SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of May, 2021
Commission File Number 001-14948
Toyota Motor Corporation
(Translation of Registrants Name Into English)
1, Toyota-cho, Toyota City,
Aichi Prefecture 471-8571,
Japan
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Material Contained in this Report:
I. | English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on May 12, 2021, with respect to the registrants results of operations for the fiscal year ended March 31, 2021. |
II. | English translation of the Notice Concerning the Holding of Ordinary General Shareholders Meeting to be held on June 16, 2021, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2021. |
III. | English translation of the Notice Concerning the Distribution of Dividends from Surplus, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2021. |
IV. | English translation of the Notice Concerning the Determination of Matters Relating to the Repurchase of Shares of Common Stock, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2021. |
V. | English translation of the Notice Concerning the Partial Amendments to the Articles of Incorporation, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2021. |
VI. | English translation of the Notice concerning Common Stock Split and Partial Amendment to the Articles of Incorporation due to the Stock Split, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2021. |
VII. | English translation of the Notice Concerning Toyotas filing of Shelf Registration Statement regarding the Restricted Stock Compensation Plan, as filed by the registrant with the Tokyo Stock Exchange on May 12, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Toyota Motor Corporation | ||||
By: |
/s/ Kaname Shimizu | |||
Name: |
Kaname Shimizu | |||
Title: |
General Manager, | |||
Accounting Division |
Date: May 12, 2021
FINANCIAL SUMMARY
FY2021
(April 1, 2020 through March 31, 2021)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
FY2021 Consolidated Financial Results
(Consolidated financial information has been prepared in accordance with International Financial Reporting Standards)
English translation from the original Japanese-language document
May 12, 2021
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 | ||
Date of the ordinary general shareholders meeting |
: | June 16, 2021 | ||
Payment date of cash dividends |
: | May 28, 2021 | ||
Filing date of financial statements |
: | June 24, 2021 | ||
Supplemental materials prepared for financial results |
: | yes | ||
Earnings announcement for financial results |
: | yes |
(Amounts are rounded to the nearest million yen)
1. | Consolidated Results for FY2021 (April 1, 2020 through March 31, 2021) |
(1) | Consolidated financial results |
(% of change from previous year) | ||||||||||||||||||||||||||||||||||||||||||||||||
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 |
27,214,594 | -8.9 | 2,197,748 | -8.4 | 2,932,354 | 5.0 | 2,282,378 | 8.1 | 2,245,261 | 10.3 | 3,294,854 | 105.6 | ||||||||||||||||||||||||||||||||||||
FY2020 |
29,866,547 | | 2,399,232 | | 2,792,942 | | 2,111,125 | | 2,036,140 | | 1,602,480 | |
Earnings per share attributable to Toyota Motor Corporation Basic |
Earnings per share attributable to Toyota Motor Corporation 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 sales revenues |
||||||||||||||||
Yen | Yen | % | % | % | ||||||||||||||||
FY2021 |
803.23 | 794.67 | 10.2 | 5.0 | 8.1 | |||||||||||||||
FY2020 |
727.47 | 720.10 | 10.0 | 5.2 | 8.0 |
(Reference) Share of profit (loss) of investments accounted for using the equity method FY2021 351,029 million yen, FY2010 310,247 million yen |
(2) | Consolidated financial position |
Total assets | Total 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 | ||||||||||||||||
FY2021 |
62,267,140 | 24,288,329 | 23,404,547 | 37.6 | 8,370.88 | |||||||||||||||
FY2020 |
53,972,363 | 21,339,012 | 20,618,888 | 38.2 | 7,454.00 |
(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 | |||||||||||||
FY2021 |
2,727,162 | (4,684,175 | ) | 2,739,174 | 5,100,857 | |||||||||||
FY2020 |
2,398,496 | (2,124,650 | ) | 362,805 | 4,098,450 |
2. | Cash Dividends |
Total amount of cash dividends (annual) |
Dividends payout ratio (consolidated) |
Ratio of total amount of dividends to Toyota Motor Corporation shareholders equity (consolidated) |
||||||||||||||||||||||||||||||
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 | Million yen | % | % | |||||||||||||||||||||||||
FY2020 |
| 100.00 | | 120.00 | 220.00 | 610,847 | 30.2 | 3.0 | ||||||||||||||||||||||||
FY2021 |
| 105.00 | | 135.00 | 240.00 | 671,029 | 29.8 | 3.0 | ||||||||||||||||||||||||
FY2022 (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. Breakdown of Annual cash dividends per common share at end of second quarter: Special Dividends 5.00yen Please refer to [Notice Concerning Distribution of Interim Dividends from Surplus] released on November 6th for further information. Toyota Motor Corporation (TMC)s board of directors authorized a resolution on May 12th, 2021 to implement a common stock split in which each share of common stock held by shareholders as of the record date of September 30, 2021 will be split into five shares. The per share dividend for FY2020 and FY2021 is the dividend before stock split. |
3. | Forecast of Consolidated Results for FY2022 (April 1, 2021 through March 31, 2022) |
(% of change from FY2021) | ||||||||||||||||||||||||||
Sales revenues |
Operating income |
Income before |
Net income Toyota Motor |
Earnings per share | ||||||||||||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||||||||||||||||
Full-year |
30,000,000 | 10.2 | 2,500,000 | 13.8 | 3,110,000 | 6.1 | 2,300,000 | 2.4 | 164.52 |
(Note) |
Basic earnings per share attributable to Toyota Motor Corporation is based on the number of shares after stock split, which is described on the note of 2. Cash Dividends. |
Notes
(1) | Changes in significant subsidiaries during FY2021 |
(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 fiscal year (including treasury stock): |
FY2021 3,262,997,492 shares, FY2020 3,262,997,492 shares |
(ii) | Number of treasury stock at the end of each fiscal year: |
FY2021 467,048,832 shares, FY2020 496,844,960 shares |
(iii) | Average number of shares issued and outstanding in each fiscal year: |
FY2021 2,795,288,446 shares, FY2020 2,798,917,983 shares |
(Reference) Overview of the Unconsolidated Financial Results
FY2021 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
1. | Unconsolidated Results for FY2021 (April 1, 2020 through March 31, 2021) |
(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 | % | |||||||||
FY2021 |
11,761,405 | -7.6 | 699,373 | -28.5 | 1,886,691 | 8.7 | 1,638,057 | 15.0 | ||||||||
FY2020 |
12,729,731 | 0.8 | 978,805 | -26.2 | 1,735,365 | -25.3 | 1,424,062 | -24.9 |
Net income per |
Net income per common share Diluted |
|||||
Yen | Yen | |||||
FY2021 |
582.80 | 576.53 | ||||
FY2020 |
504.25 | 500.27 |
(2) | Unconsolidated financial position |
Total assets |
Net assets |
Equity ratio |
Net assets per common share | |||||||||||||
Million yen | Million yen | % | Yen | |||||||||||||
FY2021 |
21,198,281 | 13,894,021 | 65.5 | 4,797.77 | ||||||||||||
FY2020 |
17,809,246 | 12,590,891 | 70.7 | 4,377.19 |
(Reference) Equity at the end of FY2021: 13,894,021 million yen, Equity at the end of FY2020: 12,590,891 million yen |
This report is not audited.
Cautionary Statement with Respect to Forward-Looking Statements, and Other Information
This report contains forward-looking statements that reflect Toyotas 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 Toyotas 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. With regard to Toyotas decisions and assumptions for the forecast, please refer to Financial Results and Position 3. Forecast of Consolidated Financial Results for FY2022 on page 5 of the materials accompanying this report. 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) Toyotas ability to market and distribute effectively; (v) Toyotas 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 Toyotas 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 Toyotas 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) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas 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 Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas 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 Toyotas 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 Toyotas 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 Toyotas 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 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 |
| 132.00 | | 132.00 | 264.00 |
(Note) The First Series Model AA Class Shares were issued in July 2015.
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
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4 | ||||
5 | ||||
Basic Concept Regarding the Selection of Accounting Standards |
6 | |||
7 | ||||
7 | ||||
2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income |
9 | |||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
21 | ||||
22 | ||||
23 |
Supplemental Material for Financial Results for FY 2021
1
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Financial Results and Position
1. Consolidated Financial Results for FY2021
Financial Results
Reviewing the general economic environment for the fiscal year ended March 2021 (FY2021), the world economy declined significantly in April through June, due to the impact of COVID-19 continuing from the previous fiscal year. Although there was a moderate recovery from July onwards due to the resumption of economic activities and implementation of economic stimulus measures in each country, economic growth remained negative throughout the year.
Automotive markets too saw figures fall substantially from FY2020 in many regions mainly due to the effects of the suspension of operations at factories and the suspension of business at dealers worldwide, with the exception of some regions such as China where the impact of the pandemic was limited.
Under these conditions, consolidated vehicle unit sales in Japan and overseas decreased by 1,309 thousand units, or 14.6%, to 7,646 thousand units in FY2021 compared with FY2020. Vehicle unit sales in Japan decreased by 115 thousand units, or 5.1%, to 2,125 thousand units in FY2021 compared with FY2020. Meanwhile, overseas vehicle unit sales decreased by 1,194 thousand units, or 17.8%, to 5,521 thousand units in FY2021 compared with FY2020, because of the sales decline in every region.
The results of operations for FY2021 were as follows:
Sales revenues | 27,214.5 billion yen | (a decrease of 2,651.9 billion yen or 8.9% compared with FY2020) | ||||||
Operating income |
2,197.7 billion yen | (a decrease of 201.4 billion yen or 8.4% compared with FY2020) | ||||||
Income before income taxes |
2,932.3 billion yen | (an increase of 139.4 billion yen or 5.0% compared with FY2020) | ||||||
Net income attributable to Toyota Motor Corporation |
2,245.2 billion yen | (an increase of 209.1 billion yen or 10.3% compared with FY2020) |
The changes in operating income were as follows:
Effects of marketing activities |
a decrease of 210.0 billion yen | |
Effects of changes in exchange rates |
a decrease of 255.0 billion yen | |
Cost reduction efforts |
an increase of 150.0 billion yen | |
Increase or decrease in expenses and expense reduction efforts |
an increase of 70.0 billion yen | |
Other |
an increase of 43.6 billion yen |
2
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Segment Operating Results
(1) Automotive:
Sales revenues for the automotive operations decreased by 2,148.1 billion yen, or 8.0%, to 24,651.5 billion yen in FY2021 compared with FY2020, and operating income decreased by 405.9 billion yen, or 20.2%, to 1,607.1 billion yen in FY2021 compared with FY2020. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales.
(2) Financial services:
Sales revenues for the financial services operations decreased by 30.9 billion yen, or 1.4%, to 2,162.2 billion yen in FY2021 compared with FY2020. However, operating income increased by 211.8 billion yen, or 74.7%, to 495.5 billion yen in FY2021 compared with FY2020. The increase in operating income was mainly due to the decrease in expenses related to credit losses and residual value losses, and the recording of valuation gains on interest rate swaps stated at fair value in sales finance subsidiaries.
(3) All other:
Sales revenues for all other businesses decreased by 452.5 billion yen, or 30.1%, to 1,052.3 billion yen in FY2021 compared with FY2020, and operating income decreased by 18.0 billion yen, or 17.4%, to 85.3 billion yen in FY2021 compared with FY2020.
Geographic Information
(1) Japan:
Sales revenues in Japan decreased by 1,492.9 billion yen, or 9.1%, to 14,948.9 billion yen in FY2021 compared with FY2020, and operating income decreased by 436.0 billion yen, or 27.5%, to 1,149.2 billion yen in FY2021 compared with FY2020. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales.
(2) North America:
Sales revenues in North America decreased by 1,150.2 billion yen, or 10.8%, to 9,491.8 billion yen in FY2021 compared with FY2020. However, operating income increased by 148.1 billion yen, or 58.5%, to 401.3 billion yen in FY2021 compared with FY2020. The increase in operating income was mainly due to marketing efforts.
(3) Europe:
Sales revenues in Europe decreased by 220.8 billion yen, or 6.6%, to 3,134.4 billion yen in FY2021 compared with FY2020, and operating income decreased by 35.8 billion yen, or 24.9%, to 107.9 billion yen in FY2021 compared with FY2020. The decrease in operating income was mainly due to the effects of changes in exchange rates.
(4) Asia:
Sales revenues in Asia decreased by 247.9 billion yen, or 4.7%, to 5,045.2 billion yen in FY2021 compared with FY2020. However, operating income increased by 72.3 billion yen, or 19.9%, to 435.9 billion yen in FY2021 compared with FY2020. The increase in operating income was mainly due to cost reduction efforts and marketing efforts.
(5) Other (Central and South America, Oceania, Africa and the Middle East):
Sales revenues in other regions decreased by 241.2 billion yen, or 11.4%, to 1,872.8 billion yen in FY2021 compared with FY2020, and operating income decreased by 24.1 billion yen, or 28.8%, to 59.8 billion yen in FY2021 compared with FY2020.
3
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
2. Consolidated Financial Position for FY2021
Cash and cash equivalents increased by 1,002.4 billion yen, or 24.5%, to 5,100.8 billion yen at the end of FY2021 compared with the end of FY2020.
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 2,727.1 billion yen in FY2021. Net cash provided by operating activities increased by 328.6 billion yen from 2,398.4 billion yen in FY2020.
Cash flows from investing activities
Net cash flows from investing activities resulted in a decrease in cash by 4,684.1 billion yen in FY2021. Net cash used in investing activities increased by 2,559.5 billion yen from 2,124.6 billion yen in FY2020.
Cash flows from financing activities
Net cash flows from financing activities resulted in an increase in cash by 2,739.1 billion yen in FY2021. Net cash provided by financing activities increased by 2,376.3 billion yen from 362.8 billion yen in FY2020.
The consolidated cash flows by segment for FY2021 are as follows:
Non-financial services
Net cash provided by operating activities was 2,634.2 billion yen, net cash used in investing activities was 3,400.5 billion yen and net cash provided by financing activities was 1,245.4 billion yen.
Financial services
Net cash provided by operating activities was 109.1 billion yen, net cash used in investing activities was 997.6 billion yen and net cash provided by financing activities was 1,191.5 billion yen.
4
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
3. Forecast of Consolidated Financial Results for FY2022
The automotive industry facing a once-in-a-century transformational period, we have once again returned to our founding philosophy and summarized the spirit we have maintained since the Toyoda Precepts into the Toyota Philosophy as our guidepost in an era when the future is difficult to be predicted. We have defined our mission as Producing Happiness for All, and have been clearly indicating our view that we pursue the customers happiness as always, even if the products we produce have changed. We believe that taking action to realize our vision of Creating Mobility for All translates into taking care of our home planet, just as we do for our hometown or home country, and leads to sustained efforts to achieve the aims of the SDGs to make a better world while ensuring that no one will be left behind.
Under these circumstances, the current forecast of consolidated financial results for the fiscal year ending March 31, 2022 is set forth below. This forecast assumes average exchange rates through the fiscal year of 105 yen per US$1 and 125 yen per 1 euro.
Forecast of consolidated results for FY2022
Sales revenues | 30,000.0 billion yen | (an increase of 10.2% compared with FY2021) | ||||||||
Operating income |
2,500.0 billion yen | (an increase of 13.8% compared with FY2021) | ||||||||
Income before income taxes |
3,110.0 billion yen | (an increase of 6.1% compared with FY2021) | ||||||||
Net income attributable to Toyota Motor Corporation |
2,300.0 billion yen | (an increase of 2.4% compared with FY2021) |
These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyotas 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) Toyotas ability to market and distribute effectively; (v) Toyotas 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 Toyotas 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 Toyotas 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) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas 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 Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas 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 Toyotas 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 Toyotas 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 Toyotas financial condition and results of operations.
5
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Basic Concept Regarding the Selection of Accounting Standards
Toyota has adopted IFRS for its consolidated financial statements in order to improve the international comparability of its financial information in the capital markets, among other reasons, beginning with the first quarter of the fiscal year ended March 31, 2021.
6
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Consolidated Financial Statements
1. Consolidated Statement of Financial Position
Yen in millions | ||||||||||||
Transition date April 1, 2019 |
March 31, 2020 | March 31, 2021 | ||||||||||
Assets |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
3,602,805 | 4,098,450 | 5,100,857 | |||||||||
Trade accounts and other receivables |
2,954,617 | 2,648,360 | 2,958,742 | |||||||||
Receivables related to financial services |
6,657,367 | 6,621,604 | 6,756,189 | |||||||||
Other financial assets |
2,640,392 | 2,143,602 | 4,215,457 | |||||||||
Inventories |
2,731,040 | 2,533,892 | 2,888,028 | |||||||||
Income tax receivable |
84,574 | 237,609 | 112,458 | |||||||||
Other current assets |
507,654 | 679,804 | 745,070 | |||||||||
|
|
|
|
|
|
|||||||
Total current assets |
19,178,450 | 18,963,320 | 22,776,800 | |||||||||
|
|
|
|
|
|
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Non-current assets |
||||||||||||
Investments accounted for using the equity method |
3,467,242 | 4,297,564 | 4,160,803 | |||||||||
Receivables related to financial services |
10,281,028 | 10,417,797 | 12,449,525 | |||||||||
Other financial assets |
7,769,740 | 7,901,517 | 9,083,914 | |||||||||
Property, plant and equipment |
||||||||||||
Land |
1,359,271 | 1,318,964 | 1,345,037 | |||||||||
Buildings |
4,833,278 | 4,741,451 | 4,999,206 | |||||||||
Machinery and equipment |
11,956,773 | 11,979,449 | 12,753,951 | |||||||||
Vehicles and equipment on operating leases |
6,139,163 | 5,928,833 | 6,203,721 | |||||||||
Construction in progress |
656,067 | 517,460 | 675,875 | |||||||||
|
|
|
|
|
|
|||||||
Total property, plant and equipment, at cost |
24,944,551 | 24,486,156 | 25,977,791 | |||||||||
|
|
|
|
|
|
|||||||
Less - Accumulated depreciation and impairment losses |
(14,260,446 | ) | (13,952,141 | ) | (14,566,638 | ) | ||||||
|
|
|
|
|
|
|||||||
Total property, plant and equipment, net |
10,684,105 | 10,534,016 | 11,411,153 | |||||||||
|
|
|
|
|
|
|||||||
Right of use assets |
396,830 | 337,335 | 390,144 | |||||||||
Intangible assets |
908,737 | 1,000,257 | 1,108,634 | |||||||||
Deferred tax assets |
446,383 | 326,364 | 336,224 | |||||||||
Other non-current assets |
283,889 | 194,192 | 549,942 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
34,237,955 | 35,009,043 | 39,490,339 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
53,416,405 | 53,972,363 | 62,267,140 | |||||||||
|
|
|
|
|
|
7
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Yen in millions | ||||||||||||
Transition date April 1, 2019 |
March 31, 2020 | March 31, 2021 | ||||||||||
Liabilities |
||||||||||||
Current liabilities |
||||||||||||
Trade accounts and other payables |
3,856,133 | 3,498,029 | 4,045,939 | |||||||||
Short-term and current portion of long-term debt |
9,701,813 | 9,906,755 | 12,212,060 | |||||||||
Accrued expenses |
1,350,252 | 1,256,794 | 1,397,140 | |||||||||
Other financial liabilities |
475,302 | 538,740 | 763,875 | |||||||||
Income taxes payable |
321,316 | 212,276 | 350,880 | |||||||||
Liabilities for quality assurance |
1,769,514 | 1,552,970 | 1,482,872 | |||||||||
Other current liabilities |
1,008,032 | 1,176,645 | 1,207,700 | |||||||||
|
|
|
|
|
|
|||||||
Total current liabilities |
18,482,362 | 18,142,209 | 21,460,466 | |||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities |
||||||||||||
Long-term debt |
11,342,315 | 11,434,219 | 13,447,575 | |||||||||
Other financial liabilities |
189,957 | 360,588 | 323,432 | |||||||||
Retirement benefit liabilities |
1,002,710 | 1,022,161 | 1,035,096 | |||||||||
Deferred tax liabilities |
1,227,292 | 1,198,005 | 1,247,220 | |||||||||
Other non-current liabilities |
516,560 | 476,169 | 465,021 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current liabilities |
14,278,833 | 14,491,142 | 16,518,344 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
32,761,195 | 32,633,351 | 37,978,811 | |||||||||
|
|
|
|
|
|
|||||||
Shareholders equity |
||||||||||||
Common stock |
397,050 | 397,050 | 397,050 | |||||||||
Additional paid-in capital |
487,162 | 489,334 | 497,275 | |||||||||
Retained earnings |
20,613,776 | 22,234,061 | 24,104,176 | |||||||||
Other components of equity |
1,016,035 | 585,549 | 1,307,726 | |||||||||
Treasury stock |
(2,606,925 | ) | (3,087,106 | ) | (2,901,680 | ) | ||||||
|
|
|
|
|
|
|||||||
Total Toyota Motor Corporation shareholders equity |
19,907,100 | 20,618,888 | 23,404,547 | |||||||||
|
|
|
|
|
|
|||||||
Non-controlling interests |
748,110 | 720,124 | 883,782 | |||||||||
|
|
|
|
|
|
|||||||
Total shareholders equity |
20,655,210 | 21,339,012 | 24,288,329 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities and shareholders equity |
53,416,405 | 53,972,363 | 62,267,140 | |||||||||
|
|
|
|
|
|
8
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income |
Yen in millions | ||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
|||||||
Sales revenues |
||||||||
Sales of products |
27,693,693 | 25,077,398 | ||||||
Financial services |
2,172,854 | 2,137,195 | ||||||
|
|
|
|
|||||
Total sales revenues |
29,866,547 | 27,214,594 | ||||||
|
|
|
|
|||||
Costs and expenses |
||||||||
Cost of products sold |
23,103,596 | 21,199,890 | ||||||
Cost of financial services |
1,381,755 | 1,182,330 | ||||||
Selling, general and administrative |
2,981,965 | 2,634,625 | ||||||
|
|
|
|
|||||
Total costs and expenses |
27,467,315 | 25,016,845 | ||||||
|
|
|
|
|||||
Operating income |
2,399,232 | 2,197,748 | ||||||
|
|
|
|
|||||
Share of profit (loss) of investments accounted for using the equity method |
310,247 | 351,029 | ||||||
Other finance income |
305,846 | 435,229 | ||||||
Other finance costs |
(47,155 | ) | (47,537 | ) | ||||
Foreign exchange gain (loss), net |
(94,619 | ) | 15,142 | |||||
Other income (loss), net |
(80,607 | ) | (19,257 | ) | ||||
|
|
|
|
|||||
Income before income taxes |
2,792,942 | 2,932,354 | ||||||
|
|
|
|
|||||
Income tax expense |
681,817 | 649,976 | ||||||
|
|
|
|
|||||
Net income |
2,111,125 | 2,282,378 | ||||||
|
|
|
|
|||||
Net income attributable to |
||||||||
Toyota Motor Corporation |
2,036,140 | 2,245,261 | ||||||
Non-controlling interests |
74,985 | 37,118 | ||||||
|
|
|
|
|||||
Net income |
2,111,125 | 2,282,378 | ||||||
|
|
|
|
|||||
Yen | ||||||||
Earnings per share attributable to Toyota Motor Corporation |
||||||||
Basic |
727.47 | 803.23 | ||||||
|
|
|
|
|||||
Diluted |
720.10 | 794.67 | ||||||
|
|
|
|
9
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Consolidated Statement of Comprehensive Income |
Yen in millions | ||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
|||||||
Net income |
2,111,125 | 2,282,378 | ||||||
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 |
(243,853 | ) | 387,427 | |||||
Remeasurements of defined benefit plans |
(43,399 | ) | 216,272 | |||||
Share of other comprehensive income of equity method investees |
62,568 | 80,472 | ||||||
|
|
|
|
|||||
Total of items that will not be reclassified to profit (loss) |
(224,684 | ) | 684,172 | |||||
|
|
|
|
|||||
Items that may be reclassified subsequently to profit (loss) |
||||||||
Exchange differences on translating foreign operations |
(362,098 | ) | 403,636 | |||||
Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
113,390 | (83,503 | ) | |||||
Share of other comprehensive income of equity method investees |
(35,253 | ) | 8,172 | |||||
|
|
|
|
|||||
Total of items that may be reclassified subsequently to profit (loss) |
(283,961 | ) | 328,305 | |||||
|
|
|
|
|||||
Total other comprehensive income, net of tax |
(508,645 | ) | 1,012,476 | |||||
|
|
|
|
|||||
Comprehensive income |
1,602,480 | 3,294,854 | ||||||
|
|
|
|
|||||
Comprehensive income for the period attributable to |
||||||||
Toyota Motor Corporation |
1,555,009 | 3,217,806 | ||||||
Non-controlling interests |
47,472 | 77,048 | ||||||
|
|
|
|
|||||
Comprehensive income |
1,602,480 | 3,294,854 | ||||||
|
|
|
|
10
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
3. Consolidated Statement of Changes in Equity
For the year ended March 31, 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, 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 |
| | 2,036,140 | | | 2,036,140 | 74,985 | 2,111,125 | ||||||||||||||||||||||||
Other comprehensive income, net of tax |
| | | (481,131 | ) | | (481,131 | ) | (27,514 | ) | (508,645 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive income |
| | 2,036,140 | (481,131 | ) | | 1,555,009 | 47,472 | 1,602,480 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Transactions with owners and other |
||||||||||||||||||||||||||||||||
Dividends paid |
| | (618,801 | ) | | | (618,801 | ) | (54,956 | ) | (673,756 | ) | ||||||||||||||||||||
Repurchase of treasury stock |
| | | | (500,309 | ) | (500,309 | ) | | (500,309 | ) | |||||||||||||||||||||
Reissuance of treasury stock |
| 4,053 | | | 20,128 | 24,181 | | 24,181 | ||||||||||||||||||||||||
Change in scope of equity method |
| | 253,590 | | | 253,590 | | 253,590 | ||||||||||||||||||||||||
Equity transactions and other |
| (1,882 | ) | | | | (1,882 | ) | (20,503 | ) | (22,384 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total transactions with owners and other |
| 2,171 | (365,211 | ) | | (480,181 | ) | (843,221 | ) | (75,458 | ) | (918,679 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Reclassification to retained earnings |
| | (50,644 | ) | 50,644 | | | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balances at March 31, 2020 |
397,050 | 489,334 | 22,234,061 | 585,549 | (3,087,106 | ) | 20,618,888 | 720,124 | 21,339,012 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
For the year ended March 31, 2021
|
| |||||||||||||||||||||||||||||||
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 |
| | 2,245,261 | | | 2,245,261 | 37,118 | 2,282,378 | ||||||||||||||||||||||||
Other comprehensive income, net of tax |
| | | 972,546 | | 972,546 | 39,930 | 1,012,476 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive income |
| | 2,245,261 | 972,546 | | 3,217,806 | 77,048 | 3,294,854 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Transactions with owners and other |
||||||||||||||||||||||||||||||||
Dividends paid |
| | (625,514 | ) | | | (625,514 | ) | (36,598 | ) | (662,112 | ) | ||||||||||||||||||||
Repurchase of treasury stock |
| | | | (118 | ) | (118 | ) | | (118 | ) | |||||||||||||||||||||
Reissuance of treasury stock |
| 15,041 | | | 185,544 | 200,585 | | 200,585 | ||||||||||||||||||||||||
Change in scope of consolidation |
| | | | | | 102,588 | 102,588 | ||||||||||||||||||||||||
Equity transactions and other |
| (7,099 | ) | | | | (7,099 | ) | 20,620 | 13,521 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total transactions with owners and other |
| 7,942 | (625,514 | ) | | 185,426 | (432,147 | ) | 86,610 | (345,537 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Reclassification to retained earnings |
| | 250,369 | (250,369 | ) | | | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balances at March 31, 2021 |
397,050 | 497,275 | 24,104,176 | 1,307,726 | (2,901,680 | ) | 23,404,547 | 883,782 | 24,288,329 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
4. Consolidated Statement of Cash Flows
Yen in millions | ||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
|||||||
Cash flows from operating activities |
||||||||
Net income |
2,111,125 | 2,282,378 | ||||||
Depreciation and amortization |
1,595,347 | 1,644,290 | ||||||
Interest income and interest costs related to financial services, net |
(193,046 | ) | (236,862 | ) | ||||
Share of profit (loss) of investments accounted for using the equity method |
(310,247 | ) | (351,029 | ) | ||||
Income tax expense |
681,817 | 649,976 | ||||||
Changes in operating assets and liabilities, and other |
(1,319,537 | ) | (1,063,562 | ) | ||||
(Increase) decrease in trade accounts and other receivables |
257,588 | 5,027 | ||||||
(Increase) decrease in receivables related to financial services |
(1,214,742 | ) | (1,243,648 | ) | ||||
(Increase) decrease in inventories |
(163,109 | ) | (242,769 | ) | ||||
(Increase) decrease in other current assets |
(308,342 | ) | (163,473 | ) | ||||
Increase (decrease) in trade accounts and other payables |
(129,053 | ) | 384,142 | |||||
Increase (decrease) in other current liabilities |
258,904 | 282,197 | ||||||
Increase (decrease) in retirement benefit liabilities |
43,270 | 55,281 | ||||||
Other, net |
(64,053 | ) | (140,319 | ) | ||||
Interest received |
798,458 | 776,748 | ||||||
Dividends received |
318,408 | 294,520 | ||||||
Interest paid |
(506,307 | ) | (459,181 | ) | ||||
Income taxes paid, net of refund |
(777,522 | ) | (810,117 | ) | ||||
|
|
|
|
|||||
Net cash provided by (used in) operating activities |
2,398,496 | 2,727,162 | ||||||
|
|
|
|
|||||
Cash flows from investing activities |
||||||||
Additions to fixed assets excluding equipment leased to others |
(1,246,293 | ) | (1,213,903 | ) | ||||
Additions to equipment leased to others |
(2,195,291 | ) | (2,275,595 | ) | ||||
Proceeds from sales of fixed assets excluding equipment leased to others |
47,949 | 40,542 | ||||||
Proceeds from sales of equipment leased to others |
1,391,193 | 1,371,699 | ||||||
Additions to intangible assets |
(304,992 | ) | (278,447 | ) | ||||
Additions to public and corporate bonds and stocks |
(2,405,337 | ) | (2,729,171 | ) | ||||
Proceeds from sales of public and corporate bonds and stocks |
1,151,463 | 1,020,533 | ||||||
Proceeds upon maturity of public and corporate bonds |
1,224,185 | 1,041,385 | ||||||
Other, net |
212,473 | (1,661,218 | ) | |||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
(2,124,650 | ) | (4,684,175 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities |
||||||||
Increase (decrease) in short-term debt |
279,033 | (1,038,438 | ) | |||||
Proceeds from long-term debt |
5,690,569 | 9,656,216 | ||||||
Payments of long-term debt |
(4,456,913 | ) | (5,416,376 | ) | ||||
Dividends paid to Toyota Motor Corporation common shareholders |
(618,801 | ) | (625,514 | ) | ||||
Dividends paid to non-controlling interests |
(54,956 | ) | (36,598 | ) | ||||
Reissuance (repurchase) of treasury stock |
(476,128 | ) | 199,884 | |||||
|
|
|
|
|||||
Net cash provided by (used in) financing activities |
362,805 | 2,739,174 | ||||||
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents |
(141,007 | ) | 220,245 | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
495,645 | 1,002,406 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at beginning of year |
3,602,805 | 4,098,450 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of year |
4,098,450 | 5,100,857 | ||||||
|
|
|
|
12
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
(1) Segment Information
As of and for the year ended March 31, 2020
Yen in millions | ||||||||||||||||||||
Automotive | Financial services |
All other | Inter-segment Elimination/ Unallocated Amount |
Consolidated | ||||||||||||||||
Sales revenues |
||||||||||||||||||||
Revenues from external customers |
26,770,379 | 2,172,854 | 923,314 | | 29,866,547 | |||||||||||||||
Inter-segment revenues and transfers |
29,364 | 20,316 | 581,606 | (631,286 | ) | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
26,799,743 | 2,193,170 | 1,504,920 | (631,286 | ) | 29,866,547 | ||||||||||||||
Operating expenses |
24,786,609 | 1,909,429 | 1,401,564 | (630,287 | ) | 27,467,315 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating income |
2,013,134 | 283,742 | 103,356 | (999 | ) | 2,399,232 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
19,450,102 | 25,390,541 | 2,119,951 | 7,011,769 | 53,972,363 | |||||||||||||||
Investments accounted for using the equity method |
3,810,310 | 65,471 | 283,355 | 138,428 | 4,297,564 | |||||||||||||||
Depreciation and amortization |
821,958 | 739,484 | 33,905 | | 1,595,347 | |||||||||||||||
Capital expenditures |
1,437,932 | 2,061,334 | 68,363 | 14,818 | 3,582,448 | |||||||||||||||
As of and for the year ended March 31, 2021
|
| |||||||||||||||||||
Yen in millions | ||||||||||||||||||||
Automotive | Financial services |
All other | Inter-segment Elimination/ Unallocated Amount |
Consolidated | ||||||||||||||||
Sales revenues |
||||||||||||||||||||
Revenues from external customers |
24,597,846 | 2,137,195 | 479,553 | | 27,214,594 | |||||||||||||||
Inter-segment revenues and transfers |
53,706 | 25,042 | 572,812 | (651,560 | ) | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
24,651,552 | 2,162,237 | 1,052,365 | (651,560 | ) | 27,214,594 | ||||||||||||||
Operating expenses |
23,044,391 | 1,666,645 | 967,015 | (661,205 | ) | 25,016,845 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating income |
1,607,161 | 495,593 | 85,350 | 9,645 | 2,197,748 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
21,412,034 | 28,275,239 | 2,720,720 | 9,859,147 | 62,267,140 | |||||||||||||||
Investments accounted for using the equity method |
3,698,990 | 71,336 | 248,814 | 141,664 | 4,160,803 | |||||||||||||||
Depreciation and amortization |
893,704 | 715,757 | 34,829 | | 1,644,290 | |||||||||||||||
Capital expenditures |
1,341,032 | 2,151,455 | 76,370 | 40,843 | 3,609,699 |
Note: |
Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2020 and March 31, 2021 are 8,584,459 million yen and 11,344,879 million yen, respectively. |
14
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
(2) Consolidated Financial Statements on Non-Financial Services Businesses and Financial Services Business
Consolidated Statement of Financial Position on Non-Financial Services Businesses and Financial Services Business
Yen in millions | ||||||||||||
Transition date April 1, 2019 |
March 31, 2020 | March 31, 2021 | ||||||||||
Assets |
||||||||||||
(Non-Financial Services Businesses) |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
2,818,313 | 2,682,431 | 3,274,149 | |||||||||
Trade accounts and other receivable |
3,027,544 | 2,646,618 | 3,063,314 | |||||||||
Other financial assets |
2,279,004 | 1,849,063 | 3,778,119 | |||||||||
Inventories |
2,731,040 | 2,533,892 | 2,888,028 | |||||||||
Other current assets |
435,279 | 738,008 | 664,097 | |||||||||
|
|
|
|
|
|
|||||||
Total current assets |
11,291,179 | 10,450,012 | 13,667,707 | |||||||||
|
|
|
|
|
|
|||||||
Non-current assets |
||||||||||||
Property, plant and equipment |
6,177,114 | 6,228,180 | 6,805,166 | |||||||||
Other |
12,674,327 | 13,234,909 | 14,721,626 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
18,851,441 | 19,463,089 | 21,526,792 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
30,142,621 | 29,913,101 | 35,194,499 | |||||||||
|
|
|
|
|
|
|||||||
(Financial Services Business) |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
784,492 | 1,416,020 | 1,826,707 | |||||||||
Trade accounts and other receivable |
180,607 | 194,994 | 216,767 | |||||||||
Receivables related to financial services |
6,657,367 | 6,621,604 | 6,756,189 | |||||||||
Other financial assets |
834,427 | 1,140,910 | 1,021,738 | |||||||||
Other current assets |
162,315 | 186,869 | 198,068 | |||||||||
|
|
|
|
|
|
|||||||
Total current assets |
8,619,207 | 9,560,397 | 10,019,469 | |||||||||
|
|
|
|
|
|
|||||||
Non-current assets |
||||||||||||
Receivables related to financial services |
10,281,028 | 10,417,797 | 12,449,525 | |||||||||
Property, plant and equipment |
4,506,991 | 4,305,837 | 4,605,988 | |||||||||
Other |
959,196 | 1,106,509 | 1,200,256 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
15,747,215 | 15,830,143 | 18,255,770 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
24,366,422 | 25,390,541 | 28,275,239 | |||||||||
|
|
|
|
|
|
|||||||
(Elimination) |
||||||||||||
Elimination of assets |
(1,092,638 | ) | (1,331,279 | ) | (1,202,599 | ) | ||||||
(Consolidated) |
||||||||||||
|
|
|
|
|
|
|||||||
Total assets |
53,416,405 | 53,972,363 | 62,267,140 | |||||||||
|
|
|
|
|
|
Note: Assets in non-financial services include unallocated corporate assets.
15
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Yen in millions | ||||||||||||
Transition date April 1, 2019 |
March 31, 2020 | March 31, 2021 | ||||||||||
Liabilities |
||||||||||||
(Non-Financial Services Businesses) |
||||||||||||
Current liabilities |
||||||||||||
Trade accounts and other payables |
3,687,407 | 3,305,034 | 3,801,753 | |||||||||
Short-term and current portion of long-term debt |
852,002 | 685,431 | 2,348,514 | |||||||||
Accrued expenses |
1,269,615 | 1,197,245 | 1,322,353 | |||||||||
Income taxes payable |
301,021 | 197,213 | 262,727 | |||||||||
Other current liabilities |
2,576,512 | 2,472,424 | 2,650,433 | |||||||||
|
|
|
|
|
|
|||||||
Total current liabilities |
8,686,557 | 7,857,347 | 10,385,779 | |||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities |
||||||||||||
Long-term debt |
1,567,346 | 1,549,676 | 1,523,134 | |||||||||
Retirement benefit liabilities |
986,860 | 1,005,538 | 1,015,156 | |||||||||
Other non-current liabilities |
1,124,943 | 1,149,254 | 1,509,535 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current liabilities |
3,679,148 | 3,704,467 | 4,047,825 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
12,365,705 | 11,561,815 | 14,433,605 | |||||||||
|
|
|
|
|
|
|||||||
(Financial Services Business) |
||||||||||||
Current liabilities |
||||||||||||
Trade accounts and other payables |
388,838 | 350,099 | 510,670 | |||||||||
Short-term and current portion of long-term debt |
9,244,879 | 9,942,634 | 10,286,251 | |||||||||
Accrued expenses |
94,707 | 74,508 | 102,200 | |||||||||
Income taxes payable |
20,295 | 15,064 | 88,153 | |||||||||
Other current liabilities |
781,665 | 937,231 | 1,002,615 | |||||||||
|
|
|
|
|
|
|||||||
Total current liabilities |
10,530,384 | 11,319,535 | 11,989,889 | |||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities |
||||||||||||
Long-term debt |
9,982,796 | 10,016,507 | 12,044,994 | |||||||||
Retirement benefit liabilities |
15,850 | 16,623 | 19,940 | |||||||||
Other non-current liabilities |
959,138 | 1,053,466 | 696,294 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current liabilities |
10,957,784 | 11,086,596 | 12,761,228 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
21,488,168 | 22,406,131 | 24,751,117 | |||||||||
|
|
|
|
|
|
|||||||
(Elimination) |
||||||||||||
Elimination of liabilities |
(1,092,679 | ) | (1,334,595 | ) | (1,205,911 | ) | ||||||
(Consolidated) |
||||||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
32,761,195 | 32,633,351 | 37,978,811 | |||||||||
|
|
|
|
|
|
|||||||
Shareholders equity |
||||||||||||
|
|
|
|
|
|
|||||||
(Consolidated) Total Toyota Motor Corporation shareholders equity |
19,907,100 | 20,618,888 | 23,404,547 | |||||||||
|
|
|
|
|
|
|||||||
(Consolidated) Non-controlling interests |
748,110 | 720,124 | 883,782 | |||||||||
|
|
|
|
|
|
|||||||
(Consolidated) Total shareholders equity |
20,655,210 | 21,339,012 | 24,288,329 | |||||||||
|
|
|
|
|
|
|||||||
(Consolidated) Total liabilities and shareholders equity |
53,416,405 | 53,972,363 | 62,267,140 | |||||||||
|
|
|
|
|
|
16
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Consolidated Statement of Income on Non-Financial Services Businesses and Financial Services Business
Yen in millions | ||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
|||||||
(Non-Financial Services Businesses) |
||||||||
Sales revenues |
27,710,128 | 25,103,190 | ||||||
Cost of revenues |
23,104,047 | 21,199,915 | ||||||
Selling, general and administrative |
2,492,039 | 2,206,205 | ||||||
|
|
|
|
|||||
Operating income |
2,114,042 | 1,697,070 | ||||||
|
|
|
|
|||||
Other income (loss), net |
394,278 | 742,785 | ||||||
|
|
|
|
|||||
Income before income taxes |
2,508,319 | 2,439,855 | ||||||
|
|
|
|
|||||
Income tax expense |
615,546 | 528,413 | ||||||
|
|
|
|
|||||
Net income |
1,892,774 | 1,911,442 | ||||||
|
|
|
|
|||||
Net income attributable to |
||||||||
Toyota Motor Corporation |
1,818,022 | 1,875,467 | ||||||
Non-controlling interests |
74,752 | 35,975 | ||||||
|
|
|
|
|||||
(Financial Services Business) |
||||||||
Sales revenues |
2,193,170 | 2,162,237 | ||||||
Cost of revenues |
1,397,344 | 1,202,277 | ||||||
Selling, general and administrative |
512,085 | 464,368 | ||||||
|
|
|
|
|||||
Operating income |
283,742 | 495,593 | ||||||
|
|
|
|
|||||
Other income (loss), net |
835 | (3,090 | ) | |||||
|
|
|
|
|||||
Income before income taxes |
284,577 | 492,503 | ||||||
|
|
|
|
|||||
Income tax expense |
66,284 | 121,536 | ||||||
|
|
|
|
|||||
Net income |
218,293 | 370,967 | ||||||
|
|
|
|
|||||
Net income attributable to |
||||||||
Toyota Motor Corporation |
218,060 | 369,824 | ||||||
Non-controlling interests |
233 | 1,143 | ||||||
|
|
|
|
|||||
(Elimination) |
||||||||
Elimination of net income |
59 | (30 | ) | |||||
(Consolidated) |
||||||||
|
|
|
|
|||||
Net income |
2,111,125 | 2,282,378 | ||||||
|
|
|
|
|||||
Net income attributable to |
||||||||
Toyota Motor Corporation |
2,036,140 | 2,245,261 | ||||||
Non-controlling interests |
74,985 | 37,118 | ||||||
|
|
|
|
17
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Consolidated Statement of Cash Flows on Non-Financial Services Businesses and Financial Services Business
Yen in millions | ||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
|||||||
(Non-Financial Services Businesses) |
||||||||
Cash flows from operating activities |
||||||||
Net income |
1,892,774 | 1,911,442 | ||||||
Depreciation and amortization |
855,863 | 928,533 | ||||||
Share of profit (loss) of investments accounted for using the equity method |
(298,494 | ) | (345,374 | ) | ||||
Income tax expense |
615,546 | 528,413 | ||||||
Changes in operating assets and liabilities, and other |
(154,164 | ) | (262,407 | ) | ||||
Interest received |
141,975 | 123,606 | ||||||
Dividends received |
316,610 | 290,618 | ||||||
Interest paid |
(46,217 | ) | (35,371 | ) | ||||
Income taxes paid, net of refund |
(700,528 | ) | (505,260 | ) | ||||
|
|
|
|
|||||
Net cash provided by (used in) operating activities |
2,623,364 | 2,634,200 | ||||||
|
|
|
|
|||||
Cash flows from investing activities |
||||||||
Additions to fixed assets excluding equipment leased to others |
(1,222,821 | ) | (1,203,662 | ) | ||||
Additions to equipment leased to others |
(163,592 | ) | (142,217 | ) | ||||
Proceeds from sales of fixed assets excluding equipment leased to others |
46,765 | 38,575 | ||||||
Proceeds from sales of equipment leased to others |
49,892 | 46,461 | ||||||
Additions to intangible assets |
(299,253 | ) | (271,274 | ) | ||||
Additions to public and corporate bonds and stocks |
(2,220,217 | ) | (2,511,346 | ) | ||||
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds |
2,249,367 | 1,982,302 | ||||||
Other, net |
(95,852 | ) | (1,339,372 | ) | ||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
(1,655,711 | ) | (3,400,534 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities |
||||||||
Increase (decrease) in short-term debt |
45,288 | 213,716 | ||||||
Proceeds from long-term debt |
247,048 | 1,662,593 | ||||||
Payments of long-term debt |
(163,486 | ) | (170,373 | ) | ||||
Dividends paid to Toyota Motor Corporation common shareholders |
(618,801 | ) | (625,514 | ) | ||||
Dividends paid to non-controlling interests |
(50,903 | ) | (34,840 | ) | ||||
Reissuance (repurchase) of treasury stock |
(476,128 | ) | 199,884 | |||||
|
|
|
|
|||||
Net cash provided by (used in) financing activities |
(1,016,982 | ) | 1,245,465 | |||||
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents |
(86,553 | ) | 112,588 | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
(135,882 | ) | 591,719 | |||||
|
|
|
|
|||||
Cash and cash equivalents at beginning of year |
2,818,313 | 2,682,431 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of year |
2,682,431 | 3,274,149 | ||||||
|
|
|
|
18
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Yen in millions | ||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
|||||||
(Financial Services Business) |
||||||||
Cash flows from operating activities |
||||||||
Net income |
218,293 | 370,967 | ||||||
Depreciation and amortization |
739,484 | 715,757 | ||||||
Interest income and interest costs related to financial services, net |
(200,727 | ) | (241,016 | ) | ||||
Share of profit (loss) of investments accounted for using the equity method |
(11,753 | ) | (5,655 | ) | ||||
Income tax expense |
66,284 | 121,536 | ||||||
Changes in operating assets and liabilities, and other |
(1,081,707 | ) | (780,798 | ) | ||||
Interest received |
664,167 | 661,272 | ||||||
Dividends received |
1,799 | 3,901 | ||||||
Interest paid |
(467,774 | ) | (431,939 | ) | ||||
Income taxes paid, net of refund |
(76,994 | ) | (304,856 | ) | ||||
|
|
|
|
|||||
Net cash provided by (used in) operating activities |
(148,928 | ) | 109,168 | |||||
|
|
|
|
|||||
Cash flows from investing activities |
||||||||
Additions to fixed assets excluding equipment leased to others |
(23,472 | ) | (10,240 | ) | ||||
Additions to equipment leased to others |
(2,031,699 | ) | (2,133,378 | ) | ||||
Proceeds from sales of fixed assets excluding equipment leased to others |
1,184 | 1,967 | ||||||
Proceeds from sales of equipment leased to others |
1,341,301 | 1,325,238 | ||||||
Additions to intangible assets |
(5,739 | ) | (7,173 | ) | ||||
Additions to public and corporate bonds and stocks |
(185,120 | ) | (217,825 | ) | ||||
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds |
126,281 | 79,616 | ||||||
Other, net |
(22,213 | ) | (35,893 | ) | ||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
(799,477 | ) | (997,688 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities |
||||||||
Increase (decrease) in short-term debt |
514,196 | (1,517,259 | ) | |||||
Proceeds from long-term debt |
5,458,616 | 8,043,141 | ||||||
Payments of long-term debt |
(4,334,374 | ) | (5,332,573 | ) | ||||
Dividends paid to non-controlling interests |
(4,052 | ) | (1,757 | ) | ||||
|
|
|
|
|||||
Net cash provided by (used in) financing activities |
1,634,387 | 1,191,551 | ||||||
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents |
(54,454 | ) | 107,657 | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
631,527 | 410,688 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at beginning of year |
784,492 | 1,416,020 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of year |
1,416,020 | 1,826,707 | ||||||
|
|
|
|
|||||
(Consolidated) |
||||||||
Effect of exchange rate changes on cash and cash equivalents |
(141,007 | ) | 220,245 | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
495,645 | 1,002,406 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at beginning of year |
3,602,805 | 4,098,450 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of year |
4,098,450 | 5,100,857 | ||||||
|
|
|
|
19
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
(3) Geographic Information
As of and for the year ended March 31, 2020
Yen in millions | ||||||||||||||||||||||||||||
Japan | North America |
Europe | Asia | Other | Inter-segment Elimination/ Unallocated Amount |
Consolidated | ||||||||||||||||||||||
Sales revenues |
||||||||||||||||||||||||||||
Revenues from external customers |
9,503,238 | 10,419,869 | 3,133,227 | 4,785,489 | 2,024,724 | | 29,866,547 | |||||||||||||||||||||
Inter-segment revenues and transfers |
6,938,614 | 222,165 | 222,130 | 507,741 | 89,387 | (7,980,038 | ) | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
16,441,852 | 10,642,034 | 3,355,357 | 5,293,231 | 2,114,111 | (7,980,038 | ) | 29,866,547 | ||||||||||||||||||||
Operating expenses |
14,856,576 | 10,388,830 | 3,211,540 | 4,929,684 | 2,030,110 | (7,949,425 | ) | 27,467,315 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating income |
1,585,276 | 253,205 | 143,817 | 363,547 | 84,001 | (30,613 | ) | 2,399,232 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
18,221,453 | 18,579,078 | 4,264,022 | 5,307,513 | 2,881,536 | 4,718,761 | 53,972,363 | |||||||||||||||||||||
Non-current assets |
4,697,388 | 5,517,466 | 570,563 | 708,066 | 428,707 | | 11,922,190 | |||||||||||||||||||||
As of and for the year ended March 31, 2021 |
| |||||||||||||||||||||||||||
Yen in millions | ||||||||||||||||||||||||||||
Japan | North America |
Europe | Asia | Other | Inter-segment Elimination/ Unallocated Amount |
Consolidated | ||||||||||||||||||||||
Sales revenues |
||||||||||||||||||||||||||||
Revenues from external customers |
8,587,193 | 9,325,950 | 2,968,289 | 4,555,897 | 1,777,266 | | 27,214,594 | |||||||||||||||||||||
Inter-segment revenues and transfers |
6,361,739 | 165,853 | 166,200 | 489,398 | 95,630 | (7,278,820 | ) | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
14,948,931 | 9,491,803 | 3,134,489 | 5,045,295 | 1,872,895 | (7,278,820 | ) | 27,214,594 | ||||||||||||||||||||
Operating expenses |
13,799,715 | 9,090,442 | 3,026,518 | 4,609,354 | 1,813,048 | (7,322,232 | ) | 25,016,845 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating income |
1,149,217 | 401,361 | 107,971 | 435,940 | 59,847 | 43,413 | 2,197,748 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
19,674,666 | 20,138,715 | 5,074,409 | 6,548,343 | 3,469,635 | 7,361,372 | 62,267,140 | |||||||||||||||||||||
Non-current assets |
5,232,862 | 5,705,770 | 751,245 | 896,542 | 461,723 | | 13,048,143 |
Note: 1. | Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2020 and March 31, 2021 are 8,584,459 million yen and 11,344,879 million yen, respectively. | |
2. | Other consists of Central and South America, Oceania, Africa and the Middle East. | |
3. | Non-current assets do not include financial instruments, deferred tax assets, net defined benefit assets and rights arising under insurance contracts. |
20
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor Corporation are as follows:
Yen in millions | Thousands of shares |
Yen | ||||||||||
Net income attributable to Toyota Motor Corporation |
Weighted-average common shares |
Earnings per share attributable to Toyota Motor Corporation |
||||||||||
For the year ended March 31, 2020 |
||||||||||||
Net income attributable to Toyota Motor Corporation |
2,036,140 | |||||||||||
|
|
|
|
|
|
|||||||
Basic earnings per share attributable to Toyota Motor Corporation |
2,036,140 | 2,798,918 | 727.47 | |||||||||
|
|
|
|
|
|
|||||||
Effect of dilutive securities |
||||||||||||
Model AA Class Shares |
13,265 | 47,100 | ||||||||||
|
|
|
|
|
|
|||||||
Diluted earnings per share attributable to Toyota Motor Corporation |
2,049,405 | 2,846,018 | 720.10 | |||||||||
|
|
|
|
|
|
|||||||
For the year ended March 31, 2021 |
||||||||||||
Net income attributable to Toyota Motor Corporation |
2,245,261 | |||||||||||
|
|
|
|
|
|
|||||||
Basic earnings per share attributable to Toyota Motor Corporation |
2,245,261 | 2,795,288 | 803.23 | |||||||||
|
|
|
|
|
|
|||||||
Effect of dilutive securities |
||||||||||||
Model AA Class Shares |
12,569 | 45,939 | ||||||||||
|
|
|
|
|
|
|||||||
Diluted earnings per share attributable to Toyota Motor Corporation |
2,257,830 | 2,841,227 | 794.67 | |||||||||
|
|
|
|
|
|
|||||||
In addition to the disclosure requirements under IFRS, Toyota discloses the information below in order to provide financial statements users with valuable information.
The following table shows Toyota Motor Corporation shareholders equity per share. Toyota Motor Corporation shareholders equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders equity in the consolidated statement of financial position by common shares issued and outstanding at the end of the year (excluding treasury stock).
|
| |||||||||||
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 April 1, 2019 |
19,907,100 | 2,832,439 | 7,028.25 | |||||||||
As of March 31, 2020 |
20,618,888 | 2,766,153 | 7,454.00 | |||||||||
As of March 31, 2021 |
23,404,547 | 2,795,949 | 8,370.88 |
21
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
8. Significant Subsequent Events
Common stock split
TMC authorized a stock split of shares of its common stock and partial amendment to the Articles of Incorporation due to the stock split, at a meeting of its board of directors held on May 12th, 2021.
Purpose of the Stock Split -
The purpose is to reduce the minimum investment price through the stock split, thereby creating an environment where it is easier to invest in TMCs shares and expanding TMCs investor base.
Outline of the Stock Split -
(1) Stock Split Method
The record date for the stock split will be September 30, 2021. Each share of TMCs common stock held by shareholders as of the record date will be split into five shares.
(2) Increase in Number of Shares as a Result of the Stock Split
Number of shares outstanding prior to the stock split: 3,262,997,492 shares
Increase in total number of issued shares as a result of this stock split: 13,051,989,968 shares
Number of issued shares after the stock split: 16,314,987,460 shares
Total number of authorized shares after the stock split: 50,000,000,000 shares
Stock Split Schedule -
Date of public notice of the record date: September 14, 2021(Scheduled)
Record date: September 30, 2021(Scheduled)
Effective date: October 1, 2021(Scheduled)
Partial Amendment to Articles of Incorporation -
Due to the stock split described above, TMC will partially amend its Articles of Incorporation, to increase the total number of shares which the Corporation is authorized to issue from ten billion (10,000,000,000) to fifty billion (50,000,000,000), effective as of October 1, 2021, pursuant to Article 184, Paragraph 2 of the Companies Act.
Impact on per share information -
Per share information assuming that the stock split was performed at the beginning of the fiscal year ended March 31, 2020 is as follows.
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
|||||||
Basic earnings per share attributable to Toyota Motor Corporation (yen) |
145.49 | 160.65 | ||||||
Diluted earnings per share attributable to Toyota Motor Corporation (yen) |
144.02 | 158.93 | ||||||
Toyota Motor Corporation shareholders equity per share (yen) |
1,490.80 | 1,674.18 |
22
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Transition to reporting in accordance with IFRS
Toyota Motor Corporation (TMC) has prepared its 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 Principles 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 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 right of use assets and lease liabilities at the Transition Date under IFRS 1. Toyota measured all lease liabilities at the Transition Date, using the present value of the remaining lease payments discounted by the lessees incremental borrowing rate at the Transition Date. Toyota measured right of use assets at the Transition Date, making them equal to the lease liabilities.
For leases for which the lease term ends within 12 months of the Transition Date, lease payments associated with those leases were recognized as profit or loss on a straight-line basis over the lease term.
23
TOYOTA MOTOR CORPORATION FY2021 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 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.
24
TOYOTA MOTOR CORPORATION FY2021 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 | |||||||||||||||
|
|
|
|
|
|
|
|
25
TOYOTA MOTOR CORPORATION FY2021 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 | Trade accounts and other payables | ||||||||||||||
Other payables |
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 | |||||||||||||||
|
|
|
|
|
|
|
|
26
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Reconciliation of Equity as of 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 | |||||||||||||||
|
|
|
|
|
|
|
|
27
TOYOTA MOTOR CORPORATION FY2021 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 | Trade accounts and other payables | |||||||||||||
Other payables |
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 | |||||||||||||||
|
|
|
|
|
|
|
|
28
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Reconciliation of Net Profit or Loss For the year ended 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) |
||||||||||||||||||||
| 271,152 | 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 | ||||||||||||||
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 | |||||||||||||||
|
|
|
|
|
|
|
|
29
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Reconciliation of Other Comprehensive Income For the year ended 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 |
118,363 | (118,363 | ) | (243,853 | ) | (243,853 | ) | b | Net changes in
revaluation | |||||||||||
Pension liability adjustments |
(60,196 | ) | (612 | ) | 17,409 | (43,399 | ) | Remeasurements of defined benefit plans | ||||||||||||
| 612 | 61,956 | 62,568 | Shares of other | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
58,167 | (118,363 | ) | (164,488 | ) | (224,684 | ) | Total of items that will not be | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Items that may be reclassified subsequently to profit (loss) | ||||||||||||||||||||
Foreign currency translation |
(333,854 | ) | 89,371 | (117,614 | ) | (362,098 | ) | Exchange differences on translating foreign | ||||||||||||
| 118,363 | (4,973 | ) | 113,390 | Net changes in revaluation | |||||||||||||||
| (89,371 | ) | 54,118 | (35,253 | ) | Shares of other | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
(333,854 | ) | 118,363 | (68,469 | ) | (283,961 | ) | Total of items that may be reclassified subsequently | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total other comprehensive income |
(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 | |||||||||||||||
|
|
|
|
|
|
|
|
30
TOYOTA MOTOR CORPORATION FY2021 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 other 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. |
31
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
Difference in recognition and measurement -
For the following reconciliation, the 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 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 Transition Date as deemed cost for certain items of property, plant and equipment. The carrying amount 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 are capitalized if it meets the capitalization requirements.
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) 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.
32
TOYOTA MOTOR CORPORATION FY2021 Financial Summary
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 Toyotas closing date on the Transition Date.
j. | Reconciliation of retained earnings |
Yen in millions | ||||||||
Transition Date April 1, 2019 |
March 31, 2020 | |||||||
b. Fair value measurement of equity instruments |
(990,815 | ) | (799,568 | ) | ||||
g. Exchange differences on translating foreign operations |
(649,532 | ) | (649,532 | ) | ||||
h. Retirement benefit obligations for defined benefit plans |
(265,867 | ) | (324,014 | ) | ||||
|
|
|
|
|||||
Subtotal |
(1,906,213 | ) | (1,773,114 | ) | ||||
|
|
|
|
|||||
e. Capitalization of cost incurred for development of product |
410,531 | 432,202 | ||||||
i. Unification of a reporting period |
85,211 | 51,480 | ||||||
Others |
36,732 | 95,880 | ||||||
|
|
|
|
|||||
Total |
(1,373,738 | ) | (1,193,552 | ) | ||||
|
|
|
|
Subtotal represents reclassification from other components of equity.
Adjustments on the Cash Flows
Additions, 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.
33
Supplemental Material for Financial Results for FY2021 (Consolidated)
< IFRS >
FY2020 | FY2021 | FY2022 | ||||||||||||||||||||||||||||||||||||||||||
1Q (2019/4-6) |
2Q (2019/7-9) |
3Q (2019/10-12) |
4Q (2020/1-3) |
12 months (19/4-20/3) |
1Q (2020/4-6) |
2Q (2020/7-9) |
3Q (2020/10-12) |
4Q (2021/1-3) |
12 months (20/4-21/3) |
Forecast 12 months (21/4-22/3) |
||||||||||||||||||||||||||||||||||
Vehicle Production (thousands of units) |
2,311 | 2,236 | 2,146 | 2,126 | 8,820 | 1,080 | 1,990 | 2,262 | 2,221 | 7,553 | ||||||||||||||||||||||||||||||||||
(Japan) |
1,134 | 1,122 | 1,066 | 1,091 | 4,413 | 679 | 1,031 | 1,144 | 1,095 | 3,948 | ||||||||||||||||||||||||||||||||||
[Daihatsu & Hino] |
[265 | ] | [275 | ] | [277 | ] | [292 | ] | [1,109 | ] | [178 | ] | [269 | ] | [283 | ] | [300 | ] | [1,029 | ] | ||||||||||||||||||||||||
(Overseas) |
1,178 | 1,114 | 1,080 | 1,035 | 4,406 | 401 | 959 | 1,118 | 1,126 | 3,605 | ||||||||||||||||||||||||||||||||||
[Daihatsu & Hino] |
[124 | ] | [155 | ] | [138 | ] | [127 | ] | [545 | ] | [15 | ] | [53 | ] | [84 | ] | [107 | ] | [259 | ] | ||||||||||||||||||||||||
North America |
499 | 456 | 434 | 418 | 1,807 | 187 | 500 | 489 | 466 | 1,642 | ||||||||||||||||||||||||||||||||||
Europe |
174 | 143 | 182 | 176 | 674 | 82 | 138 | 200 | 222 | 642 | ||||||||||||||||||||||||||||||||||
Asia |
386 | 413 | 366 | 357 | 1,522 | 109 | 230 | 333 | 343 | 1,015 | ||||||||||||||||||||||||||||||||||
Central and South America |
86 | 69 | 76 | 62 | 293 | 10 | 67 | 69 | 65 | 213 | ||||||||||||||||||||||||||||||||||
Africa |
33 | 32 | 22 | 23 | 110 | 13 | 24 | 27 | 30 | 93 | ||||||||||||||||||||||||||||||||||
Vehicle Sales (thousands of units) |
2,318 | 2,340 | 2,201 | 2,097 | 8,955 | 1,158 | 1,928 | 2,353 | 2,208 | 7,646 | 8,700 | |||||||||||||||||||||||||||||||||
(Japan) |
555 | 585 | 516 | 583 | 2,240 | 385 | 536 | 592 | 612 | 2,125 | 2,170 | |||||||||||||||||||||||||||||||||
[Daihatsu & Hino] |
[158 | ] | [183 | ] | [139 | ] | [177 | ] | [657 | ] | [104 | ] | [159 | ] | [162 | ] | [185 | ] | [610 | ] | [650 | ] | ||||||||||||||||||||||
(Overseas) |
1,762 | 1,755 | 1,684 | 1,514 | 6,715 | 774 | 1,392 | 1,760 | 1,596 | 5,521 | 6,530 | |||||||||||||||||||||||||||||||||
[Daihatsu & Hino] |
[65 | ] | [76 | ] | [70 | ] | [74 | ] | [285 | ] | [16 | ] | [31 | ] | [41 | ] | [62 | ] | [150 | ] | [250 | ] | ||||||||||||||||||||||
North America |
744 | 702 | 668 | 600 | 2,713 | 285 | 646 | 753 | 630 | 2,313 | 2,720 | |||||||||||||||||||||||||||||||||
Europe |
279 | 251 | 248 | 252 | 1,029 | 141 | 254 | 285 | 280 | 959 | 1,100 | |||||||||||||||||||||||||||||||||
Asia |
410 | 436 | 409 | 345 | 1,600 | 182 | 274 | 392 | 374 | 1,222 | 1,360 | |||||||||||||||||||||||||||||||||
Central and South America |
104 | 109 | 114 | 77 | 403 | 30 | 66 | 87 | 86 | 270 | 410 | |||||||||||||||||||||||||||||||||
Oceania |
66 | 64 | 63 | 69 | 262 | 48 | 51 | 84 | 63 | 246 | 300 | |||||||||||||||||||||||||||||||||
Africa |
54 | 63 | 43 | 48 | 207 | 24 | 39 | 42 | 52 | 157 | 190 | |||||||||||||||||||||||||||||||||
Middle East |
106 | 128 | 138 | 122 | 493 | 62 | 60 | 115 | 109 | 346 | 450 | |||||||||||||||||||||||||||||||||
Other |
2 | 2 | 2 | 2 | 7 | 2 | 2 | 3 | 2 | 8 | ||||||||||||||||||||||||||||||||||
Total Retail Unit Sales (thousands of units) |
2,709 | 2,745 | 2,685 | 2,317 | 10,457 | 1,848 | 2,519 | 2,845 | 2,708 | 9,920 | 10,550 |
Supplemental 1
Supplemental Material for Financial Results for FY2021 (Consolidated)
< IFRS >
FY2020 | FY2021 | FY2022 | ||||||||||||||||||||||||||||||||||||||||||||||
1Q (2019/4-6) |
2Q (2019/7-9) |
3Q (2019/10-12) |
4Q (2020/1-3) |
12 months (19/4-20/3) |
1Q (2020/4-6) |
2Q (2020/7-9) |
3Q (2020/10-12) |
4Q (2021/1-3) |
12 months (20/4-21/3) |
Forecast 12 months (21/4-22/3) |
||||||||||||||||||||||||||||||||||||||
Foreign Exchange Rates |
||||||||||||||||||||||||||||||||||||||||||||||||
Yen to US Dollar Rate |
110 | 107 | 109 | 109 | 109 | 108 | 106 | 105 | 106 | 106 | as premise:105 | |||||||||||||||||||||||||||||||||||||
Yen to Euro Rate |
123 | 119 | 120 | 120 | 121 | 119 | 124 | 125 | 128 | 124 | as premise: 125 | |||||||||||||||||||||||||||||||||||||
Number of Employees |
379,201 | 376,762 | 375,421 | 361,907 | 361,907 | 369,701 | 369,604 | 367,987 | 366,283 | 366,283 | (Note 1) | |||||||||||||||||||||||||||||||||||||
Sales Revenues (billions of yen) |
7,721.2 | 7,637.0 | 7,608.9 | 6,899.3 | 29,866.5 | 4,600.7 | 6,774.4 | 8,150.0 | 7,689.3 | 27,214.5 | 30,000.0 | |||||||||||||||||||||||||||||||||||||
Geographic Information |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
4,175.0 | 4,246.5 | 4,043.6 | 3,976.5 | 16,441.8 | 2,675.6 | 3,687.7 | 4,384.6 | 4,200.8 | 14,948.9 | ||||||||||||||||||||||||||||||||||||||
North America |
2,838.0 | 2,684.1 | 2,708.6 | 2,411.2 | 10,642.0 | 1,381.1 | 2,564.8 | 2,938.2 | 2,607.6 | 9,491.8 | ||||||||||||||||||||||||||||||||||||||
Europe |
883.2 | 813.4 | 866.8 | 791.8 | 3,355.3 | 471.4 | 810.5 | 905.5 | 946.8 | 3,134.4 | ||||||||||||||||||||||||||||||||||||||
Asia |
1,361.9 | 1,398.9 | 1,400.0 | 1,132.3 | 5,293.2 | 906.5 | 1,149.2 | 1,543.4 | 1,446.1 | 5,045.2 | ||||||||||||||||||||||||||||||||||||||
Other |
553.8 | 521.6 | 555.5 | 483.0 | 2,114.1 | 281.2 | 419.1 | 606.0 | 566.5 | 1,872.8 | ||||||||||||||||||||||||||||||||||||||
Elimination |
-2,090.8 | -2,027.7 | -1,965.8 | -1,895.6 | -7,980.0 | -1,115.2 | -1,857.0 | -2,227.8 | -2,078.6 | -7,278.8 | ||||||||||||||||||||||||||||||||||||||
Business Segment |
||||||||||||||||||||||||||||||||||||||||||||||||
Automotive |
6,954.5 | 6,805.4 | 6,821.9 | 6,217.8 | 26,799.7 | 3,976.4 | 6,146.2 | 7,491.3 | 7,037.5 | 24,651.5 | ||||||||||||||||||||||||||||||||||||||
Financial Services |
549.1 | 542.2 | 552.9 | 548.8 | 2,193.1 | 534.9 | 531.5 | 554.5 | 541.1 | 2,162.2 | ||||||||||||||||||||||||||||||||||||||
All Other |
370.0 | 454.2 | 400.5 | 280.0 | 1,504.9 | 206.0 | 234.0 | 266.1 | 346.0 | 1,052.3 | ||||||||||||||||||||||||||||||||||||||
Elimination |
-152.4 | -164.8 | -166.5 | -147.4 | -631.2 | -116.7 | -137.4 | -162.0 | -235.4 | -651.5 | ||||||||||||||||||||||||||||||||||||||
Operating Income |
740.6 | 658.6 | 640.0 | 359.9 | 2,399.2 | 13.9 | 506.0 | 987.9 | 689.8 | 2,197.7 | 2,500.0 | |||||||||||||||||||||||||||||||||||||
(Operating Income Ratio) (%) |
(9.6) | (8.6) | ( 8.4) | ( 5.2) | (8.0) | (0.3) | ( 7.5) | ( 12.1) | ( 9.0) | (8.1 | ) | (8.3) | ||||||||||||||||||||||||||||||||||||
Geographic Information |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
429.9 | 396.8 | 403.0 | 355.4 | 1,585.2 | 77.4 | 164.9 | 538.5 | 368.3 | 1,149.2 | ||||||||||||||||||||||||||||||||||||||
North America |
112.6 | 116.4 | 94.9 | -70.7 | 253.2 | -68.5 | 187.3 | 212.9 | 69.6 | 401.3 | ||||||||||||||||||||||||||||||||||||||
Europe |
38.6 | 35.0 | 45.7 | 24.2 | 143.8 | -21.9 | 31.6 | 52.9 | 45.3 | 107.9 | ||||||||||||||||||||||||||||||||||||||
Asia |
109.1 | 110.4 | 81.7 | 62.2 | 363.5 | 42.8 | 93.4 | 155.3 | 144.3 | 435.9 | ||||||||||||||||||||||||||||||||||||||
Other |
21.1 | 24.7 | 23.9 | 14.1 | 84.0 | -11.7 | 20.2 | 34.9 | 16.4 | 59.8 | ||||||||||||||||||||||||||||||||||||||
Elimination |
29.0 | -24.9 | -9.3 | -25.3 | -30.6 | -4.0 | 8.5 | -6.8 | 45.7 | 43.4 | ||||||||||||||||||||||||||||||||||||||
Business Segment |
||||||||||||||||||||||||||||||||||||||||||||||||
Automotive |
617.8 | 490.4 | 570.9 | 333.8 | 2,013.1 | -86.5 | 332.2 | 812.6 | 548.7 | 1,607.1 | ||||||||||||||||||||||||||||||||||||||
Financial Services |
109.7 | 117.2 | 71.9 | -15.1 | 283.7 | 92.2 | 153.0 | 152.3 | 97.9 | 495.5 | ||||||||||||||||||||||||||||||||||||||
All Other |
14.2 | 28.5 | 26.4 | 34.1 | 103.3 | 9.3 | 15.3 | 24.3 | 36.3 | 85.3 | ||||||||||||||||||||||||||||||||||||||
Elimination |
-1.2 | 22.4 | -29.2 | 7.0 | -0.9 | -1.1 | 5.3 | -1.3 | 6.7 | 9.6 | ||||||||||||||||||||||||||||||||||||||
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen) |
104.7 | 95.1 | 75.8 | 34.5 | 310.2 | -12.5 | 88.9 | 125.0 | 149.5 | 351.0 | 430.0 | |||||||||||||||||||||||||||||||||||||
Income before Income Taxes (billions of yen) |
850.9 | 770.8 | 771.9 | 399.1 | 2,792.9 | 118.2 | 610.5 | 1,141.1 | 1,062.3 | 2,932.3 | 3,110.0 | |||||||||||||||||||||||||||||||||||||
(Income before Income Taxes Ratio) (%) |
(11.0 | ) | (10.1 | ) | ( 10.1 | ) | (5.8 | ) | (9.4 | ) | (2.6 | ) | ( 9.0 | ) | ( 14.0 | ) | (13.8 | ) | (10.8 | ) | (10.4 | ) | ||||||||||||||||||||||||||
Net Income Attributable toToyota Motor Corporation (billions of yen) |
619.1 | 530.4 | 559.2 | 327.3 | 2,036.1 | 158.8 | 470.5 | 838.6 | 777.1 | 2,245.2 | 2,300.0 | |||||||||||||||||||||||||||||||||||||
(Net Income Ratio) (%) |
(8.0) | (6.9 | ) | ( 7.4) | ( 4.7) | (6.8) | (3.5) | ( 6.9) | ( 10.3) | ( 10.1) | (8.3 | ) | (7.7 | ) | ||||||||||||||||||||||||||||||||||
Dividends |
||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares |
||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends (billions of yen) |
| 278.9 | | 331.9 | 610.8 | | 293.5 | | 377.4 | 671.0 | (Note 2) | |||||||||||||||||||||||||||||||||||||
Cash Dividends per Share (yen) |
| 100 | | 120 | 220 | | 105 | | 135 | 240 | * | |||||||||||||||||||||||||||||||||||||
Payout Ratio (%) |
| 24.5 | | 37.6 | 30.2 | | 46.6 | | 23.3 | 29.8 | ||||||||||||||||||||||||||||||||||||||
Model AA Class Shares |
||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends (billions of yen) |
| 6.2 | | 6.2 | 12.4 | | 5.9 | | 2.9 | 8.9 | (Note 2) | |||||||||||||||||||||||||||||||||||||
Cash Dividends per Share (yen) |
| 132 | | 132 | 264 | | 132 | | 132 | 264 | ||||||||||||||||||||||||||||||||||||||
Value of Shares Repurchased (billions of yen)[actual purchase] |
54.2 | 245.7 | 70.1 | 129.8 | 499.9 | | | | | | (Note 3) | |||||||||||||||||||||||||||||||||||||
Value of Shares Repurchased (billions of yen)[shareholder return] |
| 199.9 | | | 199.9 | | | | 250.0 | |
250.0 |
(Note 3) (Note 4) |
||||||||||||||||||||||||||||||||||||
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 FY2021 (Consolidated)
< IFRS >
FY2020 | FY2021 | FY2022 | ||||||||||||||||||||||||||||||||||||||||||
1Q (2019/4-6) |
2Q (2019/7-9) |
3Q (2019/10-12) |
4Q (2020/1-3) |
12 months (19/4-20/3) |
1Q (2020/4-6) |
2Q (2020/7-9) |
3Q (2020/10-12) |
4Q (2021/1-3) |
12 months (20/4-21/3) |
Forecast 12 months (21/4-22/3) |
||||||||||||||||||||||||||||||||||
R&D Expenses (billions of yen) |
297.4 | 286.9 | 288.5 | 237.3 | 1,110.3 | 280.7 | 286.8 | 265.8 | 256.9 | 1,090.4 | 1,160.0 | (Note 5) | ||||||||||||||||||||||||||||||||
Depreciation Expenses |
196.9 | 192.3 | 207.7 | 206.2 | 803.3 | 204.0 | 221.0 | 217.8 | 234.0 | 876.9 | 930.0 | (Note 6) | ||||||||||||||||||||||||||||||||
Geographic Information |
||||||||||||||||||||||||||||||||||||||||||||
Japan |
88.6 | 91.7 | 97.5 | 98.6 | 376.5 | 98.1 | 109.8 | 101.1 | 115.6 | 424.7 | ||||||||||||||||||||||||||||||||||
North America |
54.0 | 44.2 | 54.2 | 59.9 | 212.4 | 59.0 | 60.6 | 60.4 | 62.1 | 242.3 | ||||||||||||||||||||||||||||||||||
Europe |
13.2 | 12.6 | 14.3 | 12.2 | 52.5 | 14.1 | 15.1 | 16.3 | 15.4 | 61.0 | ||||||||||||||||||||||||||||||||||
Asia |
32.4 | 35.7 | 30.8 | 30.4 | 129.4 | 25.9 | 28.6 | 32.3 | 33.0 | 120.0 | ||||||||||||||||||||||||||||||||||
Other |
8.5 | 8.0 | 10.7 | 5.0 | 32.3 | 6.7 | 6.8 | 7.4 | 7.7 | 28.7 | ||||||||||||||||||||||||||||||||||
Capital Expenditures |
272.7 | 337.9 | 346.9 | 414.6 | 1,372.3 | 260.3 | 325.2 | 316.1 | 391.4 | 1,293.2 | 1,350.0 | (Note 6) | ||||||||||||||||||||||||||||||||
Geographic Information |
||||||||||||||||||||||||||||||||||||||||||||
Japan |
144.8 | 183.4 | 155.0 | 263.9 | 747.2 | 147.1 | 160.0 | 157.5 | 247.9 | 712.7 | ||||||||||||||||||||||||||||||||||
North America |
69.8 | 73.6 | 126.6 | 71.1 | 341.2 | 54.8 | 107.1 | 68.2 | 60.9 | 291.2 | ||||||||||||||||||||||||||||||||||
Europe |
19.5 | 18.0 | 28.2 | 37.4 | 103.3 | 14.8 | 15.9 | 21.2 | 30.9 | 83.0 | ||||||||||||||||||||||||||||||||||
Asia |
23.0 | 44.5 | 26.1 | 29.3 | 123.0 | 35.2 | 33.0 | 58.3 | 34.4 | 161.1 | ||||||||||||||||||||||||||||||||||
Other |
15.4 | 18.3 | 10.9 | 12.7 | 57.4 | 8.3 | 8.9 | 10.7 | 17.1 | 45.1 | ||||||||||||||||||||||||||||||||||
Total Liquid Assets (billions of yen) |
9,197.1 | 9,260.2 | 9,103.2 | 8,602.6 | 8,602.6 | 9,451.8 | 10,238.7 | 10,621.2 | 11,579.4 | 11,579.4 | (Note 7) | |||||||||||||||||||||||||||||||||
Total Assets (billions of yen) |
53,288.7 | 53,350.5 | 54,901.4 | 53,972.3 | 53,972.3 | 55,916.5 | 56,483.8 | 58,010.3 | 62,267.1 | 62,267.1 | ||||||||||||||||||||||||||||||||||
Toyota Motor Corporation Shareholders Equity (billions of yen) |
20,096.3 | 20,312.2 | 20,828.5 | 20,618.8 | 20,618.8 | 20,713.9 | 21,010.8 | 21,804.1 | 23,404.5 | 23,404.5 | ||||||||||||||||||||||||||||||||||
Return on Equity (%) |
12.4 | 10.5 | 10.9 | 6.3 | 10.0 | 3.1 | 9.0 | 15.7 | 13.8 | 10.2 | ||||||||||||||||||||||||||||||||||
Return on Asset (%) |
4.6 | 4.0 | 4.1 | 2.4 | 3.8 | 1.2 | 3.3 | 5.9 | 5.2 | 3.9 | ||||||||||||||||||||||||||||||||||
Number of Consolidated Subsidiaries (including Structured Entities) |
537 | 544 | ||||||||||||||||||||||||||||||||||||||||||
Number of Associates and Joint Ventures Accounted for Using the Equity Method |
199 | 169 |
Analysis of Consolidated Net Income |
4Q (2021/1-3) |
12 months (20/4-21/3) |
||||||
Effects of Marketing Activities |
405.0 | -210.0 | ||||||
Effects of Changes in Exchange Rates |
-80.0 | -255.0 | ||||||
Cost Reduction Efforts |
50.0 | 150.0 | ||||||
From Engineering |
25.0 | 80.0 | ||||||
From Manufacturing and Logistics |
25.0 | 70.0 | ||||||
Increase or Decrease in Expenses and Expense Reduction Efforts |
-15.0 | 70.0 | ||||||
Other |
-30.1 | 43.6 | ||||||
(Changes in Operating Income) |
329.9 | -201.4 | ||||||
Non-operating Income |
333.2 | 340.8 | ||||||
Share of Profit (Loss) of Investments Accounted for Using the Equity Method |
115.0 | 40.7 | ||||||
Income tax expense, Net Income Attributable to Non-controlling Interests |
-213.2 | 69.7 | ||||||
(Changes in Net Income Attributable to Toyota Motor Corporation) |
449.8 | 209.1 |
Cautionary Statement with Respect to Forward-Looking Statements
This report contains forward-looking statements that reflect Toyotas 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 Toyotas 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)Toyotas ability to market and distribute effectively; (v) Toyotas 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 Toyotas 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 Toyotas 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) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas 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 Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas 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 Toyotas 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 Toyotas 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 Toyotas financial condition and results of operations.
* | Breakdown of Annual cash dividends per common share at end of second quarter: Special Dividends 5 yen |
(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 Toyotas 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 |
Supplemental 3
(Reference Translation)
(For reference)
May 12, 2021
Toyota Motor Corporation
Holding of Ordinary General Shareholders Meeting
1. Date and time: |
10:00 a.m., Wednesday, June 16, 2021 | |
2. Venue: |
Toyota Head Office, 1, Toyota-cho, Toyota City, Aichi Prefecture | |
3. Meeting Agenda: |
Reports:
Reports on business review, consolidated and unconsolidated financial statements for FY2021 (April 1, 2020 through March 31, 2021) and a report by the Accounting Auditor and the Audit & Supervisory Board on the audit results of the consolidated financial statements for FY2021.
Resolutions:
Proposed Resolution 1: |
Election of 9 Members of the Board of Directors | |
Proposed Resolution 2: |
Election of 1 Substitute Audit & Supervisory Board Member | |
Proposed Resolution 3: |
Partial Amendments to the Articles of Incorporation |
[Reference Translation]
May 12, 2021
To Whom It May Concern:
Company Name: TOYOTA MOTOR CORPORATION Name and Title of Representative: Akio Toyoda, President (Code Number: 7203 First Section of Tokyo Stock Exchange and Nagoya Stock Exchange) Name and Title of Contact Person: Kaname Shimizu, General Manager, Accounting Division (Telephone Number: 0565-28-2121) |
Notice Concerning Distribution of Dividends from Surplus
At a meeting held on May 12, 2021, the Board of Directors of Toyota Motor Corporation (TMC) resolved to distribute dividends from surplus, with a record date of March 31, 2021. In relation to the above, we hereby inform you of the following:
1. | Details of dividends |
(1) | Common shares |
Determined year-end dividend for FY 2021 |
Most recent dividend forecast |
Year-end dividend paid for FY 2020 | ||||
Record date |
March 31, 2021 | March 31, 2021 | March 31, 2020 | |||
Dividend per share |
135.00 yen | | 120.00 yen | |||
Total amount of dividends |
377,453 million yen | | 331,938 million yen | |||
Effective date |
May 28, 2021 | | May 28, 2020 | |||
Source of dividends |
Retained earnings | | Retained earnings |
[Reference] Details of dividends per common share through the fiscal year
Record date |
Dividends for FY 2021 (ended March 31, 2021) |
Dividends for FY 2020 (ended March 31, 2020) | ||
End of interim period |
105.00 yen | 100.00 yen | ||
End of fiscal period |
135.00 yen | 120.00 yen | ||
Total |
240.00 yen | 220.00 yen |
(2) | First Series Model AA Class Shares |
Year-end dividend for FY 2021 |
Most recent dividend forecast |
Year-end dividend paid for FY 2020 | ||||
Record date |
March 31, 2021 | March 31, 2021 | March 31, 2020 | |||
Dividend per share |
132.00 yen | | 132.00 yen | |||
Total amount of dividends |
2,998 million yen | | 6,217 million yen | |||
Effective date |
May 28, 2021 | | May 28, 2020 | |||
Source of dividends |
Retained earnings | | Retained earnings |
[Reference] Details of dividends per First Series Model AA Class Share through the fiscal year
Record date |
Dividends for FY 2021 (ended March 31, 2021) |
Dividends for FY 2020 (ended March 31, 2020) | ||
End of interim period |
132.00 yen | 132.00 yen | ||
End of fiscal period |
132.00 yen | 132.00 yen | ||
Total |
264.00 yen | 264.00 yen |
2. | Reason for the dividend amount |
TMC deems the benefit of its shareholders as one of its priority management policies, and it continues to work to improve its corporate structure to realize sustainable growth in order to enhance its corporate value.
TMC will strive for the stable and continuous payment of dividends, seeking to maintain and improve upon the consolidated payout ratio of 30% to its shareholders.
With a view to surviving tough competition and transitioning to a mobility company, TMC will utilize its internal funds mainly for growth investment for the next generation such as environmental technologies to achieve a carbon neutral society and safety technologies for the safety and security of its customers.
Considering these factors, with respect to the dividends for this consolidated fiscal year, TMC determined to pay a year-end dividend of 135 yen per common share and as a result, the annual dividend will be 240 yen per common share when combined with the interim dividend of 105 yen per common share.
In addition, TMC determined to pay a year-end dividend of 132.00 yen per First Series Model AA Class Share in accordance with a prescribed calculation method and as a result, the annual dividend will be 264 yen per share when combined with the interim dividend of 132.00 yen per share.
-End-
[Reference Translation]
May 12, 2021
To Whom It May Concern:
Company Name: TOYOTA MOTOR CORPORATION Name and Title of Representative: Akio Toyoda, President (Code Number: 7203 First Section of Tokyo Stock Exchange and Nagoya Stock Exchange) Name and Title of Contact Person: Kaname Shimizu, General Manager, Accounting Division (Telephone Number: 0565-28-2121) |
Notice Concerning the Determination of Matters Relating to
the Repurchase of Shares of Common Stock
(Repurchase of Shares under Articles of Incorporation pursuant to Article 165, Paragraph 2 of the Companies Act of Japan)
We hereby inform you that Toyota Motor Corporation (TMC) resolved at a meeting of the board of directors held on May 12, 2021 to repurchase shares of its common stock pursuant to Article 156 of the Companies Act of Japan (the Companies Act) as applied pursuant to Article 165, Paragraph 3 of the Companies Act.
1. | Reason for repurchasing shares |
To promote capital efficiency, TMC will flexibly repurchase its common stock while comprehensively considering factors such as its investment in growth, level of its dividends, its cash reserves and the price level of its common stock
2. | Details of matters relating to repurchase |
(1) Class of shares to be repurchased |
Shares of Common Stock of TMC | |
(2) Total number of shares to be repurchased |
41 million shares (maximum) | |
(Represents 1.46% of the total number of issued shares (excluding treasury stock)) | ||
(3) Total purchase price for repurchase of shares |
JPY 250 billion(maximum) | |
(4) Period of repurchase |
From June 18, 2021 to September 30, 2021 |
(References) Number of treasury common stock as of March 31, 2021
Total number of issued common shares (excluding treasury stock) : |
2,795,948,660 | shares | ||||||
Number of treasury common stock: |
467,048,832 | shares |
[Reference Translation]
May 12, 2021
To Whom It May Concern:
Company Name: TOYOTA MOTOR CORPORATION | ||
Name and Title of Representative: | ||
Akio Toyoda, President | ||
(Code: 7203 The First Section of Tokyo Stock | ||
Exchange and Nagoya Stock Exchange) | ||
Name and Title of Contact Person: | ||
Kaname Shimizu, | ||
General Manager, Accounting Division | ||
(Telephone Number: 0565-28-2121) |
Partial Amendments to the Articles of Incorporation
Toyota Motor Corporation (TMC) hereby informs you that at the meeting of its Board of Directors held on May 12, 2021, TMC resolved to propose the Matter of Partial Amendments to Articles of Incorporation at its 117th Ordinary General Meeting of Shareholders scheduled to be held on June 2021, as described below.
1. | Reason for Amendments to Articles of Incorporation |
Due to the cancellation of all of the Model AA Class Shares on April 3, 2021, TMC will delete the related provisions and make other changes as necessary.
2. | Details of Amendments to Articles of Incorporation |
The details of the amendments are as described in the Exhibit.
3. | Schedule |
(1) |
Date of Resolution by the Board of Directors: May 12, 2021 | |
(2) |
Date of General Meeting of Shareholders for Amendments to the Articles of Incorporation: June 16, 2021 (Scheduled) | |
(3) |
Effective Date of Amendments to the Articles of Incorporation June 16, 2021 (Scheduled) |
(Note) |
The details described above are subject to the approval at TMCs 117th Ordinary General Meeting of Shareholders scheduled to be held on June 16, 2021. |
Exhibit
(Underlined part indicates amendment)
Current Articles of Incorporation | Proposed Amendments | |
Article 5. (Total Number of Authorized Shares, etc.) |
Article 5. (Total Number of Authorized Shares) | |
The total number of shares which the Corporation is authorized to issue shall be ten billion (10,000,000,000), and the total number of authorized shares in each class of class shares shall be as set forth below; provided, however, that the aggregate number of shares authorized to be issued with respect to First Series Model AA Class Shares through Fifth Series Model AA Class Shares shall not exceed one hundred fifty million (150,000,000). |
The total number of shares which the Corporation is authorized to issue shall be ten billion (10,000,000,000). | |
Common Shares: |
||
ten billion (10,000,000,000) shares |
||
First Series Model AA Class Shares: |
||
fifty million (50,000,000) shares |
||
Second Series Model AA Class Shares: |
||
fifty million (50,000,000) shares |
||
Third Series Model AA Class Shares: |
||
fifty million (50,000,000) shares |
||
Fourth Series Model AA Class Shares: |
||
fifty million (50,000,000) shares |
||
Fifth Series Model AA Class Shares: |
||
fifty million (50,000,000) shares |
||
Article 6. (Number of Shares Constituting One Unit (tangen) and |
Article 6. (Number of Shares Constituting One Unit (tangen) and | |
Rights to Shares Constituting Less than One Unit (tangen) ) |
Rights to Shares Constituting Less than One Unit (tangen)) | |
1. The number of shares constituting one unit (tangen) of shares of the Corporation shall be one hundred (100) with respect to Common Shares and each class of Model AA Class Shares. |
1. The number of shares constituting one unit (tangen) of shares of the Corporation shall be one hundred (100). | |
2. The shareholders of the Corporation are not entitled to exercise any rights to shares constituting less than one unit (tangen) of shares held by the shareholders, other than the following: |
2. The shareholders of the Corporation are not entitled to exercise any rights to shares constituting less than one unit (tangen) of shares held by the shareholders, other than the rights provided for in each Item of Article 189, Pargraph 2 of the Companies Act (Kaisha-hou). (Deleted) | |
(1) the rights provided for in each Item of Article 189, Paragraph 2 of the Companies Act (Kaisha-hou); and | ||
(2) the rights provided for in Article 166, Paragraph 1 of the Companies Act, in respect of the right provided for in Article 18 of the Articles of Incorporation. | ||
<Delete> |
||
Article 8. (Absence of seller put options when the Corporation acquires Model AA Class Shares) | ||
If the Corporation decides to acquire some or all of the Model AA Class Shares held by any holder of Model AA Class Shares (Model AA Class Shareholder) under an agreement with such Model AA Class Shareholder pursuant to a resolution of the general meeting of shareholders, and further decides to notify such Model AA Class Shareholder of matters prescribed in any item of Article 157, Paragraph 1 of the Companies Act, the provisions of Article 160, Paragraphs 2 and 3 of such act shall not apply. | ||
Current Articles of Incorporation | Proposed Amendments | |
Article 9 and Article 10 (Omitted) |
Article 8 and Article 9 (The same as the current provisions) | |
Article 11. (Record Date) |
Article 10. (Record Date) | |
1. The Corporation shall deem any shareholder entered or recorded in the final register of shareholders as of March 31 in such year to be a shareholder entitled to exercise its rights at the ordinary general meeting of shareholders for that business year. 2. The preceding paragraph shall apply mutatis mutandis to class meetings, where the relevant class meeting is to be held on the same date as an ordinary general meeting of shareholders. 3. In addition to the case provided for in the preceding two (2) paragraphs, the Corporation may, after giving prior public notice, fix a date as the record date, where it deems it necessary to do so. |
1. The Corporation shall deem any shareholder entered or recorded in the final register of shareholders as of March 31 in such year to be a shareholder entitled to exercise its rights at the ordinary general meeting of shareholders for that business year. (Deleted)
2. In addition to the case provided for in the preceding paragraph, the Corporation may, after giving prior public notice, fix a date as the record date, where it deems it necessary to do so. | |
<Delete> |
CHAPTER III. MODEL AA CLASS SHARES |
Article 12. (AA Dividends) |
1. In the event that the Corporation pays dividends from surplus as provided for in Article 46, Paragraph 1 of these Articles, it shall pay in cash year-end dividends from surplus in the amount specified below (AA Dividends) to Model AA Class Shareholders or registered pledgees of Model AA Class Shares (AA Registered Pledgees) entered or recorded in the final register of shareholders as of the record date for the dividends, in preference to holders of Common Shares (Common Shareholders) or registered pledgees of Common Shares (Common Share Registered Pledgees), respectively; provided that if AA Interim Dividends, as provided for in Article 13 of these Articles, have been paid during the fiscal year in which the record date falls, the amount of the AA Interim Dividends so paid shall be deducted from such AADividends. First Series Model AA Class Shares through Fifth Series Model AA Class Shares: An amount per Model AA Class Share calculated by multiplying the amount per relevant Model AA Class Share paid to the Corporation as consideration by a rate to be determined by the Board of Directors prior to the issuance of each ModelAA Class Share (subject to a maximum of 5%). |
2. If the amount of the dividends from surplus paid in cash to Model AA Class Shareholders or AA Registered Pledgees is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall per Model AA Class Share (Cumulative Unpaid Dividends) shall be carried forward and accumulated in the following fiscal year and thereafter. With respect to the Cumulative Unpaid Dividends, dividends from surplus shall be paid in cash to Model AA Class Shareholders or AA Registered Pledgees until such payment reaches the amount of the Cumulative Unpaid Dividends per Model AA Class Share, in preference to the payment of dividends from surplus as provided in the preceding paragraph or Article 13 of these Articles. |
3. No distribution of dividends from surplus shall be made to any Model AA Class Shareholder or AA Registered Pledgee in excess of the amount of AA Dividends, except for a distribution from surplus in the process of a corporate split (kyushu- bunkatsu) by the Corporation pursuant to Article 758, Item 8 (ii) or Article 760, Item 7 (ii) of the Companies Act, or a distribution from surplus in the process of a corporate split (shinsetsu-bunkatsu) by the Corporation pursuant to Article 763, Paragraph 1, Item 12 (ii) or Article765 Paragraph 1, Item 8 (ii) of such act, in which case, the distribution from surplus shall be made to all Model AA Class Shareholders or AA Registered Pledgees simultaneously and in the same proportion as that made to any Common Shareholders or Common Share Registered Pledgees. |
Article 13. (AA Interim Dividends) |
In the event that the Corporation pays dividends from surplus as provided in Article 46, Paragraph 2 of these Articles, the Corporation shall pay an amount equivalent to one-half of the prescribed amount of AA Dividends in cash as interim dividends (AA Interim Dividends) per Model AA Class Share to Model AA Class Shareholders or AA Registered Pledgees entered or recorded in the final register of shareholders as of the record date with respect to such AA Interim Dividends, in preference to Common Shareholders or Common Share Registered Pledgees |
<Delete> CHAPTER III. MODEL AA CLASS SHARES Article 14. (Distribution of residual assets) 1. In the event of a distribution by the Corporation of its residual assets, the Corporation shall pay the amount set forth below in cash to Model AA Class Shareholders or AA Registered Pledgees, in preference to Common Shareholders or Common Share Registered Pledgees, respectively. First Series Model AA Class Shares through Fifth Series Model AA Class Shares: An amount per Model AA Class Share determined by resolution of the board of directors or an amount calculated under a formula determined by resolution of the board of directors, in either case based on the amount per relevant Model AA Class Share paid to the Corporation as consideration (Base Price). 2. No distribution of residual assets shall be made to Model AA Class Shareholders or AA Registered Pledgees other than as provided in the preceding item.
Article 15. (Voting rights) Model AA Class Shareholders shall have voting rights exercisable at general meetings of shareholders of the Corporation.
Article 16. (Consolidation of shares, stock split or gratis allotment of shares) 1. The Corporation shall effect any consolidation of shares or stock split simultaneously and in the same proportion with respect to Common Shares and Model AA Class Shares. 2. If the Corporation grants its shareholders rights to receive any allotment of shares offered for subscription or stock acquisition rights offered for subscription, the Corporation shall grant Common Shareholders rights to receive Common Shares or stock acquisition rights for Common Shares and shall grant Model AA Class Shareholders rights to receive Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion. 3. If the Corporation makes a gratis allotment to its shareholders of shares or stock acquisition rights, the Corporation shall make the gratis allotment to Common Shareholders of Common Shares or stock acquisition rights for Common Shares, and shall make the gratis allotment to Model AA Class Shareholders of Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion.
Article 17. (Shareholders conversion right into Common Shares) Model AA Class Shareholders may, at certain times specified therefor in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares held by such Model AA Class Shareholders in exchange for Common Shares, in numbers determined by formula specified in such resolutions. Any fractions of less than one share among Common Shares to be delivered in exchange for such Model AA Class Shares shall be disregarded, in which case payment of money, as provided in Article 167, Paragraph 3 of the Companies Act, shall not be made.
Article 18. (Shareholders cash put option) Model AA Class Shareholders may, at certain times specified as put option periods in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price. If the demand for acquisition exceeds the amount available for distribution as of the date of demand for such acquisition, as specified in Article 461, Paragraph 2 of the Companies Act, Model AA Class Shares to be acquired by the Corporation shall be determined by resolution of its board of directors, and the cash put option in respect of Model AA Class Shares not so acquired shall be deemed not to have been exercised.
Article 19. (Corporations cash call option) After the lapse of the period specified in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares following the issue of the relevant Model AA Class Shares, at an acquisition date separately determined by resolution of the board of directors of the Corporation, the Corporation may acquire all of the relevant Series of Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price. | ||
Article 20. (Priority) Each Model AA Class Share shall rank pari passu with every other Model AA Class Share in respect of the AA Dividends, the AA Interim Dividends, the distributions from surplus provided for in the exceptions to Article 12, Paragraph 3, and the distribution of residual assets.
Article 21. (Restrictions on transfer) 1. Acquisition of Model AA Class Shares by means of transfer will require the approval of the board of directors of the Corporation. 2. In the event that a tender offer as provided in Article 27-2, Paragraph 6 of the Financial Instruments and Exchange Act is commenced for Model AA Class Shares and any Model AA Class Shareholder tenders its Model AA Class Shares, upon the delivery of Model AA Class Shares or other transfer upon settlement, the Board of Directors shall be deemed to have given approval as set forth in the preceding paragraph.
Article 22. (Prescription Period) The provisions of Article 46, Paragraph 4 and Article 47 of these Articles shall apply mutatis mutandis to the payment of AA Dividends and AA Interim Dividends.
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Current Articles of Incorporation | Proposed Amendments | |
CHAPTER IV. GENERAL MEETINGS OF |
CHAPTER III. GENERAL MEETINGS OF | |
SHAREHOLDERS |
SHAREHOLDERS | |
Article 23 and Article 27 (Omitted) |
Article 11 and Article 15 (The same as the current provisions) |
<Delete> | ||
Articles 28. (Resolutions at class meetings) | ||
1. The provisions of Articles 25, 26 and 27 of these Articles shall apply mutatis mutandis to class meetings. 2. The provisions of Article 24, Paragraph 1 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 1 of the Companies Act. 3. The provisions of Article 24, Paragraph 2 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 2 of the Companies Act. 4. No resolution of a class meeting of Model AA Class Shareholders shall be required in respect of any act prescribed in any item of Article 322, Paragraph 1 of the Companies Act, unless otherwise specifically provided by law or regulation. 5. No resolution of a class meeting of Model AA Class Shareholders shall be required under the provisions of Article 199, Paragraph 4 or Article 238, Paragraph 4 of the Companies Act.
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Current Articles of Incorporation | Proposed Amendments | |
CHAPTER V. MEMBERS OF THE BOARD OF |
CHAPTER IV. MEMBERS OF THE BOARD OF | |
DIRECTORS AND BOARD OF DIRECTORS |
DIRECTORS AND BOARD OF DIRECTORS | |
Article 29 and Article 36 (Omitted) |
Article 16 and Article 23 (The same as the current provisions) | |
CHAPTER VI. AUDIT & SUPERVISORY BOARD |
CHAPTER V. AUDIT & SUPERVISORY BOARD | |
MEMBERS AND AUDIT & SUPERVISORY BOARD |
MEMBERS AND AUDIT & SUPERVISORY BOARD | |
Article 37 and Article 43 (Omitted) |
Article 24 and Article 30 (The same as the current provisions) | |
CHAPTER VII. ACCOUNTING AUDITOR |
CHAPTER VI. ACCOUNTING AUDITOR | |
Article 44 (Omitted) |
Article 31 (The same as the current provisions) | |
CHAPTER VIII. ACCOUNTS |
CHAPTER VII. ACCOUNTS | |
Article 45 and Article 47 (Omitted) |
Article 32 and Article 34 (The same as the current provisions) |
[Reference Translation]
May 12, 2021
To Whom It May Concern
Company Name: Toyota Motor Corporation | ||
Name and Title of Representative: | ||
Akio Toyoda, President | ||
(Code Number: 7203 First Section of Tokyo Stock | ||
Exchange and Nagoya Stock Exchange) | ||
Name and Title of Contact Person: | ||
Kaname Shimizu, | ||
General Manager, Accounting Division | ||
(Telephone Number: 0565-28-2121) |
Notice concerning Common Stock Split
and Partial Amendment to the Articles of Incorporation due to the Stock Split
Toyota Motor Corporation (TMC) hereby announces that, at a meeting of its board of directors held today, TMC authorized a stock split of shares of its common stock and partial amendment to the Articles of Incorporation due to the stock split.
1. Purpose of the Stock Split
The purpose is to reduce the minimum investment price through the stock split, thereby creating an environment where it is easier to invest in TMCs shares and expanding TMCs investor base.
2. Outline of the Stock Split
(1) Stock Split Method
The record date for the stock split will be Thursday, September 30, 2021. Each share of TMCs common stock held by shareholders as of the record date will be split into five shares.
(2) Increase in Number of Shares as a Result of the Stock Split
①
|
Number of shares outstanding prior to the stock split
|
3,262,997,492 shares
| ||
②
|
Increase in total number of issued shares as a result of this stock split
|
13,051,989,968 shares
| ||
③
|
Number of issued shares after the stock split
|
16,314,987,460 shares
| ||
④
|
Total number of authorized shares after the stock split
|
50,000,000,000 shares
| ||
3. Stock Split Schedule
| ||||
(1) |
Date of public notice of the record date | September 14, 2021(Scheduled) | ||
(2) |
Record date | September 30, 2021(Scheduled) | ||
(3) |
Effective date | October 1, 2021(Scheduled) |
4. Partial Amendment to Articles of Incorporation
(1) Reason for Amendment
Due to the stock split described above, TMC will partially amend its Articles of Incorporation, effective as of October 1, 2021, pursuant to Article 184, Paragraph 2 of the Companies Act.
(2) Details of Amendment to Articles of Incorporation
The details of the amendment are as follows:
(Underlined part indicates amendment) | ||
Articles of Incorporation before Stock Split |
Proposed Amendment | |
Article 5. (Total Number of Authorized Shares) |
Article 5. (Total Number of Authorized Shares) | |
The total number of shares which the Corporation is authorized to issue shall be ten billion (10,000,000,000). |
The total number of shares which the Corporation is authorized to issue shall be fifty billion (50,000,000,000). | |
(Note) |
The matters described above is subject to the approval of the Matter of Partial Amendments to Articles of Incorporation at our 117th Ordinary General Meeting of Shareholders scheduled to be held on June 16, 2021, as described in Partial Amendments to the Articles of Incorporation separately announced today.
|
End
[Reference Translation]
May 12, 2021
To Whom It May Concern
Company Name: Toyota Motor Corporation | ||
Name and Title of Representative: | ||
Akio Toyoda, President | ||
(Code Number: 7203 First Section of Tokyo Stock | ||
Exchange and Nagoya Stock Exchange) | ||
Name and Title of Contact Person: | ||
Kaname Shimizu, | ||
General Manager, Accounting Division | ||
(Telephone Number: 0565-28-2121) |
Notice Concerning Toyotas filing of Shelf Registration Statement
regarding the Restricted Stock Compensation Plan
Toyota Motor Corporation (Toyota) has resolved at the Meeting of the Board of Directors held on May 8, 2019 to newly introduce a restricted stock compensation plan for the members of the Board of Directors of Toyota (excluding outside members of the Board of Directors) and the Operating Officers of Toyota who dont serve as a Board of Directors. In addition, at the 115th Ordinary General Meeting of Shareholders held June 13, 2019, share compensation was approved by the shareholders to set a maximum amount of 4.0 billion yen per year for the Board of Directors of Toyota (excluding outside members of the Board of Directors).
Toyota hereby announces that Toyota filed a Shelf Registration Statement regarding the Restricted Stock Compensation Plan as of today.
Main Content of Shelf Registration Statement
(1) | Purpose of Shelf Registration | To grant shares of Toyotas common stock as stock compensation to members of the Board of Directors of Toyota (excluding outside members of the Board of Directors) and the Operating Officers of Toyota who dont serve as a Board of Directors. | ||
(2) | Class of Securities to be Offered | Shares of Toyotas common stock | ||
(3) | Scheduled Issue Period | From the planned effevtive date of the shelf registration until one (1) year after that date. (From May 20, 2021 to May 19, 2022) | ||
(4) | Scheduled Issue Amount | Up to 4,000,000,000 yen | ||
(5) | Use of Proceeds | The issuance is made by making an in-kind contribution to Toyota of the monetary compensation receivables to be granted to the grantee of the shares of Toyotas common stock. There is no monetary payment. |
End
Note: This presss release has been prepared for the purpose of announcing to the public certain matters relating to the filing of a shelf registration statement regarding issuance of new shares as the restricted stock compensation plan, and not for the purpose of soliciting investment or engaging in any other similar activities within or outside Japan. This press release does not constitute an offer or sale of securities in the United States. The securities referred to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter Securities Act). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above will not be publicly offered or sold in the United States.