Toyota Motor (TM) 6-K FY2023 Third Quarter

FINANCIAL SUMMARY

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

FY2023 Third Quarter

(April 1, 2022 through December 31, 2022)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2023 Third 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

February 9, 2023

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	:	Hideaki Hayashi, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of quarterly securities report	:	February 13, 2023
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 FY2023 First nine months (April 1, 2022 through December 31, 2022)

(1) Consolidated financial results (For the nine months ended December 31)

	(% of change from previous first nine months)
	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 nine months		27,464,033		18.0		2,098,095		-17.1		2,869,274		-11.4		1,964,122		-17.6		1,899,026		-18.0		2,424,351		-8.0
FY2022 first nine months		23,267,041		19.2		2,531,835		67.9		3,237,553		73.1		2,383,898		59.1		2,316,222		57.8		2,635,194		58.6

	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted
	Yen		Yen		��
FY2023 first nine months		138.78		—
FY2022 first nine months		166.45		166.45

(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 nine months, 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 third quarter		71,580,587		28,450,023		27,535,825		38.5
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	172.68

(Note) Revisions to the forecast of consolidated results since the latest announcement: none

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 third quarter 16,314,987,460 shares, FY2022    16,314,987,460 shares

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

FY2023 third quarter 2,699,048,281 shares, FY2022    2,536,685,916 shares

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

FY2023 first nine months 13,684,168,898 shares, FY2022 first nine months 13,915,169,719 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 104,046 million yen has been recorded as costs and expenses in the consolidated financial results for the first nine months 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 Third 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 Third 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			December 31, 2022
Assets
Current assets
Cash and cash equivalents		6,113,655			6,022,089
Trade accounts and other receivables		3,142,832			3,265,428
Receivables related to financial services		7,181,327			8,075,376
Other financial assets		2,507,248			2,029,081
Inventories		3,821,356			4,034,114
Income tax receivable		163,925			326,762
Other current assets		791,947			1,007,108
Total current assets		23,722,290			24,759,957
Non-current assets
Investments accounted for using the equity method		4,837,895			5,101,573
Receivables related to financial services		14,583,130			16,191,681
Other financial assets		9,517,267			10,329,000
Property, plant and equipment
Land		1,361,791			1,387,207
Buildings		5,284,620			5,431,377
Machinery and equipment		13,982,362			14,558,111
Vehicles and equipment on operating leases		6,781,229			6,763,626
Construction in progress		565,528			740,411
Total property, plant and equipment, at cost		27,975,530			28,880,733
Less - Accumulated depreciation and impairment losses		(15,648,890	)		(16,457,677	)
Total property, plant and equipment, net		12,326,640			12,423,056
Right of use assets		448,412			466,286
Intangible assets		1,191,966			1,218,945
Deferred tax assets		342,202			387,221
Other non-current assets		718,968			702,868
Total non-current assets		43,966,482			46,820,630
Total assets		67,688,771			71,580,587

—2—

TOYOTA MOTOR CORPORATION    FY2023 Third Quarter Financial Summary

	Yen in millions
	March 31, 2022			December 31, 2022
Liabilities
Current liabilities
Trade accounts and other payables		4,292,092			4,227,787
Short-term and current portion of long-term debt		11,187,839			11,898,754
Accrued expenses		1,520,446			1,494,503
Other financial liabilities		1,046,050			1,461,413
Income taxes payable		826,815			345,653
Liabilities for quality assurance		1,555,711			1,716,014
Other current liabilities		1,413,208			1,558,904
Total current liabilities		21,842,161			22,703,027
Non-current liabilities
Long-term debt		15,308,519			16,560,084
Other financial liabilities		461,583			654,461
Retirement benefit liabilities		1,022,749			1,059,060
Deferred tax liabilities		1,354,794			1,554,300
Other non-current liabilities		544,145			599,632
Total non-current liabilities		18,691,790			20,427,537
Total liabilities		40,533,951			43,130,564
Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		498,575			499,408
Retained earnings		26,453,126			27,696,192
Other components of equity		2,203,254			2,585,216
Treasury stock		(3,306,037	)		(3,642,041	)
Total Toyota Motor Corporation shareholders’ equity		26,245,969			27,535,825
Non-controlling interests		908,851			914,198
Total shareholders’ equity		27,154,820			28,450,023
Total liabilities and shareholders’ equity		67,688,771			71,580,587

—3—

TOYOTA MOTOR CORPORATION    FY2023 Third 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 nine months ended December 31, 2021			For the first nine months ended December 31, 2022
Sales revenues
Sales of products		21,549,344			25,383,850
Financial services		1,717,697			2,080,183
Total sales revenues		23,267,041			27,464,033
Costs and expenses
Cost of products sold		17,817,966			21,435,002
Cost of financial services		834,483			1,280,860
Selling, general and administrative		2,082,757			2,650,076
Total costs and expenses		20,735,205			25,365,938
Operating income		2,531,835			2,098,095
Share of profit (loss) of investments accounted for using the equity method		415,524			474,716
Other finance income		252,415			307,518
Other finance costs		(25,552	)		(108,313	)
Foreign exchange gain (loss), net		91,196			128,375
Other income (loss), net		(27,866	)		(31,118	)
Income before income taxes		3,237,553			2,869,274
Income tax expense		853,654			905,153
Net income		2,383,898			1,964,122
Net income attributable to
Toyota Motor Corporation		2,316,222			1,899,026
Non-controlling interests		67,677			65,096
Net income		2,383,898			1,964,122
	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		166.45			138.78
Diluted		166.45			—

—4—

TOYOTA MOTOR CORPORATION    FY2023 Third Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

	Yen in millions
	For the first nine months ended December 31, 2021			For the first nine months ended December 31, 2022
Net income		2,383,898			1,964,122
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		(173,195	)		(29,503	)
Remeasurements of defined benefit plans		(7,024	)		(12,242	)
Share of other comprehensive income of equity method investees		71,531			(109,051	)
Total of items that will not be reclassified to profit (loss)		(108,688	)		(150,797	)
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		272,163			529,140
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(19,802	)		(170,000	)
Share of other comprehensive income of equity method investees		107,623			251,886
Total of items that may be reclassified subsequently to profit (loss)		359,984			611,026
Total other comprehensive income, net of tax		251,296			460,229
Comprehensive income		2,635,194			2,424,351
Comprehensive income for the period attributable to
Toyota Motor Corporation		2,560,199			2,353,007
Non-controlling interests		74,995			71,344
Comprehensive income		2,635,194			2,424,351

—5—

TOYOTA MOTOR CORPORATION    FY2023 Third Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Statement of Income

	Yen in millions
	For the third quarter ended December 31, 2021			For the third quarter ended December 31, 2022
Sales revenues
Sales of products		7,204,419			9,019,920
Financial services		581,323			734,765
Total sales revenues		7,785,742			9,754,685
Costs and expenses
Cost of products sold		5,975,051			7,385,754
Cost of financial services		284,691			435,638
Selling, general and administrative		741,629			976,641
Total costs and expenses		7,001,371			8,798,033
Operating income		784,370			956,652
Share of profit (loss) of investments accounted for using the equity method		154,482			170,093
Other finance income		136,542			110,164
Other finance costs		(9,193	)		(37,963	)
Foreign exchange gain (loss), net		47,800			(163,080	)
Other income (loss), net		(20,495	)		(868	)
Income before income taxes		1,093,508			1,034,998
Income tax expense		274,665			290,432
Net income		818,842			744,566
Net income attributable to
Toyota Motor Corporation		791,738			727,942
Non-controlling interests		27,104			16,624
Net income		818,842			744,566
	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic		57.18			53.40
Diluted		—			—

—6—

TOYOTA MOTOR CORPORATION    FY2023 Third Quarter Financial Summary

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

	Yen in millions
	For the third quarter ended December 31, 2021			For the third quarter ended December 31, 2022
Net income		818,842			744,566
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		(253,398	)		(55,682	)
Remeasurements of defined benefit plans		1,684			(3,546	)
Share of other comprehensive income of equity method investees		(9,639	)		(28,947	)
Total of items that will not be reclassified to profit (loss)		(261,353	)		(88,175	)
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		204,025			(714,507	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(17,659	)		13,228
Share of other comprehensive income of equity method investees		21,314			14,675
Total of items that may be reclassified subsequently to profit (loss)		207,680			(686,605	)
Total other comprehensive income, net of tax		(53,672	)		(774,780	)
Comprehensive income		765,170			(30,214	)
Comprehensive income for the period attributable to
Toyota Motor Corporation		727,679			(18,411	)
Non-controlling interests		37,491			(11,803	)
Comprehensive income		765,170			(30,214	)

—7—

TOYOTA MOTOR CORPORATION    FY2023 Third Quarter Financial Summary

3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

For the first nine months ended December 31, 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		—		—		2,316,222			—			—			2,316,222			67,677			2,383,898
Other comprehensive income, net of tax		—		—		—			243,978			—			243,978			7,319			251,296
Total comprehensive income		—		—		2,316,222			243,978			—			2,560,199			74,995			2,635,194
Transactions with owners and other
Dividends paid		—		—		(709,872	)		—			—			(709,872	)		(51,464	)		(761,335	)
Repurchase of treasury stock		—		—		—			—			(316,602	)		(316,602	)		—			(316,602	)
Reissuance of treasury stock		—		227		—			—			362			588			—			588
Equity transactions and other		—		692		—			—			—			692			7,857			8,549
Total transactions with owners and other		—		919		(709,872	)		—			(316,240	)		(1,025,193	)		(43,607	)		(1,068,800	)
Reclassification to retained earnings		—		—		37,582			(37,582	)		—			—			—			—
Balances at December 31, 2021		397,050		498,194		25,748,108			1,514,122			(3,217,920	)		24,939,554			915,170			25,854,724

For the first nine months ended December 31, 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		—		—		1,899,026			—			—			1,899,026			65,096			1,964,122
Other comprehensive income, net of tax		—		—		—			453,981			—			453,981			6,248			460,229
Total comprehensive income		—		—		1,899,026			453,981			—			2,353,007			71,344			2,424,351
Transactions with owners and other
Dividends paid		—		—		(727,980	)		—			—			(727,980	)		(84,573	)		(812,552	)
Repurchase of treasury stock		—		—		—			—			(336,577	)		(336,577	)		—			(336,577	)
Reissuance of treasury stock		—		334		—			—			573			907			—			907
Equity transactions and other		—		499		—			—			—			499			18,575			19,074
Total transactions with owners and other		—		833		(727,980	)		—			(336,004	)		(1,063,151	)		(65,997	)		(1,129,148	)
Reclassification to retained earnings		—		—		72,019			(72,019	)		—			—			—			—
Balances at December 31, 2022		397,050		499,408		27,696,192			2,585,216			(3,642,041	)		27,535,825			914,198			28,450,023

—8—

TOYOTA MOTOR CORPORATION    FY2023 Third Quarter Financial Summary

4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

	Yen in millions
	For the first nine months ended December 31, 2021			For the first nine months ended December 31, 2022
Cash flows from operating activities
Net income		2,383,898			1,964,122
Depreciation and amortization		1,342,533			1,534,759
Interest income and interest costs related to financial services, net		(260,886	)		(534,217	)
Share of profit (loss) of investments accounted for using the equity method		(415,524	)		(474,716	)
Income tax expense		853,654			905,153
Changes in operating assets and liabilities, and other		(1,282,577	)		(1,432,634	)
Interest received		615,939			1,082,133
Dividends received		345,315			459,340
Interest paid		(290,328	)		(401,044	)
Income taxes paid, net of refunds		(650,517	)		(1,276,972	)
Net cash provided by (used in) operating activities		2,641,508			1,825,923
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(856,035	)		(1,095,573	)
Additions to equipment leased to others		(1,827,035	)		(1,406,217	)
Proceeds from sales of fixed assets excluding equipment leased to others		23,764			35,211
Proceeds from sales of equipment leased to others		1,146,734			1,261,624
Additions to intangible assets		(245,252	)		(253,581	)
Additions to public and corporate bonds and stocks		(1,790,122	)		(1,104,568	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		1,935,300			941,742
Other, net		1,786,885			107,768
Net cash provided by (used in) investing activities		174,240			(1,513,593	)
Cash flows from financing activities
Increase (decrease) in short-term debt		(403,532	)		222,629
Proceeds from long-term debt		6,162,921			6,591,101
Payments of long-term debt		(6,933,945	)		(6,161,781	)
Dividends paid to Toyota Motor Corporation common shareholders		(709,872	)		(727,980	)
Dividends paid to non-controlling interests		(51,464	)		(84,573	)
Reissuance (repurchase) of treasury stock		(316,327	)		(336,577	)
Net cash provided by (used in) financing activities		(2,252,218	)		(497,181	)
Effect of exchange rate changes on cash and cash equivalents		105,838			93,285
Net increase (decrease) in cash and cash equivalents		669,368			(91,566	)
Cash and cash equivalents at beginning of period		5,100,857			6,113,655
Cash and cash equivalents at end of period		5,770,225			6,022,089

—9—

TOYOTA MOTOR CORPORATION    FY2023 Third Quarter Financial Summary

5. Going Concern Assumption

None

—10—

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

< IFRS >

	FY2022																		FY2023												FY2023
	1Q (2021/4-6)			2Q (2021/7-9)			3Q (2021/10-12)			9 months (2021/4-12)			4Q (2022/1-3)			12 months (‘21/4-‘22/3)			1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			9 months (2022/4-12)			Forecast 12 months (‘22/4-‘23/3)
Vehicle Production (thousands of units)		2,180			1,756			2,077			6,013			2,145			8,158			1,936			2,179			2,243			6,358
(Japan) –including Daihatsu & Hino		1,025			826			945			2,796			942			3,738			802			934			975			2,711
[Daihatsu & Hino]		[262	]		[194	]		[257	]		[713	]		[264	]		[977	]		[208	]		[240	]		[285	]		[733	]
(Overseas) –including Daihatsu & Hino		1,155			930			1,132			3,217			1,203			4,420			1,135			1,245			1,268			3,647
[Daihatsu & Hino]		[110	]		[121	]		[140	]		[370	]		[145	]		[515	]		[121	]		[157	]		[164	]		[441	]
North America		519			395			403			1,317			435			1,752			452			460			415			1,328
Europe		199			110			201			510			197			707			201			183			210			595
Asia		324			316			419			1,059			440			1,499			372			468			510			1,350
Central and South America		83			84			81			249			87			335			104			105			95			303
Africa		29			25			29			83			45			127			5			28			38			71
Vehicle Sales (thousands of units)		2,148			1,946			2,003			6,096			2,134			8,230			2,013			2,146			2,331			6,491			8,800
(Japan) –including Daihatsu & Hino		500			445			482			1,427			498			1,924			403			466			532			1,402			2,040
[Daihatsu & Hino]		[146	]		[128	]		[133	]		[406	]		[155	]		[561	]		[126	]		[144	]		[169	]		[439	]		[620	]
(Overseas) –including Daihatsu & Hino		1,648			1,501			1,521			4,670			1,637			6,306			1,610			1,680			1,799			5,089			6,760
[Daihatsu & Hino]		[63	]		[63	]		[78	]		[204	]		[77	]		[280	]		[68	]		[78	]		[92	]		[238	]		[330	]
North America		661			621			522			1,805			589			2,394			635			610			607			1,852			2,450
Europe		281			229			250			760			257			1,017			248			231			277			757			1,030
Asia		365			341			413			1,118			425			1,543			361			456			476			1,293			1,750
Central and South America		105			105			111			321			111			432			123			128			144			394			500
Oceania		74			74			60			208			75			282			76			67			68			210			270
Africa		51			45			58			154			65			219			36			61			68			164			240
Middle East		108			84			106			298			114			412			130			126			157			413			520
Other		2			2			2			5			2			7			2			2			2			5
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,759			2,506			2,522			7,787			2,594			10,381			2,544			2,625			2,721			7,889			10,400

Supplemental 1

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

< IFRS >

	FY2022																		FY2023												FY2023
	1Q (2021/4-6)			2Q (2021/7-9)			3Q (2021/10-12)			9 months (2021/4-12)			4Q (2022/1-3)			12 months (‘21/4-‘22/3)			1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			9 months (2022/4-12)			Forecast 12 months (‘22/4-‘23/3)
Foreign Exchange Rates
Yen to US Dollar Rate		110			110			114			111			116			112			130			138			141			136			as premise: 134
Yen to Euro Rate		132			130			130			131			130			131			138			139			144			141			as premise: 139
Number of Employees		372,434			372,286			371,365			371,365			372,817			372,817			376,971			377,369			375,396			375,396	(Note 1)
Sales Revenues (billions of yen)		7,935.5			7,545.7			7,785.7			23,267.0			8,112.4			31,379.5			8,491.1			9,218.2			9,754.6			27,464.0			36,000.0
Geographic Information
Japan		4,096.6			3,695.5			4,096.1			11,888.4			4,102.9			15,991.4			3,899.7			4,290.1			4,582.2			12,772.1
North America		2,875.0			2,804.4			2,593.7			8,273.2			2,893.1			11,166.4			3,349.9			3,523.6			3,588.9			10,462.4
Europe		986.9			900.2			1,000.2			2,887.5			980.3			3,867.8			973.0			939.3			1,155.6			3,068.0
Asia		1,531.9			1,411.3			1,739.6			4,683.0			1,847.5			6,530.5			1,795.6			2,153.3			2,183.9			6,133.0
Other		688.2			704.3			702.2			2,094.8			833.3			2,928.1			828.7			907.5			907.1			2,643.4
Elimination		-2,243.3			-1,970.3			-2,346.3			-6,560.0			-2,544.9			-9,105.0			-2,355.9			-2,595.8			-2,663.2			-7,615.0
Business Segment
Automotive		7,241.2			6,883.8			7,073.8			21,198.9			7,406.7			28,605.7			7,720.1			8,408.9			8,871.4			25,000.5
Financial Services		578.8			567.6			588.3			1,734.7			589.2			2,324.0			652.1			704.2			741.7			2,098.1
All Other		241.2			254.3			266.9			762.5			367.3			1,129.8			262.3			271.0			312.2			845.6
Elimination		-125.7			-160.1			-143.4			-429.2			-250.8			-680.1			-143.4			-166.0			-170.6			-480.2
Operating Income (billions of yen)		997.4			749.9			784.3			2,531.8			463.8			2,995.6			578.6			562.7			956.6			2,098.0			2,400.0
(Operating Income Ratio) (%)		(12.6	)		(9.9	)		(10.1	)		(10.9	)		(5.7	)		(9.5	)		(6.8	)		(6.1	)		(9.8	)		(7.6	)		(6.7	)
Geographic Information
Japan		518.5			290.5			396.5			1,205.6			217.8			1,423.4			336.7			521.1			683.4			1,541.3
North America		248.8			174.4			129.2			552.5			13.1			565.7			14.5			-85.6			-17.9			-89.0
Europe		30.0			23.6			82.7			136.4			26.5			162.9			19.6			-65.5			62.6			16.7
Asia		166.6			157.7			175.2			499.6			172.7			672.3			212.7			178.9			168.7			560.3
Other		65.3			82.7			51.7			199.8			38.2			238.1			45.8			64.0			66.1			176.0
Elimination		-31.9			20.7			-51.1			-62.3			-4.7			-67.0			-50.8			-50.1			-6.3			-107.3
Business Segment
Automotive		780.0			577.6			595.3			1,953.1			331.1			2,284.2			449.2			453.7			818.8			1,721.7
Financial Services		196.0			168.3			190.6			555.1			101.8			657.0			114.5			84.4			125.0			323.9
All Other		21.6			-0.1			-1.1			20.3			21.9			42.3			18.3			20.3			18.4			57.1
Elimination		-0.3			4.0			-0.5			3.1			8.9			12.1			-3.4			4.3			-5.7			-4.8
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		161.4			99.5			154.4			415.5			144.8			560.3			171.0			133.5			170.0			474.7			620.0
Income before Income Taxes (billions of yen)		1,257.2			886.8			1,093.5			3,237.5			752.9			3,990.5			1,021.7			812.5			1,034.9			2,869.2			3,340.0
(Income before Income Taxes Ratio) (%)		(15.8	)		(11.8	)		(14.0	)		(13.9	)		(9.3	)		(12.7	)		(12.0	)		(8.8	)		(10.6	)		(10.4	)		(9.3	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		897.8			626.6			791.7			2,316.2			533.8			2,850.1			736.8			434.2			727.9			1,899.0			2,360.0
(Net Income Ratio) (%)		(11.3	)		(8.3	)		(10.2	)		(10.0	)		(6.6	)		(9.1	)		(8.7	)		(4.7	)		(7.5	)		(6.9	)		(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			66.4			316.4			88.1			404.6			121.3			74.2			141.0			336.5	(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			16,314,987			16,314,987			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 Third Quarter (Consolidated)    

< IFRS >

	FY2022												FY2023									FY2023
	1Q (2021/4-6)		2Q (2021/7-9)		3Q (2021/10-12)		9 months (2021/4-12)		4Q (2022/1-3)		12 months (‘21/4-‘22/3)		1Q (2022/4-6)		2Q (2022/7-9)		3Q (2022/10-12)		9 months (2022/4-12)			Forecast 12 months (‘22/4-‘23/3)
R&D Expenses (billions of yen)		274.1		276.0		294.8		844.9		279.2		1,124.2		302.2		318.4		298.8		919.5			1,200.0	(Note 6)
Depreciation Expenses (billions of yen)		241.7		229.2		261.7		732.7		274.5		1,007.2		284.3		289.7		298.1		872.2			1,160.0	(Note 7)
Geographic Information
Japan		116.8		99.2		125.4		341.5		121.4		463.0		122.6		126.3		118.0		366.9
North America		63.9		68.1		73.5		205.6		81.0		286.7		87.4		95.3		94.4		277.2
Europe		18.3		19.3		17.6		55.3		20.8		76.2		22.1		20.4		20.9		63.5
Asia		33.2		32.5		34.2		100.0		38.2		138.2		39.9		42.5		56.2		138.7
Other		9.3		10.0		10.7		30.1		12.9		43.0		12.2		5.0		8.4		25.7
Capital Expenditures (billions of yen)		279.0		358.9		279.6		917.6		425.4		1,343.0		274.6		407.4		358.8		1,040.9			1,540.0	(Note 7)
Geographic Information
Japan		135.7		157.8		149.2		442.7		231.8		674.6		128.6		151.6		148.1		428.3
North America		74.5		151.9		72.2		298.7		104.8		403.6		97.9		175.3		120.1		393.4
Europe		25.2		19.7		17.8		62.7		19.0		81.8		10.3		10.3		16.9		37.6
Asia		36.9		24.4		36.1		97.5		51.2		148.7		25.7		65.5		63.4		154.7
Other		6.5		4.9		4.2		15.7		18.4		34.1		11.9		4.5		10.2		26.7
Total Liquid Assets (billions of yen)		10,318.6		10,270.8		10,193.3		10,193.3		10,517.3		10,517.3		10,532.2		11,004.6		10,278.7		10,278.7	(Note 8)
Total Assets (billions of yen)		61,651.1		61,758.8		63,618.0		63,618.0		67,688.7		67,688.7		71,935.1		74,484.0		71,580.5		71,580.5
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		24,123.0		24,610.4		24,939.5		24,939.5		26,245.9		26,245.9		27,374.8		28,037.2		27,535.8		27,535.8
Return on Equity (%)		15.1		10.3		12.8		12.8		8.3		11.5		11.0		6.3		10.5		9.4
Return on Asset (%)		5.8		4.1		5.1		4.9		3.3		4.4		4.2		2.4		4.0		3.6
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)	3Q (2022/10-12)		9 months (2022/4-12)
Marketing Efforts		170.0		300.0
Effects of Changes in Exchange Rates		480.0		1,045.0
Cost Reduction Efforts		-290.0		-940.0
From Engineering		-305.0		-970.0
From Manufacturing and Logistics		15.0		30.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-105.0		-415.0
Other		-82.8		-423.7
(Changes in Operating Income)		172.2		-433.7
Non-operating Income		-230.7		65.4
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		15.6		59.1
Income tax expense, Net Income Attributable to Non-controlling Interests		-5.2		-48.9
(Changes in Net Income Attributable to Toyota Motor Corporation)		-63.7		-417.1

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