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 November, 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.

English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on November 1, 2023, with respect to the registrant’s results of operations for the second quarter of FY2024 ended September 30, 2023.

 

II.

English translation of the Notice Concerning Distribution of Interim Dividends from Surplus, as filed by the registrant with the Tokyo Stock Exchange on November 1, 2023.

 

III.

English translation of the Notice Concerning the Determination of Matters Relating to the Repurchase of Shares of Common Stock, as filed by the registrant with the Tokyo Stock Exchange on November 1, 2023.

 

IV.

English translation of the Notice Concerning Amendments to Forecasts for FY2024, as filed by the registrant with the Tokyo Stock Exchange on November 1, 2023.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Toyota Motor Corporation

By:

 

 /s/  Yoshihide Moriyama

 

Name:

 

Yoshihide Moriyama

 

Title:

 

General Manager,

    Capital Strategy & Affiliated Companies Finance Division

Date: November 1, 2023

Table of Contents

FINANCIAL SUMMARY

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

FY2024 Second Quarter

(April 1, 2023 through September 30, 2023)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


Table of Contents

FY2024 Second Quarter Consolidated Financial Results

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

English translation from the original Japanese-language document

November 1, 2023

 

Company name

  :   Toyota Motor Corporation

Stock exchanges on which the shares are listed

  :   Tokyo and Nagoya Stock Exchanges in Japan

Code number

  :   7203

URL

  :  

https://global.toyota/jp/

Representative

  :  

Koji Sato, President

Contact person

  :  

Hideaki Hayashi, General Manager, Accounting Division

Tel. (0565)28-2121

Filing date of quarterly securities report

  :  

November 10, 2023

Payment date of cash dividends

  :  

November 22, 2023

Supplemental materials prepared for quarterly financial results

  :  

yes

Earnings announcement for quarterly financial results

  :  

yes

(Amounts are rounded to the nearest million yen)

 

1.

Consolidated Results for FY2024 First Half (April 1, 2023 through September 30, 2023)

 

(1)

Consolidated financial results (For the six months ended September 30)

 

    (% of change from previous first half)  
    Sales revenues     Operating income     Income before
income taxes
    Net income     Net income
attributable to

Toyota Motor
Corporation
    Comprehensive
income
 
    Million yen     %     Million yen     %     Million yen     %     Million yen     %     Million yen     %     Million yen     %  

FY2024 first half

    21,981,617       24.1       2,559,294       124.2       3,521,525       92.0       2,647,521       117.1       2,589,428       121.1       4,245,386       73.0  

FY2023 first half

    17,709,348       14.4       1,141,444       -34.7       1,834,276       -14.4       1,219,556       -22.1       1,171,084       -23.2       2,454,565       31.3  

 

     Earnings per share attributable to
Toyota Motor Corporation – Basic
     Earnings per share attributable to
Toyota Motor Corporation – Diluted
 
     Yen      Yen  

FY2024 first half

     191.26        191.26  

FY2023 first half

     85.42        85.42  

 

(2)

Consolidated financial position

 

     Total assets      Total shareholders’ equity      Toyota Motor Corporation
shareholders’ equity
     Ratio of
Toyota Motor Corporation
shareholders’ equity
 
     Million yen      Million yen      Million yen      %  

FY2024 second quarter

     83,661,391        32,852,768        31,893,112        38.1  

FY2023

     74,303,180        29,264,213        28,338,706        38.1  

 

2.

Cash Dividends

 

     Annual cash dividends per common share  
     End of first
quarter
     End of second
quarter
     End of third
quarter
     Year-end      Total  
     Yen      Yen      Yen      Yen      Yen  

FY2023

            25.00               35.00        60.00  

FY2024

            30.00           

FY2024 (forecast)

                          

 

(Note)

  

Revisions to the forecast of cash dividends since the latest announcement: none


Table of Contents
3.

Forecast of Consolidated Results for FY2024 (April 1, 2023 through March 31, 2024)

 

   

(% of change from FY2023)

   

Sales revenues

   

Operating income

   

Income before income
taxes

   

Net income attributable to

Toyota Motor
Corporation

   

Earnings per share
attributable to Toyota
Motor Corporation – Basic

    Million yen   %     Million yen   %     Million yen   %     Million yen   %     Yen

Full-year

  43,000,000     15.7     4,500,000     65.1     5,550,000     51.3     3,950,000     61.1     292.02

 

(Note)

  

Revisions to the forecast of consolidated results since the latest announcement: yes

Notes

(1)

Changes in significant subsidiaries during the current quarter

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

 

(2)

Changes in accounting policies and changes in accounting estimates

 

  (i)

Changes in accounting policies required by IFRS: none

 

  (ii)

Changes other than (2)-(i) above: none

 

  (iii)

Changes in accounting estimates: none

 

(3)

Number of shares issued and outstanding (common stock)

 

  (i)

Number of shares issued and outstanding at the end of each period (including treasury stock): FY2024 second quarter 16,314,987,460 shares, FY2023 16,314,987,460 shares

 

  (ii)

Number of treasury stock at the end of each period: FY2024 second quarter 2,801,135,115 shares, FY2023 2,749,807,731 shares

 

  (iii)

Average number of shares issued and outstanding in each period: FY2024 first half 13,539,125,720 shares, FY2023 first half 13,710,052,009 shares

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

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

This report contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)


Table of Contents


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Financial Statements and

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position

 

     Yen in millions  
     March 31, 2023     September 30, 2023  

Assets

                        

Current assets

    

Cash and cash equivalents

     7,516,966       7,926,063  

Trade accounts and other receivables

     3,586,130       3,738,439  

Receivables related to financial services

     8,279,806       9,964,278  

Other financial assets

     1,715,675       3,494,692  

Inventories

     4,255,614       4,749,878  

Income tax receivable

     218,704       182,247  

Other current assets

     886,885       996,842  
  

 

 

   

 

 

 

Total current assets

     26,459,781       31,052,438  
  

 

 

   

 

 

 

Non-current assets

    

Investments accounted for using the equity method

     5,227,345       5,570,443  

Receivables related to financial services

     16,491,045       19,118,129  

Other financial assets

     10,556,431       11,185,272  

Property, plant and equipment

    

Land

     1,426,370       1,443,141  

Buildings

     5,464,811       5,718,603  

Machinery and equipment

     14,796,619       15,847,591  

Vehicles and equipment on operating leases

     6,774,427       7,383,194  

Construction in progress

     846,866       1,004,753  
  

 

 

   

 

 

 

Total property, plant and equipment, at cost

     29,309,093       31,397,283  
  

 

 

   

 

 

 

Less - Accumulated depreciation and impairment losses

     (16,675,119     (17,777,602
  

 

 

   

 

 

 

Total property, plant and equipment, net

     12,633,974       13,619,681  
  

 

 

   

 

 

 

Right of use assets

     491,368       514,696  

Intangible assets

     1,249,122       1,309,946  

Deferred tax assets

     387,427       441,902  

Other non-current assets

     806,687       848,884  
  

 

 

   

 

 

 

Total non-current assets

     47,843,399       52,608,953  
  

 

 

   

 

 

 

Total assets

     74,303,180       83,661,391  
  

 

 

   

 

 

 

 

—2—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

     Yen in millions  
     March 31, 2023     September 30, 2023  

Liabilities

                        

Current liabilities

    

Trade accounts and other payables

     4,986,309       5,227,888  

Short-term and current portion of long-term debt

     12,305,639       14,068,253  

Accrued expenses

     1,552,345       1,599,860  

Other financial liabilities

     1,392,397       1,560,246  

Income taxes payable

     404,606       651,446  

Liabilities for quality assurance

     1,686,357       1,839,034  

Other current liabilities

     1,632,063       1,958,229  
  

 

 

   

 

 

 

Total current liabilities

     23,959,715       26,904,958  
  

 

 

   

 

 

 

Non-current liabilities

    

Long-term debt

     17,074,634       19,330,739  

Other financial liabilities

     533,710       626,909  

Retirement benefit liabilities

     1,065,508       1,126,636  

Deferred tax liabilities

     1,802,346       2,120,186  

Other non-current liabilities

     603,052       699,195  
  

 

 

   

 

 

 

Total non-current liabilities

     21,079,251       23,903,665  
  

 

 

   

 

 

 

Total liabilities

     45,038,967       50,808,623  
  

 

 

   

 

 

 

Shareholders’ equity

    

Common stock

     397,050       397,050  

Additional paid-in capital

     498,728       498,052  

Retained earnings

     28,343,296       30,747,689  

Other components of equity

     2,836,195       4,102,743  

Treasury stock

     (3,736,562     (3,852,421
  

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     28,338,706       31,893,112  
  

 

 

   

 

 

 

Non-controlling interests

     925,507       959,656  
  

 

 

   

 

 

 

Total shareholders’ equity

     29,264,213       32,852,768  
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     74,303,180       83,661,391  
  

 

 

   

 

 

 

 

—3—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

2. Unaudited Condensed Quarterly Consolidated Statement of Income and

 Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

Unaudited Condensed Quarterly Consolidated Statement of Income

 

     Yen in millions  
     For the first half ended
September 30, 2022
    For the first half ended
September 30, 2023
 

Sales revenues

    

Sales of products

     16,363,930       20,383,442  

Financial services

     1,345,419       1,598,175  
  

 

 

   

 

 

 

Total sales revenues

     17,709,348       21,981,617  
  

 

 

   

 

 

 

Costs and expenses

    

Cost of products sold

     14,049,248       16,542,695  

Cost of financial services

     845,222       1,006,082  

Selling, general and administrative

     1,673,434       1,873,546  
  

 

 

   

 

 

 

Total costs and expenses

     16,567,905       19,422,323  
  

 

 

   

 

 

 

Operating income

     1,141,444       2,559,294  
  

 

 

   

 

 

 

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

     304,623       378,530  

Other finance income

     197,354       337,941  

Other finance costs

     (70,350     (44,300

Foreign exchange gain (loss), net

     291,455       299,376  

Other income (loss), net

     (30,250     (9,314
  

 

 

   

 

 

 

Income before income taxes

     1,834,276       3,521,525  
  

 

 

   

 

 

 

Income tax expense

                  614,720                    874,004  
  

 

 

   

 

 

 

Net income

     1,219,556       2,647,521  
  

 

 

   

 

 

 

Net income attributable to

    

Toyota Motor Corporation

     1,171,084       2,589,428  

Non-controlling interests

     48,472       58,093  
  

 

 

   

 

 

 

Net income

     1,219,556       2,647,521  
  

 

 

   

 

 

 
     Yen  

Earnings per share attributable to Toyota Motor Corporation

    

Basic and Diluted

     85.42       191.26  
  

 

 

   

 

 

 

 

—4—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

     Yen in millions  
     For the first half ended
September 30, 2022
    For the first half ended
September 30, 2023
 

Net income

     1,219,556       2,647,521  

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

     26,178                   376,618  

Remeasurements of defined benefit plans

     (8,696     (5,201

Share of other comprehensive income of equity method investees

     (80,105     178,815  
  

 

 

   

 

 

 

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

     (62,622     550,232  
  

 

 

   

 

 

 

Items that may be reclassified subsequently to profit (loss)

    

Exchange differences on translating foreign operations

     1,243,648       944,115  

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

     (183,228     (64,377

Share of other comprehensive income of equity method investees

                 237,212       167,894  
  

 

 

   

 

 

 

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

     1,297,631       1,047,633  
  

 

 

   

 

 

 

Total other comprehensive income, net of tax

     1,235,009       1,597,865  
  

 

 

   

 

 

 

Comprehensive income

     2,454,565       4,245,386  
  

 

 

   

 

 

 

Comprehensive income for the period attributable to

    

Toyota Motor Corporation

     2,371,417       4,145,722  

Non-controlling interests

     83,147       99,664  
  

 

 

   

 

 

 

Comprehensive income

     2,454,565       4,245,386  
  

 

 

   

 

 

 

 

—5—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Statement of Income

 

     Yen in millions  
     For the second quarter ended
September 30, 2022
    For the second quarter ended
September 30, 2023
 

Sales revenues

    

Sales of products

     8,519,475       10,597,988  

Financial services

     698,757       836,798  
  

 

 

   

 

 

 

Total sales revenues

     9,218,232       11,434,786  
  

 

 

   

 

 

 

Costs and expenses

    

Cost of products sold

     7,349,121       8,501,716  

Cost of financial services

     445,382       563,134  

Selling, general and administrative

                  860,940                    931,543  
  

 

 

   

 

 

 

Total costs and expenses

     8,655,443       9,996,392  
  

 

 

   

 

 

 

Operating income

     562,789       1,438,394  
  

 

 

   

 

 

 

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

     133,554       185,174  

Other finance income

     71,561       147,813  

Other finance costs

     (50,988     (20,961

Foreign exchange gain (loss), net

     108,196       52,600  

Other income (loss), net

     (12,583     (2,047
  

 

 

   

 

 

 

Income before income taxes

     812,528       1,800,972  
  

 

 

   

 

 

 

Income tax expense

     351,225       480,341  
  

 

 

   

 

 

 

Net income

     461,303       1,320,631  
  

 

 

   

 

 

 

Net income attributable to

    

Toyota Motor Corporation

     434,264       1,278,056  

Non-controlling interests

     27,040       42,575  
  

 

 

   

 

 

 

Net income

     461,303       1,320,631  
  

 

 

   

 

 

 
     Yen  

Earnings per share attributable to Toyota Motor Corporation

    

Basic and Diluted

     31.73       94.51  
  

 

 

   

 

 

 

 

—6—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

     Yen in millions  
     For the second quarter ended
September 30, 2022
    For the second quarter ended
September 30, 2023
 

Net income

     461,303       1,320,631  

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

     (15,435     1,584  

Remeasurements of defined benefit plans

     (5,168     (2,127

Share of other comprehensive income of equity method investees

     (20,100     117,892  
  

 

 

   

 

 

 

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

     (40,703     117,349  
  

 

 

   

 

 

 

Items that may be reclassified subsequently to profit (loss)

    

Exchange differences on translating foreign operations

     325,505       183,933  

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

     (95,968     (56,773

Share of other comprehensive income of equity method investees

     116,117       126,358  
  

 

 

   

 

 

 

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

     345,653       253,519  
  

 

 

   

 

 

 

Total other comprehensive income, net of tax

     304,951                    370,868  
  

 

 

   

 

 

 

Comprehensive income

     766,254       1,691,499  
  

 

 

   

 

 

 

Comprehensive income for the period attributable to

    

Toyota Motor Corporation

     736,238       1,645,123  

Non-controlling interests

                   30,016       46,376  
  

 

 

   

 

 

 

Comprehensive income

     766,254       1,691,499  
  

 

 

   

 

 

 

 

—7—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

For the first half ended September 30, 2022

 

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

Balances at April 1, 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

                1,171,084                   1,171,084       48,472       1,219,556  

Other comprehensive income, net of tax

                      1,200,334             1,200,334       34,675       1,235,009  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                1,171,084       1,200,334             2,371,417       83,147       2,454,565  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

               

Dividends paid

                (385,792                 (385,792     (69,506     (455,299

Repurchase of treasury stock

                            (195,545     (195,545           (195,545

Reissuance of treasury stock

          334                   573       907             907  

Equity transactions and other

          297                         297       602       899  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

          631       (385,792           (194,972     (580,134     (68,905     (649,038
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                66,577       (66,577                        
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at September 30, 2022

    397,050       499,206       27,304,994       3,337,011       (3,501,009     28,037,253       923,094       28,960,346  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

For the first half ended September 30, 2023

 

 

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

Balances at April 1, 2023

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

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

               

Net income

                2,589,428                   2,589,428       58,093       2,647,521  

Other comprehensive income, net of tax

                      1,556,294             1,556,294       41,571       1,597,865  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                2,589,428       1,556,294             4,145,722       99,664       4,245,386  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

               

Dividends paid

                (474,781                 (474,781     (74,812     (549,593

Repurchase of treasury stock

                            (116,507     (116,507           (116,507

Reissuance of treasury stock

          263                   649       911             911  

Equity transactions and other

          (939                       (939     9,296       8,358  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

          (676     (474,781           (115,858     (591,316     (65,516     (656,831
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                289,746       (289,746                        
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at September 30, 2023

    397,050       498,052       30,747,689       4,102,743       (3,852,421     31,893,112       959,656       32,852,768  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

—8—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

 

     Yen in millions  
     For the first half ended
September 30, 2022
    For the first half ended
September 30, 2023
 

Cash flows from operating activities

    

Net income

     1,219,556       2,647,521  

Depreciation and amortization

     1,016,123       1,019,961  

Interest income and interest costs related to financial services, net

     (355,403     (367,298

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

     (304,623     (378,530

Income tax expense

                  614,720                    874,004  

Changes in operating assets and liabilities, and other

     (398,273     (1,899,459

Interest received

     677,731       1,038,446  

Dividends received

     355,592       463,630  

Interest paid

     (229,205     (482,012

Income taxes paid, net of refunds

     (937,422     (638,183
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     1,658,797       2,278,079  
  

 

 

   

 

 

 

Cash flows from investing activities

    

Additions to fixed assets excluding equipment leased to others

     (733,675     (847,498

Additions to equipment leased to others

     (930,723     (1,298,943

Proceeds from sales of fixed assets excluding equipment leased to others

     21,016       67,703  

Proceeds from sales of equipment leased to others

     876,929       932,990  

Additions to intangible assets

     (160,772     (147,974

Additions to public and corporate bonds and stocks

     (659,075     (1,014,675

Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds

     744,952       1,215,728  

Other, net

     58,857       (1,558,924
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     (782,490     (2,651,591
  

 

 

   

 

 

 

Cash flows from financing activities

    

Increase (decrease) in short-term debt

     121,280       278,309  

Proceeds from long-term debt

     4,574,105       5,261,465  

Payments of long-term debt

     (4,444,965     (4,328,396

Dividends paid to Toyota Motor Corporation common shareholders

     (385,792     (474,781

Dividends paid to non-controlling interests

     (69,506     (74,812

Reissuance (repurchase) of treasury stock

     (195,545     (116,507

Other, net

           8,758  
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (400,424     554,035  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     390,632       228,573  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     866,514       409,097  
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

     6,113,655       7,516,966  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     6,980,169       7,926,063  
  

 

 

   

 

 

 

 

—9—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Second Quarter Financial Summary

 

5. Going Concern Assumption

None

 

—10—


Table of Contents

Supplemental Material for Financial Results for FY2024 Second Quarter (Consolidated)

< IFRS >

 

    FY2023     FY2024     FY2024  
  1Q
(2022/4-6)
    2Q
(2022/7-9)
    First Half
6 months
(2022/4-9)
    3Q
(2022/10-12)
    4Q
(2023/1-3)
    12 months
(‘22/4-‘23/3)
    1Q
(2023/4-6)
    2Q
(2023/7-9)
    First Half
6 months
(2023/4-9)
    Forecast
12 months
(‘23/4-‘24/3)
 

Vehicle Production (thousands of units)

    1,936       2,179       4,115       2,243       2,336       8,694       2,345       2,379       4,725    

(Japan)
–including Daihatsu & Hino

    802       934       1,735       975       1,078       3,789       1,025       1,090       2,114    

[Daihatsu & Hino]

    [208     [240     [448     [285     [269     [1,002     [190     [232     [422  

(Overseas)
–including Daihatsu & Hino

    1,135       1,245       2,380       1,268       1,258       4,905       1,321       1,289       2,610    

[Daihatsu & Hino]

    [121     [157     [277     [164     [156     [597     [118     [139     [258  

North America

    452       460       913       415       441       1,768       520       482       1,002    

Europe

    201       183       385       210       176       771       223       161       384    

Asia

    372       468       840       510       508       1,859       437       498       935    

Central and South America

    104       105       209       95       95       398       102       105       207    

Africa

    5       28       33       38       38       109       39       44       83    

Vehicle Sales (thousands of units)

    2,013       2,146       4,159       2,331       2,331       8,822       2,326       2,418       4,744       9,600  

(Japan)
–including Daihatsu & Hino

    403       466       869       532       668       2,069       532       540       1,072       2,320  

[Daihatsu & Hino]

    [126     [144     [270     [169     [182     [621     [134     [141     [275     [620

(Overseas)
–including Daihatsu & Hino

    1,610       1,680       3,290       1,799       1,664       6,753       1,794       1,878       3,672       7,280  

[Daihatsu & Hino]

    [68     [78     [146     [92     [83     [321     [69     [74     [144     [280

North America

    635       610       1,245       607       555       2,407       682       703       1,385       2,730  

Europe

    248       231       479       277       273       1,030       286       270       557       1,150  

Asia

    361       456       817       476       458       1,751       417       478       895       1,760  

Central and South America

    123       128       251       144       115       509       128       126       254       480  

Oceania

    76       67       142       68       54       265       76       87       163       310  

Africa

    36       61       97       68       61       226       59       62       121       270  

Middle East

    130       126       256       157       145       559       143       149       292       580  

Other

    2       2       3       2       2       7       3       2       5    

Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]

    2,544       2,625       5,168       2,721       2,669       10,558       2,751       2,845       5,596       11,380  

 

Supplemental 1


Table of Contents

Supplemental Material for Financial Results for FY2024 Second Quarter (Consolidated)

< IFRS >

 

    FY2023     FY2024     FY2024  
  1Q
(2022/4-6)
    2Q
(2022/7-9)
    First Half
6 months
(2022/4-9)
    3Q
(2022/10-12)
    4Q
(2023/1-3)
    12 months
(‘22/4-‘23/3)
    1Q
(2023/4-6)
    2Q
(2023/7-9)
    First Half
6 months
(2023/4-9)
    Forecast
12 months
(‘23/4-‘24/3)
 

Foreign Exchange Rates

                   

Yen to US Dollar Rate

    130       138       134       141       132       135       137       145       141       as premise: 141  

Yen to Euro Rate

    138       139       139       144       142       141       150       157       153       as premise: 152  

Number of Employees

    376,971       377,369       377,369       375,396       375,235       375,235       379,659       381,576       381,576 (Note 1)   

Sales Revenues (billions of yen)

    8,491.1       9,218.2       17,709.3       9,754.6       9,690.2       37,154.2       10,546.8       11,434.7       21,981.6       43,000.0  

Geographic Information

                   

Japan

    3,899.7       4,290.1       8,189.9       4,582.2       4,811.0       17,583.1       5,105.5       5,404.7       10,510.3    

North America

    3,349.9       3,523.6       6,873.5       3,588.9       3,381.4       13,843.9       4,092.0       4,504.2       8,596.2    

Europe

    973.0       939.3       1,912.3       1,155.6       1,205.6       4,273.7       1,299.0       1,359.4       2,658.4    

Asia

    1,795.6       2,153.3       3,949.0       2,183.9       1,911.9       8,044.9       1,964.5       2,346.6       4,311.1    

Other

    828.7       907.5       1,736.3       907.1       828.7       3,472.1       1,024.6       1,165.1       2,189.7    

Elimination

    -2,355.9       -2,595.8       -4,951.8       -2,663.2       -2,448.5       -10,063.6       -2,939.0       -3,345.3       -6,284.4    

Business Segment

                   

Automotive

    7,720.1       8,408.9       16,129.0       8,871.4       8,819.4       33,820.0       9,687.9       10,477.3       20,165.3    

Financial Services

    652.1       704.2       1,356.3       741.7       711.5       2,809.6       775.1       846.1       1,621.3    

All Other

    262.3       271.0       533.4       312.2       379.2       1,224.9       306.4       319.2       625.6    

Elimination

    -143.4       -166.0       -309.5       -170.6       -220.0       -700.2       -222.7       -207.9       -430.7    

Operating Income (billions of yen)

    578.6       562.7       1,141.4       956.6       626.9       2,725.0       1,120.9       1,438.3       2,559.2       4,500.0  

(Operating Income Ratio) (%)

    (6.8     (6.1     (6.4     (9.8     (6.5     (7.3     (10.6     (12.6     (11.6     (10.5

Geographic Information

                   

Japan

    336.7       521.1       857.9       683.4       360.1       1,901.4       701.9       879.1       1,581.0    

North America

    14.5       -85.6       -71.0       -17.9       14.2       -74.7       119.6       169.4       289.1    

Europe

    19.6       -65.5       -45.9       62.6       40.7       57.4       83.0       99.3       182.3    

Asia

    212.7       178.9       391.6       168.7       154.0       714.4       186.2       224.9       411.1    

Other

    45.8       64.0       109.9       66.1       55.3       231.3       85.4       104.2       189.6    

Elimination

    -50.8       -50.1       -101.0       -6.3       2.3       -104.9       -55.4       -38.7       -94.1    

Business Segment

                   

Automotive

    449.2       453.7       902.9       818.8       458.8       2,180.6       945.6       1,301.6       2,247.2    

Financial Services

    114.5       84.4       198.9       125.0       113.5       437.5       147.2       97.6       244.9    

All Other

    18.3       20.3       38.6       18.4       46.2       103.4       40.2       39.5       79.8    

Elimination

    -3.4       4.3       0.8       -5.7       8.3       3.4       -12.2       -0.4       -12.7    

Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)

    171.0       133.5       304.6       170.0       168.3       643.0       193.3       185.1       378.5       740.0  

Income before Income Taxes (billions of yen)

    1,021.7       812.5       1,834.2       1,034.9       799.4       3,668.7       1,720.5       1,800.9       3,521.5       5,550.0  

(Income before Income Taxes Ratio) (%)

    (12.0     (8.8     (10.4     (10.6     (8.3     (9.9     (16.3     (15.7     (16.0     (12.9

Net Income Attributable toToyota Motor Corporation (billions of yen)

    736.8       434.2       1,171.0       727.9       552.2       2,451.3       1,311.3       1,278.0       2,589.4       3,950.0  

(Net Income Ratio) (%)

    (8.7     (4.7     (6.6     (7.5     (5.7     (6.6     (12.4     (11.2     (11.8     (9.2

Dividends

                   

Cash Dividends (billions of yen)

    —        342.1       342.1       —        474.7       816.9       —        405.4       405.4 (Note 2)   

Cash Dividends per Share (yen)

    —        25       25       —        35       60       —        30       30    

Payout Ratio (%)

    —        29.2       29.2       —        37.1       33.4       —        15.6       15.6    

Value of Shares Repurchased (billions of yen)[actual purchase]

    121.3       74.2       195.5       141.0       94.5       431.0       34.3       82.1       116.4 (Note 3)   

Value of Shares Repurchased (billions of yen)[shareholder return]

    —        149.9       149.9       —        150.0       299.9       —        100.0      
100.0
(Note 3) 
(Note 4) 
 

Number of Outstanding Shares (thousands)

    16,314,987       16,314,987       16,314,987       16,314,987       16,314,987       16,314,987       16,314,987       16,314,987       16,314,987    

 

Supplemental 2


Table of Contents

Supplemental Material for Financial Results for FY2024 Second Quarter (Consolidated)

< IFRS >

 

    FY2023     FY2024     FY2024  
    1Q
(2022/4-6)
    2Q
(2022/7-9)
    First Half
6 months
(2022/4-9)
    3Q
(2022/10-12)
    4Q
(2023/1-3)
    12 months
(‘22/4-‘23/3)
    1Q
(2023/4-6)
    2Q
(2023/7-9)
    First Half
6 months
(2023/4-9)
    Forecast
12 months
(‘23/4-‘24/3)
 

R&D Expenses (billions of yen)

    302.2       318.4       620.7       298.8       322.0       1,241.6       294.8       314.0       608.9       1,240.0 (Note 5) 

Depreciation Expenses (billions of yen)

    284.3       289.7       574.0       298.1       312.7       1,185.0       298.3       303.2       601.6       1,260.0 (Note 6) 

Geographic Information

                   

Japan

    122.6       126.3       248.9       118.0       145.8       512.8       140.7       139.5       280.2    

North America

    87.4       95.3       182.8       94.4       89.4       366.6       79.4       84.5       163.9    

Europe

    22.1       20.4       42.5       20.9       22.3       85.9       21.4       23.4       44.8    

Asia

    39.9       42.5       82.4       56.2       45.2       184.0       46.1       44.6       90.7    

Other

    12.2       5.0       17.2       8.4       9.7       35.5       10.5       11.1       21.7    

Capital Expenditures (billions of yen)

    274.6       407.4       682.0       358.8       564.9       1,605.8       366.6       442.8       809.4       1,970.0 (Note 6) 

Geographic Information

                   

Japan

    128.6       151.6       280.2       148.1       275.4       703.8       144.0       175.2       319.3    

North America

    97.9       175.3       273.3       120.1       162.7       556.1       154.1       159.5       313.6    

Europe

    10.3       10.3       20.6       16.9       24.1       61.7       12.5       28.9       41.4    

Asia

    25.7       65.5       91.2       63.4       68.1       222.9       41.1       54.9       96.0    

Other

    11.9       4.5       16.5       10.2       34.4       61.2       14.7       24.2       38.9    

Total Liquid Assets (billions of yen)

    10,532.2       11,004.6       11,004.6       10,278.7       11,313.7       11,313.7       12,287.8       13,808.6       13,808.6 (Note 7)   

Total Assets (billions of yen)

    71,935.1       74,484.0       74,484.0       71,580.5       74,303.1       74,303.1       80,131.2       83,661.3       83,661.3    

Toyota Motor Corporation Shareholders’ Equity (billions of yen)

    27,374.8       28,037.2       28,037.2       27,535.8       28,338.7       28,338.7       30,330.0       31,893.1       31,893.1    

Return on Equity (%)

    11.0       6.3       8.6       10.5       7.9       9.0       17.9       16.4       17.2    

Return on Asset (%)

    4.2       2.4       3.3       4.0       3.0       3.5       6.8       6.2       6.6    

Number of Consolidated Subsidiaries (including Structured Entities)

              569          

Number of Associates and Joint Ventures Accounted for Using the Equity Method

              168          

 

Analysis of Consolidated Net Income

Attributable to Toyota Motor Corporation for FY2024

(billions of yen, approximately)

   2Q
(2023/7-9)
     First Half
6 months
(2023/4-9)
 

Marketing Efforts

     690.0        1,290.0  

Effects of Changes in Exchange Rates

     145.0        260.0  

Cost Reduction Efforts

     45.0        -110.0  

From Engineering

     10.0        -175.0  

From Manufacturing and Logistics

     35.0        65.0  

Increase or Decrease in Expenses and Expense Reduction Efforts

     -150.0        -220.0  

Other

     145.6        197.8  

(Changes in Operating Income)

     875.6        1,417.8  

Non-operating Income

     112.8        269.3  

Share of Profit (Loss) of Investments Accounted for Using the Equity Method

     51.6        73.9  

Income tax expense, Net Income Attributable to Non-controlling Interests

     -144.6        -268.9  

(Changes in Net Income Attributable to Toyota Motor Corporation)

     843.7        1,418.3  

Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect Toyota’s plans and expectations.

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.

These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

 

(Note 1)

Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2)

2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend

(Note 3)

Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase

(Note 4)

Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.)

(Note 5)

Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income

(Note 6)

Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets

(Note 7)

Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services

 

Supplemental 3

[Reference Translation]

November 1, 2023

To Whom It May Concern:

 

 

Company Name: TOYOTA MOTOR CORPORATION

Name and Title of Representative:

   Koji Sato, President

   (Code Number: 7203

   Prime of Tokyo Stock Exchange and

   Premier of Nagoya Stock Exchange)

Name and Title of Contact Person:

   Yoshihide Moriyama, General Manager,

   Capital Strategy & Affiliated Companies Finance Div.

   (Telephone Number: 0565-28-2121)

Notice Concerning Distribution of Interim Dividends from Surplus

At a meeting held November 1, 2023, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to distribute dividends from surplus, with a record date of September 30, 2023. In relation to the above, we hereby inform you of the following:

 

1.

Details of dividends

 

     Interim dividend
for FY 2024
    Most recent dividend 
forecast
   Interim dividend paid
for FY 2023

Record date

    September 30, 2023     September 30, 2023     September 30, 2022 

Dividend per share

   30.00 yen    —     25.00 yen

Total amount of dividends

   405,416 million yen    —     342,187 million yen

Effective date

   November 22, 2023    —     November 22, 2022

Source of dividends

   Retained earnings    —     Retained earnings

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

 

Record date

  

Dividends for FY 2024

(ended September 30,2023)

  

Dividends for FY 2023

(ended September 30,2022)

End of interim period

   30.00 yen    25.00 yen

End of fiscal period

   —     35.00 yen

Total

   —     60.00 yen

 

2.

Reason for the dividend amount

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

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

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

-End-

[Reference Translation]

November 1, 2023

To Whom It May Concern:

 

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

Notice Concerning the Determination of Matters Relating to

the Repurchase of Shares of Common Stock

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

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the board of directors held on November 1, 2023 to repurchase shares of its common stock pursuant to Article 156 of the Companies Act of Japan (the “Companies Act”) as applied pursuant to Article 165, Paragraph 3 of the Companies Act.

 

1.

Reason for repurchasing shares

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

TMC will flexibly repurchase its common stock while considering factors such as the price level of its common stock.

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


2.

Details of matters relating to repurchase

 

(1) Class of shares to be repurchased

 

Shares of Common Stock of TMC

(2) Total number of shares to be repurchased

 

60 million shares (maximum)

 

(Represents 0.44% of the total number of issued shares (excluding treasury stock))

(3) Total purchase price for repurchase of shares

 

JPY 100 billion (maximum)

(4) Period of repurchase

 

From November 2, 2023 to April 30, 2024

(References) Number of treasury stock as of September 30, 2023

 

Total number of issued shares (excluding treasury stock) :

     13,513,852,345        shares  

Number of treasury stock :

     2,801,135,115        shares  

-End-

[Reference Translation]

November 1, 2023

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: 0565-28-2121)

Notice Concerning Amendments to Forecasts for FY2024

Based on our recent business results, we, Toyota Motor Corporation, hereby amend, as below, our full-year consolidated financial forecasts for FY2024 (April 1, 2023 through March 31, 2024), announced on May 10, 2023.

 

1.

Amendments to the full-year consolidated financial forecasts for FY2024 (April 1, 2023 through March 31, 2024)

(Amount: billion yen)

     Sales
revenues
     Operating
income
     Income before
income taxes
     Net income
attributable to
Toyota Motor
Corporation
 

Previous forecasts (A)

     38,000.0        3,000.0        3,690.0        2,580.0  

New forecasts (B)

     43,000.0        4,500.0        5,550.0        3,950.0  

Amount changed (B – A)

     5,000.0        1,500.0        1,860.0        1,370.0  

% of change

     13.2%        50.0%        50.4%        53.1%  

(Reference) Actual results for FY2023

     37,154.2        2,725.0        3,668.7        2,451.3  

 

2.

Reasons for the amendments

The full-year consolidated financial forecasts for FY2024 were amended from the previously announced forecasts in light of efforts to improve profitability, in addition to the impact of exchange rate fluctuations.

The forecast of the full-year consolidated vehicle unit sales for FY2024 has not been changed from the previous forecast of 9.6 million units.

The assumption of the foreign exchange rate for the full-year average has been changed from 125 yen per U.S. dollar and 135 yen per euro to 141 yen per U.S. dollar and 152 yen per euro.


(Note)

This notice contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.


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