TM 6-K
Toyota Motor Corp/ (TM)
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 November 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
(Address ofPrincipal 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>November 6, 2024, with respect to the registrant’s results of operations for FY2025 first half ended September 30, 2024. |
|---|---|
| II. | English translation of the Notice Concerning Distribution of Interim Dividends from Surplus and Revision of<br>Dividend Forecast for FY2025, as filed by the registrant with the Tokyo Stock Exchange on November 6, 2024. |
| --- | --- |
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: November 6, 2024
FY2025 SEMI-ANNUAL FINANCIAL SUMMARY
Table of Contents
FINANCIAL SUMMARY
(All financial information has been prepared in accordance with IFRS Accounting Standards)
FY2025 Semi-Annual
(April 1, 2024 through September 30, 2024)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
Table of Contents
FY2025 Semi-Annual Consolidated Financial Results
(All financial information has been prepared in accordance with IFRS Accounting Standards)
English translation from the original Japanese-language document
November 6, 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 |
| Filing date of semi-annual securities report | : | November 13, 2024 |
| Payment date of cash dividends | : | November 26, 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 FY2025 First Half (April 1, 2024 through September 30, 2024) | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) | Consolidated financial results (For the six months ended September 30) | |||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||
| (% of change from previous first half) | ||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales revenues | Operating income | Income beforeincome taxes | Net income | Net incomeattributable to<br>Toyota MotorCorporation | Comprehensiveincome | |||||||||||||||||||
| Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||||||||||
| FY2025 first half | 23,282,450 | 5.9 | 2,464,217 | -3.7 | 2,732,069 | -22.4 | 1,865,651 | -29.5 | 1,907,113 | -26.4 | 1,614,391 | -62.0 | ||||||||||||
| FY2024 first half | 21,981,617 | 24.1 | 2,559,294 | 124.2 | 3,521,525 | 92.0 | 2,647,521 | 117.1 | 2,589,428 | 121.1 | 4,245,386 | 73.0 | ||||||||||||
| Earnings per share attributable toToyota Motor Corporation – Basic | Earnings per share attributable toToyota Motor Corporation – Diluted | |||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||
| Yen | Yen | |||||||||||||||||||||||
| FY2025 first half | 142.15 | 142.15 | ||||||||||||||||||||||
| FY2024 first half | 191.26 | 191.26 | ||||||||||||||||||||||
| (2) | Consolidated financial position | |||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||
| Total assets | Total shareholders’ equity | Toyota Motor Corporation<br>shareholders’ equity | Ratio of<br>Toyota Motor Corporation<br>shareholders’ equity | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Million yen | Million yen | Million yen | % | |||||||||||||||||||||
| FY2025 first half | 89,169,296 | 35,266,663 | 34,368,513 | 38.5 | ||||||||||||||||||||
| FY2024 | 90,114,296 | 35,239,338 | 34,220,991 | 38.0 | ||||||||||||||||||||
| 2. | Cash Dividends | |||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||
| Annual cash dividends per common share | ||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| End of firstquarter | End of secondquarter | End of thirdquarter | Year-end | Total | ||||||||||||||||||||
| Yen | Yen | Yen | Yen | Yen | ||||||||||||||||||||
| FY2024 | — | 30.00 | — | 45.00 | 75.00 | |||||||||||||||||||
| FY2025 | — | 40.00 | ||||||||||||||||||||||
| FY2025 (forecast) | — | 50.00 | 90.00 | |||||||||||||||||||||
| (Note) | Revisions to the forecast of cash dividends since the latest announcement: yes | |||||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||||
| 3. | Forecast of Consolidated Results for FY2025 (April 1, 2024 through March 31, 2025) | |||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||
| (% of change from FY2024) | ||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||
| Sales revenues | Operating income | Income before incometaxes | Net income attributable to<br><br><br>Toyota MotorCorporation | 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 | 4,980,000 | -28.5 | 3,570,000 | -27.8 | 268.77 | |||||||||||||||
| (Note) | Revisions to the forecast of consolidated results since the latest announcement: yes | |||||||||||||||||||||||
| --- | --- | --- |
Table of Contents
Notes
| (1) | Significant changes in the scope of consolidation during the period: none |
|---|---|
| (2) | Changes in accounting policies and changes in accounting estimates |
| --- | --- |
| (i) | Changes in accounting policies required by IFRS Accounting Standards: none |
| --- | --- |
| (ii) | Changes other than (2)-(i) above: none |
| --- | --- |
| (iii) | Changes in accounting estimates: none |
| --- | --- |
| (3) | Number of shares issued and outstanding (common stock) |
| --- | --- |
| (i) | Number of shares issued and outstanding at the end of each period (including treasury stock):<br> |
| --- | --- |
| FY2025 first half 15,794,987,460 shares, FY2024 16,314,987,460 shares | |
| --- | |
| (ii) | Number of treasury stock at the end of each period: FY2025 first half 2,645,215,176 shares,<br> |
| --- | --- |
| FY2024 2,840,815,433 shares | |
| --- | |
| (iii) | Average number of shares issued and outstanding in each period: FY2025 first half 13,416,064,614 shares,<br> |
| --- | --- |
| FY2024 first half 13,539,125,720 shares | |
| --- |
These semi-annual consolidated financial results are not subject to certified public accountant’s or audit firm’s review.
Cautionary Statement with Respect to Forward-Looking Statements, and Other Information
This report contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”
“Toyota Times” (https://toyotatimes.jp/en/)
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
TABLE OF CONTENTS
| Financial Results and Position | **** | 2 | **** | |
|---|---|---|---|---|
| 1. Consolidated Financial Results for FY2025 First Half | 2 | |||
| 2. Consolidated Financial Position for FY2025 First Half | 4 | |||
| Unaudited Condensed Semi-Annual Consolidated FinancialStatements | **** | 5 | **** | |
| 1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position | 5 | |||
| 2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and<br>Unaudited<br> Condensed Semi-Annual Consolidated Statement of Comprehensive Income | 7 | |||
| 3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity | 9 | |||
| 4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows | 10 | |||
| 5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements | 11 | |||
| (1) Going Concern Assumption | 11 | |||
| (2) Segment Information | 12 |
Supplemental Material for Financial Results for FY2025 First Half
—1—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
Financial Results and Position
- Consolidated Financial Results for FY2025 First Half
Financial Results
Consolidated vehicle unit sales in Japan and overseas decreased by 188 thousand units, or 4.0%, to 4,556 thousand units in FY2025 first half (the first half ended September 30, 2024) compared with FY2024 first half (the first half ended September 30, 2023). Vehicle unit sales in Japan decreased by 133 thousand units, or 12.4%, to 939 thousand units in FY2025 first half compared with FY2024 first half. Overseas vehicle unit sales decreased by 55 thousand units, or 1.5%, to 3,617 thousand units in FY2025 first half compared with FY2024 first half.
The results of operations for FY2025 first half were as follows:
| Sales revenues | 23,282.4 billion yen | (an increase of 1,300.8 billion yen or 5.9% compared with FY2024 first half) | ||
|---|---|---|---|---|
| Operating income | 2,464.2 billion yen | (a decrease of 95.0 billion yen or 3.7% compared with FY2024 first half) | ||
| Income before income taxes | 2,732.0 billion yen | (a decrease of 789.4 billion yen or 22.4% compared with FY2024 first half) | ||
| Net income attributable to<br> <br>Toyota Motor<br>Corporation | 1,907.1 billion yen | (a decrease of 682.3 billion yen or 26.4% compared with FY2024 first half) |
The changes in operating income were as follows:
| Effects of marketing activities | a decrease of 70.0 billion yen | |
|---|---|---|
| Effects of changes in exchange rates | an increase of 610.0 billion yen | |
| Cost reduction efforts | an increase of 90.0 billion yen | |
| Increase or decrease in expenses and expense reduction efforts | a decrease of 440.0 billion yen | |
| Other | a decrease of 285.0 billion yen |
—2—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
Segment Operating Results
(1) Automotive:
Sales revenues for the automotive operations increased by 926.8 billion yen, or 4.6%, to 21,092.1 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 179.5 billion yen, or 8.0%, to 2,067.7 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the increase in expenses and others.
(2) Financial services:
Sales revenues for the financial services operations increased by 421.6 billion yen, or 26.0%, to 2,043.0 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 87.5 billion yen, or 35.8%, to 332.4 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value.
(3) All other:
Sales revenues for all other businesses increased by 27.6 billion yen, or 4.4%, to 653.3 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 5.7 billion yen, or 7.2%, to 74.0 billion yen in FY2025 first half compared with FY2024 first half.
Geographic Information
(1) Japan:
Sales revenues in Japan increased by 31.1 billion yen, or 0.3%, to 10,541.4 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 58.6 billion yen, or 3.7%, to 1,522.4 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the effects of the misconduct in relation to applications for certification by Hino Motors, Ltd and the increase in expenses and others.
(2) North America:
Sales revenues in North America increased by 929.1 billion yen, or 10.8%, to 9,525.3 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 175.3 billion yen, or 60.7%, to 113.7 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the increase in expenses and others.
(3) Europe:
Sales revenues in Europe increased by 230.6 billion yen, or 8.7%, to 2,889.1 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 33.5 billion yen, or 18.4%, to 215.9 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to cost reduction efforts.
(4) Asia:
Sales revenues in Asia increased by 158.8 billion yen, or 3.7%, to 4,470.0 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 79.3 billion yen, or 19.3%, to 490.4 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to the effects of changes in exchange rates.
(5) Other (Central and South America, Oceania, Africa and the Middle East):
Sales revenues in other regions decreased by 69.3 billion yen, or 3.2%, to 2,120.4 billion yen in FY2025 first half compared with FY2024 first half, and operating income decreased by 49.0 billion yen, or 25.9%, to 140.6 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the unfavorable impact of inflation and weak peso in Argentina.
—3—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
- Consolidated Financial Position for FY2025 First Half
Financial Position
The financial position for FY2025 first half was as follows:
Total assets decreased by 945.0 billion yen, or 1.0%, to 89,169.2 billion yen at the end of FY2025 first half compared with the end of FY2024. Liabilities decreased by 972.3 billion yen, or 1.8%, to 53,902.6 billion yen at the end of FY2025 first half compared with the end of FY2024. Shareholders’ equity increased by 27.3 billion yen, or 0.1%, to 35,266.6 billion yen at the end of FY2025 first half compared with the end of FY2024.
Overview of Cash Flow
Cash and cash equivalents decreased by 1,780.6 billion yen, or 18.9%, to 7,631.4 billion yen at the end of FY2025 first half compared with the end of FY2024.
The increases or decreases for each cash flow activity compared with the previous fiscal year are as follows:
Cash flows from operating activities
Net cash flows from operating activities resulted in an increase in cash by 1,817.1 billion yen for FY2025 first half. Net cash provided by operating activities decreased by 460.9 billion yen from 2,278.0 billion yen for FY2024 first half.
Cash flows from investing activities
Net cash flows from investing activities resulted in a decrease in cash by 3,085.7 billion yen for FY2025 first half. Net cash used in investing activities increased by 434.1 billion yen from 2,651.5 billion yen for FY2024 first half.
Cash flows from financing activities
Net cash flows from financing activities resulted in a decrease in cash by 289.7 billion yen for FY2025 first half. A 843.7 billion yen change compared with net cash provided by financing activities of 554.0 billion yen for FY2024 first half.
—4—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
Unaudited Condensed Semi-Annual Consolidated FinancialStatements
- Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 9,412,060 | 7,631,457 | |||||
| Trade accounts and other receivables | 3,789,429 | 3,628,810 | |||||
| Receivables related to financial services | 11,057,269 | 10,879,596 | |||||
| Other financial assets | 4,702,168 | 6,429,654 | |||||
| Inventories | 4,605,368 | 4,505,280 | |||||
| Income tax receivable | 116,886 | 161,683 | |||||
| Other current assets | 1,031,098 | 1,129,182 | |||||
| Total current assets | 34,714,279 | 34,365,661 | |||||
| Non-current assets | |||||||
| Investments accounted for using the equity method | 5,710,106 | 5,593,119 | |||||
| Receivables related to financial services | 20,637,090 | 20,909,301 | |||||
| Other financial assets | 11,390,559 | 10,737,103 | |||||
| Property, plant and equipment | |||||||
| Land | 1,441,811 | 1,421,209 | |||||
| Buildings | 5,884,749 | 5,864,078 | |||||
| Machinery and equipment | 16,469,032 | 16,219,070 | |||||
| Vehicles and equipment on operating leases | 7,523,911 | 7,394,095 | |||||
| Construction in progress | 1,040,188 | 1,312,187 | |||||
| Total property, plant and equipment, at cost | 32,359,692 | 32,210,638 | |||||
| Less - Accumulated depreciation and impairment losses | (18,101,905 | ) | (18,032,821 | ) | |||
| Total property, plant and equipment, net | 14,257,788 | 14,177,816 | |||||
| Right of use assets | 532,835 | 537,945 | |||||
| Intangible assets | 1,355,326 | 1,315,568 | |||||
| Deferred tax assets | 502,230 | 509,585 | |||||
| Other non-current assets | 1,014,083 | 1,023,198 | |||||
| Total non-current assets | 55,400,017 | 54,803,635 | |||||
| Total assets | 90,114,296 | 89,169,296 | |||||
—5—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | ||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Trade accounts and other payables | 5,251,357 | 5,097,202 | |||||
| Short-term and current portion of long-term debt | 15,406,284 | 14,890,799 | |||||
| Accrued expenses | 1,863,760 | 1,743,570 | |||||
| Other financial liabilities | 1,700,137 | 1,644,902 | |||||
| Income taxes payable | 1,224,542 | 855,732 | |||||
| Liabilities for quality assurance | 1,836,314 | 1,814,940 | |||||
| Other current liabilities | 1,895,516 | 1,926,394 | |||||
| Total current liabilities | 29,177,909 | 27,973,539 | |||||
| Non-current liabilities | |||||||
| Long-term debt | 21,155,496 | 21,620,853 | |||||
| Other financial liabilities | 495,814 | 476,202 | |||||
| Retirement benefit liabilities | 1,077,962 | 1,077,266 | |||||
| Deferred tax liabilities | 2,219,638 | 1,825,390 | |||||
| Other non-current liabilities | 748,139 | 929,383 | |||||
| Total non-current liabilities | 25,697,049 | 25,929,094 | |||||
| Total liabilities | 54,874,958 | 53,902,633 | |||||
| Shareholders’ equity | |||||||
| Common stock | 397,050 | 397,050 | |||||
| Additional paid-in capital | 491,802 | 492,509 | |||||
| Retained earnings | 32,795,365 | 33,617,132 | |||||
| Other components of equity | 4,503,756 | 4,002,185 | |||||
| Treasury stock | (3,966,982 | ) | (4,140,363 | ) | |||
| Total Toyota Motor Corporation shareholders’ equity | 34,220,991 | 34,368,513 | |||||
| Non-controlling interests | 1,018,347 | 898,150 | |||||
| Total shareholders’ equity | 35,239,338 | 35,266,663 | |||||
| Total liabilities and shareholders’ equity | 90,114,296 | 89,169,296 | |||||
—6—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
- Unaudited Condensed Semi-Annual Consolidated Statement of Income and
Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income
Unaudited Condensed Semi-Annual Consolidated Statement of Income
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| For the first half ended<br>September 30, 2023 | For the first half ended<br>September 30, 2024 | ||||||
| Sales revenues | |||||||
| Sales of products | 20,383,442 | 21,263,215 | |||||
| Financial services | 1,598,175 | 2,019,235 | |||||
| Total sales revenues | 21,981,617 | 23,282,450 | |||||
| Costs and expenses | |||||||
| Cost of products sold | 16,542,695 | 17,134,152 | |||||
| Cost of financial services | 1,006,082 | 1,281,362 | |||||
| Selling, general and administrative | 1,873,546 | 2,402,719 | |||||
| Total costs and expenses | 19,422,323 | 20,818,233 | |||||
| Operating income | 2,559,294 | 2,464,217 | |||||
| Share of profit (loss) of investments accounted for using the equity method | 378,530 | 264,315 | |||||
| Other finance income | 337,941 | 270,945 | |||||
| Other finance costs | (44,300 | ) | (53,694 | ) | |||
| Foreign exchange gain (loss), net | 299,376 | (226,811 | ) | ||||
| Other income (loss), net | (9,314 | ) | 13,097 | ||||
| Income before income taxes | 3,521,525 | 2,732,069 | |||||
| Income tax expense | 874,004 | 866,418 | |||||
| Net income | 2,647,521 | 1,865,651 | |||||
| Net income attributable to | |||||||
| Toyota Motor Corporation | 2,589,428 | 1,907,113 | |||||
| Non-controlling interests | 58,093 | (41,462 | ) | ||||
| Net income | 2,647,521 | 1,865,651 | |||||
| Yen | |||||||
| Earnings per share attributable to Toyota Motor Corporation | |||||||
| Basic and Diluted | 191.26 | 142.15 | |||||
—7—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| For the first half ended<br>September 30, 2023 | For the first half ended<br>September 30, 2024 | ||||||
| Net income | 2,647,521 | 1,865,651 | |||||
| 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 | 376,618 | 58,283 | |||||
| Remeasurements of defined benefit plans | (5,201 | ) | (5,209 | ) | |||
| Share of other comprehensive income of equity method investees | 178,815 | (51,348 | ) | ||||
| Total of items that will not be reclassified to profit (loss) | 550,232 | 1,726 | |||||
| Items that may be reclassified subsequently to profit (loss) | |||||||
| Exchange differences on translating foreign operations | 944,115 | (512,676 | ) | ||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive<br>income | (64,377 | ) | 83,151 | ||||
| Share of other comprehensive income of equity method investees | 167,894 | 176,539 | |||||
| Total of items that may be reclassified subsequently to profit (loss) | 1,047,633 | (252,986 | ) | ||||
| Total other comprehensive income, net of tax | 1,597,865 | (251,260 | ) | ||||
| Comprehensive income | 4,245,386 | 1,614,391 | |||||
| Comprehensive income for the period attributable to | |||||||
| Toyota Motor Corporation | 4,145,722 | 1,653,798 | |||||
| Non-controlling interests | 99,664 | (39,407 | ) | ||||
| Comprehensive income | 4,245,386 | 1,614,391 | |||||
—8—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
- Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity
For the first half ended September 30, 2023
| Yen in millions | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common<br>stock | Additional<br>paid-<br>in capital | Retained<br>earnings | Other<br>components<br>of equity | Treasury<br>stock | Toyota MotorCorporationshareholders’equity | Non-<br>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 | — | — | 2,589,428 | — | — | 2,589,428 | 58,093 | 2,647,521 | |||||||||||||||
| Other comprehensive income, net of tax | — | — | — | 1,556,294 | — | 1,556,294 | 41,571 | 1,597,865 | |||||||||||||||
| Total comprehensive income | — | — | 2,589,428 | 1,556,294 | — | 4,145,722 | 99,664 | 4,245,386 | |||||||||||||||
| Transactions with owners and other | |||||||||||||||||||||||
| Dividends paid | — | — | (474,781 | ) | — | — | (474,781 | ) | (74,812 | ) | (549,593 | ) | |||||||||||
| Repurchase of treasury stock | — | — | — | — | (116,507 | ) | (116,507 | ) | — | (116,507 | ) | ||||||||||||
| Reissuance of treasury stock | — | 263 | — | — | 649 | 911 | — | 911 | |||||||||||||||
| Equity transactions and other | — | (939 | ) | — | — | (939 | ) | 9,296 | 8,358 | ||||||||||||||
| Total transactions with owners and other | — | (676 | ) | (474,781 | ) | — | (115,858 | ) | (591,316 | ) | (65,516 | ) | (656,831 | ) | |||||||||
| Reclassification to retained earnings | — | — | 289,746 | (289,746 | ) | — | — | — | — | ||||||||||||||
| Balances at September 30, 2023 | 397,050 | 498,052 | 30,747,689 | 4,102,743 | (3,852,421 | ) | 31,893,112 | 959,656 | 32,852,768 | ||||||||||||||
| For the first half ended September 30,2024 | **** | ||||||||||||||||||||||
| Yen in millions | |||||||||||||||||||||||
| Common<br>stock | Additional<br>paid-<br>in capital | Retained<br>earnings | Other<br>components<br>of equity | Treasury<br>stock | Toyota MotorCorporationshareholders’equity | Non-<br>controllinginterests | Total<br>shareholders’<br>equity | ||||||||||||||||
| Balances at April 1, 2024 | 397,050 | 491,802 | 32,795,365 | 4,503,756 | (3,966,982 | ) | 34,220,991 | 1,018,347 | 35,239,338 | ||||||||||||||
| Comprehensive income | |||||||||||||||||||||||
| Net income | — | — | 1,907,113 | — | — | 1,907,113 | (41,462 | ) | 1,865,651 | ||||||||||||||
| Other comprehensive income, net of tax | — | — | — | (253,316 | ) | — | (253,316 | ) | 2,055 | (251,260 | ) | ||||||||||||
| Total comprehensive income | — | — | 1,907,113 | (253,316 | ) | — | 1,653,798 | (39,407 | ) | 1,614,391 | |||||||||||||
| Transactions with owners and other | |||||||||||||||||||||||
| Dividends paid | — | — | (606,338 | ) | — | — | (606,338 | ) | (94,686 | ) | (701,024 | ) | |||||||||||
| Repurchase of treasury stock | — | — | — | — | (903,464 | ) | (903,464 | ) | — | (903,464 | ) | ||||||||||||
| Reissuance of treasury stock | — | 1,356 | — | — | 866 | 2,222 | — | 2,222 | |||||||||||||||
| Retirement of treasury stock | — | (1,953 | ) | (727,264 | ) | — | 729,217 | — | — | — | |||||||||||||
| Equity transactions and other | — | 1,303 | — | — | — | 1,303 | 13,896 | 15,200 | |||||||||||||||
| Total transactions with owners and other | — | 707 | (1,333,602 | ) | — | (173,381 | ) | (1,506,276 | ) | (80,790 | ) | (1,587,065 | ) | ||||||||||
| Reclassification to retained earnings | — | — | 248,256 | (248,256 | ) | — | — | — | — | ||||||||||||||
| Balances at September 30, 2024 | 397,050 | 492,509 | 33,617,132 | 4,002,185 | (4,140,363 | ) | 34,368,513 | 898,150 | 35,266,663 | ||||||||||||||
—9—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
- Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| For the first half ended<br>September 30, 2023 | For the first half ended<br>September 30, 2024 | ||||||
| Cash flows from operating activities | |||||||
| Net income | 2,647,521 | 1,865,651 | |||||
| Depreciation and amortization | 1,019,961 | 1,127,964 | |||||
| Interest income and interest costs related to financial services, net | (367,298 | ) | (392,225 | ) | |||
| Share of profit (loss) of investments accounted for using the equity method | (378,530 | ) | (264,315 | ) | |||
| Income tax expense | 874,004 | 866,418 | |||||
| Changes in operating assets and liabilities, and other | (1,899,459 | ) | (1,011,456 | ) | |||
| Interest received | 1,038,446 | 1,324,780 | |||||
| Dividends received | 463,630 | 492,691 | |||||
| Interest paid | (482,012 | ) | (747,311 | ) | |||
| Income taxes paid, net of refunds | (638,183 | ) | (1,445,020 | ) | |||
| Net cash provided by (used in) operating activities | 2,278,079 | 1,817,177 | |||||
| Cash flows from investing activities | |||||||
| Additions to fixed assets excluding equipment leased to others | (847,498 | ) | (848,071 | ) | |||
| Additions to equipment leased to others | (1,298,943 | ) | (1,944,559 | ) | |||
| Proceeds from sales of fixed assets excluding equipment leased to others | 67,703 | 21,125 | |||||
| Proceeds from sales of equipment leased to others | 932,990 | 1,169,262 | |||||
| Additions to intangible assets | (147,974 | ) | (140,020 | ) | |||
| Additions to public and corporate bonds and stocks | (1,014,675 | ) | (2,331,054 | ) | |||
| Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and<br>corporate bonds | 1,215,728 | 2,156,345 | |||||
| Other, net | (1,558,924 | ) | (1,168,778 | ) | |||
| Net cash provided by (used in) investing activities | (2,651,591 | ) | (3,085,752 | ) | |||
| Cash flows from financing activities | |||||||
| Increase (decrease) in short-term debt | 278,309 | (27,289 | ) | ||||
| Proceeds from long-term debt | 5,261,465 | 6,559,072 | |||||
| Payments of long-term debt | (4,328,396 | ) | (5,232,659 | ) | |||
| Dividends paid to Toyota Motor Corporation common shareholders | (474,781 | ) | (606,338 | ) | |||
| Dividends paid to non-controlling interests | (74,812 | ) | (94,686 | ) | |||
| Reissuance (repurchase) of treasury stock | (116,507 | ) | (903,464 | ) | |||
| Other, net | 8,758 | 15,611 | |||||
| Net cash provided by (used in) financing activities | 554,035 | (289,752 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 228,573 | (222,277 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 409,097 | (1,780,603 | ) | ||||
| Cash and cash equivalents at beginning of period | 7,516,966 | 9,412,060 | |||||
| Cash and cash equivalents at end of period | 7,926,063 | 7,631,457 | |||||
—10—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
- Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements
(1) Going Concern Assumption
None
—11—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
(2) Segment information
(i) Outline of reporting segments
The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.
The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.
(ii) Segment operating results
For the first half ended September 30, 2023:
| Yen in millions | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Automotive | Financialservices | All other | Inter-segment<br>Elimination/<br>Unallocated<br>Amount | Consolidated | |||||||||||
| Sales revenues | |||||||||||||||
| Revenues from external customers | 20,131,829 | 1,598,175 | 251,613 | — | 21,981,617 | ||||||||||
| Inter-segment revenues and transfers | 33,479 | 23,191 | 374,053 | (430,723 | ) | — | |||||||||
| Total | 20,165,308 | 1,621,366 | 625,666 | (430,723 | ) | 21,981,617 | |||||||||
| Operating expenses | 17,918,009 | 1,376,466 | 545,862 | (418,014 | ) | 19,422,323 | |||||||||
| Operating income | 2,247,299 | 244,900 | 79,804 | (12,709 | ) | 2,559,294 | |||||||||
For the first half ended September 30, 2024:
| Yen in millions | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Automotive | Financialservices | All other | Inter-segment<br>Elimination/<br>Unallocated<br>Amount | Consolidated | |||||||||||
| Sales revenues | |||||||||||||||
| Revenues from external customers | 20,986,201 | 2,019,235 | 277,014 | — | 23,282,450 | ||||||||||
| Inter-segment revenues and transfers | 105,979 | 23,777 | 376,325 | (506,081 | ) | — | |||||||||
| Total | 21,092,180 | 2,043,012 | 653,339 | (506,081 | ) | 23,282,450 | |||||||||
| Operating expenses | 19,024,419 | 1,710,524 | 579,260 | (495,969 | ) | 20,818,233 | |||||||||
| Operating income | 2,067,761 | 332,488 | 74,080 | (10,112 | ) | 2,464,217 | |||||||||
Accounting policies applied by each segment are in conformity with those of Toyota’s condensed semi-annual consolidated financial statements. Transfers between segments are made in accordance with terms and conditions in the ordinary course of business.
—12—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
(iii) Geographic information
For the first half ended September 30, 2023:
| Yen in millions | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Japan | North America | Europe | Asia | Other | Inter-segment<br>Elimination/<br>Unallocated<br>Amount | Consolidated | |||||||||||||||
| Sales revenues | |||||||||||||||||||||
| Revenues from external customers | 5,158,456 | 8,454,796 | 2,575,613 | 3,724,613 | 2,068,138 | — | 21,981,617 | ||||||||||||||
| Inter-segment revenues and transfers | 5,351,855 | 141,487 | 82,875 | 586,572 | 121,647 | (6,284,436 | ) | — | |||||||||||||
| Total | 10,510,310 | 8,596,283 | 2,658,488 | 4,311,185 | 2,189,785 | (6,284,436 | ) | 21,981,617 | |||||||||||||
| Operating expenses | 8,929,231 | 8,307,132 | 2,476,089 | 3,900,067 | 2,000,101 | (6,190,298 | ) | 19,422,323 | |||||||||||||
| Operating income | 1,581,079 | 289,151 | 182,399 | 411,119 | 189,684 | (94,138 | ) | 2,559,294 | |||||||||||||
For the first half ended September 30, 2024:
| Yen in millions | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Japan | North America | Europe | Asia | Other | Inter-segment<br>Elimination/<br>Unallocated<br>Amount | Consolidated | |||||||||||||||
| Sales revenues | |||||||||||||||||||||
| Revenues from external customers | 5,112,835 | 9,352,535 | 2,795,866 | 3,921,657 | 2,099,556 | — | 23,282,450 | ||||||||||||||
| Inter-segment revenues and transfers | 5,428,655 | 172,854 | 93,251 | 548,410 | 20,906 | (6,264,076 | ) | — | |||||||||||||
| Total | 10,541,491 | 9,525,389 | 2,889,117 | 4,470,067 | 2,120,463 | (6,264,076 | ) | 23,282,450 | |||||||||||||
| Operating expenses | 9,019,053 | 9,411,613 | 2,673,166 | 3,979,639 | 1,979,862 | (6,245,100 | ) | 20,818,233 | |||||||||||||
| Operating income | 1,522,438 | 113,776 | 215,951 | 490,428 | 140,601 | (18,977 | ) | 2,464,217 | |||||||||||||
“Other” consists of Central and South America, Oceania, Africa and the Middle East.
The above amounts are aggregated by region based on the location of the country where Toyota Motor Corporation or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.
—13—
Table of Contents
TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary
(iv) Sales revenues by location of external customers
| Yen in millions | ||||||
|---|---|---|---|---|---|---|
| For the first half ended September 30, | ||||||
| 2023 | 2024 | |||||
| Japan | 3,775,930 | 3,674,817 | ||||
| North America | 8,474,279 | 9,366,010 | ||||
| Europe | 2,508,640 | 2,717,418 | ||||
| Asia | 3,826,384 | 3,955,029 | ||||
| Other | 3,396,385 | 3,569,176 | ||||
| Total | 21,981,617 | 23,282,450 | ||||
“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.
—14—
Table of Contents
Supplemental Material for Financial Results for FY2025 First Half(Consolidated)
< IFRS >
| FY2024 | FY2025 | FY2025 | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q<br>(2023/4-6) | 2Q<br>(2023/7-9) | First Half<br>6 months<br>(2023/4-9) | 3Q<br>(2023/10-12) | 4Q<br>(2024/1-3) | 12 months<br>(‘23/4-‘24/3) | 1Q<br>(2024/4-6) | 2Q<br>(2024/7-9) | First Half<br>6 months<br>(2024/4-9) | Forecast<br>12 months<br>(‘24/4-‘25/3) | |||||||||||||||||||||
| Vehicle Production (thousands of units) | 2,345 | 2,379 | 4,725 | 2,444 | 2,095 | 9,263 | 2,186 | 2,217 | 4,403 | |||||||||||||||||||||
| (Japan) <br>–including Daihatsu & Hino | 1,025 | 1,090 | 2,114 | 1,115 | 813 | 4,042 | 901 | 991 | 1,893 | |||||||||||||||||||||
| [Daihatsu & Hino] | [190 | ] | [232 | ] | [422 | ] | [247 | ] | [65 | ] | [734 | ] | [141 | ] | [219 | ] | [359 | ] | ||||||||||||
| (Overseas) <br>–including Daihatsu & Hino | 1,321 | 1,289 | 2,610 | 1,328 | 1,282 | 5,221 | 1,285 | 1,226 | 2,511 | |||||||||||||||||||||
| [Daihatsu & Hino] | [118 | ] | [139 | ] | [258 | ] | [134 | ] | [114 | ] | [506 | ] | [106 | ] | [122 | ] | [228 | ] | ||||||||||||
| North America | 520 | 482 | 1,002 | 475 | 499 | 1,976 | 523 | 445 | 968 | |||||||||||||||||||||
| Europe | 223 | 161 | 384 | 238 | 224 | 846 | 215 | 181 | 396 | |||||||||||||||||||||
| Asia | 437 | 498 | 935 | 489 | 453 | 1,876 | 434 | 466 | 900 | |||||||||||||||||||||
| Central and South America | 102 | 105 | 207 | 91 | 85 | 383 | 87 | 100 | 187 | |||||||||||||||||||||
| Africa | 39 | 44 | 83 | 35 | 22 | 140 | 26 | 33 | 59 | |||||||||||||||||||||
| Vehicle Sales (thousands of units) | 2,326 | 2,418 | 4,744 | 2,551 | 2,148 | 9,443 | 2,252 | 2,304 | 4,556 | 9,400 | ||||||||||||||||||||
| (Japan) <br>–including Daihatsu & Hino | 532 | 540 | 1,072 | 558 | 363 | 1,993 | 421 | 517 | 939 | 2,030 | ||||||||||||||||||||
| [Daihatsu & Hino] | [134 | ] | [141 | ] | [275 | ] | [154 | ] | [48 | ] | [477 | ] | [84 | ] | [136 | ] | [220 | ] | [510 | ] | ||||||||||
| (Overseas) <br>–including Daihatsu & Hino | 1,794 | 1,878 | 3,672 | 1,993 | 1,784 | 7,450 | 1,830 | 1,787 | 3,617 | 7,370 | ||||||||||||||||||||
| [Daihatsu & Hino] | [69 | ] | [74 | ] | [144 | ] | [64 | ] | [64 | ] | [271 | ] | [61 | ] | [65 | ] | [126 | ] | [240 | ] | ||||||||||
| North America | 682 | 703 | 1,385 | 776 | 655 | 2,816 | 705 | 643 | 1,348 | 2,720 | ||||||||||||||||||||
| Europe | 286 | 270 | 557 | 327 | 308 | 1,192 | 291 | 256 | 547 | 1,150 | ||||||||||||||||||||
| Asia | 417 | 478 | 895 | 480 | 428 | 1,804 | 436 | 469 | 905 | 1,860 | ||||||||||||||||||||
| Central and South America | 128 | 126 | 254 | 120 | 136 | 510 | 114 | 134 | 248 | 490 | ||||||||||||||||||||
| Oceania | 76 | 87 | 163 | 80 | 74 | 318 | 82 | 71 | 153 | 310 | ||||||||||||||||||||
| Africa | 59 | 62 | 121 | 55 | 46 | 221 | 49 | 56 | 106 | 230 | ||||||||||||||||||||
| Middle East | 143 | 149 | 292 | 151 | 136 | 579 | 151 | 157 | 308 | 610 | ||||||||||||||||||||
| Other | 3 | 2 | 5 | 3 | 2 | 10 | 2 | 2 | 4 | |||||||||||||||||||||
| Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino] | 2,751 | 2,845 | 5,596 | 2,968 | 2,526 | 11,090 | 2,636 | 2,737 | 5,373 | 10,850 |
Supplemental 1
Table of Contents
Supplemental Material for Financial Results for FY2025 First Half (Consolidated)
< IFRS >
| FY2024 | FY2025 | FY2025 | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q<br>(2023/4-6) | 2Q<br>(2023/7-9) | First Half<br>6 months<br>(2023/4-9) | 3Q<br>(2023/10-12) | 4Q<br>(2024/1-3) | 12 months<br>(‘23/4-‘24/3) | 1Q<br>(2024/4-6) | 2Q<br>(2024/7-9) | First Half<br>6 months<br>(2024/4-9) | Forecast<br>12 months<br>(‘24/4-‘25/3) | |||||||||||||||||||||
| Foreign Exchange Rates | ||||||||||||||||||||||||||||||
| Yen to US Dollar Rate | 137 | 145 | 141 | 148 | 149 | 145 | 156 | 150 | 153 | as premise: 147 | ||||||||||||||||||||
| Yen to Euro Rate | 150 | 157 | 153 | 159 | 161 | 157 | 168 | 164 | 166 | as premise: 161 | ||||||||||||||||||||
| Number of Employees | 379,659 | 381,576 | 381,576 | 380,737 | 380,793 | 380,793 | 384,954 | 384,158 | 384,158 | ^(Note 1)^ | ||||||||||||||||||||
| Sales Revenues<br>(billions of yen) | 10,546.8 | 11,434.7 | 21,981.6 | 12,041.1 | 11,072.6 | 45,095.3 | 11,837.8 | 11,444.5 | 23,282.4 | 46,000.0 | ||||||||||||||||||||
| Geographic Information | ||||||||||||||||||||||||||||||
| Japan | 5,105.5 | 5,404.7 | 10,510.3 | 5,626.8 | 4,883.5 | 21,020.7 | 5,224.0 | 5,317.3 | 10,541.4 | |||||||||||||||||||||
| North America | 4,092.0 | 4,504.2 | 8,596.2 | 4,958.1 | 4,388.6 | 17,943.0 | 5,002.4 | 4,522.9 | 9,525.3 | |||||||||||||||||||||
| Europe | 1,299.0 | 1,359.4 | 2,658.4 | 1,520.7 | 1,502.4 | 5,681.7 | 1,509.0 | 1,380.1 | 2,889.1 | |||||||||||||||||||||
| Asia | 1,964.5 | 2,346.6 | 4,311.1 | 2,371.3 | 2,048.2 | 8,730.7 | 2,231.7 | 2,238.2 | 4,470.0 | |||||||||||||||||||||
| Other | 1,024.6 | 1,165.1 | 2,189.7 | 974.0 | 1,225.9 | 4,389.7 | 1,053.8 | 1,066.6 | 2,120.4 | |||||||||||||||||||||
| Elimination | -2,939.0 | -3,345.3 | -6,284.4 | -3,410.0 | -2,976.3 | -12,670.7 | -3,183.2 | -3,080.7 | -6,264.0 | |||||||||||||||||||||
| Business Segment | ||||||||||||||||||||||||||||||
| Automotive | 9,687.9 | 10,477.3 | 20,165.3 | 11,065.7 | 10,035.1 | 41,266.2 | 10,759.7 | 10,332.4 | 21,092.1 | |||||||||||||||||||||
| Financial Services | 775.1 | 846.1 | 1,621.3 | 922.3 | 940.4 | 3,484.1 | 1,005.3 | 1,037.6 | 2,043.0 | |||||||||||||||||||||
| All Other | 306.4 | 319.2 | 625.6 | 357.4 | 385.0 | 1,368.1 | 315.6 | 337.6 | 653.3 | |||||||||||||||||||||
| Elimination | -222.7 | -207.9 | -430.7 | -304.4 | -288.0 | -1,023.2 | -242.8 | -263.2 | -506.0 | |||||||||||||||||||||
| Operating Income<br>(billions of yen) | 1,120.9 | 1,438.3 | 2,559.2 | 1,680.9 | 1,112.6 | 5,352.9 | 1,308.4 | 1,155.7 | 2,464.2 | 4,300.0 | ||||||||||||||||||||
| (Operating Income Ratio) (%) | (10.6 | ) | (12.6 | ) | (11.6 | ) | (14.0 | ) | (10.0 | ) | (11.9 | ) | (11.1 | ) | (10.1 | ) | (10.6 | ) | (9.3 | ) | ||||||||||
| Geographic Information | ||||||||||||||||||||||||||||||
| Japan | 701.9 | 879.1 | 1,581.0 | 1,104.1 | 799.0 | 3,484.2 | 881.2 | 641.1 | 1,522.4 | |||||||||||||||||||||
| North America | 119.6 | 169.4 | 289.1 | 227.4 | -10.2 | 506.3 | 85.0 | 28.7 | 113.7 | |||||||||||||||||||||
| Europe | 83.0 | 99.3 | 182.3 | 103.1 | 102.5 | 388.0 | 124.6 | 91.2 | 215.9 | |||||||||||||||||||||
| Asia | 186.2 | 224.9 | 411.1 | 238.4 | 215.9 | 865.5 | 245.9 | 244.4 | 490.4 | |||||||||||||||||||||
| Other | 85.4 | 104.2 | 189.6 | 9.2 | -0.6 | 198.3 | 41.7 | 98.8 | 140.6 | |||||||||||||||||||||
| Elimination | -55.4 | -38.7 | -94.1 | -1.5 | 5.9 | -89.6 | -70.2 | 51.3 | -18.9 | |||||||||||||||||||||
| Business Segment | ||||||||||||||||||||||||||||||
| Automotive | 945.6 | 1,301.6 | 2,247.2 | 1,472.6 | 901.5 | 4,621.4 | 1,117.9 | 949.8 | 2,067.7 | |||||||||||||||||||||
| Financial Services | 147.2 | 97.6 | 244.9 | 172.0 | 153.0 | 570.0 | 159.7 | 172.7 | 332.4 | |||||||||||||||||||||
| All Other | 40.2 | 39.5 | 79.8 | 44.1 | 51.2 | 175.2 | 40.7 | 33.2 | 74.0 | |||||||||||||||||||||
| Elimination | -12.2 | -0.4 | -12.7 | -7.9 | 6.8 | -13.8 | -9.9 | -0.1 | -10.1 | |||||||||||||||||||||
| Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of<br>yen) | 193.3 | 185.1 | 378.5 | 217.6 | 166.9 | 763.1 | 164.9 | 99.3 | 264.3 | 590.0 | ||||||||||||||||||||
| Income before Income Taxes (billions of yen) | 1,720.5 | 1,800.9 | 3,521.5 | 1,835.5 | 1,608.0 | 6,965.0 | 1,872.2 | 859.8 | 2,732.0 | 4,980.0 | ||||||||||||||||||||
| (Income before Income Taxes Ratio) (%) | (16.3 | ) | (15.7 | ) | (16.0 | ) | (15.2 | ) | (14.5 | ) | (15.4 | ) | (15.8 | ) | (7.5 | ) | (11.7 | ) | (10.8 | ) | ||||||||||
| Net Income Attributable toToyota Motor Corporation (billions of yen) | 1,311.3 | 1,278.0 | 2,589.4 | 1,357.8 | 997.6 | 4,944.9 | 1,333.3 | 573.7 | 1,907.1 | 3,570.0 | ||||||||||||||||||||
| (Net Income Ratio) (%) | (12.4 | ) | (11.2 | ) | (11.8 | ) | (11.3 | ) | (9.0 | ) | (11.0 | ) | (11.3 | ) | (5.0 | ) | (8.2 | ) | (7.8 | ) | ||||||||||
| Dividends | ||||||||||||||||||||||||||||||
| Cash Dividends (billions of yen) | — | 405.4 | 405.4 | — | 606.3 | 1,011.7 | — | 525.9 | 525.9 | ^(Note 2)^ | ||||||||||||||||||||
| Cash Dividends per Share (yen) | — | 30 | 30 | — | 45 | 75 | — | 40 | 40 | 90 | ||||||||||||||||||||
| Payout Ratio (%) | — | 15.6 | 15.6 | — | 25.7 | 20.4 | — | 28.1 | 28.1 | 33.4 | ||||||||||||||||||||
| Value of Shares Repurchased <br>(billions of yen)[actual purchase] | 34.3 | 82.1 | 116.4 | 75.0 | 39.4 | 231.0 | 18.9 | 884.4 | 903.4 | ^(Note 3)^ | ||||||||||||||||||||
| Value of Shares Repurchased <br>(billions of yen)[shareholder return] | — | 99.9 | 99.9 | — | 1,000.0 | 1,099.9 | — | 200.0 | 200.0 | ^(Note 3)^ <br><br><br>^(Note 4)^ | ||||||||||||||||||||
| Number of Outstanding Shares <br>(thousands) | 16,314,987 | 16,314,987 | 16,314,987 | 16,314,987 | 16,314,987 | 16,314,987 | 15,794,987 | 15,794,987 | 15,794,987 |
Supplemental 2
Table of Contents
Supplemental Material for Financial Results for FY2025 First Half (Consolidated)
< IFRS >
| FY2024 | FY2025 | FY2025 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q<br>(2023/4-6) | 2Q<br>(2023/7-9) | First Half<br>6 months<br>(2023/4-9) | 3Q<br>(2023/10-12) | 4Q<br>(2024/1-3) | 12 months<br>(‘23/4-‘24/3) | 1Q<br>(2024/4-6) | 2Q<br>(2024/7-9) | First Half<br>6 months<br>(2024/4-9) | Forecast<br>12 months<br>(‘24/4-‘25/3) | |||||||||||||
| R&D Expenses (billions of yen) | 294.8 | 314.0 | 608.9 | 289.2 | 304.2 | 1,202.3 | 304.6 | 334.9 | 639.5 | 1,300.0 | ^(Note 5)^ | |||||||||||
| Depreciation Expenses<br>(billions of yen) | 298.3 | 303.2 | 601.6 | 302.9 | 343.8 | 1,248.4 | 352.3 | 335.4 | 687.7 | 1,380.0 | ^(Note 6)^ | |||||||||||
| Geographic Information | ||||||||||||||||||||||
| Japan | 140.7 | 139.5 | 280.2 | 133.6 | 152.8 | 566.7 | 148.6 | 141.8 | 290.5 | |||||||||||||
| North America | 79.4 | 84.5 | 163.9 | 91.4 | 122.4 | 377.8 | 120.4 | 114.8 | 235.3 | |||||||||||||
| Europe | 21.4 | 23.4 | 44.8 | 21.3 | 15.9 | 82.1 | 23.4 | 25.6 | 49.1 | |||||||||||||
| Asia | 46.1 | 44.6 | 90.7 | 45.4 | 45.4 | 181.6 | 48.3 | 43.0 | 91.4 | |||||||||||||
| Other | 10.5 | 11.1 | 21.7 | 11.0 | 7.2 | 40.0 | 11.4 | 9.9 | 21.4 | |||||||||||||
| Capital Expenditures (billions of yen) | 366.6 | 442.8 | 809.4 | 486.9 | 714.4 | 2,010.8 | 368.0 | 443.1 | 811.1 | 2,150.0 | ^(Note 6)^ | |||||||||||
| Geographic Information | ||||||||||||||||||||||
| Japan | 144.0 | 175.2 | 319.3 | 174.0 | 354.3 | 847.6 | 163.2 | 198.7 | 361.9 | |||||||||||||
| North America | 154.1 | 159.5 | 313.6 | 182.6 | 226.2 | 722.5 | 115.9 | 173.4 | 289.4 | |||||||||||||
| Europe | 12.5 | 28.9 | 41.4 | 23.4 | 23.9 | 88.8 | 17.4 | 10.7 | 28.1 | |||||||||||||
| Asia | 41.1 | 54.9 | 96.0 | 89.4 | 82.7 | 268.2 | 52.6 | 30.6 | 83.3 | |||||||||||||
| Other | 14.7 | 24.2 | 38.9 | 17.3 | 27.1 | 83.5 | 18.6 | 29.5 | 48.1 | |||||||||||||
| Total Liquid Assets (billions of yen) | 12,287.8 | 13,808.6 | 13,808.6 | 14,143.6 | 15,079.5 | 15,079.5 | 15,585.7 | 15,404.1 | 15,404.1 | ^(Note 7)^ | ||||||||||||
| Total Assets (billions of yen) | 80,131.2 | 83,661.3 | 83,661.3 | 84,232.1 | 90,114.2 | 90,114.2 | 94,037.3 | 89,169.2 | 89,169.2 | |||||||||||||
| Toyota Motor Corporation Shareholders’ Equity<br>(billions of yen) | 30,330.0 | 31,893.1 | 31,893.1 | 32,561.6 | 34,220.9 | 34,220.9 | 35,737.7 | 34,368.5 | 34,368.5 | |||||||||||||
| Return on Equity (%) | 17.9 | 16.4 | 17.2 | 16.9 | 12.0 | 15.8 | 15.2 | 6.5 | 11.1 | |||||||||||||
| Return on Asset (%) | 6.8 | 6.2 | 6.6 | 6.5 | 4.6 | 6.0 | 5.8 | 2.5 | 4.3 | |||||||||||||
| Number of Consolidated Subsidiaries (including Structured Entities) | 577 | |||||||||||||||||||||
| Number of Associates and Joint Ventures Accounted for Using the Equity Method | 165 | |||||||||||||||||||||
| Analysis of Consolidated Net Income<br><br><br>Attributable to Toyota Motor Corporation for FY2025<br><br><br>(billions of yen, approximately) | 2Q<br>(2024/7-9) | First Half<br>6 months<br>(2024/4-9) | ||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||
| Effects of Marketing Activities | -140.0 | -70.0 | ||||||||||||||||||||
| Effects of Changes in Exchange Rates | 240.0 | 610.0 | ||||||||||||||||||||
| Cost Reduction Efforts | 35.0 | 90.0 | ||||||||||||||||||||
| From Engineering | 35.0 | 70.0 | ||||||||||||||||||||
| From Manufacturing and Logistics | 0.0 | 20.0 | ||||||||||||||||||||
| Increase or Decrease in Expenses and Expense Reduction Efforts | -215.0 | -440.0 | ||||||||||||||||||||
| Other | -202.6 | -285.0 | ||||||||||||||||||||
| (Changes in Operating Income) | -282.6 | -95.0 | ||||||||||||||||||||
| Non-operating Income | -658.5 | -694.3 | ||||||||||||||||||||
| Share of Profit (Loss) of Investments Accounted for Using the Equity Method | -85.7 | -114.2 | ||||||||||||||||||||
| Income tax expense, Net Income Attributable to<br>Non-controlling Interests | 236.8 | 107.1 | ||||||||||||||||||||
| (Changes in Net Income Attributable to Toyota Motor Corporation) | -704.2 | -682.3 |
Cautionary Statement with Respect to Forward-Looking Statements
This report contains forward-looking statements that reflect Toyota’s plans and expectations.
These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
| (Note 1) | Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside<br>Toyota and including loan employees from outside Toyota to Toyota) |
|---|---|
| (Note 2) | 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend<br> |
| --- | --- |
| (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 DISTRIBUTION OF INTERIM DIVIDENDS FROM SURPLUS AND REVISION
[Reference Translation]
November 6, 2024
| Company name: | TOYOTA MOTOR CORPORATION |
|---|---|
| Representative: | Koji Sato, President |
| (Code number:7203; TSE Prime/NSE Premier) | |
| Inquiries: | Yoshihide Moriyama, General Manager, Capital Strategy & Affiliated Companies Finance Div. |
| (Telephone: 0565-28-2121) |
Notice Concerning Distribution of Interim Dividends from Surplus and
Revision of Dividend Forecast for FY2025
At a meeting held on November 6, 2024, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to distribute dividends from surplus, with a record date of September 30, 2024. TMC also revised the dividend forecast for FY2025 (April 1, 2024 through March 31, 2025). In relation to the above, we hereby inform you of the following:
| 1. | Details of dividends | |||||
|---|---|---|---|---|---|---|
| Interim dividend<br>for FY2025 | Most recent dividend <br>forecast | Interim dividend paid<br>for FY2024 | ||||
| --- | --- | --- | --- | --- | --- | --- |
| Record date | September 30, 2024 | September 30, 2024 | September 30, 2023 | |||
| Dividend per share | 40.00 yen | — | 30.00 yen | |||
| Total amount of dividends | 525,991 million yen | — | 405,416 million yen | |||
| Effective date | November 26, 2024 | — | November 22, 2023 | |||
| Source of dividends | Retained earnings | — | Retained earnings | |||
| 2. | Details of the revised dividend forecast | |||||
| --- | --- | |||||
| Dividend per share | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Interim | Year-end | Total | ||||
| Previous forecast | — | — | — | |||
| Revised forecast | — | 50.00 yen | 90.00 yen | |||
| Dividends for FY2025 | 40.00 yen | — | — | |||
| Dividends for FY2024 | 30.00 yen | 45.00 yen | 75.00 yen | |||
| 3. | Reason | |||||
| --- | --- |
TMC deems the benefit of its shareholders an important element of its management policy, and its basic policy for shareholder returns is to reward long-term shareholders. TMC will strive to increase dividends in a stable and continuous manner.
Moreover, TMC intends to disclose dividend forecasts beginning in the current fiscal year to create an environment that is more conducive to investment by our shareholders.
-End-
(Note)
This notice contains forward-looking statements that reflect the plans and expectations of TMC and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in TMC’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.