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Published: 2022-05-11 06:45:00 ET

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EX-99.1 2 d323794dex991.htm FY2022 FINANCIAL SUMMARY FY2022 FINANCIAL SUMMARY

FINANCIAL SUMMARY

FY2022

(April 1, 2021 through March 31, 2022)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2022 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 11, 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
Date of the ordinary general shareholders’ meeting	:	June 15, 2022
Payment date of cash dividends	:	May 27, 2022
Filing date of financial statements	:	June 23, 2022
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 FY2022 (April 1,2021 through March 31, 2022)

(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		%
FY2022		31,379,507		15.3		2,995,697		36.3		3,990,532		36.1		2,874,614		25.9		2,850,110		26.9		4,017,742		21.9
FY2021		27,214,594		-8.9		2,197,748		-8.4		2,932,354		5.0		2,282,378		8.1		2,245,261		10.3		3,294,854		105.6


	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		%		%		%
FY2022		205.23		205.23		11.5		6.1		9.5
FY2021		160.65		158.93		10.2		5.0		8.1

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

FY2022 560,346 million yen, FY2021 351,029 million yen


(Note)		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.

(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
FY2022		67,688,771		27,154,820		26,245,969		38.8		1,904.88
FY2021		62,267,140		24,288,329		23,404,547		37.6		1,674.18


(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. “Toyota Motor Corporation shareholders’ equity per share” is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

(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
FY2022		3,722,615		(577,496	)		(2,466,516	)		6,113,655
FY2021		2,727,162		(4,684,175	)		2,739,174			5,100,857

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		%		%
FY2021		—		105.00		—		135.00		240.00		671,029		29.8		3.0
FY2022		—		120.00		—		28.00		—		718,211		25.3		2.9
FY2023 (forecast)		—		—		—		—		—				—

(Note)

Breakdown of Annual cash dividends per common share at end of FY2021 second quarter: Special Dividends 5.00yen

Please refer to [Notice Concerning Distribution of Interim Dividends from Surplus] released on November 6, 2020 for further information.

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 fiscal year ended March 31, 2021 and 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	33,000,000		5.2	2,400,000		-19.9	3,130,000		-21.6	2,260,000		-20.7	164.03

Notes

(1)	Changes in significant subsidiaries during FY2022

(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) :

FY2022 16,314,987,460 shares, FY2021 16,314,987,460 shares

(ii)

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

FY2022 2,536,685,916 shares, FY2021 2,335,244,160 shares

(iii)

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

FY2022 13,887,347,864 shares, FY2021 13,976,442,230 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.

(Reference) Overview of the Unconsolidated Financial Results

FY2022 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 FY2022 (April 1, 2021 through March 31, 2022)

(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	%
FY2022	12,607,858	7.2	1,129,689	61.5	2,171,530	15.1	1,693,947	3.4
FY2021	11,761,405	-7.6	699,373	-28.5	1,886,691	8.7	1,638,057	15.0

(2)	Unconsolidated financial position


	Total assets		Net assets		Equity ratio		Net assets per common share
		Million yen		Million yen		%		Yen
FY2022		20,991,040		14,607,272		69.6		1,060.16
FY2021		21,198,281		13,894,021		65.5		959.55

(Reference) Equity at the end of FY2022: 14,607,272 million yen, Equity at the end of FY2021: 13,894,021 million yen


(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. “Net income per common share (Basic)”, “Net income per common share (Diluted)” and “Net assets per common share” is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

This report is not audited.

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

This report contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. 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 FY2023” on page 5 of the materials accompanying this report. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities as well as the outbreak and spread of epidemics, including the negative effect on Toyota’s vehicle production and sales.

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

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

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

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 FY2022 Financial Summary

TABLE OF CONTENTS


Financial Results and Position			2
1. Consolidated Financial Results for FY2022			2
2. Consolidated Financial Position for FY2022			4
3. Forecast of Consolidated Financial Results for FY2023			5

Basic Concept Regarding the Selection of Accounting Standards			6

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

Supplemental Material for Financial Results for FY 2022

—1—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

Financial Results and Position

1. Consolidated Financial Results for FY2022

Financial Results

Reviewing the general economic environment for the fiscal year ended March 2022 (“FY2022”), the world economy began to bounce back owing to the fiscal and monetary policies of various countries providing support and the gradual easing of tight restrictions associated with COVID-19.

Automotive markets recovered compared with FY2021 as demand remained firm in regions including the U.S., China, and Japan, despite being forced to curb production worldwide due to limited parts supplies caused by the global semiconductor shortage and the impact of COVID-19.

At the present time, the outlook has become even less clear as the impact of increased geopolitical tensions from February 2022 onward spread worldwide through a surge in product prices and other ramifications.

Under these conditions, consolidated vehicle unit sales in Japan and overseas increased by 584 thousand units, or 7.6%, to 8,230 thousand units in FY2022 compared with FY2021. Vehicle unit sales in Japan decreased by 201 thousand units, or 9.5%, to 1,924 thousand units in FY2022 compared with FY2021. Meanwhile, overseas vehicle unit sales increased by 785 thousand units, or 14.2%, to 6,306 thousand units in FY2022 compared with FY2021 because of the sales increase in every region.

The results of operations for FY2022 were as follows:


Sales revenues	31,379.5 billion yen	(an increase of 4,164.9 billion yen or 15.3% compared with FY2021)
Operating income	2,995.6 billion yen	(an increase of 797.9 billion yen or 36.3% compared with FY2021)
Income before income taxes	3,990.5 billion yen	(an increase of 1,058.1 billion yen or 36.1% compared with FY2021)
Net income attributable to Toyota Motor Corporation	2,850.1 billion yen	(an increase of 604.8 billion yen or 26.9% compared with FY2021)

The changes in operating income were as follows:


Marketing efforts		an increase of 860.0 billion yen
Effects of changes in exchange rates		an increase of 610.0 billion yen
Cost reduction efforts		a decrease of 360.0 billion yen
Increase or decrease in expenses and expense reduction efforts		a decrease of 220.0 billion yen
Other		a decrease of 92.1 billion yen

—2—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 3,954.1 billion yen, or 16.0%, to 28,605.7 billion yen in FY2022 compared with FY2021, and operating income increased by 677.1 billion yen, or 42.1%, to 2,284.2 billion yen in FY2022 compared with FY2021. The increase in operating income was mainly due to marketing efforts and the effects of changes in exchange rates.

(2) Financial services:

Sales revenues for the financial services operations increased by 161.7 billion yen, or 7.5%, to 2,324.0 billion yen in FY2022 compared with FY2021, and operating income increased by 161.4 billion yen, or 32.6%, to 657.0 billion yen in FY2022 compared with FY2021. The increase in operating income was mainly due to the increases in both financing margin and financing volume.

(3) All other:

Sales revenues for all other businesses increased by 77.5 billion yen, or 7.4%, to 1,129.8 billion yen in FY2022 compared with FY2021. However, operating income decreased by 43.0 billion yen, or 50.4%, to 42.3 billion yen in FY2022 compared with FY2021.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 1,042.5 billion yen, or 7.0%, to 15,991.4 billion yen in FY2022 compared with FY2021, and operating income increased by 274.2 billion yen, or 23.9%, to 1,423.4 billion yen in FY2022 compared with FY2021. The increase in operating income was mainly due to the effects of changes in exchange rates and marketing efforts.

(2) North America:

Sales revenues in North America increased by 1,674.6 billion yen, or 17.6%, to 11,166.4 billion yen in FY2022 compared with FY2021, and operating income increased by 164.4 billion yen, or 41.0%, to 565.7 billion yen in FY2022 compared with FY2021. The increase in operating income was mainly due to marketing efforts.

(3) Europe:

Sales revenues in Europe increased by 733.3 billion yen, or 23.4%, to 3,867.8 billion yen in FY2022 compared with FY2021, and operating income increased by 55.0 billion yen, or 50.9%, to 162.9 billion yen in FY2022 compared with FY2021. The increase in operating income was mainly due to marketing efforts.

(4) Asia:

Sales revenues in Asia increased by 1,485.2 billion yen, or 29.4%, to 6,530.5 billion yen in FY2022 compared with FY2021, and operating income increased by 236.4 billion yen, or 54.2%, to 672.3 billion yen in FY2022 compared with FY2021. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales, as well as the effects of changes in exchange rates.

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

Sales revenues in other regions increased by 1,055.2 billion yen, or 56.3%, to 2,928.1 billion yen in FY2022 compared with FY2021, and operating income increased by 178.3 billion yen, or 298.0%, to 238.1 billion yen in FY2022 compared with FY2021. The increase in operating income was mainly due to marketing efforts.

—3—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

2. Consolidated Financial Position for FY2022

Cash and cash equivalents increased by 1,012.7 billion yen, or 19.9%, to 6,113.6 billion yen at the end of FY2022 compared with the end of FY2021.

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

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 3,722.6 billion yen in FY2022. Net cash provided by operating activities increased by 995.4 billion yen from 2,727.1 billion yen in FY2021.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 577.4 billion yen in FY2022. Net cash used in investing activities decreased by 4,106.6 billion yen from 4,684.1 billion yen in FY2021.

Cash flows from financing activities

Net cash flows from financing activities resulted in a decrease in cash by 2,466.5 billion yen in FY2022. Net cash provided by financing activities decreased by 5,205.6 billion yen from 2,739.1 billion yen in FY2021.

The consolidated cash flows by segment for FY2022 are as follows:

Non-financial services

Net cash provided by operating activities was 3,126.1 billion yen, net cash provided by investing activities was 348.4 billion yen and net cash used in financing activities was 2,634.4 billion yen.

Financial services

Net cash provided by operating activities was 525.3 billion yen, net cash used in investing activities was 854.3 billion yen and net cash provided by financing activities was 167.5 billion yen.

—4—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

3. Forecast of Consolidated Financial Results for FY2023

As the automotive industry faces a once-in-a-century transformational period and at a time when the right answers are elusive, we are committed to “Producing Happiness for All” together with our stakeholders, underpinned by the spirit of “For the Sake of Others” which we have maintained since our founding. We believe management practices that value what makes us Toyota will lead to sustained efforts to achieve the aims of the SDGs to “build a better world” while ensuring that “no one will be left behind.” We are accelerating our shift toward product-centered management under the “making ever-better cars” initiative, efforts to achieve carbon neutrality, and endeavors to develop essential technologies such as software and connected vehicles.

Under these circumstances, the current forecast of consolidated financial results for the fiscal year ending March 31, 2023 is set forth below. This forecast assumes average exchange rates through the fiscal year of 115 yen per US$1 and 130 yen per 1 euro.

Forecast of consolidated results for FY2023


Sales revenues	33,000.0 billion yen	(an increase of 5.2% compared with FY2022)
Operating income	2,400.0 billion yen	(a decrease of 19.9% compared with FY2022)
Income before income taxes	3,130.0 billion yen	(a decrease of 21.6% compared with FY2022)
Net income attributable to Toyota Motor Corporation	2,260.0 billion yen	(a decrease of 20.7% compared with FY2022)

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

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.

—5—

TOYOTA MOTOR CORPORATION FY2022 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 FY2022 Financial Summary

Consolidated Financial Statements

1. Consolidated Statement of Financial Position


	Yen in millions
	March 31, 2021			March 31, 2022
Assets
Current assets
Cash and cash equivalents		5,100,857			6,113,655
Trade accounts and other receivables		2,958,742			3,142,832
Receivables related to financial services		6,756,189			7,181,327
Other financial assets		4,215,457			2,507,248
Inventories		2,888,028			3,821,356
Income tax receivable		112,458			163,925
Other current assets		745,070			791,947

Total current assets		22,776,800			23,722,290

Non-current assets
Investments accounted for using the equity method		4,160,803			4,837,895
Receivables related to financial services		12,449,525			14,583,130
Other financial assets		9,083,914			9,517,267
Property, plant and equipment
Land		1,345,037			1,361,791
Buildings		4,999,206			5,284,620
Machinery and equipment		12,753,951			13,982,362
Vehicles and equipment on operating leases		6,203,721			6,781,229
Construction in progress		675,875			565,528

Total property, plant and equipment, at cost		25,977,791			27,975,530

Less - Accumulated depreciation and impairment losses		(14,566,638	)		(15,648,890	)

Total property, plant and equipment, net		11,411,153			12,326,640

Right of use assets		390,144			448,412
Intangible assets		1,108,634			1,191,966
Deferred tax assets		336,224			342,202
Other non-current assets		549,942			718,968

Total non-current assets		39,490,339			43,966,482

Total assets		62,267,140			67,688,771

—7—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary


	Yen in millions
	March 31, 2021			March 31, 2022
Liabilities
Current liabilities
Trade accounts and other payables		4,045,939			4,292,092
Short-term and current portion of long-term debt		12,212,060			11,187,839
Accrued expenses		1,397,140			1,520,446
Other financial liabilities		763,875			1,046,050
Income taxes payable		350,880			826,815
Liabilities for quality assurance		1,482,872			1,555,711
Other current liabilities		1,207,700			1,413,208

Total current liabilities		21,460,466			21,842,161

Non-current liabilities
Long-term debt		13,447,575			15,308,519
Other financial liabilities		323,432			461,583
Retirement benefit liabilities		1,035,096			1,022,749
Deferred tax liabilities		1,247,220			1,354,794
Other non-current liabilities		465,021			544,145

Total non-current liabilities		16,518,344			18,691,790

Total liabilities		37,978,811			40,533,951

Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		497,275			498,575
Retained earnings		24,104,176			26,453,126
Other components of equity		1,307,726			2,203,254
Treasury stock		(2,901,680	)		(3,306,037	)

Total Toyota Motor Corporation shareholders’ equity		23,404,547			26,245,969

Non-controlling interests		883,782			908,851

Total shareholders’ equity		24,288,329			27,154,820

Total liabilities and shareholders’ equity		62,267,140			67,688,771

—8—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

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

Consolidated Statement of Income


	Yen in millions
	For the year ended March 31, 2021			For the year ended March 31, 2022
Sales revenues
Sales of products		25,077,398			29,073,428
Financial services		2,137,195			2,306,079

Total sales revenues		27,214,594			31,379,507

Costs and expenses
Cost of products sold		21,199,890			24,250,784
Cost of financial services		1,182,330			1,157,050
Selling, general and administrative		2,634,625			2,975,977

Total costs and expenses		25,016,845			28,383,811

Operating income		2,197,748			2,995,697

Share of profit (loss) of investments accounted for using the equity method		351,029			560,346
Other finance income		435,229			334,760
Other finance costs		(47,537	)		(43,997	)
Foreign exchange gain (loss), net		15,142			216,187
Other income (loss), net		(19,257	)		(72,461	)

Income before income taxes		2,932,354			3,990,532

Income tax expense		649,976			1,115,918

Net income		2,282,378			2,874,614

Net income attributable to
Toyota Motor Corporation		2,245,261			2,850,110
Non-controlling interests		37,118			24,504

Net income		2,282,378			2,874,614


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		160.65			205.23

Diluted		158.93			205.23

—9—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

Consolidated Statement of Comprehensive Income


	Yen in millions
	For the year ended March 31, 2021			For the year ended March 31, 2022
Net income		2,282,378			2,874,614
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		387,427			(49,242	)
Remeasurements of defined benefit plans		216,272			136,250
Share of other comprehensive income of equity method investees		80,472			113,641

Total of items that will not be reclassified to profit (loss)		684,172			200,648

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		403,636			902,844
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(83,503	)		(154,174	)
Share of other comprehensive income of equity method investees		8,172			193,811

Total of items that may be reclassified subsequently to profit (loss)		328,305			942,480

Total other comprehensive income, net of tax		1,012,476			1,143,129

Comprehensive income		3,294,854			4,017,742

Comprehensive income for the period attributable to
Toyota Motor Corporation		3,217,806			3,954,350
Non-controlling interests		77,048			63,392

Comprehensive income		3,294,854			4,017,742

—10—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

3. Consolidated Statement of Changes in Equity

For the year ended March 31, 2021


	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2020		397,050		489,334			22,234,061			585,549			(3,087,106	)		20,618,888			720,124			21,339,012

Comprehensive income
Net income		—		—			2,245,261			—			—			2,245,261			37,118			2,282,378
Other comprehensive income, net of tax		—		—			—			972,546			—			972,546			39,930			1,012,476

Total comprehensive income		—		—			2,245,261			972,546			—			3,217,806			77,048			3,294,854

Transactions with owners and other
Dividends paid		—		—			(625,514	)		—			—			(625,514	)		(36,598	)		(662,112	)
Repurchase of treasury stock		—		—			—			—			(118	)		(118	)		—			(118	)
Reissuance of treasury stock		—		15,041			—			—			185,544			200,585			—			200,585
Change in scope of consolidation		—		—			—			—			—			—			102,588			102,588
Equity transactions and other		—		(7,099	)		—			—			—			(7,099	)		20,620			13,521

Total transactions with owners and other		—		7,942			(625,514	)		—			185,426			(432,147	)		86,610			(345,537	)

Reclassification to retained earnings		—		—			250,369			(250,369	)		—			—			—			—

Balances at March 31, 2021		397,050		497,275			24,104,176			1,307,726			(2,901,680	)		23,404,547			883,782			24,288,329

For the year ended March 31, 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, 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		—		—			2,850,110			—			—			2,850,110			24,504			2,874,614
Other comprehensive income, net of tax		—		—			—			1,104,240			—			1,104,240			38,889			1,143,129

Total comprehensive income		—		—			2,850,110			1,104,240			—			3,954,350			63,392			4,017,742

Transactions with owners and other
Dividends paid		—		—			(709,872	)		—			—			(709,872	)		(51,723	)		(761,595	)
Repurchase of treasury stock		—		—			—			—			(404,718	)		(404,718	)		—			(404,718	)
Reissuance of treasury stock		—		227			—			—			362			588			—			588
Equity transactions and other		—		1,074			—			—			—			1,074			13,400			14,473

Total transactions with owners and other		—		1,300			(709,872	)		—			(404,357	)		(1,112,928	)		(38,323	)		(1,151,252	)

Reclassification to retained earnings		—		—			208,712			(208,712	)		—			—			—			—

Balances at March 31, 2022		397,050		498,575			26,453,126			2,203,254			(3,306,037	)		26,245,969			908,851			27,154,820

—11—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

4. Consolidated Statement of Cash Flows


	Yen in millions
	For the year ended March 31, 2021			For the year ended March 31, 2022
Cash flows from operating activities
Net income		2,282,378			2,874,614
Depreciation and amortization		1,644,290			1,821,880
Interest income and interest costs related to financial services, net		(236,862	)		(354,102	)
Share of profit (loss) of investments accounted for using the equity method		(351,029	)		(560,346	)
Income tax expense		649,976			1,115,918
Changes in operating assets and liabilities, and other		(1,063,562	)		(1,130,667	)
(Increase) decrease in trade accounts and other receivables		5,027			118,652
(Increase) decrease in receivables related to financial services		(1,243,648	)		(1,213,234	)
(Increase) decrease in inventories		(242,769	)		(725,285	)
(Increase) decrease in other current assets		(163,473	)		71,314
Increase (decrease) in trade accounts and other payables		384,142			152,399
Increase (decrease) in other current liabilities		282,197			410,546
Increase (decrease) in retirement benefit liabilities		55,281			60,419
Other, net		(140,319	)		(5,478	)
Interest received		776,748			835,739
Dividends received		294,520			347,387
Interest paid		(459,181	)		(418,043	)
Income taxes paid, net of refunds		(810,117	)		(809,763	)

Net cash provided by (used in) operating activities		2,727,162			3,722,615

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,213,903	)		(1,197,266	)
Additions to equipment leased to others		(2,275,595	)		(2,286,893	)
Proceeds from sales of fixed assets excluding equipment leased to others		40,542			37,749
Proceeds from sales of equipment leased to others		1,371,699			1,542,132
Additions to intangible assets		(278,447	)		(346,085	)
Additions to public and corporate bonds and stocks		(2,729,171	)		(2,427,911	)
Proceeds from sales of public and corporate bonds and stocks		1,020,533			282,521
Proceeds upon maturity of public and corporate bonds		1,041,385			1,920,116
Other, net		(1,661,218	)		1,898,143

Net cash provided by (used in) investing activities		(4,684,175	)		(577,496	)

Cash flows from financing activities
Increase (decrease) in short-term debt		(1,038,438	)		(579,216	)
Proceeds from long-term debt		9,656,216			8,122,678
Payments of long-term debt		(5,416,376	)		(8,843,665	)
Dividends paid to Toyota Motor Corporation common shareholders		(625,514	)		(709,872	)
Dividends paid to non-controlling interests		(36,598	)		(51,723	)
Reissuance (repurchase) of treasury stock		199,884			(404,718	)

Net cash provided by (used in) financing activities		2,739,174			(2,466,516	)

Effect of exchange rate changes on cash and cash equivalents		220,245			334,195

Net increase (decrease) in cash and cash equivalents		1,002,406			1,012,798

Cash and cash equivalents at beginning of year		4,098,450			5,100,857

Cash and cash equivalents at end of year		5,100,857			6,113,655

—12—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

5. Going Concern Assumption

None

—13—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

6. Segment Information

(1) Segment Information

As of and for the year ended March 31, 2021


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		24,597,846		2,137,195		479,553		—			27,214,594
Inter-segment revenues and transfers		53,706		25,042		572,812		(651,560	)		—

Total		24,651,552		2,162,237		1,052,365		(651,560	)		27,214,594
Operating expenses		23,044,391		1,666,645		967,015		(661,205	)		25,016,845

Operating income		1,607,161		495,593		85,350		9,645			2,197,748

Total assets		21,412,034		28,275,239		2,720,720		9,859,147			62,267,140
Investments accounted for using the equity method		3,698,990		71,336		248,814		141,664			4,160,803
Depreciation and amortization		893,704		715,757		34,829		—			1,644,290
Capital expenditures		1,341,032		2,151,455		76,370		40,843			3,609,699

As of and for the year ended March 31, 2022


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		28,531,993		2,306,079		541,436		—			31,379,507
Inter-segment revenues and transfers		73,745		17,947		588,441		(680,133	)		—

Total		28,605,738		2,324,026		1,129,876		(680,133	)		31,379,507
Operating expenses		26,321,448		1,667,025		1,087,575		(692,237	)		28,383,811

Operating income		2,284,290		657,001		42,302		12,104			2,995,697

Total assets		24,341,737		31,681,472		3,091,011		8,574,551			67,688,771
Investments accounted for using the equity method		4,354,085		79,414		258,750		145,646			4,837,895
Depreciation and amortization		1,026,834		761,801		33,245		—			1,821,880
Capital expenditures		1,422,429		2,156,339		51,200		(18,381	)		3,611,587


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, 2021 and March 31, 2022 are 11,344,879 million yen and 10,020,460 million yen, respectively.

—14—

TOYOTA MOTOR CORPORATION FY2022 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, 2021			March 31, 2022
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents		3,274,149			4,299,522
Trade accounts and other receivable		3,063,314			3,184,782
Other financial assets		3,778,119			2,028,649
Inventories		2,888,028			3,821,356
Other current assets		664,097			746,134

Total current assets		13,667,707			14,080,444

Non-current assets
Property, plant and equipment		6,805,166			7,302,017
Other		14,721,626			15,769,015

Total non-current assets		21,526,792			23,071,032

Total assets		35,194,499			37,151,476

(Financial Services Business)
Current assets
Cash and cash equivalents		1,826,707			1,814,133
Trade accounts and other receivable		216,767			206,588
Receivables related to financial services		6,756,189			7,181,327
Other financial assets		1,021,738			1,058,620
Other current assets		198,068			221,738

Total current assets		10,019,469			10,482,407

Non-current assets
Receivables related to financial services		12,449,525			14,583,130
Property, plant and equipment		4,605,988			5,024,625
Other		1,200,256			1,591,311

Total non-current assets		18,255,770			21,199,065

Total assets		28,275,239			31,681,472

(Elimination)
Elimination of assets		(1,202,599	)		(1,144,177	)
(Consolidated)

Total assets		62,267,140			67,688,771

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

—15—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary


	Yen in millions
	March 31, 2021			March 31, 2022
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables		3,801,753			4,023,857
Short-term and current portion of long-term debt		2,348,514			1,041,557
Accrued expenses		1,322,353			1,421,194
Income taxes payable		262,727			695,888
Other current liabilities		2,650,433			2,778,172

Total current liabilities		10,385,779			9,960,668

Non-current liabilities
Long-term debt		1,523,134			1,538,884
Retirement benefit liabilities		1,015,156			1,004,558
Other non-current liabilities		1,509,535			1,830,146

Total non-current liabilities		4,047,825			4,373,588

Total liabilities		14,433,605			14,334,256

(Financial Services Business)
Current liabilities
Trade accounts and other payables		510,670			477,550
Short-term and current portion of long-term debt		10,286,251			10,576,910
Accrued expenses		102,200			124,088
Income taxes payable		88,153			130,927
Other current liabilities		1,002,615			1,414,606

Total current liabilities		11,989,889			12,724,080

Non-current liabilities
Long-term debt		12,044,994			13,882,650
Retirement benefit liabilities		19,940			18,190
Other non-current liabilities		696,294			722,257

Total non-current liabilities		12,761,228			14,623,097

Total liabilities		24,751,117			27,347,177

(Elimination)
Elimination of liabilities		(1,205,911	)		(1,147,482	)
(Consolidated)

Total liabilities		37,978,811			40,533,951

Shareholders’ equity

(Consolidated) Total Toyota Motor Corporation shareholders’ equity		23,404,547			26,245,969

(Consolidated) Non-controlling interests		883,782			908,851

(Consolidated) Total shareholders’ equity		24,288,329			27,154,820

(Consolidated) Total liabilities and shareholders’ equity		62,267,140			67,688,771

—16—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

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


	Yen in millions
	For the year ended March 31, 2021			For the year ended March 31, 2022
(Non-Financial Services Businesses)
Sales revenues		25,103,190			29,104,564
Cost of revenues		21,199,915			24,250,860
Selling, general and administrative		2,206,205			2,518,182

Operating income		1,697,070			2,335,522

Other income (loss), net		742,785			998,001

Income before income taxes		2,439,855			3,333,522

Income tax expense		528,413			944,594

Net income		1,911,442			2,388,928

Net income attributable to
Toyota Motor Corporation		1,875,467			2,369,399
Non-controlling interests		35,975			19,529

(Financial Services Business)
Sales revenues		2,162,237			2,324,026
Cost of revenues		1,202,277			1,178,509
Selling, general and administrative		464,368			488,517

Operating income		495,593			657,001

Other income (loss), net		(3,090	)		16

Income before income taxes		492,503			657,017

Income tax expense		121,536			171,327

Net income		370,967			485,690

Net income attributable to
Toyota Motor Corporation		369,824			480,716
Non-controlling interests		1,143			4,974

(Elimination)
Elimination of net income		(30	)		(4	)
(Consolidated)

Net income		2,282,378			2,874,614

Net income attributable to
Toyota Motor Corporation		2,245,261			2,850,110
Non-controlling interests		37,118			24,504

—17—

TOYOTA MOTOR CORPORATION FY2022 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, 2021			For the year ended March 31, 2022
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income		1,911,442			2,388,928
Depreciation and amortization		928,533			1,060,079
Share of profit (loss) of investments accounted for using the equity method		(345,374	)		(552,515	)
Income tax expense		528,413			944,594
Changes in operating assets and liabilities, and other		(262,407	)		(572,082	)
Interest received		123,606			100,118
Dividends received		290,618			342,646
Interest paid		(35,371	)		(40,780	)
Income taxes paid, net of refund		(505,260	)		(544,887	)

Net cash provided by (used in) operating activities		2,634,200			3,126,101

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,203,662	)		(1,186,900	)
Additions to equipment leased to others		(142,217	)		(151,456	)
Proceeds from sales of fixed assets excluding equipment leased to others		38,575			36,219
Proceeds from sales of equipment leased to others		46,461			45,183
Additions to intangible assets		(271,274	)		(335,436	)
Additions to public and corporate bonds and stocks		(2,511,346	)		(1,904,588	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		1,982,302			1,989,345
Other, net		(1,339,372	)		1,856,069

Net cash provided by (used in) investing activities		(3,400,534	)		348,436

Cash flows from financing activities
Increase (decrease) in short-term debt		213,716			(164,899	)
Proceeds from long-term debt		1,662,593			513,371
Payments of long-term debt		(170,373	)		(1,818,653	)
Dividends paid to Toyota Motor Corporation common shareholders		(625,514	)		(709,872	)
Dividends paid to non-controlling interests		(34,840	)		(49,629	)
Reissuance (repurchase) of treasury stock		199,884			(404,718	)

Net cash provided by (used in) financing activities		1,245,465			(2,634,401	)

Effect of exchange rate changes on cash and cash equivalents		112,588			185,237

Net increase (decrease) in cash and cash equivalents		591,719			1,025,373

Cash and cash equivalents at beginning of year		2,682,431			3,274,149

Cash and cash equivalents at end of year		3,274,149			4,299,522

—18—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary


	Yen in millions
	For the year ended March 31, 2021			For the year ended March 31, 2022
(Financial Services Business)
Cash flows from operating activities
Net income		370,967			485,690
Depreciation and amortization		715,757			761,801
Interest income and interest costs related to financial services, net		(241,016	)		(360,837	)
Share of profit (loss) of investments accounted for using the equity method		(5,655	)		(7,831	)
Income tax expense		121,536			171,327
Changes in operating assets and liabilities, and other		(780,798	)		(623,051	)
Interest received		661,272			742,364
Dividends received		3,901			4,740
Interest paid		(431,939	)		(384,006	)
Income taxes paid, net of refund		(304,856	)		(264,876	)

Net cash provided by (used in) operating activities		109,168			525,321

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(10,240	)		(10,366	)
Additions to equipment leased to others		(2,133,378	)		(2,135,437	)
Proceeds from sales of fixed assets excluding equipment leased to others		1,967			1,530
Proceeds from sales of equipment leased to others		1,325,238			1,496,949
Additions to intangible assets		(7,173	)		(10,650	)
Additions to public and corporate bonds and stocks		(217,825	)		(523,323	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		79,616			213,291
Other, net		(35,893	)		113,635

Net cash provided by (used in) investing activities		(997,688	)		(854,370	)

Cash flows from financing activities
Increase (decrease) in short-term debt		(1,517,259	)		(488,495	)
Proceeds from long-term debt		8,043,141			7,800,854
Payments of long-term debt		(5,332,573	)		(7,142,750	)
Dividends paid to non-controlling interests		(1,757	)		(2,094	)

Net cash provided by (used in) financing activities		1,191,551			167,516

Effect of exchange rate changes on cash and cash equivalents		107,657			148,958

Net increase (decrease) in cash and cash equivalents		410,688			(12,575	)

Cash and cash equivalents at beginning of year		1,416,020			1,826,707

Cash and cash equivalents at end of year		1,826,707			1,814,133


(Consolidated)
Effect of exchange rate changes on cash and cash equivalents		220,245			334,195

Net increase (decrease) in cash and cash equivalents		1,002,406			1,012,798

Cash and cash equivalents at beginning of year		4,098,450			5,100,857

Cash and cash equivalents at end of year		5,100,857			6,113,655

—19—

TOYOTA MOTOR CORPORATION FY2022 Financial Summary

(3) Geographic Information

As of and for the year ended March 31, 2021


	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		8,587,193		9,325,950		2,968,289		4,555,897		1,777,266		—			27,214,594
Inter-segment revenues and transfers		6,361,739		165,853		166,200		489,398		95,630		(7,278,820	)		—

Total		14,948,931		9,491,803		3,134,489		5,045,295		1,872,895		(7,278,820	)		27,214,594
Operating expenses		13,799,715		9,090,442		3,026,518		4,609,354		1,813,048		(7,322,232	)		25,016,845

Operating income		1,149,217		401,361		107,971		435,940		59,847		43,413			2,197,748

Total assets		19,674,666		20,138,715		5,074,409		6,548,343		3,469,635		7,361,372			62,267,140
Non-current assets		5,232,862		5,705,770		751,245		896,542		461,723		—			13,048,143

As of and for the year ended March 31, 2022

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		8,214,740		10,897,946		3,692,214		5,778,115		2,796,493		—			31,379,507
Inter-segment revenues and transfers		7,776,696		268,534		175,633		752,452		131,690		(9,105,004	)		—

Total		15,991,436		11,166,479		3,867,847		6,530,566		2,928,183		(9,105,004	)		31,379,507
Operating expenses		14,567,991		10,600,695		3,704,874		5,858,216		2,690,014		(9,037,980	)		28,383,811

Operating income		1,423,445		565,784		162,973		672,350		238,169		(67,024	)		2,995,697

Total assets		21,502,155		23,353,812		5,711,271		7,461,812		4,309,248		5,350,474			67,688,771
Non-current assets		5,501,046		6,251,499		891,146		977,235		537,631		—			14,158,559


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, 2021 and March 31, 2022 are 11,344,879 million yen and 10,020,460 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 FY2022 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, 2021
Net income attributable to Toyota Motor Corporation		2,245,261

Basic earnings per share attributable to Toyota Motor Corporation		2,245,261		13,976,442		160.65

Effect of dilutive securities
Model AA Class Shares		12,569		229,694

Diluted earnings per share attributable to Toyota Motor Corporation		2,257,830		14,206,137		158.93

For the year ended March 31, 2022
Net income attributable to Toyota Motor Corporation		2,850,110

Basic earnings per share attributable to Toyota Motor Corporation		2,850,110		13,887,348		205.23

Effect of dilutive securities
Model AA Class Shares		23		311

Diluted earnings per share attributable to Toyota Motor Corporation		2,850,132		13,887,659		205.23

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, 2021		23,404,547		13,979,743		1,674.18
As of March 31, 2022		26,245,969		13,778,302		1,904.88

On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders. “Basic earnings per share attributable to Toyota Motor Corporation”, “Diluted earnings per share attributable to Toyota Motor Corporation” and “Toyota Motor Corporation shareholders’ equity per share” are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

—21—

Supplemental Material for Financial Results for FY2022 (Consolidated)

< IFRS >


	FY2021															FY2022															FY2023
	1Q (2020/4-6)			2Q (2020/7-9)			3Q (2020/10-12)			4Q (2021/1-3)			12 months (‘20/4-‘21/3)			1Q (2021/4-6)			2Q (2021/7-9)			3Q (2021/10-12)			4Q (2022/1-3)			12 months (‘21/4-‘22/3)			Forecast 12 months (‘22/4-‘23/3)
Vehicle Production (thousands of units)		1,080			1,990			2,262			2,221			7,553			2,180			1,756			2,077			2,145			8,158
(Japan) –including Daihatsu & Hino		679			1,031			1,144			1,095			3,948			1,025			826			945			942			3,738
[Daihatsu & Hino]		[178	]		[269	]		[283	]		[300	]		[1,029	]		[262	]		[194	]		[257	]		[264	]		[977	]
(Overseas) –including Daihatsu & Hino		401			959			1,118			1,126			3,605			1,155			930			1,132			1,203			4,420
[Daihatsu & Hino]		[15	]		[53	]		[84	]		[107	]		[259	]		[110	]		[121	]		[140	]		[145	]		[515	]
North America		187			500			489			466			1,642			519			395			403			435			1,752
Europe		82			138			200			222			642			199			110			201			197			707
Asia		109			230			333			343			1,015			324			316			419			440			1,499
Central and South America		10			67			69			65			213			83			84			81			87			335
Africa		13			24			27			30			93			29			25			29			45			127
Vehicle Sales (thousands of units)		1,158			1,928			2,353			2,208			7,646			2,148			1,946			2,003			2,134			8,230			8,850
(Japan) –including Daihatsu & Hino		385			536			592			612			2,125			500			445			482			498			1,924			2,050
[Daihatsu & Hino]		[104	]		[159	]		[162	]		[185	]		[610	]		[146	]		[128	]		[133	]		[155	]		[561	]		[580	]
(Overseas) –including Daihatsu & Hino		774			1,392			1,760			1,596			5,521			1,648			1,501			1,521			1,637			6,306			6,800
[Daihatsu & Hino]		[16	]		[31	]		[41	]		[62	]		[150	]		[63	]		[63	]		[78	]		[77	]		[280	]		[170	]
North America		285			646			753			630			2,313			661			621			522			589			2,394			2,600
Europe		141			254			285			280			959			281			229			250			257			1,017			1,100
Asia		182			274			392			374			1,222			365			341			413			425			1,543			1,670
Central and South America		30			66			87			86			270			105			105			111			111			432			460
Oceania		48			51			84			63			246			74			74			60			75			282			260
Africa		24			39			42			52			157			51			45			58			65			219			240
Middle East		62			60			115			109			346			108			84			106			114			412			470
Other		2			2			3			2			8			2			2			2			2			7
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		1,848			2,519			2,845			2,708			9,920			2,759			2,506			2,522			2,594			10,381			10,700

Supplemental 1

Supplemental Material for Financial Results for FY2022 (Consolidated)

< IFRS >


	FY2021															FY2022															FY2023
	1Q (2020/4-6)			2Q (2020/7-9)			3Q (2020/10-12)			4Q (2021/1-3)			12 months (‘20/4-‘21/3)			1Q (2021/4-6)			2Q (2021/7-9)			3Q (2021/10-12)			4Q (2022/1-3)			12 months (‘21/4-‘22/3)			Forecast 12 months (‘22/4-‘23/3)
Foreign Exchange Rates
Yen to US Dollar Rate		108			106			105			106			106			110			110			114			116			112			as premise: 115
Yen to Euro Rate		119			124			125			128			124			132			130			130			130			131			as premise: 130
Number of Employees		369,701			369,604			367,987			366,283			366,283			372,434			372,286			371,365			372,817			372,817	^(Note 1)
Sales Revenues (billions of yen)		4,600.7			6,774.4			8,150.0			7,689.3			27,214.5			7,935.5			7,545.7			7,785.7			8,112.4			31,379.5			33,000.0
Geographic Information
Japan		2,675.6			3,687.7			4,384.6			4,200.8			14,948.9			4,096.6			3,695.5			4,096.1			4,102.9			15,991.4
North America		1,381.1			2,564.8			2,938.2			2,607.6			9,491.8			2,875.0			2,804.4			2,593.7			2,893.1			11,166.4
Europe		471.4			810.5			905.5			946.8			3,134.4			986.9			900.2			1,000.2			980.3			3,867.8
Asia		906.5			1,149.2			1,543.4			1,446.1			5,045.2			1,531.9			1,411.3			1,739.6			1,847.5			6,530.5
Other		281.2			419.1			606.0			566.5			1,872.8			688.2			704.3			702.2			833.3			2,928.1
Elimination		-1,115.2			-1,857.0			-2,227.8			-2,078.6			-7,278.8			-2,243.3			-1,970.3			-2,346.3			-2,544.9			-9,105.0
Business Segment
Automotive		3,976.4			6,146.2			7,491.3			7,037.5			24,651.5			7,241.2			6,883.8			7,073.8			7,406.7			28,605.7
Financial Services		534.9			531.5			554.5			541.1			2,162.2			578.8			567.6			588.3			589.2			2,324.0
All Other		206.0			234.0			266.1			346.0			1,052.3			241.2			254.3			266.9			367.3			1,129.8
Elimination		-116.7			-137.4			-162.0			-235.4			-651.5			-125.7			-160.1			-143.4			-250.8			-680.1
Operating Income (billions of yen)		13.9			506.0			987.9			689.8			2,197.7			997.4			749.9			784.3			463.8			2,995.6			2,400.0
(Operating Income Ratio) (%)		(0.3	)		(7.5	)		(12.1	)		(9.0	)		(8.1	)		(12.6	)		(9.9	)		(10.1	)		(5.7	)		(9.5	)		(7.3	)
Geographic Information
Japan		77.4			164.9			538.5			368.3			1,149.2			518.5			290.5			396.5			217.8			1,423.4
North America		-68.5			187.3			212.9			69.6			401.3			248.8			174.4			129.2			13.1			565.7
Europe		-21.9			31.6			52.9			45.3			107.9			30.0			23.6			82.7			26.5			162.9
Asia		42.8			93.4			155.3			144.3			435.9			166.6			157.7			175.2			172.7			672.3
Other		-11.7			20.2			34.9			16.4			59.8			65.3			82.7			51.7			38.2			238.1
Elimination		-4.0			8.5			-6.8			45.7			43.4			-31.9			20.7			-51.1			-4.7			-67.0
Business Segment
Automotive		-86.5			332.2			812.6			548.7			1,607.1			780.0			577.6			595.3			331.1			2,284.2
Financial Services		92.2			153.0			152.3			97.9			495.5			196.0			168.3			190.6			101.8			657.0
All Other		9.3			15.3			24.3			36.3			85.3			21.6			-0.1			-1.1			21.9			42.3
Elimination		-1.1			5.3			-1.3			6.7			9.6			-0.3			4.0			-0.5			8.9			12.1
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		-12.5			88.9			125.0			149.5			351.0			161.4			99.5			154.4			144.8			560.3			600.0
Income before Income Taxes (billions of yen)		118.2			610.5			1,141.1			1,062.3			2,932.3			1,257.2			886.8			1,093.5			752.9			3,990.5			3,130.0
(Income before Income Taxes Ratio) (%)		(2.6	)		(9.0	)		(14.0	)		(13.8	)		(10.8	)		(15.8	)		(11.8	)		(14.0	)		(9.3	)		(12.7	)		(9.5	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		158.8			470.5			838.6			777.1			2,245.2			897.8			626.6			791.7			533.8			2,850.1			2,260.0
(Net Income Ratio) (%)		(3.5	)		(6.9	)		(10.3	)		(10.1	)		(8.3	)		(11.3	)		(8.3	)		(10.2	)		(6.6	)		(9.1	)		(6.8	)
Dividends
Cash Dividends (billions of yen)		—			293.5			—			377.4			671.0			—			332.4			—			385.7			718.2	^(Note 2)
Cash Dividends per Share (yen)		—			105			—			135			240			—			120			—			28			—	*^(Note 3)
Payout Ratio (%)		—			46.6			—			23.3			29.8			—			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	^(Note 4)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			—			—			249.9			249.9			—			149.9			—			299.9			449.9	^(Note 4) ^(Note 5)
Number of Outstanding Shares (thousands)		3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			16,314,987			16,314,987			16,314,987

Supplemental 2

Supplemental Material for Financial Results for FY2022 (Consolidated)

< IFRS >


	FY2021										FY2022											FY2023
	1Q (2020/4-6)		2Q (2020/7-9)		3Q (2020/10-12)		4Q (2021/1-3)		12 months (‘20/4-‘21/3)		1Q (2021/4-6)		2Q (2021/7-9)		3Q (2021/10-12)		4Q (2022/1-3)		12 months (‘21/4-‘22/3)			Forecast 12 months (‘22/4-‘23/3)
R&D Expenses (billions of yen)		280.7		286.8		265.8		256.9		1,090.4		274.1		276.0		294.8		279.2		1,124.2			1,130.0	^(Note 6)
Depreciation Expenses (billions of yen)		204.0		221.0		217.8		234.0		876.9		241.7		229.2		261.7		274.5		1,007.2			1,060.0	^(Note 7)
Geographic Information
Japan		98.1		109.8		101.1		115.6		424.7		116.8		99.2		125.4		121.4		463.0
North America		59.0		60.6		60.4		62.1		242.3		63.9		68.1		73.5		81.0		286.7
Europe		14.1		15.1		16.3		15.4		61.0		18.3		19.3		17.6		20.8		76.2
Asia		25.9		28.6		32.3		33.0		120.0		33.2		32.5		34.2		38.2		138.2
Other		6.7		6.8		7.4		7.7		28.7		9.3		10.0		10.7		12.9		43.0
Capital Expenditures (billions of yen)		260.3		325.2		316.1		391.4		1,293.2		279.0		358.9		279.6		425.4		1,343.0			1,400.0	^(Note 7)
Geographic Information
Japan		147.1		160.0		157.5		247.9		712.7		135.7		157.8		149.2		231.8		674.6
North America		54.8		107.1		68.2		60.9		291.2		74.5		151.9		72.2		104.8		403.6
Europe		14.8		15.9		21.2		30.9		83.0		25.2		19.7		17.8		19.0		81.8
Asia		35.2		33.0		58.3		34.4		161.1		36.9		24.4		36.1		51.2		148.7
Other		8.3		8.9		10.7		17.1		45.1		6.5		4.9		4.2		18.4		34.1
Total Liquid Assets (billions of yen)		9,451.8		10,238.7		10,621.2		11,579.4		11,579.4		10,318.6		10,270.8		10,193.3		10,517.3		10,517.3	^(Note 8)
Total Assets (billions of yen)		55,916.5		56,483.8		58,010.3		62,267.1		62,267.1		61,651.1		61,758.8		63,618.0		67,688.7		67,688.7
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		20,713.9		21,010.8		21,804.1		23,404.5		23,404.5		24,123.0		24,610.4		24,939.5		26,245.9		26,245.9
Return on Equity (%)		3.1		9.0		15.7		13.8		10.2		15.1		10.3		12.8		8.3		11.5
Return on Asset (%)		1.2		3.3		5.9		5.2		3.9		5.8		4.1		5.1		3.3		4.4
Number of Consolidated Subsidiaries (including Structured Entities)										544										559
Number of Associates and Joint Ventures Accounted for Using the Equity Method										169										169


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2022 (billions of yen, approximately)	4Q (2022/1-3)		12 months (‘21/4-‘22/3)
Marketing Efforts		-15.0		860.0
Effects of Changes in Exchange Rates		165.0		610.0
Cost Reduction Efforts		-195.0		-360.0
From Engineering		-200.0		-400.0
From Manufacturing and Logistics		5.0		40.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-140.0		-220.0
Other		-40.9		-92.1
(Changes in Operating Income)		-225.9		797.9
Non-operating Income		-83.4		260.2
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		-4.7		209.3
Income tax expense, Net Income Attributable to Non-controlling Interests		66.0		-453.3
(Changes in Net Income Attributable to Toyota Motor Corporation)		-243.3		604.8

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 Russian ruble, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv)Toyota’s ability to market and distribute effectively;(v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities as well as the outbreak and spread of epidemics, including the negative effect on Toyota’s vehicle production and sales.

*	Breakdown of Annual cash dividends per common share at end of FY2021 second quarter: Special Dividends 5 yen

(Note 1)

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

(Note 2)

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

(Note 3)

The dividend for the fiscal year ended March 31, 2021 and 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

Net income per
common share – Basic

Net income per
common share – Diluted