Toyota Motor (TM) 6-K FY2023 Second Quarter

FINANCIAL SUMMARY

(All financial information has been prepared in accordance with International Financial Reporting Standards)

FY2023 Second Quarter

(April 1, 2022 through September 30, 2022)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2023 Second Quarter Consolidated Financial Results

(All financial information has been prepared in accordance with International Financial Reporting Standards)

English translation from the original Japanese-language document

November 1, 2022

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	:	Hiroyuki Suzuki, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of quarterly securities report	:	November 10, 2022
Payment date of cash dividends	:	November 22, 2022
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 FY2023 First Half (April 1, 2022 through September 30, 2022)

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

	(% of change from previous first half)
	Sales revenues				Operating income				Income before income taxes				Net income				Net income attributable to Toyota Motor Corporation				Comprehensive income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2023 first half		17,709,348		14.4		1,141,444		-34.7		1,834,276		-14.4		1,219,556		-22.1		1,171,084		-23.2		2,454,565		31.3
FY2022 first half		15,481,299		36.1		1,747,465		236.1		2,144,045		194.2		1,565,056		148.0		1,524,484		142.2		1,870,024		248.1

	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted
	Yen		Yen
FY2023 first half		85.42		—
FY2022 first half		109.28		109.28

(Note)

On October 1, 2021, Toyota Motor Corporation (“TMC”) effected a five-for-one stock split of its common stock to shareholders of record as of September 30, 2021. “Earnings per share attributable to Toyota Motor Corporation (Basic)” and “Earnings per share attributable to Toyota Motor Corporation (Diluted)” are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

“Earnings per share attributable to Toyota Motor Corporation (Diluted)” is not disclosed for FY2023 first half, because there were no potential shares during that period as the acquisition of all outstanding First Series Model AA Class Shares took place on April 2, 2021, and the cancellation of all First Series Model AA Class Shares was completed on April 3, 2021.

(2) Consolidated financial position

	Total assets		Total shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity
	Million yen		Million yen		Million yen		%
FY2023 second quarter		74,484,023		28,960,346		28,037,253		37.6
FY2022		67,688,771		27,154,820		26,245,969		38.8

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
FY2022		—		120.00		—		28.00		—
FY2023		—		25.00
FY2023 (forecast)						—		—		—

(Note)

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

On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders of record as of September 30, 2021. The dividend for the second quarter of the fiscal year 2022 presents the amount prior to the stock split. Annual cash dividends per common share for the fiscal year ended March 31, 2022 is not stated because the amounts cannot be simply combined due to the implementation of the stock split. Annual cash dividends per common share is ¥260 when calculated based on the assumption of no stock split, and ¥52 when calculated with the stock split taken into account.

3. Forecast of Consolidated Results for FY2023 (April 1, 2022 through March 31, 2023)

	(% of change from FY2022)
	Sales revenues			Operating income			Income before income taxes			Net income attributable to Toyota Motor Corporation			Earnings per share attributable to Toyota Motor Corporation – Basic
	Million yen	%		Million yen	%		Million yen	%		Million yen	%		Yen
Full-year	36,000,000		14.7	2,400,000		-19.9	3,340,000		-16.3	2,360,000		-17.2	172.28

(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) Changes in accounting policies and changes in accounting estimates

(i) Changes in accounting policies required by IFRS: none

(ii) Changes other than (2)-(i) above: none

(iii) Changes in accounting estimates: none

(3) Number of shares issued and outstanding (common stock)

(i) Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2023 second quarter 16,314,987,460 shares, FY2022  16,314,987,460 shares

(ii) Number of treasury stock at the end of each period: FY2023 second quarter 2,627,500,496 shares,

FY2022  2,536,685,916 shares

(iii) Average number of shares issued and outstanding in each period: FY2023 first half 13,710,052,009 shares,

FY2022 first half 13,950,175,679 shares

(Note) On October 1, 2021, TMC effected a five-for-one stock split of its common stock to shareholders of record as of September 30, 2021. “Number of shares issued and outstanding (common stock)” is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

These consolidated financial results are not subject to certified public accountant’s or audit firm’s quarterly review.

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 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, as well as information security; (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; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; and (xv) the impact of climate change and the transition towards a low-carbon economy.

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.

The global spread of COVID-19 and the responses to it by governments and other stakeholders have adversely affected Toyota in a number of ways. For reasons such as government directives as well as anticipated reduced demand for its vehicles, Toyota has temporarily suspended, or intends to temporarily suspend, production of automobiles and components at selected plants in Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party suppliers and business partners. In addition, the global spread of COVID-19 and related matters have adversely affected businesses in a wide variety of industries, as well as consumers, all of which negatively impacted demand for Toyota’s vehicles and related financial services.

The duration of the global spread of COVID-19 and the resulting future effects are uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of COVID-19, are difficult to predict and could have an adverse effect on Toyota’s financial condition and results of operations.

TMC has decided to end vehicle production at Toyota’s Saint Petersburg plant in Russia, and the financial effect of 96,986 million yen has been recorded as costs and expenses in the consolidated financial results for the first half of FY2023.

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

TABLE OF CONTENTS

Unaudited Condensed Quarterly Consolidated Financial Statements and Notes to Unaudited Condensed Quarterly Consolidated Financial Statements	2
1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position	2
2. Unaudited Condensed Quarterly Consolidated Statement of Income and Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income	4
3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity	8
4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows	9
5. Going Concern Assumption	10

—1—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Financial Statements and

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position

	Yen in millions
	March 31, 2022			September 30, 2022
Assets
Current assets
Cash and cash equivalents		6,113,655			6,980,169
Trade accounts and other receivables		3,142,832			3,202,115
Receivables related to financial services		7,181,327			8,194,188
Other financial assets		2,507,248			2,032,204
Inventories		3,821,356			4,266,455
Income tax receivable		163,925			132,921
Other current assets		791,947			1,000,210
Total current assets		23,722,290			25,808,263
Non-current assets
Investments accounted for using the equity method		4,837,895			4,988,214
Receivables related to financial services		14,583,130			16,893,138
Other financial assets		9,517,267			10,842,287
Property, plant and equipment
Land		1,361,791			1,396,547
Buildings		5,284,620			5,555,308
Machinery and equipment		13,982,362			15,114,529
Vehicles and equipment on operating leases		6,781,229			7,375,442
Construction in progress		565,528			638,273
Total property, plant and equipment, at cost		27,975,530			30,080,100
Less - Accumulated depreciation and impairment losses		(15,648,890	)		(16,935,984	)
Total property, plant and equipment, net		12,326,640			13,144,115
Right of use assets		448,412			487,470
Intangible assets		1,191,966			1,209,032
Deferred tax assets		342,202			388,053
Other non-current assets		718,968			723,449
Total non-current assets		43,966,482			48,675,760
Total assets		67,688,771			74,484,023

—2—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

	Yen in millions
	March 31, 2022			September 30, 2022
Liabilities
Current liabilities
Trade accounts and other payables		4,292,092			4,629,172
Short-term and current portion of long-term debt		11,187,839			12,530,744
Accrued expenses		1,520,446			1,584,585
Other financial liabilities		1,046,050			1,523,736
Income taxes payable		826,815			451,837
Liabilities for quality assurance		1,555,711			1,719,378
Other current liabilities		1,413,208			1,837,982
Total current liabilities		21,842,161			24,277,434
Non-current liabilities
Long-term debt		15,308,519			17,266,981
Other financial liabilities		461,583			846,384
Retirement benefit liabilities		1,022,749			1,079,428
Deferred tax liabilities		1,354,794			1,467,847
Other non-current liabilities		544,145			585,602
Total non-current liabilities		18,691,790			21,246,242
Total liabilities		40,533,951			45,523,676
Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		498,575			499,206
Retained earnings		26,453,126			27,304,994
Other components of equity		2,203,254			3,337,011
Treasury stock		(3,306,037	)		(3,501,009	)
Total Toyota Motor Corporation shareholders’ equity		26,245,969			28,037,253
Non-controlling interests		908,851			923,094
Total shareholders’ equity		27,154,820			28,960,346
Total liabilities and shareholders’ equity		67,688,771			74,484,023

—3—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

2. Unaudited Condensed Quarterly Consolidated Statement of Income and

    Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

Unaudited Condensed Quarterly Consolidated Statement of Income

	Yen in millions
	For the first half ended September 30, 2021			For the first half ended September 30, 2022
Sales revenues
Sales of products		14,344,924			16,363,930
Financial services		1,136,375			1,345,419
Total sales revenues		15,481,299			17,709,348
Costs and expenses
Cost of products sold		11,842,915			14,049,248
Cost of financial services		549,792			845,222
Selling, general and administrative		1,341,128			1,673,434
Total costs and expenses		13,733,834			16,567,905
Operating income		1,747,465			1,141,444
Share of profit (loss) of investments accounted for using the equity method		261,042			304,623
Other finance income		115,872			197,354
Other finance costs		(16,359	)		(70,350	)
Foreign exchange gain (loss), net		43,395			291,455
Other income (loss), net		(7,372	)		(30,250	)
Income before income taxes		2,144,045			1,834,276
Income tax expense		578,989			614,720
Net income		1,565,056			1,219,556
Net income attributable to
Toyota Motor Corporation		1,524,484			1,171,084
Non-controlling interests		40,572			48,472
Net income		1,565,056			1,219,556
	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		109.28			85.42
Diluted		109.28			—

—4—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

	Yen in millions
	For the first half ended September 30, 2021			For the first half ended September 30, 2022
Net income		1,565,056			1,219,556
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		80,203			26,178
Remeasurements of defined benefit plans		(8,708	)		(8,696	)
Share of other comprehensive income of equity method investees		81,170			(80,105	)
Total of items that will not be reclassified to profit (loss)		152,665			(62,622	)
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		68,138			1,243,648
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(2,143	)		(183,228	)
Share of other comprehensive income of equity method investees		86,309			237,212
Total of items that may be reclassified subsequently to profit (loss)		152,304			1,297,631
Total other comprehensive income, net of tax		304,968			1,235,009
Comprehensive income		1,870,024			2,454,565
Comprehensive income for the period attributable to
Toyota Motor Corporation		1,832,521			2,371,417
Non-controlling interests		37,504			83,147
Comprehensive income		1,870,024			2,454,565

—5—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Statement of Income

	Yen in millions
	For the second quarter ended September 30, 2021			For the second quarter ended September 30, 2022
Sales revenues
Sales of products		6,982,507			8,519,475
Financial services		563,234			698,757
Total sales revenues		7,545,741			9,218,232
Costs and expenses
Cost of products sold		5,828,074			7,349,121
Cost of financial services		278,714			445,382
Selling, general and administrative		688,978			860,940
Total costs and expenses		6,795,766			8,655,443
Operating income		749,976			562,789
Share of profit (loss) of investments accounted for using the equity method		99,559			133,554
Other finance income		43,808			71,561
Other finance costs		(8,875	)		(50,988	)
Foreign exchange gain (loss), net		17,475			108,196
Other income (loss), net		(15,117	)		(12,583	)
Income before income taxes		886,825			812,528
Income tax expense		248,310			351,225
Net income		638,515			461,303
Net income attributable to
Toyota Motor Corporation		626,652			434,264
Non-controlling interests		11,864			27,040
Net income		638,515			461,303
	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		45.01			31.73
Diluted		—			—

—6—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

	Yen in millions
	For the second quarter ended September 30, 2021			For the second quarter ended September 30, 2022
Net income		638,515			461,303
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		78,638			(15,435	)
Remeasurements of defined benefit plans		(4,347	)		(5,168	)
Share of other comprehensive income of equity method investees		19,475			(20,100	)
Total of items that will not be reclassified to profit (loss)		93,765			(40,703	)
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		(10,860	)		325,505
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(13,367	)		(95,968	)
Share of other comprehensive income of equity method investees		16,108			116,117
Total of items that may be reclassified subsequently to profit (loss)		(8,119	)		345,653
Total other comprehensive income, net of tax		85,647			304,951
Comprehensive income		724,162			766,254
Comprehensive income for the period attributable to
Toyota Motor Corporation		715,127			736,238
Non-controlling interests		9,035			30,016
Comprehensive income		724,162			766,254

—7—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

For the first half ended September 30, 2021

	Yen in millions
	Common stock		Additional paid-in capital		Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2021		397,050		497,275		24,104,176			1,307,726			(2,901,680	)		23,404,547			883,782			24,288,329
Comprehensive income
Net income		—		—		1,524,484			—			—			1,524,484			40,572			1,565,056
Other comprehensive income, net of tax		—		—		—			308,037			—			308,037			(3,068	)		304,968
Total comprehensive income		—		—		1,524,484			308,037			—			1,832,521			37,504			1,870,024
Transactions with owners and other
Dividends paid		—		—		(377,453	)		—			—			(377,453	)		(43,774	)		(421,227	)
Repurchase of treasury stock		—		—		—			—			(250,093	)		(250,093	)		—			(250,093	)
Reissuance of treasury stock		—		227		—			—			362			588			—			588
Equity transactions and other		—		313		—			—			—			313			4,477			4,791
Total transactions with owners and other		—		540		(377,453	)		—			(249,731	)		(626,644	)		(39,296	)		(665,941	)
Reclassification to retained earnings		—		—		27,266			(27,266	)		—			—			—			—
Balances at September 30, 2021		397,050		497,815		25,278,473			1,588,497			(3,151,411	)		24,610,424			881,989			25,492,413
For the first half ended September 30, 2022
	Yen in millions
	Common stock		Additional paid-in capital		Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2022		397,050		498,575		26,453,126			2,203,254			(3,306,037	)		26,245,969			908,851			27,154,820
Comprehensive income
Net income		—		—		1,171,084			—			—			1,171,084			48,472			1,219,556
Other comprehensive income, net of tax		—		—		—			1,200,334			—			1,200,334			34,675			1,235,009
Total comprehensive income		—		—		1,171,084			1,200,334			—			2,371,417			83,147			2,454,565
Transactions with owners and other
Dividends paid		—		—		(385,792	)		—			—			(385,792	)		(69,506	)		(455,299	)
Repurchase of treasury stock		—		—		—			—			(195,545	)		(195,545	)		—			(195,545	)
Reissuance of treasury stock		—		334		—			—			573			907			—			907
Equity transactions and other		—		297		—			—			—			297			602			899
Total transactions with owners and other		—		631		(385,792	)		—			(194,972	)		(580,134	)		(68,905	)		(649,038	)
Reclassification to retained earnings		—		—		66,577			(66,577	)		—			—			—			—
Balances at September 30, 2022		397,050		499,206		27,304,994			3,337,011			(3,501,009	)		28,037,253			923,094			28,960,346

—8—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

	Yen in millions
	For the first half ended September 30, 2021			For the first half ended September 30, 2022
Cash flows from operating activities
Net income		1,565,056			1,219,556
Depreciation and amortization		871,404			1,016,123
Interest income and interest costs related to financial services, net		(164,297	)		(355,403	)
Share of profit (loss) of investments accounted for using the equity method		(261,042	)		(304,623	)
Income tax expense		578,989			614,720
Changes in operating assets and liabilities, and other		(736,287	)		(398,273	)
Interest received		394,880			677,731
Dividends received		254,503			355,592
Interest paid		(193,238	)		(229,205	)
Income taxes paid, net of refunds		(437,188	)		(937,422	)
Net cash provided by (used in) operating activities		1,872,780			1,658,797
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(573,651	)		(733,675	)
Additions to equipment leased to others		(1,384,947	)		(930,723	)
Proceeds from sales of fixed assets excluding equipment leased to others		18,031			21,016
Proceeds from sales of equipment leased to others		802,928			876,929
Additions to intangible assets		(168,286	)		(160,772	)
Additions to public and corporate bonds and stocks		(1,313,819	)		(659,075	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		1,213,887			744,952
Other, net		1,189,623			58,857
Net cash provided by (used in) investing activities		(216,234	)		(782,490	)
Cash flows from financing activities
Increase (decrease) in short-term debt		(245,116	)		121,280
Proceeds from long-term debt		4,268,674			4,574,105
Payments of long-term debt		(5,171,986	)		(4,444,965	)
Dividends paid to Toyota Motor Corporation common shareholders		(377,453	)		(385,792	)
Dividends paid to non-controlling interests		(43,774	)		(69,506	)
Reissuance (repurchase) of treasury stock		(249,818	)		(195,545	)
Net cash provided by (used in) financing activities		(1,819,473	)		(400,424	)
Effect of exchange rate changes on cash and cash equivalents		16,904			390,632
Net increase (decrease) in cash and cash equivalents		(146,023	)		866,514
Cash and cash equivalents at beginning of period		5,100,857			6,113,655
Cash and cash equivalents at end of period		4,954,834			6,980,169

—9—

TOYOTA MOTOR CORPORATION    FY2023 Second Quarter Financial Summary

5. Going Concern Assumption

None

—10—

Supplemental Material for Financial Results for FY2023 Second Quarter (Consolidated)

< IFRS >

	FY2022																		FY2023									FY2023
	1Q (2021/4-6)			2Q (2021/7-9)			First Half 6 months (2021/4-9)			3Q (2021/10-12)			4Q (2022/1-3)			12 months (‘21/4-‘22/3)			1Q (2022/4-6)			2Q (2022/7-9)			First Half 6 months (2022/4-9)			Forecast 12 months (‘22/4-‘23/3)
Vehicle Production (thousands of units)		2,180			1,756			3,936			2,077			2,145			8,158			1,936			2,179			4,115
(Japan) –including Daihatsu & Hino		1,025			826			1,851			945			942			3,738			802			934			1,735
[Daihatsu & Hino]		[262	]		[194	]		[456	]		[257	]		[264	]		[977	]		[208	]		[240	]		[448	]
(Overseas) –including Daihatsu & Hino		1,155			930			2,085			1,132			1,203			4,420			1,135			1,245			2,380
[Daihatsu & Hino]		[110	]		[121	]		[231	]		[140	]		[145	]		[515	]		[121	]		[157	]		[277	]
North America		519			395			915			403			435			1,752			452			460			913
Europe		199			110			309			201			197			707			201			183			385
Asia		324			316			640			419			440			1,499			372			468			840
Central and South America		83			84			167			81			87			335			104			105			209
Africa		29			25			54			29			45			127			5			28			33
Vehicle Sales (thousands of units)		2,148			1,946			4,094			2,003			2,134			8,230			2,013			2,146			4,159			8,800
(Japan) –including Daihatsu & Hino		500			445			945			482			498			1,924			403			466			869			1,990
[Daihatsu & Hino]		[146	]		[128	]		[274	]		[133	]		[155	]		[561	]		[126	]		[144	]		[270	]		[620	]
(Overseas) –including Daihatsu & Hino		1,648			1,501			3,148			1,521			1,637			6,306			1,610			1,680			3,290			6,810
[Daihatsu & Hino]		[63	]		[63	]		[126	]		[78	]		[77	]		[280	]		[68	]		[78	]		[146	]		[330	]
North America		661			621			1,282			522			589			2,394			635			610			1,245			2,450
Europe		281			229			510			250			257			1,017			248			231			479			1,040
Asia		365			341			706			413			425			1,543			361			456			817			1,810
Central and South America		105			105			211			111			111			432			123			128			251			490
Oceania		74			74			148			60			75			282			76			67			142			270
Africa		51			45			96			58			65			219			36			61			97			240
Middle East		108			84			192			106			114			412			130			126			256			510
Other		2			2			3			2			2			7			2			2			3
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,759			2,506			5,265			2,522			2,594			10,381			2,544			2,625			5,168			10,400

Supplemental 1

Supplemental Material for Financial Results for FY2023 Second Quarter (Consolidated)

< IFRS >

	FY2022																		FY2023									FY2023
	1Q (2021/4-6)			2Q (2021/7-9)			First Half 6 months (2021/4-9)			3Q (2021/10-12)			4Q (2022/1-3)			12 months (‘21/4-‘22/3)			1Q (2022/4-6)			2Q (2022/7-9)			First Half 6 months (2022/4-9)			Forecast 12 months (‘22/4-‘23/3)
Foreign Exchange Rates
Yen to US Dollar Rate		110			110			110			114			116			112			130			138			134			as premise: 135
Yen to Euro Rate		132			130			131			130			130			131			138			139			139			as premise: 137
Number of Employees		372,434			372,286			372,286			371,365			372,817			372,817			376,971			377,369			377,369	(Note 1)
Sales Revenues (billions of yen)		7,935.5			7,545.7			15,481.2			7,785.7			8,112.4			31,379.5			8,491.1			9,218.2			17,709.3			36,000.0
Geographic Information
Japan		4,096.6			3,695.5			7,792.2			4,096.1			4,102.9			15,991.4			3,899.7			4,290.1			8,189.9
North America		2,875.0			2,804.4			5,679.5			2,593.7			2,893.1			11,166.4			3,349.9			3,523.6			6,873.5
Europe		986.9			900.2			1,887.2			1,000.2			980.3			3,867.8			973.0			939.3			1,912.3
Asia		1,531.9			1,411.3			2,943.3			1,739.6			1,847.5			6,530.5			1,795.6			2,153.3			3,949.0
Other		688.2			704.3			1,392.5			702.2			833.3			2,928.1			828.7			907.5			1,736.3
Elimination		-2,243.3			-1,970.3			-4,213.6			-2,346.3			-2,544.9			-9,105.0			-2,355.9			-2,595.8			-4,951.8
Business Segment
Automotive		7,241.2			6,883.8			14,125.1			7,073.8			7,406.7			28,605.7			7,720.1			8,408.9			16,129.0
Financial Services		578.8			567.6			1,146.4			588.3			589.2			2,324.0			652.1			704.2			1,356.3
All Other		241.2			254.3			495.6			266.9			367.3			1,129.8			262.3			271.0			533.4
Elimination		-125.7			-160.1			-285.8			-143.4			-250.8			-680.1			-143.4			-166.0			-309.5
Operating Income (billions of yen)		997.4			749.9			1,747.4			784.3			463.8			2,995.6			578.6			562.7			1,141.4			2,400.0
(Operating Income Ratio) (%)		(12.6	)		(9.9	)		(11.3	)		(10.1	)		(5.7	)		(9.5	)		(6.8	)		(6.1	)		(6.4	)		(6.7	)
Geographic Information
Japan		518.5			290.5			809.0			396.5			217.8			1,423.4			336.7			521.1			857.9
North America		248.8			174.4			423.2			129.2			13.1			565.7			14.5			-85.6			-71.0
Europe		30.0			23.6			53.7			82.7			26.5			162.9			19.6			-65.5			-45.9
Asia		166.6			157.7			324.3			175.2			172.7			672.3			212.7			178.9			391.6
Other		65.3			82.7			148.1			51.7			38.2			238.1			45.8			64.0			109.9
Elimination		-31.9			20.7			-11.2			-51.1			-4.7			-67.0			-50.8			-50.1			-101.0
Business Segment
Automotive		780.0			577.6			1,357.7			595.3			331.1			2,284.2			449.2			453.7			902.9
Financial Services		196.0			168.3			364.4			190.6			101.8			657.0			114.5			84.4			198.9
All Other		21.6			-0.1			21.4			-1.1			21.9			42.3			18.3			20.3			38.6
Elimination		-0.3			4.0			3.7			-0.5			8.9			12.1			-3.4			4.3			0.8
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		161.4			99.5			261.0			154.4			144.8			560.3			171.0			133.5			304.6			620.0
Income before Income Taxes (billions of yen)		1,257.2			886.8			2,144.0			1,093.5			752.9			3,990.5			1,021.7			812.5			1,834.2			3,340.0
(Income before Income Taxes Ratio) (%)		(15.8	)		(11.8	)		(13.8	)		(14.0	)		(9.3	)		(12.7	)		(12.0	)		(8.8	)		(10.4	)		(9.3	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		897.8			626.6			1,524.4			791.7			533.8			2,850.1			736.8			434.2			1,171.0			2,360.0
(Net Income Ratio) (%)		(11.3	)		(8.3	)		(9.8	)		(10.2	)		(6.6	)		(9.1	)		(8.7	)		(4.7	)		(6.6	)		(6.6	)
Dividends
Cash Dividends (billions of yen)		—			332.4			332.4			—			385.7			718.2			—			342.1			342.1	(Note 2)
Cash Dividends per Share (yen)		—			120			120			—			28			—			—			25			25	(Note 3)
Payout Ratio (%)		—			21.9			21.9			—			29.2			25.3			—			29.2			29.2
Value of Shares Repurchased (billions of yen)[actual purchase]		21.5			228.4			249.9			66.4			88.1			404.6			121.3			74.2			195.5	(Note 4)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			149.9			149.9			—			299.9			449.9			—			150.0			150.0	(Note 4)  (Note 5)
Number of Outstanding Shares (thousands)		3,262,997			3,262,997			3,262,997			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987

Supplemental 2

Supplemental Material for Financial Results for FY2023 Second Quarter (Consolidated)

< IFRS >

	FY2022												FY2023							FY2023
	1Q (2021/4-6)		2Q (2021/7-9)		First Half 6 months (2021/4-9)		3Q (2021/10-12)		4Q (2022/1-3)		12 months (‘21/4-‘22/3)		1Q (2022/4-6)		2Q (2022/7-9)		First Half 6 months (2022/4-9)			Forecast 12 months (‘22/4-‘23/3)
R&D Expenses (billions of yen)		274.1		276.0		550.1		294.8		279.2		1,124.2		302.2		318.4		620.7			1,200.0	(Note 6)
Depreciation Expenses (billions of yen)		241.7		229.2		470.9		261.7		274.5		1,007.2		284.3		289.7		574.0			1,160.0	(Note 7)
Geographic Information
Japan		116.8		99.2		216.0		125.4		121.4		463.0		122.6		126.3		248.9
North America		63.9		68.1		132.0		73.5		81.0		286.7		87.4		95.3		182.8
Europe		18.3		19.3		37.6		17.6		20.8		76.2		22.1		20.4		42.5
Asia		33.2		32.5		65.8		34.2		38.2		138.2		39.9		42.5		82.4
Other		9.3		10.0		19.3		10.7		12.9		43.0		12.2		5.0		17.2
Capital Expenditures (billions of yen)		279.0		358.9		637.9		279.6		425.4		1,343.0		274.6		407.4		682.0			1,540.0	(Note 7)
Geographic Information
Japan		135.7		157.8		293.5		149.2		231.8		674.6		128.6		151.6		280.2
North America		74.5		151.9		226.5		72.2		104.8		403.6		97.9		175.3		273.3
Europe		25.2		19.7		44.9		17.8		19.0		81.8		10.3		10.3		20.6
Asia		36.9		24.4		61.4		36.1		51.2		148.7		25.7		65.5		91.2
Other		6.5		4.9		11.4		4.2		18.4		34.1		11.9		4.5		16.5
Total Liquid Assets (billions of yen)		10,318.6		10,270.8		10,270.8		10,193.3		10,517.3		10,517.3		10,532.2		11,004.6		11,004.6	(Note 8)
Total Assets (billions of yen)		61,651.1		61,758.8		61,758.8		63,618.0		67,688.7		67,688.7		71,935.1		74,484.0		74,484.0
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		24,123.0		24,610.4		24,610.4		24,939.5		26,245.9		26,245.9		27,374.8		28,037.2		28,037.2
Return on Equity (%)		15.1		10.3		12.7		12.8		8.3		11.5		11.0		6.3		8.6
Return on Asset (%)		5.8		4.1		4.9		5.1		3.3		4.4		4.2		2.4		3.3
Number of Consolidated Subsidiaries (including Structured Entities)												559
Number of Associates and Joint Ventures Accounted for Using the Equity Method												169

Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2023 (billions of yen, approximately)	2Q (2022/7-9)		First Half 6 months (2022/4-9)
Marketing Efforts		245.0		130.0
Effects of Changes in Exchange Rates		370.0		565.0
Cost Reduction Efforts		-375.0		-650.0
From Engineering		-385.0		-665.0
From Manufacturing and Logistics		10.0		15.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-185.0		-310.0
Other		-242.1		-341.0
(Changes in Operating Income)		-187.1		-606.0
Non-operating Income		112.8		296.2
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		33.9		43.5
Income tax expense, Net Income Attributable to Non-controlling Interests		-118.0		-43.6
(Changes in Net Income Attributable to Toyota Motor Corporation)		-192.3		-353.4

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 Canadian dollar and the British pound), 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, as well as information security; (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; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; and (xv) the impact of climate change and the transition towards a low-carbon economy.

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.

The global spread of COVID-19 and the responses to it by governments and other stakeholders have adversely affected Toyota in a number of ways. For reasons such as government directives as well as anticipated reduced demand for its vehicles, Toyota has temporarily suspended, or intends to temporarily suspend, production of automobiles and components at selected plants in Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party suppliers and business partners. In addition, the global spread of COVID-19 and related matters have adversely affected businesses in a wide variety of industries, as well as consumers, all of which negatively impacted demand for Toyota’s vehicles and related financial services.

The duration of the global spread of COVID-19 and the resulting future effects are uncertain, and the foregoing impacts and other effects not referenced above, as well as the ultimate impact of COVID-19, are difficult to predict and could have an adverse effect on Toyota’s financial condition and results of operations.

(Note 1) Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2) 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend

(Note 3) The dividend for the second quarter of the fiscal year 2022 presents the amount prior to the stock split.

Annual cash dividends per common share for the fiscal year ended March 31, 2022 is not stated because the amounts cannot be simply combined due to the implementation of the stock split.

Annual cash dividends per common share is ¥260 when calculated based on the assumption of no stock split, and ¥52 when calculated with the stock split taken into account.

(Note 4) Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase

(Note 5) Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.)

(Note 6) Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income

(Note 7) Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets

(Note 8) Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services

Supplemental 3