6-K
TOYOTA MOTOR CORP/ (TM)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of April, 2025
Commission File Number 001-14948
Toyota Motor Corporation
(Translation of Registrant’s Name Into English)
1, Toyota-cho, Toyota City,
Aichi Prefecture 471-8571,
Japan
(Address 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:
English translation of the registrant’s announcement regarding the Difference in Non-Consolidated Financial Results of our Consolidated Subsidiary from the Previous Fiscal Year, as filed by the registrant with the Tokyo Stock Exchange on April 24, 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Toyota Motor Corporation | ||
|---|---|---|
| By: | /s/ Yoshihide Moriyama | |
| Name: | Yoshihide Moriyama | |
| Title: | General Manager, | |
| Capital Strategy & Affiliated Companies Finance Division |
Date: April 24, 2025
NOTICE OF THE DIFFERENCE IN NON-CONSOLIDATED FINANCIAL RESULTS
[Reference Translation]
April 24, 2025
To Whom It May Concern:
| Company Name: TOYOTA MOTOR CORPORATION |
|---|
| Name and Title of Representative: |
| Koji Sato, President |
| (Code Number: 7203 |
| Prime of the Tokyo Stock Exchange and |
| Premier of the Nagoya Stock Exchange) |
| Name and Title of Contact Person: |
| Yoshihide Moriyama, General Manager, |
| Capital Strategy & Affiliated Companies Finance Div. |
| (Telephone Number:<br>0565-28-2121) |
Notice of the Difference in Non-Consolidated Financial Results ofour
Consolidated Subsidiary from the Previous Fiscal Year
We hereby inform you of the difference in non-consolidated financial results of our consolidated subsidiary, Hino Motors, Ltd. for the fiscal year ended March 31, 2025 compared with the previous fiscal year.
The impact of this matter on our forecasts of consolidated results is expected to be immaterial.
Fiscal Year Ended March 31, 2025 (April 1, 2024 – March 31, 2025)
Fiscal Year Ended March 31, 2024 (April 1, 2023 – March 31, 2024)
| (% of change from previous year.) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | Operating income | Ordinary income | Profit | |||||||||||||
| Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||
| FY2025 | 910,689 | 10.0 | 6,006 | — | 8,623 | — | -210,652 | — | ||||||||
| FY2024 | 827,969 | -0.5 | -31,736 | — | -56,894 | — | -948 | — |
For the reason for the difference, please refer to the attached Hino Motors, Ltd. disclosure below.
| Financial Results for the Fiscal Year Ended March 31, 2025<br><br><br>[Japanese GAAP] (Consolidated)<br><br><br>English translation from the original Japanese-language document | |||
|---|---|---|---|
| April 24, 2025 | |||
| --- | --- | --- | --- |
| Name of Listed Company | : | Hino Motors, Ltd. | Stock Listing: Tokyo and Nagoya |
| Code Number | : | 7205 | |
| URL | : | http://www.hino.co.jp/ | |
| Representative | : | Satoshi Ogiso, President & CEO, Member of the Board of Directors | |
| Contact Point | : | Makoto Iijima, General Manager, Government & Public Affairs Div. | |
| Phone | : | (042) 586-5494 | |
| Scheduled Date of Annual Meeting of Shareholders | : | June 26, 2025 | |
| Scheduled Date of Financial Statements Filing | : | June 24, 2025 | |
| Scheduled Date of Dividend Payment Start | : | — | |
| Supplementary materials for Financial Results | : | Yes | |
| Investor conference for Financial Results | : | Yes (For Mass Media and Analysts) |
(Amounts are rounded down to the nearest one million yen)
| 1. | Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 (April 1, 2024 –<br>March 31, 2025) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) | Consolidated Financial Results | |||||||||||||||
| --- | --- | |||||||||||||||
| (% of change from previous year.) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net sales | Operating income | Ordinary income | Profit attributable toowners of parent | |||||||||||||
| Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||
| FY 2025 | 1,697,229 | 11.9 | 57,490 | — | 39,310 | — | -217,753 | — | ||||||||
| FY 2024 | 1,516,255 | 0.6 | -8,103 | — | -9,233 | — | 17,087 | — | ||||||||
| (Note) | Comprehensive income FY 2025: ¥-206,726 million (—%) FY 2024: ¥36,847 million (—%) | |||||||||||||||
| --- | --- | |||||||||||||||
| Profit per share | Diluted Profitper share | Return on equity | Ordinary incometo total assets | Operating incometo net sales | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||
| Yen | Yen | % | % | % | ||||||||||||
| FY 2025 | -379.34 | — | -76.3 | 2.7 | 3.4 | |||||||||||
| FY 2024 | 29.77 | — | 4.5 | -0.7 | -0.5 | |||||||||||
| (Reference) | Equity in earnings of affiliated companies: FY 2025: ¥2,120 million FY 2024: ¥3,155 million | |||||||||||||||
| --- | --- | |||||||||||||||
| (2) | Consolidated Financial Position | |||||||||||||||
| --- | --- | |||||||||||||||
| Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Millions of yen | Millions of yen | % | Yen | |||||||||||||
| FY 2025 | 1,478,180 | 251,020 | 12.1 | 310.90 | ||||||||||||
| FY 2024 | 1,464,375 | 463,420 | 26.8 | 682.98 |
(Reference) Equity capital: FY 2025: ¥178,468 million FY 2024: ¥392,049 million
| (3) | Consolidated Cash Flows | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows fromoperating activities | Cash flows frominvesting activities | Cash flows fromfinancing activities | Cash and cashequivalents<br>at end of year | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||||||||
| FY 2025 | 1,128 | -4,600 | 29,738 | 88,420 | ||||||||||||
| FY 2024 | -110,410 | 39,244 | 55,638 | 67,733 | ||||||||||||
| 2. | Dividends | |||||||||||||||
| --- | --- | |||||||||||||||
| Dividends per share | Total<br>dividends(annual) | Dividends<br>payout ratio(consolidated) | Dividends on<br>net assets(consolidated) | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1Q | 2Q | 3Q | Year-end | Annual | ||||||||||||
| Yen | Yen | Yen | Yen | Yen | Millions of Yen | % | % | |||||||||
| FY 2024 | — | 0.00 | — | 0.00 | 0.00 | — | — | — | ||||||||
| FY 2025 | — | 0.00 | — | 0.00 | 0.00 | — | — | — | ||||||||
| FY 2026 (forecast) | — | — | — | — | — | — | ||||||||||
| (Note) | A profit attributable to owners of parent of 20 billion yen is expected to be posted, but it is imperative to restore the financial standing, which has degraded through the falsification for certification, so the expected<br>dividend amount for the fiscal year ending March 2026 is still to be determined. | |||||||||||||||
| --- | --- | |||||||||||||||
| 3. | Forecasts of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025 (April 1, 2025<br>– March 31, 2026) | |||||||||||||||
| --- | --- | |||||||||||||||
| (% of change from FY2025) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Net sales | Operating income | Ordinary income | Profit attributable toowners ofparent | Profitper share | ||||||||||||
| Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||||||||
| FY 2026 | 1,500,000 | -11.6 | 40,000 | -30.4 | 35,000 | -11.0 | 20,000 | — | 34.84 |
*Notes
| (1) | Changes in significant subsidiaries (changes of specified subsidiaries resulting in changes in scope of<br>consolidation) during the current term: None |
|---|---|
| (2) | Changes in accounting policies, accounting estimates and restatements: |
| --- | --- |
| 1) | Changes in accounting policies due to revisions of accounting standards: Yes |
| --- | --- |
| 2) | Changes in accounting policies due to reasons other than above 1): None |
| --- | --- |
| 3) | Changes in accounting estimates: None |
| --- | --- |
| 4) | Restatements: None |
| --- | --- |
| (3) | Number of outstanding shares (common stock) |
| --- | --- |
| 1) | Number of outstanding shares (including treasury stock) at end of term |
| --- | --- |
| FY 2025 574,580,850 shares FY 2024 574,580,850 shares | |
| --- | |
| 2) | Number of treasury stock at end of term |
| --- | --- |
| FY 2025 536,216 shares FY 2024 554,874 shares | |
| --- | |
| 3) | Average number of shares |
| --- | --- |
| FY 2025 574,036,755 shares FY 2024 574,026,355 shares | |
| --- |
(Reference) Overview of Non-Consolidated Financial Results
| 1. | Non-Consolidated Financial Results for the Fiscal Year Ended<br>March 31, 2025 (April 1, 2024 – March 31, 2025) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) | Non-Consolidated Financial Results | |||||||||||||||
| --- | --- | |||||||||||||||
| (% of change from previous year.) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net sales | Operating income | Ordinary income | Profit | |||||||||||||
| Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||
| FY 2025 | 910,689 | 10.0 | 6,006 | — | 8,623 | — | -210,652 | — | ||||||||
| FY 2024 | 827,969 | -0.5 | -31,736 | — | -56,894 | — | -948 | — | ||||||||
| Profit per share | Diluted Profit per share | |||||||||||||||
| --- | --- | --- | --- | --- | ||||||||||||
| Yen | Yen | |||||||||||||||
| FY 2025 | -366.89 | — | ||||||||||||||
| FY 2024 | -1.65 | — | ||||||||||||||
| (2) | Non-Consolidated Financial Position | |||||||||||||||
| --- | --- | |||||||||||||||
| Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Millions of yen | Millions of yen | % | Yen | |||||||||||||
| FY 2025 | 856,893 | -36,465 | -4.3 | -63.51 | ||||||||||||
| FY 2024 | 854,505 | 187,641 | 22.0 | 326.81 |
(Reference) Equity capital: FY 2025: ¥-36,465 million FY 2024: ¥187,641 million
<Reasons for the difference in non-consolidated results from the previous fiscal year>
In the fiscal year under review, our sales, operating income and ordinary income exceeded the results in the previous fiscal year mainly due to price revisions and exchange rate effects. Although we posted gain on sale of non-current assets as extraordinary income, net income decreased from the previous fiscal year as net loss was recorded due to posting loss related to North American certification and expenses for legal settlement in Australia under the section of extraordinary loss, as outlined under “3. Consolidated Financial Statements and Major Notes: (5) Notes to Consolidated Financial Statements (Notes on Consolidated Statements of Income)” on page 15 of the appendix.
| * | Summary of financial results is out of scope of audit by Certified Public Accountants or Audit companies.<br> |
|---|---|
| * | Statement regarding the proper use of financial forecasts and other remarks |
| --- | --- |
Descriptions regarding the future, including the financial projections contained in this report, are based on certain assumptions currently available to the Company, which are, at the discretion of the Company, deemed reasonable, and the Company gives no guarantees that it will achieve these results. In addition, actual financial results may significantly vary due to various factors.
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
Appendix
Table of contents of the appendix
| 1 Operating Results Overview | 2 |
|---|---|
| (1) Operating Results Overview for Current Term | 2 |
| (2) Financial Position Overview for Current Term | 3 |
| (3) Cash Flow Overview for Current Term | 3 |
| (4) Future Outlook | 3 |
| (5) Basic Policy on Profit Distribution and Dividends for FY2025 and FY2026 | 4 |
| 2 Basic Policy on Selection of Accounting Standards | 5 |
| 3 Consolidated Financial Statements and Major Notes | 6 |
| (1) Consolidated Balance Sheets | 6 |
| (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | 8 |
| (3) Consolidated Statements of Changes in Net Assets | 11 |
| (4) Consolidated Statements of Cash Flows | 13 |
| (5) Notes to Consolidated Financial Statements | 15 |
| (Notes on Going Concern Assumption) | 15 |
| (Changes in Accounting Policies) | 15 |
| (Notes on Consolidated Balance Sheets) | 15 |
| (Notes on Consolidated Statements of Income) | 16 |
| (Regarding Shareholders’ Equity, etc.) | 17 |
| (Notes on Segment Information, etc.) | 18 |
| (Regarding Revenue Recognition) | 19 |
| (Per Share Information) | 20 |
| (Contingent Liabilities) | 21 |
| (Significant Subsequent Events) | 21 |
| 4 Supplementary Information | 22 |
| (1) Actual Production (Consolidated) | 22 |
| (2) Actual Sales (Consolidated) | 22 |
–1–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| 1 | Operating Results Overview |
|---|---|
| (1) | Operating Results Overview for Current Term |
| --- | --- |
As for the Japanese domestic truck market in this consolidated fiscal year, production at each company recovered as parts supply improved. As a result, the total demand for heavy-, medium-, and light-duty trucks increased. In the domestic bus market, total demand increased as issues concerning restrictions on supply have been resolved and customers no longer refrain from buying after the subsiding of the COVID-19 crisis. As a result of the above, total domestic demand for trucks and buses was 167.8 thousand vehicles, an increase of 18.4 thousand vehicles (12.3%) compared to the previous fiscal year.
As for Japanese domestic sales, due to favorable sale of certain heavy-duty truck models, whose shipment has been resumed, the total sales volume of heavy-, medium-, and light-duty trucks and buses was 42.0 thousand units, an increase of 3.4 thousand units (8.9%) compared to the previous fiscal year.
As for overseas market, due to the decline in sales in ASEAN countries, overseas sales volume of trucks and buses was 85.8 thousand vehicles, a decrease of 6.2 thousand vehicles (-6.8%) compared to the previous fiscal year.
As a result of the above, total unit sales of Hino Brand trucks and buses decreased to 127.8 thousand units by 2.8 thousand units (-2.1%) compared to the previous fiscal year.
As for the volume of sales to Toyota Motor Corporation, because the sales of SUV and light-duty trucks increased, total sales volume increased to 152.5 thousand units by 48.2 thousand units (46.2%) compared to the previous fiscal year.
In addition to the above-mentioned, according to the impact of the conversion of foreign currency to yen currency at overseas subsidiaries and price revisions, net sales in this consolidated fiscal year were ¥1,697,229 million, which is an increase of ¥180,974 million (11.9%) compared to the previous fiscal year. As for profit and loss, due to the depreciation of yen, etc. in addition to the growth in the number of units sold domestically and the number of vehicles for Toyota, operating income was ¥57,490 million which is an increase of ¥65,594 million compared to the previous fiscal year (operating loss of ¥8,103 million in the previous consolidated fiscal year) and ordinary income was ¥39,310 million which is an increase of ¥48,544 million compared to the previous fiscal year (ordinary loss of ¥9,233 million in the previous consolidated fiscal year). In addition, a gain on sale of non-current assets due to the sale of part of the land of the former Hino factory, etc. of ¥34,553 million and a gain on sales of securities through sales of our strategically-held shares, etc. amounting to ¥18,002 were recorded in extraordinary income, while a loss related to North American certification was recorded in the section of extraordinary loss for ¥258,413 million. As a result, loss attributable to owners of parent was ¥217,753 million which is a decrease of ¥234,841 million compared to the previous fiscal year (profit attributable to owners of parent of ¥17,087 million in the previous fiscal year).
The performance in each segment is as follows:
(Japan)
In the Hino brand business, sales of trucks and buses to the Japanese market increased mainly due to an increase in unit sales of heavy-duty truck models. As for overseas sales, overall sales increased due to an increase in unit sales to North America, despite a decline in unit sales mainly to ASEAN countries. Furthermore, sales to Toyota increased due to an increase in unit sales of SUVs, Dyna, etc.
As a result, net sales were ¥1,172,851 million, up ¥146,368 million (14.3%) compared to the previous year. In terms of profit and loss, the profit (operating income) in this segment increased by ¥43,994 million compared to the previous year to ¥28,353 million (a loss of ¥15,640 million in the same period of the previous fiscal year).
(Asia)
Net sales decreased ¥36,768 million (-8.0%) compared to the previous year to ¥424,601 million, mainly due to an economic downturn in Asia, mainly Thailand. The profit (operating income) in this segment was ¥24,601 million, a decrease of ¥7,300 million (-22.9%) compared to the previous year.
(Other)
Net sales were ¥334,658 million, an increase of ¥55,080 million (19.7%) compared to the previous year, mainly due to an increase in the number of units sold mainly in North America. The profit (operating income) in this segment was ¥6,475 million, an increase of ¥32,796 million compared to the previous year (a loss of ¥26,321 million in the same period of the previous fiscal year).
–2–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (2) | Financial Position Overview for Current Term |
|---|
Total assets as of the end of this fiscal year increased to ¥1,478,180 million by ¥13,805 million compared to the end of the previous fiscal year. This is mainly because cash and deposits increased by ¥116,648 million, although inventories decreased by ¥42,366 million and investment securities decreased by ¥22,567 million.
Liabilities increased to ¥1,227,159 million by ¥226,204 million compared to the end of the previous fiscal year. This is mainly because provision for certification related loss increased by ¥104,267 million and long-term accounts payable - other increased by ¥58,510 million.
Net assets decreased to ¥251,020 million by ¥212,399 million compared to the end of the previous fiscal year. This is mainly because loss attributable to owners of parent of ¥217,753 million was recorded.
| (3) | Cash Flow Overview for Current Term |
|---|
Cash flows for this fiscal year are as follows.
Cash provided by operating activities was ¥1,128 million. This was mainly because ¥97,337 million was transferred to the account in which depositing and withdrawal were restricted while inventories increased by ¥43,022 million and notes and accounts receivable - trade decreased by ¥33,084 million.
Cash used in investing activities was ¥4,600 million. This was mainly due to the expenditure of ¥61,987 million on purchase of non-current assets centering on production facilities, despite gain on sale of non-current assets of ¥36,366 million and proceeds from sale of investment securities of ¥23,973 million.
Cash provided by financing activities was ¥29,738 million. This was mainly due to net increase in short-term loans payable of ¥39,705 million.
As a result, cash and cash equivalents at the end of this fiscal year increased to ¥88,420 million by ¥20,687 million compared to the end of the previous fiscal year
| (4) | Future Outlook |
|---|
Sales and profit are projected to decline due to the downturn in the overseas market and the yen appreciation. Accordingly, the earnings forecast for the next term is as follows.
| (Consolidated Earnings Forecast for the Full Fiscal Year) | ||
|---|---|---|
| Net sales | ¥ | 1,500,000 million |
| Operating income | ¥ | 40,000 million |
| Ordinary income | ¥ | 35,000 million |
| Profit attributable to owners of parent | ¥ | 20,000 million |
| Japan unit sales of trucks and buses | 37.0 thousand units | |
| Overseas unit sales of trucks and buses | 78.0 thousand units | |
| Unit sales of Toyota brand vehicles | 165.2 thousand units | |
| * | The above forecasts are created based on the information available to the company and on certain assumptions<br>deemed reasonable and are not guaranteed to be achieved. | |
| --- | --- |
–3–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (5) | Basic Policy on Profit Distribution and Dividends for FY 2025 and FY 2026 |
|---|
Our company will strive to achieve a consolidated payout ratio of 30% stably and continuously, while fortifying its financial standing and considering its business performance, new investments, etc. in each term.
However, retained earnings turned negative through the posting of loss in the fiscal year under review, so we are sorry to inform you that we will not pay a year-end dividend.
A profit attributable to owners of parent of 20 billion yen is projected to be posted, but the expected dividend amount for the fiscal year ending March 2026 is still to be determined, as the loss due to the falsification for certification caused a significant impact on the performance of our corporate group and it is necessary to restore and strengthen our financial standing for the foreseeable future. We will disclose the expected dividend amount as soon as it becomes possible to disclose it.
–4–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| 2 | Basic Policy on Selection of Accounting Standards |
|---|
As the Group is not listed on overseas markets, and for ease of comparison with other companies, Japanese standards are used, and regarding the selection of IFRS (International Financial Reporting Standards), the accounting standards used by other companies domestically will be considered as we continue to gather information and discuss the issue with experts, and the decision will be made carefully.
–5–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| 3. | Consolidated Financial Statements and Major Notes | |||
|---|---|---|---|---|
| (1) | Consolidated Balance Sheets | |||
| --- | --- | |||
| (Millions of yen) | ||||
| --- | --- | --- | --- | --- |
| As of March 31, 2024 | As of March 31, 2025 | |||
| Assets | ||||
| Current assets | ||||
| Cash and deposits | 76,955 | 193,603 | ||
| Notes and accounts receivable - trade | 296,364 | 263,208 | ||
| Lease receivables | 43,608 | 51,255 | ||
| Merchandise and finished goods | 233,940 | 197,832 | ||
| Work in process | 54,207 | 44,951 | ||
| Raw materials and supplies | 42,467 | 45,464 | ||
| Other | 64,014 | 43,106 | ||
| Allowance for doubtful accounts | -3,251 | -3,245 | ||
| Total current assets | 808,307 | 836,177 | ||
| Non-current assets | ||||
| Property, plant and equipment | ||||
| Buildings and structures, net | 184,508 | 185,139 | ||
| Machinery, equipment and vehicles, net | 82,743 | 81,349 | ||
| Tools, furniture and fixtures, net | 23,910 | 20,272 | ||
| Land | 123,861 | 124,201 | ||
| Leased assets, net | 5,703 | 5,282 | ||
| Construction in progress | 23,634 | 26,542 | ||
| Assets for rent, net | 151 | 49 | ||
| Total property, plant and equipment | 444,513 | 442,836 | ||
| Intangible assets | ||||
| Software | 30,231 | 33,083 | ||
| Other | 1,090 | 1,274 | ||
| Total intangible assets | 31,322 | 34,357 | ||
| Investments and other assets | ||||
| Investment securities | 125,344 | 102,776 | ||
| Retirement benefit asset | 25,466 | 32,856 | ||
| Deferred tax assets | 11,527 | 11,694 | ||
| Other | 21,245 | 20,547 | ||
| Allowance for doubtful accounts | -3,351 | -3,067 | ||
| Total investments and other assets | 180,231 | 164,808 | ||
| Total non-current assets | 656,067 | 642,003 | ||
| Total assets | 1,464,375 | 1,478,180 |
–6–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (Millions of yen) | ||||
|---|---|---|---|---|
| As of March 31, 2024 | As of March 31, 2025 | |||
| Liabilities | ||||
| Current liabilities | ||||
| Notes and accounts payable - trade | 234,846 | 235,221 | ||
| Short-term borrowings | 328,010 | 365,543 | ||
| Current portion of bonds payable | 3,367 | 8,418 | ||
| Current portion of long-term borrowings | 22,251 | 8,511 | ||
| Lease liabilities | 1,464 | 1,364 | ||
| Accounts payable - other | 55,948 | 50,817 | ||
| Income taxes payable | 6,787 | 7,209 | ||
| Provision for bonuses | 7,980 | 8,180 | ||
| Provision for bonuses for directors (and other officers) | 581 | 604 | ||
| Provision for product warranties | 46,215 | 105,551 | ||
| Provision for certification related loss | 21,129 | 125,396 | ||
| Other | 124,559 | 104,548 | ||
| Total current liabilities | 853,141 | 1,021,370 | ||
| Non-current liabilities | ||||
| Bonds payable | 7,902 | 6,703 | ||
| Long-term borrowings | 12,258 | 18,351 | ||
| Lease liabilities | 14,430 | 13,581 | ||
| Deferred tax liabilities | 35,266 | 36,777 | ||
| Deferred tax liabilities for land revaluation | 2,742 | 2,806 | ||
| Retirement benefit liability | 49,446 | 43,175 | ||
| Provision for retirement benefits for directors (and other officers) | 1,497 | 1,559 | ||
| Asset retirement obligations | 1,572 | 2,404 | ||
| Long-term Accounts payable - other | — | 58,510 | ||
| Other | 22,697 | 21,917 | ||
| Total non-current liabilities | 147,813 | 205,789 | ||
| Total liabilities | 1,000,954 | 1,227,159 | ||
| Net assets | ||||
| Shareholders’ equity | ||||
| Share capital | 72,717 | 72,717 | ||
| Capital surplus | 65,928 | 66,299 | ||
| Retained earnings | 178,510 | -39,243 | ||
| Treasury shares | -202 | -201 | ||
| Total shareholders’ equity | 316,953 | 99,571 | ||
| Accumulated other comprehensive income | ||||
| Valuation difference on<br>available-for-sale securities | 46,620 | 34,938 | ||
| Deferred gains or losses on hedges | 3 | -20 | ||
| Revaluation reserve for land | 2,273 | 2,290 | ||
| Foreign currency translation adjustment | 9,467 | 13,948 | ||
| Remeasurements of defined benefit plans | 16,731 | 27,738 | ||
| Total accumulated other comprehensive income | 75,095 | 78,896 | ||
| Non-controlling interests | 71,371 | 72,552 | ||
| Total net assets | 463,420 | 251,020 | ||
| Total liabilities and net assets | 1,464,375 | 1,478,180 |
–7–
| (2) | Consolidated Statements of Income and Consolidated Statements of Comprehensive Income |
|---|
[Consolidated Statements of Income]
| (Millions of yen) | ||||
|---|---|---|---|---|
| FY 2024<br>(From April 1, 2023 to March 31,2024) | FY 2025<br>(From April 1, 2024 to March 31,2025) | |||
| Net sales | 1,516,255 | 1,697,229 | ||
| Cost of sales | 1,282,679 | 1,401,522 | ||
| Gross profit | 233,575 | 295,707 | ||
| Selling, general and administrative expenses | ||||
| Sales commission | 7,086 | 3,580 | ||
| Transportation and storage costs | 12,833 | 14,390 | ||
| Provision for product warranties | 46,215 | 46,781 | ||
| Advertising expenses | 1,271 | 1,076 | ||
| Salaries and allowances | 59,986 | 60,762 | ||
| Provision for bonuses | 4,239 | 4,411 | ||
| Provision for bonuses for directors (and other officers) | 589 | 603 | ||
| Retirement benefit expenses | 2,668 | 2,771 | ||
| Provision for retirement benefits for directors (and other officers) | 350 | 367 | ||
| Rent expenses | 8,468 | 12,150 | ||
| Other | 97,970 | 91,319 | ||
| Total selling, general and administrative expenses | 241,679 | 238,216 | ||
| Operating profit (loss) | -8,103 | 57,490 | ||
| Non-operating income | ||||
| Interest income | 2,234 | 2,509 | ||
| Dividend income | 2,560 | 3,739 | ||
| Rental income | 1,135 | 606 | ||
| Foreign exchange gains | 1,912 | — | ||
| Share of profit of entities accounted for using equity method | 3,155 | 2,120 | ||
| Miscellaneous income | 3,473 | 4,202 | ||
| Total non-operating income | 14,472 | 13,179 | ||
| Non-operating expenses | ||||
| Interest expenses | 11,608 | 13,353 | ||
| Foreign exchange losses | — | 14,397 | ||
| Miscellaneous expenses | 3,992 | 3,608 | ||
| Total non-operating expenses | 15,601 | 31,359 | ||
| Ordinary profit (loss) | -9,233 | 39,310 |
–8–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (Millions of yen) | ||||
|---|---|---|---|---|
| FY 2024(From April 1, 2023 to March 31,2024) | FY 2025(From April 1, 2024 to March 31,2025) | |||
| Extraordinary income | ||||
| Gain on sale of non-current assets | 92,067 | 34,553 | ||
| Gain on sale of investment securities | 19,484 | 18,002 | ||
| Reversal of provision for domestic certification related loss | 17,000 | 4,739 | ||
| Other | 1,033 | 2,083 | ||
| Total extraordinary income | 129,585 | 59,378 | ||
| Extraordinary losses | ||||
| Loss on sale and retirement of non-current assets | 1,213 | 2,929 | ||
| Impairment losses | 11,608 | 7,724 | ||
| Loss related to domestic certification | 24,216 | 598 | ||
| Loss related to North American certification | 36,363 | 258,413 | ||
| Australian litigation settlement | — | 8,700 | ||
| Other | 3,860 | 10,887 | ||
| Total extraordinary losses | 77,263 | 289,252 | ||
| Profit (loss) before income taxes | 43,088 | -190,563 | ||
| Income taxes - current | 19,930 | 17,351 | ||
| Income taxes - deferred | -2,062 | 4,777 | ||
| Total income taxes | 17,867 | 22,129 | ||
| Profit (loss) | 25,220 | -212,693 | ||
| Profit attributable to non-controlling interests | 8,132 | 5,060 | ||
| Profit (loss) attributable to owners of parent | 17,087 | -217,753 |
–9–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
[Consolidated Statements of Comprehensive Income]
| (Millions of yen) | ||||
|---|---|---|---|---|
| FY 2024(From April 1, 2023 to March 31,2024) | FY 2025(From April 1, 2024 to March 31,2025) | |||
| Profit (loss) | 25,220 | -212,693 | ||
| Other comprehensive income | ||||
| Valuation difference on<br>available-for-sale securities | -5,686 | -12,855 | ||
| Deferred gains or losses on hedges | 200 | -64 | ||
| Revaluation reserve for land | — | 37 | ||
| Foreign currency translation adjustment | 6,007 | 6,402 | ||
| Remeasurements of defined benefit plans, net of tax | 9,526 | 10,897 | ||
| Share of other comprehensive income of entities accounted for using equity method | 1,579 | 1,549 | ||
| Total other comprehensive income | 11,627 | 5,966 | ||
| Comprehensive income | 36,847 | -206,726 | ||
| Comprehensive income attributable to | ||||
| Comprehensive income attributable to owners of parent | 24,163 | -213,953 | ||
| Comprehensive income attributable to non-controlling<br>interests | 12,684 | 7,226 |
–10–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (3) | Consolidated Statements of Changes in Net Assets |
|---|
Previous Fiscal Year (From April 1, 2023 to March 31, 2024)
| (Millions of yen) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholders’ equity | Accumulated othercomprehensive income | |||||||||||||
| Share capital | Capital surplus | Retainedearnings | Treasury shares | Totalshareholders’equity | Valuationdifference onavailable-for-sale securities | Deferred gainsor losses onhedges | ||||||||
| Balance at beginning of period | 72,717 | 65,956 | 161,423 | -202 | 299,894 | 51,315 | -53 | |||||||
| Changes during period | ||||||||||||||
| Profit (loss) attributable to owners of parent | 17,087 | 17,087 | ||||||||||||
| Purchase of treasury shares | -0 | -0 | ||||||||||||
| Change in ownership interest of parent due to transactions with<br>non-controlling interests | -28 | -28 | ||||||||||||
| Capital increase of consolidated subsidiaries | ||||||||||||||
| Net changes in items other than shareholders’ equity | -4,695 | 57 | ||||||||||||
| Total changes during period | — | -28 | 17,087 | -0 | 17,058 | -4,695 | 57 | |||||||
| Balance at end of period | 72,717 | 65,928 | 178,510 | -202 | 316,953 | 46,620 | 3 | |||||||
| Accumulated other comprehensive income | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Revaluationreserve forland | Foreigncurrencytranslationadjustment | Remeasurements of definedbenefit plans | Totalaccumulatedothercomprehensiveincome | Non-controllinginterests | Total net assets | |||||||||
| Balance at beginning of period | 2,273 | 7,487 | 6,996 | 68,020 | 65,494 | 433,409 | ||||||||
| Changes during period | ||||||||||||||
| Profit (loss) attributable to owners of parent | 17,087 | |||||||||||||
| Purchase of treasury shares | -0 | |||||||||||||
| Change in ownership interest of parent due to transactions with<br>non-controlling interests | -28 | |||||||||||||
| Capital increase of consolidated subsidiaries | ||||||||||||||
| Net changes in items other than shareholders’ equity | 1,979 | 9,734 | 7,075 | 5,876 | 12,952 | |||||||||
| Total changes during period | — | 1,979 | 9,734 | 7,075 | 5,876 | 30,011 | ||||||||
| Balance at end of period | 2,273 | 9,467 | 16,731 | 75,095 | 71,371 | 463,420 |
–11–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
Current Fiscal Year (From April 1, 2024 to March 31, 2025)
| (Millions of yen) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholders’ equity | Accumulated othercomprehensive income | |||||||||||||
| Share capital | Capital surplus | Retainedearnings | Treasuryshares | Totalshareholders’equity | Valuationdifference onavailable-for-sale securities | Deferred gainsor losses onhedges | ||||||||
| Balance at beginning of period | 72,717 | 65,928 | 178,510 | -202 | 316,953 | 46,620 | 3 | |||||||
| Changes during period | ||||||||||||||
| Profit (loss) attributable to owners of parent | -217,753 | -217,753 | ||||||||||||
| Purchase of treasury shares | 1 | 1 | ||||||||||||
| Change in ownership interest of parent due to transactions with<br>non-controlling interests | 232 | 232 | ||||||||||||
| Capital increase of consolidated subsidiaries | 138 | 138 | ||||||||||||
| Net changes in items other than shareholders’ equity | -11,681 | -23 | ||||||||||||
| Total changes during period | — | 371 | -217,753 | 1 | -217,381 | -11,681 | -23 | |||||||
| Balance at end of period | 72,717 | 66,299 | -39,243 | -201 | 99,571 | 34,938 | -20 | |||||||
| Accumulated other comprehensive income | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Revaluationreserve forland | Foreigncurrencytranslationadjustment | Remeasurements of definedbenefit plans | Totalaccumulatedothercomprehensiveincome | Non-controllinginterests | Total net assets | |||||||||
| Balance at beginning of period | 2,273 | 9,467 | 16,731 | 75,095 | 71,371 | 463,420 | ||||||||
| Changes during period | ||||||||||||||
| Profit (loss) attributable to owners of parent | -217,753 | |||||||||||||
| Purchase of treasury shares | 1 | |||||||||||||
| Change in ownership interest of parent due to transactions with<br>non-controlling interests | 232 | |||||||||||||
| Capital increase of consolidated subsidiaries | 138 | |||||||||||||
| Net changes in items other than shareholders’ equity | 17 | 4,481 | 11,007 | 3,800 | 1,181 | 4,981 | ||||||||
| Total changes during period | 17 | 4,481 | 11,007 | 3,800 | 1,181 | -212,399 | ||||||||
| Balance at end of period | 2,290 | 13,948 | 27,738 | 78,896 | 72,552 | 251,020 |
–12–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (4) | Consolidated Statements of Cash Flows | |||
|---|---|---|---|---|
| (Millions of yen) | ||||
| --- | --- | --- | --- | --- |
| FY 2024(From April 1, 2023 to March 31,2024) | FY 2025(From April 1, 2024 to March 31,2025) | |||
| Cash flows from operating activities | ||||
| Profit (loss) before income taxes | 43,088 | -190,563 | ||
| Depreciation | 56,479 | 59,484 | ||
| Impairment losses | 11,608 | 7,724 | ||
| Increase (decrease) in allowance for doubtful accounts | -2,060 | -340 | ||
| Increase (decrease) in provision for product warranties | 618 | 59,336 | ||
| Increase (decrease) in provision for certification related loss | -78,949 | 104,267 | ||
| long-term accounts payable | — | 58,510 | ||
| Decrease (increase) in retirement benefit asset | -2,418 | -1,679 | ||
| Increase (decrease) in retirement benefit liability | 616 | 1,012 | ||
| Interest and dividend income | -4,794 | -6,249 | ||
| Interest expenses | 11,608 | 13,353 | ||
| Share of loss (profit) of entities accounted for using equity method | -3,155 | -2,120 | ||
| Loss (gain) on sale of investment securities | -19,484 | -18,002 | ||
| Loss (gain) on sale and retirement of non-current<br>assets | -90,853 | -31,624 | ||
| Decrease (increase) in trade receivables | 2,913 | 33,084 | ||
| Decrease (increase) in lease receivables | -7,614 | -5,224 | ||
| Decrease (increase) in inventories | -40,644 | 43,022 | ||
| Increase (decrease) in trade payables | -14,861 | -379 | ||
| Decrease (increase) in other current assets | 4,294 | 18,687 | ||
| Increase (decrease) in other current liabilities | 51,051 | -16,240 | ||
| Other, net | -3,249 | 1,019 | ||
| Subtotal | -85,806 | 127,077 | ||
| Transfer to account with restrictions on deposits and withdrawals | — | -97,337 | ||
| Interest and dividends received | 4,915 | 6,409 | ||
| Interest paid | -12,036 | -12,744 | ||
| Income taxes refund (paid) | -17,482 | -22,276 | ||
| Net cash provided by (used in) operating activities | -110,410 | 1,128 | ||
| Cash flows from investing activities | ||||
| Payments into time deposits | -2,862 | -1,973 | ||
| Proceeds from withdrawal of time deposits | 704 | 3,907 | ||
| Purchase of property, plant and equipment | -67,321 | -61,987 | ||
| Proceeds from sale of property, plant and equipment | 99,290 | 36,366 | ||
| Purchase of intangible assets | -8,474 | -11,738 | ||
| Purchase of investment securities | -74 | -75 | ||
| Proceeds from sale of investment securities | 24,611 | 23,973 | ||
| Proceeds from sale of shares of subsidiaries and associates | — | 1,135 | ||
| Long-term loan advances | -1,936 | -1,987 | ||
| Proceeds from collection of long-term loans receivable | 1,888 | 1,928 | ||
| Short-term loan advances | -5,820 | — | ||
| Proceeds from collection of short-term loans receivable | — | 5,824 | ||
| Other, net | -760 | 26 | ||
| Net cash provided by (used in) investing activities | 39,244 | -4,600 |
–13–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (Millions of yen) | ||||
|---|---|---|---|---|
| FY 2024(From April 1, 2023 to March 31,2024) | FY 2025<br>(From April 1, 2024 to March 31,2025) | |||
| Cash flows from financing activities | ||||
| Net increase (decrease) in short-term borrowings | 63,088 | 39,705 | ||
| Proceeds from issuance of bonds | 7,035 | 6,720 | ||
| Redemption of bonds | -1,645 | -3,513 | ||
| Proceeds from long-term borrowings | — | 13,140 | ||
| Repayments of long-term borrowings | -5,230 | -19,779 | ||
| Proceeds from share issuance to non-controlling<br>shareholders | — | 400 | ||
| Dividends paid to non-controlling interests | -6,818 | -5,822 | ||
| Purchase of shares of subsidiaries not resulting in change in scope of consolidation | — | -257 | ||
| Other, net | -790 | -855 | ||
| Net cash provided by (used in) financing activities | 55,638 | 29,738 | ||
| Effect of exchange rate change on cash and cash equivalents | 7,576 | -5,324 | ||
| Net increase (decrease) in cash and cash equivalents | -7,950 | 20,942 | ||
| Cash and cash equivalents at beginning of period | 75,683 | 67,733 | ||
| Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from<br>consolidation | — | -254 | ||
| Cash and cash equivalents at end of period | 67,733 | 88,420 |
–14–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| (5) | Notes to Consolidated Financial Statements |
|---|
(Notes on Going Concern Assumption)
There is no related information.
(Changes in Accounting Policies)
(Application of “Accounting Standard for Current Income Taxes” and so on)
“Accounting Standard for Current Income Taxes” (ASBJ Statement No.27, October 28, 2022); hereinafter referred to as “the accounting standards revised in 2022”) has been applied since the beginning of the current consolidated fiscal year.
Regarding the revision to the classification for posting income taxes (taxation on other comprehensive income), we follow the transitional handling set forth in the proviso of Paragraph 20-3 of the accounting standards revised in 2022 and the transitional handling set forth in the proviso of Paragraph 65-2 (2) of “the guidelines for applying the accounting standards for tax effect accounting” (Guidelines for applying corporate accounting standards No. 28; October 28, 2022; hereinafter referred to as “the application guidelines revised in 2022”). Said change in the accounting policy will not produce any effects on consolidated financial statements.
Regarding the revision to the method for deferring gain or loss on sale of shares of subsidiaries among consolidated group companies in consolidated financial statements for tax affairs, the application guidelines revised in 2022 have been applied since the beginning of the current consolidated fiscal year. The changed accounting policy has been applied retroactively, so the consolidated financial statements for the previous consolidated fiscal year indicate the figures after the retroactive application. Said change in the accounting policy will not produce any effects on the consolidated financial statements for the previous consolidated fiscal year.
(Application of “Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules”)
“Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules” (Report on practical response No. 46; March 22, 2024) etc., has been applied since the beginning of the fiscal year under review.
The impact of said revision to the accounting policy on consolidated financial statements is minor.
(Notes on Consolidated Balance Sheets)
- Guaranteed liabilities
The company provides guarantees for loans from financial institutions other than consolidated companies.
| FY 2024<br>(From April 1, 2023 to March 31,2024) | FY 2025<br>(From April 1, 2024 to March 31,2025) | |||
|---|---|---|---|---|
| Auto Loans | ¥ | 2 million | ¥ | 1 million |
| Housing Loans for Employees | ¥ | 167 million | ¥ | 104 million |
| Total | ¥ | 170 million | ¥ | 105 million |
- *Long-term accounts payable - other
The accounts payable - other and long-term accounts payable - other in the fiscal year under review include the unpaid criminal penalty due to the certification issue of our company, which was posted as extraordinary loss related to the certification issue in North America.
The details of the loss related to the certification issue in North America are as mentioned in “3. Consolidated Financial Statements and Major Notes, (5) Notes to Consolidated Financial Statements (Notes on Consolidated Statements of Income).”
| FY 2024(From April 1, 2023 to March 31,2024) | FY 2025(From April 1, 2024 to March 31,2025) | |||
|---|---|---|---|---|
| Accounts payable - other | — | ¥ | 19,503 million | |
| Long-term accounts payable - other | — | ¥ | 58,510 million |
–15–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
(Notes on Consolidated Statements of Income)
- Extraordinary income
(Gain on sale of non-current assets)
Gain on sale of non-current assets originates mainly from the sale of part of land for a former Hino factory in Hino City, Tokyo, which took place on February 28, 2025 with the purpose of effectively utilizing management resources and elevating asset efficiency.
As a certain period of time will be required for demolishing the building, turning said land into a vacant lot, and relocating the factory to another site, we concluded an agreement for use and lease with the buyer, planning to keep using the land for a certain period after the sale until the above processes are finished and the land is handed over.
As this transaction falls under sale and leaseback transactions, we examined the price for land transfer, classification of the lease transaction and rental fee as well as the ratio of remaining risks to be borne by our company, etc. based on related accounting standards (ASBJ Guidance No. 16 “Guidance on Accounting Standard for Lease Transactions” and realization principle defined in principles of Accounting Standards) to check whether the sale has been concluded as of the purchase agreement date in terms of accounting. As a result, we judged that almost all risks and economic value pertaining to said land had been transferred to the buyer at the point of the sale, and thus recognize the disappearance of the relevant land and gain on sale of non-current assets. In step with this transaction, we posted a gain on sale of non-current assets of ¥33,676 million as an extraordinary income.
- Extraordinary loss
(Impairment loss)
Our corporate group recorded impairment loss, mainly with regard to the following asset group.
Fiscal Year under Review (From April 1, 2024 to March 31, 2025)
Location: the U.S.
Purpose of use: Manufacturing facilities, etc.
Type: Mechanical devices and others
Impairment loss: ¥6,652 million
(Method for grouping assets)
Our company groups assets based mainly on business segments. Moreover, we group important idle assets individually. Assets of consolidated subsidiaries are grouped by each company in principle.
(Events leading up to impairment loss)
The profitability of Hino Motors Manufacturing U.S.A., our consolidated subsidiary, declined and signs of impairment were observed. As a result of examining future recoverability, we reduced book value to the recoverable amount and posted this reduction amount as impairment loss under the section of extraordinary loss. The recoverable amount was measured based on the net sale price, and the net sale price has been calculated based on the appraisal value of mechanical devices, etc.
(Loss related to North American certification)
Our company, our U.S. subsidiary and Canadian subsidiary were sued in the Superior Court of British Columbia, Canada, on October 19, 2023, and the same lawsuit was filed in the Superior Court of Quebec, Canada. However, on September 26, 2024, an agreement for the settlement between the plaintiffs and us was approved at the meeting of our board of directors. Through this settlement, an extraordinary loss of ¥5,885 million was posted.
As stated in the “Notice of Settlement between Hino Motors, Ltd. & its U.S. Subsidiary and U.S. Government Authorities concerning Engine Certification Issue” disclosed on January 16, 2025, our company and U.S. subsidiary reached a settlement with U.S. government authorities concerning the issue of emission certification testing and performance of engines in the U.S. market (hereinafter referred to as “the Settlement”).
Through this settlement, we agreed with the payment of criminal and civil penalties. In addition, after obtaining approval of the authorities in the civil settlement, we will implement measures for the engines in the market and a project for reducing environmental burdens. Furthermore, we will extend warranties for vehicles in the wake of the tentative settlement in the class action lawsuit filed in the U.S., the civil settlement with the U.S. authorities, and the tentative settlement in the class action lawsuit filed in Canada. In the fiscal year under review, ¥260,478 million was posted as an extraordinary loss for the above expenses.
The expenses for civil penalties and the project for reducing environmental burdens were included in provision for loss related to certification, and the expenses for market measures and warranty extension were included in provision for product warranties. Criminal penalties were included in accounts payable – other and long-term accounts payable – other, based on the amount
–16–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
written in the agreement for guilty plea, which was confirmed and became effective through the judgment at the federal district court in eastern Michigan in March 2025.
(Legal settlement in Australia)
Our company and Australian subsidiaries were sued in the Superior Court of Victoria, Australia, on April 17, 2023. However, our board of directors approved the settlement between the plaintiffs and us on December 25, 2024. In step with this settlement, we posted an extraordinary loss of ¥8,700 million as the amount of the legal settlement in Australia.
(Regarding Shareholders’ Equity, etc.)
I Previous Fiscal Year (From April 1, 2023 to March 31, 2024)
- Dividend payment amount
There is no related information.
- Dividends with a record date in the current fiscal year but with an effective date after the end of the current fiscal year
There is no related information.
II Current Fiscal Year (From April 1, 2024 to March 31, 2025)
- Dividend payment amount
There is no related information.
- Dividends with a record date in the current fiscal year but with an effective date after the end of the current fiscal year
There is no related information.
–17–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
(Notes on Segment Information, etc.)
[Segment Information]
| 1. | Overview of Report Segment |
|---|
The reporting segment for our company can acquire separate financial information for individual components of our company, and is the target of periodic evaluations so that the board of directors can determine allocation of management resources and evaluate results.
The main business of our company is production and sales of trucks and buses, as well as production on commission for Toyota Motor Corporation and other services such as development and planning of related products. Domestic areas are covered by our company and domestic subsidiaries and overseas areas are covered by local overseas subsidiaries, with strategies created for each market for the services and products handled.
Therefore, our company production and sales structure is composed of separate regional segments, with these segments reported as “Japan” and “Asia”.
| 2. | Method of calculating amounts for Sales, Profits, Losses, Assets and Other Categories for Each Reporting<br>Segment Accounting methods for reported business segments are generally the same as those described in “important matters for preparing consolidated financial statements.” Intersegment revenues and transfers are based on prevailing market<br>prices. |
|---|---|
| 3. | Information on Amounts for Sales, Profits, Losses, Assets and Other Categories for Each Reporting Segment<br>and Breakdown of Revenue |
| --- | --- |
Previous Fiscal Year (From April 1, 2023 to March 31, 2024)
| (Millions of yen) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Report Segment | Total | AdjustedAmount*2 | Consolidated<br>financialstatementsamount*3 | |||||||||||
| Japan | Asia | Total | Other*1 | |||||||||||
| Net Sales | ||||||||||||||
| Trucks and buses | 396,448 | 279,530 | 675,978 | 148,878 | 824,856 | — | 824,856 | |||||||
| Vehicles for Toyota | 71,969 | 236 | 72,206 | — | 72,206 | — | 72,206 | |||||||
| Spare parts | 77,450 | 34,330 | 111,780 | 50,922 | 162,702 | — | 162,702 | |||||||
| Other | 240,566 | 137,440 | 378,006 | 78,483 | 456,489 | — | 456,489 | |||||||
| Sales to External Customers | 786,434 | 451,537 | 1,237,972 | 278,283 | 1,516,255 | — | 1,516,255 | |||||||
| Inter-Segment Sales and Transfers | 240,047 | 9,832 | 249,879 | 1,294 | 251,174 | -251,174 | — | |||||||
| Total | 1,026,482 | 461,369 | 1,487,852 | 279,577 | 1,767,429 | -251,174 | 1,516,255 | |||||||
| Segment Profits (Losses) | -15,640 | 31,901 | 16,260 | -26,321 | -10,060 | 1,956 | -8,103 | |||||||
| Segment Assets | 1,052,198 | 338,416 | 1,390,615 | 166,884 | 1,557,499 | -93,124 | 1,464,375 | |||||||
| Other Categories | ||||||||||||||
| Depreciation and amortization | 41,816 | 8,257 | 50,073 | 6,405 | 56,479 | — | 56,479 | |||||||
| Investment in Equity | 28,189 | 778 | 28,968 | 2,519 | 31,487 | — | 31,487 | |||||||
| Method Affiliates Increase in Tangible and Intangible Fixed Assets | 49,364 | 7,886 | 57,250 | 16,496 | 73,747 | — | 73,747 | |||||||
| *1 | The “other” section is the regions not included in the reporting segments, including North America<br>and Oceania etc. | |||||||||||||
| --- | --- | |||||||||||||
| *2 | The adjusted amount is listed as below. | |||||||||||||
| --- | --- | |||||||||||||
| (1) | The adjusted amount of segment profit (loss) of ¥ 1,956 million includes inter-segment eliminations<br>and adjustments for inventory assets. | |||||||||||||
| --- | --- | |||||||||||||
| (2) | The adjusted amount of segment assets of ¥ -93,124 million<br>includes inter-segment eliminations of debts and credits and | |||||||||||||
| --- | --- |
–18–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
| adjustments for inventory assets. | |
|---|---|
| *3 | Segment profit (loss) is adjusted with operating loss in the consolidated statement of income.<br> |
| --- | --- |
Current Fiscal Year (From April 1, 2024 to March 31, 2025)
| (Millions of yen) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Report Segment | Adjusted<br>Amount*2Japan | Consolidated<br>financialstatementsamount*3Asia | ||||||||||||
| Japan | Asia | Total | Other*1 | Total | ||||||||||
| Net Sales | ||||||||||||||
| Trucks and buses | 494,096 | 227,694 | 721,790 | 184,983 | 906,774 | — | 906,774 | |||||||
| Vehicles for Toyota | 122,645 | 195 | 122,841 | — | 122,841 | — | 122,841 | |||||||
| Spare parts | 81,471 | 34,519 | 115,991 | 51,338 | 167,329 | — | 167,329 | |||||||
| Other | 253,091 | 151,741 | 404,832 | 95,452 | 500,284 | — | 500,284 | |||||||
| Sales to External Customers | 951,304 | 414,151 | 1,365,456 | 331,773 | 1,697,229 | — | 1,697,229 | |||||||
| Inter-Segment Sales and Transfers | 221,546 | 10,449 | 231,996 | 2,884 | 234,880 | -234,880 | — | |||||||
| Total | 1,172,851 | 424,601 | 1,597,452 | 334,658 | 1,932,110 | -234,880 | 1,697,229 | |||||||
| Segment Profits (Losses) | 28,353 | 24,601 | 52,954 | 6,475 | 59,429 | -1,939 | 57,490 | |||||||
| Segment Assets | 1,076,472 | 325,459 | 1,401,932 | 170,518 | 1,572,451 | -94,270 | 1,478,180 | |||||||
| Other Categories | ||||||||||||||
| Depreciation and amortization | 44,934 | 7,690 | 52,625 | 6,858 | 59,484 | — | 59,484 | |||||||
| Investment in Equity Method Affiliates | 30,780 | — | 30,780 | 2,917 | 33,697 | — | 33,697 | |||||||
| Increase in Tangible and Intangible Fixed Assets | 48,708 | 13,148 | 61,857 | 9,162 | 71,019 | — | 71,019 | |||||||
| *1 | The “other” section is the regions not included in the reporting segments, including North America<br>and Oceania etc. | |||||||||||||
| --- | --- | |||||||||||||
| *2 | The adjusted amount is listed as below. | |||||||||||||
| --- | --- | |||||||||||||
| (1) | The adjusted amount of segment profit of ¥ -1,939 million<br>includes inter-segment eliminations and adjustments for inventory assets. | |||||||||||||
| --- | --- | |||||||||||||
| (2) | The adjusted amount of segment assets of ¥ -94,270 million<br>includes inter-segment eliminations of debts and credits and adjustments for inventory assets. | |||||||||||||
| --- | --- | |||||||||||||
| *3 | Segment profit is adjusted with operating income in the consolidated statement of income.<br> | |||||||||||||
| --- | --- |
(Regarding Revenue Recognition)
The breakdown of revenues from contracts with clients is as shown in “Notes (Segment Information, etc.).”
–19–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
(Per Share Information)
| Item | FY 2024<br>(From April 1, 2023 to March 31,<br>2024) | FY 2025<br>(From April 1, 2024 to March 31,<br>2025) | ||
|---|---|---|---|---|
| Net assets per share | 682.98 | 310.90 | ||
| Profit (loss) per share | 29.77 | -379.34 | ||
| (Note) | 1. Diluted net income per share is not written, because there are no dilutive shares. | |||
| --- | --- | |||
| 2. The base for calculating profit (loss) per share are as follows: | ||||
| --- | ||||
| Item | FY 2024<br>(From April 1, 2023 to March 31,<br>2024) | FY 2025<br>(From April 1, 2024 to March 31,<br>2025) | ||
| --- | --- | --- | --- | --- |
| Profit (loss) per share | ||||
| Profit (loss) attributable to owners of parent (Millions of yen) | 17,087 | -217,753 | ||
| Amount not attributable to common shareholders (Millions of yen) | — | — | ||
| Profit (loss) attributable to owners of parent associated with common shares (Millions of<br>yen) | 17,087 | -217,753 | ||
| Average number of common shares (Shares) | 574,026,355 | 574,036,755 |
–20–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
(Contingent Liabilities)
| • | Certification issues |
|---|
Regarding the impact of the certification issue for engines for the North American and Japanese markets, the investigation by the special investigation committee for engines for the Japanese market has been completed, and some verification, investigations and communications with related parties are still ongoing. However, we reached a criminal settlement between our company and the United States Department of Justice concerning the past engine certification issue in the U.S. on January 16, 2025. Moreover, our company and U.S. subsidiary reached a civil settlement with U.S. government authorities and California government authorities concerning said issue. A reasonably estimable amount has been reflected on consolidated financial statements based on the items agreed upon in this settlement.
Meanwhile, expenses stemming from settlements related to certification issues with government authorities in countries other than the U.S. have not been reflected on consolidated financial statements.
| • | Litigation against our company and subsidiaries outside Japan |
|---|
Class action lawsuit in New Zealand
On March 3, 2025 (local time), our company was sued in the Palmerston North High Court, New Zealand.
The plaintiffs sued our company as a class action on behalf of all persons who between March 4, 2010 and March 3, 2025 purchased, exchanged or leased vehicles equipped with diesel engines manufactured by our company between January 1, 2003 and August 22, 2022. The plaintiffs claim, among other things, to have suffered damage as a result of fraudulent and other acts related to violations of emission performance standards and fuel economy standards for our company’s engines.
In the complaint in this lawsuit, the plaintiffs claim damages, but the specific amounts claimed by the plaintiffs have not been disclosed in any way.
The claims and details concerning damages claimed by the plaintiffs in the class action lawsuit in New Zealand are currently being confirmed. Loss may arise depending on the result of this lawsuit, but as it is difficult to reasonably calculate the impact at this point, it has not been reflected on the consolidated financial statements.
(Significant Subsequent Events)
There is no related information.
–21–
Hino Motors, Ltd. (7205) Financial Results for the Fiscal Year Ending March 31, 2025
4. Supplementary Information
(1) Actual Production (Consolidated)
| Category | FY 2024<br>(From April 1, 2023<br>to March 31, 2024) | FY 2025<br>(From April 1, 2024<br>to March 31, 2025) | Change | |||
|---|---|---|---|---|---|---|
| Trucks and buses | 132,911 units | 121,218 units | -11,693 units | |||
| Toyota brand vehicles | 104,326 units | 152,488 units | 48,162 units |
(2) Actual Sales (Consolidated)
| FY 2024<br>(From April 1, 2023<br>to March 31, 2024) | FY 2025<br>(From April 1, 2024<br>to March 31, 2025) | Change | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Category | Volume(Units) | Amount(Millions of yen) | Volume(Units) | Amount(Millions of yen) | Volume(Units) | Amount(Millions of yen) | ||||||
| Japan | 38,572 | 293,323 | 41,989 | 365,949 | 3,417 | 72,626 | ||||||
| Overseas | 92,056 | 531,502 | 85,834 | 540,727 | -6,222 | 9,225 | ||||||
| Supplies of parts for overseas production | — | 31 | — | 96 | — | 65 | ||||||
| Total trucks and buses | 130,628 | 824,856 | 127,823 | 906,774 | -2,805 | 81,917 | ||||||
| Total Toyota brand | 104,326 | 72,206 | 152,488 | 122,841 | 48,162 | 50,635 | ||||||
| Japan | — | 74,162 | — | 77,604 | — | 3,442 | ||||||
| Overseas | — | 88,540 | — | 89,724 | — | 1,184 | ||||||
| Total service parts | — | 162,702 | — | 167,329 | — | 4,626 | ||||||
| Japan | — | 210,283 | — | 213,618 | — | 3,335 | ||||||
| Overseas | — | 26,764 | — | 28,413 | — | 1,649 | ||||||
| Toyota | — | 219,442 | — | 258,251 | — | 38,809 | ||||||
| Total others | — | 456,489 | — | 500,284 | — | 43,794 | ||||||
| Total net sales | — | 1,516,255 | — | 1,697,229 | — | 180,974 | ||||||
| (Note) | Amounts are rounded down to the nearest one million yen. | |||||||||||
| --- | --- |
–22–