EX-99.1 2 ss110611_ex9901.htm FY2011 THIRD QUARTER FINANCIAL SUMMARY


FINANCIAL SUMMARY
 
 
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
 
FY2011 Third Quarter
(April 1, 2010 through December 31, 2010)




English translation from the original Japanese-language document















TOYOTA MOTOR CORPORATION
 
 

 
 
 
 
 

FY2011 Third Quarter Consolidated Financial Results

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
English translation from the original Japanese-language document

February 8, 2011
Company name
: Toyota Motor Corporation
Stock exchanges on which the shares are listed
: Tokyo, Osaka, Nagoya, Sapporo and Fukuoka Stock Exchanges in Japan
Code number
: 7203
URL
Representative
: http://www.toyota.co.jp
: Akio Toyoda, President
Contact person
: Naoki Kojima, General Manager, Accounting Division
  Tel. (0565)28-2121
Filing date of quarterly securities report
: February 14, 2011
Payment date of cash dividends
: —
Supplemental materials prepared for quarterly financial results
: yes
Earnings announcement for quarterly financial results
: yes

(Amounts are rounded to the nearest million yen)
1.  Consolidated Results for FY2011 First Nine Months (April 1, 2010 through December 31, 2010)
(1) Consolidated financial results (For the nine months ended December 31) (% of change from previous first nine months)
 
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
%
  
FY2011 first nine months
14,351,605
5.0
  
422,190
708.0
  
521,741
222.2
  
382,785
293.7
  
FY2010 first nine months
13,670,533
-19.6
  
52,250
-76.4
  
161,912
-54.3
  
97,233
-70.4
  

 
Net income attributable to Toyota Motor Corporation per share
– Basic
Net income attributable to Toyota Motor Corporation per share
– Diluted
  
 
Yen
  
Yen
    
FY2011 first nine months
122.06
  
122.06
    
FY2010 first nine months
31.01
  
31.01
    

(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    
FY2011 third quarter
29,234,349    
10,807,880    
10,229,944    
35.0    
3,262.38    
FY2010
30,349,287    
10,930,443    
10,359,723    
34.1    
3,303.49    

2.      Cash dividends
 
Annual cash dividends per share
  
 
End of first
quarter
End of second
quarter
End of third
quarter
Year-end
Total
  
 
Yen
  
Yen
  
Yen
  
Yen
  
Yen
    
FY2010
—
  
20.00
  
—
  
25.00
  
45.00
    
FY2011
—
  
20.00
  
—
            
FY2011 (forecast)
            
—
  
—
    
(Note) Revisions to the forecast of cash dividends in the current quarter: none

3.  Forecast of consolidated results for FY2011 (April 1, 2010 through March 31, 2011)
(% of change from FY2010)
 
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
  
FY2011
19,200,000
1.3
  
550,000
272.8
  
660,000
126.4
  
490,000
133.9
  
156.26
  
(Note) Revisions to the forecast of consolidated results in the current quarter: yes

 
 
 
 
4.  Others  (For more details, please see page 5 “Other Information”.)
(1)
Changes in significant subsidiaries during the current quarter: none
 
Note:
This item indicates whether there were changes in specified subsidiaries that caused a change in the scope of consolidation during the current quarter.
 
(2)
Simplified accounting procedures and specific accounting procedures: yes
 
Note:
This item indicates whether Toyota Motor Corporation has adopted simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements.

(3)
Changes in accounting principles, procedures, and disclosures
 
(i)
Changes by a newly issued accounting pronouncement: yes
 
(ii)
Changes other than (3)-(i) above: none

(4)
Number of shares issued and outstanding (common stock)
 
(i)
Number of shares issued and outstanding at the end of each period (including treasury stock): FY2011 third quarter 3,447,997,492 shares, FY2010 3,447,997,492 shares
 
(ii)
Number of treasury stock at the end of each period: FY2011 third quarter 312,268,281 shares, FY2010 312,002,149 shares
 
(iii)
Average number of shares issued and outstanding in each period: FY2011 first nine months 3,135,939,048 shares, FY2010 first nine months 3,135,982,005 shares


Information Regarding the Quarterly Review Procedures

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


Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect Toyota’s forecasts for consolidated results. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include: (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 Canadian dollar and the British pound; (iii) changes in funding environment in financial markets; (iv) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (v) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vi) political instability in the markets in which Toyota operates; (vii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (viii) any damage to Toyota’s brand image; and (ix) fuel shortages or interruptions in 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.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

This report contains summarized and condensed financial information prepared in accordance with accounting principles generally accepted in the United States of America. Certain prior year amounts have been reclassified to conform to the presentations for the current quarterly financial statements.

 
 
 
 
 
 
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
TABLE OF CONTENTS
 
1.
Qualitative Information Concerning Consolidated Financial Results for FY2011 First Nine Months
2
 
(1) Financial Results
2
 
(2) Segment Operating Results
2
 
(3) Geographic Information
3
2.
Qualitative Information Concerning Forecast of Consolidated Financial Results for FY2011
4
3.
Other Information
5
 
(1) Changes in significant subsidiaries during the current period
5
 
(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements
5
 
(3) Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements
5
4.
Consolidated Production and Sales
6
 
(1) Production
6
 
(2) Sales (by destination)
6
5.
Quarterly Consolidated Financial Statements
7
 
(1) Quarterly Consolidated Balance Sheets
7
 
(2) Quarterly Consolidated Statements of Income
9
 
(3) Quarterly Consolidated Statements of Cash Flows
11
 
(4) Going Concern Assumption
11
 
(5) Segment Information
12
 
(6) Significant Changes in Shareholders’ Equity
14

 
 
1
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
1．Qualitative Information Concerning Consolidated Financial Results for FY2011 First Nine Months

(1) Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 322 thousand units, or 6.2%, to 5,517 thousand units in FY2011 first nine months (For the nine months ended December 31, 2010) compared with FY2010 first nine months (For the nine months ended December 31, 2009).  Vehicle unit sales in Japan increased by 2 thousand units, or 0.1%, to 1,488 thousand units in FY2011 first nine months compared with FY2010 first nine months, primarily as a result of the efforts of dealers nationwide.  Meanwhile, overseas vehicle unit sales also increased by 320 thousand units, or 8.6%, to 4,029 thousand units in FY2011 first nine months compared with FY2010 first nine months, because of the sales expansion mainly in Asia and other regions.
As for the results of operations, net revenues increased by 681.1 billion yen, or 5.0%, to 14,351.6 billion yen in FY2011 first nine months compared with FY2010 first nine months, and operating income increased by 369.9 billion yen, or 708.0%, to 422.1 billion yen in FY2011 first nine months compared with FY2010 first nine months.  Among the factors contributing to an increase in operating income were the effects of marketing efforts of 570.0 billion yen and cost reduction efforts of 120.0 billion yen.  On the other hand, factors contributing to a decrease in operating income primarily included changes in exchange rates of 220.0 billion yen, an increase in expense of 70.0 billion yen, and other factors of 30.1 billion yen.  Income before income taxes and equity in earnings of affiliated companies increased by 359.8 billion yen, or 222.2%, to 521.7 billion yen in FY2011 first nine months compared with FY2010 first nine months.  Net income attributable to Toyota Motor Corporation increased by 285.5 billion yen, or 293.7%, to 382.7 billion yen in FY2011 first nine months compared with FY2010 first nine months.


(2) Segment Operating Results

(i) Automotive:
Net revenues for the automotive operations increased by 736.4 billion yen, or 5.9%, to 13,118.8 billion yen in FY2011 first nine months compared with FY2010 first nine months, and operating income increased by 238.1 billion yen to 102.2 billion yen in FY2011 first nine months compared with FY2010 first nine months.  The increase in operating income was mainly due to increases in both production volume and vehicle unit sales and cost reduction efforts, despite the effects of changes in exchange rates.

(ii) Financial services:
Net revenues for the financial services operations decreased by 37.8 billion yen, or 4.0%, to 901.4 billion yen in FY2011 first nine months compared with FY2010 first nine months. However, operating income increased by 95.1 billion yen, or 46.4%, to 300.1 billion yen in FY2011 first nine months compared with FY2010 first nine months.  The increase in operating income was mainly due to decreases in the provision for credit losses in sales finance subsidiaries.

(iii) All other:
Net revenues for all other businesses increased by 29.0 billion yen, or 4.4%, to 684.4 billion yen in FY2011 first nine months compared with FY2010 first nine months, and operating income increased by 42.1 billion yen to 28.1 billion yen in FY2011 first nine months compared with FY2010 first nine months.

 
2
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
(3) Geographic Information

(i) Japan:
Net revenues in Japan increased by 480.3 billion yen, or 6.1%, to 8,412.3 billion yen in FY2011 first nine months compared with FY2010 first nine months, and operating loss decreased by 49.3 billion yen to 174.4 billion yen in FY2011 first nine months compared with FY2010 first nine months.  The decrease in operating loss was mainly due to increases in both production volume and vehicle exports and cost reduction efforts, despite the effects of changes in exchange rates.

(ii) North America:
Net revenues in North America decreased by 62.4 billion yen, or 1.5%, to 4,154.6 billion yen in FY2011 first nine months compared with FY2010 first nine months.  However, operating income increased by 144.5 billion yen, or 135.5%, to 251.1 billion yen in FY2011 first nine months compared with FY2010 first nine months.  The increase in operating income was mainly due to increases in both production volume and vehicle unit sales and decreases in the provision for credit losses in sales finance subsidiaries.

(iii) Europe:
Net revenues in Europe decreased by 191.0 billion yen, or 11.6%, to 1,449.3 billion yen in FY2011 first nine months compared with FY2010 first nine months.  However, operating loss decreased by 33.3 billion yen to 6.7 billion yen in FY2011 first nine months compared with FY2010 first nine months.

(iv) Asia:
Net revenues in Asia increased by 617.7 billion yen, or 33.5%, to 2,464.1 billion yen in FY2011 first nine months compared with FY2010 first nine months, and operating income increased by 100.2 billion yen, or 75.6%, to 232.8 billion yen in FY2011 first nine months compared with FY2010 first nine months.  The increase in operating income was mainly due to increases in both production volume and vehicle unit sales.

(v) Other (Central and South America, Oceania and Africa):
Net revenues in other regions increased by 124.4 billion yen, or 10.1%, to 1,351.4 billion yen in FY2011 first nine months compared with FY2010 first nine months, and operating income increased by 37.2 billion yen, or 46.4% to 117.2 billion yen in FY2011 first nine months compared with FY2010 first nine months.  The increase in operating income was mainly due to increases in both production volume and vehicle unit sales.





 
3
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
2．Qualitative Information Concerning Forecast of Consolidated Financial Results for FY2011

Reflecting our recent business performance and the progress of a variety of measures for profit improvement, the current forecast of consolidated financial results for FY2011 (April 1, 2010 through March 31, 2011) is set forth below.  This forecast assumes average exchange rates through the fiscal year of 86 yen per US$1 and 112 yen per 1 Euro.


Forecast of consolidated results for FY2011

Net revenues
19,200.0 billion yen 
(an increase of    1.3% 
compared with FY2010)  
Operating income
550.0 billion yen 
(an increase of 272.8% 
compared with FY2010)  
Income before income taxes and
equity in earnings of affiliated companies
660.0 billion yen 
(an increase of 126.4% 
 compared with FY2010)  
Net income attributable to Toyota Motor Corporation
490.0 billion yen 
(an increase of 133.9% 
  compared with FY2010)  

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include: (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 Canadian dollar and the British pound; (iii) changes in funding environment in financial markets; (iv) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (v) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vi) political instability in the markets in which Toyota operates; (vii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (viii) any damage to Toyota’s brand image; and (ix) fuel shortages or interruptions in 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.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.




 
4
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
3. Other Information

(1)
Changes in significant subsidiaries during the current period
(Changes in specified subsidiaries that caused a change in the scope of consolidation)

None

(2)
Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements

Provision for income taxes

The provision for income taxes is computed by multiplying income before income taxes and equity in earnings of affiliated companies by estimated annual effective tax rates. These estimated effective tax rates reflect anticipated investment tax credits, foreign tax credits and other items including changes in valuation allowances, that are expected to affect estimated effective tax rates.

(3)
Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements

In June 2009, the Financial Accounting Standards Board (“FASB”) issued updated guidance of accounting for and disclosure of transfers and servicing. This guidance eliminates the concept of a qualifying special-purpose entity, changes the requirements for derecognizing financial assets, and requires additional disclosures about transfers of financial assets. Toyota and its consolidated subsidiaries (“Toyota”) adopted this guidance from the interim period within the fiscal year begun after November 15, 2009. The adoption of this guidance did not have a material impact on Toyota’s quarterly consolidated financial statements.

In June 2009, FASB issued updated guidance of accounting for and disclosure of consolidation. This guidance changes how a company determines when a variable interest entity should be consolidated. Toyota adopted this guidance from the interim period within the fiscal year begun after November 15, 2009. The adoption of this guidance did not have a material impact on Toyota’s quarterly consolidated financial statements.





 
5
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
4. Consolidated Production and Sales

(1)
Production
                         
(Units)
Business segment
  
FY2010 first nine months
(April 1, 2009 through
 December 31, 2009)
  
FY2011 first nine months
(April 1, 2010 through
 December 31, 2010)
  
Increase
(Decrease)
  
 
Japan
  
2,827,950
      
2,918,297
      
90,347
    
 
North America
  
755,838
      
993,152
      
237,314
    
 Automotive
Europe
  
318,572
      
264,761
      
(53,811)
 )   
Asia
  
715,364
      
977,508
      
262,144
    
 
Other
  
258,380
      
295,590
      
37,210
    
 
Total
  
4,876,104
      
5,449,308
      
573,204
    
Other Housing   3,246      
3,691
       445    
 
Business segment
  
FY2010 third quarter
(October 1, 2009 through
 December 31, 2009)
   FY2011 third quarter
(October 1, 2010 through
December 31, 2010)		  
Increase
(Decrease)
  
 
Japan
  
1,119,078
      
924,299
      
(194,779
 )  
 
North America
  
303,719
      
323,149
      
19,430
    
Automotive
Europe
  
112,152
      
99,205
      
(12,947)
 )   
Asia
  
287,397
      
352,604
      
65,207
    
 
Other
  
98,979
      
103,910
      
4,931
    
 
Total
  
1,921,325
      
1,803,167
      
(118,158
 )  
Other
Housing
  
1,303
      
1,429
      
126
    
Note:
1 Production in “Automotive” indicates production units of vehicles (new).
  
 
2 “Other” in “Automotive” consists of Central and South America, Oceania and Africa.
  
 
(2) Sales (by destination)
                         
(Units)
Business segment
  
FY2010 first nine months
(April 1, 2009 through
 December 31, 2009)
  
FY2011 first nine months
(April 1, 2010 through
 December 31, 2010)
  
Increase
(Decrease)
  
 
Japan
  
1,485,792
      
1,487,808
      
2,016
    
 
North America
  
1,546,846
      
1,548,421
      
1,575
    
 Automotive
Europe
  
654,368
      
575,489
      
(78,879)
 )   
Asia
  
699,702
      
910,154
      
210,452
    
 
Other
  
808,304
      
995,075
      
186,771
    
 
Total
  
5,195,012
      
5,516,947
      
321,935
    
Other Housing  
3,486
      
3,555
      
69
    
 
Business segment
  
FY2010 third quarter
(October 1, 2009 through
 December 31, 2009)
   FY2011 third quarter
(October 1, 2010 through
December 31, 2010)		  
Increase
(Decrease)
  
 
Japan
  
582,988
      
402,476
      
(180,512
 )  
 
North America
  
642,377
      
507,861
      
(134,516
 )  
Automotive
Europe
  
219,457
      
207,621
      
(11,836)
 )   
Asia
  
277,203
      
334,504
      
57,301
    
 
Other
  
342,987
      
349,219
      
6,232
    
 
Total
  
2,065,012
      
1,801,681
      
(263,331
 )  
Other
Housing
  
1,427
      
1,356
      
(71
 )  
Note:
1 Sales in “Automotive” indicates sales units of vehicles (new).
 
2 “Other” in “Automotive” consists of Central and South America, Oceania, Africa and the Middle East, etc.

 
6
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
5. Quarterly Consolidated Financial Statements
   
(1) Quarterly Consolidated Balance Sheets
  
 
(Amount: million yen)
   
FY2010
(As of March 31,
 2010)
    
FY2011 third quarter
(As of December 31,
 2010)
  
Increase
(Decrease)
Assets
        
 
  
 
Current assets:
        
 
  
 
Cash and cash equivalents
     1,865,746       1,779,297       (86,449 )
Time deposits
     392,724       242,152       (150,572 )
Marketable securities
     1,793,165       1,495,546       (297,619 )
Trade accounts and notes receivable,
less allowance for doubtful accounts
     1,886,273       1,444,942       (441,331 )
Finance receivables, net
     4,209,496       4,027,312       (182,184 )
Other receivables
     360,379       312,861       (47,518 )
Inventories
     1,422,373       1,373,625       (48,748 )
Deferred income taxes
     632,164       540,347       (91,817 )
Prepaid expenses and other current assets
     511,284       586,611       75,327  
Total current assets
     13,073,604       11,802,693       (1,270,911 )
Noncurrent finance receivables, net
     5,630,680       5,376,378       (254,302 )
Investments and other assets:
                    
Marketable securities and other securities investments  
    2,256,279       3,235,685       979,406  
Affiliated companies
     1,879,320       1,817,089       (62,231 )
Employees receivables
     67,506       60,046       (7,460 )
Other
     730,997       749,527       18,530  
Total investments and other assets
     4,934,102       5,862,347       928,245  
Property, plant and equipment:
                    
Land
     1,261,349       1,241,655       (19,694 )
Buildings
     3,693,972       3,616,370       (77,602 )
Machinery and equipment
     9,298,967       8,862,171       (436,796 )
Vehicles and equipment on operating leases
     2,613,248       2,440,057       (173,191 )
Construction in progress
     226,212       220,892       (5,320 )
Total property, plant and equipment, at cost
     17,093,748       16,381,145       (712,603 )
Less – Accumulated depreciation
     (10,382,847 )     (10,188,214 )     194,633  
Total property, plant and equipment, net
     6,710,901       6,192,931       (517,970 )
Total assets
     30,349,287       29,234,349       (1,114,938 )
 
 
7
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
(Amount: million yen)
 
  
FY2010
(As of March 31,
 2010)
    
FY2011 third quarter
(As of December 31,
 2010)
    
Increase
(Decrease)
  
Liabilities
  
 
    
 
    
 
  
Current liabilities:
  
 
    
 
    
 
  
Short-term borrowings
     3,279,673       3,075,806       (203,867 )
Current portion of long-term debt
     2,218,324       2,253,798       35,474  
Accounts payable
     1,956,505       1,591,902       (364,603 )
Other payables
     572,450       491,129       (81,321 )
Accrued expenses
     1,735,930       1,668,856       (67,074 )
Income taxes payable
     153,387       116,127       (37,260 )
Other current liabilities
     769,945       809,416       39,471  
Total current liabilities
     10,686,214       10,007,034       (679,180 )
Long-term liabilities:
                        
Long-term debt
     7,015,409       6,706,016       (309,393 )
Accrued pension and severance costs
     678,677       682,157       3,480  
Deferred income taxes
     813,221       819,841       6,620  
Other long-term liabilities
     225,323       211,421       (13,902 )
Total long-term liabilities
     8,732,630       8,419,435       (313,195 )
Total liabilities
     19,418,844       18,426,469       (992,375 )
 
                        
Shareholders’ equity
                        
Toyota Motor Corporation shareholders’ equity:
                        
Common stock, no par value,
     397,050       397,050       —  
authorized: 10,000,000,000 shares
as of March 31, 2010 and December 31, 2010
                        
issued: 3,447,997,492 shares
as of March 31, 2010 and December 31, 2010
                        
Additional paid-in capital
     501,331       504,890       3,559  
Retained earnings
     11,568,602       11,810,267       241,665  
Accumulated other comprehensive income (loss)
     (846,835 )     (1,220,986 )     (374,151 )
Treasury stock, at cost,
     (1,260,425 )     (1,261,277 )     (852 )
312,002,149 shares as of March 31, 2010 and
312,268,281 shares as of December 31, 2010
                        
Total Toyota Motor Corporation shareholders’ equity
     10,359,723       10,229,944       (129,779 )
Noncontrolling interest
     570,720       577,936       7,216  
Total shareholders’ equity
     10,930,443       10,807,880       (122,563 )
Commitments and contingencies
                        
Total liabilities and shareholders’ equity
     30,349,287       29,234,349       (1,114,938 )
 
 
8
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
(2) Quarterly Consolidated Statements of Income
         
(First nine months ended December 31)
       
(Amount: million yen)
 
  
FY2010 first nine months
(Nine months ended
December 31, 2009)
    
FY2011 first nine months
(Nine months ended
December 31, 2010)
    
Increase
(Decrease)
  
Net revenues:
  
 
    
 
    
 
  
Sales of products
     12,746,837       13,463,454       716,617  
Financing operations
     923,696       888,151       (35,545 )
Total net revenues
     13,670,533       14,351,605       681,072  
Costs and expenses:
                        
Cost of products sold
     11,602,925       12,048,265       445,340  
Cost of financing operations
     534,904       480,353       (54,551 )
Selling, general and administrative
     1,480,454       1,400,797       (79,657 )
Total costs and expenses
     13,618,283       13,929,415       311,132  
Operating income
     52,250       422,190       369,940  
Other income (expense):
                        
Interest and dividend income
     61,500       72,808       11,308  
Interest expense
     (26,405 )     (22,809 )     3,596  
Foreign exchange gain, net
     46,094       9,261       (36,833 )
Other income, net
     28,473       40,291       11,818  
Total other income (expense)
     109,662       99,551       (10,111 )
Income before income taxes and equity in earnings of   
affiliated companies
     161,912       521,741       359,829  
Provision for income taxes
     62,217       265,567       203,350  
Equity in earnings of affiliated companies
     2,916       180,742       177,826  
Net income
     102,611       436,916       334,305  
Less: Net income attributable to the noncontrolling interest  
    (5,378 )     (54,131 )     (48,753 )
Net income attributable to Toyota Motor Corporation  
    97,233       382,785       285,552  
                         
                         
                         
                         
             
(Amount: yen)
Net income attributable to
Toyota Motor Corporation per share
                        
Basic
     31.01       122.06       91.05  
Diluted
     31.01       122.06       91.05  

 
9
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
(Third quarter for the three months ended December 31)
    
                (Amount: million yen)
 
  
FY2010 third quarter
(Three months ended
December 31, 2009)
    
FY2011 third quarter
(Three months ended
December 31, 2010)
    
Increase
(Decrease)
  
Net revenues:
  
 
    
 
    
 
  
Sales of products
     4,990,932       4,379,795       (611,137 )
Financing operations
     301,958       293,318       (8,640 )
Total net revenues
     5,292,890       4,673,113       (619,777 )
Costs and expenses:
                        
Cost of products sold
     4,390,531       3,954,671       (435,860 )
Cost of financing operations
     170,374       140,296       (30,078 )
Selling, general and administrative
     542,876       479,076       (63,800 )
Total costs and expenses
     5,103,781       4,574,043       (529,738 )
Operating income
     189,109       99,070       (90,039 )
Other income (expense):
                        
Interest and dividend income
     21,533       26,730       5,197  
Interest expense
     (7,240 )     (6,491 )     749  
Foreign exchange gain, net
     16,593       6,603       (9,990 )
Other income, net
     4,892       3,756       (1,136 )
Total other income (expense)
     35,778       30,598       (5,180 )
Quarterly income before income taxes and equity in   
earnings of affiliated companies
     224,887       129,668       (95,219 )
Provision for income taxes
     115,719       65,718       (50,001 )
Equity in earnings of affiliated companies
     58,420       46,926       (11,494 )
Quarterly net income
     167,588       110,876       (56,712 )
Less: Quarterly net income attributable to the noncontrolling interest  
    (14,369 )     (17,247 )     (2,878 )
Quarterly net income attributable to Toyota Motor Corporation  
    153,219       93,629       (59,590 )
                         
                         
                         
                         
                      (Amount: yen)
Quarterly net income attributable to
Toyota Motor Corporation per share
                        
Basic
     48.86       29.86       (19.00 )
Diluted
     48.86       29.86       (19.00 )
    
 
10
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
(3) Quarterly Consolidated Statements of Cash Flows
 
   
(Amount: million yen)
   
FY2010 first nine months
(Nine months ended
December 31, 2009)
    
FY2011 first nine months
(Nine months ended
December 31, 2010)
  
Cash flows from operating activities:
            
Net income
     102,611       436,916  
Adjustments to reconcile net income to net cash provided by operating activities  
               
Depreciation
     1,046,658       880,017  
Provision for doubtful accounts and credit losses
     62,142       (22,289 )
Pension and severance costs, less payments
     (753 )     2,788  
Losses on disposal of fixed assets
     28,362       19,525  
Unrealized losses on available-for-sale securities, net
     1,563       7,710  
Deferred income taxes
     95,332       146,028  
Equity in earnings of affiliated companies
     (2,916 )     (180,742 )
Changes in operating assets and liabilities, and other
     718,337       144,839  
Net cash provided by operating activities
     2,051,336       1,434,792  
Cash flows from investing activities:
                
Additions to finance receivables
     (5,859,593 )     (6,344,161 )
Collection of and proceeds from sales of finance receivables
     5,601,367       5,996,255  
Additions to fixed assets excluding equipment leased to others
     (449,572 )     (419,908 )
Additions to equipment leased to others
     (586,504 )     (836,796 )
Proceeds from sales of fixed assets excluding equipment leased to others  
    39,592       28,407  
Proceeds from sales of equipment leased to others
     372,193       372,039  
Purchases of marketable securities and security investments
     (1,392,873 )     (3,235,491 )
Proceeds from sales of and maturity of marketable securities and security investments  
    481,518       2,555,742  
Changes in investments and other assets, and other
     (347,091 )     183,023  
Net cash used in investing activities
     (2,140,963 )     (1,700,890 )
Cash flows from financing activities:
                
Proceeds from issuance of long-term debt
     2,300,263       2,282,530  
Payments of long-term debt
     (2,109,549 )     (1,909,777 )
Increase (decrease) in short-term borrowings
     (221,328 )     124,700  
Dividends paid
     (172,476 )     (141,120 )
Purchase of common stock, and other
     521       (28,657 )
Net cash provided by (used in) financing activities
     (202,569 )     327,676  
Effect of exchange rate changes on cash and cash equivalents
     (16,525 )     (148,027 )
Net decrease in cash and cash equivalents
     (308,721 )     (86,449 )
Cash and cash equivalents at beginning of period
     2,444,280       1,865,746  
Cash and cash equivalents at end of period
     2,135,559       1,779,297  
                 
   Note:
In the Quarterly 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.

(4) Going Concern Assumption
    
 
None

 
11
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

(5) Segment Information

 
(i) Segment operating results

FY2010 first nine months (Nine months ended December 31, 2009)
(Amount: million yen)
   
Automotive
    
Financial Services
    
All Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                              
Sales to external customers
     12,374,839       923,696       371,998       —       13,670,533  
Inter-segment sales and transfers
     7,543       15,558       283,427       (306,528 )     —  
Total
     12,382,382       939,254       655,425       (306,528 )     13,670,533  
Operating expenses
     12,518,344       734,188       669,421       (303,670 )     13,618,283  
Operating income (loss)
     (135,962 )     205,066       (13,996 )     (2,858 )     52,250  

FY2011 first nine months (Nine months ended December 31, 2010)
(Amount: million yen)
   
Automotive
    
Financial Services
    
All Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                              
Sales to external customers
     13,110,680       888,151       352,774       —       14,351,605  
Inter-segment sales and transfers
     8,029       13,327       331,638       (352,994 )     —  
Total
     13,118,709       901,478       684,412       (352,994 )     14,351,605  
Operating expenses
     13,016,569       601,328       656,290       (344,772 )     13,929,415  
Operating income
     102,140       300,150       28,122       (8,222 )     422,190  

FY2010 third quarter (Three months ended December 31, 2009)
(Amount: million yen)
   
Automotive
    
Financial Services
    
All Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                              
Sales to external customers
     4,858,896       301,958       132,036       —       5,292,890  
Inter-segment sales and transfers
     2,181       5,180       94,174       (101,535 )     —  
Total
     4,861,077       307,138       226,210       (101,535 )     5,292,890  
Operating expenses
     4,736,598       226,501       240,609       (99,927 )     5,103,781  
Operating income (loss)
     124,479       80,637       (14,399 )     (1,608 )     189,109  

FY2011 third quarter (Three months ended December 31, 2010)
(Amount: million yen)
   
Automotive
    
Financial Services
    
All Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                              
Sales to external customers
     4,252,211       293,318       127,584       —       4,673,113  
Inter-segment sales and transfers
     2,908       4,185       110,459       (117,552 )     —  
Total
     4,255,119       297,503       238,043       (117,552 )     4,673,113  
Operating expenses
     4,282,647       181,063       224,652       (114,319 )     4,574,043  
Operating income (loss)
     (27,528 )     116,440       13,391       (3,233 )     99,070  
  
 
12
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
 
(ii) Geographic information
 
FY2010 first nine months (Nine months ended December 31, 2009)
(Amount: million yen)
   
Japan
    
North America
    
Europe
    
Asia
    
Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                                          
Sales to external customers
     5,087,418       4,153,463       1,595,222       1,698,306       1,136,124       —       13,670,533  
Inter-segment sales and transfers
     2,844,549       63,625       45,138       148,122       90,804       (3,192,238 )     —  
Total
     7,931,967       4,217,088       1,640,360       1,846,428       1,226,928       (3,192,238 )     13,670,533  
Operating expenses
     8,155,718       4,110,462       1,680,339       1,713,827       1,146,934       (3,188,997 )     13,618,283  
Operating income (loss)
     (223,751 )     106,626       (39,979 )     132,601       79,994       (3,241 )     52,250  

FY2011 first nine months (Nine months ended December 31, 2010)
(Amount: million yen)
   
Japan
    
North America
    
Europe
    
Asia
    
Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                                          
Sales to external customers
     5,335,590       4,088,148       1,408,024       2,295,159       1,224,684       —       14,351,605  
Inter-segment sales and transfers
     3,076,701       66,502       41,341       168,942       126,664       (3,480,150 )     —  
Total
     8,412,291       4,154,650       1,449,365       2,464,101       1,351,348       (3,480,150 )     14,351,605  
Operating expenses
     8,586,724       3,903,499       1,456,020       2,231,230       1,234,238       (3,482,296 )     13,929,415  
Operating income (loss)
     (174,433 )     251,151       (6,655 )     232,871       117,110       2,146       422,190  
Note: “Other” consists of Central and South America, Oceania and Africa.

FY2010 third quarter (Three months ended December 31, 2009)
(Amount: million yen)
   
Japan
    
North America
    
Europe
    
Asia
    
Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                                          
Sales to external customers
     1,997,787       1,600,633       547,051       696,577       450,842       —       5,292,890  
Inter-segment sales and transfers
     1,096,053       22,105       13,901       65,961       43,166       (1,241,186 )     —  
Total
     3,093,840       1,622,738       560,952       762,538       494,008       (1,241,186 )     5,292,890  
Operating expenses
     3,059,921       1,543,040       582,291       695,361       454,611       (1,231,443 )     5,103,781  
Operating income (loss)
     33,919       79,698       (21,339 )     67,177       39,397       (9,743 )     189,109  
  
FY2011 third quarter (Three months ended December 31, 2010)
(Amount: million yen)
   
Japan
    
North America
    
Europe
    
Asia
    
Other
    
Inter-segment
Elimination
    
Consolidated
  
Net revenues:
                                          
Sales to external customers
     1,624,511       1,312,704       510,699       779,848       445,351       —       4,673,113  
Inter-segment sales and transfers
     1,061,560       20,669       13,533       55,284       44,274       (1,195,320 )     —  
Total
     2,686,071       1,333,373       524,232       835,132       489,625       (1,195,320 )     4,673,113  
Operating expenses
     2,808,517       1,228,103       521,972       766,479       445,419       (1,196,447 )     4,574,043  
Operating income (loss)
     (122,446 )     105,270       2,260       68,653       44,206       1,127       99,070  
Note: “Other” consists of Central and South America, Oceania and Africa.
 
 
13
 
TOYOTA MOTOR CORPORATION  FY2011 Third Quarter Financial Summary
(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
 
(6)
Significant Changes in Shareholders’ Equity

None
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14