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 August, 2023

Commission File Number 001-14948

Toyota Motor Corporation

(Translation of Registrant’s Name Into English)

 

 

1, Toyota-cho, Toyota City,

Aichi Prefecture 471-8571,

Japan

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F      X        Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                 

 

 

 


Material Contained in this Report:

 

I.

Executive Summary of the Japanese-language Quarterly Securities Report, as filed with the Director of the Kanto Local Finance Bureau on August 10, 2023.

 

II.

The registrant’s Unaudited Condensed Consolidated Financial Statements for the periods ended June 30, 2023, prepared in accordance with IFRS, which materially conform to the Consolidated Financial Statements filed with the Japanese-language Quarterly Securities Report referred to above.


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: August 31, 2023

Japanese-language Quarterly Securities Report for the period ended June 30, 2023, as filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance of Japan on August 10, 2023, and which includes the following:

 

  I.

Corporate information

 

  A.

Corporate overview

 

  1.

History of changes in major business indices

 

  2.

Overview of business

 

  B.

Business

 

  1.

Risk factors

 

  2.

Management’s analysis of financial position, results of operations and cash flows

 

  3.

Material contracts

 

  C.

Company information

 

  1.

Share information

 

  2.

Directors and corporate auditors

 

  D.

Financial information

 

  1.

Condensed quarterly consolidated financial statements and notes

 

  2.

Other

 

  II.

Information on Guarantors

Auditors Report

Certificate

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

 

Financial results

Consolidated vehicle unit sales in Japan and overseas increased by 313 thousand units, or 15.5%, to 2,326 thousand units in FY2024 first quarter (the first quarter ended June 30, 2023) compared with FY2023 first quarter (the first quarter ended June 30, 2022). Vehicle unit sales in Japan increased by 129 thousand units, or 32.0%, to 532 thousand units in FY2024 first quarter compared with FY2023 first quarter. Overseas vehicle unit sales increased by 184 thousand units, or 11.4%, to 1,794 thousand units in FY2024 first quarter compared with FY2023 first quarter.

The results of operations for FY2024 first quarter were as follows:

 

Sales revenues

   ¥ 10,546.8 billion    

(an increase of ¥2,055.7 billion or 24.2%

compared with FY2023 first quarter)

Operating income

   ¥ 1,120.9 billion    

(an increase of ¥542.2 billion or 93.7%

compared with FY2023 first quarter)

Income before income taxes

   ¥ 1,720.5 billion    

(an increase of ¥698.8 billion or 68.4%

compared with FY2023 first quarter)

Net income attributable to Toyota Motor Corporation

   ¥ 1,311.3 billion    

(an increase of ¥574.5 billion or 78.0%

compared with FY2023 first quarter)

The changes in operating income were as follows:

 

Marketing efforts

   an increase of ¥600.0 billion

Effects of changes in exchange rates

   an increase of ¥115.0 billion

Cost reduction efforts

   a decrease of ¥155.0 billion

Increase or decrease in expenses and expense reduction efforts

   a decrease of ¥70.0 billion

Other

   an increase of ¥52.2 billion

 

1

 

 


TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

 

 

Segment operating results

 

(i)

Automotive:

Sales revenues for the automotive operations increased by ¥1,967.8 billion, or 25.5%, to ¥9,687.9 billion in FY2024 first quarter compared with FY2023 first quarter, and operating income increased by ¥496.3 billion, or 110.5%, to ¥945.6 billion in FY2024 first quarter compared with FY2023 first quarter. The increase in operating income was mainly due to marketing efforts.

 

(ii)

Financial services:

Sales revenues for the financial services operations increased by ¥123.0 billion, or 18.9%, to ¥775.1 billion in FY2024 first quarter compared with FY2023 first quarter, and operating income increased by ¥32.7 billion, or 28.6%, to ¥147.2 billion in FY2024 first quarter compared with FY2023 first quarter. The increase in operating income was mainly due to the recording of valuation gains on interest rate swaps stated at fair value in sales finance subsidiaries in the United States.

 

(iii)

All other:

Sales revenues for all other businesses increased by ¥44.0 billion, or 16.8%, to ¥306.4 billion in FY2024 first quarter compared with FY2023 first quarter, and operating income increased by ¥21.8 billion, or 118.9%, to ¥40.2 billion in FY2024 first quarter compared with FY2023 first quarter.

 

2

 

 


TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

 

 

Geographic information

 

(i)

Japan:

Sales revenues in Japan increased by ¥1,205.7 billion, or 30.9%, to ¥5,105.5 billion in FY2024 first quarter compared with FY2023 first quarter, and operating income increased by ¥365.1 billion, or 108.4%, to ¥701.9 billion in FY2024 first quarter compared with FY2023 first quarter. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales, as well as the effects of changes in exchange rates.

 

(ii)

North America:

Sales revenues in North America increased by ¥742.1 billion, or 22.2%, to ¥4,092.0 billion in FY2024 first quarter compared with FY2023 first quarter, and operating income increased by ¥105.0 billion, or 719.6%, to ¥119.6 billion in FY2024 first quarter compared with FY2023 first quarter. The increase in operating income was mainly due to the recording of valuation gains on interest rate swaps stated at fair value in sales finance subsidiaries in the United States, as well as increases in both production volume and vehicle unit sales.

 

(iii)

Europe:

Sales revenues in Europe increased by ¥326.0 billion, or 33.5%, to ¥1,299.0 billion in FY2024 first quarter compared with FY2023 first quarter, and operating income increased by ¥63.4 billion, or 323.7%, to ¥83.0 billion in FY2024 first quarter compared with FY2023 first quarter. The increase in operating income was mainly due to marketing efforts.

 

(iv)

Asia:

Sales revenues in Asia increased by ¥168.9 billion, or 9.4%, to ¥1,964.5 billion in FY2024 first quarter compared with FY2023 first quarter. However, operating income decreased by ¥26.5 billion, or 12.5%, to ¥186.2 billion in FY2024 first quarter compared with FY2023 first quarter. The decrease in operating income was mainly due to the effects of changes in exchange rates and the unfavorable impact of soaring materials prices.

 

(v)

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

Sales revenues in other regions increased by ¥195.9 billion, or 23.6%, to ¥1,024.6 billion in FY2024 first quarter compared with FY2023 first quarter, and operating income increased by ¥39.5 billion, or 86.3%, to ¥85.4 billion in FY2024 first quarter compared with FY2023 first quarter. The increase in operating income was mainly due to marketing efforts.

 

3

 

 


TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Financial Position

 

 

            Yen in millions  
     Notes      March 31,
2023
    June 30,
2023
 

Assets

                                                         

Current assets

       

Cash and cash equivalents

        7,516,966       7,906,447  

Trade accounts and other receivables

        3,586,130       3,579,181  

Receivables related to financial services

        8,279,806       9,244,379  

Other financial assets

        1,715,675       2,287,272  

Inventories

        4,255,614       4,671,910  

Income tax receivable

        218,704       245,936  

Other current assets

        886,885       1,008,874  
     

 

 

   

 

 

 

Total current assets

        26,459,781       28,943,999  
     

 

 

   

 

 

 

Non-current assets

       

Investments accounted for using the equity method

        5,227,345       5,143,351  

Receivables related to financial services

        16,491,045       18,213,507  

Other financial assets

        10,556,431       11,460,296  

Property, plant and equipment

       

Land

        1,426,370       1,446,910  

Buildings

        5,464,811       5,654,705  

Machinery and equipment

        14,796,619       15,591,572  

Vehicles and equipment on operating leases

        6,774,427       7,227,875  

Construction in progress

        846,866       852,978  
     

 

 

   

 

 

 

Total property, plant and equipment, at cost

        29,309,093       30,774,041  
     

 

 

   

 

 

 

Less - Accumulated depreciation and impairment losses

        (16,675,119     (17,482,649
     

 

 

   

 

 

 

Total property, plant and equipment, net

        12,633,974       13,291,392  
     

 

 

   

 

 

 

Right of use assets

        491,368       516,601  

Intangible assets

        1,249,122       1,299,050  

Deferred tax assets

        387,427       434,307  

Other non-current assets

        806,687       828,706  
     

 

 

   

 

 

 

Total non-current assets

        47,843,399       51,187,209  
     

 

 

   

 

 

 

Total assets

        74,303,180       80,131,208  
     

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

4

 

 


TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Financial Position

 

 

            Yen in millions  
     Notes      March 31,
2023
    June 30,
2023
 

Liabilities

                                                         

Current liabilities

       

Trade accounts and other payables

        4,986,309       4,919,905  

Short-term and current portion of long-term debt

        12,305,639       13,777,028  

Accrued expenses

        1,552,345       1,710,575  

Other financial liabilities

        1,392,397       1,614,693  

Income taxes payable

        404,606       457,088  

Liabilities for quality assurance

        1,686,357       1,780,077  

Other current liabilities

        1,632,063       1,842,395  
     

 

 

   

 

 

 

Total current liabilities

        23,959,715       26,101,761  
     

 

 

   

 

 

 

Non-current liabilities

       

Long-term debt

        17,074,634       18,239,266  

Other financial liabilities

        533,710       638,120  

Retirement benefit liabilities

        1,065,508       1,106,614  

Deferred tax liabilities

        1,802,346       2,114,444  

Other non-current liabilities

        603,052       656,599  
     

 

 

   

 

 

 

Total non-current liabilities

        21,079,251       22,755,043  
     

 

 

   

 

 

 

Total liabilities

        45,038,967       48,856,804  
     

 

 

   

 

 

 

Shareholders’ equity

       

Common stock

        397,050       397,050  

Additional paid-in capital

        498,728       497,995  

Retained earnings

        28,343,296       29,279,685  

Other components of equity

        2,836,195       3,925,624  

Treasury stock

        (3,736,562     (3,770,291
     

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

        28,338,706       30,330,063  
     

 

 

   

 

 

 

Non-controlling interests

        925,507       944,341  
     

 

 

   

 

 

 

Total shareholders’ equity

        29,264,213       31,274,404  
     

 

 

   

 

 

 

Total liabilities and shareholders’ equity

        74,303,180       80,131,208  
     

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

5

 

 


TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

 

Unaudited Condensed Quarterly Consolidated Statement of Income

 

            Yen in millions  
     Notes      For the first
quarter ended
June 30,

2022
    For the first
quarter ended
June 30,

2023
 

Sales revenues

                    

Sales of products

     VIII        7,844,455       9,785,454  

Financial services

     VIII        646,661       761,377  
     

 

 

   

 

 

 

Total sales revenues

     VIII                    8,491,116                   10,546,831  
     

 

 

   

 

 

 

Costs and expenses

       

Cost of products sold

        6,700,127       8,040,979  

Cost of financial services

        399,840       442,948  

Selling, general and administrative

        812,494       942,003  
     

 

 

   

 

 

 

Total costs and expenses

        7,912,462       9,425,931  
     

 

 

   

 

 

 

Operating income

        578,655       1,120,900  
     

 

 

   

 

 

 

Share of profit (loss) of investments accounted for

using the equity method

        171,069       193,356  

Other finance income

        125,793       190,127  

Other finance costs

        (19,362     (23,339

Foreign exchange gain (loss), net

        183,259       246,776  

Other income (loss), net

        (17,667     (7,267
     

 

 

   

 

 

 

Income before income taxes

        1,021,748       1,720,553  
     

 

 

   

 

 

 

Income tax expense

        263,496       393,663  
     

 

 

   

 

 

 

Net income

        758,253       1,326,890  
     

 

 

   

 

 

 

Net income attributable to

       

Toyota Motor Corporation

        736,820       1,311,372  

Non-controlling interests

        21,432       15,518  
     

 

 

   

 

 

 

Net income

        758,253       1,326,890  
     

 

 

   

 

 

 
            Yen  

Earnings per share attributable to Toyota Motor Corporation

       

Basic and Diluted

     IX        53.65       96.74  
     

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

6

 

 


TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

            Yen in millions  
     Notes      For the first
quarter ended

June 30,
2022
    For the first
quarter ended

June 30,
2023
 

Net income

                                 758,253       1,326,890  

Other comprehensive income, net of tax

       

Items that will not be reclassified to profit (loss)

       

Net changes in revaluation of financial assets measured at fair
value through other comprehensive income

        41,613       375,035  

Remeasurements of defined benefit plans

        (3,528     (3,074

Share of other comprehensive income of equity method investees

        (60,004     60,922  
     

 

 

   

 

 

 

Total of items that will not be reclassified to profit (loss)

        (21,919     432,883  
     

 

 

   

 

 

 

Items that may be reclassified subsequently to profit (loss)

       

Exchange differences on translating foreign operations

        918,143                   760,182  

Net changes in revaluation of financial assets measured at fair
value through other comprehensive income

        (87,260     (7,604

Share of other comprehensive income of equity method investees

        121,095       41,536  
     

 

 

   

 

 

 

Total of items that may be reclassified subsequently to profit (loss)

        951,978       794,114  
     

 

 

   

 

 

 

Total other comprehensive income, net of tax

        930,059       1,226,997  
     

 

 

   

 

 

 

Comprehensive income

        1,688,311       2,553,887  
     

 

 

   

 

 

 

Comprehensive income for the period attributable to

       

Toyota Motor Corporation

        1,635,179       2,500,599  

Non-controlling interests

        53,132       53,288  
     

 

 

   

 

 

 

Comprehensive income

        1,688,311       2,553,887  
     

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

7

 

 


TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

 

 

For the first quarter ended June 30, 2022

 

          Yen in millions  
    Notes     Common
stock
    Additional
paid-in
capital
    Retained
earnings
    Other
components
of equity
    Treasury
stock
    Toyota Motor
Corporation
shareholders’
equity
    Non-controlling
interests
    Total
shareholders’
equity
 

Balances at April 1, 2022

      397,050       498,575       26,453,126       2,203,254       (3,306,037     26,245,969       908,851       27,154,820  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

                 

Net income

                  736,820                   736,820       21,432       758,253  

Other comprehensive income, net of tax

                        898,359             898,359       31,699       930,059  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                  736,820       898,359             1,635,179       53,132       1,688,311  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

                 

Dividends paid

    VII                   (385,792                 (385,792     (25,187     (410,979

Repurchase of treasury stock

                              (121,311     (121,311           (121,311

Reissuance of treasury stock

            334                   573       907             907  

Equity transactions and other

            (133                       (133     (3,071     (3,204
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

            201       (385,792           (120,739     (506,330     (28,258     (534,588
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                  69,277       (69,277                        
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at June 30, 2022

      397,050       498,776       26,873,431       3,032,336       (3,426,775     27,374,818       933,725       28,308,543  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For the first quarter ended June 30, 2023

 

   
          Yen in millions  
    Notes     Common
stock
    Additional
paid-in
capital
    Retained
earnings
    Other
components
of equity
    Treasury
stock
    Toyota Motor
Corporation
shareholders’
equity
    Non-controlling
interests
    Total
shareholders’
equity
 

Balances at April 1, 2023

      397,050       498,728       28,343,296       2,836,195       (3,736,562     28,338,706       925,507       29,264,213  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

                 

Net income

                  1,311,372                   1,311,372       15,518       1,326,890  

Other comprehensive income, net of tax

                        1,189,227             1,189,227       37,770       1,226,997  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                  1,311,372       1,189,227             2,500,599       53,288       2,553,887  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

                 

Dividends paid

    VII                   (474,781                 (474,781     (35,457     (510,238

Repurchase of treasury stock

                              (34,377     (34,377           (34,377

Reissuance of treasury stock

            263                   649       911             911  

Equity transactions and other

            (995                       (995     1,003       8  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

            (733     (474,781           (33,728     (509,242     (34,454     (543,696
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                  99,799       (99,799                        
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at June 30, 2023

      397,050       497,995       29,279,685       3,925,624       (3,770,291     30,330,063       944,341       31,274,404  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

8

 

 


TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

 

 

            Yen in millions  
     Notes      For the first
quarter ended
June 30,
2022
    For the first
quarter ended
June 30,
2023
 

Cash flows from operating activities

                                                                                

Net income

        758,253       1,326,890  

Depreciation and amortization

        503,366       505,809  

Interest income and interest costs related to financial services, net

        (178,125     (174,594

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

        (171,069     (193,356

Income tax expense

        263,496       393,663  

Changes in operating assets and liabilities, and other

        (286,225     (802,363

Interest received

        309,518       488,866  

Dividends received

        338,516       445,938  

Interest paid

        (80,904     (204,171

Income taxes paid, net of refunds

        (692,736     (428,464
     

 

 

   

 

 

 

Net cash provided by (used in) operating activities

        764,087       1,358,218  
     

 

 

   

 

 

 

Cash flows from investing activities

       

Additions to fixed assets excluding equipment leased to others

        (374,083     (458,706

Additions to equipment leased to others

        (458,483     (636,023

Proceeds from sales of fixed assets excluding equipment leased to others

        16,925       8,165  

Proceeds from sales of equipment leased to others

        427,753       460,086  

Additions to intangible assets

        (71,861     (80,030

Additions to public and corporate bonds and stocks

        (353,453     (614,453

Proceeds from sales of public and corporate bonds and stocks and

upon maturity of public and corporate bonds

        282,823       755,711  

Other, net

     X        79,467       (551,805
     

 

 

   

 

 

 

Net cash provided by (used in) investing activities

        (450,912     (1,117,054
     

 

 

   

 

 

 

Cash flows from financing activities

       

Increase (decrease) in short-term debt

        160,646       138,977  

Proceeds from long-term debt

        2,238,120       2,181,694  

Payments of long-term debt

        (1,940,196     (1,869,180

Dividends paid to Toyota Motor Corporation common shareholders

     VII        (385,792     (474,781

Dividends paid to non-controlling interests

        (25,187     (35,457

Reissuance (repurchase) of treasury stock

        (121,311     (34,377

Other, net

              268  
     

 

 

   

 

 

 

Net cash provided by (used in) financing activities

        (73,721     (92,858
     

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

        331,904       241,175  
     

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

        571,357       389,481  
     

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

        6,113,655       7,516,966  
     

 

 

   

 

 

 

Cash and cash equivalents at end of period

        6,685,012       7,906,447  
     

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

9

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

I.

Reporting entity

Toyota Motor Corporation (“TMC”) is a limited liability, joint-stock company located in Japan, and TMC’s principal executive offices are registered in Toyota City, Aichi Prefecture. For the first quarter ended June 30, 2023, the condensed quarterly consolidated financial statements of the group consist of TMC, its consolidated subsidiaries (collectively, “Toyota”) and their interests in associates and joint ventures.

Toyota and its associates are primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, SUVs, trucks and related parts and accessories throughout the world. In addition, Toyota and its associates provide financing, vehicle leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota and its associates.

 

II.

Basis of preparation

1. Compliance with international financial reporting standards

Toyota’s condensed quarterly consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The condensed quarterly consolidated financial statements should be read in conjunction with Toyota’s consolidated financial statements for the fiscal year ended March 31, 2023, since the condensed quarterly consolidated financial statements do not include all the information required in the annual consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

The condensed quarterly consolidated financial statements were approved on August 1, 2023 by the Board of Directors.

2. Basis of measurement

Toyota’s condensed quarterly consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities measured at fair value and assets and liabilities associated with defined benefit plans.

3. Functional currency and presentation currency

The condensed quarterly consolidated financial statements are presented in Japanese yen, which is the functional currency of TMC. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen, except when otherwise indicated. Amounts may not sum to totals due to rounding.

 

III.

Material accounting policies

Toyota’s condensed quarterly consolidated financial statements are prepared based on the same accounting policies as those applied and described in the consolidated financial statements for the fiscal year ended March 31, 2023.

 

10

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

IV.

Significant accounting judgments and estimates

The preparation of the condensed quarterly consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies, the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates were revised and in any future periods affected.

The condensed quarterly consolidated financial statements are prepared based on generally the same judgments and estimations as those applied and described in Toyota’s consolidated financial statements for the fiscal year ended March 31, 2023.

 

11

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

V.

Segment information

1. 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.

2. Segment operating results

For the first quarter ended June 30, 2022:

 

     Yen in millions  
     Automotive      Financial
services
     All other      Elimination     Consolidated  

Sales revenues

                                                                                                                              

Revenues from external customers

     7,717,491        646,661        126,964              8,491,116  

Inter-segment revenues and transfers

     2,613        5,463        135,398        (143,473      
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     7,720,104        652,124        262,361        (143,473     8,491,116  

Operating expenses

     7,270,846        537,611        243,984        (139,978     7,912,462  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     449,258        114,513        18,377        (3,495     578,655  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

For the first quarter ended June 30, 2023:

             
     Yen in millions  
    
Automotive
     Financial
services
    
All other
    
Elimination
   
Consolidated
 

Sales revenues

             

Revenues from external customers

     9,669,784        761,377        115,670              10,546,831  

Inter-segment revenues and transfers

     18,160        13,803        190,773        (222,736      
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     9,687,944        775,180        306,443        (222,736     10,546,831  

Operating expenses

     8,742,306        627,887        266,217        (210,479     9,425,931  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     945,639        147,293        40,226        (12,256     1,120,900  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Accounting policies applied by each segment are in conformity with those of Toyota’s condensed quarterly consolidated financial statements. Transfers between industry segments are made in accordance with terms and conditions in the ordinary course of business.

 

12

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

3. Geographic information

For the first quarter ended June 30, 2022:

 

     Yen in millions  
     Japan      North America      Europe      Asia      Other      Elimination     Consolidated  

Sales revenues

                                                                                                                                                                          

Revenues from external customers

     1,909,042        3,262,851        923,768        1,576,341        819,115              8,491,116  

Inter-segment revenues and transfers

     1,990,725        87,053        49,272        219,323        9,607        (2,355,981      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     3,899,767        3,349,904        973,040        1,795,664        828,722        (2,355,981     8,491,116  

Operating expenses

     3,563,003        3,335,305        953,427        1,582,936        782,887        (2,305,095     7,912,462  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     336,765        14,599        19,612        212,728        45,836        (50,886     578,655  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

  For the first quarter ended June 30, 2023:

 

             
     Yen in millions  
     Japan      North America      Europe      Asia      Other      Elimination     Consolidated  

Sales revenues

                   

Revenues from external customers

     2,588,180        4,025,715        1,255,454        1,702,911        974,571              10,546,831  

Inter-segment revenues and transfers

     2,517,373        66,358        43,613        261,668        50,073        (2,939,086      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     5,105,553        4,092,074        1,299,067        1,964,579        1,024,644        (2,939,086     10,546,831  

Operating expenses

     4,403,604        3,972,416        1,215,976        1,778,377        939,236        (2,883,679     9,425,931  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     701,949        119,658        83,090        186,202        85,408        (55,406     1,120,900  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

“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 TMC or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.

 

13

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

4. Sales revenues by location of external customers

In addition to the disclosure requirements under IFRS, Toyota discloses this information in order to provide financial statements users with valuable information.

 

                           Yen in  millions                        
     For the first quarter ended June 30,  
     2022      2023  

Japan

     1,375,874        1,888,484  

North America

     3,274,863        4,031,922  

Europe

     872,707        1,225,994  

Asia

     1,612,365        1,786,939  

Other

     1,355,307        1,613,493  
  

 

 

    

 

 

 

Total

     8,491,116        10,546,831  
  

 

 

    

 

 

 

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

 

14

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

VI.

Fair value measurements

1. Definition of fair value hierarchy

In accordance with IFRS, Toyota classifies fair value measurement into the following three levels based on the observability and significance of the inputs used.

 

Level 1:

 

Quoted prices in active markets for identical assets or liabilities

Level 2:

 

Fair value measurement based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly

Level 3:  

Fair value measurement based on models using unobservable inputs for the assets or liabilities

2. Method of fair value measurement

The fair value of assets and liabilities is determined using relevant market information and appropriate valuation methods.

The methods and assumptions for measuring the fair value of assets and liabilities are as follows:

(1) Cash and cash equivalents -

Cash equivalents include money market funds and other investments with original maturities of three months or less. In the normal course of business, substantially all cash and cash equivalents and time deposits are highly liquid and are carried at amounts which approximate fair value due to their short duration.

(2) Trade accounts and other receivables and Trade accounts and other payables -

These receivables and payables are carried at amounts which approximate fair value due to their short duration.

(3) Receivables related to financial services -

The fair value of receivables related to financial services is estimated by discounting expected cash flows to present value using internal assumptions, including prepayment speeds, expected credit losses and collateral value.

As unobservable inputs are utilized, the fair value of receivables related to financial services is classified as Level 3.

(4) Other financial assets -

(Public and corporate bonds)

Public and corporate bonds include government bonds. Japanese bonds and foreign bonds, including U.S., European and other bonds, represent 30% and 70% (as of March 31, 2023) and 30% and 70% (as of June 30, 2023) of public and corporate bonds, respectively. Toyota primarily uses quoted market prices for identical assets to measure the fair value of these securities.

 

15

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

(Stocks)

Listed stocks on the Japanese stock markets represent 86% (as of March 31, 2023) and 83% (as of June 30, 2023) of stocks that Toyota holds. Toyota primarily uses quoted market prices for identical assets to measure fair value of these securities. Therefore, stocks with an active market are classified as Level 1.

Fair value of stocks with no active market is measured by using the market approach or other appropriate methods. Therefore, stocks with no active market are thus classified as Level 3.

Price book-value ratios (“PBR”) of comparable companies, discount ratios of discounted cash flow valuation method and others are the significant unobservable inputs relating to the fair value measurement of stocks classified as Level 3. The fair value increases (decreases) as PBR of a comparable company rises (declines) or the discount rate declines (rises). The estimated increase or decrease in fair value of stocks if the unobservable inputs were to be replaced by other reasonable alternative assumptions are not significant.

These estimates are based on valuation methods that are considered appropriate in each case. The significant assumptions involved in the estimations include the financial condition and future prospects and trends of the investees and the outcome of the referenced transactions. Due to the uncertain nature of these assumptions or by using different assumptions and estimates, the fair value may be impacted materially.

The shares classified as Level 3 are measured by the responsible department using quarterly available information in accordance with Toyota’s consolidated financial accounting policies and reported to the supervisors along with the basis of the change in fair value.

(5) Derivative financial instruments -

Toyota employs derivative financial instruments, including foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Toyota primarily estimates the fair value of derivative financial instruments using industry-standard valuation models that require observable inputs including interest rates and foreign exchange rates, and the contractual terms. The usage of these models does not require significant judgment to be applied. These derivative financial instruments are classified as Level 2. In other certain cases when market data are not available, key inputs to the fair value measurement include quotes from counterparties, and other market data. Toyota assesses the reasonableness of changes of the quotes using observable market data. These derivative financial instruments are classified as Level 3. Toyota’s derivative fair value measurements consider assumptions about counterparty and Toyota’s own non-performance risk, using such as credit default probabilities.

 

16

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

(6) Short-term and long-term debt -

The fair values of short-term and long-term debt including the current portion, except for secured loans provided by securitization transactions using special-purpose entities (“Loans Based on Securitization”), are estimated based on the discounted amounts of future cash flows using Toyota’s current borrowing rates for similar liabilities. As these inputs are observable, the fair value of these debts is classified as Level 2.

The fair values of the Loans Based on Securitization are primarily estimated based on current market rates and credit spreads for debt with similar maturities. Internal assumptions including prepayment speeds and expected credit losses are used to estimate the timing of cash flows to be paid on the underlying securitized assets. In cases where these valuations utilize unobservable inputs, the fair value of the Loans Based on Securitization is classified as Level 3.

 

17

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

3. Financial instrument measured at fair value on recurring basis

The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis. Transfers between levels of the fair value are recognized at the date of the event or change in circumstances that caused the transfer:

 

     Yen in millions  
     March 31, 2023  
     Level 1      Level 2     Level 3      Total  

Other financial assets:

          

Financial assets measured at fair value through profit or loss

          

Public and corporate bonds

     98,458        88,989       6,369        193,816  

Stocks

                  168,214        168,214  

Derivative financial instruments

            610,340              610,340  

Other

     334,071        161,981              496,052  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     432,529        861,310       174,583        1,468,422  
  

 

 

    

 

 

   

 

 

    

 

 

 

Financial assets measured at fair value through other comprehensive income

          

Public and corporate bonds

     3,976,333        2,405,823       26,963        6,409,119  

Stocks

     3,214,720              199,060        3,413,780  

Other

     7,838                     7,838  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     7,198,891        2,405,823       226,023        9,830,736  
  

 

 

    

 

 

   

 

 

    

 

 

 

Other financial liabilities:

          

Financial liabilities measured at fair value through profit or loss

          

Derivative financial instruments

            (456,257            (456,257
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

            (456,257            (456,257
  

 

 

    

 

 

   

 

 

    

 

 

 
     Yen in millions  
     June 30, 2023  
     Level 1      Level 2     Level 3      Total  

Other financial assets:

          

Financial assets measured at fair value through profit or loss

          

Public and corporate bonds

     102,482        97,328       7,643        207,453  

Stocks

                  190,588        190,588  

Derivative financial instruments

            768,104              768,104  

Other

     369,701        195,988              565,689  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     472,183        1,061,419       198,230        1,731,833  
  

 

 

    

 

 

   

 

 

    

 

 

 

Financial assets measured at fair value through other comprehensive income

          

Public and corporate bonds

     4,062,346        2,537,030       22,286        6,621,662  

Stocks

     3,751,908              174,718        3,926,626  

Other

     9,253                     9,253  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     7,823,507        2,537,030       197,004        10,557,540  
  

 

 

    

 

 

   

 

 

    

 

 

 

Other financial liabilities:

          

Financial liabilities measured at fair value through profit or loss

          

Derivative financial instruments

            (654,248            (654,248
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

            (654,248            (654,248
  

 

 

    

 

 

   

 

 

    

 

 

 

 

18

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

4. Changes in financial instruments classified as level 3 and measured at fair value on recurring basis

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended June 30, 2022 and 2023:

 

     Yen in millions  
     For the first quarter ended June 30, 2022  
     Public and corporate
bonds
    Stocks     Derivative
financial instruments
     Total  

Balance at beginning of year

     21,852       319,294              341,146  

Total gains (losses)

         

Net income (loss)

     (78     15,594              15,516  

Other comprehensive income (loss)

           6,425              6,425  

Purchases and issuances

           4,008              4,008  

Sales and settlements

     (54     (2,023            (2,077

Transfer to (from) Level 3

     (327                  (327

Others

     2,509       16,627              19,136  
  

 

 

   

 

 

   

 

 

    

 

 

 

Balance at end of period

     23,902       359,925              383,828  
  

 

 

   

 

 

   

 

 

    

 

 

 
     Yen in millions  
     For the first quarter ended June 30, 2023  
     Public and corporate
bonds
    Stocks     Derivative
financial instruments
     Total  

Balance at beginning of year

     33,332       367,274              400,606  

Total gains (losses)

         

Net income (loss)

     (18     14,356              14,338  

Other comprehensive income (loss)

           (4,457            (4,457

Purchases and issuances

           3,042              3,042  

Sales and settlements

     (2,222     (10,588            (12,811

Transfer to (from) Level 3

     792                    792  

Others

     (1,956     (4,321            (6,276
  

 

 

   

 

 

   

 

 

    

 

 

 

Balance at end of period

     29,928       365,306              395,234  
  

 

 

   

 

 

   

 

 

    

 

 

 

Net income (loss) in public and corporate bonds, stocks and derivative financial instruments, other than transactions related to financial services, are each included in “Other finance income” and “Other finance costs” in the accompanying condensed quarterly consolidated statement of income. Transactions related to financial services are included in each of “Sales revenues - Financial services” and “Cost of financial services” in the condensed quarterly consolidated statement of income.

In the reconciliation table above, derivative financial instruments are presented as net of assets and liabilities.

“Others” includes foreign currency translation adjustments for the first quarter ended June 30, 2022 and 2023.

 

19

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

5. Financial assets and liabilities measured at amortized cost

The following table summarizes the carrying amount and the fair value of financial assets and liabilities measured on an amortized cost basis:

 

     Yen in millions  
     March 31, 2023  
     Carrying
amount
     Fair value  
     Level 1      Level 2      Level 3      Total  

Receivables related to financial services

     24,770,851                      24,741,916        24,741,916  

Interest-bearing liabilities

              

Long-term debt (Including current portion)

     24,333,981               18,598,205        5,149,410        23,747,616  
     Yen in millions  
     June 30, 2023  
     Carrying
amount
     Fair value  
     Level 1      Level 2      Level 3      Total  

Receivables related to financial services

     27,457,886                      27,384,883        27,384,883  

Interest-bearing liabilities

              

Long-term debt (Including current portion)

     26,491,239               20,389,760        5,370,342        25,760,102  

Of financial assets and liabilities that are measured on an amortized cost basis, those with carrying values that approximate fair value are excluded from the table above.

 

20

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

VII.

Dividends

The paid dividend amounts are as follows:

For the first quarter ended June 30, 2022

 

                Resolution                 

 

  

Type of shares

 

   Total amount of
dividends

(yen in millions)
     Dividend per share
(yen)

 

    

           Record date           

 

  

           Effective date           

 

The Board of
Directors Meeting
on May 11, 2022

   Common shares      385,792        28.00          March 31, 2022             May 27, 2022     

 

  

 

  

 

 

    

 

 

    

 

  

 

For the first quarter ended June 30, 2023

 

                Resolution                 

 

  

Type of shares

 

   Total amount of
dividends

(yen in millions)
     Dividend per share
(yen)

 

    

           Record date           

 

  

           Effective date           

 

The Board of
Directors Meeting
on May 10, 2023

   Common shares      474,781        35.00             March 31, 2023           May 26, 2023

 

  

 

  

 

 

    

 

 

    

 

  

 

 

21

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

VIII. Sales revenues

The table below shows Toyota’s sales revenues from external customers by business and by product category.

 

     Yen in millions  
     For the first quarter ended June 30,  
                 2022                              2023              

Sales of products

     

Automotive

     

Vehicles

     6,454,128        8,209,461  

Parts and components for production

     409,497        435,281  

Parts and components for after service

     656,271        734,442  

Other

     197,596        290,600  
  

 

 

    

 

 

 

Total automotive

     7,717,491        9,669,784  

All other

     126,964        115,670  
  

 

 

    

 

 

 

Total sales of products

     7,844,455        9,785,454  

Financial services

     646,661        761,377  
  

 

 

    

 

 

 

Total sales revenues

     8,491,116        10,546,831  
  

 

 

    

 

 

 

 

22

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

IX.

Earnings per share

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

 

     Yen
in millions
     Thousands
of shares
     Yen  
     Net income
attributable to
Toyota Motor
Corporation
    
Weighted-
average
common shares
     Earnings per share
attributable to
Toyota Motor
Corporation
 

For the first quarter ended June 30, 2022

        

Net income attributable to Toyota Motor Corporation

     736,820        
  

 

 

    

 

 

    

 

 

 

Basic and Diluted earnings per share attributable to Toyota Motor Corporation

     736,820        13,732,569        53.65  
  

 

 

    

 

 

    

 

 

 

For the first quarter ended June 30, 2023

        

Net income attributable to Toyota Motor Corporation

     1,311,372        
  

 

 

    

 

 

    

 

 

 

Basic and Diluted earnings per share attributable to Toyota Motor Corporation

     1,311,372        13,555,663        96.74  
  

 

 

    

 

 

    

 

 

 

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for the first quarters ended June 30, 2022 and 2023, because there were no potential dilutive shares.

 

23

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

X.

Supplemental cash flow information

“Other, net” in cash flows from investing activities includes a net decrease in time deposits of ¥219,625 million and a net increase in time deposits of ¥392,784 million for the first quarter ended June 30, 2022 and 2023, respectively.

 

XI.

Contingencies

Guarantees -

Toyota enters into contracts with Toyota dealers to guarantee customers’ payments of their installment payables that arise from installment contracts between customers and Toyota dealers, as and when requested by Toyota dealers. Toyota is required to execute its guarantee primarily when customers are unable to make required payments.

The maximum potential amount of future payments as of June 30, 2023 is ¥3,681,112 million. Liabilities for guarantees totaling ¥16,338 million have been provided as of June 30, 2023. Under these guarantee contracts, Toyota is entitled to recover any amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.

Legal proceedings -

Toyota and other automakers have been named in certain class actions filed in Mexico, Australia, Israel and Brazil relating to Takata airbag issues. The actions in Israel and Brazil are being litigated. The actions in Mexico and Australia have been resolved.

Toyota is named as a defendant in an economic loss class action lawsuit in Australia in which damages are claimed on the basis that diesel particulate filters in certain vehicle models are defective. Toyota received an unfavorable judgment both in the primary court on April 7, 2022 and in the appeal court on March 27, 2023. The judgments included a finding that there was a perceived reduction in vehicle value of certain vehicle models. Toyota disagrees with the judgments and has filed an application for a further appeal. Other claims of economic loss in this class action lawsuit continue to be litigated at the court of first instance. In estimating the provision Toyota should record in the condensed quarterly consolidated financial statements as a result of the aforementioned judgments, Toyota has considered various factors including the legal and factual circumstances of the case, the contents of the judgments, and the views of legal counsel. The currently estimated probable economic outflow related to the class action is immaterial to Toyota’s consolidated financial position, results of operations and cash flows. At this stage, however, the final outcome and therefore ultimate financial liability for Toyota on account of this matter cannot be predicted with certainty.

 

24

 

 


TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

In April 2020, Toyota reported possible anti-bribery violations related to a Thai subsidiary to the SEC and the Department of Justice (“DOJ”), and is cooperating with their investigations. Investigations by governmental authorities related to these matters could result in the imposition of civil or criminal penalties, fines or other sanctions, or litigation. Toyota cannot predict the scope, duration or outcome of these matters at this time.

Toyota also has various other pending legal actions and claims, including without limitation personal injury and wrongful death lawsuits and claims in the United States, as well as intellectual property litigation, and is subject to government investigations from time to time.

Beyond the amounts accrued with respect to all aforementioned matters, Toyota is unable to estimate a range of reasonably possible loss, if any, for the pending legal matters because (i) many of the proceedings are in evidence gathering stages, (ii) significant factual issues need to be resolved, (iii) the legal theory or nature of the claims is unclear, (iv) the outcome of future motions or appeals is unknown and/or (v) the outcomes of other matters of these types vary widely and do not appear sufficiently similar to offer meaningful guidance. Therefore, for all of the aforementioned matters, which Toyota is in discussions to resolve, any losses that are beyond the amounts accrued could have an adverse effect on Toyota’s financial position, results of operations or cash flows.

 

25

 

 


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