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EX-99.1 2 d205205dex991.htm FY2022 SECOND QUARTER FINANCIAL SUMMARY FY2022 Second Quarter Financial Summary

FINANCIAL SUMMARY

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

FY2022 Second Quarter

(April 1, 2021 through September 30, 2021)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2022 Second 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

November 4, 2021


Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://global.toyota/jp/
Representative	:	Akio Toyoda, President
Contact person	:	Hiroyuki Suzuki, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of quarterly securities report	:	November 12, 2021
Payment date of cash dividends	:	November 25, 2021
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 FY2022 First Half (April 1, 2021 through September 30, 2021)

(1)	Consolidated financial results (For the six months ended September 30)


	(% of change from previous first half)
	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 first half		15,481,299		36.1		1,747,465		236.1		2,144,045		194.2		1,565,056		148.0		1,524,484		142.2		1,870,024		248.1
FY2021 first half		11,375,223		-25.9		519,981		-62.8		728,815		-55.1		631,189		-46.7		629,368		-45.3		537,170		-49.8


	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted
	Yen		Yen
FY2022 first half		109.28		109.28
FY2021 first half		45.04		44.76


(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
	Million yen		Million yen		Million yen		%
FY2022 second quarter		61,758,833		25,492,413		24,610,424		39.8
FY2021		62,267,140		24,288,329		23,404,547		37.6

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
FY2021		—		105.00		—		135.00		240.00
FY2022		—		120.00
FY2022 (forecast)						—		—		—

(Note)

Revisions to the forecast of cash dividends since the latest announcement: none

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.

3.	Forecast of Consolidated Results for FY2022 (April 1, 2021 through March 31, 2022)


	(% of change from FY2021)
	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	30,000,000		10.2	2,800,000		27.4	3,440,000		17.3	2,490,000		10.9	179.13


(Note)		Revisions to the forecast of consolidated results since the latest announcement: yes
		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. “Earnings per share attributable to Toyota Motor Corporation (Basic)” for the fiscal year ending March 31, 2022 (forecast) presents the amount after the stock split.

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):

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

(ii)

Number of treasury stock at the end of each period:

FY2022 second quarter 2,464,210,770 shares, FY2021 2,335,244,160 shares

(iii)

Average number of shares issued and outstanding in each period:

FY2022 first half 13,950,175,679 shares, FY2021 first half 13,973,124,493 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)” are 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; (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 Second 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			8
4. Condensed Quarterly Consolidated Statement of Cash Flows			9
5. Going Concern Assumption			10
6. Significant Subsequent Events			11

Supplemental Material for Financial Results for FY2022 Second Quarter

—1—

TOYOTA MOTOR CORPORATION FY2022 Second 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, 2021			September 30, 2021
Assets
Current assets
Cash and cash equivalents		5,100,857			4,954,834
Trade accounts and other receivables		2,958,742			2,558,831
Receivables related to financial services		6,756,189			6,458,235
Other financial assets		4,215,457			2,887,398
Inventories		2,888,028			2,924,857
Income tax receivable		112,458			115,164
Other current assets		745,070			788,610

Total current assets		22,776,800			20,687,929

Non-current assets
Investments accounted for using the equity method		4,160,803			4,392,060
Receivables related to financial services		12,449,525			12,968,672
Other financial assets		9,083,914			9,537,388
Property, plant and equipment
Land		1,345,037			1,340,752
Buildings		4,999,206			5,074,894
Machinery and equipment		12,753,951			13,045,613
Vehicles and equipment on operating leases		6,203,721			6,403,903
Construction in progress		675,875			632,227

Total property, plant and equipment, at cost		25,977,791			26,497,389

Less - Accumulated depreciation and impairment losses		(14,566,638	)		(14,733,950	)

Total property, plant and equipment, net		11,411,153			11,763,440

Right of use assets		390,144			388,587
Intangible assets		1,108,634			1,136,931
Deferred tax assets		336,224			306,958
Other non-current assets		549,942			576,870

Total non-current assets		39,490,339			41,070,904

Total assets		62,267,140			61,758,833

—2—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary


	Yen in millions
	March 31, 2021			September 30, 2021
Liabilities
Current liabilities
Trade accounts and other payables		4,045,939			3,349,241
Short-term and current portion of long-term debt		12,212,060			10,754,902
Accrued expenses		1,397,140			1,272,062
Other financial liabilities		763,875			742,563
Income taxes payable		350,880			471,477
Liabilities for quality assurance		1,482,872			1,448,755
Other current liabilities		1,207,700			1,232,935

Total current liabilities		21,460,466			19,271,934

Non-current liabilities
Long-term debt		13,447,575			13,864,894
Other financial liabilities		323,432			256,699
Retirement benefit liabilities		1,035,096			1,055,504
Deferred tax liabilities		1,247,220			1,328,178
Other non-current liabilities		465,021			489,211

Total non-current liabilities		16,518,344			16,994,486

Total liabilities		37,978,811			36,266,420

Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		497,275			497,815
Retained earnings		24,104,176			25,278,473
Other components of equity		1,307,726			1,588,497
Treasury stock		(2,901,680	)		(3,151,411	)

Total Toyota Motor Corporation shareholders’ equity		23,404,547			24,610,424

Non-controlling interests		883,782			881,989

Total shareholders’ equity		24,288,329			25,492,413

Total liabilities and shareholders’ equity		62,267,140			61,758,833

—3—

TOYOTA MOTOR CORPORATION FY2022 Second 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 half ended September 30, 2020			For the first half ended September 30, 2021
Sales revenues
Sales of products		10,317,155			14,344,924
Financial services		1,058,068			1,136,375

Total sales revenues		11,375,223			15,481,299

Costs and expenses
Cost of products sold		9,078,239			11,842,915
Cost of financial services		599,409			549,792
Selling, general and administrative		1,177,594			1,341,128

Total costs and expenses		10,855,242			13,733,834

Operating income		519,981			1,747,465

Share of profit (loss) of investments accounted for using the equity method		76,390			261,042
Other finance income		167,974			115,872
Other finance costs		(23,237	)		(16,359	)
Foreign exchange gain (loss), net		(12,185	)		43,395
Other income (loss), net		(107	)		(7,372	)

Income before income taxes		728,815			2,144,045

Income tax expense		97,627			578,989

Net income		631,189			1,565,056

Net income attributable to
Toyota Motor Corporation		629,368			1,524,484
Non-controlling interests		1,821			40,572

Net income		631,189			1,565,056


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		45.04			109.28

Diluted		44.76			109.28

—4—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary

Condensed Quarterly Consolidated Statement of Comprehensive Income


	Yen in millions
	For the first half ended September 30, 2020			For the first half ended September 30, 2021
Net income		631,189			1,565,056
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		(10,034	)		80,203
Remeasurements of defined benefit plans		(2,135	)		(8,708	)
Share of other comprehensive income of equity method investees		(41,853	)		81,170

Total of items that will not be reclassified to profit (loss)		(54,022	)		152,665

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		10,788			68,138
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(15,099	)		(2,143	)
Share of other comprehensive income of equity method investees		(35,686	)		86,309

Total of items that may be reclassified subsequently to profit (loss)		(39,996	)		152,304

Total other comprehensive income, net of tax		(94,019	)		304,968

Comprehensive income		537,170			1,870,024

Comprehensive income for the period attributable to
Toyota Motor Corporation		523,192			1,832,521
Non-controlling interests		13,978			37,504

Comprehensive income		537,170			1,870,024

—5—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary

Condensed Quarterly Consolidated Statement of Income


	Yen in millions
	For the second quarter ended September 30, 2020			For the second quarter ended September 30, 2021
Sales revenues
Sales of products		6,247,300			6,982,507
Financial services		527,127			563,234

Total sales revenues		6,774,427			7,545,741

Costs and expenses
Cost of products sold		5,351,939			5,828,074
Cost of financial services		274,341			278,714
Selling, general and administrative		642,086			688,978

Total costs and expenses		6,268,366			6,795,766

Operating income		506,061			749,976

Share of profit (loss) of investments accounted for using the equity method		88,962			99,559
Other finance income		53,185			43,808
Other finance costs		(13,225	)		(8,875	)
Foreign exchange gain (loss), net		(20,695	)		17,475
Other income (loss), net		(3,706	)		(15,117	)

Income before income taxes		610,582			886,825

Income tax expense		128,841			248,310

Net income		481,741			638,515

Net income attributable to
Toyota Motor Corporation		470,525			626,652
Non-controlling interests		11,216			11,864

Net income		481,741			638,515


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		33.66			45.01

Diluted		33.34			—

—6—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary

Condensed Quarterly Consolidated Statement of Comprehensive Income


	Yen in millions
	For the second quarter ended September 30, 2020			For the second quarter ended September 30, 2021
Net income		481,741			638,515
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		(154,116	)		78,638
Remeasurements of defined benefit plans		(557	)		(4,347	)
Share of other comprehensive income of equity method investees		44,568			19,475

Total of items that will not be reclassified to profit (loss)		(110,106	)		93,765

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		(54,531	)		(10,860	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(19,113	)		(13,367	)
Share of other comprehensive income of equity method investees		6,022			16,108

Total of items that may be reclassified subsequently to profit (loss)		(67,622	)		(8,119	)

Total other comprehensive income, net of tax		(177,728	)		85,647

Comprehensive income		304,013			724,162

Comprehensive income for the period attributable to
Toyota Motor Corporation		296,935			715,127
Non-controlling interests		7,079			9,035

Comprehensive income		304,013			724,162

—7—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary

3. Condensed Quarterly Consolidated Statement of Changes in Equity

For the first half ended September 30, 2020


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

Comprehensive income
Net income		—		—		629,368			—			—			629,368			1,821			631,189
Other comprehensive income, net of tax		—		—		—			(106,176	)		—			(106,176	)		12,157			(94,019	)

Total comprehensive income		—		—		629,368			(106,176	)		—			523,192			13,978			537,170

Transactions with owners and other
Dividends paid		—		—		(331,938	)		—			—			(331,938	)		(32,583	)		(364,521	)
Repurchase of treasury stock		—		—		—			—			(35	)		(35	)		—			(35	)
Reissuance of treasury stock		—		15,039		—			—			185,543			200,582			—			200,582
Change in scope of consolidation		—		—		—			—			—			—			67,762			67,762
Equity transactions and other		—		141		—			—			—			141			15,958			16,099

Total transactions with owners and other		—		15,180		(331,938	)		—			185,508			(131,250	)		51,138			(80,112	)

Reclassification to retained earnings		—		—		21,790			(21,790	)		—			—			—			—

Balances at September 30, 2020		397,050		504,514		22,553,281			457,583			(2,901,598	)		21,010,831			785,239			21,796,070

For the first half ended September 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		—		—		1,524,484			—			—			1,524,484			40,572			1,565,056
Other comprehensive income, net of tax		—		—		—			308,037			—			308,037			(3,068	)		304,968

Total comprehensive income		—		—		1,524,484			308,037			—			1,832,521			37,504			1,870,024

Transactions with owners and other
Dividends paid		—		—		(377,453	)		—			—			(377,453	)		(43,774	)		(421,227	)
Repurchase of treasury stock		—		—		—			—			(250,093	)		(250,093	)		—			(250,093	)
Reissuance of treasury stock		—		227		—			—			362			588			—			588
Equity transactions and other		—		313		—			—			—			313			4,477			4,791

Total transactions with owners and other		—		540		(377,453	)		—			(249,731	)		(626,644	)		(39,296	)		(665,941	)

Reclassification to retained earnings		—		—		27,266			(27,266	)		—			—			—			—

Balances at September 30, 2021		397,050		497,815		25,278,473			1,588,497			(3,151,411	)		24,610,424			881,989			25,492,413

—8—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary

4. Condensed Quarterly Consolidated Statement of Cash Flows


	Yen in millions
	For the first half ended September 30, 2020			For the first half ended September 30, 2021
Cash flows from operating activities
Net income		631,189			1,565,056
Depreciation and amortization		810,588			871,404
Interest income and interest costs related to financial services, net		(99,035	)		(164,297	)
Share of profit (loss) of investments accounted for using the equity method		(76,390	)		(261,042	)
Income tax expense		97,627			578,989
Changes in operating assets and liabilities, and other		(120,227	)		(736,287	)
Interest received		383,627			394,880
Dividends received		207,457			254,503
Interest paid		(230,791	)		(193,238	)
Income taxes paid, net of refunds		(314,530	)		(437,188	)

Net cash provided by (used in) operating activities		1,289,514			1,872,780

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(611,362	)		(573,651	)
Additions to equipment leased to others		(958,611	)		(1,384,947	)
Proceeds from sales of fixed assets excluding equipment leased to others		20,587			18,031
Proceeds from sales of equipment leased to others		640,001			802,928
Additions to intangible assets		(139,051	)		(168,286	)
Additions to public and corporate bonds and stocks		(1,120,804	)		(1,313,819	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		1,260,560			1,213,887
Other, net		(1,013,142	)		1,189,623

Net cash provided by (used in) investing activities		(1,921,821	)		(216,234	)

Cash flows from financing activities
Increase (decrease) in short-term debt		(542,499	)		(245,116	)
Proceeds from long-term debt		5,351,917			4,268,674
Payments of long-term debt		(2,613,277	)		(5,171,986	)
Dividends paid to Toyota Motor Corporation common shareholders		(331,938	)		(377,453	)
Dividends paid to non-controlling interests		(32,583	)		(43,774	)
Reissuance (repurchase) of treasury stock		199,965			(249,818	)

Net cash provided by (used in) financing activities		2,031,585			(1,819,473	)

Effect of exchange rate changes on cash and cash equivalents		16,710			16,904

Net increase (decrease) in cash and cash equivalents		1,415,987			(146,023	)

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

Cash and cash equivalents at end of period		5,514,438			4,954,834

—9—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary

5. Going Concern Assumption

None

—10—

TOYOTA MOTOR CORPORATION FY2022 Second Quarter Financial Summary

6. Significant Subsequent Events

Common Stock Split

TMC authorized a stock split of shares of its common stock and partial amendment to the Articles of Incorporation due to the stock split, at a meeting of its Board of Directors held on May 12th, 2021.

Purpose of the Stock Split -

The purpose is to reduce the minimum investment price through the stock split, thereby creating an environment where it is easier to invest in TMC’s shares and expanding TMC’s investor base.

Outline of the Stock Split -

(1) Stock Split Method

The record date for the stock split was September 30, 2021. Each share of TMC’s common stock held by shareholders as of the record date was split into five shares.

(2) Increase in Number of Shares as a Result of the Stock Split

Number of shares outstanding prior to the stock split: 3,262,997,492 shares

Increase in total number of issued shares as a result of this stock split: 13,051,989,968 shares

Number of issued shares after the stock split: 16,314,987,460 shares

Total number of authorized shares after the stock split: 50,000,000,000 shares

Stock Split Schedule -

Date of public notice of the record date: September 14, 2021

Record date: September 30, 2021

Effective date: October 1, 2021

Partial Amendment to Articles of Incorporation -

Due to the stock split described above, TMC partially amended its Articles of Incorporation, to increase the total number of shares which the Corporation was authorized to issue from ten billion (10,000,000,000) to fifty billion (50,000,000,000), effective as of October 1, 2021, pursuant to Article 184, Paragraph 2 of the Companies Act.

Impact on Per Share Information -

Per share information assuming that the stock split was performed at the beginning of the first half ended September 30, 2020 is as follows.


	For the first half ended September 30, 2020		For the first half ended September 30, 2021
Basic earnings per share attributable to Toyota Motor Corporation (yen)		45.04		109.28
Diluted earnings per share attributable to Toyota Motor Corporation (yen)		44.76		109.28
Toyota Motor Corporation shareholders’ equity per share (yen)		1,502.94		1,776.83

—11—

Supplemental Material for Financial Results for FY2022 Second Quarter (Consolidated)

< IFRS >


	FY2021																		FY2022									FY2022
	1Q (2020/4-6)			2Q (2020/7-9)			First Half 6 months (2020/4-9)			3Q (2020/10-12)			4Q (2021/1-3)			12 months (‘20/4-‘21/3)			1Q (2021/4-6)			2Q (2021/7-9)			First Half 6 months (2021/4-9)			Forecast 12 months (‘21/4-‘22/3)
Vehicle Production (thousands of units)		1,080			1,990			3,070			2,262			2,221			7,553			2,180			1,756			3,936
(Japan) –including Daihatsu & Hino		679			1,031			1,709			1,144			1,095			3,948			1,025			826			1,851
[Daihatsu & Hino]		[178	]		[269	]		[447	]		[283	]		[300	]		[1,029	]		[262	]		[194	]		[456	]
(Overseas) –including Daihatsu & Hino		401			959			1,360			1,118			1,126			3,605			1,155			930			2,085
[Daihatsu & Hino]		[15	]		[53	]		[68	]		[84	]		[107	]		[259	]		[110	]		[121	]		[231	]
North America		187			500			687			489			466			1,642			519			395			915
Europe		82			138			220			200			222			642			199			110			309
Asia		109			230			339			333			343			1,015			324			316			640
Central and South America		10			67			78			69			65			213			83			84			167
Africa		13			24			37			27			30			93			29			25			54
Vehicle Sales (thousands of units)		1,158			1,928			3,086			2,353			2,208			7,646			2,148			1,946			4,094			8,550
(Japan) –including Daihatsu & Hino		385			536			921			592			612			2,125			500			445			945			2,090
[Daihatsu & Hino]		[104	]		[159	]		[263	]		[162	]		[185	]		[610	]		[146	]		[128	]		[274	]		[590	]
(Overseas) –including Daihatsu & Hino		774			1,392			2,165			1,760			1,596			5,521			1,648			1,501			3,148			6,460
[Daihatsu & Hino]		[16	]		[31	]		[47	]		[41	]		[62	]		[150	]		[63	]		[63	]		[126	]		[260	]
North America		285			646			930			753			630			2,313			661			621			1,282			2,580
Europe		141			254			395			285			280			959			281			229			510			990
Asia		182			274			456			392			374			1,222			365			341			706			1,480
Central and South America		30			66			97			87			86			270			105			105			211			440
Oceania		48			51			100			84			63			246			74			74			148			310
Africa		24			39			63			42			52			157			51			45			96			230
Middle East		62			60			122			115			109			346			108			84			192			430
Other		2			2			3			3			2			8			2			2			3
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		1,848			2,519			4,366			2,845			2,708			9,920			2,759			2,506			5,265			10,290

Supplemental 1

Supplemental Material for Financial Results for FY2022 Second Quarter (Consolidated)

< IFRS >


	FY2021																		FY2022									FY2022
	1Q (2020/4-6)			2Q (2020/7-9)			First Half 6 months (2020/4-9)			3Q (2020/10-12)			4Q (2021/1-3)			12 months (‘20/4-‘21/3)			1Q (2021/4-6)			2Q (2021/7-9)			First Half 6 months (2021/4-9)			Forecast 12 months (‘21/4-‘22/3)
Foreign Exchange Rates
Yen to US Dollar Rate		108			106			107			105			106			106			110			110			110			as premise: 110
Yen to Euro Rate		119			124			121			125			128			124			132			130			131			as premise: 128
Number of Employees		369,701			369,604			369,604			367,987			366,283			366,283			372,434			372,286			372,286	^(Note 1)
Sales Revenues (billions of yen)		4,600.7			6,774.4			11,375.2			8,150.0			7,689.3			27,214.5			7,935.5			7,545.7			15,481.2			30,000.0
Geographic Information
Japan		2,675.6			3,687.7			6,363.4			4,384.6			4,200.8			14,948.9			4,096.6			3,695.5			7,792.2
North America		1,381.1			2,564.8			3,945.9			2,938.2			2,607.6			9,491.8			2,875.0			2,804.4			5,679.5
Europe		471.4			810.5			1,282.0			905.5			946.8			3,134.4			986.9			900.2			1,887.2
Asia		906.5			1,149.2			2,055.7			1,543.4			1,446.1			5,045.2			1,531.9			1,411.3			2,943.3
Other		281.2			419.1			700.3			606.0			566.5			1,872.8			688.2			704.3			1,392.5
Elimination		-1,115.2			-1,857.0			-2,972.3			-2,227.8			-2,078.6			-7,278.8			-2,243.3			-1,970.3			-4,213.6
Business Segment
Automotive		3,976.4			6,146.2			10,122.6			7,491.3			7,037.5			24,651.5			7,241.2			6,883.8			14,125.1
Financial Services		534.9			531.5			1,066.5			554.5			541.1			2,162.2			578.8			567.6			1,146.4
All Other		206.0			234.0			440.1			266.1			346.0			1,052.3			241.2			254.3			495.6
Elimination		-116.7			-137.4			-254.1			-162.0			-235.4			-651.5			-125.7			-160.1			-285.8
Operating Income (billions of yen)		13.9			506.0			519.9			987.9			689.8			2,197.7			997.4			749.9			1,747.4			2,800.0
(Operating Income Ratio) (%)		(0.3	)		(7.5	)		(4.6	)		(12.1	)		(9.0	)		(8.1	)		(12.6	)		(9.9	)		(11.3	)		(9.3	)
Geographic Information
Japan		77.4			164.9			242.3			538.5			368.3			1,149.2			518.5			290.5			809.0
North America		-68.5			187.3			118.7			212.9			69.6			401.3			248.8			174.4			423.2
Europe		-21.9			31.6			9.6			52.9			45.3			107.9			30.0			23.6			53.7
Asia		42.8			93.4			136.2			155.3			144.3			435.9			166.6			157.7			324.3
Other		-11.7			20.2			8.4			34.9			16.4			59.8			65.3			82.7			148.1
Elimination		-4.0			8.5			4.5			-6.8			45.7			43.4			-31.9			20.7			-11.2
Business Segment
Automotive		-86.5			332.2			245.6			812.6			548.7			1,607.1			780.0			577.6			1,357.7
Financial Services		92.2			153.0			245.3			152.3			97.9			495.5			196.0			168.3			364.4
All Other		9.3			15.3			24.6			24.3			36.3			85.3			21.6			-0.1			21.4
Elimination		-1.1			5.3			4.2			-1.3			6.7			9.6			-0.3			4.0			3.7
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		-12.5			88.9			76.3			125.0			149.5			351.0			161.4			99.5			261.0			460.0
Income before Income Taxes (billions of yen)		118.2			610.5			728.8			1,141.1			1,062.3			2,932.3			1,257.2			886.8			2,144.0			3,440.0
(Income before Income Taxes Ratio) (%)		(2.6	)		(9.0	)		(6.4	)		(14.0	)		(13.8	)		(10.8	)		(15.8	)		(11.8	)		(13.8	)		(11.5	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		158.8			470.5			629.3			838.6			777.1			2,245.2			897.8			626.6			1,524.4			2,490.0
(Net Income Ratio) (%)		(3.5	)		(6.9	)		(5.5	)		(10.3	)		(10.1	)		(8.3	)		(11.3	)		(8.3	)		(9.8	)		(8.3	)
Dividends
Cash Dividends (billions of yen)		—			293.5			293.5			—			377.4			671.0			—			332.4			332.4	^(Note 2)
Cash Dividends per Share (yen)		—			105			105			—			135			240			—			120			120	*
Payout Ratio (%)		—			46.6			46.6			—			23.3			29.8			—			21.9			21.9
Value of Shares Repurchased (billions of yen)[actual purchase]		—			—			—			—			—			—			21.5			228.4			249.9	^(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			—			—			—			250.0			250.0			—			150.0			150.0	^(Note 3)^(Note 4)
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			3,262,997			3,262,997

Supplemental 2

Supplemental Material for Financial Results for FY2022 Second Quarter (Consolidated)

< IFRS >


	FY2021												FY2022							FY2022
	1Q (2020/4-6)		2Q (2020/7-9)		First Half 6 months (2020/4-9)		3Q (2020/10-12)		4Q (2021/1-3)		12 months (‘20/4-‘21/3)		1Q (2021/4-6)		2Q (2021/7-9)		First Half 6 months (2021/4-9)			Forecast 12 months (‘21/4-‘22/3)
R&D Expenses (billions of yen)		280.7		286.8		567.6		265.8		256.9		1,090.4		274.1		276.0		550.1			1,180.0	^(Note 5)
Depreciation Expenses (billions of yen)		204.0		221.0		425.1		217.8		234.0		876.9		241.7		229.2		470.9			930.0	^(Note 6)
Geographic Information
Japan		98.1		109.8		207.9		101.1		115.6		424.7		116.8		99.2		216.0
North America		59.0		60.6		119.7		60.4		62.1		242.3		63.9		68.1		132.0
Europe		14.1		15.1		29.2		16.3		15.4		61.0		18.3		19.3		37.6
Asia		25.9		28.6		54.5		32.3		33.0		120.0		33.2		32.5		65.8
Other		6.7		6.8		13.6		7.4		7.7		28.7		9.3		10.0		19.3
Capital Expenditures (billions of yen)		260.3		325.2		585.6		316.1		391.4		1,293.2		279.0		358.9		637.9			1,350.0	^(Note 6)
Geographic Information
Japan		147.1		160.0		307.2		157.5		247.9		712.7		135.7		157.8		293.5
North America		54.8		107.1		162.0		68.2		60.9		291.2		74.5		151.9		226.5
Europe		14.8		15.9		30.8		21.2		30.9		83.0		25.2		19.7		44.9
Asia		35.2		33.0		68.3		58.3		34.4		161.1		36.9		24.4		61.4
Other		8.3		8.9		17.2		10.7		17.1		45.1		6.5		4.9		11.4
Total Liquid Assets (billions of yen)		9,451.8		10,238.7		10,238.7		10,621.2		11,579.4		11,579.4		10,318.6		10,270.8		10,270.8	^(Note 7)
Total Assets (billions of yen)		55,916.5		56,483.8		56,483.8		58,010.3		62,267.1		62,267.1		61,651.1		61,758.8		61,758.8
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		20,713.9		21,010.8		21,010.8		21,804.1		23,404.5		23,404.5		24,123.0		24,610.4		24,610.4
Return on Equity (%)		3.1		9.0		6.0		15.7		13.8		10.2		15.1		10.3		12.7
Return on Asset (%)		1.2		3.3		2.3		5.9		5.2		3.9		5.8		4.1		4.9
Number of Consolidated Subsidiaries (including Structured Entities)												544
Number of Associates and Joint Ventures Accounted for Using the Equity Method												169


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2022 (billions of yen, approximately)	2Q (2021/7-9)		First Half 6 months (2021/4-9)
Marketing Efforts		115.0		1,055.0
Effects of Changes in Exchange Rates		115.0		255.0
Cost Reduction Efforts		-25.0		-30.0
From Engineering		-25.0		-50.0
From Manufacturing and Logistics		0.0		20.0
Increase or Decrease in Expenses and Expense Reduction Efforts		35.0		10.0
Other		3.9		-62.6
(Changes in Operating Income)		243.9		1,227.4
Non-operating Income		32.3		187.7
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		10.5		184.6
Income tax expense, Net Income Attributable to Non-controlling Interests		-120.1		-520.1
(Changes in Net Income Attributable to Toyota Motor Corporation)		156.1		895.1

Cautionary Statement with Respect to Forward-Looking Statements

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

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

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

*	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)

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

(Note 4)

Shareholder return on Net Income for the period

(Note 5)

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

(Note 6)

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

(Note 7)

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

Supplemental 3

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