Toyota Motor (TM) 6-K FY2020 First Quarter

FINANCIAL SUMMARY

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

FY2020 First Quarter

(April 1, 2019 through June 30, 2019)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2020 First 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

August 2, 2019

Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://global.toyota/jp/
Representative	:	Akio Toyoda, President
Contact person	:	Kaname Shimizu, General Manager, Accounting Division Tel.(0565)28-2121
Filing date of quarterly securities report	:	August 9, 2019
Payment date of cash dividends	:	—
Supplemental materials prepared for quarterly financial results	:	yes
Earnings announcement for quarterly financial results	:	yes

(Amounts are rounded to the nearest million yen)

1. Consolidated Results for FY2020 First Quarter (April 1, 2019 through June 30, 2019)

(1) Consolidated financial results (For the three months ended June 30)

	(% of change from previous first quarter)
	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		%
FY2020 first quarter		7,646,091		3.8		741,951		8.7		841,750		3.4		682,974		3.9
FY2019 first quarter		7,362,733		4.5		682,687		18.9		813,864		19.8		657,306		7.2

(Note)  Comprehensive income: FY2020 first quarter 596,559 million yen (-19.7 %), FY2019 first quarter 742,474 million yen (4.8 %)

	Net income attributable to Toyota Motor Corporation per common share – Basic		Net income attributable to Toyota Motor Corporation per  common share – Diluted
	Yen		Yen
FY2020 first quarter		239.64		237.22
FY2019 first quarter		224.67		222.33

(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		%
FY2020 first quarter		52,117,436		20,738,529		19,527,680		37.5
FY2019		51,936,949		20,565,210		19,348,152		37.3

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
FY2019		—		100.00		—		120.00		220.00
FY2020		—
FY2020 (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 FY2020 (April 1, 2019 through March 31, 2020)

	(% of change from FY2019)
	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		29,500,000		-2.4		2,400,000		-2.7		2,560,000		12.0		2,150,000		14.2		754.71

(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 7 “Other Information”.

(3) Changes in accounting policies

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

(ii) Changes other than (3)-(i) above: yes

Note: For more details, please see page 7 “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):

FY2020 first quarter 3,262,997,492 shares, FY2019    3,262,997,492 shares

(ii) Number of treasury stock at the end of each period:

FY2020 first quarter 438,661,565 shares, FY2019    430,558,325 shares

(iii) Average number of shares issued and outstanding in each period:

FY2020 first quarter 2,831,992,804 shares, FY2019 first quarter 2,909,189,575 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, fluctuations in stock prices, 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 Form20-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
FY2019		—		105.50		—		105.50		211.00
FY2020		—
FY2020 (forecast)				—		—		—		—

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

TOYOTA MOTOR CORPORATION    FY2020 First Quarter Financial Summary

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	6
(4) Going Concern Assumption	7
(5) Significant Changes in Shareholders’ Equity	7
2.   Other Information	7
(1) Changes in significant subsidiaries during the current period	7
(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements	7
(3) Changes in accounting principles, procedures, and disclosures for consolidated financial statements	7
Supplemental Material for Financial Results for FY2020 First Quarter

1

TOYOTA MOTOR CORPORATION    FY2020 First Quarter Financial Summary

1. Consolidated Financial Statements

(1) Consolidated Balance Sheets

	(Yen in millions)
	FY2019 (March 31, 2019)			FY2020 first quarter (June 30, 2019)			Increase (Decrease)
Assets
Current assets:
Cash and cash equivalents		3,574,704			3,761,800			187,096
Time deposits		1,126,352			1,466,979			340,627
Marketable securities		1,127,160			971,958			(155,202	)
Trade accounts and notes receivable, less allowance for doubtful accounts		2,372,734			2,234,909			(137,825	)
Finance receivables, net		6,647,771			6,648,292			521
Other receivables		568,156			528,709			(39,447	)
Inventories		2,656,396			2,738,140			81,744
Prepaid expenses and other current assets		805,964			935,748			129,784
Total current assets		18,879,237			19,286,535			407,298
Noncurrent finance receivables, net		10,281,118			10,265,912			(15,206	)
Investments and other assets:
Marketable securities and other securities investments		7,479,926			7,095,229			(384,697	)
Affiliated companies		3,313,723			3,288,535			(25,188	)
Employees receivables		21,683			22,408			725
Other		1,275,768			1,618,292			342,524
Total investments and other assets		12,091,100			12,024,464			(66,636	)
Property, plant and equipment:
Land		1,386,308			1,374,624			(11,684	)
Buildings		4,802,175			4,773,122			(29,053	)
Machinery and equipment		11,857,425			11,706,623			(150,802	)
Vehicles and equipment on operating leases		6,139,163			5,968,646			(170,517	)
Construction in progress		651,713			647,443			(4,270	)
Total property, plant and equipment, at cost		24,836,784			24,470,458			(366,326	)
Less – Accumulated depreciation		(14,151,290	)		(13,929,933	)		221,357
Total property, plant and equipment, net		10,685,494			10,540,525			(144,969	)
Total assets		51,936,949			52,117,436			180,487

2

TOYOTA MOTOR CORPORATION    FY2020 First Quarter Financial Summary

	(Yen in millions)
	FY2019 (March 31,  2019)			FY2020 first  quarter (June 30, 2019)			Increase (Decrease)
Liabilities
Current liabilities:
Short-term borrowings		5,344,973			5,297,509			(47,464	)
Current portion of long-term debt		4,254,260			4,302,570			48,310
Accounts payable		2,645,984			2,464,104			(181,880	)
Other payables		1,102,802			916,863			(185,939	)
Accrued expenses		3,222,446			3,236,485			14,039
Income taxes payable		320,998			208,238			(112,760	)
Other current liabilities		1,335,475			1,475,975			140,500
Total current liabilities		18,226,938			17,901,744			(325,194	)
Long-term liabilities:
Long-term debt		10,550,945			10,549,161			(1,784	)
Accrued pension and severance costs		963,406			967,683			4,277
Deferred income taxes		1,014,851			1,049,355			34,504
Other long-term liabilities		615,599			910,964			295,365
Total long-term liabilities		13,144,801			13,477,163			332,362
Total liabilities		31,371,739			31,378,907			7,168
Mezzanine equity
Model AA Class Shares, no par value, authorized: 150,000,000 shares at March 31, 2019 and June 30, 2019 issued: 47,100,000 shares at March 31, 2019 and June 30, 2019		498,073			497,425			(648	)
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity:
Common stock, no par value, authorized: 10,000,000,000 shares at March 31, 2019 and June 30, 2019 issued: 3,262,997,492 shares at March 31, 2019 and June 30, 2019		397,050			397,050			—
Additionalpaid-in capital		487,162			488,077			915
Retained earnings		21,987,515			22,326,275			338,760
Accumulated other comprehensive income (loss)		(916,650	)		(1,022,489	)		(105,839	)
Treasury stock, at cost, 430,558,325 shares at March 31, 2019 and 438,661,565 shares at June 30, 2019		(2,606,925	)		(2,661,233	)		(54,308	)
Total Toyota Motor Corporation shareholders’ equity		19,348,152			19,527,680			179,528
Noncontrolling interests		718,985			713,424			(5,561	)
Total shareholders’ equity		20,067,137			20,241,104			173,967
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		51,936,949			52,117,436			180,487

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    FY2020 First Quarter Financial Summary

(2) Consolidated Statements of Income and

      Consolidated Statements of Comprehensive Income

First quarter for the three months ended June 30

Consolidated Statements of Income

	(Yen in millions)
	FY2019 first  quarter (Three months ended June 30, 2018)			FY2020 first quarter (Three months ended June 30, 2019)			Increase (Decrease)
Net revenues:
Sales of products		6,853,963			7,103,793			249,830
Financing operations		508,770			542,298			33,528
Total net revenues		7,362,733			7,646,091			283,358
Costs and expenses:
Cost of products sold		5,639,996			5,869,652			229,656
Cost of financing operations		348,155			340,438			(7,717	)
Selling, general and administrative		691,895			694,050			2,155
Total costs and expenses		6,680,046			6,904,140			224,094
Operating income		682,687			741,951			59,264
Other income (expense):
Interest and dividend income		87,888			74,391			(13,497	)
Interest expense		(3,439	)		(4,351	)		(912	)
Foreign exchange gain (loss), net		39,216			(58,008	)		(97,224	)
Unrealized gains (losses) on equity securities		35,033			90,771			55,738
Other income (loss), net		(27,521	)		(3,004	)		24,517
Total other income (expense)		131,177			99,799			(31,378	)
Income before income taxes and equity in earnings of affiliated companies		813,864			841,750			27,886
Provision for income taxes		246,163			249,629			3,466
Equity in earnings of affiliated companies		116,535			109,553			(6,982	)
Net income		684,236			701,674			17,438
Less – Net income attributable to noncontrolling interests		(26,930	)		(18,700	)		8,230
Net income attributable to Toyota Motor Corporation		657,306			682,974			25,668
Note:     Net income attributable to common shareholders for the first three months ended June 30, 2019 and 2018 is 678,653 million yen and 653,609 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 4,321 million yen and 3,697 million yen, respectively, from Net income attributable to Toyota Motor Corporation.
	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic		224.67			239.64			14.97
Diluted		222.33			237.22			14.89

4

TOYOTA MOTOR CORPORATION    FY2020 First Quarter Financial Summary

Consolidated Statements of Comprehensive Income

	(Yen in millions)
	FY2019 first  quarter (Three months ended June 30, 2018)			FY2020 first quarter (Three months ended June 30, 2019)			Increase (Decrease)
Net income		684,236			701,674			17,438
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		50,709			(143,006	)		(193,715	)
Unrealized gains (losses) on securities		84			40,453			40,369
Pension liability adjustments		7,445			(2,562	)		(10,007	)
Total other comprehensive income (loss)		58,238			(105,115	)		(163,353	)
Comprehensive income		742,474			596,559			(145,915	)
Less – Comprehensive income attributable to noncontrolling interests		(22,836	)		(19,424	)		3,412
Comprehensive income attributable to Toyota Motor Corporation		719,638			577,135			(142,503	)

5

TOYOTA MOTOR CORPORATION    FY2020 First Quarter Financial Summary

(3) Consolidated Statements of Cash Flows

	(Yen in millions)
	FY2019 first  quarter (Three months ended June 30, 2018)			FY2020 first  quarter (Three months ended June 30, 2019)
Cash flows from operating activities:
Net income		684,236			701,674
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		413,454			398,352
Provision (reversal) for doubtful accounts and credit losses		12,131			18,384
Pension and severance costs, less payments		5,022			3,119
Losses on disposal of fixed assets		10,655			16,493
Unrealized losses (gains) on securities		(32,262	)		(96,781	)
Deferred income taxes		34,913			56,043
Equity in earnings of affiliated companies		(116,535	)		(109,553	)
Changes in operating assets and liabilities, and other		(187,598	)		(79,361	)
Net cash provided by operating activities		824,016			908,370
Cash flows from investing activities:
Additions to finance receivables		(3,957,951	)		(4,204,465	)
Collection of and proceeds from sales of finance receivables		3,669,804			3,848,016
Additions to fixed assets excluding equipment leased to others		(423,425	)		(408,803	)
Additions to equipment leased to others		(604,308	)		(589,689	)
Proceeds from sales of fixed assets excluding equipment leased to others		13,714			6,817
Proceeds from sales of equipment leased to others		337,641			365,785
Purchases of marketable securities and security investments		(669,345	)		(292,512	)
Proceeds from sales of and maturity of marketable securities and security investments		602,713			885,676
Changes in investments and other assets, and other		(11,470	)		(341,897	)
Net cash used in investing activities		(1,042,627	)		(731,072	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		1,417,764			1,559,652
Payments of long-term debt		(907,349	)		(1,183,674	)
Increase in short-term borrowings		156,882			82,498
Dividends paid to Toyota Motor Corporation class shareholders		(3,721	)		(4,969	)
Dividends paid to Toyota Motor Corporation common shareholders		(349,191	)		(339,893	)
Dividends paid to noncontrolling interests		(28,520	)		(18,660	)
Reissuance (repurchase) of treasury stock		(128,861	)		(54,308	)
Net cash provided by financing activities		157,004			40,646
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		9,587			(33,972	)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		(52,020	)		183,972
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period		3,219,639			3,706,515
Cash and cash equivalents and restricted cash and cash equivalents at end of period		3,167,619			3,890,487

Note: Cash and cash equivalents and restricted cash and cash equivalents for the first quarter ended June 30, 2019 include restricted cash and cash equivalents of 131,811 million yen and 128,687 million yen at beginning of period and end of period, respectively. Restricted cash and cash equivalents were included in Prepaid expenses and other current assets in the consolidated balance sheets.

6

TOYOTA MOTOR CORPORATION    FY2020 First Quarter Financial Summary

(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 quarter 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

Adoption of new accounting standard

In February 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance for leases. This guidance requires lessees to recognize substantially all leases on their balance sheet as aright-of-use asset and a lease liability. The parent company and its consolidated subsidiaries (“Toyota”) adopted this guidance on April 1, 2019 using the modified retrospective method of adoption and elected the transition method that allows for application of the standard at the adoption date. Additionally, Toyota elected the package of practical expedients of not reassessing lease classifications and others for lease contracts that expired or exist as of the adoption date. As a result of adoption, Toyota recognized an additional balance of ¥354,569 million asright-of-use assets as of June 30, 2019, which is included in “Other” of “Investments and other assets” of Toyota’s consolidated balance sheet. Lease liabilities are included in “Other current liabilities” and “Other long-term liabilities,” and were ¥70,467 million and ¥283,897 million, respectively.

In August 2017, the FASB issued updated guidance for hedge accounting. This guidance simplifies and expands the application of hedge accounting. Toyota adopted this guidance on April 1, 2019. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

7

TOYOTA MOTOR CORPORATION    FY2020 First Quarter Financial Summary

Change in depreciation method

Toyota used the declining-balance method mainly for the parent company and Japanese subsidiaries, and the straight-line method for foreign subsidiary companies, regarding the depreciation method of property, plant and equipment. In recent years, Toyota has been strengthening competitiveness globally through the investments in areas such as the remodeling of cars by introducing a new platform and powertrain units, the improvement of technological capabilities and productivity, as well as the promotion of equipment versatility. In response to such recent changes, effective as of April 1, 2019, Toyota changed the depreciation method of the parent company and Japanese subsidiaries to the straight-line method because we believe it better reflects the future economic benefit from the stable usage of property, plant and equipment. The impact of the change in depreciation method is recognized prospectively as a change in accounting estimate in accordance with the FASB Accounting Standards Codification (ASC) 250 “Accounting Changes and Error Corrections”.

As a result of the change in depreciation method, depreciation expense for the first quarter ended June 30, 2019 decreased by ¥25,347 million. Net income attributable to Toyota Motor Corporation and basic net income attributable to Toyota Motor Corporation per common share for the first quarter ended June 30, 2019 increased by ¥16,784 million and ¥5.93, respectively.

8

Supplemental Material for Financial Results for FY2020 First Quarter (Consolidated)

< U.S. GAAP >

	FY2019															FY2020			FY2020
	1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			4Q (2019/1-3)			12 months (’18/4-’19/3)			1Q (2019/4-6)			Forecast 12 months (’19/4-’20/3)
Vehicle Production (thousands of units)		2,199			2,184			2,262			2,340			8,985			2,311
(Japan) –including Daihatsu & Hino		1,003			1,004			1,099			1,203			4,309			1,134
[Daihatsu & Hino]		[257	]		[257	]		[290	]		[292	]		[1,096	]		[265	]
(Overseas) –including Daihatsu & Hino		1,196			1,180			1,163			1,138			4,676			1,178
[Daihatsu & Hino]		[133	]		[162	]		[161	]		[141	]		[598	]		[124	]
North America		517			447			435			442			1,841			499
Europe		168			159			173			180			679			174
Asia		402			449			429			402			1,682			386
Central and South America		82			93			96			82			353			86
Africa		28			31			30			32			121			33
Vehicle Sales (thousands of units)		2,236			2,183			2,282			2,276			8,977			2,303			9,000
[First Half 6 months]														[4,419	]					[4,620	]
(Japan) –including Daihatsu & Hino		510			521			565			631			2,226			555			2,210
[Daihatsu & Hino]		[155	]		[161	]		[169	]		[203	]		[688	]		[158	]		[680	]
(Overseas) –including Daihatsu & Hino		1,726			1,662			1,717			1,645			6,751			1,748			6,790
[Daihatsu & Hino]		[75	]		[87	]		[89	]		[86	]		[337	]		[65	]		[340	]
North America		746			665			680			654			2,745			744			2,690
Europe		253			240			232			269			994			274			1,030
Asia		394			417			464			410			1,684			398			1,730
Central and South America		117			120			114			97			448			104			420
Oceania		72			74			66			60			272			66			260
Africa		48			50			54			48			200			54			220
Middle East		93			95			105			104			398			106			440
Other		2			2			2			2			8			4
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,616			2,677			2,707			2,602			10,603			2,709			10,730
Housing Sales (units)		1,892			4,808			2,656			5,777			15,133			2,164

Supplemental 1

Supplemental Material for Financial Results for FY2020 First Quarter (Consolidated)

< U.S. GAAP >

	FY2019															FY2020			FY2020
	1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			4Q (2019/1-3)			12 months (’18/4-’19/3)			1Q (2019/4-6)			Forecast 12 months (’19/4-’20/3)
Foreign Exchange Rates
Yen to US Dollar Rate		109			111			113			110			111			110			as premise: 106
Yen to Euro Rate		130			130			129			125			128			123			as premise: 121
Market Share (Japan)
Toyota (excluding Mini-Vehicles) (%)		46.2			45.2			47.3			45.1			45.9			49.0			approximately: 48.0
Toyota, Daihatsu and Hino (including Mini-Vehicles) (%)		43.8			42.7			44.9			43.1			43.6			45.2
Number of Employees		373,272			371,796			371,495			370,870			370,870			376,445	(Note 1)
Net Revenues (billions of yen)		7,362.7			7,311.2			7,801.5			7,750.1			30,225.6			7,646.0			29,500.0
Geographic Information
Japan		3,865.4			4,012.3			4,259.8			4,487.7			16,625.3			4,178.5
North America		2,791.1			2,636.4			2,753.7			2,635.9			10,817.2			2,833.5
Europe		785.8			795.8			784.0			873.0			3,238.8			862.1
Asia		1,316.2			1,318.7			1,496.5			1,381.4			5,513.0			1,314.3
Other		598.4			608.3			592.8			533.7			2,333.4			550.0
Elimination		-1,994.4			-2,060.4			-2,085.5			-2,161.7			-8,302.2			-2,092.5
Business Segment
Automotive		6,633.4			6,514.8			7,018.4			6,912.2			27,079.0			6,880.9
Financial Services		516.8			534.4			552.4			549.8			2,153.5			547.7
All Other		358.0			412.3			391.2			514.6			1,676.3			370.6
Elimination		-145.6			-150.3			-160.6			-226.6			-683.3			-153.1
Operating Income (billions of yen)		682.6			579.1			676.1			529.5			2,467.5			741.9			2,400.0
(Operating Income Ratio) (%)		(9.3	)		(7.9	)		(8.7	)		(6.8	)		(8.2	)		(9.7	)		(8.1	)
Geographic Information
Japan		395.9			354.2			494.2			447.2			1,691.6			436.8
North America		63.5			47.4			18.1			-14.5			114.5			118.9
Europe		23.0			38.1			27.9			35.6			124.8			37.7
Asia		146.3			137.1			116.7			57.2			457.4			110.9
Other		43.2			22.7			19.1			5.9			91.1			22.8
Elimination		10.4			-20.5			-0.1			-1.9			-12.1			14.5
Business Segment
Automotive		602.5			462.2			581.3			392.7			2,038.8			621.4
Financial Services		73.5			81.4			82.6			85.1			322.8			108.2
All Other		11.4			29.3			13.9			50.7			105.5			13.7
Elimination		-4.8			6.1			-1.8			0.9			0.3			-1.4
Income before Income Taxes (billions of yen)		813.8			734.9			176.9			559.6			2,285.4			841.7			2,560.0
(Income before Income Taxes Ratio) (%)		(11.1	)		(10.1	)		(2.3	)		(7.2	)		(7.6	)		(11.0	)		(8.7	)
Equity in Earnings of Affiliated Companies (billions of yen)		116.5			106.0			32.2			105.2			360.0			109.5			400.0
Net Income (billions of yen)		657.3			585.0			180.9			459.5			1,882.8			682.9			2,150.0	(Note 2)
(Net Income Ratio) (%)		(8.9	)		(8.0	)		(2.3	)		(5.9	)		(6.2	)		(8.9	)		(7.3	)
Dividends
Common Shares
Cash Dividends (billions of yen)		—			286.9			—			339.8			626.8			—	(Note 3)
Cash Dividends per Share (yen)		—			100			—			120			220			—
Payout Ratio (%)		—			23.4			—			54.0			33.8			—
Model AA Class Shares
Cash Dividends (billions of yen)		—			4.9			—			4.9			9.9			—	(Note 3)
Cash Dividends per Share (yen)		—			105.5			—			105.5			211			—
Value of Shares Repurchased (billions of yen)[actual purchase]		129.1			170.8			151.7			98.1			549.9			54.2	(Note 4)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			249.9			—			300.0 (maximum	)		549.9 (maximum	)��		—	(Note 4)  (Note 5)
Number of Outstanding Common Shares (thousands)		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

Supplemental 2

Supplemental Material for Financial Results for FY2020 First Quarter (Consolidated)

< U.S. GAAP >

	FY2019										FY2020			FY2020
	1Q (2018/4-6)		2Q (2018/7-9)		3Q (2018/10-12)		4Q (2019/1-3)		12 months (’18/4-’19/3)		1Q (2019/4-6)			Forecast 12 months (’19/4-’20/3)
R&D Expenses (billions of yen)		268.5		258.5		274.4		247.3		1,048.8		297.4			1,100.0
Depreciation Expenses (billions of yen)		217.7		255.3		248.1		263.6		984.8		198.0			860.0	*1(Note 6)
Geographic Information
Japan		108.5		148.1		142.6		148.9		548.2		88.9			420.0
North America		49.8		50.6		51.2		57.4		209.1		53.8			210.0
Europe		14.1		11.3		11.1		12.1		48.7		13.1			60.0
Asia		36.5		36.0		34.2		34.9		141.9		33.9			130.0
Other		8.6		9.1		8.8		10.1		36.7		8.2			40.0
Capital Expenditures (billions of yen)		311.8		307.6		329.1		517.1		1,465.8		276.5			1,450.0	(Note 6)
Geographic Information
Japan		143.6		167.5		156.0		263.3		730.6		146.6			780.0
North America		106.6		75.6		76.1		153.9		412.4		75.4			320.0
Europe		15.1		30.9		43.8		44.0		133.8		19.4			120.0
Asia		25.2		15.9		34.3		37.8		113.3		19.5			140.0
Other		21.2		17.5		18.7		17.9		75.5		15.5			90.0
Total Liquid Assets (billions of yen)		9,005.4		9,562.6		9,198.8		9,454.4		9,454.4		9,143.2	(Note 7)
Total Assets (billions of yen)		51,049.1		52,516.0		51,085.9		51,936.9		51,936.9		52,117.4
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		18,946.9		19,511.3		19,089.2		19,348.1		19,348.1		19,527.6
Return on Equity (%)		13.9		12.1		3.7		9.5		9.8		14.0
Return on Asset (%)		5.2		4.5		1.4		3.6		3.7		5.3
Number of Consolidated Subsidiaries (including Variable Interest Entities)										608
No. of Affil. Accounted for Under the Equity Method										63

Analysis of Consolidated Net Income for FY2020 (billions of yen, approximately)	1Q       (2019/4-6)	(Note 2)
Marketing Efforts	80.0
Effects of Changes in Exchange Rates	20.0
Cost Reduction Efforts	15.0
From Engineering	5.0
From Manufacturing and Logistics	10.0
Increase or decrease in expenses and expense reduction efforts	-75.0
Other	19.2
(Changes in Operating Income)*1*2	59.2
Non-operating Income*2	-31.3
Equity in Earnings of Affiliated Companies*2	-6.9
Income Taxes, Net Income Attributable to Noncontrolling Interests*1*2	4.7
(Changes in Net Income)*1*2	25.6	(Note 2)

*1 Toyota changed the depreciation method of the parent company and Japanese subsidiaries to the straight-line method, effective as of April 1, 2019. The impact of this change for the first quarter ended June 30, 2019 was a decrease in depreciation expense of 25.3 billion yen and an increase in net income attributable to Toyota Motor Corporation of 16.7 billion yen. The impact of this change for the fiscal year ending March 31, 2020 (Forecast) is expected to be a decrease in depreciation expense of approximately 165.0 billion yen and an increase in net income attributable to Toyota Motor Corporation of approximately 110.0 billion yen.

*2 Net income attributable to Toyota Motor Corporation for the first quarter ended June 30, 2019 and 2018 includes a profit of 65.6 billion yen and 20.1 billion yen, respectively, which is attributable to the effect of unrealized gains (losses) on equity securities (net of tax, etc.).

Supplemental 3

Supplemental Material for Financial Results for FY2020 First Quarter (Unconsolidated)

< Japan GAAP >

	FY2019															FY2020			FY2020
	1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			4Q (2019/1-3)			12 months (’18/4-’19/3)			1Q (2019/4-6)			Forecast 12 months (’19/4-’20/3)
Toyota & Lexus brand
Domestic Vehicle Production (thousands of units)		746			748			809			911			3,213			869			3,330
Overseas Vehicle Production (thousands of units)		1,451			1,443			1,447			1,382			5,724			1,481			5,710
Domestic Vehicle Retail Sales (thousands of units)		359			381			384			445			1,569			386			1,540
Exports Vehicle Sales (thousands of units)		464			461			484			538			1,947			536			2,040
North America		191			197			190			246			824			222			760
Europe		65			56			61			80			262			78			320
Asia		76			83			96			82			337			102			410
Central and South America		16			11			8			12			47			13			50
Oceania		46			43			45			38			172			43			180
Africa		14			14			15			16			59			17			70
Middle East		54			55			67			62			238			60			250
Other		2			2			2			2			8			2
Net Revenues (billions of yen)		2,980.3			3,026.3			3,294.7			3,333.0			12,634.4			3,282.6			12,400.0
Domestic		923.9			949.9			1,083.3			1,131.2			4,088.5			1,049.6
Exports		2,056.3			2,076.3			2,211.4			2,201.7			8,545.8			2,232.9
Operating Income (billions of yen)		308.7			284.5			400.9			331.9			1,326.1			328.2			800.0
(Operating Income Ratio) (%)		(10.4	)		(9.4	)		(12.2	)		(10.0	)		(10.5	)		(10.0	)		(6.5	)
Ordinary Income (billions of yen)		714.8			507.6			605.0			495.5			2,323.1			615.1			1,530.0
(Ordinary Income Ratio) (%)		(24.0	)		(16.8	)		(18.4	)		(14.9	)		(18.4	)		(18.7	)		(12.3	)
Net Income (billions of yen)		591.5			397.7			504.8			402.6			1,896.8			514.0			1,280.0
(Net Income Ratio) (%)		(19.8	)		(13.1	)		(15.3	)		(12.1	)		(15.0	)		(15.7	)		(10.3	)
R&D Expenses (billions of yen)		234.4			225.1			234.8			201.6			896.2			256.8			940.0
Depreciation Expenses (billions of yen)		52.6			57.3			61.7			65.7			237.5			52.4			240.0
Capital Expenditures (billions of yen)		73.6			61.8			62.5			104.0			302.1			50.4			300.0

Analysis of Unconsolidated Net Income for FY2020 (billions of yen, approximately)	1Q (2019/4-6)
Marketing Efforts		35.0
Effects of Changes in Exchange Rates		40.0
Cost Reduction Efforts		15.0
From Engineering		10.0
From Manufacturing and Logistics		5.0
Increase or decrease in expenses and expense reduction efforts		-70.0
Other		-0.6
(Changes in Operating Income)		19.4
Non-operating Income		-119.1
Income Taxes, etc.		22.2
(Changes in Net Income)		-77.5

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, fluctuations in stock prices, 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) Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease

The amounts include finance lease assets until the fiscal year ended March 31, 2019, whereas it does not for the fiscal year ending March 31, 2020.

(Note 7) Cash and cash equivalents, time deposits, marketable debt securities and its investment in monetary trust funds, excluding in each case those relating to financial services

Supplemental 4