SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant to Rule 13a-16 or
15d-16 under
the Securities Exchange Act of 1934
For the month of February, 2025
Commission File Number 001-14948
Toyota Motor Corporation
(Translation of Registrant’s Name Into English)
1, Toyota-cho,
Toyota City,
Aichi Prefecture 471-8571,
Japan
(Address of
Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Material Contained in this Report:
| I. |
English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on
February 5, 2025, with respect to the registrant’s results of operations for the third quarter of FY2025 ended December 31, 2024. |
| II. |
English translations of the third quarter of FY2025 Presentation Documents, as filed by the registrant with the
Tokyo Stock Exchange on February 5, 2025. |
| III. |
English translations of the Notification of Change in Status of Subsidiary, as filed by the registrant with the
Tokyo Stock Exchange on February 5, 2025. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
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| Toyota Motor Corporation |
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| By: |
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/s/ Yoshihide Moriyama |
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Name: |
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Yoshihide Moriyama |
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Title: |
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General Manager, |
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Capital Strategy & Affiliated Companies Finance Division |
Date: February 5, 2025
FINANCIAL SUMMARY
(All financial information has been prepared in accordance with IFRS Accounting Standards)
FY2025 Third Quarter
(April 1, 2024 through
December 31, 2024)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
FY2025 Third Quarter Consolidated Financial Results
(All financial information has been prepared in accordance with IFRS Accounting Standards)
English translation from the original Japanese-language document
February 5, 2025
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| Company name |
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: |
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Toyota Motor Corporation |
| Stock exchanges on which the shares are listed |
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: |
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Tokyo and Nagoya Stock Exchanges in Japan |
| Code number |
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: |
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7203 |
| URL |
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: |
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https://global.toyota/jp/ |
| Representative |
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: |
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Koji Sato, President |
| Contact person |
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: |
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Hideaki Hayashi, General Manager, Accounting Division
Tel. (0565)28-2121 |
| Payment date of cash dividends |
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: |
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— |
| Supplemental materials prepared for financial results |
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: |
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yes |
| Earnings announcement for financial results |
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: |
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yes |
(Amounts are rounded to the nearest million yen)
| 1. |
Consolidated Results for FY2025 First nine months (April 1, 2024 through December 31, 2024)
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| (1) |
Consolidated financial results (For the nine months ended December 31) |
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(% of change from previous first nine months) |
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Sales revenues |
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Operating income |
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Income before
income taxes |
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Net income |
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Net income
attributable to
Toyota Motor
Corporation |
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Comprehensive
income |
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Million yen |
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% |
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Million yen |
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% |
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Million yen |
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% |
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Million yen |
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% |
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Million yen |
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% |
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Million yen |
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% |
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| FY2025 first nine months |
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35,673,545 |
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4.9 |
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3,679,491 |
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-13.2 |
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5,430,093 |
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1.4 |
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4,079,342 |
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1.2 |
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4,100,389 |
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3.9 |
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3,873,742 |
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-28.5 |
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| FY2024 first nine months |
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34,022,720 |
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23.9 |
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4,240,238 |
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102.1 |
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5,357,065 |
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86.7 |
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4,031,624 |
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105.3 |
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3,947,242 |
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107.9 |
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5,415,334 |
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123.4 |
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Earnings per share attributable to
Toyota Motor Corporation – Basic |
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Earnings per share attributable to
Toyota Motor Corporation – Diluted |
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Yen |
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Yen |
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| FY2025 first nine months |
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307.95 |
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307.95 |
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| FY2024 first nine months |
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291.87 |
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291.87 |
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| (2) |
Consolidated financial position |
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Total assets |
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Total shareholders’ equity |
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Toyota Motor Corporation
shareholders’ equity |
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Ratio of
Toyota Motor Corporation
shareholders’ equity |
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Million yen |
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Million yen |
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Million yen |
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% |
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| FY2025 third quarter |
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94,674,416 |
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36,856,527 |
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35,910,271 |
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37.9 |
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| FY2024 |
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90,114,296 |
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35,239,338 |
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34,220,991 |
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38.0 |
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Annual cash dividends per common share |
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End of first
quarter |
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End of second
quarter |
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End of third
quarter |
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Year-end |
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Total |
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Yen |
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Yen |
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Yen |
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Yen |
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Yen |
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| FY2024 |
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— |
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30.00 |
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— |
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45.00 |
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75.00 |
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| FY2025 |
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— |
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40.00 |
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— |
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| FY2025 (forecast) |
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50.00 |
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90.00 |
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(Note) Revisions to the forecast of cash dividends since the latest announcement: none
| 3. |
Forecast of Consolidated Results for FY2025 (April 1, 2024 through March 31, 2025)
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(% of change from FY2024) |
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Sales revenues |
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Operating income |
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Income before
income taxes |
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Net income
attributable to
Toyota Motor
Corporation |
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Earnings per
share
attributable to Toyota
Motor Corporation - Basic |
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Million yen |
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% |
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Million yen |
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% |
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Million yen |
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% |
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Million yen |
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% |
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Yen |
| Full-year |
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47,000,000 |
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4.2 |
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4,700,000 |
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-12.2 |
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6,180,000 |
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-11.3 |
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4,520,000 |
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-8.6 |
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340.87 |
(Note) Revisions to the forecast of consolidated results since the latest announcement: yes
Notes
| (1) |
Significant changes in the scope of consolidation during the period: none |
| (2) |
Changes in accounting policies and changes in accounting estimates |
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(i) |
Changes in accounting policies required by IFRS Accounting Standards: none |
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(ii) |
Changes other than (2)-(i) above: none |
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(iii) |
Changes in accounting estimates: none |
| (3) |
Number of shares issued and outstanding (common stock) |
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(i) |
Number of shares issued and outstanding at the end of each period (including treasury stock):
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FY2025 third quarter 15,794,987,460 shares, FY2024 16,314,987,460 shares |
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(ii) |
Number of treasury stock at the end of each period: |
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FY2025 third quarter 2,699,079,277 shares, FY2024 2,840,815,433 shares |
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(iii) |
Average number of shares issued and outstanding in each period: |
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FY2025 first nine months 13,314,911,412 shares, FY2024 first nine months 13,524,128,807 shares
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Review of the Japanese-language originals of the attached condensed quarterly consolidated financial statements by certified public
accountants or an audit firm: none
Cautionary Statement with Respect to Forward-Looking Statements, and Other Information
This report contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its
consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance,
achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to:
(i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange
rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in
funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to
implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly
laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government
policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which
Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for
the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in
electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its
products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor
strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of
Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect
Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and
Exchange Commission.
In order to convey top management’s aspirations and the company’s direction to all those
whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”
“Toyota Times” (https://toyotatimes.jp/en/)
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Financial Results and Position
1. Consolidated Financial Results for FY2025 Third Quarter
Financial Results
Consolidated vehicle unit sales in Japan and overseas decreased by 295 thousand units, or 4.0%, to 7,000 thousand
units in FY2025 first nine months (the first nine months ended December 31, 2024) compared with FY2024 first nine months (the first nine months ended December 31, 2023). Vehicle unit sales in Japan decreased by 175 thousand units, or
10.8%, to 1,454 thousand units in FY2025 first nine months compared with FY2024 first nine months. Overseas vehicle unit sales decreased by 119 thousand units, or 2.1%, to 5,546 thousand units in FY2025 first nine months compared with
FY2024 first nine months.
The results of operations for FY2025 first nine months were as follows:
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| Sales revenues |
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35,673.5 billion yen |
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(an increase of 1,650.8 billion yen or 4.9% compared with FY2024 first nine months) |
| Operating income |
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3,679.4 billion yen |
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(a decrease of 560.7 billion yen or 13.2% compared with FY2024 first nine months) |
| Income before income taxes |
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5,430.0 billion yen |
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(an increase of 73.0 billion yen or 1.4% compared with FY2024 first nine months) |
| Net income attributable to Toyota Motor Corporation |
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4,100.3 billion yen |
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(an increase of 153.1 billion yen or 3.9% compared with FY2024 first nine months) |
The changes in operating income were as follows:
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| Effects of marketing activities |
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a decrease of 165.0 billion yen |
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| Effects of changes in exchange rates |
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an increase of 490.0 billion yen |
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| Cost reduction efforts |
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an increase of 70.0 billion yen |
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| Increase or decrease in expenses and expense reduction efforts |
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a decrease of 590.0 billion yen |
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| Other |
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a decrease of 365.7 billion yen |
—2—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Segment Operating Results
(1) Automotive:
Sales revenues for the automotive operations increased by 1,110.1 billion yen, or 3.6%, to
32,341.2 billion yen in FY2025 first nine months compared with FY2024 first nine months. However, operating income decreased by 646.0 billion yen, or 17.4%, to 3,073.8 billion yen in FY2025 first nine months compared with FY2024 first
nine months. The decrease in operating income was mainly due to the increase in expenses and others.
(2) Financial
services:
Sales revenues for the financial services operations increased by 522.2 billion yen, or
20.5%, to 3,065.9 billion yen in FY2025 first nine months compared with FY2024 first nine months, and operating income increased by 79.3 billion yen, or 19.0%, to 496.2 billion yen in FY2025 first nine months compared with FY2024
first nine months. The increase in operating income was mainly due to increase in financing volume and decrease in valuation losses on interest rate swaps stated at fair value.
(3) All other:
Sales revenues for all other businesses increased by 63.2 billion yen, or 6.4%, to 1,046.3 billion
yen in FY2025 first nine months compared with FY2024 first nine months, and operating income increased by 0.6 billion yen, or 0.5%, to 124.6 billion yen in FY2025 first nine months compared with FY2024 first nine months.
Geographic Information
(1) Japan:
Sales revenues in Japan increased by 169.1 billion yen, or 1.0%, to 16,306.3 billion yen in FY2025
first nine months compared with FY2024 first nine months. However, operating income decreased by 348.1 billion yen, or 13.0%, to 2,337.0 billion yen in FY2025 first nine months compared with FY2024 first nine months. The decrease in
operating income was mainly due to the increase in expenses and others and the effects of the misconduct in relation to applications for certification by Hino Motors, Ltd.
(2) North America:
Sales revenues in North America increased by 847.1 billion yen, or 6.2%, to 14,401.5 billion yen in
FY2025 first nine months compared with FY2024 first nine months. However, operating income decreased by 344.4 billion yen, or 66.7%, to 172.1 billion yen in FY2025 first nine months compared with FY2024 first nine months. The decrease in
operating income was mainly due to the increase in expenses and others.
(3) Europe:
Sales revenues in Europe increased by 340.4 billion yen, or 8.1%, to 4,519.7 billion yen in FY2025
first nine months compared with FY2024 first nine months, and operating income increased by 87.5 billion yen, or 30.7%, to 373.1 billion yen in FY2025 first nine months compared with FY2024 first nine months. The increase in operating
income was mainly due to cost reduction efforts.
(4) Asia:
Sales revenues in Asia increased by 110.9 billion yen, or 1.7%, to 6,793.4 billion yen in FY2025
first nine months compared with FY2024 first nine months, and operating income increased by 35.6 billion yen, or 5.5%, to 685.2 billion yen in FY2025 first nine months compared with FY2024 first nine months. The increase in operating
income was mainly due to the effects of changes in exchange rates and the decrease in expenses and expense reduction efforts.
(5) Other (Central and South America, Oceania, Africa and the Middle East):
Sales revenues in other regions increased by 191.6 billion yen, or 6.1%, to 3,355.4 billion yen in
FY2025 first nine months compared with FY2024 first nine months. However, operating income decreased by 19.3 billion yen, or 9.7%, to 179.6 billion yen in FY2025 first nine months compared with FY2024 first nine months. The decrease in
operating income was mainly due to the increase in expenses and others.
—3—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
2. Consolidated Financial Position for FY2025 Third Quarter
Financial Position
The financial position for FY2025 first nine months was as follows:
Total assets increased by 4,560.1 billion yen, or 5.1%, to 94,674.4 billion yen at the end of FY2025
first nine months compared with the end of FY2024. Liabilities increased by 2,942.9 billion yen, or 5.4%, to 57,817.8 billion yen at the end of FY2025 first nine months compared with the end of FY2024. Shareholders’ equity increased
by 1,617.1 billion yen, or 4.6%, to 36,856.5 billion yen at the end of FY2025 first nine months compared with the end of FY2024.
Overview of Cash Flow
Cash and cash equivalents decreased by 1,126.9 billion yen, or 12.0%, to 8,285.1 billion yen at the
end of FY2025 first nine months compared with the end of FY2024.
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 2,823.7 billion yen for FY2025
first nine months. Net cash provided by operating activities increased by 37.5 billion yen from 2,786.1 billion yen for FY2024 first nine months.
Cash flows from investing activities
Net cash flows from investing activities resulted in a decrease in cash by 3,523.2 billion yen for FY2025
first nine months, compared with net cash used in investing activities of 4,230.1 billion yen for FY 2024 first nine months, a 706.8 billion yen change.
Cash flows from financing activities
Net cash flows from financing activities resulted in a decrease in cash by 472.0 billion yen for FY2025
first nine months. A 2,106.5 billion yen change compared with net cash provided by financing activities of 1,634.4 billion yen for FY2024 first nine months.
—4—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Unaudited Condensed Quarterly Consolidated Financial
Statements
1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position
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Yen in millions |
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March 31, 2024 |
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December 31, 2024 |
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| Assets |
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| Current assets |
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| Cash and cash equivalents |
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9,412,060 |
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8,285,156 |
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| Trade accounts and other receivables |
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3,789,429 |
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3,839,900 |
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| Receivables related to financial services |
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|
11,057,269 |
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11,860,535 |
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| Other financial assets |
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4,702,168 |
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|
5,596,225 |
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| Inventories |
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4,605,368 |
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4,480,884 |
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| Income tax receivable |
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116,886 |
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398,504 |
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| Other current assets |
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1,031,098 |
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1,299,777 |
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| Total current assets |
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34,714,279 |
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35,760,980 |
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| Non-current assets |
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| Investments accounted for using the equity method |
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5,710,106 |
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5,536,818 |
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| Receivables related to financial services |
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20,637,090 |
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22,884,954 |
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| Other financial assets |
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11,390,559 |
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11,520,730 |
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| Property, plant and equipment |
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| Land |
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1,441,811 |
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1,445,518 |
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| Buildings |
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5,884,749 |
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6,070,077 |
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| Machinery and equipment |
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16,469,032 |
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17,009,802 |
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| Vehicles and equipment on operating leases |
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7,523,911 |
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8,133,542 |
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| Construction in progress |
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1,040,188 |
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1,629,826 |
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| Total property, plant and equipment, at cost |
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32,359,692 |
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34,288,766 |
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| Less - Accumulated depreciation and impairment losses |
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(18,101,905 |
) |
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(18,883,942 |
) |
|
|
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| Total property, plant and equipment, net |
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|
14,257,788 |
|
|
|
15,404,824 |
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|
|
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|
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| Right of use assets |
|
|
532,835 |
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|
|
552,683 |
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| Intangible assets |
|
|
1,355,326 |
|
|
|
1,312,965 |
|
| Deferred tax assets |
|
|
502,230 |
|
|
|
572,974 |
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| Other non-current assets |
|
|
1,014,083 |
|
|
|
1,127,489 |
|
|
|
|
|
|
|
|
|
|
| Total non-current assets |
|
|
55,400,017 |
|
|
|
58,913,436 |
|
|
|
|
|
|
|
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|
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| Total assets |
|
|
90,114,296 |
|
|
|
94,674,416 |
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|
|
|
|
|
|
|
|
|
—5—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
March 31, 2024 |
|
|
December 31, 2024 |
|
| Liabilities |
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Trade accounts and other payables |
|
|
5,251,357 |
|
|
|
5,059,373 |
|
| Short-term and current portion of long-term debt |
|
|
15,406,284 |
|
|
|
16,059,840 |
|
| Accrued expenses |
|
|
1,863,760 |
|
|
|
1,791,128 |
|
| Other financial liabilities |
|
|
1,700,137 |
|
|
|
1,952,967 |
|
| Income taxes payable |
|
|
1,224,542 |
|
|
|
448,715 |
|
| Liabilities for quality assurance |
|
|
1,836,314 |
|
|
|
1,950,832 |
|
| Other current liabilities |
|
|
1,895,516 |
|
|
|
2,178,159 |
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
29,177,909 |
|
|
|
29,441,013 |
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
| Long-term debt |
|
|
21,155,496 |
|
|
|
23,519,846 |
|
| Other financial liabilities |
|
|
495,814 |
|
|
|
546,431 |
|
| Retirement benefit liabilities |
|
|
1,077,962 |
|
|
|
1,132,067 |
|
| Deferred tax liabilities |
|
|
2,219,638 |
|
|
|
2,146,940 |
|
| Other non-current liabilities |
|
|
748,139 |
|
|
|
1,031,593 |
|
|
|
|
|
|
|
|
|
|
| Total non-current liabilities |
|
|
25,697,049 |
|
|
|
28,376,876 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
54,874,958 |
|
|
|
57,817,889 |
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity |
|
|
|
|
|
|
|
|
| Common stock |
|
|
397,050 |
|
|
|
397,050 |
|
| Additional paid-in capital |
|
|
491,802 |
|
|
|
490,102 |
|
| Retained earnings |
|
|
32,795,365 |
|
|
|
35,241,066 |
|
| Other components of equity |
|
|
4,503,756 |
|
|
|
4,064,718 |
|
| Treasury stock |
|
|
(3,966,982 |
) |
|
|
(4,282,665 |
) |
|
|
|
|
|
|
|
|
|
| Total Toyota Motor Corporation shareholders’ equity |
|
|
34,220,991 |
|
|
|
35,910,271 |
|
|
|
|
|
|
|
|
|
|
| Non-controlling interests |
|
|
1,018,347 |
|
|
|
946,255 |
|
|
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
|
35,239,338 |
|
|
|
36,856,527 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders’ equity |
|
|
90,114,296 |
|
|
|
94,674,416 |
|
|
|
|
|
|
|
|
|
|
—6—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
2. Unaudited Condensed Quarterly Consolidated Statement of
Income and
Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income
Unaudited Condensed Quarterly Consolidated Statement of Income
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
For the first nine months ended
December 31, 2023 |
|
|
For the first nine months ended
December 31, 2024 |
|
| Sales revenues |
|
|
|
|
|
|
|
|
| Sales of products |
|
|
31,511,767 |
|
|
|
32,642,249 |
|
| Financial services |
|
|
2,510,953 |
|
|
|
3,031,296 |
|
|
|
|
|
|
|
|
|
|
| Total sales revenues |
|
|
34,022,720 |
|
|
|
35,673,545 |
|
|
|
|
|
|
|
|
|
|
| Costs and expenses |
|
|
|
|
|
|
|
|
| Cost of products sold |
|
|
25,345,445 |
|
|
|
26,493,139 |
|
| Cost of financial services |
|
|
1,559,145 |
|
|
|
1,934,561 |
|
| Selling, general and administrative |
|
|
2,877,893 |
|
|
|
3,566,354 |
|
|
|
|
|
|
|
|
|
|
| Total costs and expenses |
|
|
29,782,483 |
|
|
|
31,994,054 |
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
4,240,238 |
|
|
|
3,679,491 |
|
|
|
|
|
|
|
|
|
|
| Share of profit (loss) of investments accounted for using the equity method |
|
|
596,181 |
|
|
|
454,754 |
|
| Other finance income |
|
|
544,304 |
|
|
|
424,735 |
|
| Other finance costs |
|
|
(78,752 |
) |
|
|
(161,266 |
) |
| Foreign exchange gain (loss), net |
|
|
55,334 |
|
|
|
1,077,315 |
|
| Other income (loss), net |
|
|
(239 |
) |
|
|
(44,937 |
) |
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
5,357,065 |
|
|
|
5,430,093 |
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
1,325,441 |
|
|
|
1,350,751 |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
4,031,624 |
|
|
|
4,079,342 |
|
|
|
|
|
|
|
|
|
|
| Net income attributable to |
|
|
|
|
|
|
|
|
| Toyota Motor Corporation |
|
|
3,947,242 |
|
|
|
4,100,389 |
|
| Non-controlling interests |
|
|
84,382 |
|
|
|
(21,047 |
) |
|
|
|
|
|
|
|
|
|
| Net income |
|
|
4,031,624 |
|
|
|
4,079,342 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Yen |
|
| Earnings per share attributable to Toyota Motor Corporation |
|
|
|
|
|
|
|
|
| Basic and Diluted |
|
|
291.87 |
|
|
|
307.95 |
|
|
|
|
|
|
|
|
|
|
—7—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
For the first nine months ended
December 31, 2023 |
|
|
For the first nine months ended
December 31, 2024 |
|
| Net income |
|
|
4,031,624 |
|
|
|
4,079,342 |
|
| 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 |
|
|
361,529 |
|
|
|
210,341 |
|
| Remeasurements of defined benefit plans |
|
|
(8,170 |
) |
|
|
(14,377 |
) |
| Share of other comprehensive income of equity method investees |
|
|
197,931 |
|
|
|
(95,707 |
) |
|
|
|
|
|
|
|
|
|
| Total of items that will not be reclassified to profit (loss) |
|
|
551,290 |
|
|
|
100,257 |
|
|
|
|
|
|
|
|
|
|
| Items that may be reclassified subsequently to profit (loss) |
|
|
|
|
|
|
|
|
| Exchange differences on translating foreign operations |
|
|
603,550 |
|
|
|
(391,637 |
) |
| Net changes in revaluation of financial assets measured at fair value through
other comprehensive income |
|
|
47,605 |
|
|
|
30,873 |
|
| Share of other comprehensive income of equity method investees |
|
|
181,264 |
|
|
|
54,906 |
|
|
|
|
|
|
|
|
|
|
| Total of items that may be reclassified subsequently to profit (loss) |
|
|
832,420 |
|
|
|
(305,858 |
) |
|
|
|
|
|
|
|
|
|
| Total other comprehensive income, net of tax |
|
|
1,383,710 |
|
|
|
(205,601 |
) |
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
|
5,415,334 |
|
|
|
3,873,742 |
|
|
|
|
|
|
|
|
|
|
| Comprehensive income for the period attributable to |
|
|
|
|
|
|
|
|
| Toyota Motor Corporation |
|
|
5,298,565 |
|
|
|
3,866,255 |
|
| Non-controlling interests |
|
|
116,769 |
|
|
|
7,486 |
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
|
5,415,334 |
|
|
|
3,873,742 |
|
|
|
|
|
|
|
|
|
|
—8—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
3. Unaudited Condensed Quarterly Consolidated Statement of
Changes in Equity
For the first nine months ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
Common
stock |
|
|
Additional
paid-in
capital |
|
|
Retained
earnings |
|
|
Other
components
of equity |
|
|
Treasury
stock |
|
|
Toyota Motor
Corporation
shareholders’
equity |
|
|
Non-
controlling
interests |
|
|
Total
shareholders’
equity |
|
| Balances at April 1, 2023 |
|
|
397,050 |
|
|
|
498,728 |
|
|
|
28,343,296 |
|
|
|
2,836,195 |
|
|
|
(3,736,562 |
) |
|
|
28,338,706 |
|
|
|
925,507 |
|
|
|
29,264,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
— |
|
|
|
— |
|
|
|
3,947,242 |
|
|
|
— |
|
|
|
— |
|
|
|
3,947,242 |
|
|
|
84,382 |
|
|
|
4,031,624 |
|
| Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,351,323 |
|
|
|
— |
|
|
|
1,351,323 |
|
|
|
32,387 |
|
|
|
1,383,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
3,947,242 |
|
|
|
1,351,323 |
|
|
|
— |
|
|
|
5,298,565 |
|
|
|
116,769 |
|
|
|
5,415,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactions with owners and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends paid |
|
|
— |
|
|
|
— |
|
|
|
(880,197 |
) |
|
|
— |
|
|
|
— |
|
|
|
(880,197 |
) |
|
|
(89,298 |
) |
|
|
(969,494 |
) |
| Repurchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(191,584 |
) |
|
|
(191,584 |
) |
|
|
— |
|
|
|
(191,584 |
) |
| Reissuance of treasury stock |
|
|
— |
|
|
|
263 |
|
|
|
— |
|
|
|
— |
|
|
|
649 |
|
|
|
911 |
|
|
|
— |
|
|
|
911 |
|
| Equity transactions and other |
|
|
— |
|
|
|
(4,704 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,704 |
) |
|
|
9,290 |
|
|
|
4,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total transactions with owners and other |
|
|
— |
|
|
|
(4,442 |
) |
|
|
(880,197 |
) |
|
|
— |
|
|
|
(190,935 |
) |
|
|
(1,075,573 |
) |
|
|
(80,008 |
) |
|
|
(1,155,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reclassification to retained earnings |
|
|
— |
|
|
|
— |
|
|
|
316,450 |
|
|
|
(316,450 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balances at December 31, 2023 |
|
|
397,050 |
|
|
|
494,286 |
|
|
|
31,726,790 |
|
|
|
3,871,068 |
|
|
|
(3,927,497 |
) |
|
|
32,561,697 |
|
|
|
962,269 |
|
|
|
33,523,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the first nine months ended December 31,
2024 |
|
| |
|
Yen in millions |
|
| |
|
Common
stock |
|
|
Additional
paid-in
capital |
|
|
Retained
earnings |
|
|
Other
components
of equity |
|
|
Treasury
stock |
|
|
Toyota Motor
Corporation
shareholders’
equity |
|
|
Non-
controlling
interests |
|
|
Total
shareholders’
equity |
|
| Balances at April 1, 2024 |
|
|
397,050 |
|
|
|
491,802 |
|
|
|
32,795,365 |
|
|
|
4,503,756 |
|
|
|
(3,966,982 |
) |
|
|
34,220,991 |
|
|
|
1,018,347 |
|
|
|
35,239,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
— |
|
|
|
— |
|
|
|
4,100,389 |
|
|
|
— |
|
|
|
— |
|
|
|
4,100,389 |
|
|
|
(21,047 |
) |
|
|
4,079,342 |
|
| Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(234,133 |
) |
|
|
— |
|
|
|
(234,133 |
) |
|
|
28,533 |
|
|
|
(205,601 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
4,100,389 |
|
|
|
(234,133 |
) |
|
|
— |
|
|
|
3,866,255 |
|
|
|
7,486 |
|
|
|
3,873,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactions with owners and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends paid |
|
|
— |
|
|
|
— |
|
|
|
(1,132,329 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,132,329 |
) |
|
|
(122,351 |
) |
|
|
(1,254,679 |
) |
| Repurchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,045,765 |
) |
|
|
(1,045,765 |
) |
|
|
— |
|
|
|
(1,045,765 |
) |
| Reissuance of treasury stock |
|
|
— |
|
|
|
1,356 |
|
|
|
— |
|
|
|
— |
|
|
|
866 |
|
|
|
2,222 |
|
|
|
— |
|
|
|
2,222 |
|
| Retirement of treasury stock |
|
|
— |
|
|
|
(1,953 |
) |
|
|
(727,264 |
) |
|
|
— |
|
|
|
729,217 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Equity transactions and other |
|
|
— |
|
|
|
(1,104 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,104 |
) |
|
|
42,772 |
|
|
|
41,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total transactions with owners and other |
|
|
— |
|
|
|
(1,700 |
) |
|
|
(1,859,593 |
) |
|
|
— |
|
|
|
(315,682 |
) |
|
|
(2,176,975 |
) |
|
|
(79,578 |
) |
|
|
(2,256,553 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reclassification to retained earnings |
|
|
— |
|
|
|
— |
|
|
|
204,905 |
|
|
|
(204,905 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balances at December 31, 2024 |
|
|
397,050 |
|
|
|
490,102 |
|
|
|
35,241,066 |
|
|
|
4,064,718 |
|
|
|
(4,282,665 |
) |
|
|
35,910,271 |
|
|
|
946,255 |
|
|
|
36,856,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—9—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
4. Unaudited Condensed Quarterly Consolidated Statement of
Cash Flows
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
For the first nine months ended
December 31, 2023 |
|
|
For the first nine months ended
December 31, 2024 |
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
| Net income |
|
|
4,031,624 |
|
|
|
4,079,342 |
|
| Depreciation and amortization |
|
|
1,535,393 |
|
|
|
1,685,749 |
|
| Interest income and interest costs related to financial services, net |
|
|
(564,332 |
) |
|
|
(573,582 |
) |
| Share of profit (loss) of investments accounted for using the equity method |
|
|
(596,181 |
) |
|
|
(454,754 |
) |
| Income tax expense |
|
|
1,325,441 |
|
|
|
1,350,751 |
|
| Changes in operating assets and liabilities, and other |
|
|
(3,340,602 |
) |
|
|
(2,490,557 |
) |
| Interest received |
|
|
1,620,707 |
|
|
|
2,009,306 |
|
| Dividends received |
|
|
581,452 |
|
|
|
620,863 |
|
| Interest paid |
|
|
(775,664 |
) |
|
|
(1,153,543 |
) |
| Income taxes paid, net of refunds |
|
|
(1,031,698 |
) |
|
|
(2,249,849 |
) |
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) operating activities |
|
|
2,786,141 |
|
|
|
2,823,725 |
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
| Additions to fixed assets excluding equipment leased to others |
|
|
(1,242,206 |
) |
|
|
(1,346,216 |
) |
| Additions to equipment leased to others |
|
|
(2,048,034 |
) |
|
|
(2,911,301 |
) |
| Proceeds from sales of fixed assets excluding equipment leased to others |
|
|
77,716 |
|
|
|
25,133 |
|
| Proceeds from sales of equipment leased to others |
|
|
1,445,164 |
|
|
|
1,685,909 |
|
| Additions to intangible assets |
|
|
(234,748 |
) |
|
|
(221,728 |
) |
| Additions to public and corporate bonds and stocks |
|
|
(1,926,369 |
) |
|
|
(3,068,236 |
) |
| Proceeds from sales of public and corporate bonds and stocks and upon maturity of
public and corporate bonds |
|
|
1,783,141 |
|
|
|
2,767,195 |
|
| Other, net |
|
|
(2,084,792 |
) |
|
|
(454,007 |
) |
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) investing activities |
|
|
(4,230,129 |
) |
|
|
(3,523,253 |
) |
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
| Increase (decrease) in short-term debt |
|
|
486,043 |
|
|
|
112,226 |
|
| Proceeds from long-term debt |
|
|
8,410,408 |
|
|
|
9,787,886 |
|
| Payments of long-term debt |
|
|
(6,112,456 |
) |
|
|
(8,110,926 |
) |
| Dividends paid to Toyota Motor Corporation common shareholders |
|
|
(880,197 |
) |
|
|
(1,132,329 |
) |
| Dividends paid to non-controlling interests |
|
|
(89,298 |
) |
|
|
(122,351 |
) |
| Reissuance (repurchase) of treasury stock |
|
|
(191,584 |
) |
|
|
(1,045,765 |
) |
| Other, net |
|
|
11,544 |
|
|
|
39,168 |
|
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) financing activities |
|
|
1,634,461 |
|
|
|
(472,090 |
) |
|
|
|
|
|
|
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
|
(124,286 |
) |
|
|
44,714 |
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
|
66,188 |
|
|
|
(1,126,904 |
) |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at beginning of period |
|
|
7,516,966 |
|
|
|
9,412,060 |
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at end of period |
|
|
7,583,154 |
|
|
|
8,285,156 |
|
|
|
|
|
|
|
|
|
|
—10—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
5. Notes to Unaudited Condensed Quarterly Consolidated
Financial Statements
(1) Going Concern Assumption
None
—11—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
(2) Segment information
(i) Outline of reporting segments
The operating segments reported below are the segments of Toyota for which separate financial information is
available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.
The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and
Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and
vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.
(ii) Segment operating results
For the first nine months ended December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
Automotive |
|
|
Financial
services |
|
|
All other |
|
|
Inter-segment
Elimination/
Unallocated
Amount |
|
|
Consolidated |
|
| Sales revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues from external customers |
|
|
31,111,157 |
|
|
|
2,510,953 |
|
|
|
400,610 |
|
|
|
— |
|
|
|
34,022,720 |
|
| Inter-segment revenues and transfers |
|
|
119,929 |
|
|
|
32,756 |
|
|
|
582,516 |
|
|
|
(735,202 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
31,231,087 |
|
|
|
2,543,709 |
|
|
|
983,126 |
|
|
|
(735,202 |
) |
|
|
34,022,720 |
|
| Operating expenses |
|
|
27,511,158 |
|
|
|
2,126,771 |
|
|
|
859,136 |
|
|
|
(714,583 |
) |
|
|
29,782,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
3,719,929 |
|
|
|
416,938 |
|
|
|
123,990 |
|
|
|
(20,619 |
) |
|
|
4,240,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the first nine months ended December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
Automotive |
|
|
Financial
services |
|
|
All other |
|
|
Inter-segment
Elimination/
Unallocated
Amount |
|
|
Consolidated |
|
| Sales revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues from external customers |
|
|
32,186,483 |
|
|
|
3,031,296 |
|
|
|
455,766 |
|
|
|
— |
|
|
|
35,673,545 |
|
| Inter-segment revenues and transfers |
|
|
154,772 |
|
|
|
34,617 |
|
|
|
590,578 |
|
|
|
(779,967 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
32,341,256 |
|
|
|
3,065,913 |
|
|
|
1,046,344 |
|
|
|
(779,967 |
) |
|
|
35,673,545 |
|
| Operating expenses |
|
|
29,267,359 |
|
|
|
2,569,640 |
|
|
|
921,709 |
|
|
|
(764,653 |
) |
|
|
31,994,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
3,073,897 |
|
|
|
496,273 |
|
|
|
124,635 |
|
|
|
(15,314 |
) |
|
|
3,679,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounting policies applied by each segment are in conformity with those of
Toyota’s condensed quarterly consolidated financial statements. Transfers between segments are made in accordance with terms and conditions in the ordinary course of business.
—12—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
(iii) Geographic information
For the first nine months ended December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
Japan |
|
|
North
America |
|
|
Europe |
|
|
Asia |
|
|
Other |
|
|
Inter-segment
Elimination/
Unallocated
Amount |
|
|
Consolidated |
|
| Sales revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues from external customers |
|
|
7,863,326 |
|
|
|
13,325,538 |
|
|
|
4,051,171 |
|
|
|
5,809,168 |
|
|
|
2,973,517 |
|
|
|
— |
|
|
|
34,022,720 |
|
| Inter-segment revenues and transfers |
|
|
8,273,877 |
|
|
|
228,855 |
|
|
|
128,101 |
|
|
|
873,350 |
|
|
|
190,277 |
|
|
|
(9,694,460 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
16,137,203 |
|
|
|
13,554,393 |
|
|
|
4,179,271 |
|
|
|
6,682,518 |
|
|
|
3,163,794 |
|
|
|
(9,694,460 |
) |
|
|
34,022,720 |
|
| Operating expenses |
|
|
13,452,016 |
|
|
|
13,037,822 |
|
|
|
3,893,730 |
|
|
|
6,032,907 |
|
|
|
2,964,824 |
|
|
|
(9,598,816 |
) |
|
|
29,782,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
2,685,187 |
|
|
|
516,571 |
|
|
|
285,542 |
|
|
|
649,611 |
|
|
|
198,971 |
|
|
|
(95,644 |
) |
|
|
4,240,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the first nine months ended December 31, 2024: |
|
|
|
| |
|
Yen in millions |
|
| |
|
Japan |
|
|
North
America |
|
|
Europe |
|
|
Asia |
|
|
Other |
|
|
Inter-segment
Elimination/
Unallocated
Amount |
|
|
Consolidated |
|
| Sales revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues from external customers |
|
|
7,918,803 |
|
|
|
14,139,072 |
|
|
|
4,363,556 |
|
|
|
5,978,193 |
|
|
|
3,273,922 |
|
|
|
— |
|
|
|
35,673,545 |
|
| Inter-segment revenues and transfers |
|
|
8,387,521 |
|
|
|
262,460 |
|
|
|
156,160 |
|
|
|
815,260 |
|
|
|
81,555 |
|
|
|
(9,702,957 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
16,306,324 |
|
|
|
14,401,532 |
|
|
|
4,519,716 |
|
|
|
6,793,453 |
|
|
|
3,355,477 |
|
|
|
(9,702,957 |
) |
|
|
35,673,545 |
|
| Operating expenses |
|
|
13,969,249 |
|
|
|
14,229,376 |
|
|
|
4,146,616 |
|
|
|
6,108,155 |
|
|
|
3,175,816 |
|
|
|
(9,635,158 |
) |
|
|
31,994,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
2,337,075 |
|
|
|
172,156 |
|
|
|
373,100 |
|
|
|
685,298 |
|
|
|
179,660 |
|
|
|
(67,798 |
) |
|
|
3,679,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“Other” consists of Central and South America, Oceania, Africa and the Middle East.
The above amounts are aggregated by region based on the location of the country where Toyota Motor
Corporation or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.
—13—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
(iv) Sales revenues by location of external customers
|
|
|
|
|
|
|
|
|
| |
|
Yen in millions |
|
| |
|
For the first nine months ended December 31, |
|
| |
|
2023 |
|
|
2024 |
|
| Japan |
|
|
5,701,175 |
|
|
|
5,651,807 |
|
| North America |
|
|
13,364,366 |
|
|
|
14,157,962 |
|
| Europe |
|
|
3,970,419 |
|
|
|
4,265,995 |
|
| Asia |
|
|
5,955,388 |
|
|
|
6,042,925 |
|
| Other |
|
|
5,031,372 |
|
|
|
5,554,856 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
34,022,720 |
|
|
|
35,673,545 |
|
|
|
|
|
|
|
|
|
|
“Other” consists of Central and South America, Oceania, Africa and the Middle East,
etc.
—14—
Supplemental Material for Financial Results for FY2025 Third Quarter
(Consolidated)
< IFRS >
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
FY2024 |
|
|
FY2025 |
|
|
FY2025 |
|
| |
|
1Q
(2023/4-6) |
|
|
2Q
(2023/7-9) |
|
|
3Q
(2023/10-12) |
|
|
9 months
(2023/4-12) |
|
|
4Q
(2024/1-3) |
|
|
12 months
(‘23/4-‘24/3) |
|
|
1Q
(2024/4-6) |
|
|
2Q
(2024/7-9) |
|
|
3Q
(2024/10-12) |
|
|
9 months
(2024/4-12) |
|
|
Forecast
12 months
(‘24/4-‘25/3) |
|
| Vehicle Production (thousands of units) |
|
|
2,345 |
|
|
|
2,379 |
|
|
|
2,444 |
|
|
|
7,168 |
|
|
|
2,095 |
|
|
|
9,263 |
|
|
|
2,186 |
|
|
|
2,217 |
|
|
|
2,312 |
|
|
|
6,715 |
|
|
|
|
|
| (Japan)
–including Daihatsu & Hino |
|
|
1,025 |
|
|
|
1,090 |
|
|
|
1,115 |
|
|
|
3,230 |
|
|
|
813 |
|
|
|
4,042 |
|
|
|
901 |
|
|
|
991 |
|
|
|
1,052 |
|
|
|
2,945 |
|
|
|
|
|
| [Daihatsu & Hino] |
|
|
[190 |
] |
|
|
[232 |
] |
|
|
[247 |
] |
|
|
[669 |
] |
|
|
[65 |
] |
|
|
[734 |
] |
|
|
[141 |
] |
|
|
[219 |
] |
|
|
[205 |
] |
|
|
[564 |
] |
|
|
|
|
| (Overseas)
–including Daihatsu & Hino |
|
|
1,321 |
|
|
|
1,289 |
|
|
|
1,328 |
|
|
|
3,939 |
|
|
|
1,282 |
|
|
|
5,221 |
|
|
|
1,285 |
|
|
|
1,226 |
|
|
|
1,260 |
|
|
|
3,770 |
|
|
|
|
|
| [Daihatsu & Hino] |
|
|
[118 |
] |
|
|
[139 |
] |
|
|
[134 |
] |
|
|
[391 |
] |
|
|
[114 |
] |
|
|
[506 |
] |
|
|
[106 |
] |
|
|
[122 |
] |
|
|
[122 |
] |
|
|
[350 |
] |
|
|
|
|
| North America |
|
|
520 |
|
|
|
482 |
|
|
|
475 |
|
|
|
1,477 |
|
|
|
499 |
|
|
|
1,976 |
|
|
|
523 |
|
|
|
445 |
|
|
|
467 |
|
|
|
1,436 |
|
|
|
|
|
| Europe |
|
|
223 |
|
|
|
161 |
|
|
|
238 |
|
|
|
622 |
|
|
|
224 |
|
|
|
846 |
|
|
|
215 |
|
|
|
181 |
|
|
|
206 |
|
|
|
602 |
|
|
|
|
|
| Asia |
|
|
437 |
|
|
|
498 |
|
|
|
489 |
|
|
|
1,423 |
|
|
|
453 |
|
|
|
1,876 |
|
|
|
434 |
|
|
|
466 |
|
|
|
455 |
|
|
|
1,355 |
|
|
|
|
|
| Central and South America |
|
|
102 |
|
|
|
105 |
|
|
|
91 |
|
|
|
298 |
|
|
|
85 |
|
|
|
383 |
|
|
|
87 |
|
|
|
100 |
|
|
|
101 |
|
|
|
288 |
|
|
|
|
|
| Africa |
|
|
39 |
|
|
|
44 |
|
|
|
35 |
|
|
|
118 |
|
|
|
22 |
|
|
|
140 |
|
|
|
26 |
|
|
|
33 |
|
|
|
31 |
|
|
|
90 |
|
|
|
|
|
| Vehicle Sales (thousands of units) |
|
|
2,326 |
|
|
|
2,418 |
|
|
|
2,551 |
|
|
|
7,295 |
|
|
|
2,148 |
|
|
|
9,443 |
|
|
|
2,252 |
|
|
|
2,304 |
|
|
|
2,444 |
|
|
|
7,000 |
|
|
|
9,400 |
|
| (Japan)
–including Daihatsu & Hino |
|
|
532 |
|
|
|
540 |
|
|
|
558 |
|
|
|
1,630 |
|
|
|
363 |
|
|
|
1,993 |
|
|
|
421 |
|
|
|
517 |
|
|
|
516 |
|
|
|
1,454 |
|
|
|
2,020 |
|
| [Daihatsu & Hino] |
|
|
[134 |
] |
|
|
[141 |
] |
|
|
[154 |
] |
|
|
[429 |
] |
|
|
[48 |
] |
|
|
[477 |
] |
|
|
[84 |
] |
|
|
[136 |
] |
|
|
[129 |
] |
|
|
[349 |
] |
|
|
[500 |
] |
| (Overseas)
–including Daihatsu & Hino |
|
|
1,794 |
|
|
|
1,878 |
|
|
|
1,993 |
|
|
|
5,665 |
|
|
|
1,784 |
|
|
|
7,450 |
|
|
|
1,830 |
|
|
|
1,787 |
|
|
|
1,929 |
|
|
|
5,546 |
|
|
|
7,380 |
|
| [Daihatsu & Hino] |
|
|
[69 |
] |
|
|
[74 |
] |
|
|
[64 |
] |
|
|
[207 |
] |
|
|
[64 |
] |
|
|
[271 |
] |
|
|
[61 |
] |
|
|
[65 |
] |
|
|
[60 |
] |
|
|
[186 |
] |
|
|
[230 |
] |
| North America |
|
|
682 |
|
|
|
703 |
|
|
|
776 |
|
|
|
2,161 |
|
|
|
655 |
|
|
|
2,816 |
|
|
|
705 |
|
|
|
643 |
|
|
|
695 |
|
|
|
2,043 |
|
|
|
2,750 |
|
| Europe |
|
|
286 |
|
|
|
270 |
|
|
|
327 |
|
|
|
884 |
|
|
|
308 |
|
|
|
1,192 |
|
|
|
291 |
|
|
|
256 |
|
|
|
318 |
|
|
|
866 |
|
|
|
1,170 |
|
| Asia |
|
|
417 |
|
|
|
478 |
|
|
|
480 |
|
|
|
1,376 |
|
|
|
428 |
|
|
|
1,804 |
|
|
|
436 |
|
|
|
469 |
|
|
|
473 |
|
|
|
1,378 |
|
|
|
1,840 |
|
| Central and South America |
|
|
128 |
|
|
|
126 |
|
|
|
120 |
|
|
|
374 |
|
|
|
136 |
|
|
|
510 |
|
|
|
114 |
|
|
|
134 |
|
|
|
127 |
|
|
|
375 |
|
|
|
480 |
|
| Oceania |
|
|
76 |
|
|
|
87 |
|
|
|
80 |
|
|
|
244 |
|
|
|
74 |
|
|
|
318 |
|
|
|
82 |
|
|
|
71 |
|
|
|
80 |
|
|
|
232 |
|
|
|
320 |
|
| Africa |
|
|
59 |
|
|
|
62 |
|
|
|
55 |
|
|
|
175 |
|
|
|
46 |
|
|
|
221 |
|
|
|
49 |
|
|
|
56 |
|
|
|
60 |
|
|
|
166 |
|
|
|
210 |
|
| Middle East |
|
|
143 |
|
|
|
149 |
|
|
|
151 |
|
|
|
443 |
|
|
|
136 |
|
|
|
579 |
|
|
|
151 |
|
|
|
157 |
|
|
|
172 |
|
|
|
480 |
|
|
|
610 |
|
| Other |
|
|
3 |
|
|
|
2 |
|
|
|
3 |
|
|
|
8 |
|
|
|
2 |
|
|
|
10 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
6 |
|
|
|
|
|
| Total Retail Unit Sales (thousands of units)
[Toyota, Daihatsu and Hino] |
|
|
2,751 |
|
|
|
2,845 |
|
|
|
2,968 |
|
|
|
8,564 |
|
|
|
2,526 |
|
|
|
11,090 |
|
|
|
2,636 |
|
|
|
2,737 |
|
|
|
2,922 |
|
|
|
8,295 |
|
|
|
10,850 |
|
Supplemental 1
Supplemental Material for Financial Results for FY2025 Third Quarter (Consolidated)
< IFRS >
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
FY2024 |
|
|
FY2025 |
|
|
FY2025 |
|
| |
|
1Q
(2023/4-6) |
|
|
2Q
(2023/7-9) |
|
|
3Q
(2023/10-12) |
|
|
9 months
(2023/4-12) |
|
|
4Q
(2024/1-3) |
|
|
12 months
(‘23/4-‘24/3) |
|
|
1Q
(2024/4-6) |
|
|
2Q
(2024/7-9) |
|
|
3Q
(2024/10-12) |
|
|
9 months
(2024/4-12) |
|
|
Forecast
12 months
(‘24/4-‘25/3) |
|
| Foreign Exchange Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yen to US Dollar Rate |
|
|
137 |
|
|
|
145 |
|
|
|
148 |
|
|
|
143 |
|
|
|
149 |
|
|
|
145 |
|
|
|
156 |
|
|
|
150 |
|
|
|
152 |
|
|
|
153 |
|
|
|
as premise: 152 |
|
| Yen to Euro Rate |
|
|
150 |
|
|
|
157 |
|
|
|
159 |
|
|
|
155 |
|
|
|
161 |
|
|
|
157 |
|
|
|
168 |
|
|
|
164 |
|
|
|
163 |
|
|
|
165 |
|
|
|
as premise: 164 |
|
| Number of Employees |
|
|
379,659 |
|
|
|
381,576 |
|
|
|
380,737 |
|
|
|
380,737 |
|
|
|
380,793 |
|
|
|
380,793 |
|
|
|
384,954 |
|
|
|
384,158 |
|
|
|
384,338 |
|
|
|
384,338 |
(Note 1) |
|
|
|
|
| Sales Revenues (billions of yen) |
|
|
10,546.8 |
|
|
|
11,434.7 |
|
|
|
12,041.1 |
|
|
|
34,022.7 |
|
|
|
11,072.6 |
|
|
|
45,095.3 |
|
|
|
11,837.8 |
|
|
|
11,444.5 |
|
|
|
12,391.0 |
|
|
|
35,673.5 |
|
|
|
47,000.0 |
|
| Geographic Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
|
5,105.5 |
|
|
|
5,404.7 |
|
|
|
5,626.8 |
|
|
|
16,137.2 |
|
|
|
4,883.5 |
|
|
|
21,020.7 |
|
|
|
5,224.0 |
|
|
|
5,317.3 |
|
|
|
5,764.8 |
|
|
|
16,306.3 |
|
|
|
|
|
| North America |
|
|
4,092.0 |
|
|
|
4,504.2 |
|
|
|
4,958.1 |
|
|
|
13,554.3 |
|
|
|
4,388.6 |
|
|
|
17,943.0 |
|
|
|
5,002.4 |
|
|
|
4,522.9 |
|
|
|
4,876.1 |
|
|
|
14,401.5 |
|
|
|
|
|
| Europe |
|
|
1,299.0 |
|
|
|
1,359.4 |
|
|
|
1,520.7 |
|
|
|
4,179.2 |
|
|
|
1,502.4 |
|
|
|
5,681.7 |
|
|
|
1,509.0 |
|
|
|
1,380.1 |
|
|
|
1,630.5 |
|
|
|
4,519.7 |
|
|
|
|
|
| Asia |
|
|
1,964.5 |
|
|
|
2,346.6 |
|
|
|
2,371.3 |
|
|
|
6,682.5 |
|
|
|
2,048.2 |
|
|
|
8,730.7 |
|
|
|
2,231.7 |
|
|
|
2,238.2 |
|
|
|
2,323.3 |
|
|
|
6,793.4 |
|
|
|
|
|
| Other |
|
|
1,024.6 |
|
|
|
1,165.1 |
|
|
|
974.0 |
|
|
|
3,163.7 |
|
|
|
1,225.9 |
|
|
|
4,389.7 |
|
|
|
1,053.8 |
|
|
|
1,066.6 |
|
|
|
1,235.0 |
|
|
|
3,355.4 |
|
|
|
|
|
| Elimination |
|
|
-2,939.0 |
|
|
|
-3,345.3 |
|
|
|
-3,410.0 |
|
|
|
-9,694.4 |
|
|
|
-2,976.3 |
|
|
|
-12,670.7 |
|
|
|
-3,183.2 |
|
|
|
-3,080.7 |
|
|
|
-3,438.8 |
|
|
|
-9,702.9 |
|
|
|
|
|
| Business Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automotive |
|
|
9,687.9 |
|
|
|
10,477.3 |
|
|
|
11,065.7 |
|
|
|
31,231.0 |
|
|
|
10,035.1 |
|
|
|
41,266.2 |
|
|
|
10,759.7 |
|
|
|
10,332.4 |
|
|
|
11,249.0 |
|
|
|
32,341.2 |
|
|
|
|
|
| Financial Services |
|
|
775.1 |
|
|
|
846.1 |
|
|
|
922.3 |
|
|
|
2,543.7 |
|
|
|
940.4 |
|
|
|
3,484.1 |
|
|
|
1,005.3 |
|
|
|
1,037.6 |
|
|
|
1,022.9 |
|
|
|
3,065.9 |
|
|
|
|
|
| All Other |
|
|
306.4 |
|
|
|
319.2 |
|
|
|
357.4 |
|
|
|
983.1 |
|
|
|
385.0 |
|
|
|
1,368.1 |
|
|
|
315.6 |
|
|
|
337.6 |
|
|
|
393.0 |
|
|
|
1,046.3 |
|
|
|
|
|
| Elimination |
|
|
-222.7 |
|
|
|
-207.9 |
|
|
|
-304.4 |
|
|
|
-735.2 |
|
|
|
-288.0 |
|
|
|
-1,023.2 |
|
|
|
-242.8 |
|
|
|
-263.2 |
|
|
|
-273.8 |
|
|
|
-779.9 |
|
|
|
|
|
| Operating Income (billions of yen) |
|
|
1,120.9 |
|
|
|
1,438.3 |
|
|
|
1,680.9 |
|
|
|
4,240.2 |
|
|
|
1,112.6 |
|
|
|
5,352.9 |
|
|
|
1,308.4 |
|
|
|
1,155.7 |
|
|
|
1,215.2 |
|
|
|
3,679.4 |
|
|
|
4,700.0 |
|
| (Operating Income Ratio) (%) |
|
|
(10.6 |
) |
|
|
(12.6 |
) |
|
|
(14.0 |
) |
|
|
(12.5 |
) |
|
|
(10.0 |
) |
|
|
(11.9 |
) |
|
|
(11.1 |
) |
|
|
(10.1 |
) |
|
|
( 9.8 |
) |
|
|
(10.3 |
) |
|
|
(10.0 |
) |
| Geographic Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
|
701.9 |
|
|
|
879.1 |
|
|
|
1,104.1 |
|
|
|
2,685.1 |
|
|
|
799.0 |
|
|
|
3,484.2 |
|
|
|
881.2 |
|
|
|
641.1 |
|
|
|
814.6 |
|
|
|
2,337.0 |
|
|
|
|
|
| North America |
|
|
119.6 |
|
|
|
169.4 |
|
|
|
227.4 |
|
|
|
516.5 |
|
|
|
-10.2 |
|
|
|
506.3 |
|
|
|
85.0 |
|
|
|
28.7 |
|
|
|
58.3 |
|
|
|
172.1 |
|
|
|
|
|
| Europe |
|
|
83.0 |
|
|
|
99.3 |
|
|
|
103.1 |
|
|
|
285.5 |
|
|
|
102.5 |
|
|
|
388.0 |
|
|
|
124.6 |
|
|
|
91.2 |
|
|
|
157.1 |
|
|
|
373.1 |
|
|
|
|
|
| Asia |
|
|
186.2 |
|
|
|
224.9 |
|
|
|
238.4 |
|
|
|
649.6 |
|
|
|
215.9 |
|
|
|
865.5 |
|
|
|
245.9 |
|
|
|
244.4 |
|
|
|
194.8 |
|
|
|
685.2 |
|
|
|
|
|
| Other |
|
|
85.4 |
|
|
|
104.2 |
|
|
|
9.2 |
|
|
|
198.9 |
|
|
|
-0.6 |
|
|
|
198.3 |
|
|
|
41.7 |
|
|
|
98.8 |
|
|
|
39.0 |
|
|
|
179.6 |
|
|
|
|
|
| Elimination |
|
|
-55.4 |
|
|
|
-38.7 |
|
|
|
-1.5 |
|
|
|
-95.6 |
|
|
|
5.9 |
|
|
|
-89.6 |
|
|
|
-70.2 |
|
|
|
51.3 |
|
|
|
-48.8 |
|
|
|
-67.7 |
|
|
|
|
|
| Business Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automotive |
|
|
945.6 |
|
|
|
1,301.6 |
|
|
|
1,472.6 |
|
|
|
3,719.9 |
|
|
|
901.5 |
|
|
|
4,621.4 |
|
|
|
1,117.9 |
|
|
|
949.8 |
|
|
|
1,006.1 |
|
|
|
3,073.8 |
|
|
|
|
|
| Financial Services |
|
|
147.2 |
|
|
|
97.6 |
|
|
|
172.0 |
|
|
|
416.9 |
|
|
|
153.0 |
|
|
|
570.0 |
|
|
|
159.7 |
|
|
|
172.7 |
|
|
|
163.7 |
|
|
|
496.2 |
|
|
|
|
|
| All Other |
|
|
40.2 |
|
|
|
39.5 |
|
|
|
44.1 |
|
|
|
123.9 |
|
|
|
51.2 |
|
|
|
175.2 |
|
|
|
40.7 |
|
|
|
33.2 |
|
|
|
50.5 |
|
|
|
124.6 |
|
|
|
|
|
| Elimination |
|
|
-12.2 |
|
|
|
-0.4 |
|
|
|
-7.9 |
|
|
|
-20.6 |
|
|
|
6.8 |
|
|
|
-13.8 |
|
|
|
-9.9 |
|
|
|
-0.1 |
|
|
|
-5.2 |
|
|
|
-15.3 |
|
|
|
|
|
| Share of Profit (Loss) of Investments
Accounted for Using the Equity Method (billions of
yen) |
|
|
193.3 |
|
|
|
185.1 |
|
|
|
217.6 |
|
|
|
596.1 |
|
|
|
166.9 |
|
|
|
763.1 |
|
|
|
164.9 |
|
|
|
99.3 |
|
|
|
190.4 |
|
|
|
454.7 |
|
|
|
600.0 |
|
| Income before Income Taxes (billions of yen) |
|
|
1,720.5 |
|
|
|
1,800.9 |
|
|
|
1,835.5 |
|
|
|
5,357.0 |
|
|
|
1,608.0 |
|
|
|
6,965.0 |
|
|
|
1,872.2 |
|
|
|
859.8 |
|
|
|
2,698.0 |
|
|
|
5,430.0 |
|
|
|
6,180.0 |
|
| (Income before Income Taxes Ratio) (%) |
|
|
(16.3 |
) |
|
|
(15.7 |
) |
|
|
(15.2 |
) |
|
|
(15.7 |
) |
|
|
(14.5 |
) |
|
|
(15.4 |
) |
|
|
(15.8 |
) |
|
|
(7.5 |
) |
|
|
(21.8 |
) |
|
|
(15.2 |
) |
|
|
(13.1 |
) |
| Net Income Attributable to Toyota Motor Corporation (billions of yen) |
|
|
1,311.3 |
|
|
|
1,278.0 |
|
|
|
1,357.8 |
|
|
|
3,947.2 |
|
|
|
997.6 |
|
|
|
4,944.9 |
|
|
|
1,333.3 |
|
|
|
573.7 |
|
|
|
2,193.2 |
|
|
|
4,100.3 |
|
|
|
4,520.0 |
|
| (Net Income Ratio) (%) |
|
|
(12.4 |
) |
|
|
(11.2 |
) |
|
|
(11.3 |
) |
|
|
(11.6 |
) |
|
|
(9.0 |
) |
|
|
(11.0 |
) |
|
|
(11.3 |
) |
|
|
(5.0 |
) |
|
|
(17.7 |
) |
|
|
(11.5 |
) |
|
|
(9.6 |
) |
| Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Dividends (billions of yen) |
|
|
— |
|
|
|
405.4 |
|
|
|
— |
|
|
|
405.4 |
|
|
|
606.3 |
|
|
|
1,011.7 |
|
|
|
— |
|
|
|
525.9 |
|
|
|
— |
|
|
|
525.9 |
(Note 2) |
|
|
|
|
| Cash Dividends per Share (yen) |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
|
|
45 |
|
|
|
75 |
|
|
|
— |
|
|
|
40 |
|
|
|
— |
|
|
|
40 |
|
|
|
90 |
|
| Payout Ratio (%) |
|
|
— |
|
|
|
15.6 |
|
|
|
— |
|
|
|
15.6 |
|
|
|
25.7 |
|
|
|
20.4 |
|
|
|
— |
|
|
|
28.1 |
|
|
|
— |
|
|
|
28.1 |
|
|
|
26.4 |
|
| Value of Shares Repurchased (billions of yen)[actual purchase] |
|
|
34.3 |
|
|
|
82.1 |
|
|
|
75.0 |
|
|
|
191.5 |
|
|
|
39.4 |
|
|
|
231.0 |
|
|
|
18.9 |
|
|
|
884.4 |
|
|
|
142.2 |
|
|
|
1,045.7 |
(Note 3) |
|
|
|
|
| Value of Shares Repurchased (billions of yen)[shareholder return] |
|
|
— |
|
|
|
99.9 |
|
|
|
— |
|
|
|
99.9 |
|
|
|
1,000.0 |
|
|
|
1,099.9 |
|
|
|
— |
|
|
|
200.0 |
|
|
|
— |
|
|
|
200.0
|
(Note 3)
(Note 4) |
|
|
|
|
| Number of Outstanding Shares (thousands) |
|
|
16,314,987 |
|
|
|
16,314,987 |
|
|
|
16,314,987 |
|
|
|
16,314,987 |
|
|
|
16,314,987 |
|
|
|
16,314,987 |
|
|
|
15,794,987 |
|
|
|
15,794,987 |
|
|
|
15,794,987 |
|
|
|
15,794,987 |
|
|
|
|
|
Supplemental 2
Supplemental Material for Financial Results for FY2025 Third Quarter (Consolidated)
< IFRS >
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
FY2024 |
|
|
FY2025 |
|
|
FY2025 |
|
| |
|
1Q
(2023/4-6) |
|
|
2Q
(2023/7-9) |
|
|
3Q
(2023/10-12) |
|
|
9 months
(2023/4-12) |
|
|
4Q
(2024/1-3) |
|
|
12 months
(‘23/4-‘24/3) |
|
|
1Q
(2024/4-6) |
|
|
2Q
(2024/7-9) |
|
|
3Q
(2024/10-12) |
|
|
9 months
(2024/4-12) |
|
|
Forecast
12 months
(‘24/4-‘25/3) |
|
| R&D Expenses (billions of yen) |
|
|
294.8 |
|
|
|
314.0 |
|
|
|
289.2 |
|
|
|
898.1 |
|
|
|
304.2 |
|
|
|
1,202.3 |
|
|
|
304.6 |
|
|
|
334.9 |
|
|
|
336.8 |
|
|
|
976.4 |
|
|
|
1,300.0 |
(Note 5) |
| Depreciation Expenses (billions of yen) |
|
|
298.3 |
|
|
|
303.2 |
|
|
|
302.9 |
|
|
|
904.5 |
|
|
|
343.8 |
|
|
|
1,248.4 |
|
|
|
352.3 |
|
|
|
335.4 |
|
|
|
335.3 |
|
|
|
1,023.0 |
|
|
|
1,380.0 |
(Note 6) |
| Geographic Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
|
140.7 |
|
|
|
139.5 |
|
|
|
133.6 |
|
|
|
413.9 |
|
|
|
152.8 |
|
|
|
566.7 |
|
|
|
148.6 |
|
|
|
141.8 |
|
|
|
143.9 |
|
|
|
434.4 |
|
|
|
|
|
| North America |
|
|
79.4 |
|
|
|
84.5 |
|
|
|
91.4 |
|
|
|
255.4 |
|
|
|
122.4 |
|
|
|
377.8 |
|
|
|
120.4 |
|
|
|
114.8 |
|
|
|
112.8 |
|
|
|
348.1 |
|
|
|
|
|
| Europe |
|
|
21.4 |
|
|
|
23.4 |
|
|
|
21.3 |
|
|
|
66.2 |
|
|
|
15.9 |
|
|
|
82.1 |
|
|
|
23.4 |
|
|
|
25.6 |
|
|
|
25.7 |
|
|
|
74.8 |
|
|
|
|
|
| Asia |
|
|
46.1 |
|
|
|
44.6 |
|
|
|
45.4 |
|
|
|
136.1 |
|
|
|
45.4 |
|
|
|
181.6 |
|
|
|
48.3 |
|
|
|
43.0 |
|
|
|
42.9 |
|
|
|
134.3 |
|
|
|
|
|
| Other |
|
|
10.5 |
|
|
|
11.1 |
|
|
|
11.0 |
|
|
|
32.7 |
|
|
|
7.2 |
|
|
|
40.0 |
|
|
|
11.4 |
|
|
|
9.9 |
|
|
|
9.9 |
|
|
|
31.3 |
|
|
|
|
|
| Capital Expenditures (billions of yen) |
|
|
366.6 |
|
|
|
442.8 |
|
|
|
486.9 |
|
|
|
1,296.4 |
|
|
|
714.4 |
|
|
|
2,010.8 |
|
|
|
368.0 |
|
|
|
443.1 |
|
|
|
558.7 |
|
|
|
1,369.9 |
|
|
|
2,150.0 |
(Note 6) |
| Geographic Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
|
144.0 |
|
|
|
175.2 |
|
|
|
174.0 |
|
|
|
493.3 |
|
|
|
354.3 |
|
|
|
847.6 |
|
|
|
163.2 |
|
|
|
198.7 |
|
|
|
255.4 |
|
|
|
617.4 |
|
|
|
|
|
| North America |
|
|
154.1 |
|
|
|
159.5 |
|
|
|
182.6 |
|
|
|
496.3 |
|
|
|
226.2 |
|
|
|
722.5 |
|
|
|
115.9 |
|
|
|
173.4 |
|
|
|
184.6 |
|
|
|
474.1 |
|
|
|
|
|
| Europe |
|
|
12.5 |
|
|
|
28.9 |
|
|
|
23.4 |
|
|
|
64.8 |
|
|
|
23.9 |
|
|
|
88.8 |
|
|
|
17.4 |
|
|
|
10.7 |
|
|
|
15.0 |
|
|
|
43.1 |
|
|
|
|
|
| Asia |
|
|
41.1 |
|
|
|
54.9 |
|
|
|
89.4 |
|
|
|
185.5 |
|
|
|
82.7 |
|
|
|
268.2 |
|
|
|
52.6 |
|
|
|
30.6 |
|
|
|
65.8 |
|
|
|
149.1 |
|
|
|
|
|
| Other |
|
|
14.7 |
|
|
|
24.2 |
|
|
|
17.3 |
|
|
|
56.3 |
|
|
|
27.1 |
|
|
|
83.5 |
|
|
|
18.6 |
|
|
|
29.5 |
|
|
|
37.8 |
|
|
|
86.0 |
|
|
|
|
|
| Total Liquid Assets (billions of yen) |
|
|
12,287.8 |
|
|
|
13,808.6 |
|
|
|
14,143.6 |
|
|
|
14,143.6 |
|
|
|
15,079.5 |
|
|
|
15,079.5 |
|
|
|
15,585.7 |
|
|
|
15,404.1 |
|
|
|
16,366.2 |
|
|
|
16,366.2 |
(Note 7) |
|
|
|
|
| Total Assets (billions of yen) |
|
|
80,131.2 |
|
|
|
83,661.3 |
|
|
|
84,232.1 |
|
|
|
84,232.1 |
|
|
|
90,114.2 |
|
|
|
90,114.2 |
|
|
|
94,037.3 |
|
|
|
89,169.2 |
|
|
|
94,674.4 |
|
|
|
94,674.4 |
|
|
|
|
|
| Toyota Motor Corporation Shareholders’ Equity (billions of yen) |
|
|
30,330.0 |
|
|
|
31,893.1 |
|
|
|
32,561.6 |
|
|
|
32,561.6 |
|
|
|
34,220.9 |
|
|
|
34,220.9 |
|
|
|
35,737.7 |
|
|
|
34,368.5 |
|
|
|
35,910.2 |
|
|
|
35,910.2 |
|
|
|
|
|
| Return on Equity (%) |
|
|
17.9 |
|
|
|
16.4 |
|
|
|
16.9 |
|
|
|
17.3 |
|
|
|
12.0 |
|
|
|
15.8 |
|
|
|
15.2 |
|
|
|
6.5 |
|
|
|
25.0 |
|
|
|
15.6 |
|
|
|
|
|
| Return on Asset (%) |
|
|
6.8 |
|
|
|
6.2 |
|
|
|
6.5 |
|
|
|
6.6 |
|
|
|
4.6 |
|
|
|
6.0 |
|
|
|
5.8 |
|
|
|
2.5 |
|
|
|
9.5 |
|
|
|
5.9 |
|
|
|
|
|
| Number of Consolidated Subsidiaries (including Structured Entities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of Associates and Joint Ventures Accounted for Using the Equity Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Analysis of Consolidated Net Income
Attributable to Toyota Motor Corporation for FY2025
(billions of yen, approximately) |
|
3Q
(2024/10-12) |
|
|
9 months
(2024/4-12) |
|
| Effects of Marketing Activities |
|
|
-95.0 |
|
|
|
-165.0 |
|
| Effects of Changes in Exchange Rates |
|
|
-120.0 |
|
|
|
490.0 |
|
| Cost Reduction Efforts |
|
|
-20.0 |
|
|
|
70.0 |
|
| From Engineering |
|
|
-40.0 |
|
|
|
30.0 |
|
| From Manufacturing and Logistics |
|
|
20.0 |
|
|
|
40.0 |
|
| Increase or Decrease in Expenses and Expense Reduction Efforts |
|
|
-150.0 |
|
|
|
-590.0 |
|
| Other |
|
|
-80.7 |
|
|
|
-365.7 |
|
| (Changes in Operating Income) |
|
|
-465.6 |
|
|
|
-560.7 |
|
| Non-operating Income |
|
|
1,328.1 |
|
|
|
633.7 |
|
| Share of Profit (Loss) of Investments Accounted for Using the Equity Method |
|
|
-27.2 |
|
|
|
-141.4 |
|
| Income tax expense, Net Income Attributable to
Non-controlling Interests |
|
|
-27.0 |
|
|
|
80.1 |
|
| (Changes in Net Income Attributable to Toyota Motor Corporation) |
|
|
835.4 |
|
|
|
153.1 |
|
Cautionary Statement with Respect to Forward-Looking Statements
This report contains forward-looking statements that reflect Toyota’s plans and expectations.
These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties
and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these
forward-looking statements.
These factors include, but are not limited to: (i) changes in economic conditions, market
demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of
the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and
increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and
times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating
to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations,
including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability
to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in
prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work
stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or
sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle
production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial
position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
| (Note 1) |
Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside
Toyota and including loan employees from outside Toyota to Toyota) |
| (Note 2) |
2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend
|
| (Note 3) |
Excluding shares constituting less than one unit that were purchased upon request and the commission fees
incurred for the repurchase |
| (Note 4) |
Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase
of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.) |
| (Note 5) |
Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period
and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income |
| (Note 6) |
Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or
right of use assets |
| (Note 7) |
Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust
funds, excluding in each case those relating to financial services |
Supplemental 3
FY2025 Third Quarter Financial Results Toyota Motor Corporation Toyota
Woven City February 5, 2025 1
Cautionary Statement with Respect to Forward-Looking Statements and Caution
Concerning Insider Trading This presentation contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not
guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results,
performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the
automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates (particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian
dollar, the Canadian dollar and the British pound), stock prices and interest rates; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and
distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management;(vi) changes in the laws, regulations and government policies in the markets in
which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions
and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and
investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to
Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as
information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases
materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in
social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of
Toyota to hire or retain sufficient human resources. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual
report on Form 20-F, which is on file with the United States Securities and Exchange Commission. Caution concerning Insider Trading Under Japanese securities laws and regulations (the Regulations ), subject to certain exceptions, any person who
receives certain material information relating to the business, etc. of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the
Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is notified to a stock exchange and is disclosed by ways of
electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material
information to at least two (2) media sources as prescribed by the Regulations. 2
FY2025 Third Quarter Results Summary Continued to invest in human resources
and growth areas, raising the attractiveness of the industry as a whole, with a view of fostering an enthusiasm for work Operating income 3,679.4 billion yen (-560.7 billion yen YoY) - Achieved a high level of profit due to the impact of production
recovery from the third quarter and improvement efforts despite a decrease in sales volume and one-time Actual costs. (9 months) - We are grateful to all our stakeholders, including suppliers and dealers, who continued to make steady strengthening
of the foundation and improvements regardless of the situation with the participation of all. Operating income 4,700 billion yen (+400 billion yen from the previous forecast) - Upward revision incorporates progress in strengthening earning power,
backed by improvement efforts including product competitiveness and value chain earnings. Forecast - Investing 830 billion yen as planned in human resources and growth areas to build a robust foundation for continued growth over the next 50 years. -
Spread and permeate to the deeper layers the improvement of work environment for our friends in the automotive industry. CFO’s Message - Expand growth investment to transform into a mobility company. (opening of Woven City open / establishment
of new BEV and battery entity in China / the U.S. battery plant begins operation) 3
FY2025 Third Quarter Financial Performance 4
Consolidated Vehicle Sales (FY2025 9 months) (thousands of vehicles) 8,000
7,295 96.0% 7,000 Japan 7,000 1,630 N. America 89.2% 1,454 6,000 Europe 5,000 94.5% 2,161 2,043 Asia 4,000 Other 97.9% 3,000 884 866 Central and 2,000 South America, 100.2% 1,378 1,376 Oceania, 1,000 Africa, 101.2% 1,245 1,259 The Middle East, etc.
0 2023.4-12 2024.4-12 YoY Reference (retail) Toyota and Lexus Vehicle Sales 7,908 7,758 98.1% [35.9%] [45.3%] Electrified Vehicle [%] 2,837 3,515 123.9% HEV 2,646 3,289 124.3% PHEV 102 115 112.7% BEV 87 110 126.9% FCEV 3 1 34.1% Total Retail Vehicle
Sales 8,564 8,295 96.9% 5
Consolidated Financial Summary (FY2025 9 months) (billions of yen)
2024.4-12 Change 2023.4-12 Sales Revenues 34,022.7 35,673.5 +1,650.8 Operating Income 4,240.2 3,679.4 -560.7 Margin 12.5% 10.3% Other Income 1,116.8 1,750.6 +633.7 Share of Profit (Loss) of Investments *1 596.1 454.7 -141.4 Accounted for Using the
Equity Method Income before Income Taxes 5,357.0 5,430.0 +73.0 Net Income Attributable to 3,947.2 4,100.3 +153.1 Toyota Motor Corporation Margin 11.6% 11.5% US $ 143 yen 153 yen +10 yen FOREX Rates € 155 yen 165 yen +10 yen *1 Regarding Japan:
328.6 (+5.8 year on year), China: 68.6 (-152.2 year on year), Other: 57.4 (+5.0 year on year) 6
Analysis of Consolidated Operating Income (FY2025 9 months) (billions of
yen) Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc.： -685.0 -165.0 +70.0 +490.0 -590.0 4,240.2 Cost Effects of -365.7 Reduction Marketing Effects of 3,679.4 Increase or Efforts Activities *2 FOREX
Other *4 Decrease in Rates *1 Expenses and Expense Reduction W hich includes: Efforts *3 Strengthening Foundation of Suppliers/ Materials Prices -150.0 Cost Reduction +220.0 2023.4-12 2024.4-12 143 yen/US$ 153 yen/US$ Operating Income (-560.7) 155
yen/ € 165 yen/ € *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +425.0 Volume, Model Mix -325.0 Labor Cost -215.0 Valuation Gains / Losses from Swaps, etc. +29.7 - US $ +360.0 Value Chain +135.0 Depreciation
Expenses -30.0 Impact of Inflation Accounting, etc. +48.0 - Financial Services - € +65.0 +35.0 R&D Expenses -65.0 HINO MOTORS Certification Related Expenses -284.8 - Other ±0.0 Expenses, etc. -280.0 Other -158.6 - Accessories / Spare
Parts / +100.0 Used Vehicle / Connected, etc. Translational FOREX Impact Concerning +65.0 Overseas Subsidiaries, etc. Other +25.0 7
Geographic Operating Income (FY2025 9 months) Operating Income (billions of
yen) (excluding Valuation Gains/Losses relating to Swaps, etc.) [ ] Margin Consolidated Vehicle Sales (thousands of vehicles) Europe Japan N. America Asia Other Incl. China (excl. investments accounted for using the equity method of associates 2,161
and joint ventures) (94.5%) 2,043 1,630 (89.2%) 1,454 (100.2%) 1,378 1,376 (101.2%) 1,259 1,245 884 (97.9%) 866 -345.0 2,686.3 [16.6%] 2,341.2 [14.4%] -348.2 +28.9 +67.2 552.5 -21.3 [4.1%] 376.1 308.8 204.2 [8.3%] 680.7 190.1 651.7 168.8 [7.4%]
[1.4%] [10.0%] [6.0%] [9.8%] [5.0%] 2023.4-12 2024.4-12 2023.4-12 2024.4-12 2023.4-12 2024.4-12 2023.4-12 2024.4-12 2023.4-12 2024.4-12 Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 2,685.1 2,337.0 516.5
172.1 285.5 373.1 649.6 685.2 198.9 179.6 8
China Business / Financial Services (FY2025 9 months) (Ref.) China Business
Financial Services Operating Income of Consolidated Subsidiaries (billions of yen) Operating Income (billions of yen) Share of Profit of Investments Accounted for Using the Equity＊ Excluding Valuation Gains/Losses relating to Swaps, etc.
Method of Associates and Joint Ventures (billions of yen) Toyota and Lexus Vehicle Retail Sales (thousands of vehicles) 1,528 (91.8%) 1,402 138.7 -13.2 Effects of 520.2 +49.5 Marketing 470.6 Effects of Activities, etc. Increase in Loan Balance, etc.
125.4 220.9 -152.3 Effects of Marketing 68.6 Activities, etc. 2023.4-12 2024.4-12 Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 2024.4-12 2023.4-12 416.9 496.2 9
FY2025 Financial Forecasts 10
FY2025 Forecast: Consolidated Vehicle Sales (thousands of vehicles) 100.0%
9,443 10,000 9,400 9,400 Japan 1,993 2,030 2,020 99.5% 8,000 N. America Europe 6,000 2,816 2,720 2,750 101.1% Asia 4,000 1,150 1,170 101.7% 1,192 Other Central and 1,860 1,840 1,804 98.9% South America, 2,000 Oceania, Africa, 1,640 1,620 98.8% 1,638
The Middle East, etc. 0 Previous Forecast New Forecast vs. Previous FY2024 Results 2024.4-2025.3 2024.4-2025.3 2023.4-2024.3 Forecast Reference (retail) Toyota and Lexus Vehicle Sales 10,100 10,100 100.0% 10,309 Electrified Vehicles [%] 4,648
[46.0%] 4,659 [46.1%] 100.2% 3,855 [37.4%] HEV 4,325 4,362 100.9% 3,594 PHEV 162 154 95.1% 141 BEV 160 142 88.8% 117 FCEV 1 1 100.0% 4 Total Retail Vehicle Sales 10,850 10,850 100.0% 11,090 11
FY2025 Forecast: Consolidated Financial Summary （billions of
yen） FY2024 Results Previous Forecast New Forecast Change 2023.4-2024.3 2024.4-2025.3 2024.4-2025.3 Sales Revenues 45,095.3 46,000.0 47,000.0 +1,000.0 Operating Income 5,352.9 4,300.0 4,700.0 +400.0 Margin 11.9% 9.3% 10.0% Other Income 680.0
1,480.0 +800.0 1,612.1 Share of Profit (Loss) of Investments 590.0 600.0 +10.0 763.1 Accounted for Using the Equity Method Income before Income Taxes 4,980.0 6,180.0 +1,200.0 6,965.0 Net Income Attributable to 3,570.0 4,520.0 +950.0 4,944.9 Toyota
Motor Corporation Margin 7.8% 9.6% 11.0% Dividend per share ±0 yen 90 yen 90 yen 75 yen ＊ US $ 147 yen 152 yen +5 yen 145 yen FOREX Rates ＊ € 161 yen 164 yen +3 yen 157 yen * FOREX Rate performance: 153 yen against the U.S.
dollar and 165 yen against the Euro from April 2024 to December 2024 FOREX Rate assumptions: 150 yen against the U.S. dollar and 160 yen against the Euro from January 2025 to March 2025 12
Analysis of FY2025 Forecast: Consolidated Operating Income (vs. FY2024
Results) n Investment in human resources and growth areas for the future has progressed according to plan. n Under product & region-based management, our earning power has been enhanced as we have proceeded “Ever-better
car” and “Best in town” activities with many stakeholders. (billions of yen) 5,352.9 -352.9 5,000.0 -700.0 +565.0 4,700.0 4,300.0 -130.0 -520.0 +485.0 Investment in Investment in Improvement Human One-off Human Effects of Efforts
Resources Expenses Resources & FOREX and Growth Areas Rates Growth Area (additional) 1. Price revision 2. Controlling incentive 3. Increasing value chain earnings Forecast in May “Earning Power” 3Q Forecast FY2024 Results Operating
Income 2024.4-2025.3 2024.4-2025.3 2023.4-2024.3 Consolidated (+400.0) Sales Volume 152 yen/US$ 145 yen/US$ 145 yen/US$ 9.5 million units 164 yen/ € 160 yen/ € 157 yen/ € 145 yen/US$ 13
(Ref.) Analysis of Consolidated Operating Income (FY2025 9 months)
(billions of yen) Excluding the overall impact of foreign exchange (A) rates and swap valuation gains/losses, etc.： -685.0 -165.0 +70.0 +490.0 -590.0 4,240.2 Cost Effects of -365.7 Reduction Marketing Effects of 3,679.4 Increase or Efforts
Activities FOREX Other Decrease in Rates Expenses and Expense Reduction W hich includes: Efforts Strengthening Foundation of Suppliers/ Materials Prices -150.0 Cost Reduction +220.0 2023.4-12 2024.4-12 Increase or Decrease in Cost Reduction Effects
of Marketing Expenses and Expense Total Efforts Activities Reduction Efforts (1) Market environment -275.0 -275.0 -220.0 -10.0 -80.0 -310.0 (2) Human resources (3) Growth investments -180.0 -180.0 Deduct (1)(2)(3) from (A) +290.0 +120.0 -330.0 +80.0
14
(Ref.) Analysis of FY2025 Forecast: Consolidated Operating Income (vs.
FY2024 Results) Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc： -865.0 (billions of yen) -25.0 +55.0 -895.0 +540.0 5,352.9 Marketing Cost Reduction -327.9 Effects of Efforts Efforts *2 4,700.0
Increase or FOREX Other *4 Rates *1 Decrease in Which includes: Expenses and Strengthening Foundation of Suppliers/ Expense Reduction Materials Prices -315.0 Efforts *3 Cost Reduction +290.0 FY2025 New Forecast FY2024 Results 2024.4-2025.3
2023.4-2024.3 Operating Income (-652.9) 145 yen/US$ 152 yen/US$ 157 yen/€ 164 yen/€ *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +395.0 Volume, Model Mix -5.0 Labor Cost -235.0 Valuation Gains / Losses from
Swaps, etc. +20.0 - US $ +370.0 Value Chain +170.0 Depreciation Expenses -130.0 Impact of Inflation Accounting, etc. +69.5 - € +65.0 - Financial Services +35.0 R&D Expenses -100.0 HINO MOTORS Certification Related -284.8 - Other -40.0
Expenses, etc. -430.0 Expenses - Accessories / Spare Parts / +135.0 Used Vehicle / Connected, etc. Other -132.6 Translational FOREX Impact Concerning +145.0 Overseas Subsidiaries, etc. 15 Other -110.0
(Ref.) Analysis of Consolidated Operating Income (vs. FY2024 Results)
Excluding the overall impact of foreign exchange (A) rates and swap valuation gains/losses, etc： -865.0 (billions of yen) -25.0 +55.0 -895.0 +540.0 5,352.9 Marketing Cost Reduction -327.9 Effects of Efforts Efforts 4,700.0 Increase or FOREX
Other Rates Decrease in Which includes: Expenses and Strengthening Foundation of Suppliers/ Expense Reduction Materials Prices -315.0 Efforts Cost Reduction +290.0 FY2025 New Forecast FY2024 Results 2024.4-2025.3 2023.4-2024.3 Increase or Decrease
in Cost Reduction Marketing Efforts Expenses and Expense Total Efforts Reduction Efforts -352.9 -352.9 (1) Market environment (2) Human resources -390.0 -20.0 -100.0 -510.0 -320.0 -320.0 (3) Growth investments Deduct (1)(2)(3) from (A) +365.0 +427.9
-475.0 +317.9 16
(Ref.) Analysis of FY2025 Forecast: Consolidated Operating Income (vs.
Previous Forecast) Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc： +225.0 (billions of yen) -65.0 -120.0 +155.0 +135.0 4,700.0 +295.0 Increase or 4,300.0 Marketing Cost Other *4 Decrease in Efforts
*2 Effects of Reduction Expenses and FOREX Efforts Expense Reduction Rates *1 Efforts *3 Which includes: Strengthening Foundation of Suppliers/ Materials Prices +135.0 Cost Reduction ±0.0 Previous Forecast New Forecast 2024.4-2025.3
2024.4-2025.3 Operating Income (+400.0) 147 yen/US$ 152 yen/US$ 161 yen/€ 164 yen/€ *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +340.0 Volume, Model Mix +40.0 Labor Cost ±0.0 Valuation Gains / Losses
from Swaps, etc. -15.0 - US $ +285.0 Value Chain +60.0 Depreciation Expenses ±0.0 Impact of Inflation Accounting, etc. -18.4 - € +30.0 - Financial Services +40.0 R&D Expenses ±0.0 HINO MOTORS Certification Related -54.8 - Other
+25.0 Expenses, etc. -65.0 Expenses - Accessories / Spare Parts / +20.0 Used Vehicle / Connected, etc. Other -31.8 Translational FOREX Impact Concerning -45.0 Overseas Subsidiaries, etc. 17 Other +55.0
(Ref.) Consolidated Vehicle Sales (3 months) （thousands of
vehicles） 2,551 2,444 95.8% 2,500 Japan 558 516 92.4% N.America 2,000 Europe 776 695 89.5% 1,500 Asia Other 318 97.4% 327 1,000 Central and South America, 473 480 98.6% Oceania, 500 Africa, The Middle East, 107.9% 442 410 etc. 0 2023.10-12
2024.10-12 YoY Reference (retail) Toyota and Lexus Vehicle Sales 2,736 2,729 99.8% Electrified Vehicles [%] [37.0%] [47.0%] 1,011 1,284 126.9% HEV 951 1,212 127.5% PHEV 32 40 123.3% BEV 28 32 114.7% FCEV 0 0 51.3% Total Retail Vehicle Sales 2,968
2,922 98.5% 18
(Ref.) Consolidated Financial Summary (3 months) (billions of yen) Change
2023.10-12 2024.10-12 Sales Revenues 12,041.1 12,391.0 +349.9 Operating Income 1,680.9 1,215.2 -465.6 Margin 14.0% 9.8% Other Income 154.5 1,482.7 +1,328.1 Share of Profit (Loss) of Investments ＊ 217.6 190.4 -27.2 Accounted for Using the
Equity Method Income before Income Taxes 1,835.5 2,698.0 +862.4 Net Income Attributable to 1,357.8 2,193.2 +835.4 Toyota Motor Corporation Margin 11.3% 17.7% US $ 148 yen 152 yen +4 yen FOREX Rates € 159 yen 163 yen +4 yen * Regarding Japan:
140.0 (+36.5 year on year), China: 30.9 (-66.1 year on year), Other: 19.3 (+2.4 year on year) 19
(Ref.) Analysis of Consolidated Operating Income (3 months) (billions of
yen) Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc.： -265.0 1,680.9 -120.0 -20.0 -95.0 -150.0 Effects of Cost -80.7 Effects of FOREX Reduction 1,215.2 Marketing Increase or Rates *1 Efforts Other
*4 Activities *2 Decrease in Expenses and Expense Reduction W hich includes: Efforts *3 Strengthening Foundation of Suppliers/ Materials Prices -65.0 Cost Reduction +45.0 2023.10-12 2024.10-12 148 yen/US$ 152 yen/US$ Operating Income (-465.6) 159
yen/€ 163 yen/€ *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +35.0 Volume, Model Mix -185.0 Labor Cost -55.0 Valuation Gains / Losses from Swaps, etc. -49.0 - US $ +60.0 Value Chain +105.0 Depreciation
Expenses ±0.0 Impact of Inflation Accounting, etc. +64.6 - Financial Services - € +10.0 +45.0 R&D Expenses -35.0 HINO MOTORS Certification Related Expenses -54.8 - Other -35.0 Expenses, etc. -60.0 Other -41.5 - Accessories / Spare
Parts / +60.0 Used Vehicle / Connected, etc. Translational FOREX Impact Concerning -155.0 Overseas Subsidiaries, etc. Other -15.0 20
(Ref.) Geographic Operating Income (3 months) Operating Income (billions
of yen) (excluding Valuation Gains/Losses relating to Swaps, etc.) [ ] Margin Consolidated Vehicle Sales (thousands of vehicles) N.America Japan Europe Asia Other Incl. China (excl. investments accounted for using the equity method of associates and
joint ventures) 558 776 (92.4%) 516 (89.5%) 695 480 473 (98.6%) （107.9%） 442 410 327 (97.4%) 318 -285.0 1,101.8 816.7 [19.6%] [14.2%] +35.9 -46.4 -113.7 +39.9 189.9 152.5 [3.8%] 116.5 [9.4%] 76.1 [7.7%] 240.2 43.5 3.5 193.8 [1.6%]
[10.1%] [3.5%] [8.3%] [0.4%] 2023.10-12 2024.10-12 2023.10-12 2024.10-12 2023.10-12 2024.10-12 2023.10-12 2024.10-12 2023.10-12 2024.10-12 Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 1,104.1 814.6
227.4 58.3 103.1 157.1 238.4 194.8 9.2 39.0 21
(Ref.) China Business / Financial Services (3 months) (Ref.) China
Business Financial Services Operating Income of Consolidated Subsidiaries (billions of yen) Operating Income (billions of yen) Share of Profit of Investments Accounted for Using the Equity ＊ Excluding Valuation Gains/Losses relating to Swaps,
etc. Method of Associates and Joint Ventures (billions of yen) Toyota and Lexus Vehicle Retail Sales (thousands of vehicles) 523 (102.3%) 535 37.6 -21.1 182.5 141.8 +40.7 97.1 16.5 -66.2 30.9 2023.10-12 2024.10-12 Operating Income including
Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 2023.10-12 2024.10-12 172.0 163.7 22
(Ref.) Transition of Financial Performance Net Income Attributable to
Consolidated Vehicle Sales Sales Revenues Operating Income (trillions of yen) (billions of yen) Toyota Motor Corporation (thousands of vehicles) Operating Margin (%) (billions of yen) 47.0 11.9 Net Margin (%) 45.0 9,400 10.0 9,443 11.0 9.5 8,822 9.6
9.1 8,230 8.1 8.3 7,646 7.3 37.2 6.6 5,352.9 4,944.9 4,700.0 31.3 4,520.0 27.2 2,850.1 2,995.6 2,725.0 2,451.3 2,245.2 2,197.7 2021.3 2022.3 2023.3 2024.3 2025.3 2021.3 2022.3 2023.3 2024.3 2025.3 2021.3 2022.3 2023.3 2024.3 2025.3 2021.3 2022.3
2023.3 2024.3 2025.3 1 4 Total Liquid Assets* Total Shareholder Return (billions of yen) Capital Expenditures R&D Expenses* (billions of yen) (billions of yen) (billions of yen) Depreciation Expenses Ratio to Sales Revenues (%) 3 Dividend per
Share (yen) * 16,366.2 4.0 2,150.0 (Forecast ) 90 15,079.5 75 3.6 2,010.8 52 48 60 3.3 Interest- 2.8 2,111.7 2.7 Bearing 11,579.4 11,313.7 *2 1,605.8 Debt 10,517.3 1,300.0 14,062.4 Share 1,241.6 1,202.3 1,343.0 1,248.4 Repurchase 1,124.2 1,293.2
12,651.6 Net Liquid 1,090.4 1,185.0 1,380.0 1,116.9 1,153.8 9,027.7 Assets 8,341.3 921.0 1,007.2 8,051.4 876.9 1,011.7 Dividend 816.9 718.2 671.0 2021.3 2022.3 2023.3 2024.3 2024.12 2021.3 2022.3 2023.3 2024.3 2025.3 2021.3 2022.3 2023.3 2024.3
2025.3 2021.3 2022.3 2023.3 2024.3 2025.3 *1 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. *2 Not including lease
liabilities Forecast *3 Dividends per common share on a post-stock split (a five-for-one stock split of shares of our common stock that was conducted on October 1, 2021) basis *4 R&D activity related expenditures incurred during the reporting
period 23
Toyota & Lexus (Ref.) FY2025 Forecast: Vehicle Production and Retail
Sales Previous Forecast FY2024 Results New Forecast (thousands of vehicles) Change 2024.4-2025.3 2023.4-2024.3 2024.4-2025.3 Japan 3,280 3,270 -10 3,309 Vehicle 生産 Overseas 6,420 6,430 +10 6,663 Production * Total ±0 9,972 9,700
9,700 Japan ±0 1,530 1,500 1,500 Retail Overseas Vehicle ±0 8,780 8,600 8,600 Sales * Total 10,309 ±0 10,100 10,100 * Total Retail Vehicle Sales ±0 11,090 10,850 10,850 * Including vehicles by Toyota’s unconsolidated
entities 24
Customers Total Retail Vehicle Sales Toyota and Lexus Vehicle Sales
Distributors or Dealers outside consolidation Consolidated Vehicle Sales (Ref.) Definitions of Consolidated and Retail Vehicle Sales Daihatsu- and Hino- brand vehicles Number of vehicles produced for wholesale by Toyota Motor Corporation and its
consolidated subsidiaries Number of vehicles produced for wholesale by Toyota’s unconsolidated entities (e.g. joint ventures in China, etc.) *There are a limited number of exceptional cases where sales are made other than in accordance with
the flowchart above. 25
[Reference Translation]
February 5, 2025
To Whom It
May Concern:
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Company name: |
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TOYOTA MOTOR CORPORATION |
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Name and Title of Representative: |
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Koji Sato, President |
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(Code Number:7203; Prime of Tokyo Stock Exchange and Premier of Nagoya Stock Exchange) |
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Name and Title of Contact Person: |
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Yoshihide Moriyama, General Manager, Capital Strategy & Affiliated Companies Finance Div. |
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(Telephone: +81-565-28-2121) |
Notification of Change in Status of Subsidiary
(Establishment of a new subsidiary)
At the Board of Directors meeting held on February 5, 2025, Toyota Motor Corporation (“Toyota”) has resolved to establish a new
wholly-owned company in Jinshan District, in southwest Shanghai to develop and produce battery electric vehicles (“BEVs”) and batteries.
| 1. |
The reason of establishment of subsidiary |
Toyota will sign a comprehensive partnership agreement with the Shanghai municipal government in China regarding carbon
neutrality. Under this partnership with the Shanghai municipal government, Toyota hopes to contribute to the Chinese government’s goal of achieving carbon neutrality by 2060 in fields such as hydrogen energy, automated driving technology, and
battery recycling and reuse. To drive the initiative forward, Toyota will establish a new company based on the belief that quicker supply of products that meet customers’ needs is important in China where there is a high demand for new energy
vehicles.
| 2. |
Overview of the subsidiary |
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| (1) Company Name |
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To be determined |
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| (2) Location |
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Jinshan District, Shanghai, China |
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| (3) Job title and name of representative |
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Tatsuro Ueda, President |
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| (4) Description of business |
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Development and production of BEVs, and production of batteries |
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| (5) Share capital |
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JPY 107.1 billion (planned) |
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| (6) Date of establishment |
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Scheduled for the first half of 2025.
Subject to the completion of necessary procedures in
accordance with local laws and other conditions. |
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| (7) Investment ratio |
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Toyota, 100% |
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| (8) Relationship between Toyota and said company |
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Capital relationship |
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Toyota will hold 100% ownership and make it a consolidated subsidiary. |
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Personnel relationship |
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Two (2) executives from Toyota and one (1) executive from Toyota’s subsidiary, Toyota Motor (China)
Investment Co., Ltd. |
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Business relationship |
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Licensed production of Toyota’s products. |
Toyota believes that this investment has little impact on Toyota’s business performance.
The newly formed company will develop a new BEV under the Lexus brand, with production scheduled to begin from 2027 onwards.
The initial production capacity is expected to be around 100,000 units per year, and approximately 1,000 new jobs are planned for the start-up phase.
Toyota has been working with partners such as China FAW Group Corp., Ltd. and Guangzhou Automobile Group Co., Ltd. to bring
smiles to customers in China. Going forward, Toyota will continue working together with all its partners to be a “best-in-town” company to achieve its goal of
“producing happiness for all.”
-End-
Toyota Motor (PK) (USOTC:TOYOF)
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