’18/4-’19/3)			Forecast 12 months (’19/4-’20/3)
Vehicle Production (thousands of units)		2,216			2,176			2,266			2,306			8,964			2,199			2,184			2,262			2,340			8,985
(Japan) –including Daihatsu & Hino		1,023			1,039			1,100			1,124			4,286			1,003			1,004			1,099			1,203			4,309
[Daihatsu & Hino]		[266	]		[260	]		[273	]		[288	]		[1,087	]		[257	]		[257	]		[290	]		[292	]		[1,096	]
(Overseas) –including Daihatsu & Hino		1,193			1,137			1,166			1,182			4,678			1,196			1,180			1,163			1,138			4,676
[Daihatsu & Hino]		[92	]		[93	]		[90	]		[129	]		[404	]		[133	]		[162	]		[161	]		[141	]		[598	]
North America		509			438			459			497			1,903			517			447			435			442			1,841
Europe		176			152			178			175			681			168			159			173			180			679
Asia		383			406			413			399			1,601			402			449			429			402			1,682
Central and South America		79			86			90			79			333			82			93			96			82			353
Oceania		20			23			0			0			43			0			0			0			0			0
Africa		26			32			26			32			117			28			31			30			32			121
Vehicle Sales (thousands of units)		2,215			2,175			2,289			2,286			8,964			2,236			2,183			2,282			2,276			8,977			9,000
[First Half 6 months]														[4,389	]														[4,419	]		[4,660	]
(Japan) –including Daihatsu & Hino		544			543			552			616			2,255			510			521			565			631			2,226			2,200
[Daihatsu & Hino]		[164	]		[162	]		[158	]		[201	]		[685	]		[155	]		[161	]		[169	]		[203	]		[688	]		[680	]
(Overseas) –including Daihatsu & Hino		1,671			1,632			1,737			1,670			6,709			1,726			1,662			1,717			1,645			6,751			6,800
[Daihatsu & Hino]		[71	]		[75	]		[79	]		[82	]		[306	]		[75	]		[87	]		[89	]		[86	]		[337	]		[340	]
North America		723			672			735			675			2,806			746			665			680			654			2,745			2,700
Europe		240			229			237			262			968			253			240			232			269			994			1,030
Asia		363			382			404			394			1,543			394			417			464			410			1,684			1,730
Central and South America		108			109			118			110			445			117			120			114			97			448			440
Oceania		74			70			71			68			283			72			74			66			60			272			270
Africa		42			46			46			50			184			48			50			54			48			200			220
Middle East		119			122			123			109			472			93			95			105			104			398			410
Other		2			2			3			2			8			2			2			2			2			8
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,590			2,626			2,631			2,594			10,441			2,616			2,677			2,707			2,602			10,603			10,740
Housing Sales (units)		2,312			5,399			2,699			5,812			16,222			1,892			4,808			2,656			5,777			15,133			15,000

Supplemental 1

Supplemental Material for Financial Results for FY2019 (Consolidated)

< U.S. GAAP >

	FY2018															FY2019															FY2020
	1Q (2017/4-6)			2Q (2017/7-9)			3Q (2017/10-12)			4Q (2018/1-3)			12 months (’17/4-’18/3)			1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			4Q (2019/1-3)			12 months (’18/4-’19/3)			Forecast 12 months (’19/4-’20/3)
Foreign Exchange Rates
Yen to US Dollar Rate		111			111			113			108			111			109			111			113			110			111			as premise: 110
Yen to Euro Rate		122			130			133			133			130			130			130			129			125			128			as premise: 125
Market Share (Japan)
Toyota (excluding Mini-Vehicles) (%)		49.3			45.1			50.0			44.0			46.9			46.2			45.2			47.3			45.1			45.9			approximately :47.0
Toyota, Daihatsu and Hino (including Mini-Vehicles) (%)		46.2			43.3			46.8			42.0			44.4			43.8			42.7			44.9			43.1			43.6
Number of Employees		371,888			371,286			368,883			369,124			369,124			373,272			371,796			371,495			370,870			370,870	(Note 1)
Net Revenues (billions of yen)		7,047.6			7,143.6			7,605.7			7,582.5			29,379.5			7,362.7			7,311.2			7,801.5			7,750.1			30,225.6			30,000.0
Geographic Information
Japan		3,686.3			3,881.8			4,173.1			4,283.4			16,024.8			3,865.4			4,012.3			4,259.8			4,487.7			16,625.3
North America		2,661.4			2,567.7			2,799.8			2,545.3			10,574.4			2,791.1			2,636.4			2,753.7			2,635.9			10,817.2
Europe		761.5			758.2			792.2			873.1			3,185.2			785.8			795.8			784.0			873.0			3,238.8
Asia		1,196.7			1,287.6			1,341.5			1,322.2			5,148.1			1,316.2			1,318.7			1,496.5			1,381.4			5,513.0
Other		612.4			625.4			616.2			599.2			2,453.2			598.4			608.3			592.8			533.7			2,333.4
Elimination		-1,870.8			-1,977.3			-2,117.1			-2,040.9			-8,006.4			-1,994.4			-2,060.4			-2,085.5			-2,161.7			-8,302.2
Business Segment
Automotive		6,368.6			6,368.2			6,862.8			6,798.1			26,397.9			6,633.4			6,514.8			7,018.4			6,912.2			27,079.0
Financial Services		503.7			493.8			512.5			506.8			2,017.0			516.8			534.4			552.4			549.8			2,153.5
All Other		337.9			430.8			381.0			496.2			1,646.1			358.0			412.3			391.2			514.6			1,676.3
Elimination		-162.8			-149.2			-150.7			-218.7			-681.5			-145.6			-150.3			-160.6			-226.6			-683.3
Operating Income (billions of yen)		574.2			522.2			673.6			629.6			2,399.8			682.6			579.1			676.1			529.5			2,467.5			2,550.0	*1
(Operating Income Ratio) (%)		(8.1	)		(7.3	)		(8.9	)		(8.3	)		(8.2	)		(9.3	)		(7.9	)		(8.7	)		(6.8	)		(8.2	)		(8.5	)
Geographic Information
Japan		319.2			321.3			470.6			548.7			1,659.9			395.9			354.2			494.2			447.2			1,691.6
North America		89.2			55.3			33.1			-38.8			138.8			63.5			47.4			18.1			-14.5			114.5
Europe		20.3			17.4			23.3			13.8			75.0			23.0			38.1			27.9			35.6			124.8
Asia		104.3			109.8			123.6			95.3			433.1			146.3			137.1			116.7			57.2			457.4
Other		38.6			31.6			33.0			9.2			112.6			43.2			22.7			19.1			5.9			91.1
Elimination		2.4			-13.4			-10.1			1.2			-19.8			10.4			-20.5			-0.1			-1.9			-12.1
Business Segment
Automotive		489.3			423.1			569.0			529.5			2,011.1			602.5			462.2			581.3			392.7			2,038.8
Financial Services		75.3			69.4			82.6			58.1			285.5			73.5			81.4			82.6			85.1			322.8
All Other		13.6			22.8			24.7			39.5			100.8			11.4			29.3			13.9			50.7			105.5
Elimination		-4.0			6.8			-2.7			2.3			2.3			-4.8			6.1			-1.8			0.9			0.3
Income before Income Taxes (billions of yen)		679.3			572.8			750.9			617.3			2,620.4			813.8			734.9			176.9			559.6			2,285.4			2,720.0
(Income before Income Taxes Ratio) (%)		(9.6	)		(8.0	)		(9.9	)		(8.1	)		(8.9	)		(11.1	)		(10.1	)		(2.3	)		(7.2	)		(7.6	)		(9.1	)
Equity in Earnings of Affiliated Companies (billions of yen)		137.8			97.2			123.8			111.2			470.0			116.5			106.0			32.2			105.2			360.0			400.0
Net Income (billions of yen)		613.0			458.2			941.8			480.8			2,493.9			657.3			585.0			180.9			459.5			1,882.8			2,250.0	(Note 2)
(Net Income Ratio) (%)		(8.7	)		(6.4	)		(12.4	)		(6.3	)		(8.5	)		(8.9	)		(8.0	)		(2.3	)		(5.9	)		(6.2	)		(7.5	)
Dividends
Common Shares
Cash Dividends (billions of yen)		—			293.4			—			349.1			642.6			—			286.9			—			339.8			626.8	(Note 3)
Cash Dividends per Share (yen)		—			100			—			120			220			—			100			—			120			220
Payout Ratio (%)		—			27.8			—			24.8			26.1			—			23.4			—			54.0			33.8
Model AA Class Shares
Cash Dividends (billions of yen)		—			3.7			—			3.7			7.4			—			4.9			—			4.9			9.9	(Note 3)
Cash Dividends per Share (yen)		—			79			—			79			158			—			105.5			—			105.5			211
Value of Shares Repurchased (billions of yen)[actual purchase]		—			249.9			34.9			214.9			499.9			129.1			170.8			151.7			98.1			549.9	(Note 4)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			249.9			—			299.9			549.9			—			249.9			—			300.0 (maximum	)		549.9 (maximum)	(Note 4)  (Note 5)
Number of Outstanding Common Shares (thousands)		3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997
Number of Outstanding Model AA Class Shares (thousands)		47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100

Supplemental 2

Supplemental Material for Financial Results for FY2019 (Consolidated)

< U.S. GAAP >

	FY2018										FY2019											FY2020
	1Q (2017/4-6)		2Q (2017/7-9)		3Q (2017/10-12)		4Q (2018/1-3)		12 months (’17/4-’18/3)		1Q (2018/4-6)		2Q (2018/7-9)		3Q (2018/10-12)		4Q (2019/1-3)		12 months (’18/4-’19/3)			Forecast 12 months (’19/4-’20/3)
R&D Expenses (billions of yen)		278.6		272.0		264.3		249.2		1,064.2		268.5		258.5		274.4		247.3		1,048.8			1,100.0
Depreciation Expenses (billions of yen)		212.9		242.3		248.5		260.6		964.4		217.7		255.3		248.1		263.6		984.8			880.0	*1(Note 6)
Geographic Information
Japan		108.4		132.6		136.4		145.9		523.4		108.5		148.1		142.6		148.9		548.2			400.0
North America		45.5		48.7		51.8		55.7		201.9		49.8		50.6		51.2		57.4		209.1			230.0
Europe		15.4		16.3		15.4		13.2		60.5		14.1		11.3		11.1		12.1		48.7			70.0
Asia		34.1		35.3		35.1		37.1		141.7		36.5		36.0		34.2		34.9		141.9			140.0
Other		9.2		9.2		9.6		8.6		36.7		8.6		9.1		8.8		10.1		36.7			40.0
Capital Expenditures (billions of yen)		205.7		285.1		299.4		512.3		1,302.7		311.8		307.6		329.1		517.1		1,465.8			1,450.0	(Note 6)
Geographic Information
Japan		112.5		152.1		156.9		264.0		685.7		143.6		167.5		156.0		263.3		730.6			760.0
North America		65.3		70.9		83.5		139.0		358.8		106.6		75.6		76.1		153.9		412.4			340.0
Europe		4.8		15.0		16.1		23.4		59.6		15.1		30.9		43.8		44.0		133.8			120.0
Asia		13.3		29.3		21.1		62.9		126.8		25.2		15.9		34.3		37.8		113.3			150.0
Other		9.6		17.6		21.7		22.7		71.7		21.2		17.5		18.7		17.9		75.5			80.0
Total Liquid Assets (billions of yen)		9,364.0		9,306.7		9,309.1		9,372.1		9,372.1		9,005.4		9,562.6		9,198.8		9,454.4		9,454.4	(Note 7)
Total Assets (billions of yen)		49,456.0		50,253.0		51,216.4		50,308.2		50,308.2		51,049.1		52,516.0		51,085.9		51,936.9		51,936.9
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		17,874.2		18,253.4		18,996.4		18,735.9		18,735.9		18,946.9		19,511.3		19,089.2		19,348.1		19,348.1
Return on Equity (%)		13.8		10.1		20.2		10.1		13.7		13.9		12.1		3.7		9.5		9.8
Return on Asset (%)		5.0		3.7		7.4		3.8		5.0		5.2		4.5		1.4		3.6		3.7
Number of Consolidated Subsidiaries (including Variable Interest Entities)										606										608
No. of Affil. Accounted for Under the Equity Method										57										63

Analysis of Consolidated Net Income for FY2019 (billions of yen, approximately)	4Q (2019/1-3)	12 months  (’18/4-’19/3	)(Note 2)
Marketing Efforts	65.0	275.0
Effects of Changes in Exchange Rates	-60.0	-50.0
Cost Reduction Efforts	70.0	80.0
From Engineering	55.0	25.0
From Manufacturing and Logistics	15.0	55.0
Increase or decrease in expenses and expense reduction efforts	-155.0	-165.0
Other	-20.1	-72.4
(Changes in Operating Income)*3	-100.1	67.6
Non-operating Income*3	42.4	-402.6
Equity in Earnings of Affiliated Companies*3	-6.0	-110.0
Income Taxes, Net Income Attributable to Noncontrolling Interests*2*3	42.4	-166.1
(Changes in Net Income)*2*3	-21.2	-611.1	(Note 2)

*1 Operating Income and depreciation expenses for the fiscal year ended March 31, 2020 (Forecast) includes reduction in depreciation expenses of 150.0 billion yen, due to the change in methods for determining depreciation.    

*2 Net income attributable to Toyota Motor Corporation for the fiscal year ended March 31, 2018 includes a reduction in income taxes of 249.6 billion yen, which is mainly attributable to the revaluation of deferred tax assets and liabilities resulting from the Tax Cuts and Jobs Act of 2017 of the United States.    

*3 Net income attributable to Toyota Motor Corporation for the fiscal year ended March 31, 2019 includes a loss of 293.7 billion yen (net of tax, etc.), which is attributable to the effect of unrealized gains (losses) on equity securities.    

Supplemental 3

Supplemental Material for Financial Results for FY2019 (Unconsolidated)

< Japan GAAP >

	FY2018															FY2019															FY2020
	1Q (2017/4-6)			2Q (2017/7-9)			3Q (2017/10-12)			4Q (2018/1-3)			12 months (’17/4-’18/3)			1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			4Q (2019/1-3)			12 months (’18/4-’19/3)			Forecast 12 months (’19/4-’20/3)
Toyota & Lexus brand
Domestic Vehicle Production (thousands of units)		757			779			827			836			3,199			746			748			809			911			3,213			3,300
Overseas Vehicle Production (thousands of units)		1,464			1,420			1,435			1,405			5,724			1,451			1,443			1,447			1,382			5,724			5,790
Domestic Vehicle Retail Sales (thousands of units)		390			383			384			440			1,597			359			381			384			445			1,569			1,540
Exports Vehicle Sales (thousands of units)		440			457			504			481			1,882			464			461			484			538			1,947			2,030
North America		190			193			220			193			796			191			197			190			246			824			760
Europe		57			63			57			71			248			65			56			61			80			262			320
Asia		72			77			97			77			323			76			83			96			82			337			410
Central and South America		12			12			14			15			53			16			11			8			12			47			60
Oceania		40			42			38			46			166			46			43			45			38			172			180
Africa		14			15			13			12			54			14			14			15			16			59			60
Middle East		53			54			63			64			234			54			55			67			62			238			240
Other		2			1			2			3			8			2			2			2			2			8
Net Revenues (billions of yen)		2,870.2			2,918.1			3,259.8			3,153.2			12,201.4			2,980.3			3,026.3			3,294.7			3,333.0			12,634.4			12,400.0
Domestic		962.8			946.5			1,067.5			1,098.4			4,075.4			923.9			949.9			1,083.3			1,131.2			4,088.5
Exports		1,907.3			1,971.5			2,192.2			2,054.8			8,126.0			2,056.3			2,076.3			2,211.4			2,201.7			8,545.8
Operating Income (billions of yen)		222.4			215.5			343.3			476.1			1,257.5			308.7			284.5			400.9			331.9			1,326.1			950.0
(Operating Income Ratio) (%)		(7.8	)		(7.4	)		(10.5	)		(15.1	)		(10.3	)		(10.4	)		(9.4	)		(12.2	)		(10.0	)		(10.5	)		(7.7	)
Ordinary Income (billions of yen)		570.7			513.2			674.4			479.7			2,238.1			714.8			507.6			605.0			495.5			2,323.1			1,770.0
(Ordinary Income Ratio) (%)		(19.9	)		(17.6	)		(20.7	)		(15.2	)		(18.3	)		(24.0	)		(16.8	)		(18.4	)		(14.9	)		(18.4	)		(14.3	)
Net Income (billions of yen)		488.1			437.4			585.7			347.9			1,859.3			591.5			397.7			504.8			402.6			1,896.8			1,470.0
(Net Income Ratio) (%)		(17.0	)		(15.0	)		(18.0	)		(11.0	)		(15.2	)		(19.8	)		(13.1	)		(15.3	)		(12.1	)		(15.0	)		(11.9	)
R&D Expenses (billions of yen)		241.6			237.3			230.3			211.2			920.6			234.4			225.1			234.8			201.6			896.2			940.0
Depreciation Expenses (billions of yen)		58.4			58.0			56.0			55.2			227.8			52.6			57.3			61.7			65.7			237.5			250.0
Capital Expenditures (billions of yen)		54.0			57.6			60.0			113.2			284.8			73.6			61.8			62.5			104.0			302.1			300.0

Analysis of Unconsolidated Net Income for FY2019 (billions of yen, approximately)	4Q (2019/1-3)		12 months (’18/4-’19/3)
Marketing Efforts		-5.0		10.0
Effects of Changes in Exchange Rates		-25.0		10.0
Cost Reduction Efforts		15.0		60.0
From Engineering		5.0		40.0
From Manufacturing and Logistics		10.0		20.0
Increase or decrease in expenses and expense reduction efforts		-125.0		-10.0
Other		-4.2		-1.5
(Changes in Operating Income)		-144.2		68.5
Non-operating Income		160.0		16.4
Income Taxes, etc.		38.8		-47.4
(Changes in Net Income)		54.6		37.5

Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect Toyota’s plans and expectations.

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

(Note 1) Shows the number of employees as of the end of each period (excluding loan employees from Toyota and its consolidated subsidiaries (“Toyota”) to outside Toyota and including loan employees from outside Toyota to Toyota)    

(Note 2) Shows “Net income attributable to Toyota Motor Corporation”    

(Note 3) 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend    

(Note 4) Value of common shares repurchased (excluding shares constituting less than one unit that were purchased upon request)    

(Note 5) Value of common shares repurchased (shareholder return on Net Income for the period)    

(Note 6) Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease    

The amounts include finance lease assets until the fiscal year ended March 31, 2019, whereas it does not for the fiscal year ending March 31, 2020.    

(Note 7) Cash and cash equivalents, time deposits, marketable debt securities and its investment in monetary trust funds, excluding in each case those relating to financial services    

Supplemental 4