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EX-99.1 2 d735266dex991.htm FY2024 FINANCIAL SUMMARY FY2024 FINANCIAL SUMMARY

FINANCIAL SUMMARY

FY2024

(April 1, 2023 through March 31, 2024)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2024 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 8, 2024


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	:	Koji Sato, President
Contact person	:	Hideaki Hayashi, General Manager, Accounting Division Tel. (0565)28-2121
Date of the ordinary general shareholders’ meeting	:	June 18, 2024
Payment date of cash dividends	:	May 24, 2024
Filing date of financial statements	:	June 25, 2024
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 FY2024 (April 1,2023 through March 31, 2024)

(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		%
FY2024		45,095,325		21.4		5,352,934		96.4		6,965,085		89.8		5,071,421		103.4		4,944,933		101.7		7,188,523		116.5
FY2023		37,154,298		18.4		2,725,025		-9.0		3,668,733		-8.1		2,492,967		-13.3		2,451,318		-14.0		3,320,681		-17.3


	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		%		%		%
FY2024		365.94		365.94		15.8		8.5		11.9
FY2023		179.47		179.47		9.0		5.2		7.3

(Reference) Share of profit (loss) of investments accounted for using the equity method

FY2024 763,137 million yen, FY2023 643,063 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
FY2024		90,114,296		35,239,338		34,220,991		38.0		2,539.75
FY2023		74,303,180		29,264,213		28,338,706		38.1		2,089.08

(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
FY2024		4,206,373		(4,998,751	)		2,497,558			9,412,060
FY2023		2,955,076		(1,598,890	)		(56,180	)		7,516,966

2.	Cash Dividends


	Annual cash dividends per common share										Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)		Ratio of total amount of dividends to Toyota Motor Corporation shareholders’ equity (consolidated)
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total		Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)
	Yen		Yen		Yen		Yen		Yen		Million yen		%		%
FY2023		—		25.00		—		35.00		60.00		816,968		33.4		3.0
FY2024		—		30.00		—		45.00		75.00		1,011,753		20.4		3.2
FY2025 (forecast)		—		—		—		—		—				—

3.	Forecast of Consolidated Results for FY2025 (April 1, 2024 through March 31, 2025)


	(% of change from FY2024)
	Sales revenues			Operating income			Income before income taxes			Net income attributable to Toyota Motor Corporation			Earnings per share attributable to Toyota Motor Corporation – Basic
	Million yen	%		Million yen	%		Million yen	%		Million yen	%		Yen
Full-year	46,000,000		2.0	4,300,000		-19.7	5,070,000		-27.2	3,570,000		-27.8	264.95

Notes

(1)	Changes in significant subsidiaries during FY2024

(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) :

FY2024 16,314,987,460 shares, FY2023 16,314,987,460 shares

(ii)

Number of treasury stock at the end of each fiscal year:

FY2024 2,840,815,433 shares, FY2023 2,749,807,731 shares

(iii)

Average number of shares issued and outstanding in each fiscal year:

FY2024 13,512,848,373 shares, FY2023 13,658,381,747 shares

(Reference) Overview of the Unconsolidated Financial Results

FY2024 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 FY2024 (April 1, 2023 through March 31, 2024)

(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	%
FY2024	17,575,593	24.9	3,094,495	85.2	5,578,695	58.4	4,399,855	49.8
FY2023	14,076,956	11.7	1,670,484	47.9	3,520,848	62.1	2,936,379	73.3

(2)	Unconsolidated financial position


	Total assets		Net assets		Equity ratio		Net assets per common share
		Million yen		Million yen		%		Yen
FY2024		28,161,955		20,440,081		72.6		1,516.98
FY2023		23,230,320		16,493,041		71.0		1,215.84

(Reference) Equity at the end of FY2024: 20,440,081 million yen, Equity at the end of FY2023: 16,493,041 million yen

These consolidated financial results are not subject to certified public accountant’s or audit firm’s audit.

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

This report contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. With regard to Toyota’s decisions and assumptions for the forecast, please refer to “ Financial Results and Position 3. Forecast of Consolidated Financial Results for FY2025” 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 Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (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; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

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

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

TABLE OF CONTENTS


Financial Results and Position			2
1. Consolidated Financial Results for FY2024			2
2. Consolidated Financial Position for FY2024			4
3. Forecast of Consolidated Financial Results for FY2025			5

Basic Concept Regarding the Selection of Accounting Standards			6

Unaudited Consolidated Financial Statements			7
1. Unaudited Consolidated Statement of Financial Position			7
2. Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income			9
3. Unaudited Consolidated Statement of Changes in Equity			11
4. Unaudited Consolidated Statement of Cash Flows			12
5. Going Concern Assumption			13
6. Segment Information			14
7. Earnings Per Share			21
8. Significant Subsequent Events			22

Supplemental Material for Financial Results for FY2024

—1—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Financial Results and Position

1. Consolidated Financial Results for FY2024

Financial Results

The Group has continued to work on “product-centered and region-centered management” for many years. In order to bring smiles to our customers’ faces, we have worked to “make ever-better cars” by adding more value to our products while honing the essential attributes of vehicles themselves, which are the origin of their appeal, and strived to be the “best-in-town company” that is supported by the communities in which we operate. Through these efforts, we have created a basis for sustainable growth which leverages our full lineup of products and global business foundation. As a result, we have achieved a cumulative global production volume of 300 million units in September 2023 thanks to the many customers who have chosen our vehicles.

Under these conditions, consolidated vehicle unit sales in Japan and overseas increased by 621 thousand units, or 7.0%, to 9,443 thousand units in FY2024 compared with FY2023. Vehicle unit sales in Japan decreased by 76 thousand units, or 3.7%, to 1,993 thousand units in FY2024 compared with FY2023. Meanwhile, overseas vehicle unit sales increased by 697 thousand units, or 10.3%, to 7,450 thousand units in FY2024 compared with FY2023.

The results of operations for FY2024 were as follows:


Sales revenues	45,095.3 billion yen	(an increase of 7,941.0 billion yen or 21.4% compared with FY2023)
Operating income	5,352.9 billion yen	(an increase of 2,627.9 billion yen or 96.4% compared with FY2023)
Income before income taxes	6,965.0 billion yen	(an increase of 3,296.3 billion yen or 89.8% compared with FY2023)
Net income attributable to Toyota Motor Corporation	4,944.9 billion yen	(an increase of 2,493.6 billion yen or 101.7% compared with FY2023)

The changes in operating income were as follows:


Marketing efforts		an increase of 2,000.0 billion yen
Effects of changes in exchange rates		an increase of 685.0 billion yen
Cost reduction efforts		an increase of 120.0 billion yen
Increase or decrease in expenses and expense reduction efforts		a decrease of 380.0 billion yen
Other		an increase of 202.9 billion yen

—2—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 7,446.2 billion yen, or 22.0%, to 41,266.2 billion yen in FY2024 compared with FY2023, and operating income increased by 2,440.8 billion yen, or 111.9%, to 4,621.4 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts.

(2) Financial services:

Sales revenues for the financial services operations increased by 674.5 billion yen, or 24.0%, to 3,484.1 billion yen in FY2024 compared with FY2023, and operating income increased by 132.5 billion yen, or 30.3%, to 570.0 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries in the United States.

(3) All other:

Sales revenues for all other businesses increased by 143.2 billion yen, or 11.7%, to 1,368.1 billion yen in FY2024 compared with FY2023, and operating income increased by 71.7 billion yen, or 69.4%, to 175.2 billion yen in FY2024 compared with FY2023.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 3,437.5 billion yen, or 19.6%, to 21,020.7 billion yen in FY2024 compared with FY2023, and operating income increased by 1,582.8 billion yen, or 83.2%, to 3,484.2 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and the effects of changes in exchange rates.

(2) North America:

Sales revenues in North America increased by 4,099.1 billion yen, or 29.6%, to 17,943.0 billion yen in FY2024 compared with FY2023, and operating income increased by 581.0 billion yen, to 506.3 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

(3) Europe:

Sales revenues in Europe increased by 1,408.0 billion yen, or 32.9%, to 5,681.7 billion yen in FY2024 compared with FY2023, and operating income increased by 330.6 billion yen, or 575.4%, to 388.0 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and the effect of recording a 99.5 billion yen loss in FY2023, 89.8 billion yen of which was related to the termination of vehicle production in Russia.

(4) Asia:

Sales revenues in Asia increased by 685.8 billion yen, or 8.5%, to 8,730.7 billion yen in FY2024 compared with FY2023, and operating income increased by 151.1 billion yen, or 21.2%, to 865.5 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

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

Sales revenues in other regions increased by 917.5 billion yen, or 26.4%, to 4,389.7 billion yen in FY2024 compared with FY2023. However, operating income decreased by 33.0 billion yen, or 14.3%, to 198.3 billion yen in FY2024 compared with FY2023. The decrease in operating income was mainly due to the unfavorable impact of inflation and weak peso in Argentina.

—3—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

2. Consolidated Financial Position for FY2024

Cash and cash equivalents increased by 1,895.0 billion yen, or 25.2%, to 9,412.0 billion yen at the end of FY2024 compared with the end of FY2023.

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 4,206.3 billion yen in FY2024. Net cash provided by operating activities increased by 1,251.2 billion yen from 2,955.0 billion yen in FY2023.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 4,998.7 billion yen in FY2024. Net cash used in investing activities decreased by 3,399.8 billion yen from 1,598.8 billion yen in FY2023.

Cash flows from financing activities

Net cash flows from financing activities resulted in an increase in cash by 2,497.5 billion yen in FY2024. Net cash provided by financing activities increased by 2,553.7 billion yen from 56.1 billion yen net cash used in FY2023.

The consolidated cash flows by segment for FY2024 are as follows:

Non-financial services

Net cash provided by operating activities was 6,970.0 billion yen, net cash used in investing activities was 4,354.0 billion yen and net cash used in financing activities was 1,238.7 billion yen.

Financial services

Net cash used in operating activities was 2,782.3 billion yen, net cash used in investing activities was 623.7 billion yen and net cash provided by financing activities was 3,734.0 billion yen.

—4—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

3. Forecast of Consolidated Financial Results for FY2025

Toyota is taking on the challenge of transforming into a mobility company with the mission of “producing happiness for all.” We are now accelerating practical efforts to give concrete form to our vision, based on a solid management foundation in products, operations, and finances that have been established over the years.

Through the transformation into a mobility company and continuing to work on the evolution of the automobile, our goal is to contribute to creating a mobility society filled with smiling faces. We would also like to work together with many like-minded partners to achieve a new industrial structure. We believe that the key to these aims is to increase the mobility of energy and data, thereby increasing the value of mobility. Looking ahead to a future supported by electricity and hydrogen, we would like to support the creation of a society based on renewable energy in which cars serve as a medium for transporting energy, and also use mobility’s value created through data to further enrich our customers’ lives.

Under these circumstances, the current forecast of consolidated financial results for the fiscal year ending March 31, 2025 is set forth below. This forecast assumes average exchange rates through the fiscal year of 145 yen per US$1 and 160 yen per 1 euro.

Forecast of consolidated results for FY2025


Sales revenues	46,000.0 billion yen	(an increase of 2.0% compared with FY2024)
Operating income	4,300.0 billion yen	(a decrease of 19.7% compared with FY2024)
Income before income taxes	5,070.0 billion yen	(a decrease of 27.2% compared with FY2024)
Net income attributable to Toyota Motor Corporation	3,570.0 billion yen	(a decrease of 27.8% compared with FY2024)

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

—5—

TOYOTA MOTOR CORPORATION FY2024 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 FY2024 Financial Summary

Unaudited Consolidated Financial Statements

1. Unaudited Consolidated Statement of Financial Position


	Yen in millions
	March 31, 2023			March 31, 2024
Assets
Current assets
Cash and cash equivalents		7,516,966			9,412,060
Trade accounts and other receivables		3,586,130			3,789,429
Receivables related to financial services		8,279,806			11,057,269
Other financial assets		1,715,675			4,702,168
Inventories		4,255,614			4,605,368
Income tax receivable		218,704			116,886
Other current assets		886,885			1,031,098

Total current assets		26,459,781			34,714,279

Non-current assets
Investments accounted for using the equity method		5,227,345			5,710,106
Receivables related to financial services		16,491,045			20,637,090
Other financial assets		10,556,431			11,390,559
Property, plant and equipment
Land		1,426,370			1,441,811
Buildings		5,464,811			5,884,749
Machinery and equipment		14,796,619			16,469,032
Vehicles and equipment on operating leases		6,774,427			7,523,911
Construction in progress		846,866			1,040,188

Total property, plant and equipment, at cost		29,309,093			32,359,692

Less - Accumulated depreciation and impairment losses		(16,675,119	)		(18,101,905	)

Total property, plant and equipment, net		12,633,974			14,257,788

Right of use assets		491,368			532,835
Intangible assets		1,249,122			1,355,326
Deferred tax assets		387,427			502,230
Other non-current assets		806,687			1,014,083

Total non-current assets		47,843,399			55,400,017

Total assets		74,303,180			90,114,296

—7—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary


	Yen in millions
	March 31, 2023			March 31, 2024
Liabilities
Current liabilities
Trade accounts and other payables		4,986,309			5,251,357
Short-term and current portion of long-term debt		12,305,639			15,406,284
Accrued expenses		1,552,345			1,863,760
Other financial liabilities		1,392,397			1,700,137
Income taxes payable		404,606			1,224,542
Liabilities for quality assurance		1,686,357			1,836,314
Other current liabilities		1,632,063			1,895,516

Total current liabilities		23,959,715			29,177,909

Non-current liabilities
Long-term debt		17,074,634			21,155,496
Other financial liabilities		533,710			495,814
Retirement benefit liabilities		1,065,508			1,077,962
Deferred tax liabilities		1,802,346			2,219,638
Other non-current liabilities		603,052			748,139

Total non-current liabilities		21,079,251			25,697,049

Total liabilities		45,038,967			54,874,958

Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		498,728			491,802
Retained earnings		28,343,296			32,795,365
Other components of equity		2,836,195			4,503,756
Treasury stock		(3,736,562	)		(3,966,982	)

Total Toyota Motor Corporation shareholders’ equity		28,338,706			34,220,991

Non-controlling interests		925,507			1,018,347

Total shareholders’ equity		29,264,213			35,239,338

Total liabilities and shareholders’ equity		74,303,180			90,114,296

—8—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

2. Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income

Unaudited Consolidated Statement of Income


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
Sales revenues
Sales of products		34,367,619			41,648,130
Financial services		2,786,679			3,447,195

Total sales revenues		37,154,298			45,095,325

Costs and expenses
Cost of products sold		29,128,561			33,600,612
Cost of financial services		1,712,721			2,126,395
Selling, general and administrative		3,587,990			4,015,383

Total costs and expenses		34,429,273			39,742,390

Operating income		2,725,025			5,352,934

Share of profit (loss) of investments accounted for using the equity method		643,063			763,137
Other finance income		379,350			747,236
Other finance costs		(125,113	)		(103,709	)
Foreign exchange gain (loss), net		124,516			187,568
Other income (loss), net		(78,109	)		17,918

Income before income taxes		3,668,733			6,965,085

Income tax expense		1,175,765			1,893,665

Net income		2,492,967			5,071,421

Net income attributable to
Toyota Motor Corporation		2,451,318			4,944,933
Non-controlling interests		41,650			126,488

Net income		2,492,967			5,071,421


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		179.47			365.94

—9—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Unaudited Consolidated Statement of Comprehensive Income


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
Net income		2,492,967			5,071,421
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		99,223			557,539
Remeasurements of defined benefit plans		65,153			46,328
Share of other comprehensive income of equity method investees		(77,148	)		156,118

Total of items that will not be reclassified to profit (loss)		87,228			759,984

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		676,042			1,178,875
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(115,738	)		12,247
Share of other comprehensive income of equity method investees		180,181			165,996

Total of items that may be reclassified subsequently to profit (loss)		740,485			1,357,118

Total other comprehensive income, net of tax		827,713			2,117,103

Comprehensive income		3,320,681			7,188,523

Comprehensive income for the period attributable to
Toyota Motor Corporation		3,251,090			6,999,828
Non-controlling interests		69,591			188,696

Comprehensive income		3,320,681			7,188,523

—10—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

3. Unaudited Consolidated Statement of Changes in Equity

For the year ended March 31, 2023


	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, 2022		397,050		498,575			26,453,126			2,203,254			(3,306,037	)		26,245,969			908,851			27,154,820

Comprehensive income
Net income		—		—			2,451,318			—			—			2,451,318			41,650			2,492,967
Other comprehensive income, net of tax		—		—			—			799,772			—			799,772			27,941			827,713

Total comprehensive income		—		—			2,451,318			799,772			—			3,251,090			69,591			3,320,681

Transactions with owners and other
Dividends paid		—		—			(727,980	)		—			—			(727,980	)		(84,986	)		(812,966	)
Repurchase of treasury stock		—		—			—			—			(431,099	)		(431,099	)		—			(431,099	)
Reissuance of treasury stock		—		334			—			—			573			907			—			907
Equity transactions and other		—		(181	)		—			—			—			(181	)		32,052			31,871

Total transactions with owners and other		—		152			(727,980	)		—			(430,526	)		(1,158,353	)		(52,934	)		(1,211,287	)

Reclassification to retained earnings		—		—			166,831			(166,831	)		—			—			—			—

Balances at March 31, 2023		397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213

For the year ended March 31, 2024
	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, 2023		397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213

Comprehensive income
Net income		—		—			4,944,933			—			—			4,944,933			126,488			5,071,421
Other comprehensive income, net of tax		—		—			—			2,054,895			—			2,054,895			62,208			2,117,103

Total comprehensive income		—		—			4,944,933			2,054,895			—			6,999,828			188,696			7,188,523

Transactions with owners and other
Dividends paid		—		—			(880,197	)		—			—			(880,197	)		(90,309	)		(970,506	)
Repurchase of treasury stock		—		—			—			—			(231,069	)		(231,069	)		—			(231,069	)
Reissuance of treasury stock		—		263			—			—			649			911			—			911
Equity transactions and other		—		(7,188	)		—			—			—			(7,188	)		(5,546	)		(12,735	)

Total transactions with owners and other		—		(6,926	)		(880,197	)		—			(230,420	)		(1,117,543	)		(95,856	)		(1,213,398	)

Reclassification to retained earnings		—		—			387,334			(387,334	)		—			—			—			—

Balances at March 31, 2024		397,050		491,802			32,795,365			4,503,756			(3,966,982	)		34,220,991			1,018,347			35,239,338

—11—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

4. Unaudited Consolidated Statement of Cash Flows


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
Cash flows from operating activities
Net income		2,492,967			5,071,421
Depreciation and amortization		2,039,904			2,087,066
Interest income and interest costs related to financial services, net		(694,331	)		(713,506	)
Share of profit (loss) of investments accounted for using the equity method		(643,063	)		(763,137	)
Income tax expense		1,175,765			1,893,665
Changes in operating assets and liabilities, and other		(1,502,482	)		(3,975,836	)
(Increase) decrease in trade accounts and other receivables		(532,432	)		(859,239	)
(Increase) decrease in receivables related to financial services		(1,760,288	)		(3,398,434	)
(Increase) decrease in inventories		(350,550	)		(207,529	)
(Increase) decrease in other current assets		(61,538	)		(326,365	)
Increase (decrease) in trade accounts and other payables		712,400			560,737
Increase (decrease) in other current liabilities		545,666			666,513
Increase (decrease) in retirement benefit liabilities		21,213			(161	)
Other, net		(76,953	)		(411,358	)
Interest received		1,516,404			2,292,156
Dividends received		460,351			587,259
Interest paid		(593,216	)		(1,148,392	)
Income taxes paid, net of refunds		(1,297,224	)		(1,124,322	)

Net cash provided by (used in) operating activities		2,955,076			4,206,373

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,450,196	)		(1,846,447	)
Additions to equipment leased to others		(1,907,356	)		(2,867,660	)
Proceeds from sales of fixed assets excluding equipment leased to others		56,436			154,985
Proceeds from sales of equipment leased to others		1,659,161			2,008,634
Additions to intangible assets		(348,280	)		(334,287	)
Additions to public and corporate bonds and stocks		(1,150,214	)		(2,972,779	)
Proceeds from sales of public and corporate bonds and stocks		393,982			1,201,405
Proceeds upon maturity of public and corporate bonds		939,747			1,049,963
Other, net		207,829			(1,392,565	)

Net cash provided by (used in) investing activities		(1,598,890	)		(4,998,751	)

Cash flows from financing activities
Increase (decrease) in short-term debt		239,689			401,740
Proceeds from long-term debt		9,276,918			12,057,349
Payments of long-term debt		(8,353,033	)		(8,752,329	)
Dividends paid to Toyota Motor Corporation common shareholders		(727,980	)		(880,197	)
Dividends paid to non-controlling interests		(84,986	)		(90,309	)
Reissuance (repurchase) of treasury stock		(431,099	)		(231,069	)
Other, net		24,310			(7,627	)

Net cash provided by (used in) financing activities		(56,180	)		2,497,558

Effect of exchange rate changes on cash and cash equivalents		103,305			189,914

Net increase (decrease) in cash and cash equivalents		1,403,311			1,895,094

Cash and cash equivalents at beginning of year		6,113,655			7,516,966

Cash and cash equivalents at end of year		7,516,966			9,412,060

—12—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

5. Going Concern Assumption

None

—13—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

6. Segment Information

(1) Segment Information

As of and for the year ended March 31, 2023


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		33,776,870		2,786,679		590,749		—			37,154,298
Inter-segment revenues and transfers		43,131		22,968		634,194		(700,293	)		—

Total		33,820,000		2,809,647		1,224,943		(700,293	)		37,154,298
Operating expenses		31,639,363		2,372,131		1,121,492		(703,713	)		34,429,273

Operating income		2,180,637		437,516		103,451		3,420			2,725,025

Total assets		26,321,858		35,525,441		2,946,994		9,508,887			74,303,180
Investments accounted for using the equity method		4,717,231		92,903		272,752		144,460			5,227,345
Depreciation and amortization		1,205,687		799,156		35,062		—			2,039,904
Capital expenditures		1,688,114		1,786,373		38,748		(17,015	)		3,496,219

As of and for the year ended March 31, 2024


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		41,080,731		3,447,195		567,399		—			45,095,325
Inter-segment revenues and transfers		185,473		37,003		800,766		(1,023,242	)		—

Total		41,266,204		3,484,198		1,368,164		(1,023,242	)		45,095,325
Operating expenses		36,644,729		2,914,175		1,192,923		(1,009,437	)		39,742,390

Operating income		4,621,475		570,023		175,241		(13,805	)		5,352,934

Total assets		29,351,344		43,834,183		3,011,363		13,917,406			90,114,296
Investments accounted for using the equity method		5,114,364		110,308		282,888		202,546			5,710,106
Depreciation and amortization		1,268,479		784,013		34,574		—			2,087,066
Capital expenditures		2,011,361		2,763,931		103,242		(30,492	)		4,848,042


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, 2023 and March 31, 2024 are 11,101,175 million yen and 15,790,074 million yen, respectively.

—14—

TOYOTA MOTOR CORPORATION FY2024 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
	March 31, 2023			March 31, 2024
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents		5,548,398			6,892,817
Trade accounts and other receivable		3,594,057			3,768,520
Other financial assets		849,779			3,864,242
Inventories		4,255,614			4,605,368
Other current assets		749,078			805,940

Total current assets		14,996,926			19,936,887

Non-current assets
Property, plant and equipment		7,729,000			8,680,731
Other		17,337,727			19,123,829

Total non-current assets		25,066,727			27,804,560

Total assets		40,063,653			47,741,447

(Financial Services Business)
Current assets
Cash and cash equivalents		1,968,568			2,519,244
Trade accounts and other receivable		286,960			382,007
Receivables related to financial services		8,279,806			11,057,269
Other financial assets		1,680,242			1,575,059
Other current assets		362,660			352,918

Total current assets		12,578,237			15,886,497

Non-current assets
Receivables related to financial services		16,491,045			20,637,090
Property, plant and equipment		4,904,975			5,577,058
Other		1,551,183			1,733,539

Total non-current assets		22,947,204			27,947,687

Total assets		35,525,441			43,834,183

(Elimination)
Elimination of assets		(1,285,914	)		(1,461,335	)
(Consolidated)

Total assets		74,303,180			90,114,296

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

—15—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary


	Yen in millions
	March 31, 2023			March 31, 2024
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables		4,689,034			4,890,913
Short-term and current portion of long-term debt		1,170,114			929,662
Accrued expenses		1,446,697			1,750,221
Income taxes payable		361,000			1,185,678
Other current liabilities		3,266,095			3,583,929

Total current liabilities		10,932,939			12,340,403

Non-current liabilities
Long-term debt		1,553,622			1,938,535
Retirement benefit liabilities		1,047,430			1,058,742
Other non-current liabilities		1,867,028			2,545,491

Total non-current liabilities		4,468,080			5,542,768

Total liabilities		15,401,019			17,883,171

(Financial Services Business)
Current liabilities
Trade accounts and other payables		547,511			651,381
Short-term and current portion of long-term debt		11,583,602			14,890,892
Accrued expenses		128,994			148,767
Income taxes payable		43,607			38,864
Other current liabilities		1,841,562			2,219,104

Total current liabilities		14,145,275			17,949,008

Non-current liabilities
Long-term debt		15,627,943			19,356,672
Retirement benefit liabilities		18,078			19,220
Other non-current liabilities		1,135,862			1,131,501

Total non-current liabilities		16,781,883			20,507,393

Total liabilities		30,927,158			38,456,401

(Elimination)
Elimination of liabilities		(1,289,211	)		(1,464,614	)
(Consolidated)

Total liabilities		45,038,967			54,874,958

Shareholders’ equity

(Consolidated) Total Toyota Motor Corporation shareholders’ equity		28,338,706			34,220,991

(Consolidated) Non-controlling interests		925,507			1,018,347

(Consolidated) Total shareholders’ equity		29,264,213			35,239,338

(Consolidated) Total liabilities and shareholders’ equity		74,303,180			90,114,296

—16—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Consolidated Statement of Income on Non-Financial Services Businesses and Financial Services Business


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
(Non-Financial Services Businesses)
Sales revenues		34,409,011			41,832,663
Cost of revenues		29,132,715			33,763,076
Selling, general and administrative		2,990,316			3,278,135

Operating income		2,285,980			4,791,453

Other income (loss), net		943,777			1,608,345

Income before income taxes		3,229,757			6,399,798

Income tax expense		1,040,864			1,741,885

Net income		2,188,893			4,657,913

Net income attributable to
Toyota Motor Corporation		2,152,509			4,540,311
Non-controlling interests		36,384			117,602

(Financial Services Business)
Sales revenues		2,809,647			3,484,198
Cost of revenues		1,741,117			2,145,694
Selling, general and administrative		631,014			768,481

Operating income		437,516			570,023

Other income (loss), net		(5,013	)		1,762

Income before income taxes		432,503			571,786

Income tax expense		134,903			151,785

Net income		297,600			420,000

Net income attributable to
Toyota Motor Corporation		292,334			411,114
Non-controlling interests		5,266			8,886

(Elimination)
Elimination of net income		6,475			(6,492	)
(Consolidated)

Net income		2,492,967			5,071,421

Net income attributable to
Toyota Motor Corporation		2,451,318			4,944,933
Non-controlling interests		41,650			126,488

—17—

TOYOTA MOTOR CORPORATION FY2024 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, 2023			For the year ended March 31, 2024
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income		2,188,893			4,657,913
Depreciation and amortization		1,240,749			1,303,053
Share of profit (loss) of investments accounted for using the equity method		(633,324	)		(752,779	)
Income tax expense		1,040,864			1,741,885
Changes in operating assets and liabilities, and other		463,871			120,731
Interest received		234,945			454,713
Dividends received		454,752			582,022
Interest paid		(28,206	)		(104,008	)
Income taxes paid, net of refunds		(1,280,341	)		(1,033,448	)

Net cash provided by (used in) operating activities		3,682,203			6,970,082

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,439,724	)		(1,815,239	)
Additions to equipment leased to others		(147,792	)		(153,324	)
Proceeds from sales of fixed assets excluding equipment leased to others		54,572			152,830
Proceeds from sales of equipment leased to others		44,195			47,557
Additions to intangible assets		(333,295	)		(317,606	)
Additions to public and corporate bonds and stocks		(503,977	)		(2,639,166	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		892,814			1,757,282
Other, net		236,351			(1,386,377	)

Net cash provided by (used in) investing activities		(1,196,856	)		(4,354,045	)

Cash flows from financing activities
Increase (decrease) in short-term debt		142,688			66,953
Proceeds from long-term debt		474,535			533,333
Payments of long-term debt		(637,982	)		(634,215	)
Dividends paid to Toyota Motor Corporation common shareholders		(727,980	)		(880,197	)
Dividends paid to non-controlling interests		(79,782	)		(85,991	)
Reissuance (repurchase) of treasury stock		(431,099	)		(231,069	)
Other, net		21,458			(7,570	)

Net cash provided by (used in) financing activities		(1,238,161	)		(1,238,756	)

Effect of exchange rate changes on cash and cash equivalents		1,690			(32,862	)

Net increase (decrease) in cash and cash equivalents		1,248,876			1,344,419

Cash and cash equivalents at beginning of year		4,299,522			5,548,398

Cash and cash equivalents at end of year		5,548,398			6,892,817

—18—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
(Financial Services Business)
Cash flows from operating activities
Net income		297,600			420,000
Depreciation and amortization		799,156			784,013
Interest income and interest costs related to financial services, net		(703,971	)		(734,880	)
Share of profit (loss) of investments accounted for using the equity method		(9,739	)		(10,357	)
Income tax expense		134,903			151,785
Changes in operating assets and liabilities, and other		(1,958,779	)		(4,100,301	)
Interest received		1,291,100			1,858,816
Dividends received		5,599			5,236
Interest paid		(574,650	)		(1,065,757	)
Income taxes paid, net of refunds		(16,883	)		(90,874	)

Net cash provided by (used in) operating activities		(735,664	)		(2,782,318	)

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(10,472	)		(31,208	)
Additions to equipment leased to others		(1,759,564	)		(2,714,336	)
Proceeds from sales of fixed assets excluding equipment leased to others		1,865			2,155
Proceeds from sales of equipment leased to others		1,614,965			1,961,077
Additions to intangible assets		(14,985	)		(16,680	)
Additions to public and corporate bonds and stocks		(646,237	)		(333,613	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		440,915			494,085
Other, net		(30,385	)		14,732

Net cash provided by (used in) investing activities		(403,898	)		(623,788	)

Cash flows from financing activities
Increase (decrease) in short-term debt		171,293			339,666
Proceeds from long-term debt		8,892,261			11,620,147
Payments of long-term debt		(7,868,820	)		(8,221,432	)
Dividends paid to non-controlling interests		(5,204	)		(4,318	)
Other, net		2,853			(57	)

Net cash provided by (used in) financing activities		1,192,382			3,734,005

Effect of exchange rate changes on cash and cash equivalents		101,615			222,776

Net increase (decrease) in cash and cash equivalents		154,436			550,675

Cash and cash equivalents at beginning of year		1,814,133			1,968,568

Cash and cash equivalents at end of year		1,968,568			2,519,244


(Consolidated)
Effect of exchange rate changes on cash and cash equivalents		103,305			189,914

Net increase (decrease) in cash and cash equivalents		1,403,311			1,895,094

Cash and cash equivalents at beginning of year		6,113,655			7,516,966

Cash and cash equivalents at end of year		7,516,966			9,412,060

—19—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

(3) Geographic Information

As of and for the year ended March 31, 2023


	Yen in millions
	Japan		North America			Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		9,122,282		13,509,027			4,097,537		7,076,922		3,348,530		—			37,154,298
Inter-segment revenues and transfers		8,460,914		334,874			176,198		967,984		123,663		(10,063,633	)		—

Total		17,583,196		13,843,901			4,273,735		8,044,906		3,472,193		(10,063,633	)		37,154,298
Operating expenses		15,681,733		13,918,637			4,216,276		7,330,455		3,240,832		(9,958,659	)		34,429,273

Operating income (loss)		1,901,463		(74,736	)		57,460		714,451		231,362		(104,974	)		2,725,025

Total assets		23,241,334		26,024,734			6,813,474		7,908,520		4,726,373		5,588,745			74,303,180
Non-current assets		5,658,859		6,255,561			1,042,726		1,031,057		565,377		—			14,553,580

As of and for the year ended March 31, 2024

	Yen in millions
	Japan		North America			Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		10,193,556		17,624,268			5,503,738		7,604,269		4,169,494		—			45,095,325
Inter-segment revenues and transfers		10,827,165		318,805			178,026		1,126,479		220,292		(12,670,767	)		—

Total		21,020,721		17,943,072			5,681,764		8,730,749		4,389,785		(12,670,767	)		45,095,325
Operating expenses		17,536,451		17,436,753			5,293,668		7,865,158		4,191,441		(12,581,079	)		39,742,390

Operating income		3,484,270		506,319			388,096		865,591		198,345		(89,687	)		5,352,934

Total assets		24,711,142		31,886,959			8,749,680		9,096,282		6,167,902		9,502,332			90,114,296
Non-current assets		5,827,404		7,374,724			1,407,680		1,190,348		686,104		—			16,486,260


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, 2023 and March 31, 2024 are 11,101,175 million yen and 15,790,074 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 FY2024 Financial Summary

7. Earnings Per Share

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, 2023
Net income attributable to Toyota Motor Corporation		2,451,318

Basic and Diluted earnings per share attributable to Toyota Motor Corporation		2,451,318		13,658,382		179.47

For the year ended March 31, 2024
Net income attributable to Toyota Motor Corporation		4,944,933

Basic and Diluted earnings per share attributable to Toyota Motor Corporation		4,944,933		13,512,848		365.94

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 March 31, 2023		28,338,706		13,565,180		2,089.08
As of March 31, 2024		34,220,991		13,474,172		2,539.75

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for the years ended March 31, 2023 and 2024, because there were no potential dilutive shares during such periods.

—21—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

8. Significant subsequent events

Repurchase of shares -

At the Meeting of the Board of Directors held on May 8, 2024, TMC resolved to repurchase its common shares pursuant to Article 156 of the Companies Act of Japan (the “Companies Act”) as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares

TMC will flexibly repurchase its common stock while considering factors such as the price level of its common stock. In addition, TMC will use such means to respond to requests for the sale of its own shares as needed in the future.

Details of matters relating to repurchase


Kind of stock to be repurchased		Common stock of TMC

Number of shares to be repurchased		410,000,000 shares (maximum)

Total purchase price for repurchase of shares		¥1,000,000 million (maximum)

Period of repurchase		From May 9, 2024 to April 30, 2025

Retirement of treasury stock -

At the Meeting of the Board of Directors held on May 8, 2024, TMC resolved to retire its treasury stock pursuant to Article 178 of the Companies Act.

Reason for retiring treasury stock

To relieve concerns regarding the dilution of TMC’s share value due to disposition of treasury stock in the future.

Details of matters relating to retirement


Kind of stock to be retired		Common stock of TMC

Number of shares to be retired		520,000,000 shares

Scheduled date of retirement		May 9, 2024

—22—

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >


	FY2023															FY2024															FY2025
	1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			4Q (2023/1-3)			12 months (‘22/4-‘23/3)			1Q (2023/4-6)			2Q (2023/7-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			Forecast 12 months (‘24/4-‘25/3)
Vehicle Production (thousands of units)		1,936			2,179			2,243			2,336			8,694			2,345			2,379			2,444			2,095			9,263
(Japan) –including Daihatsu & Hino		802			934			975			1,078			3,789			1,025			1,090			1,115			813			4,042
[Daihatsu & Hino]		[208	]		[240	]		[285	]		[269	]		[1,002	]		[190	]		[232	]		[247	]		[65	]		[734	]
(Overseas) –including Daihatsu & Hino		1,135			1,245			1,268			1,258			4,905			1,321			1,289			1,328			1,282			5,221
[Daihatsu & Hino]		[121	]		[157	]		[164	]		[156	]		[597	]		[118	]		[139	]		[134	]		[114	]		[506	]
North America		452			460			415			441			1,768			520			482			475			499			1,976
Europe		201			183			210			176			771			223			161			238			224			846
Asia		372			468			510			508			1,859			437			498			489			453			1,876
Central and South America		104			105			95			95			398			102			105			91			85			383
Africa		5			28			38			38			109			39			44			35			22			140
Vehicle Sales (thousands of units)		2,013			2,146			2,331			2,331			8,822			2,326			2,418			2,551			2,148			9,443			9,500
(Japan) –including Daihatsu & Hino		403			466			532			668			2,069			532			540			558			363			1,993			1,870
[Daihatsu & Hino]		[126	]		[144	]		[169	]		[182	]		[621	]		[134	]		[141	]		[154	]		[48	]		[477	]		[330	]
(Overseas) –including Daihatsu & Hino		1,610			1,680			1,799			1,664			6,753			1,794			1,878			1,993			1,784			7,450			7,630
[Daihatsu & Hino]		[68	]		[78	]		[92	]		[83	]		[321	]		[69	]		[74	]		[64	]		[64	]		[271	]		[270	]
North America		635			610			607			555			2,407			682			703			776			655			2,816			2,870
Europe		248			231			277			273			1,030			286			270			327			308			1,192			1,160
Asia		361			456			476			458			1,751			417			478			480			428			1,804			1,940
Central and South America		123			128			144			115			509			128			126			120			136			510			500
Oceania		76			67			68			54			265			76			87			80			74			318			300
Africa		36			61			68			61			226			59			62			55			46			221			260
Middle East		130			126			157			145			559			143			149			151			136			579			600
Other		2			2			2			2			7			3			2			3			2			10
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,544			2,625			2,721			2,669			10,558			2,751			2,845			2,968			2,526			11,090			10,950

Supplemental 1

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >


	FY2023															FY2024															FY2025
	1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			4Q (2023/1-3)			12 months (‘22/4-‘23/3)			1Q (2023/4-6)			2Q (2023/7-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			Forecast 12 months (‘24/4-‘25/3)
Foreign Exchange Rates
Yen to US Dollar Rate		130			138			141			132			135			137			145			148			149			145			as premise: 145
Yen to Euro Rate		138			139			144			142			141			150			157			159			161			157			as premise: 160
Number of Employees		376,971			377,369			375,396			375,235			375,235			379,659			381,576			380,737			380,793			380,793	^(Note 1)
Sales Revenues (billions of yen)		8,491.1			9,218.2			9,754.6			9,690.2			37,154.2			10,546.8			11,434.7			12,041.1			11,072.6			45,095.3			46,000.0
Geographic Information
Japan		3,899.7			4,290.1			4,582.2			4,811.0			17,583.1			5,105.5			5,404.7			5,626.8			4,883.5			21,020.7
North America		3,349.9			3,523.6			3,588.9			3,381.4			13,843.9			4,092.0			4,504.2			4,958.1			4,388.6			17,943.0
Europe		973.0			939.3			1,155.6			1,205.6			4,273.7			1,299.0			1,359.4			1,520.7			1,502.4			5,681.7
Asia		1,795.6			2,153.3			2,183.9			1,911.9			8,044.9			1,964.5			2,346.6			2,371.3			2,048.2			8,730.7
Other		828.7			907.5			907.1			828.7			3,472.1			1,024.6			1,165.1			974.0			1,225.9			4,389.7
Elimination		-2,355.9			-2,595.8			-2,663.2			-2,448.5			-10,063.6			-2,939.0			-3,345.3			-3,410.0			-2,976.3			-12,670.7
Business Segment
Automotive		7,720.1			8,408.9			8,871.4			8,819.4			33,820.0			9,687.9			10,477.3			11,065.7			10,035.1			41,266.2
Financial Services		652.1			704.2			741.7			711.5			2,809.6			775.1			846.1			922.3			940.4			3,484.1
All Other		262.3			271.0			312.2			379.2			1,224.9			306.4			319.2			357.4			385.0			1,368.1
Elimination		-143.4			-166.0			-170.6			-220.0			-700.2			-222.7			-207.9			-304.4			-288.0			-1,023.2
Operating Income (billions of yen)		578.6			562.7			956.6			626.9			2,725.0			1,120.9			1,438.3			1,680.9			1,112.6			5,352.9			4,300.0
(Operating Income Ratio) (%)		(6.8	)		(6.1	)		(9.8	)		(6.5	)		(7.3	)		(10.6	)		(12.6	)		(14.0	)		(10.0	)		(11.9	)		(9.3	)
Geographic Information
Japan		336.7			521.1			683.4			360.1			1,901.4			701.9			879.1			1,104.1			799.0			3,484.2
North America		14.5			-85.6			-17.9			14.2			-74.7			119.6			169.4			227.4			-10.2			506.3
Europe		19.6			-65.5			62.6			40.7			57.4			83.0			99.3			103.1			102.5			388.0
Asia		212.7			178.9			168.7			154.0			714.4			186.2			224.9			238.4			215.9			865.5
Other		45.8			64.0			66.1			55.3			231.3			85.4			104.2			9.2			-0.6			198.3
Elimination		-50.8			-50.1			-6.3			2.3			-104.9			-55.4			-38.7			-1.5			5.9			-89.6
Business Segment
Automotive		449.2			453.7			818.8			458.8			2,180.6			945.6			1,301.6			1,472.6			901.5			4,621.4
Financial Services		114.5			84.4			125.0			113.5			437.5			147.2			97.6			172.0			153.0			570.0
All Other		18.3			20.3			18.4			46.2			103.4			40.2			39.5			44.1			51.2			175.2
Elimination		-3.4			4.3			-5.7			8.3			3.4			-12.2			-0.4			-7.9			6.8			-13.8
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		171.0			133.5			170.0			168.3			643.0			193.3			185.1			217.6			166.9			763.1			680.0
Income before Income Taxes (billions of yen)		1,021.7			812.5			1,034.9			799.4			3,668.7			1,720.5			1,800.9			1,835.5			1,608.0			6,965.0			5,070.0
(Income before Income Taxes Ratio) (%)		(12.0	)		(8.8	)		(10.6	)		(8.3	)		(9.9	)		(16.3	)		(15.7	)		(15.2	)		(14.5	)		(15.4	)		(11.0	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		736.8			434.2			727.9			552.2			2,451.3			1,311.3			1,278.0			1,357.8			997.6			4,944.9			3,570.0
(Net Income Ratio) (%)		(8.7	)		(4.7	)		(7.5	)		(5.7	)		(6.6	)		(12.4	)		(11.2	)		(11.3	)		(9.0	)		(11.0	)		(7.8	)
Dividends
Cash Dividends (billions of yen)		—			342.1			—			474.7			816.9			—			405.4			—			606.3			1,011.7	^(Note 2)
Cash Dividends per Share (yen)		—			25			—			35			60			—			30			—			45			75
Payout Ratio (%)		—			29.2			—			37.1			33.4			—			15.6			—			25.7			20.4
Value of Shares Repurchased (billions of yen)[actual purchase]		121.3			74.2			141.0			94.5			431.0			34.3			82.1			75.0			39.4			231.0	^(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			149.9			—			149.9			299.9			—			99.9			—			1,000.0			1,099.9	^(Note 3)^(Note 4)
Number of Outstanding Shares (thousands)		16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987

Supplemental 2

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >


	FY2023										FY2024											FY2025
	1Q (2022/4-6)		2Q (2022/7-9)		3Q (2022/10-12)		4Q (2023/1-3)		12 months (‘22/4-‘23/3)		1Q (2023/4-6)		2Q (2023/7-9)		3Q (2023/10-12)		4Q (2024/1-3)		12 months (‘23/4-‘24/3)			Forecast 12 months (‘24/4-‘25/3)
R&D Expenses (billions of yen)		302.2		318.4		298.8		322.0		1,241.6		294.8		314.0		289.2		304.2		1,202.3			1,300.0	^(Note 5)
Depreciation Expenses (billions of yen)		284.3		289.7		298.1		312.7		1,185.0		298.3		303.2		302.9		343.8		1,248.4			1,380.0	^(Note 6)
Geographic Information
Japan		122.6		126.3		118.0		145.8		512.8		140.7		139.5		133.6		152.8		566.7
North America		87.4		95.3		94.4		89.4		366.6		79.4		84.5		91.4		122.4		377.8
Europe		22.1		20.4		20.9		22.3		85.9		21.4		23.4		21.3		15.9		82.1
Asia		39.9		42.5		56.2		45.2		184.0		46.1		44.6		45.4		45.4		181.6
Other		12.2		5.0		8.4		9.7		35.5		10.5		11.1		11.0		7.2		40.0
Capital Expenditures (billions of yen)		274.6		407.4		358.8		564.9		1,605.8		366.6		442.8		486.9		714.4		2,010.8			2,150.0	^(Note 6)
Geographic Information
Japan		128.6		151.6		148.1		275.4		703.8		144.0		175.2		174.0		354.3		847.6
North America		97.9		175.3		120.1		162.7		556.1		154.1		159.5		182.6		226.2		722.5
Europe		10.3		10.3		16.9		24.1		61.7		12.5		28.9		23.4		23.9		88.8
Asia		25.7		65.5		63.4		68.1		222.9		41.1		54.9		89.4		82.7		268.2
Other		11.9		4.5		10.2		34.4		61.2		14.7		24.2		17.3		27.1		83.5
Total Liquid Assets (billions of yen)		10,532.2		11,004.6		10,278.7		11,313.7		11,313.7		12,287.8		13,808.6		14,143.6		15,079.5		15,079.5	^(Note 7)
Total Assets (billions of yen)		71,935.1		74,484.0		71,580.5		74,303.1		74,303.1		80,131.2		83,661.3		84,232.1		90,114.2		90,114.2
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		27,374.8		28,037.2		27,535.8		28,338.7		28,338.7		30,330.0		31,893.1		32,561.6		34,220.9		34,220.9
Return on Equity (%)		11.0		6.3		10.5		7.9		9.0		17.9		16.4		16.9		12.0		15.8
Return on Asset (%)		4.2		2.4		4.0		3.0		3.5		6.8		6.2		6.5		4.6		6.0
Number of Consolidated Subsidiaries (including Structured Entities)										569										577
Number of Associates and Joint Ventures Accounted for Using the Equity Method										168										165


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2024 (billions of yen, approximately)	4Q (2024/1-3)		12 months (‘23/4-‘24/3)
Marketing Efforts		10.0		2,000.0
Effects of Changes in Exchange Rates		305.0		685.0
Cost Reduction Efforts		185.0		120.0
From Engineering		160.0		0.0
From Manufacturing and Logistics		25.0		120.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-80.0		-380.0
Other		65.7		202.9
(Changes in Operating Income)		485.7		2,627.9
Non-operating Income		322.7		668.4
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		-1.3		120.0
Income tax expense, Net Income Attributable to Non-controlling Interests		-363.1		-802.7
(Changes in Net Income Attributable to Toyota Motor Corporation)		445.3		2,493.6

Cautionary Statement with Respect to Forward-Looking Statements

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

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 Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (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; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

(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)

Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase

(Note 4)

Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.)

(Note 5)

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

(Note 6)

Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets

(Note 7)

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

Supplemental 3

Net income per
common share - Basic

Net income per
common share - Diluted