Equibles

6-K

TOYOTA MOTOR CORP/ (TM)

6-K 2024-05-08 For: 2024-05-08
View Original
Added on April 02, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report ofForeign Private Issuer

Pursuant to Rule 13a-16 or15d-16 under

the Securities Exchange Act of 1934

For the month of May, 2024

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

(Addressof 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<br>May 8, 2024, with respect to the registrant’s results of operations for the fiscal year ended March 31, 2024.
II. English translation of the Notice Concerning the Holding of Ordinary General Shareholders’ Meeting to<br>be held on June 18, 2024, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.
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III. English translation of the Opinion of the Board of Directors on the Shareholder Proposal, as filed by the<br>registrant with the Tokyo Stock Exchange on May 8, 2024.
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IV. English translation of the Notice Concerning the Distribution of Dividends from Surplus, as filed by the<br>registrant with the Tokyo Stock Exchange on May 8, 2024.
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V. English translation of the Notice Concerning the Determination of Matters Relating to the Repurchase of<br>Shares of Common Stock, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.
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VI. English translation of the Notice Concerning the Retirement of Treasury Stock, as filed by the registrant<br>with the Tokyo Stock Exchange on May 8, 2024.
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VII. English translation of the Notice Concerning the Disposition of Treasury Stock under the Restricted Stock<br>Compensation Plan, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.
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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.

Toyota Motor Corporation
By: /s/  Yoshihide Moriyama
Name: Yoshihide Moriyama
Title: General Manager,
Capital Strategy & Affiliated Companies
Finance Division

Date: May 8, 2024

FY2024 FINANCIAL SUMMARY

Table of Contents

FINANCIAL SUMMARY

FY2024

(April 1, 2023 through March 31, 2024)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

Table of Contents

FY2024 Consolidated Financial Results

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

English translation from the original Japanese-language document

May 8, 2024

Company name : Toyota Motor Corporation
Stock exchanges on which the shares are listed : Tokyo and Nagoya Stock Exchanges in Japan
Code number : 7203
URL : https://global.toyota/jp/
Representative : Koji Sato, President
Contact person : Hideaki Hayashi, General Manager, Accounting Division<br>Tel. (0565)28-2121
Date of the ordinary general shareholders’ meeting : June 18, 2024
Payment date of cash dividends : May 24, 2024
Filing date of financial statements : June 25, 2024
Supplemental materials prepared for financial results : yes
Earnings announcement for financial results : yes

(Amounts are rounded to the nearest million yen)

1. Consolidated Results for FY2024 (April 1,2023 through March 31, 2024)
(1) Consolidated financial results
--- ---
(% of change from previous year)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sales revenues Operating income Income before<br>income taxes Net income Net income<br>attributable to<br>Toyota Motor<br>Corporation Comprehensive<br>income
Million yen % Million yen % Million yen % Million yen % Million yen % Million yen %
FY2024 45,095,325 21.4 5,352,934 96.4 6,965,085 89.8 5,071,421 103.4 4,944,933 101.7 7,188,523 116.5
FY2023 37,154,298 18.4 2,725,025 -9.0 3,668,733 -8.1 2,492,967 -13.3 2,451,318 -14.0 3,320,681 -17.3
Earnings per share attributable toToyota Motor Corporation – Basic Earnings per share attributable to<br>Toyota Motor Corporation – Diluted Ratio of net income<br>attributable to Toyota<br>Motor Corporationto<br>Toyota Motor Corporation<br>shareholders’ equity Ratio of income before<br>income taxes and<br>equity in earnings of<br>affiliated companies<br>tototal assets Ratio of operating income<br>to sales revenues
--- --- --- --- --- --- --- --- --- --- ---
Yen Yen % % %
FY2024 365.94 365.94 15.8 8.5 11.9
FY2023 179.47 179.47 9.0 5.2 7.3
(Reference) Share of profit (loss) of investments accounted for using the equity method<br><br><br>FY2024 763,137 million yen, FY2023 643,063 million yen
---
(2) Consolidated financial position
--- ---
Total assets Total shareholders’ equity Toyota Motor Corporation<br>shareholders’ equity Ratio of<br>Toyota Motor Corporation<br>shareholders’ equity Toyota Motor Corporation<br>shareholders’ equity<br>per share
--- --- --- --- --- --- --- --- --- --- ---
Million yen Million yen Million yen % Yen
FY2024 90,114,296 35,239,338 34,220,991 38.0 2,539.75
FY2023 74,303,180 29,264,213 28,338,706 38.1 2,089.08
(3) Consolidated cash flows
--- ---
From operating activities From investing activities From financing activities Cash and cash equivalents<br>at end of year
--- --- --- --- --- --- --- --- --- --- ---
Million yen Million yen Million yen Million yen
FY2024 4,206,373 (4,998,751 ) 2,497,558 9,412,060
FY2023 2,955,076 (1,598,890 ) (56,180 ) 7,516,966
2. Cash Dividends
--- ---
Annual cash dividends per common share Total amount of<br>cash dividends<br>(annual) Dividends payout<br>ratio<br>(consolidated) Ratio of total amount<br>of dividends to Toyota<br>Motor Corporation<br>shareholders’equity<br>(consolidated)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
End of first<br>quarter End of second<br>quarter End of third<br>quarter Year-end Total
Yen Yen Yen Yen Yen Million yen % %
FY2023 — 25.00 — 35.00 60.00 816,968 33.4 3.0
FY2024 — 30.00 — 45.00 75.00 1,011,753 20.4 3.2
FY2025 (forecast) — — — — — —
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3. Forecast of Consolidated Results for FY2025 (April 1, 2024 through March 31, 2025)
(% of change from FY2024)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sales revenues Operating income Income beforeincometaxes Net income<br><br><br>attributable to<br> <br>ToyotaMotorCorporation Earnings per shareattributable toToyotaMotor Corporation – Basic
Million yen % Million yen % Million yen % Million yen % Yen
Full-year 46,000,000 2.0 4,300,000 -19.7 5,070,000 -27.2 3,570,000 -27.8 264.95

Notes

(1) Changes in significant subsidiaries during FY2024

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

(2) Changes in accounting policies and changes in accounting estimates
(i) Changes in accounting policies required by IFRS: none
--- ---
(ii) Changes other than (2)-(i) above: none
--- ---
(iii) Changes in accounting estimates: none
--- ---
(3) Number of shares issued and outstanding (common stock)
--- ---
(i) Number of shares issued and outstanding at the end of each fiscal year (including treasury stock) :<br>
--- ---
FY2024 16,314,987,460 shares, FY2023 16,314,987,460 shares
---
(ii) Number of treasury stock at the end of each fiscal year:
--- ---
FY2024 2,840,815,433 shares, FY2023 2,749,807,731 shares
---
(iii) Average number of shares issued and outstanding in each fiscal year:
--- ---
FY2024 13,512,848,373 shares, FY2023 13,658,381,747 shares
---

(Reference) Overview of the Unconsolidated Financial Results

FY2024 Unconsolidated Financial Results

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

English translation from the original Japanese-language document

1. Unconsolidated Results for FY2024 (April 1, 2023 through March 31, 2024)
(1) Unconsolidated financial results
--- ---
(% of change from previousyear)
--- --- --- --- --- --- --- --- ---
Net revenues Operating income Ordinary income Net income
Million yen % Million yen % Million yen % Million yen %
FY2024 17,575,593 24.9 3,094,495 85.2 5,578,695 58.4 4,399,855 49.8
FY2023 14,076,956 11.7 1,670,484 47.9 3,520,848 62.1 2,936,379 73.3
Net income per  common share - Basic Net income per  common share - Diluted
--- --- --- ---
Yen Yen
FY2024 325.61 325.61
FY2023 214.99 214.99
(2) Unconsolidated financial position
--- ---
Total assets Net assets Equity ratio Net assets per<br><br><br>common share
--- --- --- --- --- --- --- --- ---
Million yen Million yen % Yen
FY2024 28,161,955 20,440,081 72.6 1,516.98
FY2023 23,230,320 16,493,041 71.0 1,215.84

(Reference) Equity at the end of FY2024: 20,440,081 million yen, Equity at the end of FY2023: 16,493,041 million yen

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These consolidated financial results are not subject to certified public accountant’s or auditfirm’s audit.

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

This report contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. With regard to Toyota’s decisions and assumptions for the forecast, please refer to “ Financial Results and Position 3. Forecast of Consolidated Financial Results for FY2025” on page 5 of the materials accompanying this report. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the 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’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/)

Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

TABLE OF CONTENTS

Financial Results and Position 2
1. Consolidated Financial Results for FY2024 2
2. Consolidated Financial Position for FY2024 4
3. Forecast of Consolidated Financial Results for FY2025 5
Basic Concept Regarding the Selection of AccountingStandards 6
Unaudited Consolidated Financial Statements 7
1. Unaudited Consolidated Statement of Financial Position 7
2. Unaudited Consolidated Statement of Income and <br>Unaudited Consolidated Statement<br> of Comprehensive Income 9
3. Unaudited Consolidated Statement of Changes in Equity 11
4. Unaudited Consolidated Statement of Cash Flows 12
5. Going Concern Assumption 13
6. Segment Information 14
7. Earnings Per Share 21
8. Significant Subsequent Events 22

Supplemental Material for Financial Results for FY2024

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Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Financial Results and Position

  1. Consolidated Financial Results for FY2024

Financial Results

The Group has continued to work on “product-centered and region-centered management” for many years. In order to bring smiles to our customers’ faces, we have worked to “make ever-better cars” by adding more value to our products while honing the essential attributes of vehicles themselves, which are the origin of their appeal, and strived to be the “best-in-town company” that is supported by the communities in which we operate. Through these efforts, we have created a basis for sustainable growth which leverages our full lineup of products and global business foundation. As a result, we have achieved a cumulative global production volume of 300 million units in September 2023 thanks to the many customers who have chosen our vehicles.

Under these conditions, consolidated vehicle unit sales in Japan and overseas increased by 621 thousand units, or 7.0%, to 9,443 thousand units in FY2024 compared with FY2023. Vehicle unit sales in Japan decreased by 76 thousand units, or 3.7%, to 1,993 thousand units in FY2024 compared with FY2023. Meanwhile, overseas vehicle unit sales increased by 697 thousand units, or 10.3%, to 7,450 thousand units in FY2024 compared with FY2023.

The results of operations for FY2024 were as follows:

Sales revenues 45,095.3 billion yen (an increase of 7,941.0 billion yen or 21.4% compared with FY2023)
Operating income 5,352.9 billion yen (an increase of 2,627.9 billion yen or 96.4% compared with FY2023)
Income before income taxes 6,965.0 billion yen (an increase of 3,296.3 billion yen or 89.8% compared with FY2023)
Net income attributable to Toyota Motor Corporation 4,944.9 billion yen (an increase of 2,493.6 billion yen or 101.7% compared with FY2023)

The changes in operating income were as follows:

Marketing efforts an increase of 2,000.0 billion yen
Effects of changes in exchange rates an increase of 685.0 billion yen
Cost reduction efforts an increase of 120.0 billion yen
Increase or decrease in expenses and expense reduction efforts a decrease of 380.0 billion yen
Other an increase of 202.9 billion yen

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 7,446.2 billion yen, or 22.0%, to 41,266.2 billion yen in FY2024 compared with FY2023, and operating income increased by 2,440.8 billion yen, or 111.9%, to 4,621.4 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts.

(2) Financial services:

Sales revenues for the financial services operations increased by 674.5 billion yen, or 24.0%, to 3,484.1 billion yen in FY2024 compared with FY2023, and operating income increased by 132.5 billion yen, or 30.3%, to 570.0 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries in the United States.

(3) All other:

Sales revenues for all other businesses increased by 143.2 billion yen, or 11.7%, to 1,368.1 billion yen in FY2024 compared with FY2023, and operating income increased by 71.7 billion yen, or 69.4%, to 175.2 billion yen in FY2024 compared with FY2023.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 3,437.5 billion yen, or 19.6%, to 21,020.7 billion yen in FY2024 compared with FY2023, and operating income increased by 1,582.8 billion yen, or 83.2%, to 3,484.2 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and the effects of changes in exchange rates.

(2) North America:

Sales revenues in North America increased by 4,099.1 billion yen, or 29.6%, to 17,943.0 billion yen in FY2024 compared with FY2023, and operating income increased by 581.0 billion yen, to 506.3 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

(3) Europe:

Sales revenues in Europe increased by 1,408.0 billion yen, or 32.9%, to 5,681.7 billion yen in FY2024 compared with FY2023, and operating income increased by 330.6 billion yen, or 575.4%, to 388.0 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and the effect of recording a 99.5 billion yen loss in FY2023, 89.8 billion yen of which was related to the termination of vehicle production in Russia.

(4) Asia:

Sales revenues in Asia increased by 685.8 billion yen, or 8.5%, to 8,730.7 billion yen in FY2024 compared with FY2023, and operating income increased by 151.1 billion yen, or 21.2%, to 865.5 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

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

Sales revenues in other regions increased by 917.5 billion yen, or 26.4%, to 4,389.7 billion yen in FY2024 compared with FY2023. However, operating income decreased by 33.0 billion yen, or 14.3%, to 198.3 billion yen in FY2024 compared with FY2023. The decrease in operating income was mainly due to the unfavorable impact of inflation and weak peso in Argentina.

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Consolidated Financial Position for FY2024

Cash and cash equivalents increased by 1,895.0 billion yen, or 25.2%, to 9,412.0 billion yen at the end of FY2024 compared with the end of FY2023.

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 4,206.3 billion yen in FY2024. Net cash provided by operating activities increased by 1,251.2 billion yen from 2,955.0 billion yen in FY2023.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 4,998.7 billion yen in FY2024. Net cash used in investing activities decreased by 3,399.8 billion yen from 1,598.8 billion yen in FY2023.

Cash flows from financing activities

Net cash flows from financing activities resulted in an increase in cash by 2,497.5 billion yen in FY2024. Net cash provided by financing activities increased by 2,553.7 billion yen from 56.1 billion yen net cash used in FY2023.

The consolidated cash flows by segment for FY2024 are as follows:

Non-financial services

Net cash provided by operating activities was 6,970.0 billion yen, net cash used in investing activities was 4,354.0 billion yen and net cash used in financing activities was 1,238.7 billion yen.

Financial services

Net cash used in operating activities was 2,782.3 billion yen, net cash used in investing activities was 623.7 billion yen and net cash provided by financing activities was 3,734.0 billion yen.

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Forecast of Consolidated Financial Results for FY2025

Toyota is taking on the challenge of transforming into a mobility company with the mission of “producing happiness for all.” We are now accelerating practical efforts to give concrete form to our vision, based on a solid management foundation in products, operations, and finances that have been established over the years.

Through the transformation into a mobility company and continuing to work on the evolution of the automobile, our goal is to contribute to creating a mobility society filled with smiling faces. We would also like to work together with many like-minded partners to achieve a new industrial structure. We believe that the key to these aims is to increase the mobility of energy and data, thereby increasing the value of mobility. Looking ahead to a future supported by electricity and hydrogen, we would like to support the creation of a society based on renewable energy in which cars serve as a medium for transporting energy, and also use mobility’s value created through data to further enrich our customers’ lives.

Under these circumstances, the current forecast of consolidated financial results for the fiscal year ending March 31, 2025 is set forth below. This forecast assumes average exchange rates through the fiscal year of 145 yen per US$1 and 160 yen per 1 euro.

Forecast of consolidated results for FY2025

Sales revenues 46,000.0 billion yen (an increase of 2.0% compared with FY2024)
Operating income 4,300.0 billion yen (a decrease of 19.7% compared with FY2024)
Income before income taxes 5,070.0 billion yen (a decrease of 27.2% compared with FY2024)
Net income attributable to Toyota Motor Corporation 3,570.0 billion yen (a decrease of 27.8% compared with FY2024)

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’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Basic Concept Regarding the Selection of AccountingStandards

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

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Unaudited Consolidated Financial Statements

  1. Unaudited Consolidated Statement of Financial Position
Yen in millions
March 31, 2023 March 31, 2024
Assets
Current assets
Cash and cash equivalents 7,516,966 9,412,060
Trade accounts and other receivables 3,586,130 3,789,429
Receivables related to financial services 8,279,806 11,057,269
Other financial assets 1,715,675 4,702,168
Inventories 4,255,614 4,605,368
Income tax receivable 218,704 116,886
Other current assets 886,885 1,031,098
Total current assets 26,459,781 34,714,279
Non-current assets
Investments accounted for using the equity method 5,227,345 5,710,106
Receivables related to financial services 16,491,045 20,637,090
Other financial assets 10,556,431 11,390,559
Property, plant and equipment
Land 1,426,370 1,441,811
Buildings 5,464,811 5,884,749
Machinery and equipment 14,796,619 16,469,032
Vehicles and equipment on operating leases 6,774,427 7,523,911
Construction in progress 846,866 1,040,188
Total property, plant and equipment, at cost 29,309,093 32,359,692
Less - Accumulated depreciation and impairment losses (16,675,119 ) (18,101,905 )
Total property, plant and equipment, net 12,633,974 14,257,788
Right of use assets 491,368 532,835
Intangible assets 1,249,122 1,355,326
Deferred tax assets 387,427 502,230
Other non-current assets 806,687 1,014,083
Total non-current assets 47,843,399 55,400,017
Total assets 74,303,180 90,114,296

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Yen in millions
March 31, 2023 March 31, 2024
Liabilities
Current liabilities
Trade accounts and other payables 4,986,309 5,251,357
Short-term and current portion of long-term debt 12,305,639 15,406,284
Accrued expenses 1,552,345 1,863,760
Other financial liabilities 1,392,397 1,700,137
Income taxes payable 404,606 1,224,542
Liabilities for quality assurance 1,686,357 1,836,314
Other current liabilities 1,632,063 1,895,516
Total current liabilities 23,959,715 29,177,909
Non-current liabilities
Long-term debt 17,074,634 21,155,496
Other financial liabilities 533,710 495,814
Retirement benefit liabilities 1,065,508 1,077,962
Deferred tax liabilities 1,802,346 2,219,638
Other non-current liabilities 603,052 748,139
Total non-current liabilities 21,079,251 25,697,049
Total liabilities 45,038,967 54,874,958
Shareholders’ equity
Common stock 397,050 397,050
Additional paid-in capital 498,728 491,802
Retained earnings 28,343,296 32,795,365
Other components of equity 2,836,195 4,503,756
Treasury stock (3,736,562 ) (3,966,982 )
Total Toyota Motor Corporation shareholders’ equity 28,338,706 34,220,991
Non-controlling interests 925,507 1,018,347
Total shareholders’ equity 29,264,213 35,239,338
Total liabilities and shareholders’ equity 74,303,180 90,114,296

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income

Unaudited Consolidated Statement of Income

Yen in millions
For the year ended<br>March 31, 2023 For the year ended<br>March 31, 2024
Sales revenues
Sales of products 34,367,619 41,648,130
Financial services 2,786,679 3,447,195
Total sales revenues 37,154,298 45,095,325
Costs and expenses
Cost of products sold 29,128,561 33,600,612
Cost of financial services 1,712,721 2,126,395
Selling, general and administrative 3,587,990 4,015,383
Total costs and expenses 34,429,273 39,742,390
Operating income 2,725,025 5,352,934
Share of profit (loss) of investments accounted for using the equity method 643,063 763,137
Other finance income 379,350 747,236
Other finance costs (125,113 ) (103,709 )
Foreign exchange gain (loss), net 124,516 187,568
Other income (loss), net (78,109 ) 17,918
Income before income taxes 3,668,733 6,965,085
Income tax expense 1,175,765 1,893,665
Net income 2,492,967 5,071,421
Net income attributable to
Toyota Motor Corporation 2,451,318 4,944,933
Non-controlling interests 41,650 126,488
Net income 2,492,967 5,071,421
Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted 179.47 365.94

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Unaudited Consolidated Statement of Comprehensive Income

Yen in millions
For the year ended<br>March 31, 2023 For the year ended<br>March 31, 2024
Net income 2,492,967 5,071,421
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<br>income 99,223 557,539
Remeasurements of defined benefit plans 65,153 46,328
Share of other comprehensive income of equity method investees (77,148 ) 156,118
Total of items that will not be reclassified to profit (loss) 87,228 759,984
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations 676,042 1,178,875
Net changes in revaluation of financial assets measured at fair value through other comprehensive<br>income (115,738 ) 12,247
Share of other comprehensive income of equity method investees 180,181 165,996
Total of items that may be reclassified subsequently to profit (loss) 740,485 1,357,118
Total other comprehensive income, net of tax 827,713 2,117,103
Comprehensive income 3,320,681 7,188,523
Comprehensive income for the period attributable to
Toyota Motor Corporation 3,251,090 6,999,828
Non-controlling interests 69,591 188,696
Comprehensive income 3,320,681 7,188,523

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Unaudited Consolidated Statement of Changes in Equity

For the year ended March 31, 2023

Yen in millions
Common<br>stock Additional<br>paid-incapital Retained<br>earnings Other<br>components<br>of equity Treasury<br>stock Toyota MotorCorporationshareholders’equity Non-controllinginterests Total<br>shareholders’<br>equity
Balances at April 1, 2022 397,050 498,575 26,453,126 2,203,254 (3,306,037 ) 26,245,969 908,851 27,154,820
Comprehensive income
Net income — — 2,451,318 — — 2,451,318 41,650 2,492,967
Other comprehensive income, net of tax — — — 799,772 — 799,772 27,941 827,713
Total comprehensive income — — 2,451,318 799,772 — 3,251,090 69,591 3,320,681
Transactions with owners and other
Dividends paid — — (727,980 ) — — (727,980 ) (84,986 ) (812,966 )
Repurchase of treasury stock — — — — (431,099 ) (431,099 ) — (431,099 )
Reissuance of treasury stock — 334 — — 573 907 — 907
Equity transactions and other — (181 ) — — — (181 ) 32,052 31,871
Total transactions with owners and other — 152 (727,980 ) — (430,526 ) (1,158,353 ) (52,934 ) (1,211,287 )
Reclassification to retained earnings — — 166,831 (166,831 ) — — — —
Balances at March 31, 2023 397,050 498,728 28,343,296 2,836,195 (3,736,562 ) 28,338,706 925,507 29,264,213
For the year ended March 31, 2024 ****
Yen in millions
Common<br>stock Additional<br>paid-incapital Retained<br>earnings Other<br>components<br>of equity Treasury<br>stock Toyota MotorCorporationshareholders’equity Non-controllinginterests Total<br>shareholders’<br>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 — — 4,944,933 — — 4,944,933 126,488 5,071,421
Other comprehensive income, net of tax — — — 2,054,895 — 2,054,895 62,208 2,117,103
Total comprehensive income — — 4,944,933 2,054,895 — 6,999,828 188,696 7,188,523
Transactions with owners and other
Dividends paid — — (880,197 ) — — (880,197 ) (90,309 ) (970,506 )
Repurchase of treasury stock — — — — (231,069 ) (231,069 ) — (231,069 )
Reissuance of treasury stock — 263 — — 649 911 — 911
Equity transactions and other — (7,188 ) — — — (7,188 ) (5,546 ) (12,735 )
Total transactions with owners and other — (6,926 ) (880,197 ) — (230,420 ) (1,117,543 ) (95,856 ) (1,213,398 )
Reclassification to retained earnings — — 387,334 (387,334 ) — — — —
Balances at March 31, 2024 397,050 491,802 32,795,365 4,503,756 (3,966,982 ) 34,220,991 1,018,347 35,239,338

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Unaudited Consolidated Statement of Cash Flows
Yen in millions
For the year ended<br>March 31, 2023 For the year ended<br>March 31, 2024
Cash flows from operating activities
Net income 2,492,967 5,071,421
Depreciation and amortization 2,039,904 2,087,066
Interest income and interest costs related to financial services, net (694,331 ) (713,506 )
Share of profit (loss) of investments accounted for using the equity method (643,063 ) (763,137 )
Income tax expense 1,175,765 1,893,665
Changes in operating assets and liabilities, and other (1,502,482 ) (3,975,836 )
(Increase) decrease in trade accounts and other receivables (532,432 ) (859,239 )
(Increase) decrease in receivables related to financial services (1,760,288 ) (3,398,434 )
(Increase) decrease in inventories (350,550 ) (207,529 )
(Increase) decrease in other current assets (61,538 ) (326,365 )
Increase (decrease) in trade accounts and other payables 712,400 560,737
Increase (decrease) in other current liabilities 545,666 666,513
Increase (decrease) in retirement benefit liabilities 21,213 (161 )
Other, net (76,953 ) (411,358 )
Interest received 1,516,404 2,292,156
Dividends received 460,351 587,259
Interest paid (593,216 ) (1,148,392 )
Income taxes paid, net of refunds (1,297,224 ) (1,124,322 )
Net cash provided by (used in) operating activities 2,955,076 4,206,373
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others (1,450,196 ) (1,846,447 )
Additions to equipment leased to others (1,907,356 ) (2,867,660 )
Proceeds from sales of fixed assets excluding equipment leased to others 56,436 154,985
Proceeds from sales of equipment leased to others 1,659,161 2,008,634
Additions to intangible assets (348,280 ) (334,287 )
Additions to public and corporate bonds and stocks (1,150,214 ) (2,972,779 )
Proceeds from sales of public and corporate bonds and stocks 393,982 1,201,405
Proceeds upon maturity of public and corporate bonds 939,747 1,049,963
Other, net 207,829 (1,392,565 )
Net cash provided by (used in) investing activities (1,598,890 ) (4,998,751 )
Cash flows from financing activities
Increase (decrease) in short-term debt 239,689 401,740
Proceeds from long-term debt 9,276,918 12,057,349
Payments of long-term debt (8,353,033 ) (8,752,329 )
Dividends paid to Toyota Motor Corporation common shareholders (727,980 ) (880,197 )
Dividends paid to non-controlling interests (84,986 ) (90,309 )
Reissuance (repurchase) of treasury stock (431,099 ) (231,069 )
Other, net 24,310 (7,627 )
Net cash provided by (used in) financing activities (56,180 ) 2,497,558
Effect of exchange rate changes on cash and cash equivalents 103,305 189,914
Net increase (decrease) in cash and cash equivalents 1,403,311 1,895,094
Cash and cash equivalents at beginning of year 6,113,655 7,516,966
Cash and cash equivalents at end of year 7,516,966 9,412,060

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Going Concern Assumption

None

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Segment Information

(1) Segment Information

As of and for the year ended March 31, 2023

Yen in millions
Automotive Financialservices All other Inter-segment<br>Elimination/<br>Unallocated<br>Amount Consolidated
Sales revenues
Revenues from external customers 33,776,870 2,786,679 590,749 — 37,154,298
Inter-segment revenues and transfers 43,131 22,968 634,194 (700,293 ) —
Total 33,820,000 2,809,647 1,224,943 (700,293 ) 37,154,298
Operating expenses 31,639,363 2,372,131 1,121,492 (703,713 ) 34,429,273
Operating income 2,180,637 437,516 103,451 3,420 2,725,025
Total assets 26,321,858 35,525,441 2,946,994 9,508,887 74,303,180
Investments accounted for using the equity method 4,717,231 92,903 272,752 144,460 5,227,345
Depreciation and amortization 1,205,687 799,156 35,062 — 2,039,904
Capital expenditures 1,688,114 1,786,373 38,748 (17,015 ) 3,496,219

As of and for the year ended March 31, 2024

Yen in millions
Automotive Financialservices All other Inter-segment<br>Elimination/<br>Unallocated<br>Amount Consolidated
Sales revenues
Revenues from external customers 41,080,731 3,447,195 567,399 — 45,095,325
Inter-segment revenues and transfers 185,473 37,003 800,766 (1,023,242 ) —
Total 41,266,204 3,484,198 1,368,164 (1,023,242 ) 45,095,325
Operating expenses 36,644,729 2,914,175 1,192,923 (1,009,437 ) 39,742,390
Operating income 4,621,475 570,023 175,241 (13,805 ) 5,352,934
Total assets 29,351,344 43,834,183 3,011,363 13,917,406 90,114,296
Investments accounted for using the equity method 5,114,364 110,308 282,888 202,546 5,710,106
Depreciation and amortization 1,268,479 784,013 34,574 — 2,087,066
Capital expenditures 2,011,361 2,763,931 103,242 (30,492 ) 4,848,042
Note: Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and<br>cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2023 and March 31, 2024 are 11,101,175 million yen and 15,790,074 million yen,<br>respectively.
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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

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

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

Yen in millions
March 31, 2023 March 31, 2024
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents 5,548,398 6,892,817
Trade accounts and other receivable 3,594,057 3,768,520
Other financial assets 849,779 3,864,242
Inventories 4,255,614 4,605,368
Other current assets 749,078 805,940
Total current assets 14,996,926 19,936,887
Non-current assets
Property, plant and equipment 7,729,000 8,680,731
Other 17,337,727 19,123,829
Total non-current assets 25,066,727 27,804,560
Total assets 40,063,653 47,741,447
(Financial Services Business)
Current assets
Cash and cash equivalents 1,968,568 2,519,244
Trade accounts and other receivable 286,960 382,007
Receivables related to financial services 8,279,806 11,057,269
Other financial assets 1,680,242 1,575,059
Other current assets 362,660 352,918
Total current assets 12,578,237 15,886,497
Non-current assets
Receivables related to financial services 16,491,045 20,637,090
Property, plant and equipment 4,904,975 5,577,058
Other 1,551,183 1,733,539
Total non-current assets 22,947,204 27,947,687
Total assets 35,525,441 43,834,183
(Elimination)
Elimination of assets (1,285,914 ) (1,461,335 )
(Consolidated)
Total assets 74,303,180 90,114,296

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

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Yen in millions
March 31, 2023 March 31, 2024
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables 4,689,034 4,890,913
Short-term and current portion of long-term debt 1,170,114 929,662
Accrued expenses 1,446,697 1,750,221
Income taxes payable 361,000 1,185,678
Other current liabilities 3,266,095 3,583,929
Total current liabilities 10,932,939 12,340,403
Non-current liabilities
Long-term debt 1,553,622 1,938,535
Retirement benefit liabilities 1,047,430 1,058,742
Other non-current liabilities 1,867,028 2,545,491
Total non-current liabilities 4,468,080 5,542,768
Total liabilities 15,401,019 17,883,171
(Financial Services Business)
Current liabilities
Trade accounts and other payables 547,511 651,381
Short-term and current portion of long-term debt 11,583,602 14,890,892
Accrued expenses 128,994 148,767
Income taxes payable 43,607 38,864
Other current liabilities 1,841,562 2,219,104
Total current liabilities 14,145,275 17,949,008
Non-current liabilities
Long-term debt 15,627,943 19,356,672
Retirement benefit liabilities 18,078 19,220
Other non-current liabilities 1,135,862 1,131,501
Total non-current liabilities 16,781,883 20,507,393
Total liabilities 30,927,158 38,456,401
(Elimination)
Elimination of liabilities (1,289,211 ) (1,464,614 )
(Consolidated)
Total liabilities 45,038,967 54,874,958
Shareholders’ equity
(Consolidated) Total Toyota Motor Corporation shareholders’ equity 28,338,706 34,220,991
(Consolidated) Non-controlling interests 925,507 1,018,347
(Consolidated) Total shareholders’ equity 29,264,213 35,239,338
(Consolidated) Total liabilities and shareholders’ equity 74,303,180 90,114,296

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

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

Yen in millions
For the year ended<br>March 31, 2023 For the year ended<br>March 31, 2024
(Non-Financial Services Businesses)
Sales revenues 34,409,011 41,832,663
Cost of revenues 29,132,715 33,763,076
Selling, general and administrative 2,990,316 3,278,135
Operating income 2,285,980 4,791,453
Other income (loss), net 943,777 1,608,345
Income before income taxes 3,229,757 6,399,798
Income tax expense 1,040,864 1,741,885
Net income 2,188,893 4,657,913
Net income attributable to
Toyota Motor Corporation 2,152,509 4,540,311
Non-controlling interests 36,384 117,602
(Financial Services Business)
Sales revenues 2,809,647 3,484,198
Cost of revenues 1,741,117 2,145,694
Selling, general and administrative 631,014 768,481
Operating income 437,516 570,023
Other income (loss), net (5,013 ) 1,762
Income before income taxes 432,503 571,786
Income tax expense 134,903 151,785
Net income 297,600 420,000
Net income attributable to
Toyota Motor Corporation 292,334 411,114
Non-controlling interests 5,266 8,886
(Elimination)
Elimination of net income 6,475 (6,492 )
(Consolidated)
Net income 2,492,967 5,071,421
Net income attributable to
Toyota Motor Corporation 2,451,318 4,944,933
Non-controlling interests 41,650 126,488

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

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

Yen in millions
For the year ended<br>March 31, 2023 For the year ended<br>March 31, 2024
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income 2,188,893 4,657,913
Depreciation and amortization 1,240,749 1,303,053
Share of profit (loss) of investments accounted for using the equity method (633,324 ) (752,779 )
Income tax expense 1,040,864 1,741,885
Changes in operating assets and liabilities, and other 463,871 120,731
Interest received 234,945 454,713
Dividends received 454,752 582,022
Interest paid (28,206 ) (104,008 )
Income taxes paid, net of refunds (1,280,341 ) (1,033,448 )
Net cash provided by (used in) operating activities 3,682,203 6,970,082
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others (1,439,724 ) (1,815,239 )
Additions to equipment leased to others (147,792 ) (153,324 )
Proceeds from sales of fixed assets excluding equipment leased to others 54,572 152,830
Proceeds from sales of equipment leased to others 44,195 47,557
Additions to intangible assets (333,295 ) (317,606 )
Additions to public and corporate bonds and stocks (503,977 ) (2,639,166 )
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and<br>corporate bonds 892,814 1,757,282
Other, net 236,351 (1,386,377 )
Net cash provided by (used in) investing activities (1,196,856 ) (4,354,045 )
Cash flows from financing activities
Increase (decrease) in short-term debt 142,688 66,953
Proceeds from long-term debt 474,535 533,333
Payments of long-term debt (637,982 ) (634,215 )
Dividends paid to Toyota Motor Corporation common shareholders (727,980 ) (880,197 )
Dividends paid to non-controlling interests (79,782 ) (85,991 )
Reissuance (repurchase) of treasury stock (431,099 ) (231,069 )
Other, net 21,458 (7,570 )
Net cash provided by (used in) financing activities (1,238,161 ) (1,238,756 )
Effect of exchange rate changes on cash and cash equivalents 1,690 (32,862 )
Net increase (decrease) in cash and cash equivalents 1,248,876 1,344,419
Cash and cash equivalents at beginning of year 4,299,522 5,548,398
Cash and cash equivalents at end of year 5,548,398 6,892,817

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Yen in millions
For the year ended<br>March 31, 2023 For the year ended<br>March 31, 2024
(Financial Services Business)
Cash flows from operating activities
Net income 297,600 420,000
Depreciation and amortization 799,156 784,013
Interest income and interest costs related to financial services, net (703,971 ) (734,880 )
Share of profit (loss) of investments accounted for using the equity method (9,739 ) (10,357 )
Income tax expense 134,903 151,785
Changes in operating assets and liabilities, and other (1,958,779 ) (4,100,301 )
Interest received 1,291,100 1,858,816
Dividends received 5,599 5,236
Interest paid (574,650 ) (1,065,757 )
Income taxes paid, net of refunds (16,883 ) (90,874 )
Net cash provided by (used in) operating activities (735,664 ) (2,782,318 )
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others (10,472 ) (31,208 )
Additions to equipment leased to others (1,759,564 ) (2,714,336 )
Proceeds from sales of fixed assets excluding equipment leased to others 1,865 2,155
Proceeds from sales of equipment leased to others 1,614,965 1,961,077
Additions to intangible assets (14,985 ) (16,680 )
Additions to public and corporate bonds and stocks (646,237 ) (333,613 )
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and<br>corporate bonds 440,915 494,085
Other, net (30,385 ) 14,732
Net cash provided by (used in) investing activities (403,898 ) (623,788 )
Cash flows from financing activities
Increase (decrease) in short-term debt 171,293 339,666
Proceeds from long-term debt 8,892,261 11,620,147
Payments of long-term debt (7,868,820 ) (8,221,432 )
Dividends paid to non-controlling interests (5,204 ) (4,318 )
Other, net 2,853 (57 )
Net cash provided by (used in) financing activities 1,192,382 3,734,005
Effect of exchange rate changes on cash and cash equivalents 101,615 222,776
Net increase (decrease) in cash and cash equivalents 154,436 550,675
Cash and cash equivalents at beginning of year 1,814,133 1,968,568
Cash and cash equivalents at end of year 1,968,568 2,519,244
(Consolidated)
Effect of exchange rate changes on cash and cash equivalents 103,305 189,914
Net increase (decrease) in cash and cash equivalents 1,403,311 1,895,094
Cash and cash equivalents at beginning of year 6,113,655 7,516,966
Cash and cash equivalents at end of year 7,516,966 9,412,060

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TOYOTA MOTOR CORPORATION FY2024 Financial Summary

(3) Geographic Information

As of and for the year ended March 31, 2023

Yen in millions
Japan North<br>America Europe Asia Other Inter-segment<br>Elimination/<br>Unallocated<br>Amount Consolidated
Sales revenues
Revenues from external customers 9,122,282 13,509,027 4,097,537 7,076,922 3,348,530 — 37,154,298
Inter-segment revenues and transfers 8,460,914 334,874 176,198 967,984 123,663 (10,063,633 ) —
Total 17,583,196 13,843,901 4,273,735 8,044,906 3,472,193 (10,063,633 ) 37,154,298
Operating expenses 15,681,733 13,918,637 4,216,276 7,330,455 3,240,832 (9,958,659 ) 34,429,273
Operating income (loss) 1,901,463 (74,736 ) 57,460 714,451 231,362 (104,974 ) 2,725,025
Total assets 23,241,334 26,024,734 6,813,474 7,908,520 4,726,373 5,588,745 74,303,180
Non-current assets 5,658,859 6,255,561 1,042,726 1,031,057 565,377 — 14,553,580
As of and for the year ended March 31, 2024
Yen in millions
Japan North<br>America Europe Asia Other Inter-segment<br>Elimination/<br>Unallocated<br>Amount Consolidated
Sales revenues
Revenues from external customers 10,193,556 17,624,268 5,503,738 7,604,269 4,169,494 — 45,095,325
Inter-segment revenues and transfers 10,827,165 318,805 178,026 1,126,479 220,292 (12,670,767 ) —
Total 21,020,721 17,943,072 5,681,764 8,730,749 4,389,785 (12,670,767 ) 45,095,325
Operating expenses 17,536,451 17,436,753 5,293,668 7,865,158 4,191,441 (12,581,079 ) 39,742,390
Operating income 3,484,270 506,319 388,096 865,591 198,345 (89,687 ) 5,352,934
Total assets 24,711,142 31,886,959 8,749,680 9,096,282 6,167,902 9,502,332 90,114,296
Non-current assets 5,827,404 7,374,724 1,407,680 1,190,348 686,104 — 16,486,260
Note: 1. Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and<br>cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2023 and March 31, 2024 are 11,101,175 million yen and 15,790,074 million yen,<br>respectively.
--- ---
2. “Other” consists of Central and South America, Oceania, Africa and the Middle East.
3. Non-current assets do not include financial instruments, deferred tax assets,<br>net defined benefit assets and rights arising under insurance contracts.

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Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Earnings Per Share

Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor Corporation are as follows:

Yen in millions Thousands<br>of shares Yen
Net income<br>attributable to Toyota<br>Motor Corporation Weighted-average<br>common shares Earnings per share<br>attributable to Toyota<br>Motor Corporation
For the year ended March 31, 2023
Net income attributable to Toyota Motor Corporation 2,451,318
Basic and Diluted earnings per share attributable to Toyota Motor Corporation 2,451,318 13,658,382 179.47
For the year ended March 31, 2024
Net income attributable to Toyota Motor Corporation 4,944,933
Basic and Diluted earnings per share attributable to Toyota Motor Corporation 4,944,933 13,512,848 365.94
In addition to the<br>disclosure requirements under IFRS, Toyota discloses the information below in order to provide financial statements users with valuable information.<br> <br><br><br><br>The following table shows Toyota Motor Corporation shareholders’ equity per share. Toyota Motor Corporation<br>shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equity in the consolidated statement of financial position by common shares issued and outstanding at the end of the year (excluding<br>treasury stock).
Yen in millions Thousands<br>of shares Yen
Toyota Motor<br>Corporation<br>shareholders’ equity Common shares issued<br>and outstanding at the<br>end of the year<br>(excludingtreasury<br>stock) Toyota Motor<br>Corporation<br>shareholders’ equity<br>per share
As of March 31, 2023 28,338,706 13,565,180 2,089.08
As of March 31, 2024 34,220,991 13,474,172 2,539.75

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for the years ended March 31, 2023 and 2024, because there were no potential dilutive shares during such periods.

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Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

  1. Significant subsequent events

Repurchase of shares -

At the Meeting of the Board of Directors held on May 8, 2024, TMC resolved to repurchase its common shares pursuant to Article 156 of the Companies Act of Japan (the “Companies Act”) as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares

TMC will flexibly repurchase its common stock while considering factors such as the price level of its common stock. In addition, TMC will use such means to respond to requests for the sale of its own shares as needed in the future.

Details of matters relating to repurchase

Kind of stock to be repurchased Common stock of TMC
Number of shares to be repurchased 410,000,000 shares (maximum)
Total purchase price for repurchase of shares ¥1,000,000 million (maximum)
Period of repurchase From May 9, 2024 to April 30, 2025

Retirement of treasury stock -

At the Meeting of the Board of Directors held on May 8, 2024, TMC resolved to retire its treasury stock pursuant to Article 178 of the Companies Act.

Reason for retiring treasury stock

To relieve concerns regarding the dilution of TMC’s share value due to disposition of treasury stock in the future.

Details of matters relating to retirement

Kind of stock to be retired Common stock of TMC
Number of shares to be retired 520,000,000 shares
Scheduled date of retirement May 9, 2024

—22—

Table of Contents

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >

FY2023 FY2024 FY2025
1Q<br>(2022/4-6) 2Q<br>(2022/7-9) 3Q<br>(2022/10-12) 4Q<br>(2023/1-3) 12 months<br>(‘22/4-‘23/3) 1Q<br>(2023/4-6) 2Q<br>(2023/7-9) 3Q<br>(2023/10-12) 4Q<br>(2024/1-3) 12 months<br>(‘23/4-‘24/3) Forecast<br>12 months<br>(‘24/4-‘25/3)
Vehicle Production (thousands of units) 1,936 2,179 2,243 2,336 8,694 2,345 2,379 2,444 2,095 9,263
(Japan) <br>–including Daihatsu & Hino 802 934 975 1,078 3,789 1,025 1,090 1,115 813 4,042
[Daihatsu & Hino] [208 ] [240 ] [285 ] [269 ] [1,002 ] [190 ] [232 ] [247 ] [65 ] [734 ]
(Overseas) <br>–including Daihatsu & Hino 1,135 1,245 1,268 1,258 4,905 1,321 1,289 1,328 1,282 5,221
[Daihatsu & Hino] [121 ] [157 ] [164 ] [156 ] [597 ] [118 ] [139 ] [134 ] [114 ] [506 ]
North America 452 460 415 441 1,768 520 482 475 499 1,976
Europe 201 183 210 176 771 223 161 238 224 846
Asia 372 468 510 508 1,859 437 498 489 453 1,876
Central and South America 104 105 95 95 398 102 105 91 85 383
Africa 5 28 38 38 109 39 44 35 22 140
Vehicle Sales (thousands of units) 2,013 2,146 2,331 2,331 8,822 2,326 2,418 2,551 2,148 9,443 9,500
(Japan) <br>–including Daihatsu & Hino 403 466 532 668 2,069 532 540 558 363 1,993 1,870
[Daihatsu & Hino] [126 ] [144 ] [169 ] [182 ] [621 ] [134 ] [141 ] [154 ] [48 ] [477 ] [330 ]
(Overseas) <br>–including Daihatsu & Hino 1,610 1,680 1,799 1,664 6,753 1,794 1,878 1,993 1,784 7,450 7,630
[Daihatsu & Hino] [68 ] [78 ] [92 ] [83 ] [321 ] [69 ] [74 ] [64 ] [64 ] [271 ] [270 ]
North America 635 610 607 555 2,407 682 703 776 655 2,816 2,870
Europe 248 231 277 273 1,030 286 270 327 308 1,192 1,160
Asia 361 456 476 458 1,751 417 478 480 428 1,804 1,940
Central and South America 123 128 144 115 509 128 126 120 136 510 500
Oceania 76 67 68 54 265 76 87 80 74 318 300
Africa 36 61 68 61 226 59 62 55 46 221 260
Middle East 130 126 157 145 559 143 149 151 136 579 600
Other 2 2 2 2 7 3 2 3 2 10
Total Retail Unit Sales (thousands of units) <br>[Toyota, Daihatsu and Hino] 2,544 2,625 2,721 2,669 10,558 2,751 2,845 2,968 2,526 11,090 10,950

Supplemental 1

Table of Contents

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >

FY2023 FY2024 FY2025
1Q<br>(2022/4-6) 2Q<br>(2022/7-9) 3Q<br>(2022/10-12) 4Q<br>(2023/1-3) 12 months<br>(‘22/4-‘23/3) 1Q<br>(2023/4-6) 2Q<br>(2023/7-9) 3Q<br>(2023/10-12) 4Q<br>(2024/1-3) 12 months<br>(‘23/4-‘24/3) Forecast<br>12 months<br>(‘24/4-‘25/3)
Foreign Exchange Rates
Yen to US Dollar Rate 130 138 141 132 135 137 145 148 149 145 as premise: 145
Yen to Euro Rate 138 139 144 142 141 150 157 159 161 157 as premise: 160
Number of Employees 376,971 377,369 375,396 375,235 375,235 379,659 381,576 380,737 380,793 380,793 ^(Note 1)^
Sales Revenues (billions of yen) 8,491.1 9,218.2 9,754.6 9,690.2 37,154.2 10,546.8 11,434.7 12,041.1 11,072.6 45,095.3 46,000.0
Geographic Information
Japan 3,899.7 4,290.1 4,582.2 4,811.0 17,583.1 5,105.5 5,404.7 5,626.8 4,883.5 21,020.7
North America 3,349.9 3,523.6 3,588.9 3,381.4 13,843.9 4,092.0 4,504.2 4,958.1 4,388.6 17,943.0
Europe 973.0 939.3 1,155.6 1,205.6 4,273.7 1,299.0 1,359.4 1,520.7 1,502.4 5,681.7
Asia 1,795.6 2,153.3 2,183.9 1,911.9 8,044.9 1,964.5 2,346.6 2,371.3 2,048.2 8,730.7
Other 828.7 907.5 907.1 828.7 3,472.1 1,024.6 1,165.1 974.0 1,225.9 4,389.7
Elimination -2,355.9 -2,595.8 -2,663.2 -2,448.5 -10,063.6 -2,939.0 -3,345.3 -3,410.0 -2,976.3 -12,670.7
Business Segment
Automotive 7,720.1 8,408.9 8,871.4 8,819.4 33,820.0 9,687.9 10,477.3 11,065.7 10,035.1 41,266.2
Financial Services 652.1 704.2 741.7 711.5 2,809.6 775.1 846.1 922.3 940.4 3,484.1
All Other 262.3 271.0 312.2 379.2 1,224.9 306.4 319.2 357.4 385.0 1,368.1
Elimination -143.4 -166.0 -170.6 -220.0 -700.2 -222.7 -207.9 -304.4 -288.0 -1,023.2
Operating Income (billions of yen) 578.6 562.7 956.6 626.9 2,725.0 1,120.9 1,438.3 1,680.9 1,112.6 5,352.9 4,300.0
(Operating Income Ratio) (%) (6.8 ) (6.1 ) (9.8 ) (6.5 ) (7.3 ) (10.6 ) (12.6 ) (14.0 ) (10.0 ) (11.9 ) (9.3 )
Geographic Information
Japan 336.7 521.1 683.4 360.1 1,901.4 701.9 879.1 1,104.1 799.0 3,484.2
North America 14.5 -85.6 -17.9 14.2 -74.7 119.6 169.4 227.4 -10.2 506.3
Europe 19.6 -65.5 62.6 40.7 57.4 83.0 99.3 103.1 102.5 388.0
Asia 212.7 178.9 168.7 154.0 714.4 186.2 224.9 238.4 215.9 865.5
Other 45.8 64.0 66.1 55.3 231.3 85.4 104.2 9.2 -0.6 198.3
Elimination -50.8 -50.1 -6.3 2.3 -104.9 -55.4 -38.7 -1.5 5.9 -89.6
Business Segment
Automotive 449.2 453.7 818.8 458.8 2,180.6 945.6 1,301.6 1,472.6 901.5 4,621.4
Financial Services 114.5 84.4 125.0 113.5 437.5 147.2 97.6 172.0 153.0 570.0
All Other 18.3 20.3 18.4 46.2 103.4 40.2 39.5 44.1 51.2 175.2
Elimination -3.4 4.3 -5.7 8.3 3.4 -12.2 -0.4 -7.9 6.8 -13.8
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of<br>yen) 171.0 133.5 170.0 168.3 643.0 193.3 185.1 217.6 166.9 763.1 680.0
Income before Income Taxes (billions of yen) 1,021.7 812.5 1,034.9 799.4 3,668.7 1,720.5 1,800.9 1,835.5 1,608.0 6,965.0 5,070.0
(Income before Income Taxes Ratio) (%) (12.0 ) (8.8 ) (10.6 ) (8.3 ) (9.9 ) (16.3 ) (15.7 ) (15.2 ) (14.5 ) (15.4 ) (11.0 )
Net Income Attributable to Toyota Motor Corporation (billions of yen) 736.8 434.2 727.9 552.2 2,451.3 1,311.3 1,278.0 1,357.8 997.6 4,944.9 3,570.0
(Net Income Ratio) (%) (8.7 ) (4.7 ) (7.5 ) (5.7 ) (6.6 ) (12.4 ) (11.2 ) (11.3 ) (9.0 ) (11.0 ) (7.8 )
Dividends
Cash Dividends (billions of yen) — 342.1 — 474.7 816.9 — 405.4 — 606.3 1,011.7 ^(Note 2)^
Cash Dividends per Share (yen) — 25 — 35 60 — 30 — 45 75
Payout Ratio (%) — 29.2 — 37.1 33.4 — 15.6 — 25.7 20.4
Value of Shares Repurchased (billions of yen)[actual purchase] 121.3 74.2 141.0 94.5 431.0 34.3 82.1 75.0 39.4 231.0 ^(Note 3)^
Value of Shares Repurchased (billions of yen)[shareholder return] — 149.9 — 149.9 299.9 — 99.9 — 1,000.0 ^^ 1,099.9^^ ^(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 16,314,987 16,314,987 16,314,987 16,314,987

Supplemental 2

Table of Contents

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >

FY2023 FY2024 FY2025
1Q<br>(2022/4-6) 2Q<br>(2022/7-9) 3Q<br>(2022/10-12) 4Q<br>(2023/1-3) 12 months<br>(‘22/4-‘23/3) 1Q<br>(2023/4-6) 2Q<br>(2023/7-9) 3Q<br>(2023/10-12) 4Q<br>(2024/1-3) 12 months<br>(‘23/4-‘24/3) Forecast<br>12 months<br>(‘24/4-‘25/3)
R&D Expenses (billions of yen) 302.2 318.4 298.8 322.0 1,241.6 294.8 314.0 289.2 304.2 1,202.3 1,300.0 ^(Note 5)^
Depreciation Expenses (billions of yen) 284.3 289.7 298.1 312.7 1,185.0 298.3 303.2 302.9 343.8 1,248.4 1,380.0 ^(Note 6)^
Geographic Information
Japan 122.6 126.3 118.0 145.8 512.8 140.7 139.5 133.6 152.8 566.7
North America 87.4 95.3 94.4 89.4 366.6 79.4 84.5 91.4 122.4 377.8
Europe 22.1 20.4 20.9 22.3 85.9 21.4 23.4 21.3 15.9 82.1
Asia 39.9 42.5 56.2 45.2 184.0 46.1 44.6 45.4 45.4 181.6
Other 12.2 5.0 8.4 9.7 35.5 10.5 11.1 11.0 7.2 40.0
Capital Expenditures (billions of yen) 274.6 407.4 358.8 564.9 1,605.8 366.6 442.8 486.9 714.4 2,010.8 2,150.0 ^(Note 6)^
Geographic Information
Japan 128.6 151.6 148.1 275.4 703.8 144.0 175.2 174.0 354.3 847.6
North America 97.9 175.3 120.1 162.7 556.1 154.1 159.5 182.6 226.2 722.5
Europe 10.3 10.3 16.9 24.1 61.7 12.5 28.9 23.4 23.9 88.8
Asia 25.7 65.5 63.4 68.1 222.9 41.1 54.9 89.4 82.7 268.2
Other 11.9 4.5 10.2 34.4 61.2 14.7 24.2 17.3 27.1 83.5
Total Liquid Assets (billions of yen) 10,532.2 11,004.6 10,278.7 11,313.7 11,313.7 12,287.8 13,808.6 14,143.6 15,079.5 15,079.5 ^(Note 7)^
Total Assets (billions of yen) 71,935.1 74,484.0 71,580.5 74,303.1 74,303.1 80,131.2 83,661.3 84,232.1 90,114.2 90,114.2
Toyota Motor Corporation Shareholders’ Equity (billions of yen) 27,374.8 28,037.2 27,535.8 28,338.7 28,338.7 30,330.0 31,893.1 32,561.6 34,220.9 34,220.9
Return on Equity (%) 11.0 6.3 10.5 7.9 9.0 17.9 16.4 16.9 12.0 15.8
Return on Asset (%) 4.2 2.4 4.0 3.0 3.5 6.8 6.2 6.5 4.6 6.0
Number of Consolidated Subsidiaries (including Structured Entities) 569 577
Number of Associates and Joint Ventures Accounted for Using the Equity Method 168 165
Analysis of Consolidated Net Income<br><br><br>Attributable to Toyota Motor Corporation for FY2024<br><br><br>(billions of yen, approximately) 4Q<br>(2024/1-3) 12 months<br>(‘23/4-‘24/3)
--- --- --- --- ---
Marketing Efforts 10.0 2,000.0
Effects of Changes in Exchange Rates 305.0 685.0
Cost Reduction Efforts 185.0 120.0
From Engineering 160.0 0.0
From Manufacturing and Logistics 25.0 120.0
Increase or Decrease in Expenses and Expense Reduction Efforts -80.0 -380.0
Other 65.7 202.9
(Changes in Operating Income) 485.7 2,627.9
Non-operating Income 322.7 668.4
Share of Profit (Loss) of Investments Accounted for Using the Equity Method -1.3 120.0
Income tax expense, Net Income Attributable to Non-controlling Interests -363.1 -802.7
(Changes in Net Income Attributable to Toyota Motor Corporation) 445.3 2,493.6

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’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<br>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<br>incurred for the repurchase
--- ---
(Note 4) Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase<br>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<br>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<br>right of use assets
--- ---
(Note 7) Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust<br>funds, excluding in each case those relating to financial services
--- ---

Supplemental 3

Notice Concerning the Holding of Ordinary General Shareholders' Meeting

(Reference Translation)

(For reference)

May 8, 2024

Toyota Motor Corporation

Holding of Ordinary General Shareholders’ Meeting

1. Date and Time: 10:00 a.m., Tuesday, June 18, 2024
2. Venue: Toyota Head Office, 1, Toyota-cho, Toyota City, Aichi Prefecture
3. Meeting Agenda:

Reports:

Reports on business review, consolidated and unconsolidated financial statements for FY2024 (April 1, 2023 through March 31, 2024) and a report by the Accounting Auditor and the Audit & Supervisory Board on the audit results of the consolidated financial statements for FY2024.

Resolutions:

Company’s proposal

Proposed Resolution 1: Election of 10 Members of the Board of Directors
Proposed Resolution 2: Election of 1 Audit & Supervisory Board Member
Proposed Resolution 3: Election of 1 Substitute Audit & Supervisory Board Member

Shareholder’s proposal

Proposed Resolution 4: Partial Amendments to the Articles of Incorporation (Issuing annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement)

Opinion of the Board of Directors on the Shareholder Proposal

[Reference Translation]

May 8, 2024

To Whom It May Concern:

Company Name: TOYOTA MOTOR CORPORATION
Name and Title of<br><br><br>Representative: Koji Sato,<br><br><br>President
(Code Number: 7203 Prime of Tokyo Stock Exchange and<br><br><br>Premier of Nagoya Stock Exchange)
Name and Title of<br><br><br>Contact Person Yoshihide Moriyama, General Manager,<br><br><br>Capital Strategy & Affiliated Companies<br><br><br>Finance Div.
(Telephone Number: 0565-28-2121)

Opinion of the Board of Directors on the Shareholder Proposal

Regarding the agenda of the 120^th^ Ordinary General Meeting of Shareholders scheduled to be held June 18, 2024 (the “General Meeting of Shareholders”), TOYOTA MOTOR CORPORATION (“TMC”) has received a document stating shareholder’s intentions to exercise their proposal rights. TMC hereby announces that at its Board of Directors meeting held today, it has resolved to add the proposal to the agenda of the General Meeting of Shareholders as “Proposed Resolution 4: Issuing annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement)” and against the shareholder proposal.

  1. Proposing Shareholders

Kapitalforeningen MP Invest

2. Details of the Proposal

It is proposed that the following provision be added to the Articles of Incorporation. The provision number will be decided by the Company.

“The Company shall issue a comprehensive and objective report annually (at reasonable cost, omitting proprietary information) describing if, and how, the Company’s climate-related lobbying activities (own direct and indirect through industry associations both in key markets) align, overall, with the goals of the Paris Agreement. The report should disclose any instances of misalignment with those goals, along with the planned actions to address these.”

  1. Reason for the Proposal

The new provision in the Articles of Incorporation is intended to ensure that the Company makes robust disclosures, as part of its annual reporting, of (i) which lobbying activities directed at the issue of climate change the group companies are pursuing (whether directly or indirectly through influencing the legislative and administrative process or through public influence activities), and (ii) the extent to which these serve to reduce risks for the group companies from climate change and how they are aligned with the 1.5 degrees Celsius goal of the Paris Agreement of 12 December 2015.

The proposing shareholder recognizes and appreciates that the Company issued a third report on climate-related lobbying in January 2024; “Toyota’s Views on Climate Public Policies 2023”. However, like the second report, this report falls far short of investor expectations as set forth, for example, by the Climate Action 100+ Net Zero Company Benchmarks for Climate Policy Engagement. Using the CA100+ Benchmark criteria, the InfluenceMap January 2024 assessment of Toyota’s 2023 report found no improvement from the Company’s 2022 report, scoring it 21/100.

The proposing shareholder supports the Company in strengthening the Company’s disclosures in 1) scope, covering the Company’s own climate policy engagement activities and relevant associations in key global markets engaging on cli-mate change policies, and 2) rigour in the analysis of potential misalignment with the 1.5 degrees Celsius goal of the Paris Agreement.

Such disclosures could serve to mitigate reputational and other risks, including potential backlash from customers, business partners, employees and investors associated with the Company’s climate-related lobbying activities in recent years.

The proposing shareholder and like-minded institutional shareholders of the Company have engaged intensively and constructively with the Company since 2021 and encourage the Board of Directors to support and recommend a vote for this proposal.

  1. Opinion of TMC’s Board of Directors

The Shareholder Proposal “Proposed Resolution 4: Partial Amendments to the Articles of Incorporation (Issuing annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement)”

i. Opinion of TMC’s Board of Directors

The board of directors is against this shareholder proposal.

ii. Reason for the opinion

The Group considers climate change measures to be one of its important management tasks and is fully concentrated on realizing carbon neutrality by 2050. Furthermore, to ensure that as many of our stakeholders as possible understand our efforts, we strive to provide substantial information, referring to the standards set by major investors as well. We have had dialogue with the proposing shareholder more than 10 times (more than 20 times if you include email) over the past four years. In 2021, the Group was the first Japanese company to issue a report on the initiatives stated in this shareholder proposal, which is to issue annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement. We are continuing to improve it each year based on feedback obtained through dialogue with the proposing shareholder and other investors. In the latest 2023 report, disclosed in January 2024, we made improvements such as doubling the number of reviewees (from 6 to 12 organizations) and adding a third-party evaluation to improve transparency, etc. In the 2024 report, we are proceeding with discussion to further improve transparency and comprehensiveness. In addition, we have provided information on our electrification-related announcements to provide an opportunity for a broad understanding of our multi-pathway strategy and its specific initiatives. Furthermore, as of May 2024, we are the only Japanese company that issues a report on our lobbying activities related to climate public policies.

Toyota’s Views on Climate Public Policies 2023

LOGO

List of Improvements (2022 through 2024)

2022 Number of reviewees : Increased from 4 to 6 organizations
(2nd year) Assessment criteria : Changed to the Sixth Assessment Report by the Intergovernmental Panel on Climate Change (IPCC)
Other : Added Toyota’s stance on individual policies in Japan, the U.S. and Europe, updated its lobbying activities and recommendations related to climate public policies
2023 Number of reviewees : Increased from 6 to 12 organizations
(3rd year) Assessment criteria : Changed to third-party evaluation to improve transparency, and streamlined matters to be assessed to six items including those that align with the Paris Agreement
Other : Enhanced selection of case studies on lobbying in Japan and abroad
2024<br><br><br>(4th year) Number of reviewees : Further examine selection criteria and expand reviewees
*planned Assessment criteria : Improve the transparency of the third-party assessment
Other : Enhanced statements on actions to address any instances of misalignment

As part of efforts to pass our beautiful “Home Planet” to the next generation, the Group has identified and is helping to solve issues faced by individuals and overall society, hoping to help reduce the negative impacts caused by these issues to people and the environment to zero. Additionally, we are also looking “Beyond Zero” to create and provide greater value by continuing to diligently seek ways to improve lives and society for the future. Our strong sense of will is the same as the proposing shareholder, investors, and all stakeholders. Ensuring that mobility aligns with the future of energy is an essential strategy in order to achieve carbon neutrality in the automotive industry. We believe that electricity and hydrogen will emerge as the primary energy sources sustaining society, but the paths to get there vary. Although energy policies may differ from country to country and it will take a considerable amount of time for renewable energy to become widespread, we must focus on moving away from our reliance on fossil fuels as soon as possible.

Widespread adoption of battery electric vehicles (BEVs) is promising means of reducing CO2 emissions on an even greater scale. However, there are still many obstacles. Countries and regions that have inadequate supplies of clean energy may continue to face a lack of charging infrastructure for decades to come. Furthermore, on-board batteries that are indispensable for BEVs use many lithium and other rare minerals. These are finite natural resources and there are also concerns that the development of mines will have a negative impact on nature. In order to popularize BEVs, the Group is focused on resolving these issues by streamlining the design structure of our BEVs while building an ecosystem that encompasses every stage from resource procurement to reuse and recycling of on-board batteries and promoting comprehensive efforts such as infrastructure development including other industries to supply good quality BEVs at affordable prices to customers.

Meanwhile, to achieve carbon neutrality, it is important to not only reduce CO2 emissions in new cars, but also to reduce CO2 emissions of vehicles already owned and used by customers in their daily lives. Toyota cars alone make up around 100 million of the vehicles currently in use globally, and replacing each and every one of them with BEVs is not a realistic expectation. However, one factor that does provide a glimmer of hope for the future is e-fuel, which is synthetic fuel produced from hydrogen. The Sixth Assessment Report by the Intergovernmental Panel on Climate Change (IPCC), an organization that scientifically assesses the latest insight gained worldwide, also states that sustainable biofuels, low-emissions hydrogen, and derivatives (including synthetic fuels) can support mitigation of CO2 emissions in land-based transport. Moving forward, the Group will continue to work with various public and private partners for the commercialization and spread of synthetic and other carbon-neutral fuels.

In short, the underlying concept of our multi-pathway strategy is staying committed to providing a variety of mobility options that are in tune with a diverse range of energy situations and customer needs, while also keeping an eye on the future of electricity and hydrogen. A wide range of vehicles, from passenger cars to commercial vehicles and from cars for mass-produced cars to luxury cars, are used in diverse situations, including not only urban areas but also countries and regions with underdeveloped infrastructure, especially in a severe environment, such as deserts and coal mines. In diversified markets of different countries and regions, there is no one-size-fits-all solution. Toyota therefore endeavors to propose various solutions and prepare as many options as possible for our customers. We believe this to be a realistic approach for moving closer to achieving carbon neutrality by 2050. The Group has supplied a full lineup of electrified vehicles such as BEVs, fuel cell electric vehicles (FCEVs), hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) to date, selling 23.15 million electrified vehicles and contributing to the reduction of greenhouse gas (GHG) emissions by approximately 176 million tons since 1997. Furthermore, every year and in most jurisdictions, we have globally reduced average GHG emissions from new vehicles, making steady progress toward our targets to reduce emissions more than 33% in 2030 and more than 50% in 2035 (compared to 2019 levels), and to achieve carbon neutrality throughout the lifecycle by 2050.

To achieve carbon neutrality by 2050, the Group must embrace many challenges and take action. We believe that the role of cooperation that transcends industries and government and public policy is critical in achieving this goal. As a corporate citizen striving to be the “best in town”, the Group engages in public relations activities to ensure that public policy, societal needs, technology development, consumer needs, and the entire automotive industry are aligned to the greatest extent possible. For example, in Japan, we helped launch the Committee on Mobility under the Nippon Keidanren (Japan Business Federation) in 2022. In 2023, at a meeting with Prime Minister Kishida during his tour of Japan Mobility Show 2023, the Committee shared with the government the need to establish an investment environment to help place Japan’s mobility industry at the forefront of global competition and made specific requests for government support. These included establishing an investment environment to rival those of other countries, boosting investment in the small and midsized enterprises that underpin supply chains, and addressing antitrust-related issues affecting partnerships in green transformation investing. In the push to build cooperation systems that transcend industries to achieve carbon neutrality, the automotive industry has taken a leading role in campaigning for cross-industry activities that are centered on mobility. However, this type of initiative is still relatively unprecedented even on a worldwide scale. We will endeavor to showcase our efforts far and wide as a positive example of lobbying activities to achieve carbon neutrality in Japan, and gain the understanding of an even greater number of our stakeholders.

We will carry out a variety of carbon neutrality measures and public relations activities at countries that support them as we take resolute steps into the future where no answers are guaranteed.

On the other hand, the role of TMC’s Board of Directors to address these issues is to make flexible and varying decisions according to the circumstances at the time, make agile changes as required, and swiftly turn decisions into action. Thus, the ideal state of disclosure is subject to sudden change as well. Generally, the articles of incorporation are intended to define the basic details of a corporation and its operation, and is not for stipulating matters related to specific business execution such as those in this shareholder proposal. Therefore, we would like to maintain our current Articles of Incorporation.

Going forward, we will continue open dialogue on climate change measures with the proposing shareholders, other institutional investors and environmental NGOs to achieve carbon neutrality by 2050.

Notice Concerning the Distribution of Dividends from Surplus

[Reference Translation]

May 8, 2024

To Whom It May Concern:

Company Name: TOYOTA MOTOR CORPORATION<br> <br>Name and<br>Title of Representative:<br> <br>Koji Sato, President<br><br><br>(Code Number: 7203<br><br><br>Prime of Tokyo Stock Exchange and<br><br><br>Premier of Nagoya Stock Exchange)<br><br><br>Name and Title of Contact Person:<br><br><br>Yoshihide Moriyama, General Manager,<br><br><br>Capital Strategy & Affiliated Companies Finance Div.<br><br><br>(Telephone Number:<br>0565-28-2121)

Notice Concerning Distribution of Dividends from Surplus

At a meeting held on May 8, 2024, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to distribute dividends from surplus, with a record date of March 31, 2024. In relation to the above, we hereby inform you of the following:

1. Details of dividends
Determined year-end<br>dividend<br>for FY 2024 Most recent<br>dividend forecast Year-end dividend paid<br>for FY 2023
--- --- --- ---
Record date March 31, 2024 March 31, 2024 March 31, 2023
Dividend per share 45.00 yen — 35.00 yen
Total amount of dividends 606,338 million yen — 474,781 million yen
Effective date May 24, 2024 — May 26, 2023
Source of dividends Retained earnings — Retained earnings

[Reference] Details of dividends per common share through the fiscal year

Record date Dividends for FY 2024<br><br><br>(ended March 31,2024) Dividends for FY 2023<br><br><br>(ended March 31,2023)
End of interim period 30.00 yen 25.00 yen
End of fiscal period 45.00 yen 35.00 yen
Total 75.00 yen 60.00 yen
2. Reason for the dividend amount
--- ---

TMC deems the improvement of its shareholders’ profit as one of its priority management policies, and it will continue to work to improve its corporate culture to realize sustainable growth in order to enhance its corporate value.

TMC will strive to increase dividends in a stable and continuous manner.

With a view to surviving tough competition and transitioning to a mobility company, TMC will utilize its internal funds mainly for its investment in growth for the next generation such as environmental technologies to achieve a carbon neutral society and safety technologies for the safety and security of its customers, and also for the stakeholders such as employees, business partners and local communities.

-End-

Notice Concerning the Determination of Matters Relating to the Repurchase Shares

[Reference Translation]

May 8, 2024

To Whom It May Concern:

Company Name: TOYOTA MOTOR CORPORATION<br> <br>Name and<br>Title of Representative:<br> <br>Koji Sato, President<br><br><br>(Code Number: 7203<br><br><br>Prime of Tokyo Stock Exchange and<br><br><br>Premier of Nagoya Stock Exchange)<br> <br>Name and<br>Title of Contact Person:<br> <br>Yoshihide Moriyama, General Manager,<br><br><br>Capital Strategy & Affiliated Companies Finance Div.<br><br><br>(Telephone Number: 0565-28-2121)

Notice Concerning the Determination of Matters Relating to

the Repurchase of Shares of our Common Stock

(Repurchase of Shares under Articles of Incorporation pursuant to Article 165, Paragraph 2 of the Companies Act of Japan)

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the Board of Directors held on May 8, 2024 to repurchase shares of its common stock pursuant to Article 156 of the Companies Act of Japan (the “Companies Act”) as applied pursuant to Article 165, Paragraph 3 of the Companies Act.

1. Reason for repurchasing shares

TMC deems the improvement of its shareholders’ profit as one of its priority management policies, and it will continue to work to improve its corporate culture to realize sustainable growth in order to enhance its corporate value.

TMC will flexibly repurchase its common stock while considering factors such as the price level of its common stock. In addition, TMC will use such means to respond to requests for the sale of its own shares as needed in the future.

With a view to surviving tough competition and transitioning to a mobility company, TMC will utilize its internal funds mainly for its investment in growth for the next generation such as environmental technologies to achieve a carbon neutral society and safety technologies for the safety and security of its customers, and also for the stakeholders such as employees, business partners and local communities.

2. Details of matters relating to repurchase
(1) Class of shares to be repurchased Shares of Common Stock of TMC
--- ---
(2) Total number of shares to be repurchased 410 million shares (maximum)
(Represents 3.04% of the total number of issued shares (excluding treasury stock))
(3) Total purchase price for repurchase of shares JPY 1,000 billion (maximum)
(4) Period of repurchase From May 9, 2024 to April 30, 2025

(References) Number of treasury stock as of March 31, 2024

Total number of issued shares (excluding treasury stock) : 13,474,172,027 shares
Total number of treasury stock : 2,840,815,433 shares

-End-

Notice Concerning the Retirement of Treasury Stock

[Reference Translation]

May 8, 2024

To Whom It May Concern:

Company Name: TOYOTA MOTOR CORPORATION
Name and Title of Representative:<br><br><br>Koji Sato, President
(Code Number: 7203<br><br><br>Prime of Tokyo Stock Exchange and<br><br><br>Premier of Nagoya Stock Exchange)
Name and Title of Contact Person:<br><br><br>Yoshihide Moriyama, General Manager,<br><br><br>Capital Strategy & Affiliated Companies Finance Div.
(Telephone Number:<br>0565-28-2121)

Notice Concerning the Retirement of Treasury Stock

(Retirement of Treasury Stock pursuant to Article 178 of the Companies Act of Japan)

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the Board of Directors held on May 8, 2024 to retire its treasury stock pursuant to Article 178 of the Companies Act of Japan.

1. Class of shares to be retired Shares of Common Stock of TMC
2. Total number of shares to be retired 520,000,000 shares
(Represents 3.19% of the total number of issued shares before retirement)
3. Scheduled date of the retirement May 9, 2024
(Reference)
Total number of issued shares after retirement 15,794,987,460 shares
--- --- ---
Total number of treasury stock after retirement 2,326,033,443 shares

-End-

Notice Concerning the Disposition of Treasury Stock

May 8, 2024

To Whom It May Concern:

Company Name: Toyota Motor Corporation<br><br><br>Name and Title of Representative:<br><br><br>Koji Sato, President<br><br><br>(Code Number: 7203<br><br><br>Prime of Tokyo Stock Exchange and<br><br><br>Premier of Nagoya Stock Exchange)<br><br><br>Name and Title of Contact Person:<br><br><br>Yoshihide Moriyama, General Manager,<br><br><br>Capital Strategy & Affiliated Companies Finance<br><br><br>(Telephone Number:<br>0565-28-2121)

Notice Concerning the Disposition of Treasury Stock

under the Restricted Stock Compensation Plan

We hereby inform, as set forth below, that, at the meeting of the Board of Directors held today (the “Resolution Date”), Toyota Motor Corporation (“TMC”) announces that it has decided to dispose of its treasury stock (the “Disposition of Treasury Stock”) as follows.

  1. Outline of the Disposal
(1) Payment date June 28, 2024
(2) Class and number of shares to be disposed 617,500 shares of Common stock of TMC
(3) Disposal price 3,599 yen per share
(4) Total value of the disposal 2,222,382,500 yen
(5) Allottee of Shares Number of allottees Number of shares
Members of the Board of Directors 6 579,900 shares
The Operating Officers of TMC who don’t serve as a Board of<br>Directors 2 37,600 shares
(6) Others Regarding the Disposition of Treasury Stock, an Extraordinary Report in accordance with the Financial Instruments and Exchange Act has been filed.
  1. Purposes and Reasons of the Disposal

TMC has resolved at the Meeting of the Board of Directors held on May 8, 2019 to newly introduce a restricted stock compensation plan (the “Plan”) for the members of the Board of Directors of TMC (excluding outside members of the Board of Directors) and the Operating Officers of TMC who don’t serve as a Board of Directors to work to improve the medium-to long-term corporate value of TMC, and to promote management from the same viewpoint as our shareholders with a stronger sense of responsibility as a corporate manager, and at the 115th Ordinary General Meeting of Shareholders held on June 13, 2019, share compensation was approved by the shareholders to set a maximum amount of 4.0 billion yen per year and of 800,000 shares per year for the number of shares to be allotted as the restricted stock for the Board of Directors of TMC (excluding outside members of the Board of Directors).

In addition, at the 118th Ordinary General Meeting of Shareholders held on June 15, 2022, share compensation was approved by the shareholders to set a maximum amount of 4,000,000 shares per year for the number of shares to be allotted as the restricted stock for the Board of Directors of TMC (excluding outside members of the Board of Directors) due to a 5-for-1 stock split as of October 1, 2021.

3. Outline of the Plan and the allocation contract of the restricted stock (the “Allocation Contract”)

Eligible Persons Members of the Board of Directors of TMC (excluding outside members of the Board of Directors) and the part of the<br>Operating Officers of TMC who don’t serve as a Board of Director
Amount of the share compensation payable to each Eligible Person Set each year considering factors such as corporate results, duties, and performance
Type of shares to be allotted and<br> <br>method of<br>allotment Issue or disposal of common shares (with transfer restrictions under an allotment agreement)
Amount to be paid for each share Determined by the Board of Directors of TMC based on the closing price of TMC’s common shares on the Tokyo Stock<br>Exchange on the business day prior to each resolution of the Board of Directors, within a range that is not particularly advantageous to the Eligible Persons
Transfer restriction period A period of between 3 and 50years, as determined by the Board of Directors of TMC
Conditions for removal of transfer<br><br><br>restrictions Restrictions will be removed upon the expiration of the transfer restriction period.<br><br><br>However, restrictions on all of the allotted shares which the Eligible Person have will also be removed in the case of resignation from any<br>position as a Board of Director, an Operating Officer who don’t serve as a Board of Director, or an Audit & Supervisory Board member of TMC due to expiration of the term of office or other legitimate reasons
Gratis acquisition by TMC TMC will naturally acquire at no cost all of the allotted shares for which the transfer restrictions have not been lifted<br>at the time of the expiration of the transfer restriction period, or at the time of the lifting of the transfer restrictions stipulated. Other grounds for the gratis acquisition shall be stipulated by the Allocation Contract of the restricted stock<br>based on a resolution of the Board of Directors of TMC

This time, after the consideration of the objectives of the Plan, TMC’s business performance, the scope of duties of the Eligible Persons and various factors, TMC decided to pay a total amount of 2,222,382,500 yen in monetary compensation claims (the “Monetary Compensation Claims”) for the granting of 617,500 common shares of TMC.

Based on the Plan, the 8 Eligible Persons to whom disposal of shares is scheduled to be allotted will pay in as property contributed in kind all the Monetary Compensation Claims and receive the disposal of common shares of TMC (the “Allotted Shares”) upon the Disposition of Treasury Stock, and the transfer restriction period is 50 years (June 28, 2024~June 28, 2074).

In addition, the Allocation Contract contains a clawback provision stating that TMC can mandatorily recover the resulting overpaid portion of performance-based remuneration from incumbent or retired Eligible Persons who received such remuneration, if TMC is required, in connection with financial reporting requirements under applicable laws and regulations, to restate its past financial statements.

To prevent the transfer, creation of a security interest on, or disposal of the allotted shares for as long as the restrictions are in effect, the Eligible Persons deposit the Allotted Shares in dedicated accounts with Nomura Securities Co., Ltd. for the administration during the transfer restriction period.

  1. Basis for calculating the amount to be paid in for the disposal price and other specific details

The Disposition of Treasury Stock to the prospective recipients of the allotted shares will be made by way of in-kind contribution of the Monetary Compensation Claims paid for granting restricted shares under the Plan for the Company’s 120th business term. To avoid issuing the shares based on arbitrary decisions on price, the closing price of the common shares of TMC on the Prime of the Tokyo Stock Exchange of 3,599 yen on May 7, 2024 (the business day immediately prior to the Resolution Date), is taken to be the disposal price. Since this was the market price immediately before the date of the resolution of the Board of Directors, it is believed to be reasonable and not to be particularly advantageous. In addition, the numbers of shares to be allotted were determined at the Executive Compensation Meeting held on April 23, 2024.

End of document

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