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 Registrants Name Into English)
1, Toyota-cho, Toyota City,
Aichi Prefecture 471-8571,
Japan
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Material Contained in this Report:
I. |
English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on November 7, 2017, with respect to the registrants 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
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
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
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 Toyotas plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyotas actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyotas ability to market and distribute effectively; (v) Toyotas ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyotas automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyotas other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities including the negative effect on Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
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.
TOYOTA MOTOR CORPORATION FY2018 Second Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
1
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
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, |
485,877 | 489,550 | 3,673 | |||||||||
|
|
|
|
|
|
|||||||
Shareholders equity |
||||||||||||
Toyota Motor Corporation shareholders equity: |
||||||||||||
Common stock, no par value, |
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, |
(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
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 |
FY2018 first half (Six months ended |
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
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
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 |
FY2018 second quarter |
Increase | ||||||||
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
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
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
TOYOTA MOTOR CORPORATION FY2018 Second Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
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 Toyotas 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 Toyotas 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 Toyotas 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 Toyotas consolidated financial statements.
9
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) |
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) |
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) |
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) |
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) |
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
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
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
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 Toyotas plans and expectations.
These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyotas actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyotas ability to market and distribute effectively; (v) Toyotas ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyotas automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyotas other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyotas ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyotas brand image; (x) Toyotas reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyotas reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems,labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities including the negative effect on Toyotas vehicle production and sales.
A discussion of these and other factors which may affect Toyotas actual results, performance, achievements or financial position is contained in Toyotas annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
(Note 1) | Shows the number of employees as of the end of each period (excluding loan employees from Toyota and its consolidated subsidiaries (Toyota) to outside Toyota and including loan employees from outside Toyota to Toyota) |
(Note 2) | Shows Net income attributable to Toyota Motor Corporation |
(Note 3) | 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend |
(Note 4) | 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
[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-
[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 |
[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 TMCs 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.