Form 6-K TOYOTA MOTOR CORP/ For: May 08
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 Registrants 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 registrants 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 Toyotas 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 Toyotas 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) Toyotas ability to market and distribute effectively; (v) Toyotas 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 Toyotas 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 Toyotas 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) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas 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 Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas 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)
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(3) Basic Policy on the Distribution of Profits and the Distribution of Profits for FY2015 |
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3. Basic Concept Regarding the Selection of Accounting Standards |
6 | |||
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(2) Consolidated Statements of Income and |
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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.
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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.
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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 TMCs 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.
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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 Toyotas 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) Toyotas ability to market and distribute effectively; (v) Toyotas 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 Toyotas 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 Toyotas 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) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas 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 Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
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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) Toyotas 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 Toyotas common stock on the New York Stock Exchange.
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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 |
(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. |
(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, |
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, |
(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)
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 Toyotas 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)
(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)
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 |
(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)
(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)
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 | |||||||||||||||||||||||
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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 | ||||||||||||||||||||||||
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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 |
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Total changes of items during the period |
| | (1,622 | ) | (1,622 | ) | | (203 | ) | 424 | | |||||||||||||||||||||
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Balance at the end of current period |
397,049 | 416,970 | | 416,970 | 99,454 | 1,037 | 11,138 | 6,340,926 | ||||||||||||||||||||||||
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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 | |||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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Total changes of items during the period |
889,989 | 890,210 | (98,056 | ) | 790,531 | 522,597 | 522,597 | (3,590 | ) | 1,309,538 | ||||||||||||||||||||||
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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 | |||||||||||||||||||||||
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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) |
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) |
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) |
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) |
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. Attorneys 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 Toyotas 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 Toyotas 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) Toyotas ability to market and distribute effectively; (v) Toyotas 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 Toyotas 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 Toyotas 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) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas 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 Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas 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 TMCs 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 |
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