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Published: 2021-05-12 06:09:01 ET

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EX-99.1 2 d158831dex991.htm FY2021 FINANCIAL SUMMARY FY2021 FINANCIAL SUMMARY

FINANCIAL SUMMARY

FY2021

(April 1, 2020 through March 31, 2021)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2021 Consolidated Financial Results

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

English translation from the original Japanese-language document

May 12, 2021


Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://global.toyota/jp/
Representative	:	Akio Toyoda, President
Contact person	:	Kaname Shimizu, General Manager, Accounting Division Tel. (0565)28-2121
Date of the ordinary general shareholders’ meeting	:	June 16, 2021
Payment date of cash dividends	:	May 28, 2021
Filing date of financial statements	:	June 24, 2021
Supplemental materials prepared for financial results	:	yes
Earnings announcement for financial results	:	yes

(Amounts are rounded to the nearest million yen)

1.	Consolidated Results for FY2021 (April 1, 2020 through March 31, 2021)

(1)	Consolidated financial results


	(% of change from previous year)
	Sales revenues				Operating income				Income before income taxes				Net income				Net income attributable to Toyota Motor Corporation				Comprehensive income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2021		27,214,594		-8.9		2,197,748		-8.4		2,932,354		5.0		2,282,378		8.1		2,245,261		10.3		3,294,854		105.6
FY2020		29,866,547		—		2,399,232		—		2,792,942		—		2,111,125		—		2,036,140		—		1,602,480		—


	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted		Ratio of net income attributable to Toyota Motor Corporation to Toyota Motor Corporation shareholders’ equity		Ratio of income before income taxes and equity in earnings of affiliated companies to total assets		Ratio of operating income to sales revenues
	Yen		Yen		%		%		%
FY2021		803.23		794.67		10.2		5.0		8.1
FY2020		727.47		720.10		10.0		5.2		8.0

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

FY2021 351,029 million yen, FY2010 310,247 million yen

(2)	Consolidated financial position


	Total assets		Total shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity		Toyota Motor Corporation shareholders’ equity per share
	Million yen		Million yen		Million yen		%		Yen
FY2021		62,267,140		24,288,329		23,404,547		37.6		8,370.88
FY2020		53,972,363		21,339,012		20,618,888		38.2		7,454.00

(3)	Consolidated cash flows


	From operating activities		From investing activities			From financing activities		Cash and cash equivalents at end of year
	Million yen		Million yen			Million yen		Million yen
FY2021		2,727,162		(4,684,175	)		2,739,174		5,100,857
FY2020		2,398,496		(2,124,650	)		362,805		4,098,450

2.	Cash Dividends


											Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)		Ratio of total amount of dividends to Toyota Motor Corporation shareholders’ equity (consolidated)
	Annual cash dividends per common share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen		Million yen		%		%
FY2020		—		100.00		—		120.00		220.00		610,847		30.2		3.0
FY2021		—		105.00		—		135.00		240.00		671,029		29.8		3.0
FY2022 (forecast)		—		—		—		—		—				—

(Note)

Please refer to “(Reference) Cash Dividends on Class Shares” for information regarding cash dividends on class shares, which are unlisted and have different rights from common stock.

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

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

Toyota Motor Corporation (“TMC”)’s board of directors authorized a resolution on May 12th, 2021 to implement a common stock split in which each share of common stock held by shareholders as of the record date of September 30, 2021 will be split into five shares. The per share dividend for FY2020 and FY2021 is the dividend before stock split.

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


	(% of change from FY2021)
	Sales revenues			Operating income			Income before 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	2,500,000		13.8	3,110,000		6.1	2,300,000		2.4	164.52


(Note)		Basic earnings per share attributable to Toyota Motor Corporation is based on the number of shares after stock split, which is described on the note of 2. Cash Dividends.

Notes

(1)	Changes in significant subsidiaries during FY2021

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

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

(i)

Changes in accounting policies required by IFRS: none

(ii)

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

(iii)

Changes in accounting estimates: none

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

(i)

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

FY2021 3,262,997,492 shares, FY2020 3,262,997,492 shares

(ii)

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

FY2021 467,048,832 shares, FY2020 496,844,960 shares

(iii)

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

FY2021 2,795,288,446 shares, FY2020 2,798,917,983 shares

(Reference) Overview of the Unconsolidated Financial Results

FY2021 Unconsolidated Financial Results

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

English translation from the original Japanese-language document

1.	Unconsolidated Results for FY2021 (April 1, 2020 through March 31, 2021)

(1)	Unconsolidated financial results


	(% of change from previous year)
	Net revenues		Operating income		Ordinary income		Net income
	Million yen	%	Million yen	%	Million yen	%	Million yen	%
FY2021	11,761,405	-7.6	699,373	-28.5	1,886,691	8.7	1,638,057	15.0
FY2020	12,729,731	0.8	978,805	-26.2	1,735,365	-25.3	1,424,062	-24.9

(2)	Unconsolidated financial position


	Total assets		Net assets		Equity ratio		Net assets per common share
		Million yen		Million yen		%		Yen
FY2021		21,198,281		13,894,021		65.5		4,797.77
FY2020		17,809,246		12,590,891		70.7		4,377.19

(Reference) Equity at the end of FY2021: 13,894,021 million yen, Equity at the end of FY2020: 12,590,891 million yen

This report is not audited.

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

This report contains forward-looking statements that reflect 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 FY2022” on page 5 of the materials accompanying this report. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) 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.

The parent company has adopted International Financial Reporting Standards (“IFRS”) for its consolidated financial statements beginning with the first quarter ended June 30, 2020. In addition, consolidated financial statements for the fiscal year ended March 31, 2020 are also presented in accordance with IFRS.

(Reference) Cash Dividends on Class Shares

Cash dividends on class shares, which have different rights from common stock, are as follows:


	Annual cash dividends per First Series Model AA Class Share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2020		—		132.00		—		132.00		264.00
FY2021		—		132.00		—		132.00		264.00

(Note) The First Series Model AA Class Shares were issued in July 2015.

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

TABLE OF CONTENTS


Financial Results and Position			2
1. Consolidated Financial Results for FY2021			2
2. Consolidated Financial Position for FY2021			4
3. Forecast of Consolidated Financial Results for FY2022			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
8. Significant Subsequent Events			22
9. First-Time Adoption			23

Supplemental Material for Financial Results for FY 2021

—1—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Financial Results and Position

1. Consolidated Financial Results for FY2021

Financial Results

Reviewing the general economic environment for the fiscal year ended March 2021 (“FY2021”), the world economy declined significantly in April through June, due to the impact of COVID-19 continuing from the previous fiscal year. Although there was a moderate recovery from July onwards due to the resumption of economic activities and implementation of economic stimulus measures in each country, economic growth remained negative throughout the year.

Automotive markets too saw figures fall substantially from FY2020 in many regions mainly due to the effects of the suspension of operations at factories and the suspension of business at dealers worldwide, with the exception of some regions such as China where the impact of the pandemic was limited.

Under these conditions, consolidated vehicle unit sales in Japan and overseas decreased by 1,309 thousand units, or 14.6%, to 7,646 thousand units in FY2021 compared with FY2020. Vehicle unit sales in Japan decreased by 115 thousand units, or 5.1%, to 2,125 thousand units in FY2021 compared with FY2020. Meanwhile, overseas vehicle unit sales decreased by 1,194 thousand units, or 17.8%, to 5,521 thousand units in FY2021 compared with FY2020, because of the sales decline in every region.

The results of operations for FY2021 were as follows:


Sales revenues	27,214.5 billion yen	(a decrease of 2,651.9 billion yen or 8.9% compared with FY2020)
Operating income	2,197.7 billion yen	(a decrease of 201.4 billion yen or 8.4% compared with FY2020)
Income before income taxes	2,932.3 billion yen	(an increase of 139.4 billion yen or 5.0% compared with FY2020)
Net income attributable to Toyota Motor Corporation	2,245.2 billion yen	(an increase of 209.1 billion yen or 10.3% compared with FY2020)

The changes in operating income were as follows:


Effects of marketing activities		a decrease of 210.0 billion yen
Effects of changes in exchange rates		a decrease of 255.0 billion yen
Cost reduction efforts		an increase of 150.0 billion yen
Increase or decrease in expenses and expense reduction efforts		an increase of 70.0 billion yen
Other		an increase of 43.6 billion yen

—2—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations decreased by 2,148.1 billion yen, or 8.0%, to 24,651.5 billion yen in FY2021 compared with FY2020, and operating income decreased by 405.9 billion yen, or 20.2%, to 1,607.1 billion yen in FY2021 compared with FY2020. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales.

(2) Financial services:

Sales revenues for the financial services operations decreased by 30.9 billion yen, or 1.4%, to 2,162.2 billion yen in FY2021 compared with FY2020. However, operating income increased by 211.8 billion yen, or 74.7%, to 495.5 billion yen in FY2021 compared with FY2020. The increase in operating income was mainly due to the decrease in expenses related to credit losses and residual value losses, and the recording of valuation gains on interest rate swaps stated at fair value in sales finance subsidiaries.

(3) All other:

Sales revenues for all other businesses decreased by 452.5 billion yen, or 30.1%, to 1,052.3 billion yen in FY2021 compared with FY2020, and operating income decreased by 18.0 billion yen, or 17.4%, to 85.3 billion yen in FY2021 compared with FY2020.

Geographic Information

(1) Japan:

Sales revenues in Japan decreased by 1,492.9 billion yen, or 9.1%, to 14,948.9 billion yen in FY2021 compared with FY2020, and operating income decreased by 436.0 billion yen, or 27.5%, to 1,149.2 billion yen in FY2021 compared with FY2020. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales.

(2) North America:

Sales revenues in North America decreased by 1,150.2 billion yen, or 10.8%, to 9,491.8 billion yen in FY2021 compared with FY2020. However, operating income increased by 148.1 billion yen, or 58.5%, to 401.3 billion yen in FY2021 compared with FY2020. The increase in operating income was mainly due to marketing efforts.

(3) Europe:

Sales revenues in Europe decreased by 220.8 billion yen, or 6.6%, to 3,134.4 billion yen in FY2021 compared with FY2020, and operating income decreased by 35.8 billion yen, or 24.9%, to 107.9 billion yen in FY2021 compared with FY2020. The decrease in operating income was mainly due to the effects of changes in exchange rates.

(4) Asia:

Sales revenues in Asia decreased by 247.9 billion yen, or 4.7%, to 5,045.2 billion yen in FY2021 compared with FY2020. However, operating income increased by 72.3 billion yen, or 19.9%, to 435.9 billion yen in FY2021 compared with FY2020. The increase in operating income was mainly due to cost reduction efforts and marketing efforts.

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

Sales revenues in other regions decreased by 241.2 billion yen, or 11.4%, to 1,872.8 billion yen in FY2021 compared with FY2020, and operating income decreased by 24.1 billion yen, or 28.8%, to 59.8 billion yen in FY2021 compared with FY2020.

—3—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

2. Consolidated Financial Position for FY2021

Cash and cash equivalents increased by 1,002.4 billion yen, or 24.5%, to 5,100.8 billion yen at the end of FY2021 compared with the end of FY2020.

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

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 2,727.1 billion yen in FY2021. Net cash provided by operating activities increased by 328.6 billion yen from 2,398.4 billion yen in FY2020.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 4,684.1 billion yen in FY2021. Net cash used in investing activities increased by 2,559.5 billion yen from 2,124.6 billion yen in FY2020.

Cash flows from financing activities

Net cash flows from financing activities resulted in an increase in cash by 2,739.1 billion yen in FY2021. Net cash provided by financing activities increased by 2,376.3 billion yen from 362.8 billion yen in FY2020.

The consolidated cash flows by segment for FY2021 are as follows:

Non-financial services

Net cash provided by operating activities was 2,634.2 billion yen, net cash used in investing activities was 3,400.5 billion yen and net cash provided by financing activities was 1,245.4 billion yen.

Financial services

Net cash provided by operating activities was 109.1 billion yen, net cash used in investing activities was 997.6 billion yen and net cash provided by financing activities was 1,191.5 billion yen.

—4—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

3. Forecast of Consolidated Financial Results for FY2022

The automotive industry facing a once-in-a-century transformational period, we have once again returned to our founding philosophy and summarized the spirit we have maintained since the Toyoda Precepts into the “Toyota Philosophy” as our guidepost in an era when the future is difficult to be predicted. We have defined our mission as “Producing Happiness for All,” and have been clearly indicating our view that we pursue the customers’ happiness as always, even if the products we produce have changed. We believe that taking action to realize our vision of “Creating Mobility for All” translates into taking care of our “home planet,” just as we do for our hometown or home country, and leads to sustained efforts to achieve the aims of the SDGs to “make a better world” while ensuring that “no one will be left behind.”

Under these circumstances, the current forecast of consolidated financial results for the fiscal year ending March 31, 2022 is set forth below. This forecast assumes average exchange rates through the fiscal year of 105 yen per US$1 and 125 yen per 1 euro.

Forecast of consolidated results for FY2022


Sales revenues	30,000.0 billion yen	(an increase of 10.2% compared with FY2021)
Operating income	2,500.0 billion yen	(an increase of 13.8% compared with FY2021)
Income before income taxes	3,110.0 billion yen	(an increase of 6.1% compared with FY2021)
Net income attributable to Toyota Motor Corporation	2,300.0 billion yen	(an increase of 2.4% compared with FY2021)

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause 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 FY2021 Financial Summary

Basic Concept Regarding the Selection of Accounting Standards

Toyota has adopted IFRS for its consolidated financial statements in order to improve the international comparability of its financial information in the capital markets, among other reasons, beginning with the first quarter of the fiscal year ended March 31, 2021.

—6—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Consolidated Financial Statements

1. Consolidated Statement of Financial Position


	Yen in millions
	Transition date April 1, 2019			March 31, 2020			March 31, 2021
Assets
Current assets
Cash and cash equivalents		3,602,805			4,098,450			5,100,857
Trade accounts and other receivables		2,954,617			2,648,360			2,958,742
Receivables related to financial services		6,657,367			6,621,604			6,756,189
Other financial assets		2,640,392			2,143,602			4,215,457
Inventories		2,731,040			2,533,892			2,888,028
Income tax receivable		84,574			237,609			112,458
Other current assets		507,654			679,804			745,070

Total current assets		19,178,450			18,963,320			22,776,800

Non-current assets
Investments accounted for using the equity method		3,467,242			4,297,564			4,160,803
Receivables related to financial services		10,281,028			10,417,797			12,449,525
Other financial assets		7,769,740			7,901,517			9,083,914
Property, plant and equipment
Land		1,359,271			1,318,964			1,345,037
Buildings		4,833,278			4,741,451			4,999,206
Machinery and equipment		11,956,773			11,979,449			12,753,951
Vehicles and equipment on operating leases		6,139,163			5,928,833			6,203,721
Construction in progress		656,067			517,460			675,875

Total property, plant and equipment, at cost		24,944,551			24,486,156			25,977,791

Less - Accumulated depreciation and impairment losses		(14,260,446	)		(13,952,141	)		(14,566,638	)

Total property, plant and equipment, net		10,684,105			10,534,016			11,411,153

Right of use assets		396,830			337,335			390,144
Intangible assets		908,737			1,000,257			1,108,634
Deferred tax assets		446,383			326,364			336,224
Other non-current assets		283,889			194,192			549,942

Total non-current assets		34,237,955			35,009,043			39,490,339

Total assets		53,416,405			53,972,363			62,267,140

—7—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


	Yen in millions
	Transition date April 1, 2019			March 31, 2020			March 31, 2021
Liabilities
Current liabilities
Trade accounts and other payables		3,856,133			3,498,029			4,045,939
Short-term and current portion of long-term debt		9,701,813			9,906,755			12,212,060
Accrued expenses		1,350,252			1,256,794			1,397,140
Other financial liabilities		475,302			538,740			763,875
Income taxes payable		321,316			212,276			350,880
Liabilities for quality assurance		1,769,514			1,552,970			1,482,872
Other current liabilities		1,008,032			1,176,645			1,207,700

Total current liabilities		18,482,362			18,142,209			21,460,466

Non-current liabilities
Long-term debt		11,342,315			11,434,219			13,447,575
Other financial liabilities		189,957			360,588			323,432
Retirement benefit liabilities		1,002,710			1,022,161			1,035,096
Deferred tax liabilities		1,227,292			1,198,005			1,247,220
Other non-current liabilities		516,560			476,169			465,021

Total non-current liabilities		14,278,833			14,491,142			16,518,344

Total liabilities		32,761,195			32,633,351			37,978,811

Shareholders’ equity
Common stock		397,050			397,050			397,050
Additional paid-in capital		487,162			489,334			497,275
Retained earnings		20,613,776			22,234,061			24,104,176
Other components of equity		1,016,035			585,549			1,307,726
Treasury stock		(2,606,925	)		(3,087,106	)		(2,901,680	)

Total Toyota Motor Corporation shareholders’ equity		19,907,100			20,618,888			23,404,547

Non-controlling interests		748,110			720,124			883,782

Total shareholders’ equity		20,655,210			21,339,012			24,288,329

Total liabilities and shareholders’ equity		53,416,405			53,972,363			62,267,140

—8—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

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

Consolidated Statement of Income


	Yen in millions
	For the year ended March 31, 2020			For the year ended March 31, 2021
Sales revenues
Sales of products		27,693,693			25,077,398
Financial services		2,172,854			2,137,195

Total sales revenues		29,866,547			27,214,594

Costs and expenses
Cost of products sold		23,103,596			21,199,890
Cost of financial services		1,381,755			1,182,330
Selling, general and administrative		2,981,965			2,634,625

Total costs and expenses		27,467,315			25,016,845

Operating income		2,399,232			2,197,748

Share of profit (loss) of investments accounted for using the equity method		310,247			351,029
Other finance income		305,846			435,229
Other finance costs		(47,155	)		(47,537	)
Foreign exchange gain (loss), net		(94,619	)		15,142
Other income (loss), net		(80,607	)		(19,257	)

Income before income taxes		2,792,942			2,932,354

Income tax expense		681,817			649,976

Net income		2,111,125			2,282,378

Net income attributable to
Toyota Motor Corporation		2,036,140			2,245,261
Non-controlling interests		74,985			37,118

Net income		2,111,125			2,282,378


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		727.47			803.23

Diluted		720.10			794.67

—9—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Consolidated Statement of Comprehensive Income


	Yen in millions
	For the year ended March 31, 2020			For the year ended March 31, 2021
Net income		2,111,125			2,282,378
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(243,853	)		387,427
Remeasurements of defined benefit plans		(43,399	)		216,272
Share of other comprehensive income of equity method investees		62,568			80,472

Total of items that will not be reclassified to profit (loss)		(224,684	)		684,172

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		(362,098	)		403,636
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		113,390			(83,503	)
Share of other comprehensive income of equity method investees		(35,253	)		8,172

Total of items that may be reclassified subsequently to profit (loss)		(283,961	)		328,305

Total other comprehensive income, net of tax		(508,645	)		1,012,476

Comprehensive income		1,602,480			3,294,854

Comprehensive income for the period attributable to
Toyota Motor Corporation		1,555,009			3,217,806
Non-controlling interests		47,472			77,048

Comprehensive income		1,602,480			3,294,854

—10—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

3. Consolidated Statement of Changes in Equity

For the year ended March 31, 2020


	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non-controlling interests			Total shareholders’ equity
Balances at April 1, 2019		397,050		487,162			20,613,776			1,016,035			(2,606,925	)		19,907,100			748,110			20,655,210

Comprehensive income
Net income		—		—			2,036,140			—			—			2,036,140			74,985			2,111,125
Other comprehensive income, net of tax		—		—			—			(481,131	)		—			(481,131	)		(27,514	)		(508,645	)

Total comprehensive income		—		—			2,036,140			(481,131	)		—			1,555,009			47,472			1,602,480

Transactions with owners and other
Dividends paid		—		—			(618,801	)		—			—			(618,801	)		(54,956	)		(673,756	)
Repurchase of treasury stock		—		—			—			—			(500,309	)		(500,309	)		—			(500,309	)
Reissuance of treasury stock		—		4,053			—			—			20,128			24,181			—			24,181
Change in scope of equity method		—		—			253,590			—			—			253,590			—			253,590
Equity transactions and other		—		(1,882	)		—			—			—			(1,882	)		(20,503	)		(22,384	)

Total transactions with owners and other		—		2,171			(365,211	)		—			(480,181	)		(843,221	)		(75,458	)		(918,679	)

Reclassification to retained earnings		—		—			(50,644	)		50,644			—			—			—			—

Balances at March 31, 2020		397,050		489,334			22,234,061			585,549			(3,087,106	)		20,618,888			720,124			21,339,012

For the year ended March 31, 2021
	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non-controlling interests			Total shareholders’ equity
Balances at April 1, 2020		397,050		489,334			22,234,061			585,549			(3,087,106	)		20,618,888			720,124			21,339,012

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

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

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

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

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

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

—11—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

4. Consolidated Statement of Cash Flows


	Yen in millions
	For the year ended March 31, 2020			For the year ended March 31, 2021
Cash flows from operating activities
Net income		2,111,125			2,282,378
Depreciation and amortization		1,595,347			1,644,290
Interest income and interest costs related to financial services, net		(193,046	)		(236,862	)
Share of profit (loss) of investments accounted for using the equity method		(310,247	)		(351,029	)
Income tax expense		681,817			649,976
Changes in operating assets and liabilities, and other		(1,319,537	)		(1,063,562	)
(Increase) decrease in trade accounts and other receivables		257,588			5,027
(Increase) decrease in receivables related to financial services		(1,214,742	)		(1,243,648	)
(Increase) decrease in inventories		(163,109	)		(242,769	)
(Increase) decrease in other current assets		(308,342	)		(163,473	)
Increase (decrease) in trade accounts and other payables		(129,053	)		384,142
Increase (decrease) in other current liabilities		258,904			282,197
Increase (decrease) in retirement benefit liabilities		43,270			55,281
Other, net		(64,053	)		(140,319	)
Interest received		798,458			776,748
Dividends received		318,408			294,520
Interest paid		(506,307	)		(459,181	)
Income taxes paid, net of refund		(777,522	)		(810,117	)

Net cash provided by (used in) operating activities		2,398,496			2,727,162

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,246,293	)		(1,213,903	)
Additions to equipment leased to others		(2,195,291	)		(2,275,595	)
Proceeds from sales of fixed assets excluding equipment leased to others		47,949			40,542
Proceeds from sales of equipment leased to others		1,391,193			1,371,699
Additions to intangible assets		(304,992	)		(278,447	)
Additions to public and corporate bonds and stocks		(2,405,337	)		(2,729,171	)
Proceeds from sales of public and corporate bonds and stocks		1,151,463			1,020,533
Proceeds upon maturity of public and corporate bonds		1,224,185			1,041,385
Other, net		212,473			(1,661,218	)

Net cash provided by (used in) investing activities		(2,124,650	)		(4,684,175	)

Cash flows from financing activities
Increase (decrease) in short-term debt		279,033			(1,038,438	)
Proceeds from long-term debt		5,690,569			9,656,216
Payments of long-term debt		(4,456,913	)		(5,416,376	)
Dividends paid to Toyota Motor Corporation common shareholders		(618,801	)		(625,514	)
Dividends paid to non-controlling interests		(54,956	)		(36,598	)
Reissuance (repurchase) of treasury stock		(476,128	)		199,884

Net cash provided by (used in) financing activities		362,805			2,739,174

Effect of exchange rate changes on cash and cash equivalents		(141,007	)		220,245

Net increase (decrease) in cash and cash equivalents		495,645			1,002,406

Cash and cash equivalents at beginning of year		3,602,805			4,098,450

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

—12—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

5. Going Concern Assumption

None

—13—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

6. Segment Information

(1) Segment Information

As of and for the year ended March 31, 2020


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		26,770,379		2,172,854		923,314		—			29,866,547
Inter-segment revenues and transfers		29,364		20,316		581,606		(631,286	)		—

Total		26,799,743		2,193,170		1,504,920		(631,286	)		29,866,547
Operating expenses		24,786,609		1,909,429		1,401,564		(630,287	)		27,467,315

Operating income		2,013,134		283,742		103,356		(999	)		2,399,232

Total assets		19,450,102		25,390,541		2,119,951		7,011,769			53,972,363
Investments accounted for using the equity method		3,810,310		65,471		283,355		138,428			4,297,564
Depreciation and amortization		821,958		739,484		33,905		—			1,595,347
Capital expenditures		1,437,932		2,061,334		68,363		14,818			3,582,448
As of and for the year ended March 31, 2021
	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		24,597,846		2,137,195		479,553		—			27,214,594
Inter-segment revenues and transfers		53,706		25,042		572,812		(651,560	)		—

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

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

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


Note:		Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2020 and March 31, 2021 are 8,584,459 million yen and 11,344,879 million yen, respectively.

—14—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

(2) Consolidated Financial Statements on Non-Financial Services Businesses and Financial Services Business

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


	Yen in millions
	Transition date April 1, 2019			March 31, 2020			March 31, 2021
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents		2,818,313			2,682,431			3,274,149
Trade accounts and other receivable		3,027,544			2,646,618			3,063,314
Other financial assets		2,279,004			1,849,063			3,778,119
Inventories		2,731,040			2,533,892			2,888,028
Other current assets		435,279			738,008			664,097

Total current assets		11,291,179			10,450,012			13,667,707

Non-current assets
Property, plant and equipment		6,177,114			6,228,180			6,805,166
Other		12,674,327			13,234,909			14,721,626

Total non-current assets		18,851,441			19,463,089			21,526,792

Total assets		30,142,621			29,913,101			35,194,499

(Financial Services Business)
Current assets
Cash and cash equivalents		784,492			1,416,020			1,826,707
Trade accounts and other receivable		180,607			194,994			216,767
Receivables related to financial services		6,657,367			6,621,604			6,756,189
Other financial assets		834,427			1,140,910			1,021,738
Other current assets		162,315			186,869			198,068

Total current assets		8,619,207			9,560,397			10,019,469

Non-current assets
Receivables related to financial services		10,281,028			10,417,797			12,449,525
Property, plant and equipment		4,506,991			4,305,837			4,605,988
Other		959,196			1,106,509			1,200,256

Total non-current assets		15,747,215			15,830,143			18,255,770

Total assets		24,366,422			25,390,541			28,275,239

(Elimination)
Elimination of assets		(1,092,638	)		(1,331,279	)		(1,202,599	)
(Consolidated)

Total assets		53,416,405			53,972,363			62,267,140

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

—15—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


	Yen in millions
	Transition date April 1, 2019			March 31, 2020			March 31, 2021
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables		3,687,407			3,305,034			3,801,753
Short-term and current portion of long-term debt		852,002			685,431			2,348,514
Accrued expenses		1,269,615			1,197,245			1,322,353
Income taxes payable		301,021			197,213			262,727
Other current liabilities		2,576,512			2,472,424			2,650,433

Total current liabilities		8,686,557			7,857,347			10,385,779

Non-current liabilities
Long-term debt		1,567,346			1,549,676			1,523,134
Retirement benefit liabilities		986,860			1,005,538			1,015,156
Other non-current liabilities		1,124,943			1,149,254			1,509,535

Total non-current liabilities		3,679,148			3,704,467			4,047,825

Total liabilities		12,365,705			11,561,815			14,433,605

(Financial Services Business)
Current liabilities
Trade accounts and other payables		388,838			350,099			510,670
Short-term and current portion of long-term debt		9,244,879			9,942,634			10,286,251
Accrued expenses		94,707			74,508			102,200
Income taxes payable		20,295			15,064			88,153
Other current liabilities		781,665			937,231			1,002,615

Total current liabilities		10,530,384			11,319,535			11,989,889

Non-current liabilities
Long-term debt		9,982,796			10,016,507			12,044,994
Retirement benefit liabilities		15,850			16,623			19,940
Other non-current liabilities		959,138			1,053,466			696,294

Total non-current liabilities		10,957,784			11,086,596			12,761,228

Total liabilities		21,488,168			22,406,131			24,751,117

(Elimination)
Elimination of liabilities		(1,092,679	)		(1,334,595	)		(1,205,911	)
(Consolidated)

Total liabilities		32,761,195			32,633,351			37,978,811

Shareholders’ equity

(Consolidated) Total Toyota Motor Corporation shareholders’ equity		19,907,100			20,618,888			23,404,547

(Consolidated) Non-controlling interests		748,110			720,124			883,782

(Consolidated) Total shareholders’ equity		20,655,210			21,339,012			24,288,329

(Consolidated) Total liabilities and shareholders’ equity		53,416,405			53,972,363			62,267,140

—16—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

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


	Yen in millions
	For the year ended March 31, 2020		For the year ended March 31, 2021
(Non-Financial Services Businesses)
Sales revenues		27,710,128		25,103,190
Cost of revenues		23,104,047		21,199,915
Selling, general and administrative		2,492,039		2,206,205

Operating income		2,114,042		1,697,070

Other income (loss), net		394,278		742,785

Income before income taxes		2,508,319		2,439,855

Income tax expense		615,546		528,413

Net income		1,892,774		1,911,442

Net income attributable to
Toyota Motor Corporation		1,818,022		1,875,467
Non-controlling interests		74,752		35,975

(Financial Services Business)
Sales revenues		2,193,170		2,162,237
Cost of revenues		1,397,344		1,202,277
Selling, general and administrative		512,085		464,368

Operating income		283,742		495,593

Other income (loss), net		835		(3,090	)

Income before income taxes		284,577		492,503

Income tax expense		66,284		121,536

Net income		218,293		370,967

Net income attributable to
Toyota Motor Corporation		218,060		369,824
Non-controlling interests		233		1,143

(Elimination)
Elimination of net income		59		(30	)
(Consolidated)

Net income		2,111,125		2,282,378

Net income attributable to
Toyota Motor Corporation		2,036,140		2,245,261
Non-controlling interests		74,985		37,118

—17—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Consolidated Statement of Cash Flows on Non-Financial Services Businesses and Financial Services Business


	Yen in millions
	For the year ended March 31, 2020			For the year ended March 31, 2021
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income		1,892,774			1,911,442
Depreciation and amortization		855,863			928,533
Share of profit (loss) of investments accounted for using the equity method		(298,494	)		(345,374	)
Income tax expense		615,546			528,413
Changes in operating assets and liabilities, and other		(154,164	)		(262,407	)
Interest received		141,975			123,606
Dividends received		316,610			290,618
Interest paid		(46,217	)		(35,371	)
Income taxes paid, net of refund		(700,528	)		(505,260	)

Net cash provided by (used in) operating activities		2,623,364			2,634,200

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,222,821	)		(1,203,662	)
Additions to equipment leased to others		(163,592	)		(142,217	)
Proceeds from sales of fixed assets excluding equipment leased to others		46,765			38,575
Proceeds from sales of equipment leased to others		49,892			46,461
Additions to intangible assets		(299,253	)		(271,274	)
Additions to public and corporate bonds and stocks		(2,220,217	)		(2,511,346	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		2,249,367			1,982,302
Other, net		(95,852	)		(1,339,372	)

Net cash provided by (used in) investing activities		(1,655,711	)		(3,400,534	)

Cash flows from financing activities
Increase (decrease) in short-term debt		45,288			213,716
Proceeds from long-term debt		247,048			1,662,593
Payments of long-term debt		(163,486	)		(170,373	)
Dividends paid to Toyota Motor Corporation common shareholders		(618,801	)		(625,514	)
Dividends paid to non-controlling interests		(50,903	)		(34,840	)
Reissuance (repurchase) of treasury stock		(476,128	)		199,884

Net cash provided by (used in) financing activities		(1,016,982	)		1,245,465

Effect of exchange rate changes on cash and cash equivalents		(86,553	)		112,588

Net increase (decrease) in cash and cash equivalents		(135,882	)		591,719

Cash and cash equivalents at beginning of year		2,818,313			2,682,431

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

—18—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


	Yen in millions
	For the year ended March 31, 2020			For the year ended March 31, 2021
(Financial Services Business)
Cash flows from operating activities
Net income		218,293			370,967
Depreciation and amortization		739,484			715,757
Interest income and interest costs related to financial services, net		(200,727	)		(241,016	)
Share of profit (loss) of investments accounted for using the equity method		(11,753	)		(5,655	)
Income tax expense		66,284			121,536
Changes in operating assets and liabilities, and other		(1,081,707	)		(780,798	)
Interest received		664,167			661,272
Dividends received		1,799			3,901
Interest paid		(467,774	)		(431,939	)
Income taxes paid, net of refund		(76,994	)		(304,856	)

Net cash provided by (used in) operating activities		(148,928	)		109,168

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(23,472	)		(10,240	)
Additions to equipment leased to others		(2,031,699	)		(2,133,378	)
Proceeds from sales of fixed assets excluding equipment leased to others		1,184			1,967
Proceeds from sales of equipment leased to others		1,341,301			1,325,238
Additions to intangible assets		(5,739	)		(7,173	)
Additions to public and corporate bonds and stocks		(185,120	)		(217,825	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		126,281			79,616
Other, net		(22,213	)		(35,893	)

Net cash provided by (used in) investing activities		(799,477	)		(997,688	)

Cash flows from financing activities
Increase (decrease) in short-term debt		514,196			(1,517,259	)
Proceeds from long-term debt		5,458,616			8,043,141
Payments of long-term debt		(4,334,374	)		(5,332,573	)
Dividends paid to non-controlling interests		(4,052	)		(1,757	)

Net cash provided by (used in) financing activities		1,634,387			1,191,551

Effect of exchange rate changes on cash and cash equivalents		(54,454	)		107,657

Net increase (decrease) in cash and cash equivalents		631,527			410,688

Cash and cash equivalents at beginning of year		784,492			1,416,020

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


(Consolidated)
Effect of exchange rate changes on cash and cash equivalents		(141,007	)		220,245

Net increase (decrease) in cash and cash equivalents		495,645			1,002,406

Cash and cash equivalents at beginning of year		3,602,805			4,098,450

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

—19—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

(3) Geographic Information

As of and for the year ended March 31, 2020


	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		9,503,238		10,419,869		3,133,227		4,785,489		2,024,724		—			29,866,547
Inter-segment revenues and transfers		6,938,614		222,165		222,130		507,741		89,387		(7,980,038	)		—

Total		16,441,852		10,642,034		3,355,357		5,293,231		2,114,111		(7,980,038	)		29,866,547
Operating expenses		14,856,576		10,388,830		3,211,540		4,929,684		2,030,110		(7,949,425	)		27,467,315

Operating income		1,585,276		253,205		143,817		363,547		84,001		(30,613	)		2,399,232

Total assets		18,221,453		18,579,078		4,264,022		5,307,513		2,881,536		4,718,761			53,972,363
Non-current assets		4,697,388		5,517,466		570,563		708,066		428,707		—			11,922,190

As of and for the year ended March 31, 2021

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

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

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

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


Note: 1.		Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2020 and March 31, 2021 are 8,584,459 million yen and 11,344,879 million yen, respectively.
2.		“Other” consists of Central and South America, Oceania, Africa and the Middle East.
3.		Non-current assets do not include financial instruments, deferred tax assets, net defined benefit assets and rights arising under insurance contracts.

—20—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

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, 2020
Net income attributable to Toyota Motor Corporation		2,036,140

Basic earnings per share attributable to Toyota Motor Corporation		2,036,140		2,798,918		727.47

Effect of dilutive securities
Model AA Class Shares		13,265		47,100

Diluted earnings per share attributable to Toyota Motor Corporation		2,049,405		2,846,018		720.10

For the year ended March 31, 2021
Net income attributable to Toyota Motor Corporation		2,245,261

Basic earnings per share attributable to Toyota Motor Corporation		2,245,261		2,795,288		803.23

Effect of dilutive securities
Model AA Class Shares		12,569		45,939

Diluted earnings per share attributable to Toyota Motor Corporation		2,257,830		2,841,227		794.67

In addition to the disclosure requirements under IFRS, Toyota discloses the information below in order to provide financial statements users with valuable information. The following table shows Toyota Motor Corporation shareholders’ equity per share. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equity in the consolidated statement of financial position by common shares issued and outstanding at the end of the year (excluding treasury stock).
	Yen in millions		Thousands of shares		Yen
	Toyota Motor Corporation shareholders’ equity		Common shares issued and outstanding at the end of the year (excluding treasury stock)		Toyota Motor Corporation shareholders’ equity per share
As of April 1, 2019		19,907,100		2,832,439		7,028.25
As of March 31, 2020		20,618,888		2,766,153		7,454.00
As of March 31, 2021		23,404,547		2,795,949		8,370.88

—21—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

8. Significant Subsequent Events

Common stock split

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

Purpose of the Stock Split -

The purpose is to reduce the minimum investment price through the stock split, thereby creating an environment where it is easier to invest in 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 will be September 30, 2021. Each share of TMC’s common stock held by shareholders as of the record date will be split into five shares.

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

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

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

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

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

Stock Split Schedule -

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

Record date: September 30, 2021(Scheduled)

Effective date: October 1, 2021(Scheduled)

Partial Amendment to Articles of Incorporation -

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

Impact on per share information -

Per share information assuming that the stock split was performed at the beginning of the fiscal year ended March 31, 2020 is as follows.


	For the year ended March 31, 2020		For the year ended March 31, 2021
Basic earnings per share attributable to Toyota Motor Corporation (yen)		145.49		160.65
Diluted earnings per share attributable to Toyota Motor Corporation (yen)		144.02		158.93
Toyota Motor Corporation shareholders’ equity per share (yen)		1,490.80		1,674.18

—22—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

9. First-Time Adoption

Transition to reporting in accordance with IFRS

Toyota Motor Corporation (“TMC”) has prepared its consolidated financial statements in accordance with IFRS from the first quarter ended June 30, 2020.

Up to the fiscal year ended March 31, 2020, TMC and its consolidated subsidiaries (“Toyota”) prepared its consolidated financial statements in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). The date of the transition to IFRS (“Transition Date”) was April 1, 2019.

IFRS 1 “First-time Adoption of International Financial Reporting Standards” (“IFRS 1”) stipulates that, in principle, the retrospective application of IFRS is required. However, it provides some voluntary and mandatory exemptions from full retrospective applications. TMC elected such exemptions with respect to the following items.

Business combination -

IFRS 3 “Business Combinations”, was not applied retrospectively to business combinations that occurred before the Transition Date.

Foreign currency translation adjustments of foreign operations -

The cumulative foreign currency translation adjustments were reclassified from other comprehensive income to retained earnings as of the Transition Date.

Designation of equity financial assets -

Equity financial assets recognized before the Transition Date were designated as financial assets measured at fair value through other comprehensive income based on the facts and circumstances that existed as of the Transition Date.

Deemed cost -

IFRS 1 permits a first time adopter to elect to use fair value at the Transition Date as deemed cost for items of property, plant and equipment. For some property, plant and equipment, the fair value at the Transition Date is used as deemed cost.

Recognition of right of use assets and lease liabilities -

When a first time adopter that is a lessee recognizes right of use assets and lease liabilities, it is permitted to measure right of use assets and lease liabilities at the Transition Date under IFRS 1. Toyota measured all lease liabilities at the Transition Date, using the present value of the remaining lease payments discounted by the lessee’s incremental borrowing rate at the Transition Date. Toyota measured right of use assets at the Transition Date, making them equal to the lease liabilities.

For leases for which the lease term ends within 12 months of the Transition Date, lease payments associated with those leases were recognized as profit or loss on a straight-line basis over the lease term.

—23—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Reconciliation of U.S. GAAP to IFRS

Toyota has made the necessary adjustments to the previously disclosed U.S. GAAP consolidated financial statements in transition to IFRS.

Items that do not affect retained earnings and comprehensive income are included in “Reclassification,” and items that affect retained earnings and comprehensive income are included in “Adjustment of recognition and measurement” of the reconciliation tables.

—24—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Reconciliation of Equity as of The Transition Date (April 1, 2019)


	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Assets														Assets
Current assets														Current assets
Cash and cash equivalents		3,574,704			—			28,101			3,602,805			Cash and cash equivalents
Trade accounts and notes receivable, less allowance for doubtful accounts		2,372,734			568,156			13,728			2,954,617		A	Trade accounts and other receivables
Other receivables		568,156			(568,156	)		—			—		A
Finance receivables, net		6,647,771			—			9,596			6,657,367			Receivables related to financial services
Time deposits		1,126,352			1,508,812			5,228			2,640,392		B,C,D	Other financial assets
Marketable securities		1,127,160			(1,127,160	)		—			—		B
Inventories		2,656,396			—			74,644			2,731,040		a	Inventories
		—			84,281			293			84,574		E	Income tax receivable
Prepaid expenses and other current assets		805,964			(297,502	)		(807	)		507,654		C,D,E	Other current assets

Total current assets		18,879,237			168,431			130,781			19,178,450			Total current assets

														Non-current assets
Investments in affiliated companies		3,313,723			54,004			99,516			3,467,242			Investments accounted for using the equity method
Noncurrent finance receivables, net		10,281,118			—			(90	)		10,281,028			Receivables related to financial services
Marketable securities and other securities investments		7,479,926			238,009			51,806			7,769,740		D,F,G,b	Other financial assets
Employees receivables		21,683			(21,683	)		—			—		F
Property, plant and equipment														Property, plant and equipment
Land		1,386,308			1,353			(28,391	)		1,359,271		c	Land
Buildings		4,802,175			(14,489	)		45,593			4,833,278			Buildings
Machinery and equipment		11,857,425			(6,097	)		105,445			11,956,773			Machinery and equipment
Vehicles and equipment on operating leases		6,139,163			—			—			6,139,163			Vehicles and equipment on operating leases
Construction in progress		651,713			61			4,293			656,067			Construction in progress

Total property, plant and equipment, at cost		24,836,784			(19,172	)		126,939			24,944,551			Total property, plant and equipment, at cost

Less - Accumulated depreciation		(14,151,290	)		(8,140	)		(101,016	)		(14,260,446	)		Less - Accumulated depreciation and impairment losses

Total property, plant and equipment, net		10,685,494			(27,313	)		25,923			10,684,105			Total property, plant and equipment, net

		—			27,313			369,517			396,830		d	Right of use assets
		—			297,394			611,343			908,737		G,e	Intangible assets
		—			501,872			(55,489	)		446,383		G,f	Deferred tax assets
Other		1,275,768			(991,888	)		9			283,889		G	Other non-current assets

		33,057,712			77,709			1,102,535			34,237,955			Total non-current assets

Total assets		51,936,949			246,140			1,233,316			53,416,405			Total assets

—25—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Liabilities														Liabilities
Current liabilities														Current liabilities
Accounts payable		2,645,984			1,180,657			29,492			3,856,133		H	Trade accounts and other payables
Other payables		1,102,802			(1,102,802	)		—			—		H
Short-term borrowings		5,344,973			4,254,260			102,580			9,701,813		I,d	Short-term and current portion of long-term debt
Current portion of long-term debt		4,254,260			(4,254,260	)		—			—		I
Accrued expenses		3,222,446			(1,870,433	)		(1,761	)		1,350,252		J	Accrued expenses
		—			475,409			(107	)		475,302		D,K	Other financial liabilities
Income taxes payable		320,998			—			318			321,316			Income taxes payable
		—			1,769,275			239			1,769,514		J	Liabilities for quality assurance
Other current liabilities		1,335,475			(339,131	)		11,688			1,008,032		D,K	Other current liabilities

Total current liabilities		18,226,938			112,975			142,449			18,482,362			Total current liabilities

Long-term liabilities														Non-current liabilities
Long-term debt		10,550,945			498,073			293,298			11,342,315		L,d	Long-term debt
		—			189,957			—			189,957		D	Other financial liabilities
Accrued pension and severance costs		963,406			37,532			1,771			1,002,710			Retirement benefit liabilities
Deferred income taxes		1,014,851			11,670			200,771			1,227,292		f	Deferred tax liabilities
Other long-term liabilities		615,599			(105,994	)		6,955			516,560			Other non-current liabilities

Total long-term liabilities		13,144,801			631,238			502,794			14,278,833			Total non-current liabilities

Total liabilities		31,371,739			744,213			645,244			32,761,195			Total liabilities

Mezzanine equity		498,073			(498,073	)		—			—		L
Shareholders’ equity														Shareholders’ equity
Toyota Motor Corporation shareholders’ equity
Common stock, no par value		397,050			—			—			397,050			Common stock
Additional paid-in capital		487,162			—			—			487,162			Additional paid-in capital
Retained earnings		21,987,515			—			(1,373,738	)		20,613,776		j	Retained earnings
Accumulated other comprehensive income (loss)		(916,650	)		—			1,932,686			1,016,035		b,g,h	Other components of equity
Treasury stock, at cost		(2,606,925	)		—			—			(2,606,925	)		Treasury stock

Total Toyota Motor Corporation shareholders’ equity		19,348,152			—			558,947			19,907,100			Total Toyota Motor Corporation shareholders’ equity

Noncontrolling interests		718,985			—			29,125			748,110			Non-controlling interests

Total shareholders’ equity		20,067,137			—			588,072			20,655,210			Total shareholders’ equity

Total mezzanine equity and shareholders’ equity		20,565,210			(498,073	)		588,072			20,655,210

Commitments and contingencies

Total liabilities, mezzanine equity and shareholders’ equity		51,936,949			246,140			1,233,316			53,416,405			Total liabilities and shareholders’ equity

—26—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


Reconciliation of Equity as of March 31, 2020

	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Assets														Assets
Current assets														Current assets
Cash and cash equivalents		4,190,518			—			(92,068	)		4,098,450			Cash and cash equivalents
Trade accounts and notes receivables, less allowance for doubtful accounts		2,094,894			564,854			(11,389	)		2,648,360		A	Trade accounts and other receivables
Other receivables		564,854			(564,854	)		—			—		A
Finance receivables, net		6,614,171			—			7,433			6,621,604			Receivables related to financial services
Time deposits		828,220			1,316,339			(958	)		2,143,602		B,C,D	Other financial assets
Marketable securities		678,731			(678,731	)		—			—		B
Inventories		2,434,918			—			98,974			2,533,892		a	Inventories
		—			237,333			275			237,609		E	Income tax receivable
Prepaid expenses and other current assets		1,236,225			(578,614	)		22,193			679,804		C,D,E	Other current assets

Total current assets		18,642,531			296,327			24,462			18,963,320			Total current assets

														Non-current assets
Investments in affiliated companies		4,123,453			81,731			92,380			4,297,564			Investments accounted for using the equity method
Noncurrent finance receivables, net		10,423,858			49			(6,109	)		10,417,797			Receivables related to financial services
Marketable securities and other securities investments		7,348,651			502,296			50,570			7,901,517		D,F,G,b	Other financial assets
Employees receivables		21,484			(21,484	)		—			—		F
Property, plant and equipment														Property, plant and equipment
Land		1,346,988			165			(28,189	)		1,318,964		c	Land
Buildings		4,730,783			(19,860	)		30,528			4,741,451			Buildings
Machinery and equipment		11,939,121			(43,092	)		83,419			11,979,449			Machinery and equipment
Vehicles and equipment on operating leases		5,929,233			—			(400	)		5,928,833			Vehicles and equipment on operating leases
Construction in progress		510,963			60			6,438			517,460			Construction in progress

Total property, plant and equipment, at cost		24,457,088			(62,728	)		91,797			24,486,156			Total property, plant and equipment, at cost

Less - Accumulated depreciation		(13,855,563	)		2,355			(98,933	)		(13,952,141	)		Less - Accumulated depreciation and impairment losses

Total property, plant and equipment, net		10,601,525			(60,373	)		(7,136	)		10,534,016			Total property, plant and equipment, net

		—			337,442			(107	)		337,335		G	Right of use assets
		—			374,263			625,994			1,000,257		G,e	Intangible assets
		—			354,785			(28,420	)		326,364		G,f	Deferred tax assets
Other		1,518,934			(1,331,576	)		6,834			194,192		G	Other non-current assets

		34,037,905			237,133			734,005			35,009,043			Total non-current assets

Total assets		52,680,436			533,460			758,468			53,972,363			Total assets

—27—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Liabilities														Liabilities
Current liabilities														Current liabilities
Accounts payable		2,434,180			1,064,224			(375	)		3,498,029		H	Trade accounts and other payables
Other payables		1,020,270			(1,020,270	)		—			—		H
Short-term borrowings		5,286,026			4,611,537			9,192			9,906,755		I	Short-term and current portion of long-term debt
Current portion of long-term debt		4,574,045			(4,574,045	)		—			—		I
Accrued expenses		2,926,052			(1,689,158	)		19,901			1,256,794		J	Accrued expenses
		—			546,378			(7,637	)		538,740		D,K	Other financial liabilities
Income taxes payable		218,117			—			(5,841	)		212,276			Income taxes payable
		—			1,553,816			(846	)		1,552,970		J	Liabilities for quality assurance
Other current liabilities		1,443,687			(252,101	)		(14,942	)		1,176,645		D,K	Other current liabilities

Total current liabilities		17,902,377			240,382			(549	)		18,142,209			Total current liabilities

Long-term liabilities														Non-current liabilities
Long-term debt		10,692,898			739,633			1,688			11,434,219		L,M	Long-term debt
		—			360,588			—			360,588		D	Other financial liabilities
Accrued pension and severance costs		978,626			41,356			2,179			1,022,161			Retirement benefit liabilities
Deferred income taxes		1,043,169			1,487			153,349			1,198,005		f	Deferred tax liabilities
Other long-term liabilities		821,515			(345,816	)		471			476,169		M	Other non-current liabilities

Total long-term liabilities		13,536,208			797,247			157,687			14,491,142			Total non-current liabilities

Total liabilities		31,438,585			1,037,629			157,138			32,633,351			Total liabilities

Mezzanine equity		504,169			(504,169	)		—			—		L
Shareholders’ equity														Shareholders’ equity
Toyota Motor Corporation shareholders’ equity
Common stock, no par value		397,050			—			—			397,050			Common stock
Additional paid-in capital		489,334			—			—			489,334			Additional paid-in capital
Retained earnings		23,427,613			—			(1,193,552	)		22,234,061		j	Retained earnings
Accumulated other comprehensive income (loss)		(1,166,273	)		—			1,751,822			585,549		b,g,h	Other components of equity
Treasury stock, at cost		(3,087,106	)		—			—			(3,087,106	)		Treasury stock

Total Toyota Motor Corporation shareholders’ equity		20,060,618			—			558,270			20,618,888			Total Toyota Motor Corporation Shareholders’ equity

Noncontrolling interests		677,064			—			43,060			720,124			Non-controlling interests

Total shareholders’ equity		20,737,682			—			601,330			21,339,012			Total shareholders’ equity

Total mezzanine equity and shareholders’ equity		21,241,851			(504,169	)		601,330			21,339,012

Commitments and contingencies

Total liabilities, mezzanine equity and shareholders’ equity		52,680,436			533,460			758,468			53,972,363			Total liabilities and shareholders’ equity

—28—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


Reconciliation of Net Profit or Loss For the year ended March 31, 2020
	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Net revenues														Sales revenues
Sales of products		27,759,749			—			(66,056	)		27,693,693		i	Sales of products
Financing operations		2,170,243			—			2,611			2,172,854			Financial services

Total net revenues		29,929,992			—			(63,445	)		29,866,547			Total sales revenues

Costs and expenses														Costs and expenses
Cost of products sold		23,142,744			(12,761	)		(26,387	)		23,103,596		i	Cost of products sold
Cost of financing operations		1,379,620			—			2,134			1,381,755			Cost of financial services
Selling, general and administrative		2,964,759			(3,391	)		20,597			2,981,965			Selling, general and administrative

Total costs and expenses		27,487,123			(16,153	)		(3,655	)		27,467,315			Total costs and expenses

Operating income		2,442,869			16,153			(59,790	)		2,399,232			Operating income

Other income (expense)
		—			271,152			39,094			310,247			Share of profit (loss) of investments accounted for using the equity method
Interest and dividend income		232,870			77,241			(4,266	)		305,846			Other finance income
Interest expense		(32,217	)		(2,573	)		(12,365	)		(47,155	)		Other finance costs
Foreign exchange gain (loss), net		(79,020	)		—			(15,599	)		(94,619	)		Foreign exchange gain (loss), net
Unrealized gains (losses) on equity securities		(24,600	)		—			24,600			—		b
Other income (loss), net		14,705			(90,821	)		(4,491	)		(80,607	)		Other income (loss), net

Income before income taxes and equity in earnings of affiliated companies		2,554,607			271,152			(32,817	)		2,792,942			Income before income taxes

Provision for income taxes		683,430			—			(1,613	)		681,817		b	Income tax expense
Equity in earnings of affiliated companies		271,152			(271,152	)		—			—

Net income		2,142,329			—			(31,204	)		2,111,125			Net income

														Net income attributable to
Net income attributable to Toyota Motor Corporation		2,076,183			—			(40,043	)		2,036,140			Toyota Motor Corporation
Net income attributable to noncontrolling interests		66,146			—			8,839			74,985			Non-controlling interests

		2,142,329			—			(31,204	)		2,111,125			Net income

—29—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary


Reconciliation of Other Comprehensive Income For the year ended March 31, 2020
	Yen in millions
Presentation under U.S. GAAP	U.S. GAAP			Reclassification			Adjustment of recognition and measurement			IFRS			Notes	Presentation under IFRS
Net income		2,142,329			—			(31,204	)		2,111,125			Net income
Other comprehensive income (loss), net of tax														Other comprehensive income, net of tax
														Items that will not be reclassified to profit (loss)
Unrealized gains (losses) on securities		118,363			(118,363	)		(243,853	)		(243,853	)	b	Net changes in revaluation of financial assets measured at fair value through other comprehensive income
Pension liability adjustments		(60,196	)		(612	)		17,409			(43,399	)		Remeasurements of defined benefit plans
		—			612			61,956			62,568			Shares of other comprehensive income of equity method investees

		58,167			(118,363	)		(164,488	)		(224,684	)		Total of items that will not be reclassified to profit (loss)

														Items that may be reclassified subsequently to profit (loss)
Foreign currency translation adjustments		(333,854	)		89,371			(117,614	)		(362,098	)		Exchange differences on translating foreign operations
		—			118,363			(4,973	)		113,390			Net changes in revaluation of financial assets measured at fair value through other comprehensive income
		—			(89,371	)		54,118			(35,253	)		Shares of other comprehensive income of equity method investees

		(333,854	)		118,363			(68,469	)		(283,961	)		Total of items that may be reclassified subsequently to profit (loss)

Total other comprehensive income (loss)		(275,687	)		—			(232,958	)		(508,645	)		Total other comprehensive income, net of tax

Comprehensive income		1,866,642			—			(264,162	)		1,602,480			Comprehensive income

														Comprehensive income for the period attributable to
Comprehensive income attributable to Toyota Motor Corporation		1,820,764			—			(265,756	)		1,555,009			Toyota Motor Corporation
Comprehensive income attributable to noncontrolling interests		45,878			—			1,594			47,472			Non-controlling interests

		1,866,642			—			(264,162	)		1,602,480			Comprehensive income

—30—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Notes to reconciliation

Changes in presentation -

A.	Other receivables separately presented under U.S. GAAP have been reclassified into trade accounts and other receivables under IFRS.

B.	Marketable securities separately presented under U.S. GAAP have been reclassified into other financial assets in current assets under IFRS.

C.	Other financial assets included in prepaid expenses and other current assets under U.S. GAAP are separately presented under IFRS.

D.	Derivative assets and liabilities that meet certain requirements are offset under U.S. GAAP. Under IFRS they are presented in gross amount.

E.	Income tax receivable included in prepaid expenses and other current assets under U.S. GAAP are separately presented under IFRS.

F.	Employees receivables separately presented under U.S. GAAP have been reclassified into other financial assets in non-current assets under IFRS.

G.	Right of use assets, intangible assets, deferred tax assets and other financial assets in non-current assets included in other in investment and other assets under U.S. GAAP are separately presented under IFRS.

H.	Other payables separately presented under U.S. GAAP have been reclassified into trade accounts and other payables under IFRS.

I.	Current portion of long-term debt separately presented under U.S. GAAP have been reclassified into short-term and current portion of long-term debt under IFRS.

J.	Liabilities for quality assurance included in accrued expenses under U.S. GAAP are separately presented under IFRS.

K.	Other financial liabilities included in other current liabilities under U.S. GAAP are separately presented under IFRS.

L.	Model AA Class Shares presented as mezzanine equity under U.S. GAAP have been reclassified into long-term debt under IFRS.

M.	Lease liabilities included in other long-term liabilities under U.S. GAAP have been reclassified into long-term debt under IFRS.

—31—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

Difference in recognition and measurement -

For the following reconciliation, the related allocation to the non-controlling interests is recorded.

a.	Inventory valuation method

Under U.S. GAAP, inventories of some subsidiaries are calculated using the last-in, first-out method, but under IFRS, they are calculated using the weighted-average method.

b.	Fair value measurement of equity financial assets

Unlisted stocks are recorded at acquisition cost under U.S. GAAP but are measured at fair value under IFRS. For equity financial assets, U.S. GAAP recognizes valuation gains and losses, gains and losses on sales and impairment as profit or loss, but under IFRS, changes in fair value are recognized as other comprehensive income.

c.	Deemed cost

In accordance with IFRS 1, Toyota has elected to use fair value at the Transition Date as deemed cost for certain items of property, plant and equipment. The carrying amount of property, plant and equipment under U.S. GAAP to which the exemption is applied is 59,456 million yen and the fair value is 21,225 million yen.

d.	Recognition of right of use assets and lease liabilities

Under IFRS, newly recognized right of use assets and lease liabilities are recorded as a result of the adoption of IFRS 16 “Leases”.

e.	Capitalization of costs incurred for development of products

Under U.S. GAAP, development expense is expensed as incurred. Under IFRS, costs incurred for development of products are capitalized if it meets the capitalization requirements.

f.	Deferred income taxes

Deferred income taxes have been adjusted due to the other adjustments from U.S. GAAP to IFRS. The adjustment mainly related to 188,837 million yen (as of April 1, 2019) and 193,271 million yen (as of March 31, 2020) of the capitalization of development costs.

g.	Exchange differences on translating foreign operations

In accordance with the first-time exemption, the cumulative translation differences of foreign operations as of the Transition Date are transferred from other components of equity to retained earnings.

—32—

TOYOTA MOTOR CORPORATION FY2021 Financial Summary

h.	Retirement benefit obligations for defined benefit plans

Under U.S. GAAP, actuarial gains and losses and past service cost are recognized in other comprehensive income when they are incurred and amortized over a certain period of future years. Under IFRS, remeasurements arising from defined benefit plans, including actuarial gains and losses are recognized in other comprehensive income and reclassified directly from other components of equity to retained earnings when they are incurred. Past service cost is recognized in profit or loss when incurred.

i.	Unification of a reporting period

For certain consolidated subsidiaries and companies accounted for by the equity method that have closing dates different from Toyota, the reporting period has been unified to Toyota’s closing date on the Transition Date.

j.	Reconciliation of retained earnings


	Yen in millions
	Transition Date April 1, 2019			March 31, 2020
b. Fair value measurement of equity instruments		(990,815	)		(799,568	)
g. Exchange differences on translating foreign operations		(649,532	)		(649,532	)
h. Retirement benefit obligations for defined benefit plans		(265,867	)		(324,014	)

Subtotal		(1,906,213	)		(1,773,114	)

e. Capitalization of cost incurred for development of product		410,531			432,202
i. Unification of a reporting period		85,211			51,480
Others		36,732			95,880

Total		(1,373,738	)		(1,193,552	)

Subtotal represents reclassification from other components of equity.

Adjustments on the Cash Flows

Additions, collections and sales of receivables from financial services which were classified as cash flows from investing activities under U.S. GAAP are classified as cash flows from operating activities under IFRS.

—33—

Supplemental Material for Financial Results for FY2021 (Consolidated)

< IFRS >


	FY2020															FY2021															FY2022
	1Q (2019/4-6)			2Q (2019/7-9)			3Q (2019/10-12)			4Q (2020/1-3)			12 months (‘19/4-’20/3)			1Q (2020/4-6)			2Q (2020/7-9)			3Q (2020/10-12)			4Q (2021/1-3)			12 months (‘20/4-’21/3)			Forecast 12 months (‘21/4-’22/3)
Vehicle Production (thousands of units)		2,311			2,236			2,146			2,126			8,820			1,080			1,990			2,262			2,221			7,553
(Japan) –including Daihatsu & Hino		1,134			1,122			1,066			1,091			4,413			679			1,031			1,144			1,095			3,948
[Daihatsu & Hino]		[265	]		[275	]		[277	]		[292	]		[1,109	]		[178	]		[269	]		[283	]		[300	]		[1,029	]
(Overseas) –including Daihatsu & Hino		1,178			1,114			1,080			1,035			4,406			401			959			1,118			1,126			3,605
[Daihatsu & Hino]		[124	]		[155	]		[138	]		[127	]		[545	]		[15	]		[53	]		[84	]		[107	]		[259	]
North America		499			456			434			418			1,807			187			500			489			466			1,642
Europe		174			143			182			176			674			82			138			200			222			642
Asia		386			413			366			357			1,522			109			230			333			343			1,015
Central and South America		86			69			76			62			293			10			67			69			65			213
Africa		33			32			22			23			110			13			24			27			30			93
Vehicle Sales (thousands of units)		2,318			2,340			2,201			2,097			8,955			1,158			1,928			2,353			2,208			7,646			8,700
(Japan) –including Daihatsu & Hino		555			585			516			583			2,240			385			536			592			612			2,125			2,170
[Daihatsu & Hino]		[158	]		[183	]		[139	]		[177	]		[657	]		[104	]		[159	]		[162	]		[185	]		[610	]		[650	]
(Overseas) –including Daihatsu & Hino		1,762			1,755			1,684			1,514			6,715			774			1,392			1,760			1,596			5,521			6,530
[Daihatsu & Hino]		[65	]		[76	]		[70	]		[74	]		[285	]		[16	]		[31	]		[41	]		[62	]		[150	]		[250	]
North America		744			702			668			600			2,713			285			646			753			630			2,313			2,720
Europe		279			251			248			252			1,029			141			254			285			280			959			1,100
Asia		410			436			409			345			1,600			182			274			392			374			1,222			1,360
Central and South America		104			109			114			77			403			30			66			87			86			270			410
Oceania		66			64			63			69			262			48			51			84			63			246			300
Africa		54			63			43			48			207			24			39			42			52			157			190
Middle East		106			128			138			122			493			62			60			115			109			346			450
Other		2			2			2			2			7			2			2			3			2			8
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,709			2,745			2,685			2,317			10,457			1,848			2,519			2,845			2,708			9,920			10,550

Supplemental 1

Supplemental Material for Financial Results for FY2021 (Consolidated)

< IFRS >


	FY2020															FY2021															FY2022
	1Q (2019/4-6)			2Q (2019/7-9)			3Q (2019/10-12)			4Q (2020/1-3)			12 months (‘19/4-’20/3)			1Q (2020/4-6)			2Q (2020/7-9)			3Q (2020/10-12)			4Q (2021/1-3)			12 months (‘20/4-’21/3)			Forecast 12 months (‘21/4-’22/3)
Foreign Exchange Rates
Yen to US Dollar Rate		110			107			109			109			109			108			106			105			106			106			as premise:105
Yen to Euro Rate		123			119			120			120			121			119			124			125			128			124			as premise: 125
Number of Employees		379,201			376,762			375,421			361,907			361,907			369,701			369,604			367,987			366,283			366,283	^(Note 1)
Sales Revenues (billions of yen)		7,721.2			7,637.0			7,608.9			6,899.3			29,866.5			4,600.7			6,774.4			8,150.0			7,689.3			27,214.5			30,000.0
Geographic Information
Japan		4,175.0			4,246.5			4,043.6			3,976.5			16,441.8			2,675.6			3,687.7			4,384.6			4,200.8			14,948.9
North America		2,838.0			2,684.1			2,708.6			2,411.2			10,642.0			1,381.1			2,564.8			2,938.2			2,607.6			9,491.8
Europe		883.2			813.4			866.8			791.8			3,355.3			471.4			810.5			905.5			946.8			3,134.4
Asia		1,361.9			1,398.9			1,400.0			1,132.3			5,293.2			906.5			1,149.2			1,543.4			1,446.1			5,045.2
Other		553.8			521.6			555.5			483.0			2,114.1			281.2			419.1			606.0			566.5			1,872.8
Elimination		-2,090.8			-2,027.7			-1,965.8			-1,895.6			-7,980.0			-1,115.2			-1,857.0			-2,227.8			-2,078.6			-7,278.8
Business Segment
Automotive		6,954.5			6,805.4			6,821.9			6,217.8			26,799.7			3,976.4			6,146.2			7,491.3			7,037.5			24,651.5
Financial Services		549.1			542.2			552.9			548.8			2,193.1			534.9			531.5			554.5			541.1			2,162.2
All Other		370.0			454.2			400.5			280.0			1,504.9			206.0			234.0			266.1			346.0			1,052.3
Elimination		-152.4			-164.8			-166.5			-147.4			-631.2			-116.7			-137.4			-162.0			-235.4			-651.5
Operating Income (billions of yen)		740.6			658.6			640.0			359.9			2,399.2			13.9			506.0			987.9			689.8			2,197.7			2,500.0
(Operating Income Ratio) (%)		(9.6)			(8.6)			( 8.4)			( 5.2)			(8.0)			(0.3)			( 7.5)			( 12.1)			( 9.0)			(8.1	)		(8.3)
Geographic Information
Japan		429.9			396.8			403.0			355.4			1,585.2			77.4			164.9			538.5			368.3			1,149.2
North America		112.6			116.4			94.9			-70.7			253.2			-68.5			187.3			212.9			69.6			401.3
Europe		38.6			35.0			45.7			24.2			143.8			-21.9			31.6			52.9			45.3			107.9
Asia		109.1			110.4			81.7			62.2			363.5			42.8			93.4			155.3			144.3			435.9
Other		21.1			24.7			23.9			14.1			84.0			-11.7			20.2			34.9			16.4			59.8
Elimination		29.0			-24.9			-9.3			-25.3			-30.6			-4.0			8.5			-6.8			45.7			43.4
Business Segment
Automotive		617.8			490.4			570.9			333.8			2,013.1			-86.5			332.2			812.6			548.7			1,607.1
Financial Services		109.7			117.2			71.9			-15.1			283.7			92.2			153.0			152.3			97.9			495.5
All Other		14.2			28.5			26.4			34.1			103.3			9.3			15.3			24.3			36.3			85.3
Elimination		-1.2			22.4			-29.2			7.0			-0.9			-1.1			5.3			-1.3			6.7			9.6
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		104.7			95.1			75.8			34.5			310.2			-12.5			88.9			125.0			149.5			351.0			430.0
Income before Income Taxes (billions of yen)		850.9			770.8			771.9			399.1			2,792.9			118.2			610.5			1,141.1			1,062.3			2,932.3			3,110.0
(Income before Income Taxes Ratio) (%)		(11.0	)		(10.1	)		( 10.1	)		(5.8	)		(9.4	)		(2.6	)		( 9.0	)		( 14.0	)		(13.8	)		(10.8	)		(10.4	)
Net Income Attributable toToyota Motor Corporation (billions of yen)		619.1			530.4			559.2			327.3			2,036.1			158.8			470.5			838.6			777.1			2,245.2			2,300.0
(Net Income Ratio) (%)		(8.0)			(6.9	)		( 7.4)			( 4.7)			(6.8)			(3.5)			( 6.9)			( 10.3)			( 10.1)			(8.3	)		(7.7	)
Dividends
Common Shares
Cash Dividends (billions of yen)		—			278.9			—			331.9			610.8			—			293.5			—			377.4			671.0	^(Note 2)
Cash Dividends per Share (yen)		—			100			—			120			220			—			105			—			135			240	*
Payout Ratio (%)		—			24.5			—			37.6			30.2			—			46.6			—			23.3			29.8
Model AA Class Shares
Cash Dividends (billions of yen)		—			6.2			—			6.2			12.4			—			5.9			—			2.9			8.9	^(Note 2)
Cash Dividends per Share (yen)		—			132			—			132			264			—			132			—			132			264
Value of Shares Repurchased (billions of yen)[actual purchase]		54.2			245.7			70.1			129.8			499.9			—			—			—			—			—	^(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			199.9			—			—			199.9			—			—			—			250.0			250.0	^(Note 3) ^(Note 4)
Number of Outstanding Common Shares (thousands)		3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997
Number of Outstanding Model AA Class Shares (thousands)		47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100

Supplemental 2

Supplemental Material for Financial Results for FY2021 (Consolidated)

< IFRS >


	FY2020										FY2021											FY2022
	1Q (2019/4-6)		2Q (2019/7-9)		3Q (2019/10-12)		4Q (2020/1-3)		12 months (‘19/4-’20/3)		1Q (2020/4-6)		2Q (2020/7-9)		3Q (2020/10-12)		4Q (2021/1-3)		12 months (‘20/4-’21/3)			Forecast 12 months (‘21/4-’22/3)
R&D Expenses (billions of yen)		297.4		286.9		288.5		237.3		1,110.3		280.7		286.8		265.8		256.9		1,090.4			1,160.0	^(Note 5)
Depreciation Expenses (billions of yen)		196.9		192.3		207.7		206.2		803.3		204.0		221.0		217.8		234.0		876.9			930.0	^(Note 6)
Geographic Information
Japan		88.6		91.7		97.5		98.6		376.5		98.1		109.8		101.1		115.6		424.7
North America		54.0		44.2		54.2		59.9		212.4		59.0		60.6		60.4		62.1		242.3
Europe		13.2		12.6		14.3		12.2		52.5		14.1		15.1		16.3		15.4		61.0
Asia		32.4		35.7		30.8		30.4		129.4		25.9		28.6		32.3		33.0		120.0
Other		8.5		8.0		10.7		5.0		32.3		6.7		6.8		7.4		7.7		28.7
Capital Expenditures (billions of yen)		272.7		337.9		346.9		414.6		1,372.3		260.3		325.2		316.1		391.4		1,293.2			1,350.0	^(Note 6)
Geographic Information
Japan		144.8		183.4		155.0		263.9		747.2		147.1		160.0		157.5		247.9		712.7
North America		69.8		73.6		126.6		71.1		341.2		54.8		107.1		68.2		60.9		291.2
Europe		19.5		18.0		28.2		37.4		103.3		14.8		15.9		21.2		30.9		83.0
Asia		23.0		44.5		26.1		29.3		123.0		35.2		33.0		58.3		34.4		161.1
Other		15.4		18.3		10.9		12.7		57.4		8.3		8.9		10.7		17.1		45.1
Total Liquid Assets (billions of yen)		9,197.1		9,260.2		9,103.2		8,602.6		8,602.6		9,451.8		10,238.7		10,621.2		11,579.4		11,579.4	^(Note 7)
Total Assets (billions of yen)		53,288.7		53,350.5		54,901.4		53,972.3		53,972.3		55,916.5		56,483.8		58,010.3		62,267.1		62,267.1
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		20,096.3		20,312.2		20,828.5		20,618.8		20,618.8		20,713.9		21,010.8		21,804.1		23,404.5		23,404.5
Return on Equity (%)		12.4		10.5		10.9		6.3		10.0		3.1		9.0		15.7		13.8		10.2
Return on Asset (%)		4.6		4.0		4.1		2.4		3.8		1.2		3.3		5.9		5.2		3.9
Number of Consolidated Subsidiaries (including Structured Entities)										537										544
Number of Associates and Joint Ventures Accounted for Using the Equity Method										199										169


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2021 (billions of yen, approximately)	4Q (2021/1-3)		12 months (‘20/4-‘21/3)
Effects of Marketing Activities		405.0		-210.0
Effects of Changes in Exchange Rates		-80.0		-255.0
Cost Reduction Efforts		50.0		150.0
From Engineering		25.0		80.0
From Manufacturing and Logistics		25.0		70.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-15.0		70.0
Other		-30.1		43.6
(Changes in Operating Income)		329.9		-201.4
Non-operating Income		333.2		340.8
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		115.0		40.7
Income tax expense, Net Income Attributable to Non-controlling Interests		-213.2		69.7
(Changes in Net Income Attributable to Toyota Motor Corporation)		449.8		209.1

Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect 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 second quarter: Special Dividends 5 yen

(Note 1)

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

(Note 2)

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

(Note 3)

Value of common shares repurchased (excluding shares constituting less than one unit that were purchased upon request). This does not include the commission fees incurred for the repurchase

(Note 4)

Value of common shares repurchased (shareholder return on Net Income for the period)

(Note 5)

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

(Note 6)

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

(Note 7)

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

Supplemental 3

Net income per
common share – Basic

Net income per
common share – Diluted