FINANCIAL SUMMARY
(All financial information has been prepared in accordance with IFRS Accounting Standards)
FY2025 Third Quarter
(April 1, 2024 through December 31, 2024)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
FY2025 Third Quarter Consolidated Financial Results
(All financial information has been prepared in accordance with IFRS Accounting Standards)
English translation from the original Japanese-language document
February 5, 2025
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 | : | Koji Sato, President | ||
Contact person | : | Hideaki Hayashi, General Manager, Accounting Division Tel. (0565)28-2121 | ||
Payment date of cash dividends | : | — | ||
Supplemental materials prepared for financial results | : | yes | ||
Earnings announcement for financial results | : | yes |
(Amounts are rounded to the nearest million yen)
| 1. | Consolidated Results for FY2025 First nine months (April 1, 2024 through December 31, 2024) |
| (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 | % | |||||||||||||||||||||||||||||||||||||
FY2025 first nine months | 35,673,545 | 4.9 | 3,679,491 | -13.2 | 5,430,093 | 1.4 | 4,079,342 | 1.2 | 4,100,389 | 3.9 | 3,873,742 | -28.5 | ||||||||||||||||||||||||||||||||||||
FY2024 first nine months | 34,022,720 | 23.9 | 4,240,238 | 102.1 | 5,357,065 | 86.7 | 4,031,624 | 105.3 | 3,947,242 | 107.9 | 5,415,334 | 123.4 | ||||||||||||||||||||||||||||||||||||
| Earnings per share attributable to Toyota Motor Corporation – Basic | Earnings per share attributable to Toyota Motor Corporation – Diluted | |||||||
| Yen | Yen | |||||||
FY2025 first nine months | 307.95 | 307.95 | ||||||
FY2024 first nine months | 291.87 | 291.87 | ||||||
| (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 | % | |||||||||||||
FY2025 third quarter | 94,674,416 | 36,856,527 | 35,910,271 | 37.9 | ||||||||||||
FY2024 | 90,114,296 | 35,239,338 | 34,220,991 | 38.0 | ||||||||||||
| 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 | ||||||||||||||||
FY2024 | — | 30.00 | — | 45.00 | 75.00 | |||||||||||||||
FY2025 | — | 40.00 | — | |||||||||||||||||
FY2025 (forecast) | 50.00 | 90.00 | ||||||||||||||||||
(Note) Revisions to the forecast of cash dividends since the latest announcement: none
| 3. | Forecast of Consolidated Results for FY2025 (April 1, 2024 through March 31, 2025) |
(% of change from FY2024) | ||||||||||||||||||||||||||
Sales revenues | Operating income | Income before income taxes | Net income Toyota Motor | Earnings per share | ||||||||||||||||||||||
| Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||||||||||||||||
Full-year | 47,000,000 | 4.2 | 4,700,000 | -12.2 | 6,180,000 | -11.3 | 4,520,000 | -8.6 | 340.87 | |||||||||||||||||
(Note) Revisions to the forecast of consolidated results since the latest announcement: yes
Notes
| (1) | Significant changes in the scope of consolidation during the period: none |
| (2) | Changes in accounting policies and changes in accounting estimates |
| (i) | Changes in accounting policies required by IFRS Accounting Standards: 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): |
FY2025 third quarter 15,794,987,460 shares, FY2024 16,314,987,460 shares |
| (ii) | Number of treasury stock at the end of each period: |
FY2025 third quarter 2,699,079,277 shares, FY2024 2,840,815,433 shares |
| (iii) | Average number of shares issued and outstanding in each period: |
FY2025 first nine months 13,314,911,412 shares, FY2024 first nine months 13,524,128,807 shares |
Review of the Japanese-language originals of the attached condensed quarterly consolidated financial statements by certified public accountants or an audit firm: none
Cautionary Statement with Respect to Forward-Looking Statements, and Other Information
This report contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). 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; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
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 FY2025 Third Quarter Financial Summary
Supplemental Material for Financial Results for FY2025 Third Quarter
—1—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Financial Results and Position
1. Consolidated Financial Results for FY2025 Third Quarter
Financial Results
Consolidated vehicle unit sales in Japan and overseas decreased by 295 thousand units, or 4.0%, to 7,000 thousand units in FY2025 first nine months (the first nine months ended December 31, 2024) compared with FY2024 first nine months (the first nine months ended December 31, 2023). Vehicle unit sales in Japan decreased by 175 thousand units, or 10.8%, to 1,454 thousand units in FY2025 first nine months compared with FY2024 first nine months. Overseas vehicle unit sales decreased by 119 thousand units, or 2.1%, to 5,546 thousand units in FY2025 first nine months compared with FY2024 first nine months.
The results of operations for FY2025 first nine months were as follows:
| Sales revenues | 35,673.5 billion yen | (an increase of 1,650.8 billion yen or 4.9% compared with FY2024 first nine months) | ||||||
Operating income | 3,679.4 billion yen | (a decrease of 560.7 billion yen or 13.2% compared with FY2024 first nine months) | ||||||
Income before income taxes | 5,430.0 billion yen | (an increase of 73.0 billion yen or 1.4% compared with FY2024 first nine months) | ||||||
Net income attributable to Toyota Motor Corporation | 4,100.3 billion yen | (an increase of 153.1 billion yen or 3.9% compared with FY2024 first nine months) |
The changes in operating income were as follows:
Effects of marketing activities | a decrease of 165.0 billion yen | |
Effects of changes in exchange rates | an increase of 490.0 billion yen | |
Cost reduction efforts | an increase of 70.0 billion yen | |
Increase or decrease in expenses and expense reduction efforts | a decrease of 590.0 billion yen | |
Other | a decrease of 365.7 billion yen | |
—2—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Segment Operating Results
(1) Automotive:
Sales revenues for the automotive operations increased by 1,110.1 billion yen, or 3.6%, to 32,341.2 billion yen in FY2025 first nine months compared with FY2024 first nine months. However, operating income decreased by 646.0 billion yen, or 17.4%, to 3,073.8 billion yen in FY2025 first nine months compared with FY2024 first nine months. The decrease in operating income was mainly due to the increase in expenses and others.
(2) Financial services:
Sales revenues for the financial services operations increased by 522.2 billion yen, or 20.5%, to 3,065.9 billion yen in FY2025 first nine months compared with FY2024 first nine months, and operating income increased by 79.3 billion yen, or 19.0%, to 496.2 billion yen in FY2025 first nine months compared with FY2024 first nine months. The increase in operating income was mainly due to increase in financing volume and decrease in valuation losses on interest rate swaps stated at fair value.
(3) All other:
Sales revenues for all other businesses increased by 63.2 billion yen, or 6.4%, to 1,046.3 billion yen in FY2025 first nine months compared with FY2024 first nine months, and operating income increased by 0.6 billion yen, or 0.5%, to 124.6 billion yen in FY2025 first nine months compared with FY2024 first nine months.
Geographic Information
(1) Japan:
Sales revenues in Japan increased by 169.1 billion yen, or 1.0%, to 16,306.3 billion yen in FY2025 first nine months compared with FY2024 first nine months. However, operating income decreased by 348.1 billion yen, or 13.0%, to 2,337.0 billion yen in FY2025 first nine months compared with FY2024 first nine months. The decrease in operating income was mainly due to the increase in expenses and others and the effects of the misconduct in relation to applications for certification by Hino Motors, Ltd.
(2) North America:
Sales revenues in North America increased by 847.1 billion yen, or 6.2%, to 14,401.5 billion yen in FY2025 first nine months compared with FY2024 first nine months. However, operating income decreased by 344.4 billion yen, or 66.7%, to 172.1 billion yen in FY2025 first nine months compared with FY2024 first nine months. The decrease in operating income was mainly due to the increase in expenses and others.
(3) Europe:
Sales revenues in Europe increased by 340.4 billion yen, or 8.1%, to 4,519.7 billion yen in FY2025 first nine months compared with FY2024 first nine months, and operating income increased by 87.5 billion yen, or 30.7%, to 373.1 billion yen in FY2025 first nine months compared with FY2024 first nine months. The increase in operating income was mainly due to cost reduction efforts.
(4) Asia:
Sales revenues in Asia increased by 110.9 billion yen, or 1.7%, to 6,793.4 billion yen in FY2025 first nine months compared with FY2024 first nine months, and operating income increased by 35.6 billion yen, or 5.5%, to 685.2 billion yen in FY2025 first nine months compared with FY2024 first nine months. The increase in operating income was mainly due to the effects of changes in exchange rates and the decrease in expenses and expense reduction efforts.
(5) Other (Central and South America, Oceania, Africa and the Middle East):
Sales revenues in other regions increased by 191.6 billion yen, or 6.1%, to 3,355.4 billion yen in FY2025 first nine months compared with FY2024 first nine months. However, operating income decreased by 19.3 billion yen, or 9.7%, to 179.6 billion yen in FY2025 first nine months compared with FY2024 first nine months. The decrease in operating income was mainly due to the increase in expenses and others.
—3—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
2. Consolidated Financial Position for FY2025 Third Quarter
Financial Position
The financial position for FY2025 first nine months was as follows:
Total assets increased by 4,560.1 billion yen, or 5.1%, to 94,674.4 billion yen at the end of FY2025 first nine months compared with the end of FY2024. Liabilities increased by 2,942.9 billion yen, or 5.4%, to 57,817.8 billion yen at the end of FY2025 first nine months compared with the end of FY2024. Shareholders’ equity increased by 1,617.1 billion yen, or 4.6%, to 36,856.5 billion yen at the end of FY2025 first nine months compared with the end of FY2024.
Overview of Cash Flow
Cash and cash equivalents decreased by 1,126.9 billion yen, or 12.0%, to 8,285.1 billion yen at the end of FY2025 first nine months compared with the end of FY2024.
The increases or decreases for each cash flow activity compared with the previous fiscal year are as follows:
Cash flows from operating activities
Net cash flows from operating activities resulted in an increase in cash by 2,823.7 billion yen for FY2025 first nine months. Net cash provided by operating activities increased by 37.5 billion yen from 2,786.1 billion yen for FY2024 first nine months.
Cash flows from investing activities
Net cash flows from investing activities resulted in a decrease in cash by 3,523.2 billion yen for FY2025 first nine months, compared with net cash used in investing activities of 4,230.1 billion yen for FY 2024 first nine months, a 706.8 billion yen change.
Cash flows from financing activities
Net cash flows from financing activities resulted in a decrease in cash by 472.0 billion yen for FY2025 first nine months. A 2,106.5 billion yen change compared with net cash provided by financing activities of 1,634.4 billion yen for FY2024 first nine months.
—4—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Unaudited Condensed Quarterly Consolidated Financial Statements
1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position
| Yen in millions | ||||||||
| March 31, 2024 | December 31, 2024 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 9,412,060 | 8,285,156 | ||||||
Trade accounts and other receivables | 3,789,429 | 3,839,900 | ||||||
Receivables related to financial services | 11,057,269 | 11,860,535 | ||||||
Other financial assets | 4,702,168 | 5,596,225 | ||||||
Inventories | 4,605,368 | 4,480,884 | ||||||
Income tax receivable | 116,886 | 398,504 | ||||||
Other current assets | 1,031,098 | 1,299,777 | ||||||
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Total current assets | 34,714,279 | 35,760,980 | ||||||
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Non-current assets | ||||||||
Investments accounted for using the equity method | 5,710,106 | 5,536,818 | ||||||
Receivables related to financial services | 20,637,090 | 22,884,954 | ||||||
Other financial assets | 11,390,559 | 11,520,730 | ||||||
Property, plant and equipment | ||||||||
Land | 1,441,811 | 1,445,518 | ||||||
Buildings | 5,884,749 | 6,070,077 | ||||||
Machinery and equipment | 16,469,032 | 17,009,802 | ||||||
Vehicles and equipment on operating leases | 7,523,911 | 8,133,542 | ||||||
Construction in progress | 1,040,188 | 1,629,826 | ||||||
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Total property, plant and equipment, at cost | 32,359,692 | 34,288,766 | ||||||
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Less - Accumulated depreciation and impairment losses | (18,101,905 | ) | (18,883,942 | ) | ||||
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Total property, plant and equipment, net | 14,257,788 | 15,404,824 | ||||||
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Right of use assets | 532,835 | 552,683 | ||||||
Intangible assets | 1,355,326 | 1,312,965 | ||||||
Deferred tax assets | 502,230 | 572,974 | ||||||
Other non-current assets | 1,014,083 | 1,127,489 | ||||||
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Total non-current assets | 55,400,017 | 58,913,436 | ||||||
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Total assets | 90,114,296 | 94,674,416 | ||||||
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—5—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
| Yen in millions | ||||||||
| March 31, 2024 | December 31, 2024 | |||||||
Liabilities | ||||||||
Current liabilities | ||||||||
Trade accounts and other payables | 5,251,357 | 5,059,373 | ||||||
Short-term and current portion of long-term debt | 15,406,284 | 16,059,840 | ||||||
Accrued expenses | 1,863,760 | 1,791,128 | ||||||
Other financial liabilities | 1,700,137 | 1,952,967 | ||||||
Income taxes payable | 1,224,542 | 448,715 | ||||||
Liabilities for quality assurance | 1,836,314 | 1,950,832 | ||||||
Other current liabilities | 1,895,516 | 2,178,159 | ||||||
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Total current liabilities | 29,177,909 | 29,441,013 | ||||||
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Non-current liabilities | ||||||||
Long-term debt | 21,155,496 | 23,519,846 | ||||||
Other financial liabilities | 495,814 | 546,431 | ||||||
Retirement benefit liabilities | 1,077,962 | 1,132,067 | ||||||
Deferred tax liabilities | 2,219,638 | 2,146,940 | ||||||
Other non-current liabilities | 748,139 | 1,031,593 | ||||||
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Total non-current liabilities | 25,697,049 | 28,376,876 | ||||||
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Total liabilities | 54,874,958 | 57,817,889 | ||||||
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Shareholders’ equity | ||||||||
Common stock | 397,050 | 397,050 | ||||||
Additional paid-in capital | 491,802 | 490,102 | ||||||
Retained earnings | 32,795,365 | 35,241,066 | ||||||
Other components of equity | 4,503,756 | 4,064,718 | ||||||
Treasury stock | (3,966,982 | ) | (4,282,665 | ) | ||||
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Total Toyota Motor Corporation shareholders’ equity | 34,220,991 | 35,910,271 | ||||||
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Non-controlling interests | 1,018,347 | 946,255 | ||||||
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Total shareholders’ equity | 35,239,338 | 36,856,527 | ||||||
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Total liabilities and shareholders’ equity | 90,114,296 | 94,674,416 | ||||||
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—6—
TOYOTA MOTOR CORPORATION FY2025 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, 2023 | For the first nine months ended December 31, 2024 | |||||||
Sales revenues | ||||||||
Sales of products | 31,511,767 | 32,642,249 | ||||||
Financial services | 2,510,953 | 3,031,296 | ||||||
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Total sales revenues | 34,022,720 | 35,673,545 | ||||||
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Costs and expenses | ||||||||
Cost of products sold | 25,345,445 | 26,493,139 | ||||||
Cost of financial services | 1,559,145 | 1,934,561 | ||||||
Selling, general and administrative | 2,877,893 | 3,566,354 | ||||||
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Total costs and expenses | 29,782,483 | 31,994,054 | ||||||
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Operating income | 4,240,238 | 3,679,491 | ||||||
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Share of profit (loss) of investments accounted for using the equity method | 596,181 | 454,754 | ||||||
Other finance income | 544,304 | 424,735 | ||||||
Other finance costs | (78,752 | ) | (161,266 | ) | ||||
Foreign exchange gain (loss), net | 55,334 | 1,077,315 | ||||||
Other income (loss), net | (239 | ) | (44,937 | ) | ||||
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Income before income taxes | 5,357,065 | 5,430,093 | ||||||
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Income tax expense | 1,325,441 | 1,350,751 | ||||||
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Net income | 4,031,624 | 4,079,342 | ||||||
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Net income attributable to | ||||||||
Toyota Motor Corporation | 3,947,242 | 4,100,389 | ||||||
Non-controlling interests | 84,382 | (21,047 | ) | |||||
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Net income | 4,031,624 | 4,079,342 | ||||||
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| Yen | ||||||||
Earnings per share attributable to Toyota Motor Corporation | ||||||||
Basic and Diluted | 291.87 | 307.95 | ||||||
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—7—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income
| Yen in millions | ||||||||
| For the first nine months ended December 31, 2023 | For the first nine months ended December 31, 2024 | |||||||
Net income | 4,031,624 | 4,079,342 | ||||||
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 | 361,529 | 210,341 | ||||||
Remeasurements of defined benefit plans | (8,170 | ) | (14,377 | ) | ||||
Share of other comprehensive income of equity method investees | 197,931 | (95,707 | ) | |||||
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Total of items that will not be reclassified to profit (loss) | 551,290 | 100,257 | ||||||
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Items that may be reclassified subsequently to profit (loss) | ||||||||
Exchange differences on translating foreign operations | 603,550 | (391,637 | ) | |||||
Net changes in revaluation of financial assets measured at fair value through other comprehensive income | 47,605 | 30,873 | ||||||
Share of other comprehensive income of equity method investees | 181,264 | 54,906 | ||||||
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Total of items that may be reclassified subsequently to profit (loss) | 832,420 | (305,858 | ) | |||||
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Total other comprehensive income, net of tax | 1,383,710 | (205,601 | ) | |||||
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Comprehensive income | 5,415,334 | 3,873,742 | ||||||
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Comprehensive income for the period attributable to | ||||||||
Toyota Motor Corporation | 5,298,565 | 3,866,255 | ||||||
Non-controlling interests | 116,769 | 7,486 | ||||||
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Comprehensive income | 5,415,334 | 3,873,742 | ||||||
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—8—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity
For the first nine months ended December 31, 2023
| 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, 2023 | 397,050 | 498,728 | 28,343,296 | 2,836,195 | (3,736,562 | ) | 28,338,706 | 925,507 | 29,264,213 | |||||||||||||||||||||||
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Comprehensive income | ||||||||||||||||||||||||||||||||
Net income | — | — | 3,947,242 | — | — | 3,947,242 | 84,382 | 4,031,624 | ||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 1,351,323 | — | 1,351,323 | 32,387 | 1,383,710 | ||||||||||||||||||||||||
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Total comprehensive income | — | — | 3,947,242 | 1,351,323 | — | 5,298,565 | 116,769 | 5,415,334 | ||||||||||||||||||||||||
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Transactions with owners and other | ||||||||||||||||||||||||||||||||
Dividends paid | — | — | (880,197 | ) | — | — | (880,197 | ) | (89,298 | ) | (969,494 | ) | ||||||||||||||||||||
Repurchase of treasury stock | — | — | — | — | (191,584 | ) | (191,584 | ) | — | (191,584 | ) | |||||||||||||||||||||
Reissuance of treasury stock | — | 263 | — | — | 649 | 911 | — | 911 | ||||||||||||||||||||||||
Equity transactions and other | — | (4,704 | ) | — | — | — | (4,704 | ) | 9,290 | 4,586 | ||||||||||||||||||||||
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Total transactions with owners and other | — | (4,442 | ) | (880,197 | ) | — | (190,935 | ) | (1,075,573 | ) | (80,008 | ) | (1,155,581 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Reclassification to retained earnings | — | — | 316,450 | (316,450 | ) | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Balances at December 31, 2023 | 397,050 | 494,286 | 31,726,790 | 3,871,068 | (3,927,497 | ) | 32,561,697 | 962,269 | 33,523,966 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
For the first nine months ended December 31, 2024
|
| |||||||||||||||||||||||||||||||
| 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, 2024 | 397,050 | 491,802 | 32,795,365 | 4,503,756 | (3,966,982 | ) | 34,220,991 | 1,018,347 | 35,239,338 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||
Net income | — | — | 4,100,389 | — | — | 4,100,389 | (21,047 | ) | 4,079,342 | |||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | (234,133 | ) | — | (234,133 | ) | 28,533 | (205,601 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total comprehensive income | — | — | 4,100,389 | (234,133 | ) | — | 3,866,255 | 7,486 | 3,873,742 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Transactions with owners and other | ||||||||||||||||||||||||||||||||
Dividends paid | — | — | (1,132,329 | ) | — | — | (1,132,329 | ) | (122,351 | ) | (1,254,679 | ) | ||||||||||||||||||||
Repurchase of treasury stock | — | — | — | — | (1,045,765 | ) | (1,045,765 | ) | — | (1,045,765 | ) | |||||||||||||||||||||
Reissuance of treasury stock | — | 1,356 | — | — | 866 | 2,222 | — | 2,222 | ||||||||||||||||||||||||
Retirement of treasury stock | — | (1,953 | ) | (727,264 | ) | — | 729,217 | — | — | — | ||||||||||||||||||||||
Equity transactions and other | — | (1,104 | ) | — | — | — | (1,104 | ) | 42,772 | 41,668 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total transactions with owners and other | — | (1,700 | ) | (1,859,593 | ) | — | (315,682 | ) | (2,176,975 | ) | (79,578 | ) | (2,256,553 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Reclassification to retained earnings | — | — | 204,905 | (204,905 | ) | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Balances at December 31, 2024 | 397,050 | 490,102 | 35,241,066 | 4,064,718 | (4,282,665 | ) | 35,910,271 | 946,255 | 36,856,527 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
—9—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows
| Yen in millions | ||||||||
| For the first nine months ended December 31, 2023 | For the first nine months ended December 31, 2024 | |||||||
Cash flows from operating activities | ||||||||
Net income | 4,031,624 | 4,079,342 | ||||||
Depreciation and amortization | 1,535,393 | 1,685,749 | ||||||
Interest income and interest costs related to financial services, net | (564,332 | ) | (573,582 | ) | ||||
Share of profit (loss) of investments accounted for using the equity method | (596,181 | ) | (454,754 | ) | ||||
Income tax expense | 1,325,441 | 1,350,751 | ||||||
Changes in operating assets and liabilities, and other | (3,340,602 | ) | (2,490,557 | ) | ||||
Interest received | 1,620,707 | 2,009,306 | ||||||
Dividends received | 581,452 | 620,863 | ||||||
Interest paid | (775,664 | ) | (1,153,543 | ) | ||||
Income taxes paid, net of refunds | (1,031,698 | ) | (2,249,849 | ) | ||||
|
|
|
| |||||
Net cash provided by (used in) operating activities | 2,786,141 | 2,823,725 | ||||||
|
|
|
| |||||
Cash flows from investing activities | ||||||||
Additions to fixed assets excluding equipment leased to others | (1,242,206 | ) | (1,346,216 | ) | ||||
Additions to equipment leased to others | (2,048,034 | ) | (2,911,301 | ) | ||||
Proceeds from sales of fixed assets excluding equipment leased to others | 77,716 | 25,133 | ||||||
Proceeds from sales of equipment leased to others | 1,445,164 | 1,685,909 | ||||||
Additions to intangible assets | (234,748 | ) | (221,728 | ) | ||||
Additions to public and corporate bonds and stocks | (1,926,369 | ) | (3,068,236 | ) | ||||
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds | 1,783,141 | 2,767,195 | ||||||
Other, net | (2,084,792 | ) | (454,007 | ) | ||||
|
|
|
| |||||
Net cash provided by (used in) investing activities | (4,230,129 | ) | (3,523,253 | ) | ||||
|
|
|
| |||||
Cash flows from financing activities | ||||||||
Increase (decrease) in short-term debt | 486,043 | 112,226 | ||||||
Proceeds from long-term debt | 8,410,408 | 9,787,886 | ||||||
Payments of long-term debt | (6,112,456 | ) | (8,110,926 | ) | ||||
Dividends paid to Toyota Motor Corporation common shareholders | (880,197 | ) | (1,132,329 | ) | ||||
Dividends paid to non-controlling interests | (89,298 | ) | (122,351 | ) | ||||
Reissuance (repurchase) of treasury stock | (191,584 | ) | (1,045,765 | ) | ||||
Other, net | 11,544 | 39,168 | ||||||
|
|
|
| |||||
Net cash provided by (used in) financing activities | 1,634,461 | (472,090 | ) | |||||
|
|
|
| |||||
Effect of exchange rate changes on cash and cash equivalents | (124,286 | ) | 44,714 | |||||
|
|
|
| |||||
Net increase (decrease) in cash and cash equivalents | 66,188 | (1,126,904 | ) | |||||
|
|
|
| |||||
Cash and cash equivalents at beginning of period | 7,516,966 | 9,412,060 | ||||||
|
|
|
| |||||
Cash and cash equivalents at end of period | 7,583,154 | 8,285,156 | ||||||
|
|
|
| |||||
—10—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
(i) 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.
(ii) Segment operating results
For the first nine months ended December 31, 2023:
| Yen in millions | ||||||||||||||||||||
| Automotive | Financial services | All other | Inter-segment Elimination/ Unallocated Amount | Consolidated | ||||||||||||||||
Sales revenues | ||||||||||||||||||||
Revenues from external customers | 31,111,157 | 2,510,953 | 400,610 | — | 34,022,720 | |||||||||||||||
Inter-segment revenues and transfers | 119,929 | 32,756 | 582,516 | (735,202 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | 31,231,087 | 2,543,709 | 983,126 | (735,202 | ) | 34,022,720 | ||||||||||||||
Operating expenses | 27,511,158 | 2,126,771 | 859,136 | (714,583 | ) | 29,782,483 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | 3,719,929 | 416,938 | 123,990 | (20,619 | ) | 4,240,238 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
For the first nine months ended December 31, 2024:
| Yen in millions | ||||||||||||||||||||
| Automotive | Financial services | All other | Inter-segment Elimination/ Unallocated Amount | Consolidated | ||||||||||||||||
Sales revenues | ||||||||||||||||||||
Revenues from external customers | 32,186,483 | 3,031,296 | 455,766 | — | 35,673,545 | |||||||||||||||
Inter-segment revenues and transfers | 154,772 | 34,617 | 590,578 | (779,967 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | 32,341,256 | 3,065,913 | 1,046,344 | (779,967 | ) | 35,673,545 | ||||||||||||||
Operating expenses | 29,267,359 | 2,569,640 | 921,709 | (764,653 | ) | 31,994,054 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | 3,073,897 | 496,273 | 124,635 | (15,314 | ) | 3,679,491 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Accounting policies applied by each segment are in conformity with those of Toyota’s condensed quarterly consolidated financial statements. Transfers between segments are made in accordance with terms and conditions in the ordinary course of business.
—12—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
(iii) Geographic information
For the first nine months ended December 31, 2023:
| Yen in millions | ||||||||||||||||||||||||||||
Japan | North America | Europe | Asia | Other | Inter-segment Elimination/ Unallocated Amount | Consolidated | ||||||||||||||||||||||
Sales revenues | ||||||||||||||||||||||||||||
Revenues from external customers | 7,863,326 | 13,325,538 | 4,051,171 | 5,809,168 | 2,973,517 | — | 34,022,720 | |||||||||||||||||||||
Inter-segment revenues and transfers | 8,273,877 | 228,855 | 128,101 | 873,350 | 190,277 | (9,694,460 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | 16,137,203 | 13,554,393 | 4,179,271 | 6,682,518 | 3,163,794 | (9,694,460 | ) | 34,022,720 | ||||||||||||||||||||
Operating expenses | 13,452,016 | 13,037,822 | 3,893,730 | 6,032,907 | 2,964,824 | (9,598,816 | ) | 29,782,483 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating income | 2,685,187 | 516,571 | 285,542 | 649,611 | 198,971 | (95,644 | ) | 4,240,238 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
For the first nine months ended December 31, 2024: |
| |||||||||||||||||||||||||||
| Yen in millions | ||||||||||||||||||||||||||||
Japan | North America | Europe | Asia | Other | Inter-segment Elimination/ Unallocated Amount | Consolidated | ||||||||||||||||||||||
Sales revenues | ||||||||||||||||||||||||||||
Revenues from external customers | 7,918,803 | 14,139,072 | 4,363,556 | 5,978,193 | 3,273,922 | — | 35,673,545 | |||||||||||||||||||||
Inter-segment revenues and transfers | 8,387,521 | 262,460 | 156,160 | 815,260 | 81,555 | (9,702,957 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | 16,306,324 | 14,401,532 | 4,519,716 | 6,793,453 | 3,355,477 | (9,702,957 | ) | 35,673,545 | ||||||||||||||||||||
Operating expenses | 13,969,249 | 14,229,376 | 4,146,616 | 6,108,155 | 3,175,816 | (9,635,158 | ) | 31,994,054 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating income | 2,337,075 | 172,156 | 373,100 | 685,298 | 179,660 | (67,798 | ) | 3,679,491 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
“Other” consists of Central and South America, Oceania, Africa and the Middle East.
The above amounts are aggregated by region based on the location of the country where Toyota Motor Corporation or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.
—13—
TOYOTA MOTOR CORPORATION FY2025 Third Quarter Financial Summary
(iv) Sales revenues by location of external customers
| Yen in millions | ||||||||
| For the first nine months ended December 31, | ||||||||
| 2023 | 2024 | |||||||
Japan | 5,701,175 | 5,651,807 | ||||||
North America | 13,364,366 | 14,157,962 | ||||||
Europe | 3,970,419 | 4,265,995 | ||||||
Asia | 5,955,388 | 6,042,925 | ||||||
Other | 5,031,372 | 5,554,856 | ||||||
|
|
|
| |||||
Total | 34,022,720 | 35,673,545 | ||||||
|
|
|
| |||||
“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.
—14—
Supplemental Material for Financial Results for FY2025 Third Quarter (Consolidated)
< IFRS >
| FY2024 | FY2025 | FY2025 | ||||||||||||||||||||||||||||||||||||||||||
| 1Q (2023/4-6) | 2Q (2023/7-9) | 3Q (2023/10-12) | 9 months (2023/4-12) | 4Q (2024/1-3) | 12 months (‘23/4-‘24/3) | 1Q (2024/4-6) | 2Q (2024/7-9) | 3Q (2024/10-12) | 9 months (2024/4-12) | Forecast 12 months (‘24/4-‘25/3) | ||||||||||||||||||||||||||||||||||
Vehicle Production (thousands of units) | 2,345 | 2,379 | 2,444 | 7,168 | 2,095 | 9,263 | 2,186 | 2,217 | 2,312 | 6,715 | ||||||||||||||||||||||||||||||||||
(Japan) | 1,025 | 1,090 | 1,115 | 3,230 | 813 | 4,042 | 901 | 991 | 1,052 | 2,945 | ||||||||||||||||||||||||||||||||||
[Daihatsu & Hino] | [190 | ] | [232 | ] | [247 | ] | [669 | ] | [65 | ] | [734 | ] | [141 | ] | [219 | ] | [205 | ] | [564 | ] | ||||||||||||||||||||||||
(Overseas) | 1,321 | 1,289 | 1,328 | 3,939 | 1,282 | 5,221 | 1,285 | 1,226 | 1,260 | 3,770 | ||||||||||||||||||||||||||||||||||
[Daihatsu & Hino] | [118 | ] | [139 | ] | [134 | ] | [391 | ] | [114 | ] | [506 | ] | [106 | ] | [122 | ] | [122 | ] | [350 | ] | ||||||||||||||||||||||||
North America | 520 | 482 | 475 | 1,477 | 499 | 1,976 | 523 | 445 | 467 | 1,436 | ||||||||||||||||||||||||||||||||||
Europe | 223 | 161 | 238 | 622 | 224 | 846 | 215 | 181 | 206 | 602 | ||||||||||||||||||||||||||||||||||
Asia | 437 | 498 | 489 | 1,423 | 453 | 1,876 | 434 | 466 | 455 | 1,355 | ||||||||||||||||||||||||||||||||||
Central and South America | 102 | 105 | 91 | 298 | 85 | 383 | 87 | 100 | 101 | 288 | ||||||||||||||||||||||||||||||||||
Africa | 39 | 44 | 35 | 118 | 22 | 140 | 26 | 33 | 31 | 90 | ||||||||||||||||||||||||||||||||||
Vehicle Sales (thousands of units) | 2,326 | 2,418 | 2,551 | 7,295 | 2,148 | 9,443 | 2,252 | 2,304 | 2,444 | 7,000 | 9,400 | |||||||||||||||||||||||||||||||||
(Japan) | 532 | 540 | 558 | 1,630 | 363 | 1,993 | 421 | 517 | 516 | 1,454 | 2,020 | |||||||||||||||||||||||||||||||||
[Daihatsu & Hino] | [134 | ] | [141 | ] | [154 | ] | [429 | ] | [48 | ] | [477 | ] | [84 | ] | [136 | ] | [129 | ] | [349 | ] | [500 | ] | ||||||||||||||||||||||
(Overseas) | 1,794 | 1,878 | 1,993 | 5,665 | 1,784 | 7,450 | 1,830 | 1,787 | 1,929 | 5,546 | 7,380 | |||||||||||||||||||||||||||||||||
[Daihatsu & Hino] | [69 | ] | [74 | ] | [64 | ] | [207 | ] | [64 | ] | [271 | ] | [61 | ] | [65 | ] | [60 | ] | [186 | ] | [230 | ] | ||||||||||||||||||||||
North America | 682 | 703 | 776 | 2,161 | 655 | 2,816 | 705 | 643 | 695 | 2,043 | 2,750 | |||||||||||||||||||||||||||||||||
Europe | 286 | 270 | 327 | 884 | 308 | 1,192 | 291 | 256 | 318 | 866 | 1,170 | |||||||||||||||||||||||||||||||||
Asia | 417 | 478 | 480 | 1,376 | 428 | 1,804 | 436 | 469 | 473 | 1,378 | 1,840 | |||||||||||||||||||||||||||||||||
Central and South America | 128 | 126 | 120 | 374 | 136 | 510 | 114 | 134 | 127 | 375 | 480 | |||||||||||||||||||||||||||||||||
Oceania | 76 | 87 | 80 | 244 | 74 | 318 | 82 | 71 | 80 | 232 | 320 | |||||||||||||||||||||||||||||||||
Africa | 59 | 62 | 55 | 175 | 46 | 221 | 49 | 56 | 60 | 166 | 210 | |||||||||||||||||||||||||||||||||
Middle East | 143 | 149 | 151 | 443 | 136 | 579 | 151 | 157 | 172 | 480 | 610 | |||||||||||||||||||||||||||||||||
Other | 3 | 2 | 3 | 8 | 2 | 10 | 2 | 2 | 2 | 6 | ||||||||||||||||||||||||||||||||||
Total Retail Unit Sales (thousands of units) | 2,751 | 2,845 | 2,968 | 8,564 | 2,526 | 11,090 | 2,636 | 2,737 | 2,922 | 8,295 | 10,850 | |||||||||||||||||||||||||||||||||
Supplemental 1
Supplemental Material for Financial Results for FY2025 Third Quarter (Consolidated)
< IFRS >
| FY2024 | FY2025 | FY2025 | ||||||||||||||||||||||||||||||||||||||||||
| 1Q (2023/4-6) | 2Q (2023/7-9) | 3Q (2023/10-12) | 9 months (2023/4-12) | 4Q (2024/1-3) | 12 months (‘23/4-‘24/3) | 1Q (2024/4-6) | 2Q (2024/7-9) | 3Q (2024/10-12) | 9 months (2024/4-12) | Forecast 12 months (‘24/4-‘25/3) | ||||||||||||||||||||||||||||||||||
Foreign Exchange Rates | ||||||||||||||||||||||||||||||||||||||||||||
Yen to US Dollar Rate | 137 | 145 | 148 | 143 | 149 | 145 | 156 | 150 | 152 | 153 | as premise: 152 | |||||||||||||||||||||||||||||||||
Yen to Euro Rate | 150 | 157 | 159 | 155 | 161 | 157 | 168 | 164 | 163 | 165 | as premise: 164 | |||||||||||||||||||||||||||||||||
Number of Employees | 379,659 | 381,576 | 380,737 | 380,737 | 380,793 | 380,793 | 384,954 | 384,158 | 384,338 | 384,338 | (Note 1) | |||||||||||||||||||||||||||||||||
Sales Revenues (billions of yen) | 10,546.8 | 11,434.7 | 12,041.1 | 34,022.7 | 11,072.6 | 45,095.3 | 11,837.8 | 11,444.5 | 12,391.0 | 35,673.5 | 47,000.0 | |||||||||||||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||||||||||||||||||||||
Japan | 5,105.5 | 5,404.7 | 5,626.8 | 16,137.2 | 4,883.5 | 21,020.7 | 5,224.0 | 5,317.3 | 5,764.8 | 16,306.3 | ||||||||||||||||||||||||||||||||||
North America | 4,092.0 | 4,504.2 | 4,958.1 | 13,554.3 | 4,388.6 | 17,943.0 | 5,002.4 | 4,522.9 | 4,876.1 | 14,401.5 | ||||||||||||||||||||||||||||||||||
Europe | 1,299.0 | 1,359.4 | 1,520.7 | 4,179.2 | 1,502.4 | 5,681.7 | 1,509.0 | 1,380.1 | 1,630.5 | 4,519.7 | ||||||||||||||||||||||||||||||||||
Asia | 1,964.5 | 2,346.6 | 2,371.3 | 6,682.5 | 2,048.2 | 8,730.7 | 2,231.7 | 2,238.2 | 2,323.3 | 6,793.4 | ||||||||||||||||||||||||||||||||||
Other | 1,024.6 | 1,165.1 | 974.0 | 3,163.7 | 1,225.9 | 4,389.7 | 1,053.8 | 1,066.6 | 1,235.0 | 3,355.4 | ||||||||||||||||||||||||||||||||||
Elimination | -2,939.0 | -3,345.3 | -3,410.0 | -9,694.4 | -2,976.3 | -12,670.7 | -3,183.2 | -3,080.7 | -3,438.8 | -9,702.9 | ||||||||||||||||||||||||||||||||||
Business Segment | ||||||||||||||||||||||||||||||||||||||||||||
Automotive | 9,687.9 | 10,477.3 | 11,065.7 | 31,231.0 | 10,035.1 | 41,266.2 | 10,759.7 | 10,332.4 | 11,249.0 | 32,341.2 | ||||||||||||||||||||||||||||||||||
Financial Services | 775.1 | 846.1 | 922.3 | 2,543.7 | 940.4 | 3,484.1 | 1,005.3 | 1,037.6 | 1,022.9 | 3,065.9 | ||||||||||||||||||||||||||||||||||
All Other | 306.4 | 319.2 | 357.4 | 983.1 | 385.0 | 1,368.1 | 315.6 | 337.6 | 393.0 | 1,046.3 | ||||||||||||||||||||||||||||||||||
Elimination | -222.7 | -207.9 | -304.4 | -735.2 | -288.0 | -1,023.2 | -242.8 | -263.2 | -273.8 | -779.9 | ||||||||||||||||||||||||||||||||||
Operating Income (billions of yen) | 1,120.9 | 1,438.3 | 1,680.9 | 4,240.2 | 1,112.6 | 5,352.9 | 1,308.4 | 1,155.7 | 1,215.2 | 3,679.4 | 4,700.0 | |||||||||||||||||||||||||||||||||
(Operating Income Ratio) (%) | (10.6 | ) | (12.6 | ) | (14.0 | ) | (12.5 | ) | (10.0 | ) | (11.9 | ) | (11.1 | ) | (10.1 | ) | ( 9.8 | ) | (10.3 | ) | (10.0 | ) | ||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||||||||||||||||||||||
Japan | 701.9 | 879.1 | 1,104.1 | 2,685.1 | 799.0 | 3,484.2 | 881.2 | 641.1 | 814.6 | 2,337.0 | ||||||||||||||||||||||||||||||||||
North America | 119.6 | 169.4 | 227.4 | 516.5 | -10.2 | 506.3 | 85.0 | 28.7 | 58.3 | 172.1 | ||||||||||||||||||||||||||||||||||
Europe | 83.0 | 99.3 | 103.1 | 285.5 | 102.5 | 388.0 | 124.6 | 91.2 | 157.1 | 373.1 | ||||||||||||||||||||||||||||||||||
Asia | 186.2 | 224.9 | 238.4 | 649.6 | 215.9 | 865.5 | 245.9 | 244.4 | 194.8 | 685.2 | ||||||||||||||||||||||||||||||||||
Other | 85.4 | 104.2 | 9.2 | 198.9 | -0.6 | 198.3 | 41.7 | 98.8 | 39.0 | 179.6 | ||||||||||||||||||||||||||||||||||
Elimination | -55.4 | -38.7 | -1.5 | -95.6 | 5.9 | -89.6 | -70.2 | 51.3 | -48.8 | -67.7 | ||||||||||||||||||||||||||||||||||
Business Segment | ||||||||||||||||||||||||||||||||||||||||||||
Automotive | 945.6 | 1,301.6 | 1,472.6 | 3,719.9 | 901.5 | 4,621.4 | 1,117.9 | 949.8 | 1,006.1 | 3,073.8 | ||||||||||||||||||||||||||||||||||
Financial Services | 147.2 | 97.6 | 172.0 | 416.9 | 153.0 | 570.0 | 159.7 | 172.7 | 163.7 | 496.2 | ||||||||||||||||||||||||||||||||||
All Other | 40.2 | 39.5 | 44.1 | 123.9 | 51.2 | 175.2 | 40.7 | 33.2 | 50.5 | 124.6 | ||||||||||||||||||||||||||||||||||
Elimination | -12.2 | -0.4 | -7.9 | -20.6 | 6.8 | -13.8 | -9.9 | -0.1 | -5.2 | -15.3 | ||||||||||||||||||||||||||||||||||
Share of Profit (Loss) of Investments | 193.3 | 185.1 | 217.6 | 596.1 | 166.9 | 763.1 | 164.9 | 99.3 | 190.4 | 454.7 | 600.0 | |||||||||||||||||||||||||||||||||
Income before Income Taxes (billions of yen) | 1,720.5 | 1,800.9 | 1,835.5 | 5,357.0 | 1,608.0 | 6,965.0 | 1,872.2 | 859.8 | 2,698.0 | 5,430.0 | 6,180.0 | |||||||||||||||||||||||||||||||||
(Income before Income Taxes Ratio) (%) | (16.3 | ) | (15.7 | ) | (15.2 | ) | (15.7 | ) | (14.5 | ) | (15.4 | ) | (15.8 | ) | (7.5 | ) | (21.8 | ) | (15.2 | ) | (13.1 | ) | ||||||||||||||||||||||
Net Income Attributable to Toyota Motor Corporation (billions of yen) | 1,311.3 | 1,278.0 | 1,357.8 | 3,947.2 | 997.6 | 4,944.9 | 1,333.3 | 573.7 | 2,193.2 | 4,100.3 | 4,520.0 | |||||||||||||||||||||||||||||||||
(Net Income Ratio) (%) | (12.4 | ) | (11.2 | ) | (11.3 | ) | (11.6 | ) | (9.0 | ) | (11.0 | ) | (11.3 | ) | (5.0 | ) | (17.7 | ) | (11.5 | ) | (9.6 | ) | ||||||||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends (billions of yen) | — | 405.4 | — | 405.4 | 606.3 | 1,011.7 | — | 525.9 | — | 525.9 | (Note 2) | |||||||||||||||||||||||||||||||||
Cash Dividends per Share (yen) | — | 30 | — | 30 | 45 | 75 | — | 40 | — | 40 | 90 | |||||||||||||||||||||||||||||||||
Payout Ratio (%) | — | 15.6 | — | 15.6 | 25.7 | 20.4 | — | 28.1 | — | 28.1 | 26.4 | |||||||||||||||||||||||||||||||||
Value of Shares Repurchased (billions of yen)[actual purchase] | 34.3 | 82.1 | 75.0 | 191.5 | 39.4 | 231.0 | 18.9 | 884.4 | 142.2 | 1,045.7 | (Note 3) | |||||||||||||||||||||||||||||||||
Value of Shares Repurchased (billions of yen)[shareholder return] | — | 99.9 | — | 99.9 | 1,000.0 | 1,099.9 | — | 200.0 | — | | 200.0 | (Note 3) (Note 4) | ||||||||||||||||||||||||||||||||
Number of Outstanding Shares (thousands) | 16,314,987 | 16,314,987 | 16,314,987 | 16,314,987 | 16,314,987 | 16,314,987 | 15,794,987 | 15,794,987 | 15,794,987 | 15,794,987 | ||||||||||||||||||||||||||||||||||
Supplemental 2
Supplemental Material for Financial Results for FY2025 Third Quarter (Consolidated)
< IFRS >
| FY2024 | FY2025 | FY2025 | ||||||||||||||||||||||||||||||||||||||||||
| 1Q (2023/4-6) | 2Q (2023/7-9) | 3Q (2023/10-12) | 9 months (2023/4-12) | 4Q (2024/1-3) | 12 months (‘23/4-‘24/3) | 1Q (2024/4-6) | 2Q (2024/7-9) | 3Q (2024/10-12) | 9 months (2024/4-12) | Forecast 12 months (‘24/4-‘25/3) | ||||||||||||||||||||||||||||||||||
R&D Expenses (billions of yen) | 294.8 | 314.0 | 289.2 | 898.1 | 304.2 | 1,202.3 | 304.6 | 334.9 | 336.8 | 976.4 | 1,300.0 | (Note 5) | ||||||||||||||||||||||||||||||||
Depreciation Expenses (billions of yen) | 298.3 | 303.2 | 302.9 | 904.5 | 343.8 | 1,248.4 | 352.3 | 335.4 | 335.3 | 1,023.0 | 1,380.0 | (Note 6) | ||||||||||||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||||||||||||||||||||||
Japan | 140.7 | 139.5 | 133.6 | 413.9 | 152.8 | 566.7 | 148.6 | 141.8 | 143.9 | 434.4 | ||||||||||||||||||||||||||||||||||
North America | 79.4 | 84.5 | 91.4 | 255.4 | 122.4 | 377.8 | 120.4 | 114.8 | 112.8 | 348.1 | ||||||||||||||||||||||||||||||||||
Europe | 21.4 | 23.4 | 21.3 | 66.2 | 15.9 | 82.1 | 23.4 | 25.6 | 25.7 | 74.8 | ||||||||||||||||||||||||||||||||||
Asia | 46.1 | 44.6 | 45.4 | 136.1 | 45.4 | 181.6 | 48.3 | 43.0 | 42.9 | 134.3 | ||||||||||||||||||||||||||||||||||
Other | 10.5 | 11.1 | 11.0 | 32.7 | 7.2 | 40.0 | 11.4 | 9.9 | 9.9 | 31.3 | ||||||||||||||||||||||||||||||||||
Capital Expenditures (billions of yen) | 366.6 | 442.8 | 486.9 | 1,296.4 | 714.4 | 2,010.8 | 368.0 | 443.1 | 558.7 | 1,369.9 | 2,150.0 | (Note 6) | ||||||||||||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||||||||||||||||||||||
Japan | 144.0 | 175.2 | 174.0 | 493.3 | 354.3 | 847.6 | 163.2 | 198.7 | 255.4 | 617.4 | ||||||||||||||||||||||||||||||||||
North America | 154.1 | 159.5 | 182.6 | 496.3 | 226.2 | 722.5 | 115.9 | 173.4 | 184.6 | 474.1 | ||||||||||||||||||||||||||||||||||
Europe | 12.5 | 28.9 | 23.4 | 64.8 | 23.9 | 88.8 | 17.4 | 10.7 | 15.0 | 43.1 | ||||||||||||||||||||||||||||||||||
Asia | 41.1 | 54.9 | 89.4 | 185.5 | 82.7 | 268.2 | 52.6 | 30.6 | 65.8 | 149.1 | ||||||||||||||||||||||||||||||||||
Other | 14.7 | 24.2 | 17.3 | 56.3 | 27.1 | 83.5 | 18.6 | 29.5 | 37.8 | 86.0 | ||||||||||||||||||||||||||||||||||
Total Liquid Assets (billions of yen) | 12,287.8 | 13,808.6 | 14,143.6 | 14,143.6 | 15,079.5 | 15,079.5 | 15,585.7 | 15,404.1 | 16,366.2 | 16,366.2 | (Note 7) | |||||||||||||||||||||||||||||||||
Total Assets (billions of yen) | 80,131.2 | 83,661.3 | 84,232.1 | 84,232.1 | 90,114.2 | 90,114.2 | 94,037.3 | 89,169.2 | 94,674.4 | 94,674.4 | ||||||||||||||||||||||||||||||||||
Toyota Motor Corporation Shareholders’ Equity (billions of yen) | 30,330.0 | 31,893.1 | 32,561.6 | 32,561.6 | 34,220.9 | 34,220.9 | 35,737.7 | 34,368.5 | 35,910.2 | 35,910.2 | ||||||||||||||||||||||||||||||||||
Return on Equity (%) | 17.9 | 16.4 | 16.9 | 17.3 | 12.0 | 15.8 | 15.2 | 6.5 | 25.0 | 15.6 | ||||||||||||||||||||||||||||||||||
Return on Asset (%) | 6.8 | 6.2 | 6.5 | 6.6 | 4.6 | 6.0 | 5.8 | 2.5 | 9.5 | 5.9 | ||||||||||||||||||||||||||||||||||
Number of Consolidated Subsidiaries (including Structured Entities) | 577 | |||||||||||||||||||||||||||||||||||||||||||
Number of Associates and Joint Ventures Accounted for Using the Equity Method | 165 | |||||||||||||||||||||||||||||||||||||||||||
Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2025 (billions of yen, approximately) | 3Q (2024/10-12) | 9 months (2024/4-12) | ||||||
Effects of Marketing Activities | -95.0 | -165.0 | ||||||
Effects of Changes in Exchange Rates | -120.0 | 490.0 | ||||||
Cost Reduction Efforts | -20.0 | 70.0 | ||||||
From Engineering | -40.0 | 30.0 | ||||||
From Manufacturing and Logistics | 20.0 | 40.0 | ||||||
Increase or Decrease in Expenses and Expense Reduction Efforts | -150.0 | -590.0 | ||||||
Other | -80.7 | -365.7 | ||||||
(Changes in Operating Income) | -465.6 | -560.7 | ||||||
Non-operating Income | 1,328.1 | 633.7 | ||||||
Share of Profit (Loss) of Investments Accounted for Using the Equity Method | -27.2 | -141.4 | ||||||
Income tax expense, Net Income Attributable to Non-controlling Interests | -27.0 | 80.1 | ||||||
(Changes in Net Income Attributable to Toyota Motor Corporation) | 835.4 | 153.1 | ||||||
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, 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; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
| (Note 1) | Shows the number of employees as of the end of each period (excluding loan employees from Toyota 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) | Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase |
| (Note 4) | 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 5) | 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 6) | Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets |
| (Note 7) | 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
