Close

Form 6-K TOYOTA MOTOR CORP/ For: May 08

May 8, 2015 6:14 AM EDT

 

 

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 May, 2015

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 May 8, 2015, with respect to the registrant’s results of operations for the fiscal year ended March 31, 2015.

 

  (1) FY2015 Financial Summary

 

  (2) Supplemental Material for Financial Results for FY2015 (Consolidated)

 

  (3) Supplemental Material for Financial Results for FY2015 (Unconsolidated)

 

II. English translation of the Notice Concerning the Holding of Ordinary General Shareholders’ Meeting to be held on June 16, 2015, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2015.

 

III. English translation of the Notice Concerning Distribution of Dividends from Surplus, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2015.

 

IV. 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 May 8, 2015.


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/     Yasushi Kyoda

 

Name:

  Yasushi Kyoda
 

Title:

  General Manager of Accounting Division

Date: May 8, 2015

Table of Contents

FINANCIAL SUMMARY

FY2015

(April 1, 2014 through March 31, 2015)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


Table of Contents

FY2015 Consolidated Financial Results

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

English translation from the original Japanese-language document

May 8, 2015

 

Company name

  :   Toyota Motor Corporation

Stock exchanges on which the shares are listed

  :  

Tokyo, Nagoya, Sapporo and Fukuoka

Stock Exchanges in Japan

Code number

  :   7203

URL

  :   http://www.toyota.co.jp

Representative

  :   Akio Toyoda, President

Contact person

  :  

Yasushi Kyoda, General Manager,

Accounting Division

Tel. (0565)28-2121

Date of the ordinary general shareholders’ meeting

  :   June 16, 2015

Payment date of cash dividends

  :   June 17, 2015

Filing date of financial statements

  :   June 24, 2015

Supplemental materials prepared for financial results

  :   yes

Earnings announcement for financial results

  :   yes

(Amounts are rounded to the nearest million yen for consolidated results)

 

1. Consolidated Results for FY2015 (April 1, 2014 through March 31, 2015)

 

(1) Consolidated financial results

 

     (% of change from previous year)  
     Net revenues      Operating income      Income before income taxes
and equity in earnings of
affiliated companies
     Net income attributable to
Toyota Motor Corporation
 
     Million yen      %      Million yen      %      Million yen      %      Million yen      %  

FY2015

     27,234,521         6.0         2,750,564         20.0         2,892,828         18.5         2,173,338         19.2   

FY2014

     25,691,911         16.4         2,292,112         73.5         2,441,080         73.9         1,823,119         89.5   

 

Note:  Comprehensive income    FY2015    3,294,275 million yen ( 13.9 %),    FY2014    2,892,501 million yen ( 49.5 %)

 

     Net income attributable to
Toyota Motor Corporation
per share – Basic
     Net income attributable to
Toyota Motor Corporation
per share – Diluted
     Ratio of net income
attributable to Toyota
Motor Corporation to
Toyota Motor Corporation
shareholders’ equity
     Ratio of income  before
income taxes and
equity in earnings of
affiliated companies
to total assets
     Ratio of operating income
to net revenues
 
     Yen      Yen      %      %      %  

FY2015

     688.02         687.66         13.9         6.5         10.1   

FY2014

     575.30         574.92         13.7         6.3         8.9   

 

Reference:  Equity in earnings of affiliated companies    FY2015    308,545 million yen,    FY2014    318,376 million yen

 

(2) Consolidated financial position

 

     Total assets      Shareholders’ equity      Toyota Motor  Corporation
shareholders’ equity
     Ratio of
Toyota Motor Corporation
shareholders’ equity
     Toyota Motor  Corporation
shareholders’ equity
per share
 
     Million yen      Million yen      Million yen      %      Yen  

FY2015

     47,729,830         17,647,329         16,788,131         35.2         5,334.96   

FY2014

     41,437,473         15,218,987         14,469,148         34.9         4,564.74   

 

(3) Consolidated cash flows

 

     From operating activities      From investing activities      From financing activities      Cash and cash equivalents
at end of year
 
     Million yen      Million yen      Million yen      Million yen  

FY2015

     3,685,753         -3,813,490         306,045         2,284,557   

FY2014

     3,646,035         -4,336,248         919,480         2,041,170   

 

2. Cash Dividends

 

    Annual cash dividends per share     Total amount  of
cash dividends
(annual)
    Dividends  payout
ratio
(consolidated)
    Ratio of total amount
of dividends to Toyota
Motor Corporation
shareholders’ equity
(consolidated)
 
    End of first
quarter
    End of  second
quarter
    End of  third
quarter
    Year-end     Annual        
    Yen     Yen     Yen     Yen     Yen     Million Yen     %     %  

FY2014

           65.00               100.00        165.00        522,960        28.7        3.9   

FY2015

           75.00               125.00        200.00        631,308        29.0        4.0   

FY2016 (forecast)

                                             


Table of Contents
3. Forecast of Consolidated Results for FY2016 (April 1, 2015 through March 31, 2016)

 

    (% of change from FY2015)  
    Net revenues     Operating income     Income before income taxes
and equity in earnings of
affiliated companies
    Net income attributable to
Toyota Motor Corporation
    Net income attributable to
Toyota Motor Corporation
per share – Basic
 
    Million yen     %     Million yen     %     Million yen     %     Million yen     %     Yen  

Full-year

    27,500,000        1.0        2,800,000        1.8        2,970,000        2.7        2,250,000        3.5        715.01   

 

Notes

 

(1) Changes in significant subsidiaries during FY2015

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

 

(2) Changes in accounting principles, procedures, and disclosures during FY2015

 

  (i) Changes by a newly issued accounting pronouncement: yes

 

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

Note: For more details, please see page 15 “(6) Summary of Significant Accounting Policies”.

 

(3) Number of shares issued and outstanding (common stock)

 

  (i) Number of shares issued and outstanding at the end of each fiscal year (including treasury stock):
    FY2015    3,417,997,492 shares, FY2014    3,447,997,492 shares

 

  (ii) Number of treasury stock at the end of each fiscal year: FY2015    271,183,861 shares, FY2014    278,231,473 shares

 

  (iii) Average number of shares issued and outstanding in each fiscal year: FY2015    3,158,851,116 shares, FY2014    3,168,989,173 shares

Reference: Overview of the Unconsolidated Financial Results

FY2015 Unconsolidated Financial Results

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

English translation from the original Japanese-language document

(Amounts less than one million yen are omitted for unconsolidated results)

 

1. Unconsolidated Results for FY2015 (April 1, 2014 through March 31, 2015)

 

(1) Unconsolidated financial results

 

     (% of change from previous year)  
     Net revenues      Operating income      Ordinary income      Net income  
     Million yen      %      Million yen      %      Million yen      %      Million yen      %  

FY2015

     11,209,414         1.5         1,270,664         0.1         2,125,104         15.6         1,690,679         19.3   

FY2014

     11,042,163         13.2         1,269,004         424.1         1,838,450         114.7         1,416,810         103.1   
     Net income per
share – Basic
     Net income per
share – Diluted
                             
     Yen      Yen                              

FY2015

     535.22         534.95               

FY2014

     447.09         446.81               

(2)    Unconsolidated financial position

                 
     Total assets      Net assets      Equity ratio      Net assets per share  
     Million yen      Million yen      %      Yen  

FY2015

     15,128,623         10,184,271         67.3         3,235.44   

FY2014

     13,609,725         8,920,439         65.5         2,812.17   

 

Reference: Equity at the end of FY2015: 10,181,339 million yen, Equity at the end of FY2014: 8,913,916 million yen

 

2. Forecast of Unconsolidated Results for FY2016 (April 1, 2015 through March 31, 2016)

 

     (% of change from FY2015)  
     Net revenues      Operating income      Ordinary income      Net income      Net income per
share – Basic
 
     Million yen      %      Million yen      %      Million yen      %      Million yen      %      Yen  

Full-year

     11,300,000         0.8         1,370,000         7.8         2,200,000         3.5         1,780,000         5.3         565.65   

Information Regarding the Audit Procedures

At the time of disclosure of this report, the procedures for audit of financial statements, pursuant to the “Financial Instruments and Exchange Act” of Japan, have not been completed.

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 and market demand affecting, and the competitive environment in, 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 Russian ruble, the Canadian dollar and the British pound, 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; (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; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

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.

Consolidated financial information in this report is prepared in accordance with U.S. generally accepted accounting principles.


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

TABLE OF CONTENTS

 

1.  Financial Results and Position

     2   

(1) Consolidated Financial Results for FY2015

     2   

(2) Consolidated Financial Position for FY2015

     4   

(3) Basic Policy on the Distribution of Profits and the Distribution of Profits for FY2015

     4   

(4) Forecast of Consolidated Financial Results for FY2016

     5   

2.  Management Policy

     6   

(1) Toyota’s Basic Management Policy

     6   

(2) Medium- and Long-term Management Strategy

     6   

3.  Basic Concept Regarding the Selection of Accounting Standards

     6   

4.  Consolidated Production and Sales

     7   

(1) Production

     7   

(2) Sales (by destination)

     7   

5.  Breakdown of Consolidated Net Revenues

     8   

6.  Consolidated Financial Statements

     9   

(1) Consolidated Balance Sheets

     9   

(2) Consolidated Statements of Income and
 Consolidated Statements of Comprehensive Income

     11   

(3) Consolidated Statements of Shareholders’ Equity

     13   

(4) Consolidated Statements of Cash Flows

     14   

(5) Going Concern Assumption

     15   

(6) Summary of Significant Accounting Policies

     15   

(7) Segment Information

     16   

(8) Per Share Amounts

     23   

(9) Significant Subsequent Events

     23   

7.  Unconsolidated Financial Statements

     24   

(1) Balance Sheets

     24   

(2) Statements of Income

     26   

(3) Changes in Net Assets

     27   

(4) Going Concern Assumption

     29   

 

1


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

 

1.

Financial Results and Position

(1) Consolidated Financial Results for FY2015

Financial Results

Reviewing the general economic environment for FY2015 (April 1, 2014 through March 31, 2015), with respect to the world economy, the U.S. economy has seen ongoing recovery mainly due to increasing personal consumption and the European economy as a whole has shown continuing signs of recovery. Meanwhile, economies such as those of China and emerging countries have shown signs of weakness. The Japanese economy has been on a moderate recovery, while weakness could be seen in personal consumption and other areas.

For the automobile industry, although markets have progressed in a steady manner, especially in the U.S., markets in some emerging countries have become stagnant and the Japanese market slowed down due to the consumption tax increase. Efforts toward building a low-carbon society through eco-cars and improvements in safety increased worldwide.

Under these conditions, consolidated vehicle sales in Japan and overseas decreased by 144 thousand units, or 1.6%, to 8,972 thousand units in FY2015 compared with FY2014 (April 1, 2013 through March 31, 2014). Vehicle sales in Japan decreased by 211 thousand units, or 9.0%, to 2,154 thousand units in FY2015 compared with FY2014 under the declined market in Japan. However, with the efforts of dealers nationwide, Toyota and Lexus brands’ market share excluding mini-vehicles was 46.0%, and market share (including Daihatsu and Hino brands) including mini-vehicles was 41.8%, each remaining at as high a level as in FY2014. Meanwhile, overseas vehicle sales increased by 67 thousand units, or 1.0%, to 6,818 thousand units in FY2015 compared with FY2014, because of sales expansion in North America and Europe.

As for the results of operations, net revenues increased by 1,542.6 billion yen, or 6.0%, to 27,234.5 billion yen in FY2015 compared with FY2014, and operating income increased by 458.4 billion yen, or 20.0%, to 2,750.5 billion yen in FY2015 compared with FY2014. The factors contributing to an increase in operating income were cost reduction efforts of 280.0 billion yen, the effects of changes in exchange rates of 280.0 billion yen, and other factors of 128.4 billion yen. On the other hand, the factors contributing to a decrease in operating income were the increase in expenses and others of 160.0 billion yen, and the effects of marketing activities of 70.0 billion yen. Income before income taxes and equity in earnings of affiliated companies increased by 451.7 billion yen, or 18.5%, to 2,892.8 billion yen in FY2015 compared with FY2014. Net income attributable to Toyota Motor Corporation increased by 350.2 billion yen, or 19.2%, to 2,173.3 billion yen in FY2015 compared with FY2014.

Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations increased by 1,280.7 billion yen, or 5.4%, to 25,062.1 billion yen in FY2015 compared with FY2014, and operating income increased by 386.5 billion yen, or 19.9%, to 2,325.3 billion yen in FY2015 compared with FY2014. The increase in operating income was mainly due to effects of changes in exchange rates and cost reduction efforts.

(ii) Financial services:

Net revenues for the financial services operations increased by 240.1 billion yen, or 16.9%, to 1,661.1 billion yen in FY2015 compared with FY2014, and operating income increased by 66.9 billion yen, or 22.7%, to 361.8 billion yen in FY2015 compared with FY2014. The increase in operating income was mainly due to the recording of valuation gains on interest rate swaps stated at fair value in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses increased by 104.5 billion yen, or 9.1%, to 1,255.7 billion yen in FY2015 compared with FY2014, and operating income increased by 1.3 billion yen, or 2.1%, to 65.6 billion yen in FY2015 compared with FY2014.

 

2


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

Geographic Information

(i) Japan:

Net revenues in Japan increased by 106.3 billion yen, or 0.7%, to 14,403.8 billion yen in FY2015 compared with FY2014, and operating income increased by 61.3 billion yen, or 4.1%, to 1,571.4 billion yen in FY2015 compared with FY2014. The increase in operating income was mainly due to effects of changes in exchange rates and cost reduction efforts.

(ii) North America:

Net revenues in North America increased by 1,560.4 billion yen, or 19.2%, to 9,677.5 billion yen in FY2015 compared with FY2014, and operating income increased by 258.4 billion yen, or 79.3%, to 584.5 billion yen in FY2015 compared with FY2014. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales and cost reduction efforts.

(iii) Europe:

Net revenues in Europe increased by 123.3 billion yen, or 4.5%, to 2,848.2 billion yen in FY2015 compared with FY2014, and operating income increased by 22.8 billion yen, or 39.3%, to 81.1 billion yen in FY2015 compared with FY2014. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales and cost reduction efforts.

(iv) Asia:

Net revenues in Asia increased by 103.5 billion yen, or 2.1%, to 4,981.2 billion yen in FY2015 compared with FY2014, and operating income increased by 26.0 billion yen, or 6.6%, to 421.7 billion yen in FY2015 compared with FY2014. The increase in operating income was mainly due to cost reduction efforts and effects of changes in exchange rates.

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

Net revenues in other regions increased by 112.5 billion yen, or 4.8%, to 2,449.2 billion yen in FY2015 compared with FY2014, and operating income increased by 68.9 billion yen, or 162.0%, to 111.5 billion yen in FY2015 compared with FY2014. The increase in operating income was mainly due to the decrease in expenses and others.

 

3


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(2) Consolidated Financial Position for FY2015

Net cash flows from operating activities resulted in an increase in cash by 3,685.7 billion yen in FY2015. Net cash provided by operating activities increased by 39.7 billion yen from 3,646.0 billion yen in FY2014. Net cash flows from investing activities resulted in a decrease in cash by 3,813.4 billion yen in FY2015. Net cash used in investing activities decreased by 522.7 billion yen from 4,336.2 billion yen in FY2014. Net cash flows from financing activities resulted in an increase in cash by 306.0 billion yen in FY2015. Net cash provided by financing activities decreased by 613.4 billion yen from 919.4 billion yen in FY2014. After taking into account the effect of changes in exchange rates, cash and cash equivalents increased by 243.3 billion yen, or 11.9%, to 2,284.5 billion yen at the end of FY2015 compared with the end of FY2014.

Regarding the consolidated cash flows by segment for FY2015, in non-financial services business, net cash provided by operating activities was 2,878.3 billion yen, net cash used in investing activities was 1,636.0 billion yen and net cash used in financing activities was 1,000.2 billion yen. Meanwhile, in the financial services business, net cash provided by operating activities was 777.7 billion yen, net cash used in investing activities was 2,167.9 billion yen and net cash provided by financing activities was 1,326.3 billion yen.

(3) Basic Policy on the Distribution of Profits and the Distribution of Profits for FY2015

Toyota Motor Corporation (“TMC”) deems the benefit of its shareholders as one of its priority management policies, and it is working to improve corporate structure towards the realization of sustainable growth in order to enhance its corporate value.

TMC will strive to continue to pay stable dividends with a consolidated dividend payout ratio of 30% while giving due consideration to factors such as business results for each term, investment plans and its cash reserves.

In order to successfully compete in this highly competitive industry, TMC plans to utilize its internal funds for the early commercialization of technologies for the next-generation environment and safety, giving priority to customer safety and sense of security.

Considering these factors, with respect to the dividends for FY2015, TMC plans to propose a year-end dividend of 125 yen per share, and an annual dividend of 200 yen per share, combined with the interim dividend of 75 yen per share.

TMC pays dividends twice a year – an interim dividend and a year-end dividend – and in order to secure an opportunity to directly seek shareholders’ opinions, TMC will treat payments of year-end dividends as a matter to be resolved at the 111th Ordinary General Shareholders’ Meeting, even though TMC’s articles of incorporation stipulate that retained earnings can be distributed as dividends pursuant to the resolution of the board of directors.

In FY2015, TMC repurchased approximately 55 million shares, an aggregate purchase price of approximately 359.9 billion yen from July to December 2014, excluding shares constituting less than one unit that were purchased by TMC upon request. TMC also disposed of 30 million shares in September 2014 to establish Toyota Mobility Foundation, a general incorporated foundation.

 

4


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(4) Forecast of Consolidated Financial Results for FY2016

As for our future business environment, in the world economy, the U.S. is expected to recover steadily. Also the European economy is picking up gradually chiefly in the eurozone, while the economies of several countries are likely to slow down, such as in Russia which is weighed down by declines in crude oil prices. Emerging countries also show downside risk. The Japanese economy is expected to recover gradually through improvements in employment and income conditions, although attention needs to be paid to for example uncertainty in overseas economies. The automotive market is expected to expand gradually, mainly in the U.S. However, amid adaptation of eco-car promotion policies in various countries and increased efforts toward the development of safety technologies, as well as continuing advances in information and communication technology, fierce competition exists on a global scale.

Under these circumstances, the current forecast of consolidated financial results for the next fiscal year ending March 31, 2016 is set forth below. This forecast assumes average exchange rates through the fiscal year of 115 yen per US$1 and 125 yen per 1 euro.

Forecast of consolidated results for FY2016

 

Net revenues      27,500.0 billion yen          (an increase of 1.0% compared with FY2015)

Operating income

     2,800.0 billion yen          (an increase of 1.8% compared with FY2015)

Income before income taxes and equity in earnings of affiliated companies

     2,970.0 billion yen          (an increase of 2.7% compared with FY2015)

Net income attributable to Toyota Motor Corporation

     2,250.0 billion yen          (an increase of 3.5% compared with FY2015)

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 Russian ruble, the Canadian dollar and the British pound, 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; (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; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

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.

 

5


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

 

2.

Management Policy

(1) Toyota’s Basic Management Policy

“Management Policy” has been omitted, as there were no significant changes from the matters disclosed in the “Financial Summary” for the fiscal year ended March 31, 2012 (released on May 9, 2012).

The aforementioned information is available on the following Web sites.

Toyota Web site:

http://www.toyota.co.jp

Japan Exchange Group, Inc. Web site (listed company information page):

http://www.jpx.co.jp/listing/co-search/index.html

(2) Medium- and Long-term Management Strategy

Toyota intends to steadily progress toward the realization of the Toyota Global Vision through sustainable growth based on the following policies:

First, we intend to reinforce true competitiveness in order to grow as steadily as a tree adding annual growth rings. We plan to work on quality improvement and human resource development in order to manufacture vehicles that bring smiles to customers. In addition, we plan to thoroughly improve productivity in each of our business operations through measures such as effective use of management resources and the strengthening of our IT infrastructure.

Second, we intend to take bold challenges toward the creation of new value in order to progress into the future. We plan to work toward the future of mobility through pioneering technologies, products and businesses.

In order to implement the above, we intend to improve our management structure to speed up decision-making, enhance the supervision of business execution, strengthen collaboration with group companies and leverage the value of diversity.

Based on these initiatives, Toyota will contribute to “enriching lives of communities” by providing “ever-better cars.” This is expected to encourage more customers to purchase Toyota cars and thereby lead to the establishment of a stable business base. By perpetuating this cycle, we will aim to realize sustainable growth and enhance corporate value. In addition, through full observance of corporate ethics such as compliance with applicable laws and regulations, Toyota will fulfill its social responsibilities.

 

3.

Basic Concept Regarding the Selection of Accounting Standards

Toyota prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles due to the listing of Toyota’s common stock on the New York Stock Exchange.

 

6


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

 

4.

Consolidated Production and Sales

(1) Production

 

          (Units)  

Business segment

   FY2014
(April 1, 2013 through
March 31, 2014)
     FY2015
(April 1, 2014 through
March 31, 2015)
     Increase
(Decrease)
 

Automotive

   Japan      4,344,892         4,124,593         (220,299
   North America      1,759,439         1,932,618         173,179   
   Europe      506,556         556,462         49,906   
   Asia      1,938,155         1,829,048         (109,107
   Other      483,123         487,166         4,043   
     

 

 

    

 

 

    

 

 

 
   Total      9,032,165         8,929,887         (102,278
     

 

 

    

 

 

    

 

 

 

Other

   Housing      6,033         5,404         (629

 

Note:

1 Production in “Automotive” indicates production units of new vehicles.

  

2 “Other” in “Automotive” consists of Central and South America, Oceania and Africa.

(2) Sales (by destination)

 

          (Units)  

Business segment

   FY2014
(April 1, 2013 through
March 31, 2014)
     FY2015
(April 1, 2014 through
March 31, 2015)
     Increase
(Decrease)
 

Automotive

   Japan      2,365,410         2,153,694         (211,716
   North America      2,529,398         2,715,173         185,775   
   Europe      844,003         859,038         15,035   
   Asia      1,608,355         1,488,922         (119,433
   Other      1,768,867         1,755,037         (13,830
     

 

 

    

 

 

    

 

 

 
   Total      9,116,033         8,971,864         (144,169
     

 

 

    

 

 

    

 

 

 

Other

   Housing      6,270         5,935         (335

 

Note:

1 Sales in “Automotive” indicates sales units of new vehicles.

  

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

 

7


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

 

5.

Breakdown of Consolidated Net Revenues

 

          (Yen in millions)  

Business segment

   FY2014
(April 1, 2013 through
March 31, 2014)
     FY2015
(April 1, 2014 through
March 31, 2015)
     Increase
(Decrease)
 

Automotive

   Vehicles      20,353,340         21,557,684         1,204,344   
  

Parts & components for overseas production

     431,760         402,864         (28,896
   Parts      1,843,478         1,921,764         78,286   
   Other      1,105,277         1,123,912         18,635   
     

 

 

    

 

 

    

 

 

 
   Total      23,733,855         25,006,224         1,272,369   
     

 

 

    

 

 

    

 

 

 

Financial Services

        1,379,267         1,621,685         242,418   
           

Other

   Housing      157,581         152,726         (4,855
   Telecommunications      49,648         49,547         (101
   Other      371,560         404,339         32,779   
     

 

 

    

 

 

    

 

 

 
   Total      578,789         606,612         27,823   
     

 

 

    

 

 

    

 

 

 

Total

     25,691,911         27,234,521         1,542,610   
     

 

 

    

 

 

    

 

 

 

 

Note:

The amounts represent net revenues from external customers.

 

8


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

 

6.

Consolidated Financial Statements

(1) Consolidated Balance Sheets

 

     (Yen in millions)  
     FY2014
(March 31,  2014)
    FY2015
(March 31, 2015)
    Increase
(Decrease)
 

Assets

      

Current assets:

      

Cash and cash equivalents

     2,041,170        2,284,557        243,387   

Time deposits

     180,207        149,321        (30,886

Marketable securities

     2,046,877        2,782,099        735,222   

Trade accounts and notes receivable, less allowance for doubtful accounts of ¥18,780 million at March 31, 2014 and ¥40,849 million at March 31, 2015

     2,036,232        2,108,660        72,428   

Finance receivables, net

     5,628,934        6,269,862        640,928   

Other receivables

     351,182        420,708        69,526   

Inventories

     1,894,704        2,137,618        242,914   

Deferred income taxes

     866,386        978,179        111,793   

Prepaid expenses and other current assets

     672,014        805,393        133,379   
  

 

 

   

 

 

   

 

 

 

Total current assets

     15,717,706        17,936,397        2,218,691   
  

 

 

   

 

 

   

 

 

 

Noncurrent finance receivables, net

     8,102,294        9,202,531        1,100,237   

Investments and other assets:

      

Marketable securities and other securities investments

     6,765,043        7,632,126        867,083   

Affiliated companies

     2,429,778        2,691,460        261,682   

Employees receivables

     44,966        45,206        240   

Other

     736,388        926,391        190,003   
  

 

 

   

 

 

   

 

 

 

Total investments and other assets

     9,976,175        11,295,183        1,319,008   
  

 

 

   

 

 

   

 

 

 

Property, plant and equipment:

      

Land

     1,314,040        1,354,815        40,775   

Buildings

     4,073,335        4,282,839        209,504   

Machinery and equipment

     10,381,285        10,945,377        564,092   

Vehicles and equipment on operating leases

     3,709,560        5,199,986        1,490,426   

Construction in progress

     286,571        581,412        294,841   
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, at cost

     19,764,791        22,364,429        2,599,638   
  

 

 

   

 

 

   

 

 

 

Less – Accumulated depreciation

     (12,123,493     (13,068,710     (945,217
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, net

     7,641,298        9,295,719        1,654,421   
  

 

 

   

 

 

   

 

 

 

Total assets

     41,437,473        47,729,830        6,292,357   
  

 

 

   

 

 

   

 

 

 

 

9


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

     (Yen in millions)  
     FY2014
(March 31, 2014)
    FY2015
(March 31, 2015)
    Increase
(Decrease)
 

Liabilities

      

Current liabilities:

      

Short-term borrowings

     4,830,820        5,048,188        217,368   

Current portion of long-term debt

     2,949,663        3,915,304        965,641   

Accounts payable

     2,213,218        2,410,588        197,370   

Other payables

     845,426        913,013        67,587   

Accrued expenses

     2,313,160        2,668,666        355,506   

Income taxes payable

     594,829        348,786        (246,043

Other current liabilities

     933,569        1,126,951        193,382   
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     14,680,685        16,431,496        1,750,811   
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     8,546,910        10,014,395        1,467,485   

Accrued pension and severance costs

     767,618        880,293        112,675   

Deferred income taxes

     1,811,846        2,298,469        486,623   

Other long-term liabilities

     411,427        457,848        46,421   
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     11,537,801        13,651,005        2,113,204   
  

 

 

   

 

 

   

 

 

 

Total liabilities

     26,218,486        30,082,501        3,864,015   
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

      

Toyota Motor Corporation shareholders’ equity:

      

Common stock, no par value,
authorized: 10,000,000,000 shares at March 31, 2014 and March 31, 2015
issued: 3,447,997,492 shares at March 31, 2014 and 3,417,997,492 shares at March 31, 2015

     397,050        397,050          

Additional paid-in capital

     551,308        547,054        (4,254

Retained earnings

     14,116,295        15,591,947        1,475,652   

Accumulated other comprehensive income (loss)

     528,161        1,477,545        949,384   

Treasury stock, at cost,
278,231,473 shares at March 31, 2014 and
271,183,861 shares at March 31, 2015

     (1,123,666     (1,225,465     (101,799
  

 

 

   

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     14,469,148        16,788,131        2,318,983   
  

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     749,839        859,198        109,359   
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     15,218,987        17,647,329        2,428,342   
  

 

 

   

 

 

   

 

 

 

Commitments and contingencies

      
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     41,437,473        47,729,830        6,292,357   
  

 

 

   

 

 

   

 

 

 

 

10


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(2) Consolidated Statements of Income and

      Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

 

    (Yen in millions)  
    FY2014
(For the year  ended
March 31, 2014)
    FY2015
(For the year  ended
March 31, 2015)
    Increase
(Decrease)
 

Net revenues:

     

Sales of products

    24,312,644        25,612,836        1,300,192   

Financing operations

    1,379,267        1,621,685        242,418   
 

 

 

   

 

 

   

 

 

 

Total net revenues

    25,691,911        27,234,521        1,542,610   
 

 

 

   

 

 

   

 

 

 

Costs and expenses:

     

Cost of products sold

    19,988,245        20,916,362        928,117   

Cost of financing operations

    812,894        925,314        112,420   

Selling, general and administrative

    2,598,660        2,642,281        43,621   
 

 

 

   

 

 

   

 

 

 

Total costs and expenses

    23,399,799        24,483,957        1,084,158   
 

 

 

   

 

 

   

 

 

 

Operating income

    2,292,112        2,750,564        458,452   
 

 

 

   

 

 

   

 

 

 

Other income (expense):

     

Interest and dividend income

    115,410        147,122        31,712   

Interest expense

    (19,630     (22,871     (3,241

Foreign exchange gain, net

    50,260        88,140        37,880   

Other income, net

    2,928        (70,127     (73,055
 

 

 

   

 

 

   

 

 

 

Total other income (expense)

    148,968        142,264        (6,704
 

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in earnings of affiliated companies

    2,441,080        2,892,828        451,748   
 

 

 

   

 

 

   

 

 

 

Provision for income taxes

    767,808        893,469        125,661   

Equity in earnings of affiliated companies

    318,376        308,545        (9,831
 

 

 

   

 

 

   

 

 

 

Net income

    1,991,648        2,307,904        316,256   
 

 

 

   

 

 

   

 

 

 

Less – Net income attributable to noncontrolling interests

    (168,529     (134,566     33,963   
 

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

    1,823,119        2,173,338        350,219   
 

 

 

   

 

 

   

 

 

 
    (Yen)  

Net income attributable to Toyota Motor Corporation per share

     

Basic

    575.30        688.02        112.72   

Diluted

    574.92        687.66        112.74   

 

11


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

Consolidated Statements of Comprehensive Income

 

    (Yen in millions)  
     FY2014
(For the  year ended
March 31, 2014)
    FY2015
(For the  year ended
March 31, 2015)
    Increase
(Decrease)
 

Net income

    1,991,648        2,307,904        316,256   

Other comprehensive income (loss), net of tax

     

Foreign currency translation adjustments

    301,889        404,352        102,463   

Unrealized gains (losses) on securities

    499,560        577,703        78,143   

Pension liability adjustments

    99,404        4,316        (95,088
 

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

    900,853        986,371        85,518   
 

 

 

   

 

 

   

 

 

 

Comprehensive income

    2,892,501        3,294,275        401,774   
 

 

 

   

 

 

   

 

 

 

Less – Comprehensive income attributable to noncontrolling interests

    (185,098     (171,553     13,545   
 

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to Toyota Motor Corporation

    2,707,403        3,122,722        415,319   
 

 

 

   

 

 

   

 

 

 

 

12


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(3) Consolidated Statements of Shareholders’ Equity

 

                                                                                                                                                       
     (Yen in millions)  
     FY2014 (For the year ended March 31, 2014)  
     Common
stock
     Additional
paid-in

capital
    Retained
earnings
    Accumulated
other
comprehensive
income (loss)
    Treasury
stock,
at cost
    Total Toyota
Motor
Corporation
shareholders’
equity
    Noncontrolling
interests
    Total
shareholders’
equity
 

Balances at March 31, 2013

     397,050         551,040        12,689,206        (356,123     (1,133,138     12,148,035        624,821        12,772,856   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity transaction with noncontrolling interests and other

        528              528        2,985        3,513   

Comprehensive income:

                 

Net income

          1,823,119            1,823,119        168,529        1,991,648   

Other comprehensive income (loss)

                 

Foreign currency translation adjustments

            296,942          296,942        4,947        301,889   

Unrealized gains (losses) on securities

            493,750          493,750        5,810        499,560   

Pension liability adjustments

            93,592          93,592        5,812        99,404   
             

 

 

   

 

 

   

 

 

 

Total comprehensive income

                2,707,403        185,098        2,892,501   
             

 

 

   

 

 

   

 

 

 

Dividends paid to Toyota Motor Corporation shareholders

          (396,030         (396,030       (396,030

Dividends paid to noncontrolling interests

                  (63,065     (63,065

Repurchase and reissuance of treasury stock

        (260         9,472        9,212          9,212   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at March 31, 2014

     397,050         551,308        14,116,295        528,161        (1,123,666     14,469,148        749,839        15,218,987   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     (Yen in millions)  
     FY2015 (For the year ended March 31, 2015)  
     Common
stock
     Additional
paid-in
capital
    Retained
earnings
    Accumulated
other
comprehensive
income (loss)
    Treasury
stock,
at cost
    Total Toyota
Motor
Corporation
shareholders’
equity
    Noncontrolling
interests
    Total
shareholders’
equity
 

Balances at March 31, 2014

     397,050         551,308        14,116,295        528,161        (1,123,666     14,469,148        749,839        15,218,987   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity transaction with noncontrolling interests and other

        (422           (422     7,101        6,679   

Comprehensive income:

                 

Net income

          2,173,338            2,173,338        134,566        2,307,904   

Other comprehensive income (loss)

                 

Foreign currency translation adjustments

            380,448          380,448        23,904        404,352   

Unrealized gains (losses) on securities

            567,002          567,002        10,701        577,703   

Pension liability adjustments

            1,934          1,934        2,382        4,316   
             

 

 

   

 

 

   

 

 

 

Total comprehensive income

                3,122,722        171,553        3,294,275   
             

 

 

   

 

 

   

 

 

 

Dividends paid to Toyota Motor Corporation shareholders

          (554,933         (554,933       (554,933

Dividends paid to noncontrolling interests

                  (69,295     (69,295

Repurchase of treasury stock

              (360,233     (360,233       (360,233

Reissuance of treasury stock

        (2,136     (23,290       137,275        111,849          111,849   

Retirement of treasury stock

        (1,696     (119,463       121,159                   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balances at March 31, 2015

     397,050         547,054        15,591,947        1,477,545        (1,225,465     16,788,131        859,198        17,647,329   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

13


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(4) Consolidated Statements of Cash Flows

 

     (Yen in millions)  
     FY2014
(For the year ended
March 31, 2014)
    FY2015
(For the year ended
March 31, 2015)
 

Cash flows from operating activities:

    

Net income

     1,991,648        2,307,904   

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation

     1,250,853        1,409,075   

Provision for doubtful accounts and credit losses

     49,718        78,969   

Pension and severance costs, less payments

     20,654        (3,161

Losses on disposal of fixed assets

     28,657        31,625   

Unrealized losses on available-for-sale securities, net

     6,197        2,578   

Deferred income taxes

     (56,279     (26,887

Equity in earnings of affiliated companies

     (318,376     (308,545

Changes in operating assets and liabilities, and other

     672,963        194,195   
  

 

 

   

 

 

 

Net cash provided by operating activities

     3,646,035        3,685,753   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to finance receivables

     (11,953,064     (13,126,596

Collection of and proceeds from sales of finance receivables

     11,025,353        12,450,388   

Additions to fixed assets excluding equipment leased to others

     (970,021     (1,146,318

Additions to equipment leased to others

     (1,708,670     (2,211,250

Proceeds from sales of fixed assets excluding equipment leased to others

     39,191        41,547   

Proceeds from sales of equipment leased to others

     744,339        803,423   

Purchases of marketable securities and security investments

     (4,738,278     (3,194,294

Proceeds from sales of and maturity of marketable securities and security investments

     3,319,327        2,683,001   

Payment for additional investments in affiliated companies, net of cash acquired

     6,603          

Changes in investments and other assets, and other

     (101,028     (113,391
  

 

 

   

 

 

 

Net cash used in investing activities

     (4,336,248     (3,813,490
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     3,890,310        5,029,018   

Payments of long-term debt

     (2,988,923     (3,462,237

Increase (decrease) in short-term borrowings

     467,976        (288,724

Dividends paid to Toyota Motor Corporation shareholders

     (396,030     (554,933

Dividends paid to noncontrolling interests

     (63,065     (69,295

Reissuance (repurchase) of treasury stock

     9,212        (347,784
  

 

 

   

 

 

 

Net cash provided by financing activities

     919,480        306,045   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     93,606        65,079   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     322,873        243,387   
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of year

     1,718,297        2,041,170   
  

 

 

   

 

 

 

Cash and cash equivalents at end of year

     2,041,170        2,284,557   
  

 

 

   

 

 

 

 

Note:

 

In the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, bank deposits that can be withdrawn at any time and short-term investments that can be converted into cash at any time and carry minimal risk of change in value.

 

14


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(5) Going Concern Assumption

None

(6) Summary of Significant Accounting Policies

“Summary of Significant Accounting Policies” has been omitted, as there were no significant changes from the most recent Securities Report (filed on June 24, 2014). Changes in accounting principles, procedures, and disclosures for consolidated financial statements by newly issued accounting pronouncements are set forth below.

In July 2013, the Financial Accounting Standards Board issued updated guidance on uncertain tax positions. This guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward for tax purposes, a similar tax loss, or a tax credit carryforward. The parent company and its consolidated subsidiaries (“Toyota”) adopted this guidance on April 1, 2014. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

 

15


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(7) Segment Information

(i) Segment Operating Results and Assets

FY2014 (As of and for the year ended March 31, 2014)

 

     (Yen in millions)  
      Automotive      Financial
Services
     All Other      Inter-segment
Elimination  and/or
Unallocated
Amount
     Consolidated  

Net revenues:

              

Sales to external customers

     23,733,855         1,379,267         578,789                 25,691,911   

Inter-segment sales and transfers

     47,549         41,780         572,491         (661,820        
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     23,781,404         1,421,047         1,151,280         (661,820      25,691,911   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating expenses

     21,842,626         1,126,156         1,087,010         (655,993      23,399,799   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating income

     1,938,778         294,891         64,270         (5,827      2,292,112   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Assets

     14,275,376         18,943,587         1,597,297         6,621,213         41,437,473   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Investment in equity method investees

     2,343,217         7,129         9,418         69,812         2,429,576   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Depreciation expenses

     789,266         437,896         23,691                 1,250,853   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Capital expenditure

     1,044,510         1,624,944         39,930         (30,693      2,678,691   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

FY2015 (As of and for the year ended March 31, 2015)

 

  

     (Yen in millions)  
      Automotive      Financial
Services
     All Other      Inter-segment
Elimination  and/or
Unallocated
Amount
     Consolidated  

Net revenues:

              

Sales to external customers

     25,006,224         1,621,685         606,612                 27,234,521   

Inter-segment sales and transfers

     55,905         39,464         649,179         (744,548        
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     25,062,129         1,661,149         1,255,791         (744,548      27,234,521   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating expenses

     22,736,819         1,299,316         1,190,141         (742,319      24,483,957   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating income

     2,325,310         361,833         65,650         (2,229      2,750,564   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Assets

     15,897,022         22,378,941         1,889,433         7,564,434         47,729,830   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Investment in equity method investees

     2,588,127         8,801         10,000         84,294         2,691,222   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Depreciation expenses

     819,280         564,619         25,176                 1,409,075   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Capital expenditure

     1,262,670         2,086,481         39,503         (31,086      3,357,568   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Note:

 

Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2014 and FY2015 are 7,659,617 million yen and 8,742,168 million yen, respectively, and consist primarily of funds such as cash and cash equivalents, marketable securities and portion of security investments held by TMC.

 

16


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(ii) Consolidated Financial Statements as Classified into Non-Financial Services Business and Financial Services Business

Consolidated Balance Sheets as Classified into Non-Financial Services Business and Financial Services Business

 

      (Yen in millions)  
     FY2014
(March 31, 2014)
    FY2015
(March 31, 2015)
    Increase
(Decrease)
 

Assets

      

(Non-financial services)

      

Current assets:

      

Cash and cash equivalents

     1,411,860        1,680,994        269,134   

Marketable securities

     1,770,142        2,251,581        481,439   

Trade accounts and notes receivable, less allowance for doubtful accounts

     2,102,495        2,178,984        76,489   

Inventories

     1,894,536        2,137,021        242,485   

Prepaid expenses and other current assets

     1,689,497        1,898,558        209,061   
  

 

 

   

 

 

   

 

 

 

Total current assets

     8,868,530        10,147,138        1,278,608   
  

 

 

   

 

 

   

 

 

 

Investments and other assets

     9,524,349        10,765,747        1,241,398   

Property, plant and equipment

     4,886,194        5,346,553        460,359   
  

 

 

   

 

 

   

 

 

 

Total assets

     23,279,073        26,259,438        2,980,365   
  

 

 

   

 

 

   

 

 

 

(Financial services)

      

Current assets:

      

Cash and cash equivalents

     629,310        603,563        (25,747

Marketable securities

     276,735        530,518        253,783   

Finance receivables, net

     5,628,934        6,269,862        640,928   

Prepaid expenses and other current assets

     903,022        1,007,249        104,227   
  

 

 

   

 

 

   

 

 

 

Total current assets

     7,438,001        8,411,192        973,191   
  

 

 

   

 

 

   

 

 

 

Noncurrent finance receivables, net

     8,102,294        9,202,531        1,100,237   

Investments and other assets

     648,188        816,052        167,864   

Property, plant and equipment

     2,755,104        3,949,166        1,194,062   
  

 

 

   

 

 

   

 

 

 

Total assets

     18,943,587        22,378,941        3,435,354   
  

 

 

   

 

 

   

 

 

 

(Elimination)

      

Elimination of assets

     (785,187     (908,549     (123,362
  

 

 

   

 

 

   

 

 

 

(Consolidated)

      

Total assets

     41,437,473        47,729,830        6,292,357   
  

 

 

   

 

 

   

 

 

 

 

Note: Assets in the non-financial services include unallocated corporate assets.

 

17


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

     (Yen in millions)  
      FY2014
(March 31, 2014)
    FY2015
(March 31, 2015)
    Increase
(Decrease)
 

Liabilities

      

(Non-financial services)

      

Current liabilities:

      

Short-term borrowings

     587,809        567,566        (20,243

Current portion of long-term debt

     131,215        116,496        (14,719

Accounts payable

     2,180,190        2,372,354        192,164   

Accrued expenses

     2,218,495        2,567,998        349,503   

Income taxes payable

     583,115        338,680        (244,435

Other current liabilities

     1,283,730        1,437,114        153,384   
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     6,984,554        7,400,208        415,654   
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     526,498        564,746        38,248   

Accrued pension and severance costs

     756,229        866,930        110,701   

Other long-term liabilities

     1,506,806        1,872,881        366,075   
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     2,789,533        3,304,557        515,024   
  

 

 

   

 

 

   

 

 

 

Total liabilities

     9,774,087        10,704,765        930,678   
  

 

 

   

 

 

   

 

 

 

(Financial services)

      

Current liabilities:

      

Short-term borrowings

     4,610,449        4,849,826        239,377   

Current portion of long-term debt

     2,834,445        3,830,413        995,968   

Accounts payable

     45,687        45,195        (492

Accrued expenses

     108,953        116,868        7,915   

Income taxes payable

     11,714        10,106        (1,608

Other current liabilities

     685,278        802,666        117,388   
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     8,296,526        9,655,074        1,358,548   
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     8,084,565        9,526,991        1,442,426   

Accrued pension and severance costs

     11,389        13,363        1,974   

Other long-term liabilities

     840,218        1,091,616        251,398   
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     8,936,172        10,631,970        1,695,798   
  

 

 

   

 

 

   

 

 

 

Total liabilities

     17,232,698        20,287,044        3,054,346   
  

 

 

   

 

 

   

 

 

 

(Elimination) Elimination of liabilities

     (788,299     (909,308     (121,009
  

 

 

   

 

 

   

 

 

 

(Consolidated) Total liabilities

     26,218,486        30,082,501        3,864,015   
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

      

(Consolidated) Total Toyota Motor Corporation shareholders’ equity

     14,469,148        16,788,131        2,318,983   
  

 

 

   

 

 

   

 

 

 

(Consolidated) Noncontrolling interests

     749,839        859,198        109,359   
  

 

 

   

 

 

   

 

 

 

(Consolidated) Total shareholders’ equity

     15,218,987        17,647,329        2,428,342   
  

 

 

   

 

 

   

 

 

 

(Consolidated) Total liabilities and shareholders’ equity

     41,437,473        47,729,830        6,292,357   
  

 

 

   

 

 

   

 

 

 

 

18


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

Consolidated Statements of Income as Classified into Non-Financial Services Business and Financial Services Business

 

     (Yen in millions)  
     FY2014
(For the year ended
March 31, 2014)
    FY2015
(For the year ended
March 31, 2015)
    Increase
(Decrease)
 

(Non-financial services)

      

Net revenues

     24,343,613        25,643,508        1,299,895   

Costs and expenses:

     22,338,957        23,252,430        913,473   

Cost of revenues

     20,004,553        20,933,168        928,615   

Selling, general and administrative

     2,334,404        2,319,262        (15,142
  

 

 

   

 

 

   

 

 

 

Operating income

     2,004,656        2,391,078        386,422   
  

 

 

   

 

 

   

 

 

 

Other income (expense), net

     140,067        136,797        (3,270
  

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in earnings of affiliated companies

     2,144,723        2,527,875        383,152   
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     669,173        763,445        94,272   

Equity in earnings of affiliated companies

     316,612        306,749        (9,863
  

 

 

   

 

 

   

 

 

 

Net income

     1,792,162        2,071,179        279,017   
  

 

 

   

 

 

   

 

 

 

Less – Net income attributable to noncontrolling interests

     (164,709     (130,172     34,537   
  

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

     1,627,453        1,941,007        313,554   
  

 

 

   

 

 

   

 

 

 

(Financial services)

      

Net revenues

     1,421,047        1,661,149        240,102   

Costs and expenses:

     1,126,156        1,299,316        173,160   

Cost of revenues

     840,905        955,380        114,475   

Selling, general and administrative

     285,251        343,936        58,685   
  

 

 

   

 

 

   

 

 

 

Operating income

     294,891        361,833        66,942   
  

 

 

   

 

 

   

 

 

 

Other income (expense), net

     1,451        3,190        1,739   
  

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in earnings of affiliated companies

     296,342        365,023        68,681   
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     98,589        130,049        31,460   

Equity in earnings of affiliated companies

     1,764        1,796        32   
  

 

 

   

 

 

   

 

 

 

Net income

     199,517        236,770        37,253   
  

 

 

   

 

 

   

 

 

 

Less – Net income attributable to noncontrolling interests

     (3,819     (4,417     (598
  

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

     195,698        232,353        36,655   
  

 

 

   

 

 

   

 

 

 

(Elimination)

      

Elimination of net income attributable to Toyota Motor Corporation

     (32     (22     10   
  

 

 

   

 

 

   

 

 

 

(Consolidated)

      

Net income attributable to Toyota Motor Corporation

     1,823,119        2,173,338        350,219   
  

 

 

   

 

 

   

 

 

 

 

19


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

Consolidated Statements of Cash Flows as Classified into Non-Financial Services Business and Financial Services Business

 

     (Yen in millions)  
     FY2014
(For the year ended
March 31, 2014)
    FY2015
(For the year ended
March 31, 2015)
 

(Non-financial services)

    

Cash flows from operating activities:

    

Net income

     1,792,162        2,071,179   

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation

     812,957        844,456   

Provision for doubtful accounts

     3,405        (1,598

Pension and severance costs, less payments

     21,842        (5,263

Losses on disposal of fixed assets

     27,925        31,601   

Unrealized losses on available-for-sale securities, net

     560        2,565   

Deferred income taxes

     (108,318     (114,122

Equity in earnings of affiliated companies

     (316,612     (306,749

Changes in operating assets and liabilities, and other

     1,010,360        356,269   
  

 

 

   

 

 

 

Net cash provided by operating activities

     3,244,281        2,878,338   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to fixed assets excluding equipment leased to others

     (956,232     (1,133,102

Additions to equipment leased to others

     (97,515     (137,985

Proceeds from sales of fixed assets excluding equipment leased to others

     38,311        40,032   

Proceeds from sales of equipment leased to others

     35,995        40,878   

Purchases of marketable securities and security investments

     (4,227,802     (2,530,591

Proceeds from sales of and maturity of marketable securities and security investments

     2,813,373        2,198,799   

Payment for additional investments in affiliated companies, net of cash acquired

     6,603          

Changes in investments and other assets, and other

     (125,353     (114,094
  

 

 

   

 

 

 

Net cash used in investing activities

     (2,512,620     (1,636,063
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     121,723        119,449   

Payments of long-term debt

     (169,233     (100,627

Increase (decrease) in short-term borrowings

     21,808        (47,026

Dividends paid to Toyota Motor Corporation shareholders

     (396,030     (554,933

Dividends paid to noncontrolling interests

     (63,065     (69,295

Reissuance (repurchase) of treasury stock

     9,212        (347,784
  

 

 

   

 

 

 

Net cash used in financing activities

     (475,585     (1,000,216
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     48,375        27,075   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     304,451        269,134   
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of year

     1,107,409        1,411,860   
  

 

 

   

 

 

 

Cash and cash equivalents at end of year

     1,411,860        1,680,994   
  

 

 

   

 

 

 

 

20


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

     (Yen in millions)  
     FY2014
(For the year ended
March 31, 2014)
    FY2015
(For the year ended
March 31, 2015)
 

(Financial services)

    

Cash flows from operating activities:

    

Net income

     199,517        236,770   

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation

     437,896        564,619   

Provision for doubtful accounts and credit losses

     46,313        80,567   

Pension and severance costs, less payments

     (1,188     2,102   

Losses on disposal of fixed assets

     732        24   

Unrealized losses on available-for-sale securities, net

     5,636        13   

Deferred income taxes

     51,995        87,260   

Equity in earnings of affiliated companies

     (1,764     (1,796

Changes in operating assets and liabilities, and other

     (269,875     (191,791
  

 

 

   

 

 

 

Net cash provided by operating activities

     469,262        777,768   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to finance receivables

     (20,598,521     (22,325,159

Collection of and proceeds from sales of finance receivables

     19,612,456        21,668,847   

Additions to fixed assets excluding equipment leased to others

     (13,789     (13,216

Additions to equipment leased to others

     (1,611,155     (2,073,265

Proceeds from sales of fixed assets excluding equipment leased to others

     880        1,515   

Proceeds from sales of equipment leased to others

     708,344        762,545   

Purchases of marketable securities and security investments

     (510,476     (663,703

Proceeds from sales of and maturity of marketable securities and security investments

     505,954        484,202   

Changes in investments and other assets, and other

     (4,607     (9,669
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,910,914     (2,167,903
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     3,780,228        4,960,157   

Payments of long-term debt

     (2,831,116     (3,373,842

Increase (decrease) in short-term borrowings

     465,731        (259,931
  

 

 

   

 

 

 

Net cash provided by financing activities

     1,414,843        1,326,384   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     45,231        38,004   
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     18,422        (25,747
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of year

     610,888        629,310   
  

 

 

   

 

 

 

Cash and cash equivalents at end of year

     629,310        603,563   
  

 

 

   

 

 

 

(Consolidated)

    

Effect of exchange rate changes on cash and cash equivalents

     93,606        65,079   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     322,873        243,387   
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of year

     1,718,297        2,041,170   
  

 

 

   

 

 

 

Cash and cash equivalents at end of year

     2,041,170        2,284,557   
  

 

 

   

 

 

 

 

Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, bank deposits that can be withdrawn at any time and short-term investments that can be converted into cash at any time and carry minimal risk of change in value.

 

21


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(iii) Geographic Information

FY2014 (As of and for the year ended March 31, 2014)

 

     (Yen in millions)  
      Japan      North
America
     Europe      Asia      Other      Inter-segment
Elimination
and/or
Unallocated
Amount
    Consolidated  

Net revenues:

                   

Sales to external customers

     8,532,875         7,938,615         2,614,070         4,475,382         2,130,969                25,691,911   

Inter-segment sales and transfers

     5,764,595         178,484         110,889         402,290         205,672         (6,661,930       
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     14,297,470         8,117,099         2,724,959         4,877,672         2,336,641         (6,661,930     25,691,911   

Operating expenses

     12,787,305         7,791,047         2,666,731         4,481,935         2,294,073         (6,621,292     23,399,799   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     1,510,165         326,052         58,228         395,737         42,568         (40,638     2,292,112   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Assets

     13,231,184         13,720,958         2,576,806         4,013,429         2,731,695         5,163,401        41,437,473   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

FY2015 (As of and for the year ended March 31, 2015)

 

     (Yen in millions)  
      Japan      North
America
     Europe      Asia      Other      Inter-segment
Elimination
and/or
Unallocated
Amount
    Consolidated  

Net revenues:

                   

Sales to external customers

     8,338,881         9,430,450         2,690,803         4,531,178         2,243,209                27,234,521   

Inter-segment sales and transfers

     6,064,986         247,146         157,491         450,062         206,029         (7,125,714       
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     14,403,867         9,677,596         2,848,294         4,981,240         2,449,238         (7,125,714     27,234,521   

Operating expenses

     12,832,391         9,093,077         2,767,176         4,559,458         2,337,729         (7,105,874     24,483,957   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     1,571,476         584,519         81,118         421,782         111,509         (19,840     2,750,564   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Assets

     14,466,432         16,961,700         2,640,054         4,753,850         2,903,474         6,004,320        47,729,830   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

Note:   1.   Unallocated corporate assets included under “Inter-segment Elimination and/or Unallocated Amount” for FY2014 and FY2015 are 7,659,617 million yen and 8,742,168 million yen, respectively, and consist primarily of funds such as cash and cash equivalents, marketable securities and portion of security investments held by TMC.
  2.   “Other” consists of Central and South America, Oceania, Africa and the Middle East.

(iv) Overseas Sales

FY2014 (For the year ended March 31, 2014)

 

                                                                                                                                      
     (Yen in millions)  
     North America      Europe      Asia      Other      Total  

Overseas sales

     7,919,832         2,495,829         4,252,632         4,616,944         19,285,237   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Consolidated sales

                                     25,691,911   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of overseas sales to consolidated sales

     30.8%         9.7%         16.6%         18.0%         75.1%   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

FY2015 (For the year ended March 31, 2015)

 

                                                                                                                                      
     (Yen in millions)  
     North America      Europe      Asia      Other      Total  

Overseas sales

     9,405,305         2,555,368         4,231,077         4,947,169         21,138,919   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Consolidated sales

                                     27,234,521   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of overseas sales to consolidated sales

     34.5%         9.4%         15.5%         18.2%         77.6%   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

22


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

 

(8) Per Share Amounts

Basic and diluted net income attributable to Toyota Motor Corporation per share for the years ended March 31, 2014 and 2015 are as follows:

 

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

per share
 

For the year ended March 31, 2014

        

Basic net income attributable to Toyota Motor Corporation per common share

     1,823,119         3,168,989         575.30   
  

 

 

    

 

 

    

 

 

 

Diluted net income attributable to Toyota Motor Corporation per common share

     1,823,034         3,170,911         574.92   
  

 

 

    

 

 

    

 

 

 

For the year ended March 31, 2015

        

Basic net income attributable to Toyota Motor Corporation per common share

     2,173,338         3,158,851         688.02   
  

 

 

    

 

 

    

 

 

 

Diluted net income attributable to Toyota Motor Corporation per common share

     2,173,296         3,160,429         687.66   
  

 

 

    

 

 

    

 

 

 

The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2014 and 2015.

 

     Yen in millions      Thousands
of shares
     Yen  
     Toyota Motor
Corporation
Shareholders’
equity
     Shares issued and
outstanding
at the end of the year
(excluding treasury
stock)
     Toyota Motor
Corporation
Shareholders’
equity per share
 

As of March 31, 2014

     14,469,148         3,169,766         4,564.74   

As of March 31, 2015

     16,788,131         3,146,814         5,334.96   

(9) Significant Subsequent Events

None

 

23


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

 

 

7.

Unconsolidated Financial Statements

(1) Balance Sheets

 

     (Yen in millions)  
     FY2014
(March 31, 2014)
    FY2015
(March 31, 2015)
 

Assets

    

Current assets

    

Cash and deposits

     435,824        690,010   

Trade accounts receivable

     955,591        1,032,096   

Marketable securities

     1,973,735        2,255,294   

Finished goods

     150,694        163,971   

Work in process

     85,451        88,850   

Raw materials and supplies

     96,980        99,456   

Short-term loans

     543,165        634,476   

Deferred tax assets

     468,216        482,795   

Others

     522,196        578,071   

Less – allowance for doubtful accounts

     (8,200     (24,500
  

 

 

   

 

 

 

Total current assets

     5,223,654        6,000,524   
  

 

 

   

 

 

 

Fixed assets

    

Property, plant and equipment

    

Buildings, net

     346,983        339,198   

Structures, net

     39,929        39,436   

Machinery and equipment, net

     164,554        184,320   

Vehicle and delivery equipment, net

     17,087        19,634   

Tools, furniture and fixtures, net

     69,041        78,409   

Land

     400,912        408,899   

Construction in progress

     74,570        102,666   
  

 

 

   

 

 

 

Total property, plant and equipment

     1,113,079        1,172,565   
  

 

 

   

 

 

 

Investments and other assets

    

Investments in securities

     5,010,199        5,713,142   

Investments in subsidiaries and affiliates

     2,001,419        2,004,286   

Long-term loans

     137,232        139,966   

Others

     146,038        98,737   

Less – allowance for doubtful accounts

     (21,900     (600
  

 

 

   

 

 

 

Total investments and other assets

     7,272,990        7,955,533   
  

 

 

   

 

 

 

Total fixed assets

     8,386,070        9,128,099   
  

 

 

   

 

 

 

Total assets

     13,609,725        15,128,623   
  

 

 

   

 

 

 

 

24


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

 

     (Yen in millions)  
     FY2014
(March 31, 2014)
    FY2015
(March 31, 2015)
 

Liabilities

    

Current liabilities

    

Trade notes payable

     36        96   

Electronically recorded obligations-operating

     257,336        254,586   

Trade accounts payable

     668,740        733,825   

Short-term borrowings

     20,000        20,000   

Current portion of bonds

     60,000        30,000   

Other payables

     366,620        410,186   

Income taxes payable

     446,291        196,284   

Accrued expenses

     1,081,268        1,251,677   

Deposits received

     660,416        639,278   

Others

     35,252        35,980   
  

 

 

   

 

 

 

Total current liabilities

     3,595,962        3,571,917   
  

 

 

   

 

 

 

Long-term liabilities

    

Bonds

     340,000        350,000   

Allowance for retirement benefits

     283,155        308,064   

Deferred tax liabilities

     335,246        494,305   

Others

     134,921        220,064   
  

 

 

   

 

 

 

Total long-term liabilities

     1,093,323        1,372,433   
  

 

 

   

 

 

 

Total liabilities

     4,689,285        4,944,351   
  

 

 

   

 

 

 

Net assets

    

Shareholders’ equity

    

Common stock

     397,049        397,049   

Capital surplus

    

Capital reserve

     416,970        416,970   

Other capital surplus

     1,622          
  

 

 

   

 

 

 

Total capital surplus

     418,592        416,970   
  

 

 

   

 

 

 

Retained earnings

    

Legal reserve

     99,454        99,454   

Other retained earnings

    

Reserve for special depreciation

     1,240        1,037   

Reserve for reduction of acquisition cost of fixed assets

     10,714        11,138   

General reserve

     6,340,926        6,340,926   

Retained earnings carried forward

     1,676,049        2,520,332   
  

 

 

   

 

 

 

Total retained earnings

     8,128,385        8,972,889   
  

 

 

   

 

 

 

Less – treasury stock

     (1,140,127     (1,238,184
  

 

 

   

 

 

 

Total shareholders’ equity

     7,803,900        8,548,725   
  

 

 

   

 

 

 

Valuation and translation adjustments

    

Net unrealized gains on other securities

     1,110,016        1,632,613   
  

 

 

   

 

 

 

Total valuation and translation adjustments

     1,110,016        1,632,613   
  

 

 

   

 

 

 

Stock acquisition rights

     6,522        2,932   
  

 

 

   

 

 

 

Total net assets

     8,920,439        10,184,271   
  

 

 

   

 

 

 

Total liabilities and net assets

     13,609,725        15,128,623   
  

 

 

   

 

 

 

 

25


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

 

(2) Statements of Income

 

     (Yen in millions)  
     FY2014
(April 1, 2013 through
March 31, 2014)
    FY2015
(April 1, 2014 through
March 31, 2015)
 

Net revenues

     11,042,163        11,209,414   

Cost of sales

     8,637,970        8,599,232   
  

 

 

   

 

 

 

Gross profit

     2,404,193        2,610,182   
  

 

 

   

 

 

 

Selling, general and administrative expenses

     1,135,188        1,339,518   
  

 

 

   

 

 

 

Operating income

     1,269,004        1,270,664   
  

 

 

   

 

 

 

Non-operating income

    

Interest income

     25,315        32,963   

Dividend income

     556,561        680,419   

Others

     167,983        203,313   
  

 

 

   

 

 

 

Total non-operating income

     749,859        916,696   
  

 

 

   

 

 

 

Non-operating expenses

    

Interest expenses

     8,129        6,744   

Others

     172,283        55,510   
  

 

 

   

 

 

 

Total non-operating expenses

     180,413        62,255   
  

 

 

   

 

 

 

Ordinary income

     1,838,450        2,125,104   
  

 

 

   

 

 

 

Income before income taxes

     1,838,450        2,125,104   
  

 

 

   

 

 

 

Income taxes – current

     492,100        436,700   

Income taxes – deferred

     (70,459     (2,274
  

 

 

   

 

 

 

Total income taxes

     421,640        434,425   
  

 

 

   

 

 

 

Net income

     1,416,810        1,690,679   
  

 

 

   

 

 

 

 

26


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

 

(3) Changes in Net Assets

FY2014 (April 1, 2013 through March 31, 2014)

 

     (Yen in millions)  
     Shareholders’ equity  
     Common
stock
     Capital surplus      Retained earnings  
        Capital
reserve
     Other capital
surplus
     Total capital
surplus
     Legal
reserve
     Other retained earnings  
                    Reserve for
special
depreciation
    Reserve for
reduction of
acquisition
cost of fixed
assets
    General
reserve
 

Balance at the beginning of current period

     397,049         416,970                 416,970         99,454         1,627        9,633        6,340,926   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Changes of items during the period

                     

Appropriation to reserve for special depreciation

                    88       

Reversal of reserve for special depreciation

                    (475    

Appropriation to reserve for reduction of acquisition cost of fixed assets

                      1,172     

Reversal of reserve for reduction of acquisition cost of fixed assets

                      (91  

Dividends paid

                     

Net income

                     

Repurchase of treasury stock

                     

Reissuance of treasury stock

           1,622         1,622             

Net changes of items other than shareholders’ equity

                     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total changes of items during the period

                     1,622         1,622                 (387     1,080          
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Balance at the end of current period

     397,049         416,970         1,622         418,592         99,454         1,240        10,714        6,340,926   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

      (Yen in millions)  
     Shareholders’ equity     Valuation and translation
adjustments
     Stock
acquisition
rights
    Total net
assets
 
   Retained earnings     Treasury stock     Total
shareholders’
equity
    Net
unrealized
gains on
other
securities
     Total
valuation and
translation
adjustments
      
   Other
retained
earnings
    Total
retained
earnings
               
   Retained
earnings
carried
forward
                 

Balance at the beginning of current period

     655,963        7,107,604        (1,149,599     6,772,026        664,820         664,820         9,525        7,446,372   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Changes of items during the period

                  

Appropriation to reserve for special depreciation

     (88                               

Reversal of reserve for special depreciation

     475                                  

Appropriation to reserve for reduction of acquisition cost of fixed assets

     (1,172                               

Reversal of reserve for reduction of acquisition cost of fixed assets

     91                                  

Dividends paid

     (396,029     (396,029       (396,029             (396,029

Net income

     1,416,810        1,416,810          1,416,810                1,416,810   

Repurchase of treasury stock

         (321     (321             (321

Reissuance of treasury stock

         9,793        11,415                11,415   

Net changes of items other than shareholders’ equity

             445,195         445,195         (3,003     442,192   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total changes of items during the period

     1,020,086        1,020,780        9,471        1,031,874        445,195         445,195         (3,003     1,474,067   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Balance at the end of current period

     1,676,049        8,128,385        (1,140,127     7,803,900        1,110,016         1,110,016         6,522        8,920,439   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

27


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

 

FY2015 (April 1, 2014 through March 31, 2015)

 

      (Yen in millions)  
     Shareholders’ equity  
     Common
stock
     Capital surplus     Retained earnings  
        Capital
reserve
     Other capital
surplus
    Total capital
surplus
           Other retained earnings  
               Legal
reserve
     Reserve for
special
depreciation
    Reserve for
reduction of
acquisition
cost of fixed
assets
    General
reserve
 

Balance at the beginning of current period

     397,049         416,970         1,622        418,592        99,454         1,240        10,714        6,340,926   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Cumulative effects of changes in accounting policies

                   

Restated balance

     397,049         416,970         1,622        418,592        99,454         1,240        10,714        6,340,926   

Changes of items during the period

                   

Appropriation to reserve for special depreciation

                  173       

Reversal of reserve for special depreciation

                  (377    

Appropriation to reserve for reduction of acquisition cost of fixed assets

                    537     

Reversal of reserve for reduction of acquisition cost of fixed assets

                    (112  

Dividends paid

                   

Net income

                   

Repurchase of treasury stock

                   

Reissuance of treasury stock

           (124,224     (124,224         

Retirement of treasury stock

           (122,933     (122,933         

Transfer to capital surplus from retained earnings

           245,535        245,535            

Net changes of items other than shareholders’ equity

                   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total changes of items during the period

                     (1,622     (1,622             (203     424          
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Balance at the end of current period

     397,049         416,970                416,970        99,454         1,037        11,138        6,340,926   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

28


Table of Contents

TOYOTA MOTOR CORPORATION    FY2015 Financial Summary

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

 

 

     (Yen in millions)  
     Shareholders’ equity     Valuation and translation
adjustments
     Stock
acquisition
rights
    Total net
assets
 
   Retained earnings     Treasury stock     Total
shareholders’
equity
    Net
unrealized
gains on
other
securities
     Total
valuation and
translation
adjustments
      
   Other
retained
earnings
    Total
retained
earnings
               
   Retained
earnings
carried
forward
                 

Balance at the beginning of current period

     1,676,049        8,128,385        (1,140,127     7,803,900        1,110,016         1,110,016         6,522        8,920,439   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Cumulative effects of changes in accounting policies

     (45,706     (45,706       (45,706             (45,706

Restated balance

     1,630,343        8,082,678        (1,140,127     7,758,194        1,110,016         1,110,016         6,522        8,874,733   

Changes of items during the period

                  

Appropriation to reserve for special depreciation

     (173                               

Reversal of reserve for special depreciation

     377                                  

Appropriation to reserve for reduction of acquisition cost of fixed assets

     (537                               

Reversal of reserve for reduction of acquisition cost of fixed assets

     112                                  

Dividends paid

     (554,932     (554,932       (554,932             (554,932

Net income

     1,690,679        1,690,679          1,690,679                1,690,679   

Repurchase of treasury stock

         (359,872     (359,872             (359,872

Reissuance of treasury stock

         138,882        14,658                14,658   

Retirement of treasury stock

         122,933                         

Transfer to capital surplus from retained earnings

     (245,535     (245,535                        

Net changes of items other than shareholders’ equity

             522,597         522,597         (3,590     519,007   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total changes of items during the period

     889,989        890,210        (98,056     790,531        522,597         522,597         (3,590     1,309,538   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Balance at the end of current period

     2,520,332        8,972,889        (1,238,184     8,548,725        1,632,613         1,632,613         2,932        10,184,271   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

(4) Going Concern Assumption

None

 

29

Supplemental Material for Financial Results for FY2015 (Consolidated)

< U.S. GAAP >

 

    FY2014     FY2015     FY2016  
    1Q
(2013/4-6)
    2Q
(2013/7-9)
    3Q
(2013/10-12)
    4Q
(2014/1-3)
    12 months
(’13/4-’14/3)
    1Q
(2014/4-6)
    2Q
(2014/7-9)
    3Q
(2014/10-12)
    4Q
(2015/1-3)
    12 months
(’14/4-’15/3)
    Forecast
12  months
(’15/4-’16/3)
 

Vehicle Production (thousands of units)

    2,254       2,201       2,233       2,344       9,032       2,239       2,209       2,196       2,286       8,930       —     

(Japan)
– including Daihatsu & Hino

    1,059       1,083       1,032       1,171       4,345       1,016       1,031       994       1,084       4,125       —     

[Daihatsu & Hino]

    [230     [230     [241     [267     [967     [232     [216     [230     [261     [939     [—  

(Overseas)
– including Daihatsu & Hino

    1,195        1,118       1,201       1,173       4,687       1,223       1,178       1,202       1,202       4,805       —     

[Daihatsu & Hino]

    [67     [67     [91     [92     [318     [81     [83     [77     [79     [320     [—  

North America

    484       406       434       435       1,759       504       467       486       476       1,933       —     

Europe

    108       131       132       135       506       127       125       150       154       556       —     

Asia

    474       462       510       493       1,939       474       454       439       462       1,829       —     

Central and South America

    64       61       63       54       242       67       71       69       59       267       —     

Oceania

    27       32       25       19       103       20       27       25       17       88       —     

Africa

    38       26       37       37       138       31       34       33       34       132       —     

Vehicle Sales (thousands of units)

    2,232       2,235        2,317       2,332       9,116       2,241       2,235       2,263       2,233        8,972       8,900  

[First Half 6 months]

            [4,468             [4,477     [4,300

(Japan)
– including Daihatsu & Hino

    526       575       540       724       2,365       506       524       498       626       2,154       2,120  

[Daihatsu & Hino]

    [167     [168     [169     [236     [740     [155     [150     [165     [220     [690     [670

(Overseas)
– including Daihatsu & Hino

    1,706       1,660       1,777       1,608       6,751       1,735       1,711       1,765       1,607       6,818       6,780  

[Daihatsu & Hino]

    [79     [78     [85     [83     [325     [72     [82     [75     [76     [304     [310

North America

    689       609       664       567       2,529       710       685       712       607       2,715       2,830  

Europe

    193       214       223       214       844       207       207       220       225       859       820  

Asia

    394       385       422       408       1,609       385       369       374       361       1,489       1,440  

Central and South America

    106       105       112       91       413       106       110       106       101       422       410  

Oceania

    60       68       64       66       259       58       63       67       61       250       250  

Africa

    67       65       71       64       267       61       63       62       60       245       240  

Middle East

    196       212       219       197       824       206       213       222       190       830       790  

Other

    1       2       2       1       6       2       1       2       2       8       —     

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

    2,480       2,501       2,568       2,583       10,133       2,513       2,519       2,615       2,520       10,168       10,150  

Housing Sales (units)

    988       1,677       1,335       2,270       6,270       898       1,285       1,210       2,542       5,935       6,000  

 

Supplemental 1


Supplemental Material for Financial Results for FY2015 (Consolidated)

< U.S. GAAP >

 

    FY2014     FY2015     FY2016  
  1Q
(2013/4-6)
    2Q
(2013/7-9)
    3Q
(2013/10-12)
    4Q
(2014/1-3)
    12 months
(’13/4-’14/3)
    1Q
(2014/4-6)
    2Q
(2014/7-9)
    3Q
(2014/10-12)
    4Q
(2015/1-3)
    12 months
(’14/4-’15/3)
    Forecast
12  months
(’15/4-’16/3)
 

Foreign Exchange Rates

                     

Yen to US Dollar Rate

    99       99       100       103       100       102       104       114       119       110       as premise: 115   

Yen to Euro Rate

    129       131       137       141       134       140       138       143       134       139       as premise: 125   

Market Share (Japan)

                     

Toyota (excluding Mini-Vehicles) (%)

    49.1       47.6       45.7       45.3       46.7       47.5       45.9       46.7       44.6       46.0      
 
approximately:
47.0
  
  

Toyota, Daihatsu and Hino (including Mini-Vehicles) (%)

    44.0       42.5       41.8       41.0       42.2       42.2       41.1       42.9       41.2       41.8       —     

Number of Employees

    337,685       338,475       338,623       338,875       338,875       342,872       343,511       343,716       344,109       344,109 (Note 1)      —     

Net Revenues (billions of yen)

    6,255.3       6,282.1       6,585.0       6,569.3       25,691.9       6,390.6       6,554.9       7,170.0       7,118.9       27,234.5       27,500.0   

Geographic Information

                     

Japan

    3,456.2       3,487.5       3,544.0       3,809.6       14,297.4       3,296.5       3,554.2       3,655.8       3,897.1       14,403.8       —     

North America

    2,105.1       1,962.8       2,136.8       1,912.2       8,117.0       2,259.1       2,240.6       2,655.0       2,522.8       9,677.5       —     

Europe

    595.9       707.0       726.2       695.6       2,724.9       650.6       715.2       771.3       711.0       2,848.2       —     

Asia

    1,218.0       1,181.8       1,252.6       1,225.1       4,877.6       1,197.4       1,185.1       1,318.3       1,280.2       4,981.2       —     

Other

    609.0       583.1       603.4       540.9       2,336.6       591.9       614.0       684.2       558.9       2,449.2       —     

Elimination

    -1,729.1        -1,640.2        -1,678.2        -1,614.3        -6,661.9        -1,605.0        -1,754.4        -1,914.8        -1,851.4        -7,125.7        —     

Business Segment

                     

Automotive

    5,818.0       5,815.2       6,096.5       6,051.5       23,781.4       5,914.6       6,032.5       6,609.6       6,505.1       25,062.1       —     

Financial Services

    339.8       347.7       364.9       368.5       1,421.0       377.4       399.9       437.7       446.0       1,661.1       —     

All Other

    234.4       273.5       278.4       364.8       1,151.2       258.3       296.9       301.0       399.4       1,255.7       —     

Elimination

    -137.0        -154.4        -154.8        -215.4        -661.8        -159.7        -174.5        -178.4        -231.7        -744.5        —     

Operating Income (billions of yen)

    663.3       592.0       600.5       436.1       2,292.1       692.7       659.2       762.8       635.7       2,750.5       2,800.0   

(Operating Income Ratio) (%)

    (10.6     (9.4     (9.1     (6.6     (8.9     (10.8     (10.1     (10.6     (8.9     (10.1     (10.2

Geographic Information

                     

Japan

    456.0       373.9       331.3       348.7       1,510.1       365.9       352.8       424.8       427.8       1,571.4 (*1)      —     

North America

    82.6       79.6       112.5       51.2       326.0       165.5       147.1       183.7       88.0       584.5       —     

Europe

    5.2       20.1       17.7       15.1       58.2       10.8       22.3       33.2       14.6       81.1       —     

Asia

    104.1       91.4       110.0       90.0       395.7       110.3       102.5       107.6       101.1       421.7       —     

Other

    42.5       33.6       32.2       -65.7        42.5       34.0       43.9       29.3       4.2       111.5       —     

Elimination

    -27.3        -6.7        -3.4        -3.1        -40.6        5.9       -9.4        -15.9        -0.2        -19.8        —     

Business Segment

                     

Automotive

    608.4       499.5       515.5       315.1       1,938.7       586.7       553.5       651.3       533.7       2,325.3 (*1)      —     

Financial Services

    51.2       82.0       67.3       94.2       294.8       98.2       86.3       100.5       76.7       361.8       —     

All Other

    7.1       13.1       20.6       23.2       64.2       10.7       17.6       14.8       22.4       65.6       —     

Elimination

    -3.5        -2.6        -3.0        3.3       -5.8        -3.0        1.7       -3.7        2.8       -2.2        —     

Income before Income Taxes (billions of yen)

    724.1       619.3       678.9       418.5       2,441.0       771.8       737.3       846.4       537.1       2,892.8       2,970.0   

(Income before Income Taxes Ratio) (%)

    (11.6     (9.9     (10.3     (6.4     (9.5     (12.1     (11.2     (11.8     (7.5     (10.6     (10.8

Equity in Earnings of Affiliated Companies (billions of yen)

    89.9       68.8       89.2       70.2       318.3       105.3       60.5       85.1       57.5       308.5       330.0   

Net Income (billions of yen)

    562.1       438.4       525.4       297.0       1,823.1       587.7       539.0       600.0       446.4       2,173.3        2,250.0 (Note2) 

(Net Income Ratio) (%)

    (9.0     (7.0     (8.0     (4.5     (7.1     (9.2     (8.2     (8.4     (6.3     (8.0     (8.2

Shareholder Return

                     

Cash Dividends (billions of yen)

    —          205.9       —          316.9       522.9       —          237.9       —          393.3       631.3 (Note 3)      —     

Cash Dividends per Share (yen)

    —          65       —          100       165       —          75       —          125       200       —     

Payout Ratio (%)

    —          20.6       —          38.5       28.7       —          21.1       —          37.6       29.0       —     

Value of Shares Repurchased (billions of yen)

    —          —          —          —          —          —          169.6       190.3       —          359.9       —     

Number of Shares Canceled (thousands)

    —          —          —          —          —          30,000       —          —          —          30,000       —     

Number of Outstanding Shares (thousands)

    3,447,997       3,447,997       3,447,997       3,447,997       3,447,997       3,417,997       3,417,997       3,417,997       3,417,997       3,417,997       —     

 

Supplemental 2


Supplemental Material for Financial Results for FY2015 (Consolidated)

< U.S. GAAP >

 

    FY2014     FY2015     FY2016  
    1Q
(2013/4-6)
    2Q
(2013/7-9)
    3Q
(2013/10-12)
    4Q
(2014/1-3)
    12 months
(’13/4-’14/3)
    1Q
(2014/4-6)
    2Q
(2014/7-9)
    3Q
(2014/10-12)
    4Q
(2015/1-3)
    12 months
(’14/4-’15/3)
    Forecast
12  months
(’15/4-’16/3)
 

R&D Expenses (billions of yen)

    244.1       232.8       226.6       206.8       910.5       245.1       244.3       253.0       262.0       1,004.5       1,050.0  

Depreciation Expenses (billions of yen)

    175.5       193.2       197.8       209.3       775.9       183.2       193.0       209.1       220.8       806.2       870.0 (Note 4) 

Geographic Information

                     

Japan

    88.0       105.4       111.3       117.7       422.5       92.8       101.7       112.3       127.3       434.2       450.0  

North America

    40.9       41.3       39.0       41.8       163.2       41.1       39.4       42.1       44.5       167.3       190.0  

Europe

    14.3       14.2       13.9       12.1       54.7       15.2       15.4       14.0       10.2       54.9       50.0  

Asia

    21.0       20.8       23.4       28.0       93.2       26.7       27.3       31.9       30.5       116.6       140.0  

Other

    11.1       11.3       10.0       9.5       42.0       7.2       9.0       8.5       8.2       33.0       40.0  

Capital Expenditures (billions of yen)

    203.0       224.2        212.2       361.1       1,000.7       208.2       231.9       265.8       471.3       1,177.4       1,200.0 (Note 4) 

Geographic Information

                     

Japan

    86.6       106.5       104.7       180.2       478.2       97.8       119.3       119.8       238.9       575.9       580.0  

North America

    46.1       39.0       18.9       69.0       173.0       43.6       41.4       48.7       96.0       229.8       250.0  

Europe

    8.8       8.6       10.5       18.6       46.6       11.5       11.2       23.9       20.8       67.6       60.0  

Asia

    46.9       60.8       61.9       66.9       236.6       40.5       42.6       41.7       67.8       192.8       210.0  

Other

    14.5       9.1       16.1       26.1       66.0       14.6       17.1       31.5       47.7       111.1       100.0  

Total Liquid Assets (billions of yen)

    6,471.9       6,944.7       7,272.6       7,661.9       7,661.9       7,571.1       7,865.9       8,154.9       8,508.2       8,508.2 (Note 5)      —     

Total Assets (billions of yen)

    37,168.2       38,246.7       40,518.1       41,437.4       41,437.4       41,455.7       43,784.0       46,722.2       47,729.8       47,729.8       —     

Toyota Motor Corporation Shareholders’ Equity (billions of yen)

    12,897.5       13,370.0       14,210.0       14,469.1       14,469.1       14,714.0       15,469.5       16,316.0       16,788.1       16,788.1       —     

Return on Equity (%)

    18.0       13.4       15.2       8.3       13.7       16.1       14.3       15.1       10.8       13.9 (Note 2)      —     

Return on Asset (%)

    6.2       4.7       5.3       2.9       4.7       5.7       5.1       5.3       3.8       4.9 (Note 2)      —     

Number of Consolidated Subsidiaries (including Variable Interest Entities)

    —          —          —          —          542       —          —          —          —          541       —     

No. of Affil. Accounted for Under the Equity Method

    —          —          —          —          54       —          —          —          —          54       —     

 

Analysis of Consolidated Net Income for FY2015(Note 2)

(billions of yen, approximately)

  4Q
(2015/1-3)
    12 months
(’14/4-’15/3)
 

Effects of Marketing Activities

    -40.0        -70.0   

Effects of Changes in Exchange Rates

    65.0       280.0  

Cost Reduction Efforts

    80.0       280.0  

From Engineering

    55.0       220.0  

From Manufacturing and Logistics

    25.0       60.0  

Increases in Expenses, etc.

    80.0       -160.0   

Other

    14.6       128.4  

(Changes in Operating Income)

    199.6       458.4  

Non-operating Income

    -81.0        -6.7   

Equity in Earnings of Affiliated Companies

    -12.7        -9.8   

Income Taxes, Net Income Attributable to Noncontrolling Interests

    43.6       -91.6   

(Changes in Net Income)(Note 2)

    149.4       350.2  

 

(*1) Toyota recorded a $1.2 billion charge against earnings in the fiscal year ended March 31, 2014, for costs relating to the agreement with the U.S. Attorney’s Office for the Southern District of New York.

 

Supplemental 3

Supplemental Material for Financial Results for FY2015 (Unconsolidated)

< Japan GAAP >

 

    FY2014     FY2015     FY2016  
    1Q
(2013/4-6)
    2Q
(2013/7-9)
    3Q
(2013/10-12)
    4Q
(2014/1-3)
    12 months
(’13/4-’14/3)
    1Q
(2014/4-6)
    2Q
(2014/7-9)
    3Q
(2014/10-12)
    4Q
(2015/1-3)
    12 months
(’14/4-’15/3)
    Forecast
12  months
(’15/4-’16/3)
 

Toyota & Lexus brand

                     

Domestic Vehicle Production (thousands of units)

    829       854       791       904       3,378       783       815       765       822       3,186       3,200  

Overseas Vehicle Production (thousands of units)

    1,412       1,326       1,460       1,370       5,568       1,443       1,445       1,473       1,402       5,762       5,850  

Domestic Vehicle Retail Sales (thousands of units)

    353       404       374       517       1,648       319       378       340       429       1,466       1,450  

Exports Vehicle Sales (thousands of units)

    500       463       461       430       1,854       428       471       460       425       1,784       1,800  

North America

    198       179       183       160       720       180       180       186       175       721       770  

Europe

    70       60       61       73       264       56       66       56       72       250       220  

Asia

    52       52       54       49       207       55       58       53       42       208       210  

Central and South America

    22       23       18       16       79       11       14       12       12       49       50  

Oceania

    39       47       41       34       161       32       41       40       33       146       140  

Africa

    20       17       17       14       68       16       19       17       13       65       70  

Middle East

    98       84       85       83       350       77       91       94       76       338       340  

Other

    1       1       2       1       5       1       2       2       2       7       —     

Net Revenues (billions of yen)

    2,693.0       2,716.6       2,779.4       2,853.0       11,042.1       2,603.2       2,784.5       2,910.9       2,910.7       11,209.4       11,300.0  

Domestic

    845.7       942.0       889.7       1,111.6       3,789.1       837.6       872.5       837.9       987.1       3,535.2       —     

Exports

    1,847.2       1,774.6       1,889.6       1,741.4       7,252.9       1,765.5       1,911.9       2,072.9       1,923.5       7,674.1       —     

Operating Income (billions of yen)

    342.6       304.2       274.4       347.6       1,269.0       297.0       289.4       355.6       328.5       1,270.6       1,370.0  

(Operating Income Ratio) (%)

    (12.7     (11.2     (9.9     (12.2     (11.5     (11.4     (10.4     (12.2     (11.3     (11.3     (12.1

Ordinary Income (billions of yen)

    634.0       477.1       500.0       227.1       1,838.4       577.9       541.0       649.4       356.6       2,125.1       2,200.0  

(Ordinary Income Ratio) (%)

    (23.5     (17.6     (18.0     (8.0     (16.6     (22.2     (19.4     (22.3     (12.3     (19.0     (19.5

Net Income (billions of yen)

    482.7       372.9       437.8       123.3       1,416.8       465.1       436.1       574.9       214.4       1,690.6       1,780.0  

(Net Income Ratio) (%)

    (17.9     (13.7     (15.8     (4.3     (12.8     (17.9     (15.7     (19.8     (7.4     (15.1     (15.8

R&D Expenses (billions of yen)

    210.3       206.7       197.0       181.9       796.1       213.6       213.6       224.0       234.9       886.2       920.0  

Depreciation Expenses (billions of yen)

    44.5       41.1       41.3       41.1       168.1       41.8       39.9       39.1       38.3       159.3       180.0  

Capital Expenditures (billions of yen)

    36.2       38.4       37.4       67.2       179.3       31.5       37.0       42.7       119.7       231.1       260.0  

 

Analysis of Unconsolidated Net Income for FY2015

(billions of yen, approximately)

   4Q
(2015/1-3)
     12 months
(’14/4-’15/3)
 

Effects of Marketing Activities

     -50.0         -220.0   

Effects of Changes in Exchange Rates

     105.0        355.0  

Cost Reduction Efforts

     50.0        180.0  

From Engineering

     45.0        165.0  

From Manufacturing and Logistics

     5.0        15.0  

Increases in Expenses, etc.

     -120.0         -310.0   

Other

     -4.0         -3.4   

(Changes in Operating Income)

     -19.0         1.6  

Non-operating Income

     148.6        285.0  

Income Taxes, etc.

     -38.4         -12.7   

(Changes in Net Income)

     91.1        273.8  

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 Russian ruble, the Canadian dollar and the British pound, 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; (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; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

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 and its consolidated subsidiaries (“Toyota”) to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2)

Shows “Net income attributable to Toyota Motor Corporation”

(Note 3)

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

(Note 4)

Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease

(Note 5)

Excludes financial subsidiaries

 

Supplemental 4

(Reference Translation)

(For reference)

May 8, 2015

Toyota Motor Corporation

Holding of Ordinary General Shareholders’ Meeting

 

1. Date and time:

  

10:00 a.m., Tuesday, June 16, 2015

2. Venue:

  

Toyota Head Office, 1, Toyota-cho, Toyota City, Aichi Prefecture

3. Meeting Agenda:   

Reports:

Reports on business review, unconsolidated and consolidated financial statements for FY2015 (April 1, 2014 through March 31, 2015) and report by Accounting Auditors and the Audit & Supervisory Board on the audit results of the consolidated financial statements for FY2015.

Resolutions:

 

Proposed Resolution 1:

   Distribution of Surplus

Proposed Resolution 2:

  

Election of 12 Members of the Board of Directors

Proposed Resolution 3:

  

Election of 4 Audit & Supervisory Board Members

Proposed Resolution 4:

  

Election of 1 Substitute Audit & Supervisory Board Member

Proposed Resolution 5:

  

Payment of Bonuses to Members of the Board of Directors

Proposed Resolution 6:

  

Partial Amendments to the Articles of Incorporation

Proposed Resolution 7:

  

Partial Amendments to the Articles of Incorporation and Delegation to Our Board of Directors of the Power to Determine Offering Terms in Connection with Issuance of Class Shares

(Reference Translation)

May 8, 2015

To Whom It May Concern:

 

 

Company Name: TOYOTA MOTOR CORPORATION

Name and Title of Representative:

            Akio Toyoda, President

            (Code Number: 7203

            Securities exchanges throughout Japan)

Name and Title of Contact Person:

            Yasushi Kyoda

            General Manager, Accounting Division

            (Telephone Number: 0565-28-2121)

Notice Concerning Distribution of Dividends from Surplus

At a meeting held on May 8, 2015, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to propose an agenda asking for authorization to distribute dividends from surplus, with record date dated March 31, 2015, at the 111th Ordinary General Shareholders’ Meeting to be held on June 16, 2015. In relation to the above, we hereby inform you of the following:

 

1. Details of dividends

 

     Amount to be proposed
as Year-end dividend
for FY 2015
   Most recent
dividend forecast
   Year-end dividend paid
for FY 2014

Record Date

   March 31, 2015            March 31, 2015            March 31, 2014

Dividend per share

   125.00 yen    Not reported    100.00 yen

Total amount of dividends

   393,351 million yen    —      316,976 million yen

Effective date

   June 17, 2015    —      June 18, 2014

Source of dividends

   Retained earnings    —      Retained earnings

 

2. Reason for the dividend amount

TMC deems the benefit of its shareholders as one of its priority management policies and strives to continue to pay stable dividends with a consolidated dividend payout ratio of 30% while giving due consideration to factors such as business results for each term, investment plans and its cash reserves.

In order to successfully compete in this highly competitive industry, TMC will focus on the early commercialization of technologies for the next-generation environment and safety, giving priority to customer safety and sense of security.

Considering these factors, TMC plans to propose a year-end dividend of 125 yen per share, and an annual dividend of 200 yen per share, combined with the interim dividend of 75 yen per share.

(Reference)

Details of Dividends through the fiscal year

 

     Dividend per share (yen)

Record date

       End of interim period            End of fiscal period        Total

Dividends for FY2015 (ended March 31, 2015)

   75.00    125.00(plan)    200.00(plan)

Dividends for FY2014 (ended March 31, 2014)

   65.00    100.00    165.00

[Reference Translation]

May 8, 2015

To Whom It May Concern:

 

 

Company Name: TOYOTA MOTOR CORPORATION

Name and Title of Representative:

            Akio Toyoda, President

            (Code Number: 7203

            Securities exchanges throughout Japan)

Name and Title of Contact Person:

            Yasushi Kyoda, General Manager,

            Accounting Division

            (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 Corporation Law of Japan)

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the board of directors held on May 8, 2015 to repurchase shares of its common stock pursuant to Article 156 of the Corporation Law of Japan (the “Corporation Law”) as applied pursuant to Article 165, Paragraph 3 of the Corporation Law.

 

1. Reason for repurchasing shares

To return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment

 

2. Details of matters relating to repurchase

 

(1)    Class of stock to be repurchased   Common stock of TMC
(2)    Total number of shares to be repurchased   40 million shares (maximum)
     (Represents 1.27% of the total number of issued shares (excluding treasury stock))
(3)    Total purchase price for repurchase of shares   300 billion JPY (maximum)
(4)    Method of repurchase   Purchase in the market
(5)    Period of repurchase   After the issuance of the First Series Model AA Class Shares, the offering terms for which was resolved at the meeting of TMC’s board of directors held on April 28, 2015, subject to approval at the ordinary general meeting of shareholders scheduled to be held in June 2015, until March 31, 2016


This repurchase will be conducted separately from the repurchase of shares of common stock that was set out in the press release (“Notice Concerning the Issuance of the First Series Model AA Class Shares, Partial Amendments to the Articles of Incorporation in Connection with the Establishment of Model AA Class Shares and Repurchase of its Own Shares in Response to the Issuance of the First Series Model AA Class Shares”) of April 28, 2015.

(Reference) Number of treasury stock as of March 31, 2015

 

•    Total number of issued shares (excluding treasury stock):

  3,146,813,631 shares  

•    Number of treasury stock:

  271,183,861 shares  


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings