0001193125-17-334980.txt : 20171107 0001193125-17-334980.hdr.sgml : 20171107 20171107061639 ACCESSION NUMBER: 0001193125-17-334980 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20171107 FILED AS OF DATE: 20171107 DATE AS OF CHANGE: 20171107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOYOTA MOTOR CORP/ CENTRAL INDEX KEY: 0001094517 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 000000000 STATE OF INCORPORATION: M0 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14948 FILM NUMBER: 171181015 BUSINESS ADDRESS: STREET 1: 1 TOYOTA CHO TOYOTA CITY STREET 2: AICHI PREFECTURE 471-8571 CITY: JAPAN STATE: M0 ZIP: 00000 BUSINESS PHONE: 81-565-28-2121 MAIL ADDRESS: STREET 1: TOYOTA MOTOR SALES USA INC STREET 2: 19001 SOUTH WESTERN AVE PO BOX 2991 CITY: TORRANCE STATE: CA ZIP: 90509-2991 6-K 1 d644607d6k.htm REPORT OF FOREIGN PRIVATE ISSUER Report of Foreign Private Issuer

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of November, 2017

Commission File Number 001-14948

 

 

Toyota Motor Corporation

(Translation of Registrant’s Name Into English)

 

 

1, Toyota-cho, Toyota City,

Aichi Prefecture 471-8571,

Japan

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F      X        Form 40-F             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):            

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):            

 

 

 


Material Contained in this Report:

 

I.

English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on November 7, 2017, with respect to the registrant’s results of operations for the second quarter of FY2018, ended September 30, 2017.

 

II.

English translation of the Notice Concerning Distribution of Interim Dividends from Surplus, as filed by the registrant with the Tokyo Stock Exchange on November 7, 2017.

 

III.

English translation of the Notice Concerning the Determination of Matters Relating to the Repurchase of Shares of Common Stock, as filed by the registrant with the Tokyo Stock Exchange on November 7, 2017.

 

IV.

English translation of the Notice Concerning the Applications for Delisting of Shares of Common Stock from the Fukuoka Stock Exchange and the Sapporo Securities Exchange, as filed by the registrant with the Tokyo Stock Exchange on November 7, 2017.


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/    Kenta Kon

 

Name:

 

Kenta Kon

 

Title:

 

General Manager of

   

Accounting Division

Date: November 7, 2017

EX-99.1 2 d644607dex991.htm FY2018 SECOND QUARTER FINANCIAL SUMMARY FY2018 Second Quarter Financial Summary
Table of Contents

FINANCIAL SUMMARY

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

FY2018 Second Quarter

(April 1, 2017 through September 30, 2017)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


Table of Contents

FY2018 Second Quarter Consolidated Financial Results

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

English translation from the original Japanese-language document

November 7, 2017

 

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

Representative

  

: http://www.toyota.co.jp

: Akio Toyoda, President

Contact person

   : Kenta Kon, General Manager, Accounting Division
  Tel. (0565)28-2121

Filing date of quarterly securities report

   : November 13, 2017

Payment date of cash dividends

   : November 27, 2017

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 FY2018 First Half (April 1, 2017 through September 30, 2017)

 

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

 

     (% of change from previous first half)  
     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          %  

FY2018 first half

     14,191,207        8.6        1,096,541        -1.8        1,252,173        6.4        1,071,328        13.2  

FY2017 first half

     13,070,533        -7.2        1,116,865        -29.5        1,176,534        -29.8        946,173        -24.8  

 

(Note) Comprehensive income: FY2018 first half 1,367,140 million yen ( 462.7 %), FY2017 first half 242,981 million yen ( -73.7 %)

 

     Net income attributable to
Toyota Motor Corporation
per common share – Basic
     Net income attributable to
Toyota Motor Corporation
per common share –  Diluted
 
     Yen      Yen  

FY2018 first half

     359.55        355.92  

FY2017 first half

     311.08        307.84  

 

(2) Consolidated financial position

 

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

FY2018 second quarter

     50,253,031        19,406,187        18,253,494        36.3  

FY2017

     48,750,186        18,668,953        17,514,812        35.9  

 

2. Cash Dividends

 

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

FY2017

            100.00               110.00        210.00  

FY2018

            100.00           

FY2018 (forecast)

                          

 

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

            Please refer to “(Reference) Cash Dividends on Class Shares” for information regarding cash dividends on class shares, which are unlisted and have different rights from common stock.

 

3. Forecast of Consolidated Results for FY2018 (April 1, 2017 through March 31, 2018)

 

     (% of change from FY2017)  
     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 common share – Basic
 
     Million yen          %      Million yen          %      Million yen          %      Million yen          %      Yen  

Full-year

     28,500,000        3.3        2,000,000        0.3        2,250,000        2.6        1,950,000        6.5        657.08  

 

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


Table of Contents

Notes

 

(1) Changes in significant subsidiaries during the current quarter

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

 

(2) Simplified accounting procedures and specific accounting procedures: yes

Note: For more details, please see page 9 “Other Information”.

 

(3) Changes in accounting policies

 

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

 

  (ii) Changes other than (3)-(i) above: none

Note: For more details, please see page 9 “Other Information”.

 

(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):
     FY2018 second quarter 3,262,997,492 shares, FY2017 3,262,997,492 shares

 

  (ii) Number of treasury stock at the end of each period: FY2018 second quarter 328,212,683 shares,
     FY2017 288,274,636 shares

 

  (iii) Average number of shares issued and outstanding in each period: FY2018 first half 2,962,527,513 shares,
     FY2017 first half 3,025,875,694 shares

This report is not reviewed.

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

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

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

This report contains summarized and condensed financial information prepared in accordance with U.S. generally accepted accounting principles.

(Reference) Cash Dividends on Class Shares

Cash dividends on class shares, which have different rights from common stock, are as follows:

 

     Annual cash dividends per First Series Model AA Class Share  
     End of first
quarter
     End of second
quarter
     End of third
quarter
     Year-end      Total  
     Yen      Yen      Yen      Yen      Yen  

FY2017

            52.50               52.50        105.00  

FY2018

            79.00           

FY2018 (forecast)

                          

 

(Note) The First Series Model AA Class Shares were issued in July 2015.


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

TABLE OF CONTENTS

 

1.  Consolidated Financial Statements

     2  

(1) Consolidated Balance Sheets

     2  

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

     4  

(3) Consolidated Statements of Cash Flows

     8  

(4) Going Concern Assumption

     9  

(5) Significant Changes in Shareholders’ Equity

     9  

2.  Other Information

     9  

(1) Changes in significant subsidiaries during the current period

     9  

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

     9  

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

     9  

Supplemental Material for Financial Results for FY2018 Second Quarter

  

 

1


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

1. Consolidated Financial Statements

(1) Consolidated Balance Sheets

 

                                                        
     (Yen in millions)  
     FY2017
(March 31, 2017)
    FY2018 second quarter
(September 30, 2017)
    Increase
(Decrease)
 

Assets

      

Current assets:

      

Cash and cash equivalents

     2,995,075       2,814,337       (180,738

Time deposits

     1,082,654       1,100,145       17,491  

Marketable securities

     1,821,598       1,972,049       150,451  

Trade accounts and notes receivable, less allowance for doubtful accounts

     2,115,938       2,078,991       (36,947

Finance receivables, net

     6,196,649       6,346,207       149,558  

Other receivables

     436,867       433,142       (3,725

Inventories

     2,388,617       2,491,575       102,958  

Prepaid expenses and other current assets

     796,297       889,278       92,981  
  

 

 

   

 

 

   

 

 

 

Total current assets

     17,833,695       18,125,724       292,029  
  

 

 

   

 

 

   

 

 

 

Noncurrent finance receivables, net

     9,012,222       9,563,857       551,635  

Investments and other assets:

      

Marketable securities and other securities investments

     7,679,928       8,064,827       384,899  

Affiliated companies

     2,845,639       2,925,975       80,336  

Employees receivables

     25,187       23,989       (1,198

Other

     1,156,406       1,164,500       8,094  
  

 

 

   

 

 

   

 

 

 

Total investments and other assets

     11,707,160       12,179,291       472,131  
  

 

 

   

 

 

   

 

 

 

Property, plant and equipment:

      

Land

     1,379,991       1,385,685       5,694  

Buildings

     4,470,996       4,621,470       150,474  

Machinery and equipment

     11,357,340       11,577,561       220,221  

Vehicles and equipment on operating leases

     5,966,579       6,189,462       222,883  

Construction in progress

     474,188       437,477       (36,711
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, at cost

     23,649,094       24,211,655       562,561  
  

 

 

   

 

 

   

 

 

 

Less – Accumulated depreciation

     (13,451,985     (13,827,496     (375,511
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, net

     10,197,109       10,384,159       187,050  
  

 

 

   

 

 

   

 

 

 

Total assets

     48,750,186       50,253,031       1,502,845  
  

 

 

   

 

 

   

 

 

 

 

2


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

 

 

                                                        
     (Yen in millions)  
     FY2017
(March 31, 2017)
    FY2018 second quarter
(September 30, 2017)
    Increase
(Decrease)
 

Liabilities

      

Current liabilities:

      

Short-term borrowings

     4,953,682       5,143,840       190,158  

Current portion of long-term debt

     4,290,449       4,249,353       (41,096

Accounts payable

     2,566,382       2,403,751       (162,631

Other payables

     936,938       823,171       (113,767

Accrued expenses

     3,137,827       3,070,811       (67,016

Income taxes payable

     223,574       326,457       102,883  

Other current liabilities

     1,210,113       1,305,107       94,994  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     17,318,965       17,322,490       3,525  
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     9,911,596       10,502,824       591,228  

Accrued pension and severance costs

     905,070       911,517       6,447  

Deferred income taxes

     1,423,726       1,565,025       141,299  

Other long-term liabilities

     521,876       544,988       23,112  
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     12,762,268       13,524,354       762,086  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     30,081,233       30,846,844       765,611  
  

 

 

   

 

 

   

 

 

 

Mezzanine equity

      

Model AA Class Shares, no par value,
authorized: 150,000,000 shares at March 31, 2017
and September 30, 2017
issued: 47,100,000 shares at March 31, 2017
and September 30, 2017

     485,877       489,550       3,673  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

                                                                                 

Toyota Motor Corporation shareholders’ equity:

      

Common stock, no par value,
authorized: 10,000,000,000 shares
at March 31, 2017 and September 30, 2017
issued: 3,262,997,492 shares
at March 31, 2017 and September 30, 2017

     397,050       397,050       —    

Additional paid-in capital

     484,013       485,489       1,476  

Retained earnings

     17,601,070       18,338,719       737,649  

Accumulated other comprehensive income (loss)

     640,922       888,244       247,322  

Treasury stock, at cost,
288,274,636 shares at March 31, 2017 and
328,212,683 shares at September 30, 2017

     (1,608,243     (1,856,008     (247,765
  

 

 

   

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     17,514,812       18,253,494       738,682  
  

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     668,264       663,143       (5,121
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     18,183,076       18,916,637       733,561  
  

 

 

   

 

 

   

 

 

 

Commitments and contingencies

      
  

 

 

   

 

 

   

 

 

 

Total liabilities, mezzanine equity and shareholders’ equity

     48,750,186       50,253,031       1,502,845  
  

 

 

   

 

 

   

 

 

 

 

Note: The total number of authorized shares for common stock and Model AA Class Shares is 10,000,000,000 shares.

 

3


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

(All 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

 

First half for the six months ended September 30         

Consolidated Statements of Income

        
    

(Yen in millions)

    

FY2017 first half

(Six months ended
September 30, 2016)

  

FY2018 first half

(Six months ended
September 30, 2017)

  

Increase

(Decrease)

Net revenues:

        

Sales of products

   12,216,706     13,233,974     1,017,268 

Financing operations

   853,827     957,233     103,406 
  

 

  

 

  

 

Total net revenues

   13,070,533     14,191,207     1,120,674 
  

 

  

 

  

 

Costs and expenses:

        

Cost of products sold

   10,056,838     10,989,823     932,985 

Cost of financing operations

   533,813     626,259     92,446 

Selling, general and administrative

   1,363,017     1,478,584     115,567 
  

 

  

 

  

 

Total costs and expenses

   11,953,668     13,094,666     1,140,998 
  

 

  

 

  

 

Operating income

   1,116,865     1,096,541     (20,324)
  

 

  

 

  

 

Other income (expense):

        

Interest and dividend income

   79,754     92,762     13,008 

Interest expense

   (11,113)    (13,541)    (2,428)

Foreign exchange gain (loss), net

   (27,907)    53,819     81,726 

Other income (loss), net

   18,935     22,592     3,657 
  

 

  

 

  

 

Total other income (expense)

   59,669     155,632     95,963 
  

 

  

 

  

 

Income before income taxes and equity in earnings of affiliated companies

   1,176,534     1,252,173     75,639 
  

 

  

 

  

 

Provision for income taxes

   354,924     374,247     19,323 

Equity in earnings of affiliated companies

   168,395     235,043     66,648 
  

 

  

 

  

 

Net income

   990,005     1,112,969     122,964 
  

 

  

 

  

 

Less – Net income attributable to noncontrolling interests

   (43,832)    (41,641)    2,191 
  

 

  

 

  

 

Net income attributable to Toyota Motor Corporation

   946,173     1,071,328     125,155 
  

 

  

 

  

 

  

 

  

 

  

 

 

Note:  Net income attributable to common shareholders for the first half ended September 30, 2017 and 2016 is 1,065,182 million yen and 941,275 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 6,146 million yen and 4,898 million yen, respectively, from Net income attributable to Toyota Motor Corporation.

 

    

(Yen)

Net income attributable to Toyota Motor Corporation per common share

        

Basic

   311.08           359.55     48.47 

Diluted

   307.84     355.92     48.08 

 

4


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

                                                        

Consolidated Statements of Comprehensive Income

      
     (Yen in millions)  
     FY2017 first half
(Six months ended
September 30, 2016)
    FY2018 first half
(Six months ended
September 30, 2017)
    Increase
(Decrease)
 

Net income

     990,005       1,112,969       122,964  

Other comprehensive income (loss), net of tax

      

Foreign currency translation adjustments

     (554,883     76,126       631,009  

Unrealized gains (losses) on securities

     (191,427     174,048       365,475  

Pension liability adjustments

     (714     3,997       4,711  
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (747,024     254,171       1,001,195  
  

 

 

   

 

 

   

 

 

 

Comprehensive income

     242,981       1,367,140       1,124,159  
  

 

 

   

 

 

   

 

 

 

Less – Comprehensive income attributable to noncontrolling interests

     (8,368     (48,490     (40,122
  

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to Toyota Motor Corporation

     234,613       1,318,650       1,084,037  
  

 

 

   

 

 

   

 

 

 

 

5


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

Second quarter for the three months ended September 30      

Consolidated Statements of Income

       
   

(Yen in millions)

   

FY2017 second quarter
(Three months ended
September 30, 2016)

 

FY2018 second quarter
(Three months ended
September 30, 2017)

       

Increase
(Decrease)

Net revenues:

       

Sales of products

  6,057,702    6,655,852      598,150 

Financing operations

  423,718    487,749      64,031 
 

 

 

 

   

 

Total net revenues

  6,481,420    7,143,601      662,181 
 

 

 

 

   

 

Costs and expenses:

       

Cost of products sold

  5,043,030    5,547,092      504,062 

Cost of financing operations

  268,395    315,927      47,532 

Selling, general and administrative

  695,360    758,335      62,975 
 

 

 

 

   

 

Total costs and expenses

  6,006,785    6,621,354       614,569 
 

 

 

 

   

 

Operating income

  474,635    522,247      47,612 
 

 

 

 

   

 

Other income (expense):

       

Interest and dividend income

  22,993    26,002      3,009 

Interest expense

  (6,190)   (9,153)     (2,963)

Foreign exchange gain, net

  1,398    31,028      29,630 

Other income (loss), net

  6,642    2,701      (3,941)
 

 

 

 

   

 

Total other income (expense)

  24,843    50,578      25,735 
 

 

 

 

   

 

Income before income taxes and equity in earnings of affiliated companies

  499,478    572,825      73,347 
 

 

 

 

   

 

Provision for income taxes

  167,099    188,849      21,750 

Equity in earnings of affiliated companies

  78,395    97,241      18,846 
 

 

 

 

   

 

Net income

  410,774    481,217      70,443 
 

 

 

 

   

 

Less – Net income attributable to noncontrolling interests

  (17,066)   (22,945)     (5,879)
 

 

 

 

   

 

Net income attributable to Toyota Motor Corporation

  393,708    458,272      64,564 
 

 

 

 

   

 

 

Note:  Net income attributable to common shareholders for the second quarter ended September 30, 2017 and 2016 is 455,199 million yen and 391,259 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 3,073 million yen and 2,449 million yen, respectively, from Net income attributable to Toyota Motor Corporation.

   

(Yen)

Net income attributable to Toyota Motor Corporation per common share

       

Basic

  129.77    154.28      24.51

Diluted

  128.54    152.87      24.33

 

6


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

Consolidated Statements of Comprehensive Income

   

(Yen in millions)

   

FY2017 second quarter

(Three months ended

September 30, 2016)

 

FY2018 second quarter

(Three months ended

September 30, 2017)

       

Increase

(Decrease)

Net income

  410,774    481,217      70,443 

Other comprehensive income (loss), net of tax

       

Foreign currency translation adjustments

  (104,983)   60,838      165,821 

Unrealized gains (losses) on securities

  73,775    111,154      37,379 

Pension liability adjustments

  2,894    5,327      2,433 
 

 

 

 

   

 

Total other comprehensive income (loss)

  (28,314)   177,319      205,633 
 

 

 

 

   

 

Comprehensive income

  382,460    658,536      276,076 
 

 

 

 

   

 

Less – Comprehensive income attributable to noncontrolling interests

  (12,635)   (27,003)     (14,368)
 

 

 

 

   

 

Comprehensive income attributable to Toyota Motor Corporation

  369,825    631,533      261,708 
 

 

 

 

   

 

 

7


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

(3) Consolidated Statements of Cash Flows

 

     (Yen in millions)  
     FY2017 first half
(Six months ended
September 30, 2016)
    FY2018 first half
(Six months ended
September 30, 2017)
 

Cash flows from operating activities:

    

Net income

     990,005       1,112,969  

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

    

Depreciation

     767,044       834,275  

Provision for doubtful accounts and credit losses

     37,763       40,884  

Pension and severance costs, less payments

     21,956       4,022  

Losses on disposal of fixed assets

     12,202       18,651  

Unrealized losses on available-for-sale securities, net

     5,990       327  

Deferred income taxes

     18,740       41,212  

Equity in earnings of affiliated companies

     (168,395     (235,043

Changes in operating assets and liabilities, and other

     (110,929     220,959  
  

 

 

   

 

 

 

Net cash provided by operating activities

     1,574,376       2,038,256  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to finance receivables

     (6,471,350     (7,390,735

Collection of and proceeds from sales of finance receivables

     6,248,137       6,915,378  

Additions to fixed assets excluding equipment leased to others

     (592,974     (579,173

Additions to equipment leased to others

     (1,198,120     (1,192,899

Proceeds from sales of fixed assets excluding equipment leased to others

     15,866       20,287  

Proceeds from sales of equipment leased to others

     620,871       593,914  

Purchases of marketable securities and security investments

     (1,220,327     (1,636,248

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

     864,289       1,364,695  

Changes in investments and other assets, and other

     698,684       (31,529
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,034,924     (1,936,310
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     2,080,740       2,529,387  

Payments of long-term debt

     (2,112,216     (2,300,693

Increase in short-term borrowings

     353,872       96,364  

Dividends paid to Toyota Motor Corporation class shareholders

     (1,224     (2,473

Dividends paid to Toyota Motor Corporation common shareholders

     (334,144     (327,220

Dividends paid to noncontrolling interests

     (47,934     (48,955

Reissuance (repurchase) of treasury stock, and other

     (505,603     (248,421
  

 

 

   

 

 

 

Net cash used in financing activities

     (566,509     (302,011
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (145,367     19,327  
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (172,424     (180,738
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

     2,939,428       2,995,075  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     2,767,004       2,814,337  
  

 

 

   

 

 

 

 

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.

 

8


Table of Contents

TOYOTA MOTOR CORPORATION    FY2018 Second Quarter Financial Summary

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

 

(4) Going Concern Assumption

None

(5) Significant Changes in Shareholders’ Equity

None

 

2. 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 for the first half by estimated annual effective tax rates. These estimated annual 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 annual effective tax rates.

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

In July 2015, the Financial Accounting Standards Board (“FASB”) issued updated guidance to simplify the measurement of inventory. The parent company and its consolidated subsidiaries (“Toyota”) adopted this guidance on April 1, 2017. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In March 2016, the FASB issued updated guidance for effect of derivative contract novations on existing hedge accounting relationships. This guidance clarifies that a change in the counterparty to a designated derivative hedging instrument does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. Toyota adopted this guidance on April 1, 2017. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In March 2016, the FASB issued updated guidance for contingent put and call options in debt instruments. This guidance clarifies whether embedded contingent put and call options are clearly and closely related to the debt host when bifurcating embedded derivatives. Toyota adopted this guidance on April 1, 2017. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In October 2016, the FASB issued updated guidance for consolidation. Under this guidance, a reporting entity would evaluate its indirect economic interest in a variable interest entity held through a related party under common control on a proportionate basis. Toyota adopted this guidance on April 1, 2017. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

 

9


Table of Contents

Supplemental Material for Financial Results for FY2018 Second Quarter (Consolidated)

< U.S. GAAP >

 

 

    FY2017     FY2018     FY2018  
  1Q
(2016/4-6)
    2Q
(2016/7-9)
    First Half
6 months
(2016/4-9)
    3Q
(2016/10-12)
    4Q
(2017/1-3)
    12 months
(’16/4-’17/3)
    1Q
(2017/4-6)
    2Q
(2017/7-9)
    First Half
6 months
(2017/4-9)
    Forecast
12 months
(’17/4-’18/3)
 

Vehicle Production (thousands of units)

            2,149               2,240               4,389               2,240               2,347               8,975               2,216               2,176               4,392    

(Japan)
– including Daihatsu & Hino

    934       1,059       1,993       1,013       1,104       4,109       1,023       1,039       2,062    

[Daihatsu & Hino]

    [194     [215     [409     [236     [277     [921     [266     [260     [526  

(Overseas)
– including Daihatsu & Hino

    1,215       1,181       2,396       1,227       1,243       4,866       1,193       1,137       2,330    

[Daihatsu & Hino]

    [86     [95     [181     [114     [105     [400     [92     [93     [186  

North America

    527       508       1,035       494       534       2,063       509       438       947    

Europe

    144       135       279       175       183       637       176       152       328    

Asia

    420       409       829       434       411       1,674       383       406       789    

Central and South America

    69       69       138       76       68       282       79       86       164    

Oceania

    21       27       47       22       19       88       20       23       43    

Africa

    34       33       68       26       28       122       26       32       59    

Vehicle Sales (thousands of units)

    2,172       2,191       4,363       2,280       2,327       8,971       2,215       2,175       4,389       8,950  

(Japan)
– including Daihatsu & Hino

    511       567       1,078       534       661       2,274       544       543       1,087       2,260  

[Daihatsu & Hino]

    [132     [146     [278     [150     [195     [623     [164     [162     [326     [680

(Overseas)
– including Daihatsu & Hino

    1,661       1,624       3,285       1,746       1,666       6,697       1,671       1,632       3,302       6,690  

[Daihatsu & Hino]

    [72     [70     [142     [82     [78     [302     [71     [75     [145     [290

North America

    715       684       1,400       745       692       2,837       723       672       1,396       2,790  

Europe

    222       212       434       233       257       925       240       229       469       970  

Asia

    384       381       765       428       395       1,588       363       382       744       1,550  

Central and South America

    101       110       210       103       96       409       108       109       217       440  

Oceania

    64       65       129       66       66       260       74       70       144       280  

Africa

    43       47       90       44       46       180       42       46       88       190  

Middle East

    130       124       254       125       113       491       119       122       240       470  

Other

    2       1       3       2       1       7       2       2       4    

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

    2,529       2,538       5,067       2,645       2,539       10,251       2,590       2,626       5,216       10,250  

Housing Sales (units)

    1,185       1,611       2,796       1,282       6,243       10,321       2,312       5,399       7,711       16,600  

 

Supplemental 1


Table of Contents

Supplemental Material for Financial Results for FY2018 Second Quarter (Consolidated)

< U.S. GAAP >

 

 

    FY2017     FY2018     FY2018  
    1Q
(2016/4-6)
    2Q
(2016/7-9)
    First Half
6 months
(2016/4-9)
    3Q
(2016/10-12)
    4Q
(2017/1-3)
    12 months
(’16/4-’17/3)
    1Q
(2017/4-6)
    2Q
(2017/7-9)
    First Half
6 months
(2017/4-9)
    Forecast
12 months
(’17/4-’18/3)
 

Foreign Exchange Rates

                   

Yen to US Dollar Rate

    108       102       105       109       114       108       111       111       111      
as premise:
111
 
 

Yen to Euro Rate

    122       114       118       118       121       119       122       130       126      
as premise:
128
 
 

Market Share (Japan)

                   

Toyota (excluding Mini-Vehicles) (%)

    49.7       49.3       49.5       47.9       45.3       47.8       49.3       45.1       47.1      
approximately:
47.0
 
 

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

    47.0       46.1       46.5       45.3       42.6       45.0       46.2       43.3       44.7    

Number of Employees

    354,974       355,264       355,264       357,072       364,445       364,445       371,888       371,286       371,286 (Note 1)   

Net Revenues (billions of yen)

    6,589.1       6,481.4       13,070.5       7,084.1       7,442.4       27,597.1       7,047.6       7,143.6       14,191.2       28,500.0  

Geographic Information

                   

Japan

    3,361.4       3,619.0       6,980.4       3,772.4       4,077.9       14,830.8       3,686.3       3,881.8       7,568.2    

North America

    2,534.5       2,341.8       4,876.3       2,712.2       2,650.4       10,239.0       2,661.4       2,567.7       5,229.2    

Europe

    621.8       604.0       1,225.9       675.2       779.8       2,681.0       761.5       758.2       1,519.8    

Asia

    1,182.6       1,118.9       2,301.5       1,261.2       1,257.0       4,819.8       1,196.7       1,287.6       2,484.4    

Other

    521.5       525.0       1,046.6       559.9       554.5       2,161.0       612.4       625.4       1,237.8    

Elimination

    -1,632.8       -1,727.5       -3,360.3       -1,896.9       -1,877.3       -7,134.7       -1,870.8       -1,977.3       -3,848.2    

Business Segment

                   

Automotive

    6,029.0       5,908.9       11,938.0       6,469.5       6,674.2       25,081.8       6,368.6       6,368.2       12,736.8    

Financial Services

    438.9       432.0       870.9       476.0       476.6       1,823.6       503.7       493.8       997.5    

All Other

    249.0       283.8       532.8       276.0       512.1       1,321.0       337.9       430.8       768.8    

Elimination

    -127.8       -143.4       -271.2       -137.4       -220.5       -629.3       -162.8       -149.2       -312.1    

Operating Income (billions of yen)

    642.2       474.6       1,116.8       438.5       438.9       1,994.3       574.2       522.2       1,096.5       2,000.0  

(Operating Income Ratio) (%)

    (9.7     (7.3     (8.5     (6.2     (5.9     (7.2     (8.1     (7.3     (7.7     (7.0

Geographic Information

                   

Japan

    290.3       194.3       484.7       209.3       508.2       1,202.2       319.2       321.3       640.5    

North America

    171.4       139.8       311.2       70.6       -70.7       311.1       89.2       55.3       144.6    

Europe

    9.0       25.5       34.5       18.1       -64.9       -12.2       20.3       17.4       37.7    

Asia

    127.4       95.3       222.7       124.6       87.7       435.1       104.3       109.8       214.2    

Other

    27.3       25.5       52.8       24.1       -18.3       58.6       38.6       31.6       70.3    

Elimination

    16.6       -5.9       10.7       -8.3       -3.0       -0.6       2.4       -13.4       -10.9    

Business Segment

                   

Automotive

    543.4       393.9       937.3       382.7       372.8       1,692.9       489.3       423.1       912.5    

Financial Services

    90.2       61.9       152.1       42.6       27.5       222.4       75.3       69.4       144.7    

All Other

    10.3       16.9       27.2       16.5       37.5       81.3       13.6       22.8       36.4    

Elimination

    -1.7       1.8       0.0       -3.3       0.9       -2.3       -4.0       6.8       2.8    

Income before Income Taxes (billions of yen)

    677.0       499.4       1,176.5       587.5       429.7       2,193.8       679.3       572.8       1,252.1       2,250.0  

(Income before Income Taxes Ratio) (%)

    (10.3     (7.7     (9.0     (8.3     (5.8     (7.9     (9.6     (8.0     (8.8     (7.9

Equity in Earnings of Affiliated Companies (billions of yen)

    90.0       78.3       168.3       89.6       104.0       362.0       137.8       97.2       235.0       410.0  

Net Income (billions of yen)

    552.4       393.7       946.1       486.5       398.4       1,831.1       613.0       458.2       1,071.3       1,950.0 (Note 2) 

(Net Income Ratio) (%)

    (8.4     (6.1     (7.2     (6.9     (5.4     (6.6     (8.7     (6.4     (7.5     (6.8

Dividends

                   

Common Shares

                   

Cash Dividends (billions of yen)

    —         300.3       300.3       —         327.2       627.5       —         293.4       293.4 (Note 3)   

Cash Dividends per Share (yen)

    —         100       100       —         110       210       —         100       100    

Payout Ratio (%)

    —         32.1       32.1       —         37.3       34.6       —         27.8       27.8    

Model AA Class Shares

                   

Cash Dividends (billions of yen)

    —         2.4       2.4       —         2.4       4.9       —         3.7       3.7 (Note 3)   

Cash Dividends per Share (yen)

    —         52.5       52.5       —         52.5       105       —         79       79    

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

    147.7       352.2       499.9       104.7       95.1       699.9       —         249.9       249.9 (Note 4)   

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

    —         199.9       199.9       —         249.9       449.9       —        

250.0

(maximum

 

   

250.0

(maximum

(Note 4) 

)(Note 5) 

 

Number of Shares Canceled (thousands)

    —         —         —         75,000       —         75,000       —         —         —   (Note 6)   

Number of Outstanding Common Shares (thousands)

    3,337,997       3,337,997       3,337,997       3,262,997       3,262,997       3,262,997       3,262,997       3,262,997       3,262,997    

Number of Outstanding Model AA Class Shares (thousands)

    47,100       47,100       47,100       47,100       47,100       47,100       47,100       47,100       47,100    

 

Supplemental 2


Table of Contents

Supplemental Material for Financial Results for FY2018 Second Quarter (Consolidated)

< U.S. GAAP >

 

    FY2017     FY2018     FY2018  
    1Q
(2016/4-6)
    2Q
(2016/7-9)
    First Half
6 months
(2016/4-9)
    3Q
(2016/10-12)
    4Q
(2017/1-3)
    12 months
(’16/4-’17/3)
    1Q
(2017/4-6)
    2Q
(2017/7-9)
    First Half
6 months
(2017/4-9)
    Forecast
12 months
(’17/4-’18/3)
 

R&D Expenses (billions of yen)

    274.1       258.2       532.4       261.5       243.5       1,037.5       278.6       272.0       550.6       1,060.0  

Depreciation Expenses (billions of yen)

    205.8       215.1       421.0       225.3       246.9       893.2       212.9       242.3       455.3       950.0 (Note 7) 

Geographic Information

                   

Japan

    111.9       120.2       232.1       125.4       139.6       497.2       108.4       132.6       241.1       520.0  

North America

    42.0       43.1       85.2       44.0       49.1       178.4       45.5       48.7       94.3       190.0  

Europe

    11.1       11.7       22.9       13.3       14.0       50.3       15.4       16.3       31.8       70.0  

Asia

    32.2       31.5       63.8       33.1       34.8       131.7       34.1       35.3       69.5       130.0  

Other

    8.4       8.3       16.7       9.3       9.3       35.4       9.2       9.2       18.5       40.0  

Capital Expenditures (billions of yen)

    253.3       257.8       511.1       268.2       432.3       1,211.8       205.7       285.1       490.9       1,280.0 (Note 7) 

Geographic Information

                   

Japan

    135.1       137.3       272.5       133.7       233.9       640.2       112.5       152.1       264.7       660.0  

North America

    70.1       85.3       155.4       84.4       134.5       374.5       65.3       70.9       136.2       330.0  

Europe

    10.8       12.9       23.7       12.8       22.3       58.9       4.8       15.0       19.9       70.0  

Asia

    29.1       14.4       43.6       29.2       30.2       103.1       13.3       29.3       42.7       140.0  

Other

    8.0       7.7       15.7       7.9       11.2       34.9       9.6       17.6       27.2       80.0  

Total Liquid Assets (billions of yen)

    8,700.2       8,469.6       8,469.6       8,819.3       9,199.5       9,199.5       9,364.0       9,306.7       9,306.7 (Note 8)   

Total Assets (billions of yen)

    44,524.3       43,776.1       43,776.1       48,111.4       48,750.1       48,750.1       49,456.0       50,253.0       50,253.0    

Toyota Motor Corporation Shareholders' Equity (billions of yen)

    16,127.8       16,391.9       16,391.9       17,293.2       17,514.8       17,514.8       17,874.2       18,253.4       18,253.4    

Return on Equity (%)

    13.4       9.6       11.4       11.5       9.1       10.6       13.8       10.1       11.9    

Return on Asset (%)

    4.8       3.6       4.1       4.2       3.3       3.8       5.0       3.7       4.3    

Number of Consolidated Subsidiaries (including Variable Interest Entities)

              597          

No. of Affil. Accounted for Under the Equity Method

              54          

 

Analysis of Consolidated Net Income for FY2018(Note 2)

(billions of yen, approximately)

  2Q
(2017/7-9)
    First Half
6 months
(2017/4-9)
 

Effects of Marketing Activities

    -130.0       -160.0  

Effects of Changes in Exchange Rates ø

    135.0       100.0  

Cost Reduction Efforts

    50.0       100.0  

From Engineering

    40.0       80.0  

From Manufacturing and Logistics

    10.0       20.0  

Increases in Expenses, etc.

    -5.0       -50.0  

Other

    -2.4       -10.3  

(Changes in Operating Income)

    47.6       -20.3  

Non-operating Income

    25.7       95.9  

Equity in Earnings of Affiliated Companies

    18.8       66.6  

Income Taxes, Net Income Attributable to Noncontrolling Interests

    -27.6       -17.1  

(Changes in Net Income)(Note 2)

    64.5       125.1  

 

Supplemental 3


Table of Contents

Supplemental Material for Financial Results for FY2018 Second Quarter (Unconsolidated)

< Japan GAAP >

 

    FY2017     FY2018     FY2018  
    1Q
(2016/4-6)
    2Q
(2016/7-9)
    First Half
6 months
(2016/4-9)
    3Q
(2016/10-12)
    4Q
(2017/1-3)
    12 months
(’16/4-’17/3)
    1Q
(2017/4-6)
    2Q
(2017/7-9)
    First Half
6 months
(2017/4-9)
    Forecast
12 months
(’17/4-’18/3)
 

Toyota & Lexus brand

                   

Domestic Vehicle Production (thousands of units)

    740       844       1,584       777       827       3,188       757       779       1,536       3,180  

Overseas Vehicle Production (thousands of units)

    1,494       1,422       2,916       1,477       1,498       5,891       1,464       1,420       2,884       5,770  

Domestic Vehicle Retail Sales (thousands of units)

    366       413       779       382       475       1,636       390       383       773       1,580  

Exports Vehicle Sales (thousands of units)

    393       456       849       462       415       1,726       440       457       897       1,800  

North America

    160       175       335       201       170       706       190       193       383       780  

Europe

    60       73       133       65       66       264       57       63       120       250  

Asia

    59       77       136       74       57       267       72       77       149       290  

Central and South America

    10       14       24       11       14       49       12       12       24       50  

Oceania

    36       43       79       35       40       154       40       42       82       170  

Africa

    13       15       28       14       11       53       14       15       29       50  

Middle East

    54       57       111       61       55       227       53       54       107       210  

Other

    1       2       3       1       2       6       2       1       3    

Net Revenues (billions of yen)

    2,644.8       2,854.8       5,499.7       2,978.2       2,998.3       11,476.3       2,870.2       2,918.1       5,788.3       11,700.0  

Domestic

    939.6       1,036.7       1,976.4       973.2       1,135.9       4,085.5       962.8       946.5       1,909.4    

Exports

    1,705.2       1,818.0       3,523.3       2,004.9       1,862.3       7,390.7       1,907.3       1,971.5       3,878.8    

Operating Income (billions of yen)

    243.6       116.3       359.9       118.3       358.8       837.2       222.4       215.5       438.0       990.0  

(Operating Income Ratio) (%)

    ( 9.2     (4.1     (6.5     (4.0     (12.0     (7.3     (7.8     (7.4     (7.6     (8.5

Ordinary Income (billions of yen)

    479.2       383.3       862.5       552.8       386.3       1,801.7       570.7       513.2       1,084.0       1,970.0  

(Ordinary Income Ratio) (%)

    (18.1     (13.4     (15.7     (18.6     (12.9     (15.7     (19.9     (17.6     (18.7     (16.8

Net Income (billions of yen)

    406.8       331.1       737.9       479.1       312.7       1,529.9       488.1       437.4       925.6       1,680.0  

(Net Income Ratio) (%)

    (15.4     (11.6     (13.4     (16.1     (10.4     (13.3     (17.0     (15.0     (16.0     (14.4

R&D Expenses (billions of yen)

    237.4       226.4       463.8       232.9       212.8       909.6       241.6       237.3       479.0       920.0  

Depreciation Expenses (billions of yen)

    57.5       55.6       113.1       50.4       49.0       212.6       58.4       58.0       116.5       230.0  

Capital Expenditures (billions of yen)

    64.9       56.8       121.7       63.1       109.6       294.5       54.0       57.6       111.6       280.0  

 

Analysis of Unconsolidated Net Income for

FY2018 (billions of yen, approximately)

   2Q
(2017/7-9)
     First Half
6 months
(2017/4-9)
      

Effects of Marketing Activities

     -75.0        -55.0     

Effects of Changes in Exchange Rates ø

     115.0        85.0     

Cost Reduction Efforts

     35.0        70.0     
 

From Engineering

     35.0        65.0     
 

From Manufacturing and Logistics

     0.0        5.0     

Increases in Expenses, etc.

     25.0        -20.0     

Other

     -0.8        -2.0     

(Changes in Operating Income)

     99.2        78.0     

Non-operating Income

     30.7        143.4     

Income Taxes, etc.

     -23.6        -33.8     

(Changes in Net Income)

     106.3        187.6     
        

Cautionary Statement with Respect to Forward-Looking Statements

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

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

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

 

(Note 1) Shows the number of employees as of the end of each period (excluding loan employees from Toyota and its consolidated subsidiaries (“Toyota”) to outside Toyota and including loan employees from outside Toyota to Toyota)
(Note 2) Shows “Net income attributable to Toyota Motor Corporation”
(Note 3) 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend
(Note 4) Value of common shares repurchased (excluding shares constituting less than one unit that were purchased upon request)
(Note 5) Value of common shares repurchased (shareholder return on Net Income for the period)
(Note 6) Number of common shares canceled
(Note 7) Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease
(Note 8) Excludes financial subsidiaries

 

ø Translational impacts concerning operating income of overseas subsidiaries and concerning provisions in foreign currencies are included in “Effects of Changes in Exchange Rates”.

 

Supplemental 4

EX-99.2 3 d644607dex992.htm NOTICE CONCERNING DISTRIBUTION OF INTERIM DIVIDENDS FROM SURPLUS Notice Concerning Distribution of Interim Dividends from Surplus

[Reference Translation]

November 7, 2017

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:
               Kenta Kon, General Manager,
               Accounting Division
               (Telephone Number: 0565-28-2121)

Notice Concerning Distribution of Interim Dividends from Surplus

At a meeting held on November 7, 2017, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to distribute dividends from surplus, with record date dated September 30, 2017. In relation to the above, we hereby inform you of the following:

 

1. Details of dividends

 

(1) Common shares

 

    

Interim dividend for

FY 2018

  

Most recent

dividend forecast

  

Interim dividend for

FY 2017

Record date

   September 30, 2017    September 30, 2017    September 30, 2016

Dividend per share

   100.00 yen    —      100.00 yen

Total amount of dividends

   293,478 million yen    —      300,331 million yen

Effective date

   November 27, 2017    —      November 29, 2016

Source of dividends

   Retained earnings    —      Retained earnings

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

 

Record date

  

Dividends for FY 2018

(ended March 31, 2018)

  

Dividends for FY 2017

(ended March 31, 2017)

End of interim period    100.00 yen    100.00 yen
End of fiscal period    —      110.00 yen
Total    —      210.00 yen

 

(2) First Series Model AA Class Shares

 

    

Interim dividend for

FY 2018

  

Most recent

dividend forecast

  

Interim dividend for

FY 2017

Record date

   September 30, 2017    September 30, 2017    September 30, 2016

Dividend per share

   79.00 yen    —      52.50 yen

Total amount of dividends

   3,720 million yen    —      2,472 million yen

Effective date

   November 27, 2017    —      November 29, 2016

Source of dividends

   Retained earnings    —      Retained earnings

[Reference] Details of dividends per First Series Model AA Class Share through the fiscal year

 

Record date

  

Dividends for FY 2018

(ended March 31, 2018)

  

Dividends for FY 2017

(ended March 31, 2017)

End of interim period    79.00 yen    52.50 yen
End of fiscal period    —      52.50 yen
Total    —      105.00 yen


2. Reason for the dividend amount

TMC deems the benefit of its shareholders as one of its priority management policies, and it continues to work to improve its corporate structure to realize sustainable growth in order to enhance its corporate value.

TMC will strive for the stable and continuous payment of dividends aiming at a consolidated payout ratio of 30% to shareholders of common stock while giving due consideration to factors such as business results for each term, investment plans and its cash reserves. In addition, TMC will pay a prescribed amount of dividends to shareholders of First Series Model AA Class Shares.

In order to survive tough competition, TMC will utilize its internal funds mainly for the early commercialization of technologies for next-generation environment and safety, giving priority to customer safety and security.

Considering these factors, with respect to the dividends for this consolidated fiscal year, TMC has determined to pay an interim dividend of 100 yen per common share.

In addition, TMC has determined to pay an interim dividend of 79 yen per First Series Model AA Class Share in accordance with a prescribed calculation method.

-End-

EX-99.3 4 d644607dex993.htm NOTICE CONCERNING THE DETERMINATION OF MATTERS RELATING TO THE REPURCHASE Notice Concerning the Determination of Matters Relating to the Repurchase

[Reference Translation]

November 7, 2017

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:
               Kenta Kon, 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 Companies Act of Japan)

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the board of directors held on November 7, 2017 to repurchase shares of its common stock pursuant to Article 156 of the Companies Act of Japan (the “Companies Act”) as applied pursuant to Article 165, Paragraph 3 of the Companies Act.

 

1. Reason for repurchasing shares

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

 

2. Details of matters relating to repurchase

 

(1) Class of shares to be repurchased

   Common shares of TMC

(2) Total number of shares to be repurchased

   45 million shares (maximum)
   (Represents 1.50% of the total number of issued shares (excluding treasury stock))
  

*  The total number of issued shares includes class shares other than common shares. The same shall apply hereinafter.

(3) Total purchase price for repurchase of shares

   250 billion JPY (maximum)

(4) Method of repurchase

   Purchase in the market through a trust bank

(5) Period of repurchase

   From November 14, 2017 to March 30, 2018

(References) Number of treasury stock as of September 30, 2017

 

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

     2,981,884,809 shares  

•    Number of treasury stock:

     328,212,683 shares  
EX-99.4 5 d644607dex994.htm NOTICE CONCERNING THE APPLICATIONS FOR DELISTING OF SHARES OF COMMON STOCK Notice Concerning the Applications for Delisting of Shares of Common Stock

[Reference Translation]

November 7, 2017

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:
               Kenta Kon, General Manager,
               Accounting Division
               (Telephone Number: 0565-28-2121)

Notice Concerning the Applications for Delisting of Shares of Common Stock from

the Fukuoka Stock Exchange and the Sapporo Securities Exchange

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the board of directors held on November 7, 2017 to apply for delisting of shares of its common stock from the Fukuoka Stock Exchange and the Sapporo Securities Exchange.

 

1. Reasons for applications for delisting

TMC has decided to apply to delist shares of its common stock from the Fukuoka Stock Exchange and the Sapporo Securities Exchange because TMC anticipates that the impact on shareholders and investors caused by the delisting would be minimal in light of the extremely small volumes of shares of its common stock traded on the Fukuoka Stock Exchange and the Sapporo Securities Exchange.

 

2. Stock exchanges where TMC shares will remain listed

The Tokyo Stock Exchange, the Nagoya Stock Exchange, the New York Stock Exchange and the London Stock Exchange.

 

3. Application date for delisting

The delisting applications will be filed by the end of November 2017.

 

4. Schedule

Delisting is expected to take effect, in principle, one (1) month from the date on which shares of TMC’s common stock are designated as “securities to be delisted” following the filings of the delisting applications with the Fukuoka Stock Exchange and the Sapporo Securities Exchange and the acceptance of the delisting applications by such stock exchanges.