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EX-99.1 2 d373563dex991.htm FY2023 FIRST QUARTER FINANCIAL SUMMARY FY2023 FIRST QUARTER FINANCIAL SUMMARY

FINANCIAL SUMMARY

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

FY2023 First Quarter

(April 1, 2022 through June 30, 2022)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2023 First Quarter Consolidated Financial Results

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

English translation from the original Japanese-language document

August 4, 2022


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	:	Hiroyuki Suzuki, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of quarterly securities report	:	August 10, 2022
Payment date of cash dividends	:	—
Supplemental materials prepared for quarterly financial results	:	yes
Earnings announcement for quarterly financial results	:	yes

(Amounts are rounded to the nearest million yen)

1.	Consolidated Results for FY2023 First Quarter (April 1, 2022 through June 30, 2022)

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


	(% of change from previous first quarter)
	Sales revenues				Operating income				Income before income taxes				Net income				Net income attributable to Toyota Motor Corporation				Comprehensive income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2023 first quarter		8,491,116		7.0		578,655		-42.0		1,021,748		-18.7		758,253		-18.2		736,820		-17.9		1,688,311		47.3
FY2022 first quarter		7,935,558		72.5		997,489		—		1,257,220		963.3		926,540		520.0		897,832		465.2		1,145,862		391.5


	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted
	Yen		Yen
FY2023 first quarter		53.65		—
FY2022 first quarter		64.23		64.22


(Note)		% of change from previous first quarter is shown as “—” in operating income of FY2022 first quarter because the ratio exceeds 1000%.
		On October 1, 2021, Toyota Motor Corporation (“TMC”) effected a five-for-one stock split of its common stock to shareholders of record as of September 30, 2021. “Earnings per share attributable to Toyota Motor Corporation (Basic)” and “Earnings per share attributable to Toyota Motor Corporation (Diluted)” are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.
		“Earnings per share attributable to Toyota Motor Corporation (Diluted)” is not disclosed for FY2023 first quarter, because there were no potential shares during that period as the acquisition of all outstanding First Series Model AA Class Shares took place on April 2, 2021, and the cancellation of all First Series Model AA Class Shares was completed on April 3, 2021.

(2)	Consolidated financial position


	Total assets		Total shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity
	Million yen		Million yen		Million yen		%
FY2023 first quarter		71,935,191		28,308,543		27,374,818		38.1
FY2022		67,688,771		27,154,820		26,245,969		38.8

2.	Cash Dividends


	Annual cash dividends per common share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2022		—		120.00		—		28.00		—
FY2023		—
FY2023 (forecast)				—		—		—		—


(Note)		Revisions to the forecast of cash dividends since the latest announcement: none
		On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders of record as of September 30, 2021. The dividend for the second quarter of the fiscal year 2022 presents the amount prior to the stock split. Annual cash dividends per common share for the fiscal year ended March 31, 2022 is not stated because the amounts cannot be simply combined due to the implementation of the stock split. Annual cash dividends per common share is ¥260 when calculated based on the assumption of no stock split, and ¥52 when calculated with the stock split taken into account.

3.	Forecast of Consolidated Results for FY2023 (April 1, 2022 through March 31, 2023)


	(% of change from FY2022)
	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	34,500,000		9.9	2,400,000		-19.9	3,270,000		-18.1	2,360,000		-17.2	171.95


(Note)		Revisions to the forecast of consolidated results since the latest announcement: yes

Notes

(1)	Changes in significant subsidiaries during the current quarter

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

(2)	Changes in accounting policies and changes in accounting estimates

(i)

Changes in accounting policies required by IFRS: none

(ii)

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

(iii)

Changes in accounting estimates: none

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

(i)

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

FY2023 first quarter 16,314,987,460 shares, FY2022 16,314,987,460 shares

(ii)

Number of treasury stock at the end of each period: FY2023 first quarter 2,592,620,246 shares,

FY2022 2,536,685,916 shares

(iii)

Average number of shares issued and outstanding in each period: FY2023 first quarter 13,732,568,596 shares,

FY2022 first quarter 13,979,049,755 shares


(Note)		On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders of record as of September 30, 2021. “Number of shares issued and outstanding (common stock)” is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

This report is not reviewed.

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

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

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

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

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

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 FY2023 First Quarter Financial Summary

TABLE OF CONTENTS


Condensed Quarterly Consolidated Financial Statements and Notes to Condensed Quarterly Consolidated Financial Statements			2
1. Condensed Quarterly Consolidated Statement of Financial Position			2
2. Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated Statement of Comprehensive Income			4
3. Condensed Quarterly Consolidated Statement of Changes in Equity			6
4. Condensed Quarterly Consolidated Statement of Cash Flows			7
5. Going Concern Assumption			8

Supplemental Material for Financial Results for FY2023 First Quarter

—1—

TOYOTA MOTOR CORPORATION FY2023 First Quarter Financial Summary

Condensed Quarterly Consolidated Financial Statements and

Notes to Condensed Quarterly Consolidated Financial Statements

1. Condensed Quarterly Consolidated Statement of Financial Position


	Yen in millions
	March 31, 2022			June 30, 2022
Assets
Current assets
Cash and cash equivalents		6,113,655			6,685,012
Trade accounts and other receivables		3,142,832			2,938,876
Receivables related to financial services		7,181,327			7,770,781
Other financial assets		2,507,248			2,696,661
Inventories		3,821,356			4,022,898
Income tax receivable		163,925			242,291
Other current assets		791,947			947,547

Total current assets		23,722,290			25,304,067

Non-current assets
Investments accounted for using the equity method		4,837,895			4,830,904
Receivables related to financial services		14,583,130			16,163,485
Other financial assets		9,517,267			9,938,805
Property, plant and equipment
Land		1,361,791			1,388,607
Buildings		5,284,620			5,470,510
Machinery and equipment		13,982,362			14,734,386
Vehicles and equipment on operating leases		6,781,229			7,248,654
Construction in progress		565,528			598,352

Total property, plant and equipment, at cost		27,975,530			29,440,508

Less - Accumulated depreciation and impairment losses		(15,648,890	)		(16,524,264	)

Total property, plant and equipment, net		12,326,640			12,916,244

Right of use assets		448,412			454,152
Intangible assets		1,191,966			1,190,300
Deferred tax assets		342,202			408,521
Other non-current assets		718,968			728,713

Total non-current assets		43,966,482			46,631,124

Total assets		67,688,771			71,935,191

—2—

TOYOTA MOTOR CORPORATION FY2023 First Quarter Financial Summary


	Yen in millions
	March 31, 2022			June 30, 2022
Liabilities
Current liabilities
Trade accounts and other payables		4,292,092			3,981,456
Short-term and current portion of long-term debt		11,187,839			12,185,076
Accrued expenses		1,520,446			1,652,407
Other financial liabilities		1,046,050			1,355,080
Income taxes payable		826,815			506,495
Liabilities for quality assurance		1,555,711			1,674,232
Other current liabilities		1,413,208			1,666,386

Total current liabilities		21,842,161			23,021,132

Non-current liabilities
Long-term debt		15,308,519			16,881,527
Other financial liabilities		461,583			629,173
Retirement benefit liabilities		1,022,749			1,059,003
Deferred tax liabilities		1,354,794			1,461,153
Other non-current liabilities		544,145			574,661

Total non-current liabilities		18,691,790			20,605,516

Total liabilities		40,533,951			43,626,648

Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		498,575			498,776
Retained earnings		26,453,126			26,873,431
Other components of equity		2,203,254			3,032,336
Treasury stock		(3,306,037	)		(3,426,775	)

Total Toyota Motor Corporation shareholders’ equity		26,245,969			27,374,818

Non-controlling interests		908,851			933,725

Total shareholders’ equity		27,154,820			28,308,543

Total liabilities and shareholders’ equity		67,688,771			71,935,191

—3—

TOYOTA MOTOR CORPORATION FY2023 First Quarter Financial Summary

2. Condensed Quarterly Consolidated Statement of Income and

Condensed Quarterly Consolidated Statement of Comprehensive Income

Condensed Quarterly Consolidated Statement of Income


	Yen in millions
	For the first quarter ended June 30, 2021			For the first quarter ended June 30, 2022
Sales revenues
Sales of products		7,362,417			7,844,455
Financial services		573,140			646,661

Total sales revenues		7,935,558			8,491,116

Costs and expenses
Cost of products sold		6,014,841			6,700,127
Cost of financial services		271,078			399,840
Selling, general and administrative		652,150			812,494

Total costs and expenses		6,938,068			7,912,462

Operating income		997,489			578,655

Share of profit (loss) of investments accounted for using the equity method		161,483			171,069
Other finance income		72,065			125,793
Other finance costs		(7,484	)		(19,362	)
Foreign exchange gain (loss), net		25,921			183,259
Other income (loss), net		7,746			(17,667	)

Income before income taxes		1,257,220			1,021,748

Income tax expense		330,679			263,496

Net income		926,540			758,253

Net income attributable to
Toyota Motor Corporation		897,832			736,820
Non-controlling interests		28,708			21,432

Net income		926,540			758,253


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		64.23			53.65

Diluted		64.22			—

—4—

TOYOTA MOTOR CORPORATION FY2023 First Quarter Financial Summary

Condensed Quarterly Consolidated Statement of Comprehensive Income


	Yen in millions
	For the first quarter ended June 30, 2021			For the first quarter ended June 30, 2022
Net income		926,540			758,253
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		1,565			41,613
Remeasurements of defined benefit plans		(4,361	)		(3,528	)
Share of other comprehensive income of equity method investees		61,695			(60,004	)

Total of items that will not be reclassified to profit (loss)		58,899			(21,919	)

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		78,998			918,143
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		11,224			(87,260	)
Share of other comprehensive income of equity method investees		70,200			121,095

Total of items that may be reclassified subsequently to profit (loss)		160,422			951,978

Total other comprehensive income, net of tax		219,322			930,059

Comprehensive income		1,145,862			1,688,311

Comprehensive income for the period attributable to
Toyota Motor Corporation		1,117,394			1,635,179
Non-controlling interests		28,469			53,132

Comprehensive income		1,145,862			1,688,311

—5—

TOYOTA MOTOR CORPORATION FY2023 First Quarter Financial Summary

3. Condensed Quarterly Consolidated Statement of Changes in Equity

For the first quarter ended June 30, 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, 2021		397,050		497,275			24,104,176			1,307,726			(2,901,680	)		23,404,547			883,782			24,288,329

Comprehensive income
Net income		—		—			897,832			—			—			897,832			28,708			926,540
Other comprehensive income, net of tax		—		—			—			219,561			—			219,561			(240	)		219,322

Total comprehensive income		—		—			897,832			219,561			—			1,117,394			28,469			1,145,862

Transactions with owners and other
Dividends paid		—		—			(377,453	)		—			—			(377,453	)		(19,494	)		(396,947	)
Repurchase of treasury stock		—		—			—			—			(21,600	)		(21,600	)		—			(21,600	)
Reissuance of treasury stock		—		34			—			—			49			83			—			83
Equity transactions and other		—		70			—			—			—			70			1,104			1,174

Total transactions with owners and other		—		104			(377,453	)		—			(21,551	)		(398,900	)		(18,389	)		(417,290	)

Reclassification to retained earnings		—		—			30,778			(30,778	)		—			—			—			—

Balances at June 30, 2021		397,050		497,379			24,655,333			1,496,510			(2,923,231	)		24,123,041			893,861			25,016,901

For the first quarter ended June 30, 2022
	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		—		—			736,820			—			—			736,820			21,432			758,253
Other comprehensive income, net of tax		—		—			—			898,359			—			898,359			31,699			930,059

Total comprehensive income		—		—			736,820			898,359			—			1,635,179			53,132			1,688,311

Transactions with owners and other
Dividends paid		—		—			(385,792	)		—			—			(385,792	)		(25,187	)		(410,979	)
Repurchase of treasury stock		—		—			—			—			(121,311	)		(121,311	)		—			(121,311	)
Reissuance of treasury stock		—		334			—			—			573			907			—			907
Equity transactions and other		—		(133	)		—			—			—			(133	)		(3,071	)		(3,204	)

Total transactions with owners and other		—		201			(385,792	)		—			(120,739	)		(506,330	)		(28,258	)		(534,588	)

Reclassification to retained earnings		—		—			69,277			(69,277	)		—			—			—			—

Balances at June 30, 2022		397,050		498,776			26,873,431			3,032,336			(3,426,775	)		27,374,818			933,725			28,308,543

—6—

TOYOTA MOTOR CORPORATION FY2023 First Quarter Financial Summary

4. Condensed Quarterly Consolidated Statement of Cash Flows


	Yen in millions
	For the first quarter ended June 30, 2021			For the first quarter ended June 30, 2022
Cash flows from operating activities
Net income		926,540			758,253
Depreciation and amortization		439,778			503,366
Interest income and interest costs related to financial services, net		(83,022	)		(178,125	)
Share of profit (loss) of investments accounted for using the equity method		(161,483	)		(171,069	)
Income tax expense		330,679			263,496
Changes in operating assets and liabilities, and other		(588,367	)		(286,225	)
Interest received		198,692			309,518
Dividends received		241,885			338,516
Interest paid		(89,881	)		(80,904	)
Income taxes paid, net of refunds		(255,863	)		(692,736	)

Net cash provided by (used in) operating activities		958,958			764,087

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(335,088	)		(374,083	)
Additions to equipment leased to others		(739,484	)		(458,483	)
Proceeds from sales of fixed assets excluding equipment leased to others		9,996			16,925
Proceeds from sales of equipment leased to others		419,887			427,753
Additions to intangible assets		(64,515	)		(71,861	)
Additions to public and corporate bonds and stocks		(868,405	)		(353,453	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		640,954			282,823
Other, net		1,563,755			79,467

Net cash provided by (used in) investing activities		627,100			(450,912	)

Cash flows from financing activities
Increase (decrease) in short-term debt		(80,929	)		160,646
Proceeds from long-term debt		2,128,592			2,238,120
Payments of long-term debt		(3,320,588	)		(1,940,196	)
Dividends paid to Toyota Motor Corporation common shareholders		(377,453	)		(385,792	)
Dividends paid to non-controlling interests		(19,494	)		(25,187	)
Reissuance (repurchase) of treasury stock		(21,517	)		(121,311	)

Net cash provided by (used in) financing activities		(1,691,389	)		(73,721	)

Effect of exchange rate changes on cash and cash equivalents		17,901			331,904

Net increase (decrease) in cash and cash equivalents		(87,430	)		571,357

Cash and cash equivalents at beginning of period		5,100,857			6,113,655

Cash and cash equivalents at end of period		5,013,426			6,685,012

—7—

TOYOTA MOTOR CORPORATION FY2023 First Quarter Financial Summary

5. Going Concern Assumption

None

—8—

Supplemental Material for Financial Results for FY2023 First Quarter (Consolidated)

< IFRS >


	FY2022															FY2023			FY2023
	1Q (2021/4-6)			2Q (2021/7-9)			3Q (2021/10-12)			4Q (2022/1-3)			12 months (‘21/4-‘22/3)			1Q (2022/4-6)			Forecast 12 months (‘22/4-‘23/3)
Vehicle Production (thousands of units)		2,180			1,756			2,077			2,145			8,158			1,936
(Japan) –including Daihatsu & Hino		1,025			826			945			942			3,738			802
[Daihatsu & Hino]		[262	]		[194	]		[257	]		[264	]		[977	]		[208	]
(Overseas) –including Daihatsu & Hino		1,155			930			1,132			1,203			4,420			1,135
[Daihatsu & Hino]		[110	]		[121	]		[140	]		[145	]		[515	]		[121	]
North America		519			395			403			435			1,752			452
Europe		199			110			201			197			707			201
Asia		324			316			419			440			1,499			372
Central and South America		83			84			81			87			335			104
Africa		29			25			29			45			127			5
Vehicle Sales (thousands of units)		2,148			1,946			2,003			2,134			8,230			2,013			8,850
(Japan) –including Daihatsu & Hino		500			445			482			498			1,924			403			2,050
[Daihatsu & Hino]		[146	]		[128	]		[133	]		[155	]		[561	]		[126	]		[580	]
(Overseas) –including Daihatsu & Hino		1,648			1,501			1,521			1,637			6,306			1,610			6,800
[Daihatsu & Hino]		[63	]		[63	]		[78	]		[77	]		[280	]		[68	]		[170	]
North America		661			621			522			589			2,394			635			2,600
Europe		281			229			250			257			1,017			248			1,100
Asia		365			341			413			425			1,543			361			1,670
Central and South America		105			105			111			111			432			123			460
Oceania		74			74			60			75			282			76			260
Africa		51			45			58			65			219			36			240
Middle East		108			84			106			114			412			130			470
Other		2			2			2			2			7			2
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,759			2,506			2,522			2,594			10,381			2,544			10,700

Supplemental 1

Supplemental Material for Financial Results for FY2023 First Quarter (Consolidated)

< IFRS >


	FY2022															FY2023			FY2023
	1Q (2021/4-6)			2Q (2021/7-9)			3Q (2021/10-12)			4Q (2022/1-3)			12 months (‘21/4-’22/3)			1Q (2022/4-6)			Forecast 12 months (‘22/4-’23/3)
Foreign Exchange Rates
Yen to US Dollar Rate		110			110			114			116			112			130			as premise: 130
Yen to Euro Rate		132			130			130			130			131			138			as premise: 140
Number of Employees		372,434			372,286			371,365			372,817			372,817			376,971	^(Note 1)
Sales Revenues (billions of yen)		7,935.5			7,545.7			7,785.7			8,112.4			31,379.5			8,491.1			34,500.0
Geographic Information
Japan		4,096.6			3,695.5			4,096.1			4,102.9			15,991.4			3,899.7
North America		2,875.0			2,804.4			2,593.7			2,893.1			11,166.4			3,349.9
Europe		986.9			900.2			1,000.2			980.3			3,867.8			973.0
Asia		1,531.9			1,411.3			1,739.6			1,847.5			6,530.5			1,795.6
Other		688.2			704.3			702.2			833.3			2,928.1			828.7
Elimination		-2,243.3			-1,970.3			-2,346.3			-2,544.9			-9,105.0			-2,355.9
Business Segment
Automotive		7,241.2			6,883.8			7,073.8			7,406.7			28,605.7			7,720.1
Financial Services		578.8			567.6			588.3			589.2			2,324.0			652.1
All Other		241.2			254.3			266.9			367.3			1,129.8			262.3
Elimination		-125.7			-160.1			-143.4			-250.8			-680.1			-143.4
Operating Income (billions of yen)		997.4			749.9			784.3			463.8			2,995.6			578.6			2,400.0
(Operating Income Ratio) (%)		(12.6	)		(9.9	)		(10.1	)		(5.7	)		(9.5	)		(6.8	)		(7.0	)
Geographic Information
Japan		518.5			290.5			396.5			217.8			1,423.4			336.7
North America		248.8			174.4			129.2			13.1			565.7			14.5
Europe		30.0			23.6			82.7			26.5			162.9			19.6
Asia		166.6			157.7			175.2			172.7			672.3			212.7
Other		65.3			82.7			51.7			38.2			238.1			45.8
Elimination		-31.9			20.7			-51.1			-4.7			-67.0			-50.8
Business Segment
Automotive		780.0			577.6			595.3			331.1			2,284.2			449.2
Financial Services		196.0			168.3			190.6			101.8			657.0			114.5
All Other		21.6			-0.1			-1.1			21.9			42.3			18.3
Elimination		-0.3			4.0			-0.5			8.9			12.1			-3.4
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		161.4			99.5			154.4			144.8			560.3			171.0			620.0
Income before Income Taxes (billions of yen)		1,257.2			886.8			1,093.5			752.9			3,990.5			1,021.7			3,270.0
(Income before Income Taxes Ratio) (%)		(15.8	)		(11.8	)		(14.0	)		(9.3	)		(12.7	)		(12.0	)		(9.5	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		897.8			626.6			791.7			533.8			2,850.1			736.8			2,360.0
(Net Income Ratio) (%)		(11.3	)		(8.3	)		(10.2	)		(6.6	)		(9.1	)		(8.7	)		(6.8	)
Dividends
Cash Dividends (billions of yen)		—			332.4			—			385.7			718.2			—	^(Note 2)
Cash Dividends per Share (yen)		—			120			—			28			—			—	^(Note 3)
Payout Ratio (%)		—			21.9			—			29.2			25.3			—
Value of Shares Repurchased (billions of yen)[actual purchase]		21.5			228.4			66.4			88.1			404.6			121.3	^(Note 4)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			149.9			—			299.9			449.9			—	^(Note 4) ^(Note 5)
Number of Outstanding Shares (thousands)		3,262,997			3,262,997			16,314,987			16,314,987			16,314,987			16,314,987

Supplemental 2

Supplemental Material for Financial Results for FY2023 First Quarter (Consolidated)

< IFRS >


	FY2022										FY2023			FY2023
	1Q (2021/4-6)		2Q (2021/7-9)		3Q (2021/10-12)		4Q (2022/1-3)		12 months (‘21/4-‘22/3)		1Q (2022/4-6)			Forecast 12 months (‘22/4-‘23/3)
R&D Expenses (billions of yen)		274.1		276.0		294.8		279.2		1,124.2		302.2			1,150.0	^(Note 6)
Depreciation Expenses (billions of yen)		241.7		229.2		261.7		274.5		1,007.2		284.3			1,080.0	^(Note 7)
Geographic Information
Japan		116.8		99.2		125.4		121.4		463.0		122.6
North America		63.9		68.1		73.5		81.0		286.7		87.4
Europe		18.3		19.3		17.6		20.8		76.2		22.1
Asia		33.2		32.5		34.2		38.2		138.2		39.9
Other		9.3		10.0		10.7		12.9		43.0		12.2
Capital Expenditures (billions of yen)		279.0		358.9		279.6		425.4		1,343.0		274.6			1,430.0	^(Note 7)
Geographic Information
Japan		135.7		157.8		149.2		231.8		674.6		128.6
North America		74.5		151.9		72.2		104.8		403.6		97.9
Europe		25.2		19.7		17.8		19.0		81.8		10.3
Asia		36.9		24.4		36.1		51.2		148.7		25.7
Other		6.5		4.9		4.2		18.4		34.1		11.9
Total Liquid Assets (billions of yen)		10,318.6		10,270.8		10,193.3		10,517.3		10,517.3		10,532.2	^(Note 8)
Total Assets (billions of yen)		61,651.1		61,758.8		63,618.0		67,688.7		67,688.7		71,935.1
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		24,123.0		24,610.4		24,939.5		26,245.9		26,245.9		27,374.8
Return on Equity (%)		15.1		10.3		12.8		8.3		11.5		11.0
Return on Asset (%)		5.8		4.1		5.1		3.3		4.4		4.2
Number of Consolidated Subsidiaries (including Structured Entities)										559
Number of Associates and Joint Ventures Accounted for Using the Equity Method										169


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2023 (billions of yen, approximately)	1Q (2022/4-6)
Effects of Marketing Activities		-115.0
Effects of Changes in Exchange Rates		195.0
Cost Reduction Efforts		-275.0
From Engineering		-280.0
From Manufacturing and Logistics		5.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-125.0
Other		-98.8
(Changes in Operating Income)		-418.8
Non-operating Income		183.3
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		9.5
Income tax expense, Net Income Attributable to Non-controlling Interests		74.4
(Changes in Net Income Attributable to Toyota Motor Corporation)		-161.0

Cautionary Statement with Respect to Forward-Looking Statements

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

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.

These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates (particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound) , 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; and (xv) the impact of climate change and the transition towards a low-carbon economy.

(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)

The dividend for the second quarter of the fiscal year 2022 presents the amount prior to the stock split.

Annual cash dividends per common share for the fiscal year ended March 31, 2022 is not stated because the amounts cannot be simply combined due to the implementation of the stock split.

Annual cash dividends per common share is ¥260 when calculated based on the assumption of no stock split, and ¥52 when calculated with the stock split taken into account.

(Note 4)

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

(Note 5)

Shareholder return on Net Income for the period

(Note 6)

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 7)

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

(Note 8)

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

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