Segment information | 5. Segment information (1) Outline of reporting segments The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses. (2) Segment information As of and for the year ended March 31, 2020 Yen in millions Automotive Financial All other Inter-segment Elimination/ Unallocated Amount Consolidated Sales revenues Revenues from external customers 26,770,379 2,172,854 923,314 — 29,866,547 Inter-segment revenues and transfers 29,364 20,316 581,606 (631,286 ) — Total 26,799,743 2,193,170 1,504,920 (631,286 ) 29,866,547 Operating expenses 24,786,609 1,909,429 1,401,564 (630,287 ) 27,467,315 Operating income 2,013,134 283,742 103,356 (999 ) 2,399,232 Total assets 19,450,102 25,390,541 2,119,951 7,011,769 53,972,363 Investments accounted for using the equity method 3,810,310 65,471 283,355 138,428 4,297,564 Depreciation and amortization 821,958 739,484 33,905 — 1,595,347 Capital expenditures 1,437,932 2,061,334 68,363 14,818 3,582,448 As of and for the year ended March 31, 2021 Yen in millions Automotive Financial All other Inter-segment Elimination/ Unallocated Amount Consolidated Sales revenues Revenues from external customers 24,597,846 2,137,195 479,553 — 27,214,594 Inter-segment revenues and transfers 53,706 25,042 572,812 (651,560 ) — Total 24,651,552 2,162,237 1,052,365 (651,560 ) 27,214,594 Operating expenses 23,044,391 1,666,645 967,015 (661,205 ) 25,016,845 Operating income 1,607,161 495,593 85,350 9,645 2,197,748 Total assets 21,412,034 28,275,239 2,720,720 9,859,147 62,267,140 Investments accounted for using the equity method 3,698,990 71,336 248,814 141,664 4,160,803 Depreciation and amortization 893,704 715,757 34,829 — 1,644,290 Capital expenditures 1,341,032 2,151,455 76,370 40,843 3,609,699 As of and for the year ended March 31, 2022 Yen in millions Automotive Financial All other Inter-segment Elimination/ Unallocated Amount Consolidated Sales revenues Revenues from external customers 28,531,993 2,306,079 541,436 — 31,379,507 Inter-segment revenues and transfers 73,745 17,947 588,441 (680,133 ) — Total 28,605,738 2,324,026 1,129,876 (680,133 ) 31,379,507 Operating expenses 26,321,448 1,667,025 1,087,575 (692,237 ) 28,383,811 Operating income 2,284,290 657,001 42,302 12,104 2,995,697 Total assets 24,341,737 31,681,472 3,091,011 8,574,551 67,688,771 Investments accounted for using the equity method 4,354,085 79,414 258,750 145,646 4,837,895 Depreciation and amortization 1,026,834 761,801 33,245 — 1,821,880 Capital expenditures 1,422,429 2,156,339 51,200 (18,381 ) 3,611,587 Accounting policies applied by each segment is in conformity with those of Toyota’s consolidated financial statements. Transfers between industry segments are made in accordance with terms and conditions in the ordinary course of business. Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2020, 2021 and 2022 are ¥8,584,459 million, ¥11,344,879 million and ¥10,020,460 million, respectively. (3) Consolidated Financial Statements on Non-Financial The financial data below presents separately Toyota’s non-financial (i) Consolidated Statement of Financial Position on Non-Financial Yen in millions March 31, 2021 March 31, 2022 Assets (Non-Financial Current assets Cash and cash equivalents 3,274,149 4,299,522 Trade accounts and other receivable 3,063,314 3,184,782 Other financial assets 3,778,119 2,028,649 Inventories 2,888,028 3,821,356 Other current assets 664,097 746,134 Total current assets 13,667,707 14,080,444 Non-current Property, plant and equipment 6,805,166 7,302,017 Other 14,721,626 15,769,015 Total non-current 21,526,792 23,071,032 Total assets 35,194,499 37,151,476 (Financial Services Business) Current assets Cash and cash equivalents 1,826,707 1,814,133 Trade accounts and other receivable 216,767 206,588 Receivables related to financial services 6,756,189 7,181,327 Other financial assets 1,021,738 1,058,620 Other current assets 198,068 221,738 Total current assets 10,019,469 10,482,407 Non-current Receivables related to financial services 12,449,525 14,583,130 Property, plant and equipment 4,605,988 5,024,625 Other 1,200,256 1,591,311 Total non-current 18,255,770 21,199,065 Total assets 28,275,239 31,681,472 (Elimination) Elimination of assets (1,202,599 ) (1,144,177 ) (Consolidated) Total assets 62,267,140 67,688,771 Note: Assets in non-financial Yen in millions March 31, 2021 March 31, 2022 Liabilities (Non-Financial Current liabilities Trade accounts and other payables 3,801,753 4,023,857 Short-term and current portion of long-term debt 2,348,514 1,041,557 Accrued expenses 1,322,353 1,421,194 Income taxes payable 262,727 695,888 Other current liabilities 2,650,433 2,778,172 Total current liabilities 10,385,779 9,960,668 Non-current Long-term debt 1,523,134 1,538,884 Retirement benefit liabilities 1,015,156 1,004,558 Other non-current 1,509,535 1,830,146 Total non-current 4,047,825 4,373,588 Total liabilities 14,433,605 14,334,256 (Financial Services Business) Current liabilities Trade accounts and other payables 510,670 477,550 Short-term and current portion of long-term debt 10,286,251 10,576,910 Accrued expenses 102,200 124,088 Income taxes payable 88,153 130,927 Other current liabilities 1,002,615 1,414,606 Total current liabilities 11,989,889 12,724,080 Non-current Long-term debt 12,044,994 13,882,650 Retirement benefit liabilities 19,940 18,190 Other non-current 696,294 722,257 Total non-current 12,761,228 14,623,097 Total liabilities 24,751,117 27,347,177 (Elimination) Elimination of liabilities (1,205,911 ) (1,147,482 ) (Consolidated) Total liabilities 37,978,811 40,533,951 Shareholders’ equity (Consolidated) Total Toyota Motor Corporation shareholders’ equity 23,404,547 26,245,969 (Consolidated) Non-controlling 883,782 908,851 (Consolidated) Total shareholders’ equity 24,288,329 27,154,820 (Consolidated) Total liabilities and shareholders’ equity 62,267,140 67,688,771 (ii) Consolidated Statement of Income on Non-Financial Yen in millions For the year ended March 31, 2020 For the year ended March 31, 2021 For the year ended March 31, 2022 (Non-Financial Sales revenues 27,710,128 25,103,190 29,104,564 Cost of revenues 23,104,047 21,199,915 24,250,860 Selling, general and administrative 2,492,039 2,206,205 2,518,182 Operating income 2,114,042 1,697,070 2,335,522 Other income (loss), net 394,278 742,785 998,001 Income before income taxes 2,508,319 2,439,855 3,333,522 Income tax expense 615,546 528,413 944,594 Net income 1,892,774 1,911,442 2,388,928 Net income attributable to Toyota Motor Corporation 1,818,022 1,875,467 2,369,399 Non-controlling 74,752 35,975 19,529 (Financial Services Business) Sales revenues 2,193,170 2,162,237 2,324,026 Cost of revenues 1,397,344 1,202,277 1,178,509 Selling, general and administrative 512,085 464,368 488,517 Operating income 283,742 495,593 657,001 Other income (loss), net 835 (3,090 ) 16 Income before income taxes 284,577 492,503 657,017 Income tax expense 66,284 121,536 171,327 Net income 218,293 370,967 485,690 Net income attributable to Toyota Motor Corporation 218,060 369,824 480,716 Non-controlling 233 1,143 4,974 (Elimination) Elimination of net income 59 (30 ) (4 ) (Consolidated) Net income 2,111,125 2,282,378 2,874,614 Net income attributable to Toyota Motor Corporation 2,036,140 2,245,261 2,850,110 Non-controlling 74,985 37,118 24,504 (iii) Consolidated Statement of Cash Flows on Non-Financial Business Yen in millions For the year ended March 31, 2020 For the year ended March 31, 2021 For the year ended March 31, 2022 (Non-Financial Cash flows from operating activities Net income 1,892,774 1,911,442 2,388,928 Depreciation and amortization 855,863 928,533 1,060,079 Share of profit (loss) of investments accounted for using the equity method (298,494 ) (345,374 ) (552,515 ) Income tax expense 615,546 528,413 944,594 Changes in operating assets and liabilities, and other (154,164 ) (262,407 ) (572,082 ) Interest received 141,975 123,606 100,118 Dividends received 316,610 290,618 342,646 Interest paid (46,217 ) (35,371 ) (40,780 ) Income taxes paid, net of refunds (700,528 ) (505,260 ) (544,887 ) Net cash provided by (used in) operating activities 2,623,364 2,634,200 3,126,101 Cash flows from investing activities Additions to fixed assets excluding equipment leased to others (1,222,821 ) (1,203,662 ) (1,186,900 ) Additions to equipment leased to others (163,592 ) (142,217 ) (151,456 ) Proceeds from sales of fixed assets excluding equipment leased to others 46,765 38,575 36,219 Proceeds from sales of equipment leased to others 49,892 46,461 45,183 Additions to intangible assets (299,253 ) (271,274 ) (335,436 ) Additions to public and corporate bonds and stocks (2,220,217 ) (2,511,346 ) (1,904,588 ) Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds 2,249,367 1,982,302 1,989,345 Other, net (95,852 ) (1,339,372 ) 1,856,069 Net cash provided by (used in) investing activities (1,655,711 ) (3,400,534 ) 348,436 Cash flows from financing activities Increase (decrease) in short-term debt 45,288 213,716 (164,899 ) Proceeds from long-term debt 247,048 1,662,593 513,371 Payments of long-term debt (163,486 ) (170,373 ) (1,818,653 ) Dividends paid to Toyota Motor Corporation common shareholders (618,801 ) (625,514 ) (709,872 ) Dividends paid to non-controlling (50,903 ) (34,840 ) (49,629 ) Reissuance (repurchase) of treasury stock (476,128 ) 199,884 (404,718 ) Net cash provided by (used in) financing activities (1,016,982 ) 1,245,465 (2,634,401 ) Effect of exchange rate changes on cash and cash equivalents (86,553 ) 112,588 185,237 Net increase (decrease) in cash and cash equivalents (135,882 ) 591,719 1,025,373 Cash and cash equivalents at beginning of year 2,818,313 2,682,431 3,274,149 Cash and cash equivalents at end of year 2,682,431 3,274,149 4,299,522 Yen in millions For the year ended March 31, 2020 For the year ended March 31, 2021 For the year ended March 31, 2022 (Financial Services Business) Cash flows from operating activities Net income 218,293 370,967 485,690 Depreciation and amortization 739,484 715,757 761,801 Interest income and interest costs related to financial services, net (200,727 ) (241,016 ) (360,837 ) Share of profit (loss) of investments accounted for using the equity method (11,753 ) (5,655 ) (7,831 ) Income tax expense 66,284 121,536 171,327 Changes in operating assets and liabilities, and other (1,081,707 ) (780,798 ) (623,051 ) Interest received 664,167 661,272 742,364 Dividends received 1,799 3,901 4,740 Interest paid (467,774 ) (431,939 ) (384,006 ) Income taxes paid, net of refunds (76,994 ) (304,856 ) (264,876 ) Net cash provided by (used in) operating activities (148,928 ) 109,168 525,321 Cash flows from investing activities Additions to fixed assets excluding equipment leased to others (23,472 ) (10,240 ) (10,366 ) Additions to equipment leased to others (2,031,699 ) (2,133,378 ) (2,135,437 ) Proceeds from sales of fixed assets excluding equipment leased to others 1,184 1,967 1,530 Proceeds from sales of equipment leased to others 1,341,301 1,325,238 1,496,949 Additions to intangible assets (5,739 ) (7,173 ) (10,650 ) Additions to public and corporate bonds and stocks (185,120 ) (217,825 ) (523,323 ) Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds 126,281 79,616 213,291 Other, net (22,213 ) (35,893 ) 113,635 Net cash provided by (used in) investing activities (799,477 ) (997,688 ) (854,370 ) Cash flows from financing activities Increase (decrease) in short-term debt 514,196 (1,517,259 ) (488,495 ) Proceeds from long-term debt 5,458,616 8,043,141 7,800,854 Payments of long-term debt (4,334,374 ) (5,332,573 ) (7,142,750 ) Dividends paid to non-controlling (4,052 ) (1,757 ) (2,094 ) Net cash provided by (used in) financing activities 1,634,387 1,191,551 167,516 Effect of exchange rate changes on cash and cash equivalents (54,454 ) 107,657 148,958 Net increase (decrease) in cash and cash equivalents 631,527 410,688 (12,575 ) Cash and cash equivalents at beginning of year 784,492 1,416,020 1,826,707 Cash and cash equivalents at end of year 1,416,020 1,826,707 1,814,133 (Consolidated) Effect of exchange rate changes on cash and cash equivalents (141,007 ) 220,245 334,195 Net increase (decrease) in cash and cash equivalents 495,645 1,002,406 1,012,798 Cash and cash equivalents at beginning of year 3,602,805 4,098,450 5,100,857 Cash and cash equivalents at end of year 4,098,450 5,100,857 6,113,655 (4) Geographic information As of and for the year ended March 31, 2020 Yen in millions Japan North Europe Asia Other Inter-segment Elimination/ Unallocated Amount Consolidated Sales revenues Revenues from external customers 9,503,238 10,419,869 3,133,227 4,785,489 2,024,724 — 29,866,547 Inter-segment revenues and transfers 6,938,614 222,165 222,130 507,741 89,387 (7,980,038 ) — Total 16,441,852 10,642,034 3,355,357 5,293,231 2,114,111 (7,980,038 ) 29,866,547 Operating expenses 14,856,576 10,388,830 3,211,540 4,929,684 2,030,110 (7,949,425 ) 27,467,315 Operating income 1,585,276 253,205 143,817 363,547 84,001 (30,613 ) 2,399,232 Total assets 18,221,453 18,579,078 4,264,022 5,307,513 2,881,536 4,718,761 53,972,363 Non-current 4,697,388 5,517,466 570,563 708,066 428,707 — 11,922,190 As of and for the year ended March 31, 2021 Yen in millions Japan North Europe Asia Other Inter-segment Elimination/ Unallocated Amount Consolidated Sales revenues Revenues from external customers 8,587,193 9,325,950 2,968,289 4,555,897 1,777,266 — 27,214,594 Inter-segment revenues and transfers 6,361,739 165,853 166,200 489,398 95,630 (7,278,820 ) — Total 14,948,931 9,491,803 3,134,489 5,045,295 1,872,895 (7,278,820 ) 27,214,594 Operating expenses 13,799,715 9,090,442 3,026,518 4,609,354 1,813,048 (7,322,232 ) 25,016,845 Operating income 1,149,217 401,361 107,971 435,940 59,847 43,413 2,197,748 Total assets 19,674,666 20,138,715 5,074,409 6,548,343 3,469,635 7,361,372 62,267,140 Non-current 5,232,862 5,705,770 751,245 896,542 461,723 — 13,048,143 As of and for the year ended March 31, 2022 Yen in millions Japan North Europe Asia Other Inter-segment Elimination/ Unallocated Amount Consolidated Sales revenues Revenues from external customers 8,214,740 10,897,946 3,692,214 5,778,115 2,796,493 — 31,379,507 Inter-segment revenues and transfers 7,776,696 268,534 175,633 752,452 131,690 (9,105,004 ) — Total 15,991,436 11,166,479 3,867,847 6,530,566 2,928,183 (9,105,004 ) 31,379,507 Operating expenses 14,567,991 10,600,695 3,704,874 5,858,216 2,690,014 (9,037,980 ) 28,383,811 Operating income 1,423,445 565,784 162,973 672,350 238,169 (67,024 ) 2,995,697 Total assets 21,502,155 23,353,812 5,711,271 7,461,812 4,309,248 5,350,474 67,688,771 Non-current 5,501,046 6,251,499 891,146 977,235 537,631 — 14,158,559 “Other” consists of Central and South America, Oceania, Africa and the Middle East. Non-current The above amounts are aggregated by region based on the location of the country where TMC or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business. Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as March 31, 2020, 2021 and 2022 are ¥8,584,459 million, ¥11,344,879 million and ¥10,020,460 million, respectively. (5) Sales revenues by location of external customers In addition to the disclosure requirements under IFRS, Toyota discloses this information in order to provide financial statements users with valuable information . Yen in millions For the years ended March 31, 2020 2021 2022 Japan 7,229,849 6,820,590 6,425,184 North America 10,546,655 9,437,314 10,953,472 Europe 2,932,324 2,734,152 3,495,785 Asia 5,217,857 5,057,397 6,017,646 Other 3,939,863 3,165,141 4,487,420 Total 29,866,547 27,214,594 31,379,507 “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |