FINANCIAL SUMMARY

(All financial information has been prepared in accordance with International Financial Reporting Standards)

FY2021 First Quarter

(April 1, 2020 through June 30, 2020)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2021 First Quarter Consolidated Financial Results

(All financial information has been prepared in accordance with International Financial Reporting Standards)

English translation from the original Japanese-language document

August 6, 2020

Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://global.toyota/jp/
Representative	:	Akio Toyoda, President
Contact person	:	Kaname Shimizu, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of quarterly securities report	:	August 7, 2020
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 FY2021 First Quarter (April 1, 2020 through June 30, 2020)

(1) Consolidated financial results (For the first quarter ended June 30)

	(% of change from previous first quarter)
	Sales revenues				Operating income				Income before income taxes				Net income				Net income attributable to Toyota Motor Corporation				Comprehensive income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2021 first quarter		4,600,796		-40.4		13,920		-98.1		118,233		-86.1		149,448		-76.3		158,843		-74.3		233,157		-60.6
FY2020 first quarter		7,721,273		—		740,611		—		850,985		—		631,382		—		619,131		—		591,996		—

	Net income attributable to Toyota Motor Corporation –  Basic		Net income attributable to Toyota Motor Corporation –  Diluted
	Yen		Yen
FY2021 first quarter		56.87		56.87
FY2020 first quarter		218.62		216.19

(2) Consolidated financial position

	Total assets		Total shareholders’ equity		Toyota Motor  Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity
	Million yen		Million yen		Million yen		%
FY2021 first quarter		55,916,537		21,507,667		20,713,930		37.0
FY2020		53,972,363		21,339,012		20,618,888		38.2

2. Cash Dividends

	Annual cash dividends per common share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2020		—		100.00		—		120.00		220.00
FY2021		—
FY2021 (forecast)				—		—		—		—

(Note)	Revisions to the forecast of cash dividends since the latest announcement:  none
	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 FY2021 (April 1, 2020 through March 31, 2021)

	(% of change from FY2020)
	Sales revenues				Operating income				Income before income taxes				Net income attributable to Toyota Motor Corporation				Net income attributable to Toyota Motor Corporation – Basic
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Yen
Full-year		24,000,000		-19.6		500,000		-79.2		890,000		-68.1		730,000		-64.1		261.15

(Note)	Revisions to the forecast of consolidated results since the latest announcement:  yes
	Regarding the forecasts of sales revenues and operating income, Toyota has left unchanged the forecasts announced on May 12, 2020 due to the possibility that the business environment will change significantly depending on such factors as the future spread of COVID-19 and the state of its containment.
	Regarding the forecasts of income before income taxes and net income attributable to Toyota Motor Corporation, Toyota has decided to announce based on information and forecasts available at this time though we did not disclose such information at the time of the previous announcement.

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) Changes in accounting policies and changes in accounting estimates

(i) Changes in accounting policies required by IFRS: none

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

(iii) Changes in accounting estimates: none

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

(i) Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2021 first quarter 3,262,997,492 shares, FY2020    3,262,997,492 shares

(ii) Number of treasury stock at the end of each period:

FY2021 first quarter 467,035,101 shares,FY2020    496,844,960 shares

(iii) Average number of shares issued and outstanding in each period:

FY2021 first quarter 2,793,273,694 shares,FY2020 first quarter 2,831,992,804 shares

This report is not reviewed.

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 as well as the outbreak and spread of epidemics, 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.

The global spread of COVID-19 and the responses to it by governments and other stakeholders have adversely affected Toyota in a number of ways. For reasons such as government directives as well as anticipated reduced demand for its vehicles, Toyota has temporarily suspended, or intends to temporarily suspend, production of automobiles and components at selected plants in Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party suppliers and business partners. In addition, the global spread of COVID-19 and related matters have adversely affected businesses in a wide variety of industries, as well as consumers, all of which negatively impacted demand for Toyota’s vehicles and related financial services.

The duration of the global spread of COVID-19 and the resulting future effects are uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of COVID-19, are difficult to predict and could have an adverse effect on Toyota’s financial condition and results of operations.

The parent company has adopted International Financial Reporting Standards (“IFRS”) for its consolidated financial statements beginning with the first quarter ended June 30, 2020. In addition, consolidated financial statements for the first quarter ended June 30, 2019 and for the fiscal year ended March 31, 2020 are also presented in accordance with IFRS.

(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
FY2020		—		132.00		—		132.00		264.00
FY2021		—
FY2021 (forecast)				—		—		—		—

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

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

TABLE OF CONTENTS

Condensed Quarterly Consolidated Financial Statements and Notes to Condensed Quarterly Consolidated Financial Statements	2
1. Condensed Quarterly Consolidated Statement of Financial Position	2
2. Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated Statement of Comprehensive Income	4
3. Condensed Quarterly Consolidated Statement of Changes in Equity	6
4. Condensed Quarterly Consolidated Statement of Cash Flows	7
5. Going Concern Assumption	8
6. First-Time Adoption	9
Forecast of Consolidated Financial Results for FY2021	25
Supplemental Material for Financial Results for FY2021 First Quarter

—1—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Condensed Quarterly Consolidated Financial Statements and

Notes to Condensed Quarterly Consolidated Financial Statements

1. Condensed Quarterly Consolidated Statement of Financial Position

	Yen in millions
	April 1, 2019			March 31, 2020			June 30, 2020
Assets
Current assets
Cash and cash equivalents		3,602,805			4,098,450			6,801,561
Trade accounts and other receivables		2,954,617			2,648,360			2,224,404
Receivables related to financial services		6,657,367			6,621,604			6,111,234
Other financial assets		2,640,392			2,143,602			1,960,564
Inventories		2,731,040			2,533,892			2,449,244
Income tax receivable		84,574			237,609			245,720
Other current assets		507,654			679,804			649,933
Total current assets		19,178,450			18,963,320			20,442,661
Non-current assets
Investments accounted for using the equity method		3,467,242			4,297,564			3,732,034
Receivables related to financial services		10,281,028			10,417,797			10,782,410
Other financial assets		7,769,740			7,901,517			8,272,165
Property, plant and equipment
Land		1,359,271			1,318,964			1,351,333
Buildings		4,833,278			4,741,451			4,823,223
Machinery and equipment		11,956,773			11,979,449			12,131,439
Vehicles and equipment on operating leases		6,139,163			5,928,833			5,891,892
Construction in progress		656,067			517,460			580,098
Total property, plant and equipment, at cost		24,944,551			24,486,156			24,777,985
Less - Accumulated depreciation and impairment losses		(14,260,446	)		(13,952,141	)		(14,100,279	)
Total property, plant and equipment, net		10,684,105			10,534,016			10,677,706
Right of use assets		396,830			337,335			387,710
Intangible assets		908,737			1,000,257			1,059,140
Deferred tax assets		446,383			326,364			335,357
Other non-current assets		283,889			194,192			227,354
Total non-current assets		34,237,955			35,009,043			35,473,876
Total assets		53,416,405			53,972,363			55,916,537

—2—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

	Yen in millions
	April 1, 2019			March 31, 2020			June 30, 2020
Liabilities
Current liabilities
Trade accounts and other payables		3,856,133			3,498,029			2,731,625
Short-term and current portion of long-term debt		9,701,813			9,906,755			11,448,283
Accrued expenses		1,350,252			1,256,794			1,285,316
Other financial liabilities		475,302			538,740			674,197
Income taxes payable		321,316			212,276			169,785
Liabilities for quality assurance		1,769,514			1,552,970			1,490,291
Other current liabilities		1,008,032			1,176,645			1,107,723
Total current liabilities		18,482,362			18,142,209			18,907,220
Non-current liabilities
Long-term debt		11,342,315			11,434,219			12,564,205
Other financial liabilities		189,957			360,588			416,320
Retirement benefit liabilities		1,002,710			1,022,161			1,045,717
Deferred tax liabilities		1,227,292			1,198,005			1,046,023
Other non-current liabilities		516,560			476,169			429,385
Total non-current liabilities		14,278,833			14,491,142			15,501,650
Total liabilities		32,761,195			32,633,351			34,408,870
Shareholders’ equity
Common stock		397,050			397,050			397,050
Additional paid-in capital		487,162			489,334			504,527
Retained earnings		20,613,776			22,234,061			22,073,722
Other components of equity		1,016,035			585,549			640,208
Treasury stock		(2,606,925	)		(3,087,106	)		(2,901,577	)
Total Toyota Motor Corporation shareholders’ equity		19,907,100			20,618,888			20,713,930
Non-controlling interests		748,110			720,124			793,737
Total shareholders’ equity		20,655,210			21,339,012			21,507,667
Total liabilities and shareholders’ equity		53,416,405			53,972,363			55,916,537

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TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

2. Condensed Quarterly Consolidated Statement of Income and

    Condensed Quarterly Consolidated Statement of Comprehensive Income

Condensed Quarterly Consolidated Statement of Income

	Yen in millions
	For the first quarter ended June 30, 2019			For the first quarter ended June 30, 2020
Sales revenues
Sales of products		7,177,564			4,069,855
Financial services		543,709			530,941
Total sales revenues		7,721,273			4,600,796
Costs and expenses
Cost of products sold		5,927,739			3,726,300
Cost of financial services		341,406			325,068
Selling, general and administrative		711,517			535,508
Total costs and expenses		6,980,662			4,586,876
Operating income		740,611			13,920
Share of profit (loss) of investments accounted for using the equity method		104,744			(12,572	)
Other finance income		77,551			114,789
Other finance costs		(9,842	)		(10,012	)
Foreign exchange gain (loss), net		(63,060	)		8,510
Other income (loss), net		980			3,599
Income before income taxes		850,985			118,233
Income tax expense		219,603			(31,214	)
Net income		631,382			149,448
Net income attributable to
Toyota Motor Corporation		619,131			158,843
Non-controlling interests		12,252			(9,396	)
Net income		631,382			149,448
	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		218.62			56.87
Diluted		216.19			56.87

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TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Condensed Quarterly Consolidated Statement of Comprehensive Income

	Yen in millions
	For the first quarter ended June 30, 2019			For the first quarter ended June 30, 2020
Net income		631,382			149,448
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		62,717			144,082
Remeasurements of defined benefit plans		(4,752	)		(1,578	)
Share of other comprehensive income of equity method investees		45,014			(86,421	)
Total of items that will not be reclassified to profit (loss)		102,979			56,084
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		(171,155	)		65,319
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		39,888			4,014
Share of other comprehensive income of equity method investees		(11,099	)		(41,707	)
Total of items that may be reclassified subsequently to profit (loss)		(142,366	)		27,626
Total other comprehensive income, net of tax		(39,386	)		83,709
Comprehensive income		591,996			233,157
Comprehensive income for the period attributable to
Toyota Motor Corporation		582,549			226,258
Non-controlling interests		9,447			6,899
Comprehensive income		591,996			233,157

—5—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

3. Condensed Quarterly Consolidated Statement of Changes in Equity

For the first quarter ended June 30, 2019

	Yen in millions
	Common stock		Additional paid-in capital		Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2019		397,050		487,162		20,613,776			1,016,035			(2,606,925	)		19,907,100			748,110			20,655,210
Comprehensive income
Net income		—		—		619,131			—			—			619,131			12,252			631,382
Other comprehensive income, net of tax		—		—		—			(36,582	)		—			(36,582	)		(2,804	)		(39,386	)
Total comprehensive income		—		—		619,131			(36,582	)		—			582,549			9,447			591,996
Transactions with owners and other
Dividends paid		—		—		(339,893	)		—			—			(339,893	)		(23,881	)		(363,774	)
Repurchase of treasury stock		—		—		—			—			(54,308	)		(54,308	)		—			(54,308	)
Equity transactions and other		—		914		—			—			—			914			(2,703	)		(1,789	)
Total transactions with owners and other		—		914		(339,893	)		—			(54,308	)		(393,287	)		(26,584	)		(419,871	)
Reclassification to retained earnings		—		—		(2,670	)		2,670			—			—			—			—
Balances at June 30, 2019		397,050		488,077		20,890,344			982,123			(2,661,233	)		20,096,362			730,973			20,827,336
For the first quarter ended June 30, 2020
	Yen in millions
	Common stock		Additional paid-in capital		Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2020		397,050		489,334		22,234,061			585,549			(3,087,106	)		20,618,888			720,124			21,339,012
Comprehensive income
Net income		—		—		158,843			—			—			158,843			(9,396	)		149,448
Other comprehensive income, net of tax		—		—		—			67,415			—			67,415			16,295			83,709
Total comprehensive income		—		—		158,843			67,415			—			226,258			6,899			233,157
Transactions with owners and other
Dividends paid		—		—		(331,938	)		—			—			(331,938	)		(17,932	)		(349,870	)
Repurchase of treasury stock		—		—		—			—			(13	)		(13	)		—			(13	)
Reissuance of treasury stock		—		15,031		—			—			185,542			200,573			—			200,573
Change in scope of consolidation		—		—		—			—			—			—			67,331			67,331
Equity transactions and other		—		163		—			—			—			163			17,316			17,478
Total transactions with owners and other		—		15,193		(331,938	)		—			185,529			(131,216	)		66,715			(64,501	)
Reclassification to retained earnings		—		—		12,756			(12,756	)		—			—			—			—
Balances at June 30, 2020		397,050		504,527		22,073,722			640,208			(2,901,577	)		20,713,930			793,737			21,507,667

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TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

4. Condensed Quarterly Consolidated Statement of Cash Flows

	Yen in millions
	For the first quarter ended June 30, 2019			For the first quarter ended June 30, 2020
Cash flows from operating activities
Net income		631,382			149,448
Depreciation and amortization		395,997			398,044
Interest income and interest costs related to financial services, net		(45,419	)		(47,617	)
Share of profit (loss) of investments accounted for using the equity method		(104,744	)		12,572
Income tax expense		219,603			(31,214	)
Changes in operating assets and liabilities, and other		(454,266	)		134,000
Interest received		196,995			173,382
Dividends received		207,012			190,101
Interest paid		(82,860	)		(101,457	)
Income taxes paid, net of refund		(312,802	)		(204,007	)
Net cash provided by (used in) operating activities		650,897			673,252
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(381,612	)		(358,358	)
Additions to equipment leased to others		(596,156	)		(386,686	)
Proceeds from sales of fixed assets excluding equipment leased to others		6,815			12,650
Proceeds from sales of equipment leased to others		366,021			265,751
Additions to intangible assets		(53,654	)		(74,804	)
Additions to financial assets		(292,597	)		(592,187	)
Proceeds from sales of financial assets and upon maturity of financial assets		885,676			593,473
Other, net		(345,314	)		202,544
Net cash provided by (used in) investing activities		(410,820	)		(337,617	)
Cash flows from financing activities
Increase (decrease) in short-term debt		102,762			(213,223	)
Proceeds from long-term debt		1,569,856			3,982,675
Payments of long-term debt		(1,197,075	)		(1,284,411	)
Dividends paid to Toyota Motor Corporation common shareholders		(339,893	)		(331,938	)
Dividends paid to non-controlling interests		(23,881	)		(17,932	)
Reissuance (repurchase) of treasury stock		(54,308	)		199,986
Net cash provided by (used in) financing activities		57,463			2,335,157
Effect of exchange rate changes on cash and cash equivalents		(60,337	)		32,319
Net increase (decrease) in cash and cash equivalents		237,203			2,703,111
Cash and cash equivalents at beginning of period		3,602,805			4,098,450
Cash and cash equivalents at end of period		3,840,008			6,801,561

—7—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

5. Going Concern Assumption

None

—8—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

6. First-Time Adoption

Transition to reporting in accordance with IFRS

Toyota Motor Corporation (“TMC”) has prepared its condensed consolidated financial statements in accordance with IFRS from the first quarter ended June 30, 2020.

Up to the fiscal year ended March 31, 2020, TMC and its consolidated subsidiaries (“Toyota”) prepared its consolidated financial statements in accordance with Generally Accepted Accounting Standards in the United States (“U.S. GAAP”). The date of the transition to IFRS (“Transition Date”) was April 1, 2019.

IFRS 1 “First-time Adoption of International Financial Reporting Standards” (“IFRS 1”) stipulates that, in principle, the retrospective application of IFRS is required. However, it provides some voluntary and mandatory exemptions from full retrospective applications. TMC elected such exemptions with respect to the following items.

Business combination -

IFRS 3 “Business Combinations”, was not applied retrospectively to business combinations that occurred before the Transition Date.

Foreign currency translation adjustments of foreign operations -

The cumulative foreign currency translation adjustments were reclassified from other comprehensive income to retained earnings as of the date of the Transition Date.

Designation of equity financial assets -

Equity financial assets recognized before the Transition Date were designated as financial assets measured at fair value through other comprehensive income based on the facts and circumstances that existed as of the Transition Date.

Deemed cost -

IFRS 1 permits a first time adopter to elect to use fair value at the Transition Date as deemed cost for items of property, plant and equipment. For some property, plant and equipment, the fair value at the Transition Date is used as deemed cost.

Recognition of right of use assets and lease liabilities -

When a first time adopter that is a lessee recognizes right of use assets and lease liabilities, it is permitted to measure lease liabilities at the Transition Date under IFRS 1. Toyota measures all lease liabilities at the Transition Date, using the present value of the remaining lease payments and discounted by the lessee’s incremental borrowing rate at the Transition Date. Toyota measures right of use assets at the Transition Date and shall be equal to the lease liability.

For leases for which the lease term ends within 12 months of the Transition Date, lease payment associated with those leases as an expense on a straight-line basis over the lease term.

—9—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of U.S. GAAP to IFRS

Toyota has made the necessary adjustments to the previously disclosed U.S. GAAP consolidated financial statements or quarterly consolidated financial statements in transition to IFRS.

Items that do not affect retained earnings and comprehensive income are included in “Reclassification,” and items that affect retained earnings and comprehensive income are included in “Adjustment of recognition and measurement” of the reconciliation tables.

—10—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of equity as of the transition date (April 1, 2019)

	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes		Presentation under IFRS
Assets															Assets
Current assets															Current assets
Cash and cash equivalents		3,574,704			—			28,101			3,602,805				Cash and cash equivalents
Trade accounts and notes receivable, less allowance for doubtful accounts		2,372,734			568,156			13,728			2,954,617			A	Trade accounts and other receivables
Other receivables		568,156			(568,156	)		—			—			A
Finance receivables, net		6,647,771			—			9,596			6,657,367				Receivables related to financial services
Time deposits		1,126,352			1,508,812			5,228			2,640,392			B,C,D	Other financial assets
Marketable securities		1,127,160			(1,127,160	)		—			—			B
Inventories		2,656,396			—			74,644			2,731,040			a	Inventories
		—			84,281			293			84,574			E	Income tax receivable
Prepaid expenses and other current assets		805,964			(297,502	)		(807	)		507,654			C,D,E	Other current assets
Total current assets		18,879,237			168,431			130,781			19,178,450				Total current assets
															Non-current assets
Investments in affiliated companies		3,313,723			54,004			99,516			3,467,242				Investments accounted for using the equity method
Noncurrent finance receivables, net		10,281,118			—			(90	)		10,281,028				Receivables related to financial services
Marketable securities and other securities investments		7,479,926			238,009			51,806			7,769,740			D,F,G,b	Other financial assets
Employees receivables		21,683			(21,683	)		—			—			F
Property, plant and equipment															Property, plant and equipment
Land		1,386,308			1,353			(28,391	)		1,359,271			c	Land
Buildings		4,802,175			(14,489	)		45,593			4,833,278				Buildings
Machinery and equipment		11,857,425			(6,097	)		105,445			11,956,773				Machinery and equipment
Vehicles and equipment on operating leases		6,139,163			—			—			6,139,163				Vehicles and equipment on operating leases
Construction in progress		651,713			61			4,293			656,067				Construction in progress
Total property, plant and equipment, at cost		24,836,784			(19,172	)		126,939			24,944,551				Total property, plant and equipment, at cost
Less - Accumulated depreciation		(14,151,290	)		(8,140	)		(101,016	)		(14,260,446	)			Less - Accumulated depreciation and impairment losses
Total property, plant and equipment, net		10,685,494			(27,313	)		25,923			10,684,105				Total property, plant and equipment, net
		—			27,313			369,517			396,830			d	Right of use assets
		—			297,394			611,343			908,737			G,e	Intangible assets
		—			501,872			(55,489	)		446,383			G,f	Deferred tax assets
Other		1,275,768			(991,888	)		9			283,889			G	Other non-current assets
		33,057,712			77,709			1,102,535			34,237,955				Total non-current assets
Total assets		51,936,949			246,140			1,233,316			53,416,405				Total assets

—11—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Liabilities														Liabilities
Current liabilities														Current liabilities
Accounts payable		2,645,984			1,180,657			29,492			3,856,133		H,K	Trade accounts and other payables
Other payable		1,102,802			(1,102,802	)		—			—		H
Short-term borrowings		5,344,973			4,254,260			102,580			9,701,813		I,d	Short-term and current portion of long-term debt
Current portion of long-term debt		4,254,260			(4,254,260	)		—			—		I
Accrued expenses		3,222,446			(1,870,433	)		(1,761	)		1,350,252		J	Accrued expenses
		—			475,409			(107	)		475,302		D,K	Other financial liabilities
Income taxes payable		320,998			—			318			321,316			Income taxes payable
		—			1,769,275			239			1,769,514		J	Liabilities for quality assurance
Other current liabilities		1,335,475			(339,131	)		11,688			1,008,032		D,K	Other current liabilities
Total current liabilities		18,226,938			112,975			142,449			18,482,362			Total current liabilities
Long-term liabilities														Non-current liabilities
Long-term debt		10,550,945			498,073			293,298			11,342,315		L,d	Long-term debt
		—			189,957			—			189,957		D	Other financial liabilities
Accrued pension and severance costs		963,406			37,532			1,771			1,002,710			Retirement benefit liabilities
Deferred income taxes		1,014,851			11,670			200,771			1,227,292		f	Deferred tax liabilities
Other long-term liabilities		615,599			(105,994	)		6,955			516,560			Other non-current liabilities
Total long-term liabilities		13,144,801			631,238			502,794			14,278,833			Total non-current liabilities
Total liabilities		31,371,739			744,213			645,244			32,761,195			Total liabilities
Mezzanine equity		498,073			(498,073	)		—			—		L
Shareholders’ equity														Shareholders’ equity
Toyota Motor Corporation shareholders’ equity
Common stock, no par value		397,050			—			—			397,050			Common stock
Additional paid-in capital		487,162			—			—			487,162			Additional paid-in capital
Retained earnings		21,987,515			—			(1,373,738	)		20,613,776		j	Retained earnings
Accumulated other comprehensive income (loss)		(916,650	)		—			1,932,686			1,016,035		b,g,h	Other components of equity
Treasury stock, at cost		(2,606,925	)		—			—			(2,606,925	)		Treasury stock
Total Toyota Motor Corporation shareholders’ equity		19,348,152			—			558,947			19,907,100			Total Toyota Motor Corporation shareholders’ equity
Noncontrolling interests		718,985			—			29,125			748,110			Non-controlling interests
Total shareholders’ equity		20,067,137			—			588,072			20,655,210			Total shareholders’ equity
Total mezzanine equity and shareholders’ equity		20,565,210			(498,073	)		588,072			20,655,210
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		51,936,949			246,140			1,233,316			53,416,405			Total liabilities and shareholders’ equity

—12—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of equity as of the end of the first quarter (June 30, 2019)
	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes		Presentation under IFRS
Assets															Assets
Current assets															Current assets
Cash and cash equivalents		3,761,800			—			78,208			3,840,008				Cash and cash equivalents
Trade accounts and notes receivable, less allowance for doubtful accounts		2,234,909			528,709			11,844			2,775,461			A	Trade accounts and other receivables
Other receivables		528,709			(528,709	)		—			—			A
Finance receivables, net		6,648,292			—			7,700			6,655,992				Receivables related to financial services
Time deposits		1,466,979			1,344,405			818			2,812,202			B,C,D	Other financial assets
Marketable securities		971,958			(971,958	)		—			—			B
Inventories		2,738,140			—			63,872			2,802,012			a	Inventories
		—			86,327			513			86,840			E	Income tax receivable
Prepaid expenses and other current assets		935,748			(294,095	)		13,431			655,084			C,D,E	Other current assets
Total current assets		19,286,535			164,679			176,386			19,627,600				Total current assets
															Non-current assets
Investments in affiliated companies		3,288,535			56,693			97,354			3,442,582				Investments accounted for using the equity method
Noncurrent finance receivables, net		10,265,912			—			1,799			10,267,712				Receivables related to financial services
Marketable securities and other securities investments		7,095,229			224,748			48,338			7,368,315			D,F,G,b	Other financial assets
Employees receivables		22,408			(22,408	)		—			—			F
Property, plant and equipment															Property, plant and equipment
Land		1,374,624			1,476			(28,409	)		1,347,692			c	Land
Buildings		4,773,122			(4,970	)		39,974			4,808,125				Buildings
Machinery and equipment		11,706,623			(25,432	)		100,827			11,782,019				Machinery and equipment
Vehicles and equipment on operating leases		5,968,646			—			(33	)		5,968,613				Vehicles and equipment on operating leases
Construction in progress		647,443			59			2,181			649,683				Construction in progress
Total property, plant and equipment, at cost		24,470,458			(28,867	)		114,541			24,556,132				Total property, plant and equipment, at cost
Less - Accumulated depreciation		(13,929,933	)		(4,375	)		(101,282	)		(14,035,591	)			Less - Accumulated depreciation and impairment losses
Total property, plant and equipment, net		10,540,525			(33,242	)		13,259			10,520,541				Total property, plant and equipment, net
		—			387,812			(4,496	)		383,315			G	Right of use assets
		—			299,163			601,714			900,877			G,e	Intangible assets
		—			485,530			(36,614	)		448,916			G,f	Deferred tax assets
Other		1,618,292			(1,289,522	)		159			328,929			G	Other non-current assets
		32,830,901			108,774			721,513			33,661,188				Total non-current assets
Total assets		52,117,436			273,453			897,898			53,288,787				Total assets

—13—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Liabilities														Liabilities
Current liabilities														Current liabilities
Accounts payable		2,464,104			970,708			32,690			3,467,501		H,K	Trade accounts and other payables
Other payable		916,863			(916,863	)		—			—		H
Short-term borrowings		5,297,509			4,373,664			41,073			9,712,246		I	Short-term and current portion of long-term debt
Current portion of long-term debt		4,302,570			(4,302,570	)		—			—		I
Accrued expenses		3,236,485			(1,831,278	)		(7,597	)		1,397,610		J	Accrued expenses
		—			574,996			(6,349	)		568,646		D,K	Other financial liabilities
Income taxes payable		208,238			—			(3,187	)		205,051			Income taxes payable
		—			1,685,003			1,703			1,686,706		J	Liabilities for quality assurance
Other current liabilities		1,475,975			(423,559	)		35,072			1,087,489		D,K	Other current liabilities
Total current liabilities		17,901,744			130,101			93,405			18,125,250			Total current liabilities
Long-term liabilities														Non-current liabilities
Long-term debt		10,549,161			780,821			2,897			11,332,880		L,M	Long-term debt
		—			223,346			—			223,346		D	Other financial liabilities
Accrued pension and severance costs		967,683			37,638			4,615			1,009,936			Retirement benefit liabilities
Deferred income taxes		1,049,355			11,548			217,967			1,278,870		f	Deferred tax liabilities
Other long-term liabilities		910,964			(412,577	)		(7,217	)		491,169		M	Other non-current liabilities
Total long-term liabilities		13,477,163			640,776			218,263			14,336,201			Total non-current liabilities
Total liabilities		31,378,907			770,877			311,667			32,461,452			Total liabilities
Mezzanine equity		497,425			(497,425	)		—			—		L
Shareholders’ equity														Shareholders’ equity
Toyota Motor Corporation shareholders’ equity
Common stock, no par value		397,050			—			—			397,050			Common stock
Additional paid-in capital		488,077			—			—			488,077			Additional paid-in capital
Retained earnings		22,326,275			—			(1,435,930	)		20,890,344		j	Retained earnings
Accumulated other comprehensive income (loss)		(1,022,489	)		—			2,004,612			982,123		b,g,h	Other components of equity
Treasury stock, at cost		(2,661,233	)		—			—			(2,661,233	)		Treasury stock
Total Toyota Motor Corporation shareholders’ equity		19,527,680			—			568,682			20,096,362			Total Toyota Motor Corporation shareholders’ equity
Noncontrolling interests		713,424			—			17,549			730,973			Non-controlling interests
Total shareholders’ equity		20,241,104			—			586,231			20,827,336			Total shareholders’ equity
Total mezzanine equity and shareholders’ equity		20,738,529			(497,425	)		586,231			20,827,336
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		52,117,436			273,453			897,898			53,288,787			Total liabilities and shareholders’ equity

—14—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of equity as of the end of the prior period (March 31, 2020)

	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes		Presentation under IFRS
Assets															Assets
Current assets															Current assets
Cash and cash equivalents		4,190,518			—			(92,068	)		4,098,450				Cash and cash equivalents
Trade accounts and notes receivables, less allowance for doubtful accounts		2,094,894			564,854			(11,389	)		2,648,360			A	Trade accounts and other receivables
Other receivables		564,854			(564,854	)		—			—			A
Finance receivables, net		6,614,171			—			7,433			6,621,604				Receivables related to financial services
Time deposits		828,220			1,316,339			(958	)		2,143,602			B,C,D	Other financial assets
Marketable securities		678,731			(678,731	)		—			—			B
Inventories		2,434,918			—			98,974			2,533,892			a	Inventories
		—			237,333			275			237,609			E	Income tax receivable
Prepaid expenses and other current assets		1,236,225			(578,614	)		22,193			679,804			C,D,E	Other current assets
Total current assets		18,642,531			296,327			24,462			18,963,320				Total current assets
															Non-current assets
Investments in affiliated companies		4,123,453			81,731			92,380			4,297,564				Investments accounted for using the equity method
Noncurrent finance receivables, net		10,423,858			49			(6,109	)		10,417,797				Receivables related to financial services
Marketable securities and other securities investments		7,348,651			502,296			50,570			7,901,517			D,F,G,b	Other financial assets
Employees receivables		21,484			(21,484	)		—			—			F
Property, plant and equipment															Property, plant and equipment
Land		1,346,988			165			(28,189	)		1,318,964			c	Land
Buildings		4,730,783			(19,860	)		30,528			4,741,451				Buildings
Machinery and equipment		11,939,121			(43,092	)		83,419			11,979,449				Machinery and equipment
Vehicles and equipment on operating leases		5,929,233			—			(400	)		5,928,833				Vehicles and equipment on operating leases
Construction in progress		510,963			60			6,438			517,460				Construction in progress
Total property, plant and equipment, at cost		24,457,088			(62,728	)		91,797			24,486,156				Total property, plant and equipment, at cost
Less - Accumulated depreciation		(13,855,563	)		2,355			(98,933	)		(13,952,141	)			Less - Accumulated depreciation and impairment losses
Total property, plant and equipment, net		10,601,525			(60,373	)		(7,136	)		10,534,016				Total property, plant and equipment, net
		—			337,442			(107	)		337,335			G	Right of use assets
		—			374,263			625,994			1,000,257			G,e	Intangible assets
		—			354,785			(28,420	)		326,364			G,f	Deferred tax assets
Other		1,518,934			(1,331,576	)		6,834			194,192			G	Other non-current assets
		34,037,905			237,133			734,005			35,009,043				Total non-current assets
Total assets		52,680,436			533,460			758,468			53,972,363				Total assets

—15—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Liabilities														Liabilities
Current liabilities														Current liabilities
Accounts payable		2,434,180			1,064,224			(375	)		3,498,029		H,K	Trade accounts and other payables
Other payable		1,020,270			(1,020,270	)		—			—		H
Short-term borrowings		5,286,026			4,611,537			9,192			9,906,755		I	Short-term and current portion of long-term debt
Current portion of long-term debt		4,574,045			(4,574,045	)		—			—		I
Accrued expenses		2,926,052			(1,689,158	)		19,901			1,256,794		J	Accrued expenses
		—			546,378			(7,637	)		538,740		D,K	Other financial liabilities
Income taxes payable		218,117			—			(5,841	)		212,276			Income taxes payable
		—			1,553,816			(846	)		1,552,970		J	Liabilities for quality assurance
Other current liabilities		1,443,687			(252,101	)		(14,942	)		1,176,645		D,K	Other current liabilities
Total current liabilities		17,902,377			240,382			(549	)		18,142,209			Total current liabilities
Long-term liabilities														Non-current liabilities
Long-term debt		10,692,898			739,633			1,688			11,434,219		L,M	Long-term debt
		—			360,588			—			360,588		D	Other financial liabilities
Accrued pension and severance costs		978,626			41,356			2,179			1,022,161			Retirement benefit liabilities
Deferred income taxes		1,043,169			1,487			153,349			1,198,005		f	Deferred tax liabilities
Other long-term liabilities		821,515			(345,816	)		471			476,169		M	Other non-current liabilities
Total long-term liabilities		13,536,208			797,247			157,687			14,491,142			Total non-current liabilities
Total liabilities		31,438,585			1,037,629			157,138			32,633,351			Total liabilities
Mezzanine equity		504,169			(504,169	)		—			—		L
Shareholders’ equity														Shareholders’ equity
Toyota Motor Corporation shareholders’ equity
Common stock, no par value		397,050			—			—			397,050			Common stock
Additional paid-in capital		489,334			—			—			489,334			Additional paid-in capital
Retained earnings		23,427,613			—			(1,193,552	)		22,234,061		j	Retained earnings
Accumulated other comprehensive income (loss)		(1,166,273	)		—			1,751,822			585,549		b,g,h	Other components of equity
Treasury stock, at cost		(3,087,106	)		—			—			(3,087,106	)		Treasury stock
Total Toyota Motor Corporation shareholders’ equity		20,060,618			—			558,270			20,618,888			Total Toyota Motor Corporation Shareholders’ equity
Noncontrolling interests		677,064			—			43,060			720,124			Non-controlling interests
Total shareholders’ equity		20,737,682			—			601,330			21,339,012			Total shareholders’ equity
Total mezzanine equity and shareholders’ equity		21,241,851			(504,169	)		601,330			21,339,012
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		52,680,436			533,460			758,468			53,972,363			Total liabilities and shareholders’ equity

—16—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of net profit or loss for the first quarter ended June 30 (from April 1, 2019 to June 30, 2019)
	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Net revenues														Sales revenues
Sales of products		7,103,793			—			73,771			7,177,564		i	Sales of products
Financing operations		542,298			—			1,411			543,709			Financial services
Total net revenues		7,646,091			—			75,182			7,721,273			Total sales revenues
Costs and expenses														Costs and expenses
Cost of products sold		5,869,652			(3,645	)		61,732			5,927,739		i	Cost of products sold
Cost of financing operations		340,438			—			968			341,406			Cost of financial services
Selling, general and administrative		694,050			(1,014	)		18,480			711,517			Selling, general and administrative
Total costs and expenses		6,904,140			(4,659	)		81,180			6,980,662			Total costs and expenses
Operating income		741,951			4,659			(5,999	)		740,611			Operating income
Other income (expense)
		—			109,553			(4,809	)		104,744			Share of profit (loss) of investments accounted for using the equity method
Interest and dividend income		74,391			2,359			801			77,551			Other finance income
Interest expense		(4,351	)		(1,648	)		(3,843	)		(9,842	)		Other finance costs
Foreign exchange gain (loss), net		(58,008	)		—			(5,052	)		(63,060	)		Foreign exchange gain (loss), net
Unrealized gains (losses) on equity securities		90,771			—			(90,771	)		—		b
Total other income (loss), net		(3,004	)		(5,370	)		9,354			980			Other income (loss), net
Income before income taxes and equity in earnings of affiliated companies		841,750			109,553			(100,318	)		850,985			Income before income taxes
Provision for income taxes		249,629			—			(30,027	)		219,603		b	Income tax expense
Equity in earnings of affiliated companies		109,553			(109,553	)		—			—
Net income		701,674			—			(70,291	)		631,382			Net income
														Net income attributable to
Net income attributable to Toyota Motor Corporation		682,974			—			(63,843	)		619,131			Toyota Motor Corporation
Net income attributable to noncontrolling interests		18,700			—			(6,448	)		12,252			Non-controlling interests
		701,674			—			(70,291	)		631,382			Net income

—17—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of other comprehensive income for the first quarter ended June 30 (from April 1, 2019 to June 30, 2019)
	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Net income		701,674			—			(70,291	)		631,382			Net income
Other comprehensive income (loss), net of tax														Other comprehensive income, net of tax
														Items that will not be reclassified to profit (loss)
Unrealized gains (losses) on securities		40,453			(40,453	)		62,717			62,717		b	Net changes in revaluation of financial assets measured at fair value through other comprehensive income
Pension liability adjustments		(2,562	)		93			(2,283	)		(4,752	)		Remeasurements of defined benefit plans
		—			(93	)		45,107			45,014			Shares of other comprehensive income of equity method investees
		37,891			(40,453	)		105,541			102,979			Total of items that will not be reclassified to profit (loss)
														Items that may be reclassified subsequently to profit (loss)
Foreign currency translation adjustments		(143,006	)		64,719			(92,868	)		(171,155	)		Exchange differences on translating foreign operations
		—			40,453			(565	)		39,888			Net changes in revaluation of financial assets measured at fair value through other comprehensive income
		—			(64,719	)		53,620			(11,099	)		Shares of other comprehensive income of equity method investees
		(143,006	)		40,453			(39,812	)		(142,366	)		Total of items that may be reclassified subsequently to profit (loss)
Total other comprehensive income (loss)		(105,115	)		—			65,729			(39,386	)		Total other comprehensive income, net of tax
Comprehensive income		596,559			—			(4,562	)		591,996			Comprehensive income
														Comprehensive income for the period attributable to
Comprehensive income attributable to Toyota Motor Corporation		577,135			—			5,414			582,549			Toyota Motor Corporation
Comprehensive income attributable to noncontrolling interests		19,424			—			(9,976	)		9,447			Non-controlling interests
		596,559			—			(4,562	)		591,996			Comprehensive income

—18—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of net profit or loss for prior period (from April 1, 2019 to March 31, 2020)
	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Net revenues														Sales revenues
Sales of products		27,759,749			—			(66,056	)		27,693,693		i	Sales of products
Financing operations		2,170,243			—			2,611			2,172,854			Financial services
Total net revenues		29,929,992			—			(63,445	)		29,866,547			Total sales revenues
Costs and expenses														Costs and expenses
Cost of products sold		23,142,744			(12,761	)		(26,387	)		23,103,596		i	Cost of products sold
Cost of financing operations		1,379,620			—			2,134			1,381,755			Cost of financial services
Selling, general and administrative		2,964,759			(3,391	)		20,597			2,981,965			Selling, general and administrative
Total costs and expenses		27,487,123			(16,153	)		(3,655	)		27,467,315			Total costs and expenses
Operating income		2,442,869			16,153			(59,790	)		2,399,232			Operating income
Other income (expense)
		—			271,153			39,094			310,247			Share of profit (loss) of investments accounted for using the equity method
Interest and dividend income		232,870			77,241			(4,266	)		305,846			Other finance income
Interest expense		(32,217	)		(2,573	)		(12,365	)		(47,155	)		Other finance costs
Foreign exchange gain (loss), net		(79,020	)		—			(15,599	)		(94,619	)		Foreign exchange gain (loss), net
Unrealized gains (losses) on equity securities		(24,600	)		—			24,600			—		b
Total other income (loss), net		14,705			(90,821	)		(4,491	)		(80,607	)		Other income (loss), net
Income before income taxes and equity in earnings of affiliated companies		2,554,607			271,152			(32,817	)		2,792,942			Income before income taxes
Provision for income taxes		683,430			—			(1,613	)		681,817		b	Income tax expense
Equity in earnings of affiliated companies		271,152			(271,152	)		—			—
Net income		2,142,329			—			(31,204	)		2,111,125			Net income
														Net income attributable to
Net income attributable to Toyota Motor Corporation		2,076,183			—			(40,043	)		2,036,140			Toyota Motor Corporation
Net income attributable to noncontrolling interests		66,146			—			8,839			74,985			Non-controlling interests
		2,142,329			—			(31,204	)		2,111,125			Net income

—19—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Reconciliation of other comprehensive income during prior period (from April 1, 2019 to March 31, 2020)
	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes		Presentation under IFRS
Net income		2,142,329			—			(31,204	)		2,111,125				Net income
Other comprehensive income (loss), net of tax															Other comprehensive income, net of tax
															Items that will not be reclassified to profit (loss)
Unrealized gains (losses) on securities		118,363			(118,363	)		(243,853	)		(243,853	)		b	Net changes in revaluation of financial assets measured at fair value through other comprehensive income
Pension liability adjustments		(60,196	)		(612	)		17,409			(43,399	)			Remeasurements of defined benefit plans
		—			612			61,956			62,568				Shares of other comprehensive income of equity method investees
		58,167			(118,363	)		(164,488	)		(224,684	)			Total of items that will not be reclassified to profit (loss)
															Items that may be reclassified subsequently to profit (loss)
Foreign currency translation adjustments		(333,854	)		89,371			(117,614	)		(362,098	)			Exchange differences on translating foreign operations
		—			118,363			(4,973	)		113,390				Net changes in revaluation of financial assets measured at fair value through other comprehensive income
		—			(89,371	)		54,118			(35,253	)			Shares of other comprehensive income of equity method investees
		(333,854	)		118,363			(68,469	)		(283,961	)			Total of items that may be reclassified subsequently to profit (loss)
Total other comprehensive income (loss)		(275,687	)		—			(232,958	)		(508,645	)			Total other comprehensive income, net of tax
Comprehensive income		1,866,642			—			(264,162	)		1,602,480				Comprehensive income
															Comprehensive income for the period attributable to
Comprehensive income attributable to Toyota Motor Corporation		1,820,764			—			(265,756	)		1,555,009				Toyota Motor Corporation
Comprehensive income attributable to noncontrolling interests		45,878			—			1,594			47,472				Non-controlling interests
		1,866,642			—			(264,162	)		1,602,480				Comprehensive income

—20—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Notes to reconciliation

Changes in presentation -

A. Other receivables separately presented under U.S. GAAP have been reclassified into trade accounts and other receivables under IFRS.

B. Marketable securities separately presented under U.S. GAAP have been reclassified into other financial assets in current assets under IFRS.

C. Other financial assets included in prepaid expenses and other current assets under U.S. GAAP are separately presented under IFRS.

D. Derivative assets and liabilities that meet certain requirements are offset under U.S. GAAP. Under IFRS they are presented in gross amount.

E. Income tax receivable included in prepaid expenses and others current assets under U.S. GAAP are separately presented under IFRS.

F. Employees receivables separately presented under U.S. GAAP have been reclassified into other financial assets in non-current assets under IFRS.

G. Right of use assets, intangible assets, deferred tax assets and other financial assets in non-current assets included in other in investment and other assets under U.S. GAAP are separately presented under IFRS.

H. Other payables separately presented under U.S. GAAP have been reclassified into trade accounts and other payables under IFRS.

I. Current portion of long-term debt separately presented under U.S. GAAP have been reclassified into short-term and current portion of long-term debt under IFRS.

J. Liabilities for quality assurance included in accrued expenses under U.S. GAAP are separately presented under IFRS.

K. Other financial liabilities included in other current liabilities under U.S. GAAP are separately presented under IFRS.

L. Model AA Class Shares presented as mezzanine equity under U.S. GAAP have been reclassified into long-term debt under IFRS.

M. Lease liabilities included in other long-term liabilities under U.S. GAAP have been reclassified into long-term debt under IFRS.

—21—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Difference in recognition and measurement -

For the following reconciliation, related allocation to the non-controlling interests is recorded.

a. Inventory valuation method

Under U.S. GAAP, inventories of some subsidiaries are calculated using the last-in, first-out method, but under IFRS, they are calculated using the weighted-average method.

b. Fair value measurement of equity financial assets

Unlisted stocks are recorded at acquisition cost under U.S. GAAP but are measured at fair value through other comprehensive income under IFRS. For equity financial assets, U.S. GAAP recognizes valuation gains and losses, gains and losses on sales and impairment as profit or loss, but under IFRS, changes in fair value are recognized as other comprehensive income.

c. Deemed cost

In accordance with IFRS 1, Toyota has elected to use fair value at the date of transition as deemed cost for certain items of property, plant and equipment. The book value of property, plant and equipment under U.S. GAAP to which the exemption is applied is 59,456 million yen and the fair value is 21,225 million yen.

d. Recognition of right of use assets and lease liabilities

Under IFRS, newly recognized right of use assets and lease liabilities are recorded as a result of the adoption of IFRS 16 “Leases”.

e. Capitalization of costs incurred for development of products

Under U.S. GAAP, development expense is expensed as incurred. Under IFRS, costs incurred for development of products is capitalized if it meets the capitalization requirements.

—22—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

f. Deferred income taxes

Deferred income taxes have been adjusted due to the other adjustments from U.S. GAAP to IFRS. The adjustment mainly related to 188,837 million yen (as of April 1, 2019), 186,321 million yen (as of June 30, 2019), and 193,271 million yen (as of March 31, 2020) of the capitalization of development costs.

g. Exchange differences on translating foreign operations

In accordance with the first-time exemption, the cumulative translation differences of foreign operations as of the Transition Date are transferred from other components of equity to retained earnings.

h. Retirement benefit obligations for defined benefit plans

Under U.S. GAAP, actuarial gains and losses and past service cost are recognized in other comprehensive income when they are incurred and amortized over a certain period of future years. Under IFRS, remeasurements arising from defined benefit plans, including actuarial gains and losses are recognized in other comprehensive income and reclassified directly from other components of equity to retained earnings when they are incurred. Past service cost is recognized in profit or loss when incurred.

i. Unification of a reporting period

For certain consolidated subsidiaries and companies accounted for by the equity method that have closing dates different from Toyota, the reporting period has been unified to Toyota’s closing date on the Transition Date.

j. Reconciliation of retained earnings

	Yen in millions
	Transition Date (April 1, 2019)			First quarter (June 30,  2019)			Prior fiscal year (March  31, 2020)
b. Fair value measurement of equity instruments		(990,815	)		(1,049,567	)		(799,568	)
g. Exchange differences on translating foreign operations		(649,532	)		(649,532	)		(649,532	)
h. Retirement benefit obligations for defined benefit plans		(265,867	)		(268,571	)		(324,014	)
Subtotal		(1,906,213	)		(1,967,670	)		(1,773,114	)
e. Capitalization of cost incurred for development of product		410,531			416,660			432,202
i. Unification of a reporting period		85,211			72,371			51,480
Others		36,732			42,708			95,880
Total		(1,373,738	)		(1,435,930	)		(1,193,552	)

Subtotal represents reclassification from other components of equity.

—23—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Adjustments on the Cash Flows

Acquisitions, collections and sales of receivables from financial services which were classified as cash flows from investing activities under U.S. GAAP are classified as cash flows from operating activities under IFRS.

—24—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

Forecast of Consolidated Financial Results for FY2021

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 FY2021

Sales revenues	24,000.0 billion yen	(a decrease of 19.6% compared with FY2020)
Operating income	500.0 billion yen	(a decrease of 79.2% compared with FY2020)
Income before income taxes	890.0 billion yen	(a decrease of 68.1% compared with FY2020)
Net income attributable to Toyota Motor Corporation	730.0 billion yen	(a decrease of 64.1% compared with FY2020)

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 as well as the outbreak and spread of epidemics, 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.

The global spread of COVID-19 and the responses to it by governments and other stakeholders have adversely affected Toyota in a number of ways. For reasons such as government directives as well as anticipated reduced demand for its vehicles, Toyota has temporarily suspended, or intends to temporarily suspend, production of

—25—

TOYOTA MOTOR CORPORATION    FY2021 First Quarter Financial Summary

automobiles and components at selected plants in Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party suppliers and business partners.

The duration of the global spread of COVID-19 is uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of COVID-19, are difficult to predict and could have an adverse effect on Toyota’s financial condition and results of operations.

—26—

Supplemental Material for Financial Results for FY2021 First Quarter (Consolidated)

< IFRS >

	FY2020						FY2021			FY2021
	1Q (2019/4-6)			12 months (’19/4-’20/3)			1Q (2020/4-6)			Forecast 12 months (’20/4-’21/3)
Vehicle Production (thousands of units)		2,311			8,820			1,080
(Japan) –including Daihatsu & Hino		1,134			4,413			679
[Daihatsu & Hino]		[265	]		[1,109	]		[178	]
(Overseas) –including Daihatsu & Hino		1,178			4,406			401
[Daihatsu & Hino]		[124	]		[545	]		[15	]
North America		499			1,807			187
Europe		174			674			82
Asia		386			1,522			109
Central and South America		86			293			10
Africa		33			110			13
Vehicle Sales (thousands of units)		2,318			8,955			1,158			7,200
(Japan) –including Daihatsu & Hino		555			2,240			385			1,960
[Daihatsu & Hino]		[158	]		[657	]		[104	]		[590	]
(Overseas) –including Daihatsu & Hino		1,762			6,715			774			5,240
[Daihatsu & Hino]		[65	]		[285	]		[16	]		[140	]
North America		744			2,713			285			2,330
Europe		279			1,029			141			870
Asia		410			1,600			182			1,130
Central and South America		104			403			30			240
Oceania		66			262			48			230
Africa		54			207			24			170
Middle East		106			493			62			270
Other		2			7			2
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,709			10,457			1,848			9,100

Supplemental 1

Supplemental Material for Financial Results for FY2021 First Quarter (Consolidated)

< IFRS >

	FY2020						FY2021			FY2021
	1Q (2019/4-6)			12 months (’19/4-’20/3)			1Q (2020/4-6)			Forecast 12 months (’20/4-’21/3)
Foreign Exchange Rates
Yen to US Dollar Rate		110			109			108			as premise: 105
Yen to Euro Rate		123			121			119			as premise: 115
Market Share (Japan)
Toyota (excluding Mini-Vehicles) (%)		49.0			48.8			52.7
Toyota, Daihatsu and Hino (including Mini-Vehicles) (%)		45.2			45.5			47.8
Number of Employees		379,201			361,907			369,701	(Note 1)
Sales Revenues (billions of yen)		7,721.2			29,866.5			4,600.7			24,000.0	*
Geographic Information
Japan		4,175.0			16,441.8			2,675.6
North America		2,838.0			10,642.0			1,381.1
Europe		883.2			3,355.3			471.4
Asia		1,361.9			5,293.2			906.5
Other		553.8			2,114.1			281.2
Elimination		-2,090.8			-7,980.0			-1,115.2
Business Segment
Automotive		6,954.5			26,799.7			3,976.4
Financial Services		549.1			2,193.1			534.9
All Other		370.0			1,504.9			206.0
Elimination		-152.4			-631.2			-116.7
Operating Income (billions of yen)		740.6			2,399.2			13.9			500.0	*
(Operating Income Ratio) (%)		( 9.6	)		( 8.0	)		( 0.3	)		( 2.1	)
Geographic Information
Japan		429.9			1,585.2			77.4
North America		112.6			253.2			-68.5
Europe		38.6			143.8			-21.9
Asia		109.1			363.5			42.8
Other		21.1			84.0			-11.7
Elimination		29.0			-30.6			-4.0
Business Segment
Automotive		617.8			2,013.1			-86.5
Financial Services		109.7			283.7			92.2
All Other		14.2			103.3			9.3
Elimination		-1.2			-0.9			-1.1
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		104.7			310.2			-12.5			200.0
Income before Income Taxes (billions of yen)		850.9			2,792.9			118.2			890.0
(Income before Income Taxes Ratio) (%)		( 11.0	)		( 9.4	)		( 2.6	)		( 3.7	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		619.1			2,036.1			158.8			730.0
(Net Income Ratio) (%)		( 8.0	)		( 6.8	)		( 3.5	)		( 3.0	)
Dividends
Common Shares
Cash Dividends (billions of yen)		—			610.8			—	(Note 2)
Cash Dividends per Share (yen)		—			220			—
Payout Ratio (%)		—			29.9			—
Model AA Class Shares
Cash Dividends (billions of yen)		—			12.4			—	(Note 2)
Cash Dividends per Share (yen)		—			264			—
Value of Shares Repurchased (billions of yen)[actual purchase]		54.2			499.9			—	(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			199.9			—	(Note 3)  (Note 4)
Number of Outstanding Common Shares (thousands)		3,262,997			3,262,997			3,262,997
Number of Outstanding Model AA Class Shares (thousands)		47,100			47,100			47,100

Supplemental 2

Supplemental Material for Financial Results for FY2021 First Quarter (Consolidated)

< IFRS >

	FY2020				FY2021			FY2021
	1Q (2019/4-6)		12 months (’19/4-’20/3)		1Q (2020/4-6)			Forecast 12 months (’20/4-’21/3)
R&D Expenses (billions of yen)		297.4		1,110.3		280.7			1,100.0	(Note 5)
Depreciation Expenses (billions of yen)		196.9		803.3		204.0			830.0	(Note 6)
Geographic Information
Japan		88.6		376.5		98.1
North America		54.0		212.4		59.0
Europe		13.2		52.5		14.1
Asia		32.4		129.4		25.9
Other		8.5		32.3		6.7
Capital Expenditures (billions of yen)		272.7		1,372.3		260.3			1,350.0	(Note 6)
Geographic Information
Japan		144.8		747.2		147.1
North America		69.8		341.2		54.8
Europe		19.5		103.3		14.8
Asia		23.0		123.0		35.2
Other		15.4		57.4		8.3
Total Liquid Assets (billions of yen)		9,197.1		8,602.6		9,451.8	(Note 7)
Total Assets (billions of yen)		53,288.7		53,972.3		55,916.5
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		20,096.3		20,618.8		20,713.9
Return on Equity (%)		12.4		10.0		3.1
Return on Asset (%)		4.6		3.8		1.2
Number of Consolidated Subsidiaries (including Structured Entities)				537
Number of Associates and Joint Ventures Accounted for Using the Equity Method				199

Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2021 (billions of yen, approximately)	1Q (2020/4-6)
Effects of Marketing Activities	-810.0
Effects of Changes in Exchange Rates	-75.0
Cost Reduction Efforts	10.0
From Engineering	5.0
From Manufacturing and Logistics	5.0
Increase or Decrease in Expenses and Expense Reduction Efforts	75.0
Other	73.4
(Changes in Operating Income)	-726.6
Non-operating Income	-6.0
Share of Profit (Loss) of Investments Accounted for Using the Equity Method	-117.3
Income tax expense, Net Income Attributable to Non-controlling Interests	272.4
(Changes in Net Income Attributable to Toyota Motor Corporation)	-460.2

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 as well as the outbreak and spread of epidemics, 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.

The global spread of COVID-19 and the responses to it by governments and other stakeholders have adversely affected Toyota in a number of ways. For reasons such as government directives as well as anticipated reduced demand for its vehicles, Toyota has temporarily suspended, or intends to temporarily suspend, production of automobiles and components at selected plants in Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party suppliers and business partners. In addition, the global spread of COVID-19 and related matters have adversely affected businesses in a wide variety of industries, as well as consumers, all of which negatively impacted demand for Toyota’s vehicles and related financial services.

The duration of the global spread of COVID-19 and the resulting future effects are uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of COVID-19, are difficult to predict and could have an adverse effect on Toyota’s financial condition and results of operations.

* Regarding the forecasts of sales revenues and operating income, Toyota has left unchanged the forecasts announced on May 12, 2020 due to the possibility that the business environment will change significantly depending on such factors as the future spread of COVID-19 and the state of its containment.

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

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

(Note 3) Value of common shares repurchased (excluding shares constituting less than one unit that were purchased upon request). This does not include the commission fees incurred for the repurchase.

(Note 4) Value of common shares repurchased (shareholder return on Net Income for the period)

(Note 5) Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income

(Note 6) Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets.

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

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