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 February, 2024

Commission File Number 001-14948

 

 

Toyota Motor Corporation

(Translation of Registrant’s Name Into English)

 

 

1, Toyota-cho, Toyota City,

Aichi Prefecture 471-8571,

Japan

(Address 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 February 6, 2024, with respect to the registrant’s results of operations for the third quarter of FY2024 ended December 31, 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: February 6, 2024

Table of Contents

FINANCIAL SUMMARY

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

FY2024 Third Quarter

(April 1, 2023 through December 31, 2023)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


Table of Contents

FY2024 Third 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

February 6, 2024

 

Company name

  :   Toyota Motor Corporation

Stock exchanges on which the shares are listed

  :   Tokyo and Nagoya Stock Exchanges in Japan

Code number

  :   7203

URL

  :  

https://global.toyota/jp/

Representative

  :  

Koji Sato, President

Contact person

  :  

Hideaki Hayashi, General Manager, Accounting Division

Tel. (0565)28-2121

Filing date of quarterly securities report

  :  

February 13, 2024

Payment date of cash dividends

  :  

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 nine months (April 1, 2023 through December 31, 2023)

 

(1)

Consolidated financial results (For the nine months ended December 31)

 

    (% of change from previous first nine months)  
    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 nine months

    34,022,720       23.9       4,240,238       102.1       5,357,065       86.7       4,031,624       105.3       3,947,242       107.9       5,415,334       123.4  

FY2023 first nine months

    27,464,033       18.0       2,098,095       -17.1       2,869,274       -11.4       1,964,122       -17.6       1,899,026       -18.0       2,424,351       -8.0  

 

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

FY2024 first nine months

     291.87        291.87  

FY2023 first nine months

     138.78        138.78  

 

(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 third quarter

     84,232,154        33,523,966        32,561,697        38.7  

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

  43,500,000     17.1     4,900,000     79.8     6,200,000     69.0     4,500,000     83.6     332.97

 

(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 third quarter 16,314,987,460 shares, FY2023 16,314,987,460 shares

 

  (ii)

Number of treasury stock at the end of each period: FY2024 third quarter 2,829,136,593 shares, FY2023 2,749,807,731 shares

 

  (iii)

Average number of shares issued and outstanding in each period: FY2024 first nine months 13,524,128,807 shares, FY2023 first nine months 13,684,168,898 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 Third 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     December 31, 2023  

Assets

                        

Current assets

    

Cash and cash equivalents

     7,516,966       7,583,154  

Trade accounts and other receivables

     3,586,130       3,818,470  

Receivables related to financial services

     8,279,806       10,426,656  

Other financial assets

     1,715,675       4,650,916  

Inventories

     4,255,614       4,294,143  

Income tax receivable

     218,704       133,032  

Other current assets

     886,885       948,347  
  

 

 

   

 

 

 

Total current assets

     26,459,781       31,854,717  
  

 

 

   

 

 

 

Non-current assets

    

Investments accounted for using the equity method

     5,227,345       5,641,846  

Receivables related to financial services

     16,491,045       19,124,065  

Other financial assets

     10,556,431       10,923,018  

Property, plant and equipment

    

Land

     1,426,370       1,433,969  

Buildings

     5,464,811       5,652,447  

Machinery and equipment

     14,796,619       15,681,350  

Vehicles and equipment on operating leases

     6,774,427       7,201,656  

Construction in progress

     846,866       950,517  
  

 

 

   

 

 

 

Total property, plant and equipment, at cost

     29,309,093       30,919,939  
  

 

 

   

 

 

 

Less - Accumulated depreciation and impairment losses

     (16,675,119     (17,495,241
  

 

 

   

 

 

 

Total property, plant and equipment, net

     12,633,974       13,424,699  
  

 

 

   

 

 

 

Right of use assets

     491,368       498,026  

Intangible assets

     1,249,122       1,321,958  

Deferred tax assets

     387,427       460,503  

Other non-current assets

     806,687       983,322  
  

 

 

   

 

 

 

Total non-current assets

     47,843,399       52,377,437  
  

 

 

   

 

 

 

Total assets

     74,303,180       84,232,154  
  

 

 

   

 

 

 

 

—2—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third Quarter Financial Summary

 

     Yen in millions  
     March 31, 2023     December 31, 2023  

Liabilities

                        

Current liabilities

    

Trade accounts and other payables

     4,986,309       4,909,386  

Short-term and current portion of long-term debt

     12,305,639       14,703,717  

Accrued expenses

     1,552,345       1,607,868  

Other financial liabilities

     1,392,397       1,525,810  

Income taxes payable

     404,606       723,123  

Liabilities for quality assurance

     1,686,357       1,806,249  

Other current liabilities

     1,632,063       1,796,656  
  

 

 

   

 

 

 

Total current liabilities

     23,959,715       27,072,808  
  

 

 

   

 

 

 

Non-current liabilities

    

Long-term debt

     17,074,634       19,256,186  

Other financial liabilities

     533,710       480,470  

Retirement benefit liabilities

     1,065,508       1,115,974  

Deferred tax liabilities

     1,802,346       2,071,268  

Other non-current liabilities

     603,052       711,481  
  

 

 

   

 

 

 

Total non-current liabilities

     21,079,251       23,635,380  
  

 

 

   

 

 

 

Total liabilities

     45,038,967       50,708,188  
  

 

 

   

 

 

 

Shareholders’ equity

    

Common stock

     397,050       397,050  

Additional paid-in capital

     498,728       494,286  

Retained earnings

     28,343,296       31,726,790  

Other components of equity

     2,836,195       3,871,068  

Treasury stock

     (3,736,562     (3,927,497
  

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     28,338,706       32,561,697  
  

 

 

   

 

 

 

Non-controlling interests

     925,507       962,269  
  

 

 

   

 

 

 

Total shareholders’ equity

     29,264,213       33,523,966  
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     74,303,180       84,232,154  
  

 

 

   

 

 

 

 

—3—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third 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 nine months ended
December 31, 2022
    For the first nine months ended
December 31, 2023
 

Sales revenues

    

Sales of products

     25,383,850       31,511,767  

Financial services

     2,080,183       2,510,953  
  

 

 

   

 

 

 

Total sales revenues

     27,464,033       34,022,720  
  

 

 

   

 

 

 

Costs and expenses

    

Cost of products sold

     21,435,002       25,345,445  

Cost of financial services

     1,280,860       1,559,145  

Selling, general and administrative

     2,650,076       2,877,893  
  

 

 

   

 

 

 

Total costs and expenses

     25,365,938       29,782,483  
  

 

 

   

 

 

 

Operating income

     2,098,095       4,240,238  
  

 

 

   

 

 

 

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

     474,716       596,181  

Other finance income

     307,518       544,304  

Other finance costs

     (108,313     (78,752

Foreign exchange gain (loss), net

     128,375       55,334  

Other income (loss), net

     (31,118     (239
  

 

 

   

 

 

 

Income before income taxes

     2,869,274       5,357,065  
  

 

 

   

 

 

 

Income tax expense

                  905,153                    1,325,441  
  

 

 

   

 

 

 

Net income

     1,964,122       4,031,624  
  

 

 

   

 

 

 

Net income attributable to

    

Toyota Motor Corporation

     1,899,026       3,947,242  

Non-controlling interests

     65,096       84,382  
  

 

 

   

 

 

 

Net income

     1,964,122       4,031,624  
  

 

 

   

 

 

 
     Yen  

Earnings per share attributable to Toyota Motor Corporation

    

Basic and Diluted

     138.78       291.87  
  

 

 

   

 

 

 

 

—4—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

     Yen in millions  
     For the first nine months ended
December 31, 2022
    For the first nine months ended
December 31, 2023
 

Net income

     1,964,122       4,031,624  

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

     (29,503                 361,529  

Remeasurements of defined benefit plans

     (12,242     (8,170

Share of other comprehensive income of equity method investees

     (109,051     197,931  
  

 

 

   

 

 

 

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

     (150,797     551,290  
  

 

 

   

 

 

 

Items that may be reclassified subsequently to profit (loss)

    

Exchange differences on translating foreign operations

     529,140       603,550  

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

     (170,000     47,605  

Share of other comprehensive income of equity method investees

                 251,886       181,264  
  

 

 

   

 

 

 

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

     611,026       832,420  
  

 

 

   

 

 

 

Total other comprehensive income, net of tax

     460,229       1,383,710  
  

 

 

   

 

 

 

Comprehensive income

     2,424,351       5,415,334  
  

 

 

   

 

 

 

Comprehensive income for the period attributable to

    

Toyota Motor Corporation

     2,353,007       5,298,565  

Non-controlling interests

     71,344       116,769  
  

 

 

   

 

 

 

Comprehensive income

     2,424,351       5,415,334  
  

 

 

   

 

 

 

 

—5—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Statement of Income

 

     Yen in millions  
     For the third quarter ended
December 31, 2022
    For the third quarter ended
December 31, 2023
 

Sales revenues

    

Sales of products

     9,019,920       11,128,325  

Financial services

     734,765       912,778  
  

 

 

   

 

 

 

Total sales revenues

     9,754,685       12,041,104  
  

 

 

   

 

 

 

Costs and expenses

    

Cost of products sold

     7,385,754       8,802,750  

Cost of financial services

     435,638                    553,063  

Selling, general and administrative

                  976,641       1,004,347  
  

 

 

   

 

 

 

Total costs and expenses

     8,798,033       10,360,160  
  

 

 

   

 

 

 

Operating income

     956,652       1,680,944  
  

 

 

   

 

 

 

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

     170,093       217,651  

Other finance income

     110,164       206,364  

Other finance costs

     (37,963     (34,452

Foreign exchange gain (loss), net

     (163,080     (244,042

Other income (loss), net

     (868     9,075  
  

 

 

   

 

 

 

Income before income taxes

     1,034,998       1,835,540  
  

 

 

   

 

 

 

Income tax expense

     290,432       451,437  
  

 

 

   

 

 

 

Net income

     744,566       1,384,103  
  

 

 

   

 

 

 

Net income attributable to

    

Toyota Motor Corporation

     727,942       1,357,814  

Non-controlling interests

     16,624       26,289  
  

 

 

   

 

 

 

Net income

     744,566       1,384,103  
  

 

 

   

 

 

 
     Yen  

Earnings per share attributable to Toyota Motor Corporation

    

Basic and Diluted

     53.40       100.62  
  

 

 

   

 

 

 

 

—6—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

     Yen in millions  
     For the third quarter ended
December 31, 2022
    For the third quarter ended
December 31, 2023
 

Net income

     744,566       1,384,103  

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

     (55,682     (15,089

Remeasurements of defined benefit plans

     (3,546     (2,969

Share of other comprehensive income of equity method investees

     (28,947     19,116  
  

 

 

   

 

 

 

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

     (88,175     1,058  
  

 

 

   

 

 

 

Items that may be reclassified subsequently to profit (loss)

    

Exchange differences on translating foreign operations

     (714,507     (340,565

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

     13,228                    111,982  

Share of other comprehensive income of equity method investees

                  14,675       13,370  
  

 

 

   

 

 

 

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

     (686,605     (215,213
  

 

 

   

 

 

 

Total other comprehensive income, net of tax

     (774,780     (214,155
  

 

 

   

 

 

 

Comprehensive income

     (30,214     1,169,948  
  

 

 

   

 

 

 

Comprehensive income for the period attributable to

    

Toyota Motor Corporation

     (18,411     1,152,843  

Non-controlling interests

     (11,803     17,105  
  

 

 

   

 

 

 

Comprehensive income

     (30,214     1,169,948  
  

 

 

   

 

 

 

 

—7—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third Quarter Financial Summary

 

3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

For the first nine months ended December 31, 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

                1,899,026                   1,899,026       65,096       1,964,122  

Other comprehensive income, net of tax

                      453,981             453,981       6,248       460,229  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                1,899,026       453,981             2,353,007       71,344       2,424,351  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

               

Dividends paid

                (727,980                 (727,980     (84,573     (812,552

Repurchase of treasury stock

                            (336,577     (336,577           (336,577

Reissuance of treasury stock

          334                   573       907             907  

Equity transactions and other

          499                         499       18,575       19,074  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

          833       (727,980           (336,004     (1,063,151     (65,997     (1,129,148
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                72,019       (72,019                        
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at December 31, 2022

    397,050       499,408       27,696,192       2,585,216       (3,642,041     27,535,825       914,198       28,450,023  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

For the first nine months ended December 31, 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

                3,947,242                   3,947,242       84,382       4,031,624  

Other comprehensive income, net of tax

                      1,351,323             1,351,323       32,387       1,383,710  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

                3,947,242       1,351,323             5,298,565       116,769       5,415,334  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactions with owners and other

               

Dividends paid

                (880,197                 (880,197     (89,298     (969,494

Repurchase of treasury stock

                            (191,584     (191,584           (191,584

Reissuance of treasury stock

          263                   649       911             911  

Equity transactions and other

          (4,704                       (4,704     9,290       4,586  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total transactions with owners and other

          (4,442     (880,197           (190,935     (1,075,573     (80,008     (1,155,581
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassification to retained earnings

                316,450       (316,450                        
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at December 31, 2023

    397,050       494,286       31,726,790       3,871,068       (3,927,497     32,561,697       962,269       33,523,966  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

—8—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third Quarter Financial Summary

 

4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

 

     Yen in millions  
     For the first nine months ended
December 31, 2022
    For the first nine months ended
December 31, 2023
 

Cash flows from operating activities

    

Net income

     1,964,122       4,031,624  

Depreciation and amortization

     1,534,759       1,535,393  

Interest income and interest costs related to financial services, net

     (534,217     (564,332

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

     (474,716     (596,181

Income tax expense

     905,153       1,325,441  

Changes in operating assets and liabilities, and other

     (1,432,634     (3,340,602

Interest received

     1,082,133       1,620,707  

Dividends received

     459,340       581,452  

Interest paid

     (401,044     (775,664

Income taxes paid, net of refunds

     (1,276,972     (1,031,698
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     1,825,923       2,786,141  
  

 

 

   

 

 

 

Cash flows from investing activities

    

Additions to fixed assets excluding equipment leased to others

     (1,095,573     (1,242,206

Additions to equipment leased to others

     (1,406,217     (2,048,034

Proceeds from sales of fixed assets excluding equipment leased to others

     35,211                    77,716  

Proceeds from sales of equipment leased to others

     1,261,624       1,445,164  

Additions to intangible assets

     (253,581     (234,748

Additions to public and corporate bonds and stocks

     (1,104,568     (1,926,369

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

                  941,742       1,783,141  

Other, net

     107,768       (2,084,792
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     (1,513,593     (4,230,129
  

 

 

   

 

 

 

Cash flows from financing activities

    

Increase (decrease) in short-term debt

     222,629       486,043  

Proceeds from long-term debt

     6,591,101       8,410,408  

Payments of long-term debt

     (6,161,781     (6,112,456

Dividends paid to Toyota Motor Corporation common shareholders

     (727,980     (880,197

Dividends paid to non-controlling interests

     (84,573     (89,298

Reissuance (repurchase) of treasury stock

     (336,577     (191,584

Other, net

           11,544  
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (497,181     1,634,461  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     93,285       (124,286
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     (91,566     66,188  
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

     6,113,655       7,516,966  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     6,022,089       7,583,154  
  

 

 

   

 

 

 

 

—9—


Table of Contents

TOYOTA MOTOR CORPORATION FY2024 Third Quarter Financial Summary

 

5. Going Concern Assumption

None

 

—10—


Table of Contents

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

< IFRS >

 

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

Vehicle Production (thousands of units)

    1,936       2,179       2,243       6,358       2,336       8,694       2,345       2,379       2,444       7,168    

(Japan)
–including Daihatsu & Hino

    802       934       975       2,711       1,078       3,789       1,025       1,090       1,115       3,230    

[Daihatsu & Hino]

    [208     [240     [285     [733     [269     [1,002     [190     [232     [247     [669  

(Overseas)
–including Daihatsu & Hino

    1,135       1,245       1,268       3,647       1,258       4,905       1,321       1,289       1,328       3,939    

[Daihatsu & Hino]

    [121     [157     [164     [441     [156     [597     [118     [139     [134     [391  

North America

    452       460       415       1,328       441       1,768       520       482       475       1,477    

Europe

    201       183       210       595       176       771       223       161       238       622    

Asia

    372       468       510       1,350       508       1,859       437       498       489       1,423    

Central and South America

    104       105       95       303       95       398       102       105       91       298    

Africa

    5       28       38       71       38       109       39       44       35       118    

Vehicle Sales (thousands of units)

    2,013       2,146       2,331       6,491       2,331       8,822       2,326       2,418       2,551       7,295       9,450  

(Japan)
–including Daihatsu & Hino

    403       466       532       1,402       668       2,069       532       540       558       1,630       2,120  

[Daihatsu & Hino]

    [126     [144     [169     [439     [182     [621     [134     [141     [154     [429     [470

(Overseas)
–including Daihatsu & Hino

    1,610       1,680       1,799       5,089       1,664       6,753       1,794       1,878       1,993       5,665       7,330  

[Daihatsu & Hino]

    [68     [78     [92     [238     [83     [321     [69     [74     [64     [207     [280

North America

    635       610       607       1,852       555       2,407       682       703       776       2,161       2,760  

Europe

    248       231       277       757       273       1,030       286       270       327       884       1,170  

Asia

    361       456       476       1,293       458       1,751       417       478       480       1,376       1,760  

Central and South America

    123       128       144       394       115       509       128       126       120       374       480  

Oceania

    76       67       68       210       54       265       76       87       80       244       310  

Africa

    36       61       68       164       61       226       59       62       55       175       270  

Middle East

    130       126       157       413       145       559       143       149       151       443       580  

Other

    2       2       2       5       2       7       3       2       3       8    

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

    2,544       2,625       2,721       7,889       2,669       10,558       2,751       2,845       2,968       8,564       11,230  

 

Supplemental 1


Table of Contents

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

< IFRS >

 

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

Foreign Exchange Rates

                     

Yen to US Dollar Rate

    130       138       141       136       132       135       137       145       148       143       as premise:143  

Yen to Euro Rate

    138       139       144       141       142       141       150       157       159       155       as premise:154  

Number of Employees

    376,971       377,369       375,396       375,396       375,235       375,235       379,659       381,576       380,737       380,737 (Note 1)   

Sales Revenues (billions of yen)

    8,491.1       9,218.2       9,754.6       27,464.0       9,690.2       37,154.2       10,546.8       11,434.7       12,041.1       34,022.7       43,500.0  

Geographic Information

                     

Japan

    3,899.7       4,290.1       4,582.2       12,772.1       4,811.0       17,583.1       5,105.5       5,404.7       5,626.8       16,137.2    

North America

    3,349.9       3,523.6       3,588.9       10,462.4       3,381.4       13,843.9       4,092.0       4,504.2       4,958.1       13,554.3    

Europe

    973.0       939.3       1,155.6       3,068.0       1,205.6       4,273.7       1,299.0       1,359.4       1,520.7       4,179.2    

Asia

    1,795.6       2,153.3       2,183.9       6,133.0       1,911.9       8,044.9       1,964.5       2,346.6       2,371.3       6,682.5    

Other

    828.7       907.5       907.1       2,643.4       828.7       3,472.1       1,024.6       1,165.1       974.0       3,163.7    

Elimination

    -2,355.9       -2,595.8       -2,663.2       -7,615.0       -2,448.5       -10,063.6       -2,939.0       -3,345.3       -3,410.0       -9,694.4    

Business Segment

                     

Automotive

    7,720.1       8,408.9       8,871.4       25,000.5       8,819.4       33,820.0       9,687.9       10,477.3       11,065.7       31,231.0    

Financial Services

    652.1       704.2       741.7       2,098.1       711.5       2,809.6       775.1       846.1       922.3       2,543.7    

All Other

    262.3       271.0       312.2       845.6       379.2       1,224.9       306.4       319.2       357.4       983.1    

Elimination

    -143.4       -166.0       -170.6       -480.2       -220.0       -700.2       -222.7       -207.9       -304.4       -735.2    

Operating Income (billions of yen)

    578.6       562.7       956.6       2,098.0       626.9       2,725.0       1,120.9       1,438.3       1,680.9       4,240.2       4,900.0  

(Operating Income Ratio) (%)

    (6.8     (6.1     (9.8     (7.6     (6.5     (7.3     (10.6     (12.6     (14.0     (12.5     (11.3

Geographic Information

                     

Japan

    336.7       521.1       683.4       1,541.3       360.1       1,901.4       701.9       879.1       1,104.1       2,685.1    

North America

    14.5       -85.6       -17.9       -89.0       14.2       -74.7       119.6       169.4       227.4       516.5    

Europe

    19.6       -65.5       62.6       16.7       40.7       57.4       83.0       99.3       103.1       285.5    

Asia

    212.7       178.9       168.7       560.3       154.0       714.4       186.2       224.9       238.4       649.6    

Other

    45.8       64.0       66.1       176.0       55.3       231.3       85.4       104.2       9.2       198.9    

Elimination

    -50.8       -50.1       -6.3       -107.3       2.3       -104.9       -55.4       -38.7       -1.5       -95.6    

Business Segment

                     

Automotive

    449.2       453.7       818.8       1,721.7       458.8       2,180.6       945.6       1,301.6       1,472.6       3,719.9    

Financial Services

    114.5       84.4       125.0       323.9       113.5       437.5       147.2       97.6       172.0       416.9    

All Other

    18.3       20.3       18.4       57.1       46.2       103.4       40.2       39.5       44.1       123.9    

Elimination

    -3.4       4.3       -5.7       -4.8       8.3       3.4       -12.2       -0.4       -7.9       -20.6    

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

    171.0       133.5       170.0       474.7       168.3       643.0       193.3       185.1       217.6       596.1       740.0  

Income before Income Taxes (billions of yen)

    1,021.7       812.5       1,034.9       2,869.2       799.4       3,668.7       1,720.5       1,800.9       1,835.5       5,357.0       6,200.0  

(Income before Income Taxes Ratio) (%)

    (12.0     (8.8     (10.6     (10.4     (8.3     (9.9     (16.3     (15.7     (15.2     (15.7     (14.3

Net Income Attributable toToyota Motor Corporation (billions of yen)

    736.8       434.2       727.9       1,899.0       552.2       2,451.3       1,311.3       1,278.0       1,357.8       3,947.2       4,500.0  

(Net Income Ratio) (%)

    (8.7     (4.7     (7.5     (6.9     (5.7     (6.6     (12.4     (11.2     (11.3     (11.6     (10.3

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       141.0       336.5       94.5       431.0       34.3       82.1       75.0       191.5 (Note 3)   

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

    —        149.9       —        149.9       149.9       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       16,314,987    

 

Supplemental 2


Table of Contents

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

< IFRS >

 

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

R&D Expenses (billions of yen)

    302.2       318.4       298.8       919.5       322.0       1,241.6       294.8       314.0       289.2       898.1       1,240.0 (Note 5) 

Depreciation Expenses
(billions of yen)

    284.3       289.7       298.1       872.2       312.7       1,185.0       298.3       303.2       302.9       904.5       1,260.0 (Note 6) 

Geographic Information

                     

Japan

    122.6       126.3       118.0       366.9       145.8       512.8       140.7       139.5       133.6       413.9    

North America

    87.4       95.3       94.4       277.2       89.4       366.6       79.4       84.5       91.4       255.4    

Europe

    22.1       20.4       20.9       63.5       22.3       85.9       21.4       23.4       21.3       66.2    

Asia

    39.9       42.5       56.2       138.7       45.2       184.0       46.1       44.6       45.4       136.1    

Other

    12.2       5.0       8.4       25.7       9.7       35.5       10.5       11.1       11.0       32.7    

Capital Expenditures
(billions of yen)

    274.6       407.4       358.8       1,040.9       564.9       1,605.8       366.6       442.8       486.9       1,296.4       1,970.0 (Note 6) 

Geographic Information

                     

Japan

    128.6       151.6       148.1       428.3       275.4       703.8       144.0       175.2       174.0       493.3    

North America

    97.9       175.3       120.1       393.4       162.7       556.1       154.1       159.5       182.6       496.3    

Europe

    10.3       10.3       16.9       37.6       24.1       61.7       12.5       28.9       23.4       64.8    

Asia

    25.7       65.5       63.4       154.7       68.1       222.9       41.1       54.9       89.4       185.5    

Other

    11.9       4.5       10.2       26.7       34.4       61.2       14.7       24.2       17.3       56.3    

Total Liquid Assets (billions of yen)

    10,532.2       11,004.6       10,278.7       10,278.7       11,313.7       11,313.7       12,287.8       13,808.6       14,143.6       14,143.6 (Note 7)   

Total Assets (billions of yen)

    71,935.1       74,484.0       71,580.5       71,580.5       74,303.1       74,303.1       80,131.2       83,661.3       84,232.1       84,232.1    

Toyota Motor Corporation Shareholders’ Equity (billions of yen)

    27,374.8       28,037.2       27,535.8       27,535.8       28,338.7       28,338.7       30,330.0       31,893.1       32,561.6       32,561.6    

Return on Equity (%)

    11.0       6.3       10.5       9.4       7.9       9.0       17.9       16.4       16.9       17.3    

Return on Asset (%)

    4.2       2.4       4.0       3.6       3.0       3.5       6.8       6.2       6.5       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)

   3Q
(2023/10-12)
     9 months
(2023/4-12)
 

Marketing Efforts

     700.0        1,990.0  

Effects of Changes in Exchange Rates

     120.0        380.0  

Cost Reduction Efforts

     45.0        -65.0  

From Engineering

     15.0        -160.0  

From Manufacturing and Logistics

     30.0        95.0  

Increase or Decrease in Expenses and Expense Reduction Efforts

     -80.0        -300.0  

Other

     -60.8        137.1  

(Changes in Operating Income)

     724.2        2,142.1  

Non-operating Income

     76.2        345.6  

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

     47.5        121.4  

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

     -170.6        -439.5  

(Changes in Net Income Attributable to Toyota Motor Corporation)

     629.8        2,048.2  

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


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