Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Net income per
common share - Basic

Net income per
common share - Diluted

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of May, 2024

Commission File Number 001-14948

Toyota Motor Corporation

(Translation of Registrant’s Name Into English)

1, Toyota-cho, Toyota City,

Aichi Prefecture 471-8571,

Japan

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Material Contained in this Report:

I.	English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on May 8, 2024, with respect to the registrant’s results of operations for the fiscal year ended March 31, 2024.

II.	English translation of the Notice Concerning the Holding of Ordinary General Shareholders’ Meeting to be held on June 18, 2024, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.

III.	English translation of the Opinion of the Board of Directors on the Shareholder Proposal, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.

IV.	English translation of the Notice Concerning the Distribution of Dividends from Surplus, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.

V.	English translation of the Notice Concerning the Determination of Matters Relating to the Repurchase of Shares of Common Stock, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.

VI.	English translation of the Notice Concerning the Retirement of Treasury Stock, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.

VII.	English translation of the Notice Concerning the Disposition of Treasury Stock under the Restricted Stock Compensation Plan, as filed by the registrant with the Tokyo Stock Exchange on May 8, 2024.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Toyota Motor Corporation

By:	/s/ Yoshihide Moriyama
	Name:	Yoshihide Moriyama
	Title:	General Manager,
		Capital Strategy & Affiliated Companies
		Finance Division

Date: May 8, 2024

FINANCIAL SUMMARY

FY2024

(April 1, 2023 through March 31, 2024)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2024 Consolidated Financial Results

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

English translation from the original Japanese-language document

May 8, 2024


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
Date of the ordinary general shareholders’ meeting	:	June 18, 2024
Payment date of cash dividends	:	May 24, 2024
Filing date of financial statements	:	June 25, 2024
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 FY2024 (April 1,2023 through March 31, 2024)

(1)	Consolidated financial results


	(% of change from previous year)
	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		%
FY2024		45,095,325		21.4		5,352,934		96.4		6,965,085		89.8		5,071,421		103.4		4,944,933		101.7		7,188,523		116.5
FY2023		37,154,298		18.4		2,725,025		-9.0		3,668,733		-8.1		2,492,967		-13.3		2,451,318		-14.0		3,320,681		-17.3


	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted		Ratio of net income attributable to Toyota Motor Corporation to Toyota Motor Corporation shareholders’ equity		Ratio of income before income taxes and equity in earnings of affiliated companies to total assets		Ratio of operating income to sales revenues
	Yen		Yen		%		%		%
FY2024		365.94		365.94		15.8		8.5		11.9
FY2023		179.47		179.47		9.0		5.2		7.3

(Reference) Share of profit (loss) of investments accounted for using the equity method

FY2024 763,137 million yen, FY2023 643,063 million yen

(2)	Consolidated financial position


	Total assets		Total shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity		Toyota Motor Corporation shareholders’ equity per share
	Million yen		Million yen		Million yen		%		Yen
FY2024		90,114,296		35,239,338		34,220,991		38.0		2,539.75
FY2023		74,303,180		29,264,213		28,338,706		38.1		2,089.08

(3)	Consolidated cash flows


	From operating activities		From investing activities			From financing activities			Cash and cash equivalents at end of year
	Million yen		Million yen			Million yen			Million yen
FY2024		4,206,373		(4,998,751	)		2,497,558			9,412,060
FY2023		2,955,076		(1,598,890	)		(56,180	)		7,516,966

2.	Cash Dividends


	Annual cash dividends per common share										Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)		Ratio of total amount of dividends to Toyota Motor Corporation shareholders’ equity (consolidated)
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total		Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)
	Yen		Yen		Yen		Yen		Yen		Million yen		%		%
FY2023		—		25.00		—		35.00		60.00		816,968		33.4		3.0
FY2024		—		30.00		—		45.00		75.00		1,011,753		20.4		3.2
FY2025 (forecast)		—		—		—		—		—				—

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 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	46,000,000		2.0	4,300,000		-19.7	5,070,000		-27.2	3,570,000		-27.8	264.95

Notes

(1)	Changes in significant subsidiaries during FY2024

(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 fiscal year (including treasury stock) :

FY2024 16,314,987,460 shares, FY2023 16,314,987,460 shares

(ii)

Number of treasury stock at the end of each fiscal year:

FY2024 2,840,815,433 shares, FY2023 2,749,807,731 shares

(iii)

Average number of shares issued and outstanding in each fiscal year:

FY2024 13,512,848,373 shares, FY2023 13,658,381,747 shares

(Reference) Overview of the Unconsolidated Financial Results

FY2024 Unconsolidated Financial Results

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

English translation from the original Japanese-language document

1.	Unconsolidated Results for FY2024 (April 1, 2023 through March 31, 2024)

(1)	Unconsolidated financial results


	(% of change from previous year)
	Net revenues		Operating income		Ordinary income		Net income
	Million yen	%	Million yen	%	Million yen	%	Million yen	%
FY2024	17,575,593	24.9	3,094,495	85.2	5,578,695	58.4	4,399,855	49.8
FY2023	14,076,956	11.7	1,670,484	47.9	3,520,848	62.1	2,936,379	73.3

(2)	Unconsolidated financial position


	Total assets		Net assets		Equity ratio		Net assets per common share
		Million yen		Million yen		%		Yen
FY2024		28,161,955		20,440,081		72.6		1,516.98
FY2023		23,230,320		16,493,041		71.0		1,215.84

(Reference) Equity at the end of FY2024: 20,440,081 million yen, Equity at the end of FY2023: 16,493,041 million yen

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

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. With regard to Toyota’s decisions and assumptions for the forecast, please refer to “ Financial Results and Position 3. Forecast of Consolidated Financial Results for FY2025” on page 5 of the materials accompanying this report. 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’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 FY2024 Financial Summary

TABLE OF CONTENTS


Financial Results and Position			2
1. Consolidated Financial Results for FY2024			2
2. Consolidated Financial Position for FY2024			4
3. Forecast of Consolidated Financial Results for FY2025			5

Basic Concept Regarding the Selection of Accounting Standards			6

Unaudited Consolidated Financial Statements			7
1. Unaudited Consolidated Statement of Financial Position			7
2. Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income			9
3. Unaudited Consolidated Statement of Changes in Equity			11
4. Unaudited Consolidated Statement of Cash Flows			12
5. Going Concern Assumption			13
6. Segment Information			14
7. Earnings Per Share			21
8. Significant Subsequent Events			22

Supplemental Material for Financial Results for FY2024

—1—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Financial Results and Position

1. Consolidated Financial Results for FY2024

Financial Results

The Group has continued to work on “product-centered and region-centered management” for many years. In order to bring smiles to our customers’ faces, we have worked to “make ever-better cars” by adding more value to our products while honing the essential attributes of vehicles themselves, which are the origin of their appeal, and strived to be the “best-in-town company” that is supported by the communities in which we operate. Through these efforts, we have created a basis for sustainable growth which leverages our full lineup of products and global business foundation. As a result, we have achieved a cumulative global production volume of 300 million units in September 2023 thanks to the many customers who have chosen our vehicles.

Under these conditions, consolidated vehicle unit sales in Japan and overseas increased by 621 thousand units, or 7.0%, to 9,443 thousand units in FY2024 compared with FY2023. Vehicle unit sales in Japan decreased by 76 thousand units, or 3.7%, to 1,993 thousand units in FY2024 compared with FY2023. Meanwhile, overseas vehicle unit sales increased by 697 thousand units, or 10.3%, to 7,450 thousand units in FY2024 compared with FY2023.

The results of operations for FY2024 were as follows:


Sales revenues	45,095.3 billion yen	(an increase of 7,941.0 billion yen or 21.4% compared with FY2023)
Operating income	5,352.9 billion yen	(an increase of 2,627.9 billion yen or 96.4% compared with FY2023)
Income before income taxes	6,965.0 billion yen	(an increase of 3,296.3 billion yen or 89.8% compared with FY2023)
Net income attributable to Toyota Motor Corporation	4,944.9 billion yen	(an increase of 2,493.6 billion yen or 101.7% compared with FY2023)

The changes in operating income were as follows:


Marketing efforts		an increase of 2,000.0 billion yen
Effects of changes in exchange rates		an increase of 685.0 billion yen
Cost reduction efforts		an increase of 120.0 billion yen
Increase or decrease in expenses and expense reduction efforts		a decrease of 380.0 billion yen
Other		an increase of 202.9 billion yen

—2—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 7,446.2 billion yen, or 22.0%, to 41,266.2 billion yen in FY2024 compared with FY2023, and operating income increased by 2,440.8 billion yen, or 111.9%, to 4,621.4 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts.

(2) Financial services:

Sales revenues for the financial services operations increased by 674.5 billion yen, or 24.0%, to 3,484.1 billion yen in FY2024 compared with FY2023, and operating income increased by 132.5 billion yen, or 30.3%, to 570.0 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries in the United States.

(3) All other:

Sales revenues for all other businesses increased by 143.2 billion yen, or 11.7%, to 1,368.1 billion yen in FY2024 compared with FY2023, and operating income increased by 71.7 billion yen, or 69.4%, to 175.2 billion yen in FY2024 compared with FY2023.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 3,437.5 billion yen, or 19.6%, to 21,020.7 billion yen in FY2024 compared with FY2023, and operating income increased by 1,582.8 billion yen, or 83.2%, to 3,484.2 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and the effects of changes in exchange rates.

(2) North America:

Sales revenues in North America increased by 4,099.1 billion yen, or 29.6%, to 17,943.0 billion yen in FY2024 compared with FY2023, and operating income increased by 581.0 billion yen, to 506.3 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

(3) Europe:

Sales revenues in Europe increased by 1,408.0 billion yen, or 32.9%, to 5,681.7 billion yen in FY2024 compared with FY2023, and operating income increased by 330.6 billion yen, or 575.4%, to 388.0 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and the effect of recording a 99.5 billion yen loss in FY2023, 89.8 billion yen of which was related to the termination of vehicle production in Russia.

(4) Asia:

Sales revenues in Asia increased by 685.8 billion yen, or 8.5%, to 8,730.7 billion yen in FY2024 compared with FY2023, and operating income increased by 151.1 billion yen, or 21.2%, to 865.5 billion yen in FY2024 compared with FY2023. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

(5) Other (Central and South America, Oceania, Africa and the Middle East):

Sales revenues in other regions increased by 917.5 billion yen, or 26.4%, to 4,389.7 billion yen in FY2024 compared with FY2023. However, operating income decreased by 33.0 billion yen, or 14.3%, to 198.3 billion yen in FY2024 compared with FY2023. The decrease in operating income was mainly due to the unfavorable impact of inflation and weak peso in Argentina.

—3—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

2. Consolidated Financial Position for FY2024

Cash and cash equivalents increased by 1,895.0 billion yen, or 25.2%, to 9,412.0 billion yen at the end of FY2024 compared with the end of FY2023.

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 4,206.3 billion yen in FY2024. Net cash provided by operating activities increased by 1,251.2 billion yen from 2,955.0 billion yen in FY2023.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 4,998.7 billion yen in FY2024. Net cash used in investing activities decreased by 3,399.8 billion yen from 1,598.8 billion yen in FY2023.

Cash flows from financing activities

Net cash flows from financing activities resulted in an increase in cash by 2,497.5 billion yen in FY2024. Net cash provided by financing activities increased by 2,553.7 billion yen from 56.1 billion yen net cash used in FY2023.

The consolidated cash flows by segment for FY2024 are as follows:

Non-financial services

Net cash provided by operating activities was 6,970.0 billion yen, net cash used in investing activities was 4,354.0 billion yen and net cash used in financing activities was 1,238.7 billion yen.

Financial services

Net cash used in operating activities was 2,782.3 billion yen, net cash used in investing activities was 623.7 billion yen and net cash provided by financing activities was 3,734.0 billion yen.

—4—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

3. Forecast of Consolidated Financial Results for FY2025

Toyota is taking on the challenge of transforming into a mobility company with the mission of “producing happiness for all.” We are now accelerating practical efforts to give concrete form to our vision, based on a solid management foundation in products, operations, and finances that have been established over the years.

Through the transformation into a mobility company and continuing to work on the evolution of the automobile, our goal is to contribute to creating a mobility society filled with smiling faces. We would also like to work together with many like-minded partners to achieve a new industrial structure. We believe that the key to these aims is to increase the mobility of energy and data, thereby increasing the value of mobility. Looking ahead to a future supported by electricity and hydrogen, we would like to support the creation of a society based on renewable energy in which cars serve as a medium for transporting energy, and also use mobility’s value created through data to further enrich our customers’ lives.

Under these circumstances, the current forecast of consolidated financial results for the fiscal year ending March 31, 2025 is set forth below. This forecast assumes average exchange rates through the fiscal year of 145 yen per US$1 and 160 yen per 1 euro.

Forecast of consolidated results for FY2025


Sales revenues	46,000.0 billion yen	(an increase of 2.0% compared with FY2024)
Operating income	4,300.0 billion yen	(a decrease of 19.7% compared with FY2024)
Income before income taxes	5,070.0 billion yen	(a decrease of 27.2% compared with FY2024)
Net income attributable to Toyota Motor Corporation	3,570.0 billion yen	(a decrease of 27.8% compared with FY2024)

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.

—5—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Basic Concept Regarding the Selection of Accounting Standards

Toyota has adopted IFRS for its consolidated financial statements in order to improve the international comparability of its financial information in the capital markets, among other reasons, beginning with the first quarter of the fiscal year ended March 31, 2021.

—6—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Unaudited Consolidated Financial Statements

1. Unaudited Consolidated Statement of Financial Position


	Yen in millions
	March 31, 2023			March 31, 2024
Assets
Current assets
Cash and cash equivalents		7,516,966			9,412,060
Trade accounts and other receivables		3,586,130			3,789,429
Receivables related to financial services		8,279,806			11,057,269
Other financial assets		1,715,675			4,702,168
Inventories		4,255,614			4,605,368
Income tax receivable		218,704			116,886
Other current assets		886,885			1,031,098

Total current assets		26,459,781			34,714,279

Non-current assets
Investments accounted for using the equity method		5,227,345			5,710,106
Receivables related to financial services		16,491,045			20,637,090
Other financial assets		10,556,431			11,390,559
Property, plant and equipment
Land		1,426,370			1,441,811
Buildings		5,464,811			5,884,749
Machinery and equipment		14,796,619			16,469,032
Vehicles and equipment on operating leases		6,774,427			7,523,911
Construction in progress		846,866			1,040,188

Total property, plant and equipment, at cost		29,309,093			32,359,692

Less - Accumulated depreciation and impairment losses		(16,675,119	)		(18,101,905	)

Total property, plant and equipment, net		12,633,974			14,257,788

Right of use assets		491,368			532,835
Intangible assets		1,249,122			1,355,326
Deferred tax assets		387,427			502,230
Other non-current assets		806,687			1,014,083

Total non-current assets		47,843,399			55,400,017

Total assets		74,303,180			90,114,296

—7—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary


	Yen in millions
	March 31, 2023			March 31, 2024
Liabilities
Current liabilities
Trade accounts and other payables		4,986,309			5,251,357
Short-term and current portion of long-term debt		12,305,639			15,406,284
Accrued expenses		1,552,345			1,863,760
Other financial liabilities		1,392,397			1,700,137
Income taxes payable		404,606			1,224,542
Liabilities for quality assurance		1,686,357			1,836,314
Other current liabilities		1,632,063			1,895,516

Total current liabilities		23,959,715			29,177,909

Non-current liabilities
Long-term debt		17,074,634			21,155,496
Other financial liabilities		533,710			495,814
Retirement benefit liabilities		1,065,508			1,077,962
Deferred tax liabilities		1,802,346			2,219,638
Other non-current liabilities		603,052			748,139

Total non-current liabilities		21,079,251			25,697,049

Total liabilities		45,038,967			54,874,958

Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		498,728			491,802
Retained earnings		28,343,296			32,795,365
Other components of equity		2,836,195			4,503,756
Treasury stock		(3,736,562	)		(3,966,982	)

Total Toyota Motor Corporation shareholders’ equity		28,338,706			34,220,991

Non-controlling interests		925,507			1,018,347

Total shareholders’ equity		29,264,213			35,239,338

Total liabilities and shareholders’ equity		74,303,180			90,114,296

—8—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

2. Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income

Unaudited Consolidated Statement of Income


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
Sales revenues
Sales of products		34,367,619			41,648,130
Financial services		2,786,679			3,447,195

Total sales revenues		37,154,298			45,095,325

Costs and expenses
Cost of products sold		29,128,561			33,600,612
Cost of financial services		1,712,721			2,126,395
Selling, general and administrative		3,587,990			4,015,383

Total costs and expenses		34,429,273			39,742,390

Operating income		2,725,025			5,352,934

Share of profit (loss) of investments accounted for using the equity method		643,063			763,137
Other finance income		379,350			747,236
Other finance costs		(125,113	)		(103,709	)
Foreign exchange gain (loss), net		124,516			187,568
Other income (loss), net		(78,109	)		17,918

Income before income taxes		3,668,733			6,965,085

Income tax expense		1,175,765			1,893,665

Net income		2,492,967			5,071,421

Net income attributable to
Toyota Motor Corporation		2,451,318			4,944,933
Non-controlling interests		41,650			126,488

Net income		2,492,967			5,071,421


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		179.47			365.94

—9—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Unaudited Consolidated Statement of Comprehensive Income


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
Net income		2,492,967			5,071,421
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		99,223			557,539
Remeasurements of defined benefit plans		65,153			46,328
Share of other comprehensive income of equity method investees		(77,148	)		156,118

Total of items that will not be reclassified to profit (loss)		87,228			759,984

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		676,042			1,178,875
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(115,738	)		12,247
Share of other comprehensive income of equity method investees		180,181			165,996

Total of items that may be reclassified subsequently to profit (loss)		740,485			1,357,118

Total other comprehensive income, net of tax		827,713			2,117,103

Comprehensive income		3,320,681			7,188,523

Comprehensive income for the period attributable to
Toyota Motor Corporation		3,251,090			6,999,828
Non-controlling interests		69,591			188,696

Comprehensive income		3,320,681			7,188,523

—10—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

3. Unaudited Consolidated Statement of Changes in Equity

For the year ended March 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, 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		—		—			2,451,318			—			—			2,451,318			41,650			2,492,967
Other comprehensive income, net of tax		—		—			—			799,772			—			799,772			27,941			827,713

Total comprehensive income		—		—			2,451,318			799,772			—			3,251,090			69,591			3,320,681

Transactions with owners and other
Dividends paid		—		—			(727,980	)		—			—			(727,980	)		(84,986	)		(812,966	)
Repurchase of treasury stock		—		—			—			—			(431,099	)		(431,099	)		—			(431,099	)
Reissuance of treasury stock		—		334			—			—			573			907			—			907
Equity transactions and other		—		(181	)		—			—			—			(181	)		32,052			31,871

Total transactions with owners and other		—		152			(727,980	)		—			(430,526	)		(1,158,353	)		(52,934	)		(1,211,287	)

Reclassification to retained earnings		—		—			166,831			(166,831	)		—			—			—			—

Balances at March 31, 2023		397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213

For the year ended March 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, 2023		397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213

Comprehensive income
Net income		—		—			4,944,933			—			—			4,944,933			126,488			5,071,421
Other comprehensive income, net of tax		—		—			—			2,054,895			—			2,054,895			62,208			2,117,103

Total comprehensive income		—		—			4,944,933			2,054,895			—			6,999,828			188,696			7,188,523

Transactions with owners and other
Dividends paid		—		—			(880,197	)		—			—			(880,197	)		(90,309	)		(970,506	)
Repurchase of treasury stock		—		—			—			—			(231,069	)		(231,069	)		—			(231,069	)
Reissuance of treasury stock		—		263			—			—			649			911			—			911
Equity transactions and other		—		(7,188	)		—			—			—			(7,188	)		(5,546	)		(12,735	)

Total transactions with owners and other		—		(6,926	)		(880,197	)		—			(230,420	)		(1,117,543	)		(95,856	)		(1,213,398	)

Reclassification to retained earnings		—		—			387,334			(387,334	)		—			—			—			—

Balances at March 31, 2024		397,050		491,802			32,795,365			4,503,756			(3,966,982	)		34,220,991			1,018,347			35,239,338

—11—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

4. Unaudited Consolidated Statement of Cash Flows


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
Cash flows from operating activities
Net income		2,492,967			5,071,421
Depreciation and amortization		2,039,904			2,087,066
Interest income and interest costs related to financial services, net		(694,331	)		(713,506	)
Share of profit (loss) of investments accounted for using the equity method		(643,063	)		(763,137	)
Income tax expense		1,175,765			1,893,665
Changes in operating assets and liabilities, and other		(1,502,482	)		(3,975,836	)
(Increase) decrease in trade accounts and other receivables		(532,432	)		(859,239	)
(Increase) decrease in receivables related to financial services		(1,760,288	)		(3,398,434	)
(Increase) decrease in inventories		(350,550	)		(207,529	)
(Increase) decrease in other current assets		(61,538	)		(326,365	)
Increase (decrease) in trade accounts and other payables		712,400			560,737
Increase (decrease) in other current liabilities		545,666			666,513
Increase (decrease) in retirement benefit liabilities		21,213			(161	)
Other, net		(76,953	)		(411,358	)
Interest received		1,516,404			2,292,156
Dividends received		460,351			587,259
Interest paid		(593,216	)		(1,148,392	)
Income taxes paid, net of refunds		(1,297,224	)		(1,124,322	)

Net cash provided by (used in) operating activities		2,955,076			4,206,373

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,450,196	)		(1,846,447	)
Additions to equipment leased to others		(1,907,356	)		(2,867,660	)
Proceeds from sales of fixed assets excluding equipment leased to others		56,436			154,985
Proceeds from sales of equipment leased to others		1,659,161			2,008,634
Additions to intangible assets		(348,280	)		(334,287	)
Additions to public and corporate bonds and stocks		(1,150,214	)		(2,972,779	)
Proceeds from sales of public and corporate bonds and stocks		393,982			1,201,405
Proceeds upon maturity of public and corporate bonds		939,747			1,049,963
Other, net		207,829			(1,392,565	)

Net cash provided by (used in) investing activities		(1,598,890	)		(4,998,751	)

Cash flows from financing activities
Increase (decrease) in short-term debt		239,689			401,740
Proceeds from long-term debt		9,276,918			12,057,349
Payments of long-term debt		(8,353,033	)		(8,752,329	)
Dividends paid to Toyota Motor Corporation common shareholders		(727,980	)		(880,197	)
Dividends paid to non-controlling interests		(84,986	)		(90,309	)
Reissuance (repurchase) of treasury stock		(431,099	)		(231,069	)
Other, net		24,310			(7,627	)

Net cash provided by (used in) financing activities		(56,180	)		2,497,558

Effect of exchange rate changes on cash and cash equivalents		103,305			189,914

Net increase (decrease) in cash and cash equivalents		1,403,311			1,895,094

Cash and cash equivalents at beginning of year		6,113,655			7,516,966

Cash and cash equivalents at end of year		7,516,966			9,412,060

—12—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

5. Going Concern Assumption

None

—13—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

6. Segment Information

(1) Segment Information

As of and for the year ended March 31, 2023


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		33,776,870		2,786,679		590,749		—			37,154,298
Inter-segment revenues and transfers		43,131		22,968		634,194		(700,293	)		—

Total		33,820,000		2,809,647		1,224,943		(700,293	)		37,154,298
Operating expenses		31,639,363		2,372,131		1,121,492		(703,713	)		34,429,273

Operating income		2,180,637		437,516		103,451		3,420			2,725,025

Total assets		26,321,858		35,525,441		2,946,994		9,508,887			74,303,180
Investments accounted for using the equity method		4,717,231		92,903		272,752		144,460			5,227,345
Depreciation and amortization		1,205,687		799,156		35,062		—			2,039,904
Capital expenditures		1,688,114		1,786,373		38,748		(17,015	)		3,496,219

As of and for the year ended March 31, 2024


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		41,080,731		3,447,195		567,399		—			45,095,325
Inter-segment revenues and transfers		185,473		37,003		800,766		(1,023,242	)		—

Total		41,266,204		3,484,198		1,368,164		(1,023,242	)		45,095,325
Operating expenses		36,644,729		2,914,175		1,192,923		(1,009,437	)		39,742,390

Operating income		4,621,475		570,023		175,241		(13,805	)		5,352,934

Total assets		29,351,344		43,834,183		3,011,363		13,917,406			90,114,296
Investments accounted for using the equity method		5,114,364		110,308		282,888		202,546			5,710,106
Depreciation and amortization		1,268,479		784,013		34,574		—			2,087,066
Capital expenditures		2,011,361		2,763,931		103,242		(30,492	)		4,848,042


Note:		Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2023 and March 31, 2024 are 11,101,175 million yen and 15,790,074 million yen, respectively.

—14—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

(2) Consolidated Financial Statements on Non-Financial Services Businesses and Financial Services Business

Consolidated Statement of Financial Position on Non-Financial Services Businesses and Financial Services Business


	Yen in millions
	March 31, 2023			March 31, 2024
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents		5,548,398			6,892,817
Trade accounts and other receivable		3,594,057			3,768,520
Other financial assets		849,779			3,864,242
Inventories		4,255,614			4,605,368
Other current assets		749,078			805,940

Total current assets		14,996,926			19,936,887

Non-current assets
Property, plant and equipment		7,729,000			8,680,731
Other		17,337,727			19,123,829

Total non-current assets		25,066,727			27,804,560

Total assets		40,063,653			47,741,447

(Financial Services Business)
Current assets
Cash and cash equivalents		1,968,568			2,519,244
Trade accounts and other receivable		286,960			382,007
Receivables related to financial services		8,279,806			11,057,269
Other financial assets		1,680,242			1,575,059
Other current assets		362,660			352,918

Total current assets		12,578,237			15,886,497

Non-current assets
Receivables related to financial services		16,491,045			20,637,090
Property, plant and equipment		4,904,975			5,577,058
Other		1,551,183			1,733,539

Total non-current assets		22,947,204			27,947,687

Total assets		35,525,441			43,834,183

(Elimination)
Elimination of assets		(1,285,914	)		(1,461,335	)
(Consolidated)

Total assets		74,303,180			90,114,296

Note: Assets in non-financial services include unallocated corporate assets.

—15—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary


	Yen in millions
	March 31, 2023			March 31, 2024
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables		4,689,034			4,890,913
Short-term and current portion of long-term debt		1,170,114			929,662
Accrued expenses		1,446,697			1,750,221
Income taxes payable		361,000			1,185,678
Other current liabilities		3,266,095			3,583,929

Total current liabilities		10,932,939			12,340,403

Non-current liabilities
Long-term debt		1,553,622			1,938,535
Retirement benefit liabilities		1,047,430			1,058,742
Other non-current liabilities		1,867,028			2,545,491

Total non-current liabilities		4,468,080			5,542,768

Total liabilities		15,401,019			17,883,171

(Financial Services Business)
Current liabilities
Trade accounts and other payables		547,511			651,381
Short-term and current portion of long-term debt		11,583,602			14,890,892
Accrued expenses		128,994			148,767
Income taxes payable		43,607			38,864
Other current liabilities		1,841,562			2,219,104

Total current liabilities		14,145,275			17,949,008

Non-current liabilities
Long-term debt		15,627,943			19,356,672
Retirement benefit liabilities		18,078			19,220
Other non-current liabilities		1,135,862			1,131,501

Total non-current liabilities		16,781,883			20,507,393

Total liabilities		30,927,158			38,456,401

(Elimination)
Elimination of liabilities		(1,289,211	)		(1,464,614	)
(Consolidated)

Total liabilities		45,038,967			54,874,958

Shareholders’ equity

(Consolidated) Total Toyota Motor Corporation shareholders’ equity		28,338,706			34,220,991

(Consolidated) Non-controlling interests		925,507			1,018,347

(Consolidated) Total shareholders’ equity		29,264,213			35,239,338

(Consolidated) Total liabilities and shareholders’ equity		74,303,180			90,114,296

—16—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Consolidated Statement of Income on Non-Financial Services Businesses and Financial Services Business


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
(Non-Financial Services Businesses)
Sales revenues		34,409,011			41,832,663
Cost of revenues		29,132,715			33,763,076
Selling, general and administrative		2,990,316			3,278,135

Operating income		2,285,980			4,791,453

Other income (loss), net		943,777			1,608,345

Income before income taxes		3,229,757			6,399,798

Income tax expense		1,040,864			1,741,885

Net income		2,188,893			4,657,913

Net income attributable to
Toyota Motor Corporation		2,152,509			4,540,311
Non-controlling interests		36,384			117,602

(Financial Services Business)
Sales revenues		2,809,647			3,484,198
Cost of revenues		1,741,117			2,145,694
Selling, general and administrative		631,014			768,481

Operating income		437,516			570,023

Other income (loss), net		(5,013	)		1,762

Income before income taxes		432,503			571,786

Income tax expense		134,903			151,785

Net income		297,600			420,000

Net income attributable to
Toyota Motor Corporation		292,334			411,114
Non-controlling interests		5,266			8,886

(Elimination)
Elimination of net income		6,475			(6,492	)
(Consolidated)

Net income		2,492,967			5,071,421

Net income attributable to
Toyota Motor Corporation		2,451,318			4,944,933
Non-controlling interests		41,650			126,488

—17—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

Consolidated Statement of Cash Flows on Non-Financial Services Businesses and Financial Services Business


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income		2,188,893			4,657,913
Depreciation and amortization		1,240,749			1,303,053
Share of profit (loss) of investments accounted for using the equity method		(633,324	)		(752,779	)
Income tax expense		1,040,864			1,741,885
Changes in operating assets and liabilities, and other		463,871			120,731
Interest received		234,945			454,713
Dividends received		454,752			582,022
Interest paid		(28,206	)		(104,008	)
Income taxes paid, net of refunds		(1,280,341	)		(1,033,448	)

Net cash provided by (used in) operating activities		3,682,203			6,970,082

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,439,724	)		(1,815,239	)
Additions to equipment leased to others		(147,792	)		(153,324	)
Proceeds from sales of fixed assets excluding equipment leased to others		54,572			152,830
Proceeds from sales of equipment leased to others		44,195			47,557
Additions to intangible assets		(333,295	)		(317,606	)
Additions to public and corporate bonds and stocks		(503,977	)		(2,639,166	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		892,814			1,757,282
Other, net		236,351			(1,386,377	)

Net cash provided by (used in) investing activities		(1,196,856	)		(4,354,045	)

Cash flows from financing activities
Increase (decrease) in short-term debt		142,688			66,953
Proceeds from long-term debt		474,535			533,333
Payments of long-term debt		(637,982	)		(634,215	)
Dividends paid to Toyota Motor Corporation common shareholders		(727,980	)		(880,197	)
Dividends paid to non-controlling interests		(79,782	)		(85,991	)
Reissuance (repurchase) of treasury stock		(431,099	)		(231,069	)
Other, net		21,458			(7,570	)

Net cash provided by (used in) financing activities		(1,238,161	)		(1,238,756	)

Effect of exchange rate changes on cash and cash equivalents		1,690			(32,862	)

Net increase (decrease) in cash and cash equivalents		1,248,876			1,344,419

Cash and cash equivalents at beginning of year		4,299,522			5,548,398

Cash and cash equivalents at end of year		5,548,398			6,892,817

—18—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024
(Financial Services Business)
Cash flows from operating activities
Net income		297,600			420,000
Depreciation and amortization		799,156			784,013
Interest income and interest costs related to financial services, net		(703,971	)		(734,880	)
Share of profit (loss) of investments accounted for using the equity method		(9,739	)		(10,357	)
Income tax expense		134,903			151,785
Changes in operating assets and liabilities, and other		(1,958,779	)		(4,100,301	)
Interest received		1,291,100			1,858,816
Dividends received		5,599			5,236
Interest paid		(574,650	)		(1,065,757	)
Income taxes paid, net of refunds		(16,883	)		(90,874	)

Net cash provided by (used in) operating activities		(735,664	)		(2,782,318	)

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(10,472	)		(31,208	)
Additions to equipment leased to others		(1,759,564	)		(2,714,336	)
Proceeds from sales of fixed assets excluding equipment leased to others		1,865			2,155
Proceeds from sales of equipment leased to others		1,614,965			1,961,077
Additions to intangible assets		(14,985	)		(16,680	)
Additions to public and corporate bonds and stocks		(646,237	)		(333,613	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		440,915			494,085
Other, net		(30,385	)		14,732

Net cash provided by (used in) investing activities		(403,898	)		(623,788	)

Cash flows from financing activities
Increase (decrease) in short-term debt		171,293			339,666
Proceeds from long-term debt		8,892,261			11,620,147
Payments of long-term debt		(7,868,820	)		(8,221,432	)
Dividends paid to non-controlling interests		(5,204	)		(4,318	)
Other, net		2,853			(57	)

Net cash provided by (used in) financing activities		1,192,382			3,734,005

Effect of exchange rate changes on cash and cash equivalents		101,615			222,776

Net increase (decrease) in cash and cash equivalents		154,436			550,675

Cash and cash equivalents at beginning of year		1,814,133			1,968,568

Cash and cash equivalents at end of year		1,968,568			2,519,244


(Consolidated)
Effect of exchange rate changes on cash and cash equivalents		103,305			189,914

Net increase (decrease) in cash and cash equivalents		1,403,311			1,895,094

Cash and cash equivalents at beginning of year		6,113,655			7,516,966

Cash and cash equivalents at end of year		7,516,966			9,412,060

—19—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

(3) Geographic Information

As of and for the year ended March 31, 2023


	Yen in millions
	Japan		North America			Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		9,122,282		13,509,027			4,097,537		7,076,922		3,348,530		—			37,154,298
Inter-segment revenues and transfers		8,460,914		334,874			176,198		967,984		123,663		(10,063,633	)		—

Total		17,583,196		13,843,901			4,273,735		8,044,906		3,472,193		(10,063,633	)		37,154,298
Operating expenses		15,681,733		13,918,637			4,216,276		7,330,455		3,240,832		(9,958,659	)		34,429,273

Operating income (loss)		1,901,463		(74,736	)		57,460		714,451		231,362		(104,974	)		2,725,025

Total assets		23,241,334		26,024,734			6,813,474		7,908,520		4,726,373		5,588,745			74,303,180
Non-current assets		5,658,859		6,255,561			1,042,726		1,031,057		565,377		—			14,553,580

As of and for the year ended March 31, 2024

	Yen in millions
	Japan		North America			Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		10,193,556		17,624,268			5,503,738		7,604,269		4,169,494		—			45,095,325
Inter-segment revenues and transfers		10,827,165		318,805			178,026		1,126,479		220,292		(12,670,767	)		—

Total		21,020,721		17,943,072			5,681,764		8,730,749		4,389,785		(12,670,767	)		45,095,325
Operating expenses		17,536,451		17,436,753			5,293,668		7,865,158		4,191,441		(12,581,079	)		39,742,390

Operating income		3,484,270		506,319			388,096		865,591		198,345		(89,687	)		5,352,934

Total assets		24,711,142		31,886,959			8,749,680		9,096,282		6,167,902		9,502,332			90,114,296
Non-current assets		5,827,404		7,374,724			1,407,680		1,190,348		686,104		—			16,486,260


Note: 1.		Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2023 and March 31, 2024 are 11,101,175 million yen and 15,790,074 million yen, respectively.
2.		“Other” consists of Central and South America, Oceania, Africa and the Middle East.
3.		Non-current assets do not include financial instruments, deferred tax assets, net defined benefit assets and rights arising under insurance contracts.

—20—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

7. Earnings Per Share

Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor Corporation are as follows:


	Yen in millions		Thousands of shares		Yen
	Net income attributable to Toyota Motor Corporation		Weighted-average common shares		Earnings per share attributable to Toyota Motor Corporation
For the year ended March 31, 2023
Net income attributable to Toyota Motor Corporation		2,451,318

Basic and Diluted earnings per share attributable to Toyota Motor Corporation		2,451,318		13,658,382		179.47

For the year ended March 31, 2024
Net income attributable to Toyota Motor Corporation		4,944,933

Basic and Diluted earnings per share attributable to Toyota Motor Corporation		4,944,933		13,512,848		365.94

In addition to the disclosure requirements under IFRS, Toyota discloses the information below in order to provide financial statements users with valuable information. The following table shows Toyota Motor Corporation shareholders’ equity per share. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equity in the consolidated statement of financial position by common shares issued and outstanding at the end of the year (excluding treasury stock).
	Yen in millions		Thousands of shares		Yen
	Toyota Motor Corporation shareholders’ equity		Common shares issued and outstanding at the end of the year (excluding treasury stock)		Toyota Motor Corporation shareholders’ equity per share
As of March 31, 2023		28,338,706		13,565,180		2,089.08
As of March 31, 2024		34,220,991		13,474,172		2,539.75

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for the years ended March 31, 2023 and 2024, because there were no potential dilutive shares during such periods.

—21—

TOYOTA MOTOR CORPORATION FY2024 Financial Summary

8. Significant subsequent events

Repurchase of shares -

At the Meeting of the Board of Directors held on May 8, 2024, TMC resolved to repurchase its common shares pursuant to Article 156 of the Companies Act of Japan (the “Companies Act”) as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares

TMC will flexibly repurchase its common stock while considering factors such as the price level of its common stock. In addition, TMC will use such means to respond to requests for the sale of its own shares as needed in the future.

Details of matters relating to repurchase


Kind of stock to be repurchased		Common stock of TMC

Number of shares to be repurchased		410,000,000 shares (maximum)

Total purchase price for repurchase of shares		¥1,000,000 million (maximum)

Period of repurchase		From May 9, 2024 to April 30, 2025

Retirement of treasury stock -

At the Meeting of the Board of Directors held on May 8, 2024, TMC resolved to retire its treasury stock pursuant to Article 178 of the Companies Act.

Reason for retiring treasury stock

To relieve concerns regarding the dilution of TMC’s share value due to disposition of treasury stock in the future.

Details of matters relating to retirement


Kind of stock to be retired		Common stock of TMC

Number of shares to be retired		520,000,000 shares

Scheduled date of retirement		May 9, 2024

—22—

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >


	FY2023															FY2024															FY2025
	1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			4Q (2023/1-3)			12 months (‘22/4-‘23/3)			1Q (2023/4-6)			2Q (2023/7-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			Forecast 12 months (‘24/4-‘25/3)
Vehicle Production (thousands of units)		1,936			2,179			2,243			2,336			8,694			2,345			2,379			2,444			2,095			9,263
(Japan) –including Daihatsu & Hino		802			934			975			1,078			3,789			1,025			1,090			1,115			813			4,042
[Daihatsu & Hino]		[208	]		[240	]		[285	]		[269	]		[1,002	]		[190	]		[232	]		[247	]		[65	]		[734	]
(Overseas) –including Daihatsu & Hino		1,135			1,245			1,268			1,258			4,905			1,321			1,289			1,328			1,282			5,221
[Daihatsu & Hino]		[121	]		[157	]		[164	]		[156	]		[597	]		[118	]		[139	]		[134	]		[114	]		[506	]
North America		452			460			415			441			1,768			520			482			475			499			1,976
Europe		201			183			210			176			771			223			161			238			224			846
Asia		372			468			510			508			1,859			437			498			489			453			1,876
Central and South America		104			105			95			95			398			102			105			91			85			383
Africa		5			28			38			38			109			39			44			35			22			140
Vehicle Sales (thousands of units)		2,013			2,146			2,331			2,331			8,822			2,326			2,418			2,551			2,148			9,443			9,500
(Japan) –including Daihatsu & Hino		403			466			532			668			2,069			532			540			558			363			1,993			1,870
[Daihatsu & Hino]		[126	]		[144	]		[169	]		[182	]		[621	]		[134	]		[141	]		[154	]		[48	]		[477	]		[330	]
(Overseas) –including Daihatsu & Hino		1,610			1,680			1,799			1,664			6,753			1,794			1,878			1,993			1,784			7,450			7,630
[Daihatsu & Hino]		[68	]		[78	]		[92	]		[83	]		[321	]		[69	]		[74	]		[64	]		[64	]		[271	]		[270	]
North America		635			610			607			555			2,407			682			703			776			655			2,816			2,870
Europe		248			231			277			273			1,030			286			270			327			308			1,192			1,160
Asia		361			456			476			458			1,751			417			478			480			428			1,804			1,940
Central and South America		123			128			144			115			509			128			126			120			136			510			500
Oceania		76			67			68			54			265			76			87			80			74			318			300
Africa		36			61			68			61			226			59			62			55			46			221			260
Middle East		130			126			157			145			559			143			149			151			136			579			600
Other		2			2			2			2			7			3			2			3			2			10
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,544			2,625			2,721			2,669			10,558			2,751			2,845			2,968			2,526			11,090			10,950

Supplemental 1

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >


	FY2023															FY2024															FY2025
	1Q (2022/4-6)			2Q (2022/7-9)			3Q (2022/10-12)			4Q (2023/1-3)			12 months (‘22/4-‘23/3)			1Q (2023/4-6)			2Q (2023/7-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			Forecast 12 months (‘24/4-‘25/3)
Foreign Exchange Rates
Yen to US Dollar Rate		130			138			141			132			135			137			145			148			149			145			as premise: 145
Yen to Euro Rate		138			139			144			142			141			150			157			159			161			157			as premise: 160
Number of Employees		376,971			377,369			375,396			375,235			375,235			379,659			381,576			380,737			380,793			380,793	^(Note 1)
Sales Revenues (billions of yen)		8,491.1			9,218.2			9,754.6			9,690.2			37,154.2			10,546.8			11,434.7			12,041.1			11,072.6			45,095.3			46,000.0
Geographic Information
Japan		3,899.7			4,290.1			4,582.2			4,811.0			17,583.1			5,105.5			5,404.7			5,626.8			4,883.5			21,020.7
North America		3,349.9			3,523.6			3,588.9			3,381.4			13,843.9			4,092.0			4,504.2			4,958.1			4,388.6			17,943.0
Europe		973.0			939.3			1,155.6			1,205.6			4,273.7			1,299.0			1,359.4			1,520.7			1,502.4			5,681.7
Asia		1,795.6			2,153.3			2,183.9			1,911.9			8,044.9			1,964.5			2,346.6			2,371.3			2,048.2			8,730.7
Other		828.7			907.5			907.1			828.7			3,472.1			1,024.6			1,165.1			974.0			1,225.9			4,389.7
Elimination		-2,355.9			-2,595.8			-2,663.2			-2,448.5			-10,063.6			-2,939.0			-3,345.3			-3,410.0			-2,976.3			-12,670.7
Business Segment
Automotive		7,720.1			8,408.9			8,871.4			8,819.4			33,820.0			9,687.9			10,477.3			11,065.7			10,035.1			41,266.2
Financial Services		652.1			704.2			741.7			711.5			2,809.6			775.1			846.1			922.3			940.4			3,484.1
All Other		262.3			271.0			312.2			379.2			1,224.9			306.4			319.2			357.4			385.0			1,368.1
Elimination		-143.4			-166.0			-170.6			-220.0			-700.2			-222.7			-207.9			-304.4			-288.0			-1,023.2
Operating Income (billions of yen)		578.6			562.7			956.6			626.9			2,725.0			1,120.9			1,438.3			1,680.9			1,112.6			5,352.9			4,300.0
(Operating Income Ratio) (%)		(6.8	)		(6.1	)		(9.8	)		(6.5	)		(7.3	)		(10.6	)		(12.6	)		(14.0	)		(10.0	)		(11.9	)		(9.3	)
Geographic Information
Japan		336.7			521.1			683.4			360.1			1,901.4			701.9			879.1			1,104.1			799.0			3,484.2
North America		14.5			-85.6			-17.9			14.2			-74.7			119.6			169.4			227.4			-10.2			506.3
Europe		19.6			-65.5			62.6			40.7			57.4			83.0			99.3			103.1			102.5			388.0
Asia		212.7			178.9			168.7			154.0			714.4			186.2			224.9			238.4			215.9			865.5
Other		45.8			64.0			66.1			55.3			231.3			85.4			104.2			9.2			-0.6			198.3
Elimination		-50.8			-50.1			-6.3			2.3			-104.9			-55.4			-38.7			-1.5			5.9			-89.6
Business Segment
Automotive		449.2			453.7			818.8			458.8			2,180.6			945.6			1,301.6			1,472.6			901.5			4,621.4
Financial Services		114.5			84.4			125.0			113.5			437.5			147.2			97.6			172.0			153.0			570.0
All Other		18.3			20.3			18.4			46.2			103.4			40.2			39.5			44.1			51.2			175.2
Elimination		-3.4			4.3			-5.7			8.3			3.4			-12.2			-0.4			-7.9			6.8			-13.8
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		171.0			133.5			170.0			168.3			643.0			193.3			185.1			217.6			166.9			763.1			680.0
Income before Income Taxes (billions of yen)		1,021.7			812.5			1,034.9			799.4			3,668.7			1,720.5			1,800.9			1,835.5			1,608.0			6,965.0			5,070.0
(Income before Income Taxes Ratio) (%)		(12.0	)		(8.8	)		(10.6	)		(8.3	)		(9.9	)		(16.3	)		(15.7	)		(15.2	)		(14.5	)		(15.4	)		(11.0	)
Net Income Attributable to Toyota Motor Corporation (billions of yen)		736.8			434.2			727.9			552.2			2,451.3			1,311.3			1,278.0			1,357.8			997.6			4,944.9			3,570.0
(Net Income Ratio) (%)		(8.7	)		(4.7	)		(7.5	)		(5.7	)		(6.6	)		(12.4	)		(11.2	)		(11.3	)		(9.0	)		(11.0	)		(7.8	)
Dividends
Cash Dividends (billions of yen)		—			342.1			—			474.7			816.9			—			405.4			—			606.3			1,011.7	^(Note 2)
Cash Dividends per Share (yen)		—			25			—			35			60			—			30			—			45			75
Payout Ratio (%)		—			29.2			—			37.1			33.4			—			15.6			—			25.7			20.4
Value of Shares Repurchased (billions of yen)[actual purchase]		121.3			74.2			141.0			94.5			431.0			34.3			82.1			75.0			39.4			231.0	^(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			149.9			—			149.9			299.9			—			99.9			—			1,000.0			1,099.9	^(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			16,314,987			16,314,987			16,314,987			16,314,987

Supplemental 2

Supplemental Material for Financial Results for FY2024 (Consolidated)

< IFRS >


	FY2023										FY2024											FY2025
	1Q (2022/4-6)		2Q (2022/7-9)		3Q (2022/10-12)		4Q (2023/1-3)		12 months (‘22/4-‘23/3)		1Q (2023/4-6)		2Q (2023/7-9)		3Q (2023/10-12)		4Q (2024/1-3)		12 months (‘23/4-‘24/3)			Forecast 12 months (‘24/4-‘25/3)
R&D Expenses (billions of yen)		302.2		318.4		298.8		322.0		1,241.6		294.8		314.0		289.2		304.2		1,202.3			1,300.0	^(Note 5)
Depreciation Expenses (billions of yen)		284.3		289.7		298.1		312.7		1,185.0		298.3		303.2		302.9		343.8		1,248.4			1,380.0	^(Note 6)
Geographic Information
Japan		122.6		126.3		118.0		145.8		512.8		140.7		139.5		133.6		152.8		566.7
North America		87.4		95.3		94.4		89.4		366.6		79.4		84.5		91.4		122.4		377.8
Europe		22.1		20.4		20.9		22.3		85.9		21.4		23.4		21.3		15.9		82.1
Asia		39.9		42.5		56.2		45.2		184.0		46.1		44.6		45.4		45.4		181.6
Other		12.2		5.0		8.4		9.7		35.5		10.5		11.1		11.0		7.2		40.0
Capital Expenditures (billions of yen)		274.6		407.4		358.8		564.9		1,605.8		366.6		442.8		486.9		714.4		2,010.8			2,150.0	^(Note 6)
Geographic Information
Japan		128.6		151.6		148.1		275.4		703.8		144.0		175.2		174.0		354.3		847.6
North America		97.9		175.3		120.1		162.7		556.1		154.1		159.5		182.6		226.2		722.5
Europe		10.3		10.3		16.9		24.1		61.7		12.5		28.9		23.4		23.9		88.8
Asia		25.7		65.5		63.4		68.1		222.9		41.1		54.9		89.4		82.7		268.2
Other		11.9		4.5		10.2		34.4		61.2		14.7		24.2		17.3		27.1		83.5
Total Liquid Assets (billions of yen)		10,532.2		11,004.6		10,278.7		11,313.7		11,313.7		12,287.8		13,808.6		14,143.6		15,079.5		15,079.5	^(Note 7)
Total Assets (billions of yen)		71,935.1		74,484.0		71,580.5		74,303.1		74,303.1		80,131.2		83,661.3		84,232.1		90,114.2		90,114.2
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		27,374.8		28,037.2		27,535.8		28,338.7		28,338.7		30,330.0		31,893.1		32,561.6		34,220.9		34,220.9
Return on Equity (%)		11.0		6.3		10.5		7.9		9.0		17.9		16.4		16.9		12.0		15.8
Return on Asset (%)		4.2		2.4		4.0		3.0		3.5		6.8		6.2		6.5		4.6		6.0
Number of Consolidated Subsidiaries (including Structured Entities)										569										577
Number of Associates and Joint Ventures Accounted for Using the Equity Method										168										165


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2024 (billions of yen, approximately)	4Q (2024/1-3)		12 months (‘23/4-‘24/3)
Marketing Efforts		10.0		2,000.0
Effects of Changes in Exchange Rates		305.0		685.0
Cost Reduction Efforts		185.0		120.0
From Engineering		160.0		0.0
From Manufacturing and Logistics		25.0		120.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-80.0		-380.0
Other		65.7		202.9
(Changes in Operating Income)		485.7		2,627.9
Non-operating Income		322.7		668.4
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		-1.3		120.0
Income tax expense, Net Income Attributable to Non-controlling Interests		-363.1		-802.7
(Changes in Net Income Attributable to Toyota Motor Corporation)		445.3		2,493.6

Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect Toyota’s plans and expectations.

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.

(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

(Reference Translation)

(For reference)

May 8, 2024

Toyota Motor Corporation

Holding of Ordinary General Shareholders’ Meeting


1. Date and Time:		10:00 a.m., Tuesday, June 18, 2024

2. Venue:		Toyota Head Office, 1, Toyota-cho, Toyota City, Aichi Prefecture

3. Meeting Agenda:

Reports:

Reports on business review, consolidated and unconsolidated financial statements for FY2024 (April 1, 2023 through March 31, 2024) and a report by the Accounting Auditor and the Audit & Supervisory Board on the audit results of the consolidated financial statements for FY2024.

Resolutions:

Company’s proposal


Proposed Resolution 1:		Election of 10 Members of the Board of Directors

Proposed Resolution 2:		Election of 1 Audit & Supervisory Board Member

Proposed Resolution 3:		Election of 1 Substitute Audit & Supervisory Board Member

Shareholder’s proposal


Proposed Resolution 4:		Partial Amendments to the Articles of Incorporation (Issuing annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement)

[Reference Translation]

May 8, 2024

To Whom It May Concern:


		Company Name:		TOYOTA MOTOR CORPORATION
		Name and Title of Representative:		Koji Sato, President
		(Code Number:		7203 Prime of Tokyo Stock Exchange and Premier of Nagoya Stock Exchange)
		Name and Title of Contact Person		Yoshihide Moriyama, General Manager, Capital Strategy & Affiliated Companies Finance Div.
		(Telephone Number:		0565-28-2121)

Opinion of the Board of Directors on the Shareholder Proposal

Regarding the agenda of the 120^th Ordinary General Meeting of Shareholders scheduled to be held June 18, 2024 (the “General Meeting of Shareholders”), TOYOTA MOTOR CORPORATION (“TMC”) has received a document stating shareholder’s intentions to exercise their proposal rights. TMC hereby announces that at its Board of Directors meeting held today, it has resolved to add the proposal to the agenda of the General Meeting of Shareholders as “Proposed Resolution 4: Issuing annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement)” and against the shareholder proposal.

1. Proposing Shareholders

Kapitalforeningen MP Invest

2. Details of the Proposal

It is proposed that the following provision be added to the Articles of Incorporation. The provision number will be decided by the Company.

“The Company shall issue a comprehensive and objective report annually (at reasonable cost, omitting proprietary information) describing if, and how, the Company’s climate-related lobbying activities (own direct and indirect through industry associations both in key markets) align, overall, with the goals of the Paris Agreement. The report should disclose any instances of misalignment with those goals, along with the planned actions to address these.”

3. Reason for the Proposal

The new provision in the Articles of Incorporation is intended to ensure that the Company makes robust disclosures, as part of its annual reporting, of (i) which lobbying activities directed at the issue of climate change the group companies are pursuing (whether directly or indirectly through influencing the legislative and administrative process or through public influence activities), and (ii) the extent to which these serve to reduce risks for the group companies from climate change and how they are aligned with the 1.5 degrees Celsius goal of the Paris Agreement of 12 December 2015.

The proposing shareholder recognizes and appreciates that the Company issued a third report on climate-related lobbying in January 2024; “Toyota’s Views on Climate Public Policies 2023”. However, like the second report, this report falls far short of investor expectations as set forth, for example, by the Climate Action 100+ Net Zero Company Benchmarks for Climate Policy Engagement. Using the CA100+ Benchmark criteria, the InfluenceMap January 2024 assessment of Toyota’s 2023 report found no improvement from the Company’s 2022 report, scoring it 21/100.

The proposing shareholder supports the Company in strengthening the Company’s disclosures in 1) scope, covering the Company’s own climate policy engagement activities and relevant associations in key global markets engaging on cli-mate change policies, and 2) rigour in the analysis of potential misalignment with the 1.5 degrees Celsius goal of the Paris Agreement.

Such disclosures could serve to mitigate reputational and other risks, including potential backlash from customers, business partners, employees and investors associated with the Company’s climate-related lobbying activities in recent years.

The proposing shareholder and like-minded institutional shareholders of the Company have engaged intensively and constructively with the Company since 2021 and encourage the Board of Directors to support and recommend a vote for this proposal.

4. Opinion of TMC’s Board of Directors

The Shareholder Proposal “Proposed Resolution 4: Partial Amendments to the Articles of Incorporation (Issuing annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement)”

Opinion of TMC’s Board of Directors

The board of directors is against this shareholder proposal.

ii.

Reason for the opinion

The Group considers climate change measures to be one of its important management tasks and is fully concentrated on realizing carbon neutrality by 2050. Furthermore, to ensure that as many of our stakeholders as possible understand our efforts, we strive to provide substantial information, referring to the standards set by major investors as well. We have had dialogue with the proposing shareholder more than 10 times (more than 20 times if you include email) over the past four years. In 2021, the Group was the first Japanese company to issue a report on the initiatives stated in this shareholder proposal, which is to issue annual report on the alignment with climate-related lobbying activities and the goals of the Paris Agreement. We are continuing to improve it each year based on feedback obtained through dialogue with the proposing shareholder and other investors. In the latest 2023 report, disclosed in January 2024, we made improvements such as doubling the number of reviewees (from 6 to 12 organizations) and adding a third-party evaluation to improve transparency, etc. In the 2024 report, we are proceeding with discussion to further improve transparency and comprehensiveness. In addition, we have provided information on our electrification-related announcements to provide an opportunity for a broad understanding of our multi-pathway strategy and its specific initiatives. Furthermore, as of May 2024, we are the only Japanese company that issues a report on our lobbying activities related to climate public policies.

Toyota’s Views on Climate Public Policies 2023

LOGO

List of Improvements (2022 through 2024)


2022	Number of reviewees	:	Increased from 4 to 6 organizations
(2nd year)	Assessment criteria	:	Changed to the Sixth Assessment Report by the Intergovernmental Panel on Climate Change (IPCC)
	Other	:	Added Toyota’s stance on individual policies in Japan, the U.S. and Europe, updated its lobbying activities and recommendations related to climate public policies

2023	Number of reviewees	:	Increased from 6 to 12 organizations
(3rd year)	Assessment criteria	:	Changed to third-party evaluation to improve transparency, and streamlined matters to be assessed to six items including those that align with the Paris Agreement
	Other	:	Enhanced selection of case studies on lobbying in Japan and abroad

2024 (4th year)	Number of reviewees	:	Further examine selection criteria and expand reviewees
*planned	Assessment criteria	:	Improve the transparency of the third-party assessment
	Other	:	Enhanced statements on actions to address any instances of misalignment

As part of efforts to pass our beautiful “Home Planet” to the next generation, the Group has identified and is helping to solve issues faced by individuals and overall society, hoping to help reduce the negative impacts caused by these issues to people and the environment to zero. Additionally, we are also looking “Beyond Zero” to create and provide greater value by continuing to diligently seek ways to improve lives and society for the future. Our strong sense of will is the same as the proposing shareholder, investors, and all stakeholders. Ensuring that mobility aligns with the future of energy is an essential strategy in order to achieve carbon neutrality in the automotive industry. We believe that electricity and hydrogen will emerge as the primary energy sources sustaining society, but the paths to get there vary. Although energy policies may differ from country to country and it will take a considerable amount of time for renewable energy to become widespread, we must focus on moving away from our reliance on fossil fuels as soon as possible.

Widespread adoption of battery electric vehicles (BEVs) is promising means of reducing CO₂ emissions on an even greater scale. However, there are still many obstacles. Countries and regions that have inadequate supplies of clean energy may continue to face a lack of charging infrastructure for decades to come. Furthermore, on-board batteries that are indispensable for BEVs use many lithium and other rare minerals. These are finite natural resources and there are also concerns that the development of mines will have a negative impact on nature. In order to popularize BEVs, the Group is focused on resolving these issues by streamlining the design structure of our BEVs while building an ecosystem that encompasses every stage from resource procurement to reuse and recycling of on-board batteries and promoting comprehensive efforts such as infrastructure development including other industries to supply good quality BEVs at affordable prices to customers.

Meanwhile, to achieve carbon neutrality, it is important to not only reduce CO₂ emissions in new cars, but also to reduce CO₂ emissions of vehicles already owned and used by customers in their daily lives. Toyota cars alone make up around 100 million of the vehicles currently in use globally, and replacing each and every one of them with BEVs is not a realistic expectation. However, one factor that does provide a glimmer of hope for the future is e-fuel, which is synthetic fuel produced from hydrogen. The Sixth Assessment Report by the Intergovernmental Panel on Climate Change (IPCC), an organization that scientifically assesses the latest insight gained worldwide, also states that sustainable biofuels, low-emissions hydrogen, and derivatives (including synthetic fuels) can support mitigation of CO₂ emissions in land-based transport. Moving forward, the Group will continue to work with various public and private partners for the commercialization and spread of synthetic and other carbon-neutral fuels.

In short, the underlying concept of our multi-pathway strategy is staying committed to providing a variety of mobility options that are in tune with a diverse range of energy situations and customer needs, while also keeping an eye on the future of electricity and hydrogen. A wide range of vehicles, from passenger cars to commercial vehicles and from cars for mass-produced cars to luxury cars, are used in diverse situations, including not only urban areas but also countries and regions with underdeveloped infrastructure, especially in a severe environment, such as deserts and coal mines. In diversified markets of different countries and regions, there is no one-size-fits-all solution. Toyota therefore endeavors to propose various solutions and prepare as many options as possible for our customers. We believe this to be a realistic approach for moving closer to achieving carbon neutrality by 2050. The Group has supplied a full lineup of electrified vehicles such as BEVs, fuel cell electric vehicles (FCEVs), hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) to date, selling 23.15 million electrified vehicles and contributing to the reduction of greenhouse gas (GHG) emissions by approximately 176 million tons since 1997. Furthermore, every year and in most jurisdictions, we have globally reduced average GHG emissions from new vehicles, making steady progress toward our targets to reduce emissions more than 33% in 2030 and more than 50% in 2035 (compared to 2019 levels), and to achieve carbon neutrality throughout the lifecycle by 2050.

To achieve carbon neutrality by 2050, the Group must embrace many challenges and take action. We believe that the role of cooperation that transcends industries and government and public policy is critical in achieving this goal. As a corporate citizen striving to be the “best in town”, the Group engages in public relations activities to ensure that public policy, societal needs, technology development, consumer needs, and the entire automotive industry are aligned to the greatest extent possible. For example, in Japan, we helped launch the Committee on Mobility under the Nippon Keidanren (Japan Business Federation) in 2022. In 2023, at a meeting with Prime Minister Kishida during his tour of Japan Mobility Show 2023, the Committee shared with the government the need to establish an investment environment to help place Japan’s mobility industry at the forefront of global competition and made specific requests for government support. These included establishing an investment environment to rival those of other countries, boosting investment in the small and midsized enterprises that underpin supply chains, and addressing antitrust-related issues affecting partnerships in green transformation investing. In the push to build cooperation systems that transcend industries to achieve carbon neutrality, the automotive industry has taken a leading role in campaigning for cross-industry activities that are centered on mobility. However, this type of initiative is still relatively unprecedented even on a worldwide scale. We will endeavor to showcase our efforts far and wide as a positive example of lobbying activities to achieve carbon neutrality in Japan, and gain the understanding of an even greater number of our stakeholders.

We will carry out a variety of carbon neutrality measures and public relations activities at countries that support them as we take resolute steps into the future where no answers are guaranteed.

On the other hand, the role of TMC’s Board of Directors to address these issues is to make flexible and varying decisions according to the circumstances at the time, make agile changes as required, and swiftly turn decisions into action. Thus, the ideal state of disclosure is subject to sudden change as well. Generally, the articles of incorporation are intended to define the basic details of a corporation and its operation, and is not for stipulating matters related to specific business execution such as those in this shareholder proposal. Therefore, we would like to maintain our current Articles of Incorporation.

Going forward, we will continue open dialogue on climate change measures with the proposing shareholders, other institutional investors and environmental NGOs to achieve carbon neutrality by 2050.

[Reference Translation]

May 8, 2024

To Whom It May Concern:

Company Name: TOYOTA MOTOR CORPORATION

Name and Title of Representative:

Koji Sato, President

(Code Number: 7203

Prime of Tokyo Stock Exchange and

Premier of Nagoya Stock Exchange)

Name and Title of Contact Person:

Yoshihide Moriyama, General Manager,

Capital Strategy & Affiliated Companies Finance Div.

(Telephone Number: 0565-28-2121)

Notice Concerning Distribution of Dividends from Surplus

At a meeting held on May 8, 2024, the Board of Directors of Toyota Motor Corporation (“TMC”) resolved to distribute dividends from surplus, with a record date of March 31, 2024. In relation to the above, we hereby inform you of the following:

1.	Details of dividends


	Determined year-end dividend for FY 2024	Most recent dividend forecast	Year-end dividend paid for FY 2023
Record date	March 31, 2024	March 31, 2024	March 31, 2023
Dividend per share	45.00 yen	—	35.00 yen
Total amount of dividends	606,338 million yen	—	474,781 million yen
Effective date	May 24, 2024	—	May 26, 2023
Source of dividends	Retained earnings	—	Retained earnings

[Reference] Details of dividends per common share through the fiscal year


Record date	Dividends for FY 2024 (ended March 31,2024)	Dividends for FY 2023 (ended March 31,2023)
End of interim period	30.00 yen	25.00 yen
End of fiscal period	45.00 yen	35.00 yen
Total	75.00 yen	60.00 yen

2.	Reason for the dividend amount

TMC deems the improvement of its shareholders’ profit as one of its priority management policies, and it will continue to work to improve its corporate culture to realize sustainable growth in order to enhance its corporate value.

TMC will strive to increase dividends in a stable and continuous manner.

With a view to surviving tough competition and transitioning to a mobility company, TMC will utilize its internal funds mainly for its investment in growth for the next generation such as environmental technologies to achieve a carbon neutral society and safety technologies for the safety and security of its customers, and also for the stakeholders such as employees, business partners and local communities.

-End-

[Reference Translation]

May 8, 2024

To Whom It May Concern:

Company Name: TOYOTA MOTOR CORPORATION

Name and Title of Representative:

Koji Sato, President

(Code Number: 7203

Prime of Tokyo Stock Exchange and

Premier of Nagoya Stock Exchange)

Name and Title of Contact Person:

Yoshihide Moriyama, General Manager,

Capital Strategy & Affiliated Companies Finance Div.

(Telephone Number: 0565-28-2121)

Notice Concerning the Determination of Matters Relating to

the Repurchase of Shares of our Common Stock

(Repurchase of Shares under Articles of Incorporation pursuant to Article 165, Paragraph 2 of the Companies Act of Japan)

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the Board of Directors held on May 8, 2024 to repurchase shares of its common stock pursuant to Article 156 of the Companies Act of Japan (the “Companies Act”) as applied pursuant to Article 165, Paragraph 3 of the Companies Act.

1.	Reason for repurchasing shares

2.	Details of matters relating to repurchase


(1) Class of shares to be repurchased		Shares of Common Stock of TMC

(2) Total number of shares to be repurchased		410 million shares (maximum)

		(Represents 3.04% of the total number of issued shares (excluding treasury stock))

(3) Total purchase price for repurchase of shares		JPY 1,000 billion (maximum)

(4) Period of repurchase		From May 9, 2024 to April 30, 2025

(References) Number of treasury stock as of March 31, 2024


Total number of issued shares (excluding treasury stock) :	13,474,172,027	shares
Total number of treasury stock :	2,840,815,433	shares

-End-

[Reference Translation]

May 8, 2024

To Whom It May Concern:


		Company Name: TOYOTA MOTOR CORPORATION
		Name and Title of Representative: Koji Sato, President
		(Code Number: 7203 Prime of Tokyo Stock Exchange and Premier of Nagoya Stock Exchange)
		Name and Title of Contact Person: Yoshihide Moriyama, General Manager, Capital Strategy & Affiliated Companies Finance Div.
		(Telephone Number: 0565-28-2121)

Notice Concerning the Retirement of Treasury Stock

(Retirement of Treasury Stock pursuant to Article 178 of the Companies Act of Japan)

We hereby inform you that Toyota Motor Corporation (“TMC”) resolved at a meeting of the Board of Directors held on May 8, 2024 to retire its treasury stock pursuant to Article 178 of the Companies Act of Japan.


1. Class of shares to be retired		Shares of Common Stock of TMC

2. Total number of shares to be retired		520,000,000 shares

		(Represents 3.19% of the total number of issued shares before retirement)

3. Scheduled date of the retirement		May 9, 2024

(Reference)


Total number of issued shares after retirement	15,794,987,460	shares
Total number of treasury stock after retirement	2,326,033,443	shares

-End-

May 8, 2024

To Whom It May Concern:

Company Name: Toyota Motor Corporation

Name and Title of Representative:

Koji Sato, President

(Code Number: 7203

Prime of Tokyo Stock Exchange and

Premier of Nagoya Stock Exchange)

Name and Title of Contact Person:

Yoshihide Moriyama, General Manager,

Capital Strategy & Affiliated Companies Finance

(Telephone Number: 0565-28-2121)

Notice Concerning the Disposition of Treasury Stock

under the Restricted Stock Compensation Plan

We hereby inform, as set forth below, that, at the meeting of the Board of Directors held today (the “Resolution Date”), Toyota Motor Corporation (“TMC”) announces that it has decided to dispose of its treasury stock (the “Disposition of Treasury Stock”) as follows.

1. Outline of the Disposal


(1)	Payment date	June 28, 2024

(2)	Class and number of shares to be disposed	617,500 shares of Common stock of TMC

(3)	Disposal price	3,599 yen per share

(4)	Total value of the disposal	2,222,382,500 yen

(5)	Allottee of Shares		Number of allottees	Number of shares
		Members of the Board of Directors	6	579,900 shares
		The Operating Officers of TMC who don’t serve as a Board of Directors	2	37,600 shares

(6)	Others	Regarding the Disposition of Treasury Stock, an Extraordinary Report in accordance with the Financial Instruments and Exchange Act has been filed.

2. Purposes and Reasons of the Disposal

TMC has resolved at the Meeting of the Board of Directors held on May 8, 2019 to newly introduce a restricted stock compensation plan (the “Plan”) for the members of the Board of Directors of TMC (excluding outside members of the Board of Directors) and the Operating Officers of TMC who don’t serve as a Board of Directors to work to improve the medium-to long-term corporate value of TMC, and to promote management from the same viewpoint as our shareholders with a stronger sense of responsibility as a corporate manager, and at the 115th Ordinary General Meeting of Shareholders held on June 13, 2019, share compensation was approved by the shareholders to set a maximum amount of 4.0 billion yen per year and of 800,000 shares per year for the number of shares to be allotted as the restricted stock for the Board of Directors of TMC (excluding outside members of the Board of Directors).

In addition, at the 118th Ordinary General Meeting of Shareholders held on June 15, 2022, share compensation was approved by the shareholders to set a maximum amount of 4,000,000 shares per year for the number of shares to be allotted as the restricted stock for the Board of Directors of TMC (excluding outside members of the Board of Directors) due to a 5-for-1 stock split as of October 1, 2021.

3. Outline of the Plan and the allocation contract of the restricted stock (the “Allocation Contract”)


Eligible Persons		Members of the Board of Directors of TMC (excluding outside members of the Board of Directors) and the part of the Operating Officers of TMC who don’t serve as a Board of Director

Amount of the share compensation payable to each Eligible Person		Set each year considering factors such as corporate results, duties, and performance

Type of shares to be allotted and method of allotment		Issue or disposal of common shares (with transfer restrictions under an allotment agreement)

Amount to be paid for each share		Determined by the Board of Directors of TMC based on the closing price of TMC’s common shares on the Tokyo Stock Exchange on the business day prior to each resolution of the Board of Directors, within a range that is not particularly advantageous to the Eligible Persons

Transfer restriction period		A period of between 3 and 50years, as determined by the Board of Directors of TMC

Conditions for removal of transfer restrictions		Restrictions will be removed upon the expiration of the transfer restriction period. However, restrictions on all of the allotted shares which the Eligible Person have will also be removed in the case of resignation from any position as a Board of Director, an Operating Officer who don’t serve as a Board of Director, or an Audit & Supervisory Board member of TMC due to expiration of the term of office or other legitimate reasons

Gratis acquisition by TMC		TMC will naturally acquire at no cost all of the allotted shares for which the transfer restrictions have not been lifted at the time of the expiration of the transfer restriction period, or at the time of the lifting of the transfer restrictions stipulated. Other grounds for the gratis acquisition shall be stipulated by the Allocation Contract of the restricted stock based on a resolution of the Board of Directors of TMC

This time, after the consideration of the objectives of the Plan, TMC’s business performance, the scope of duties of the Eligible Persons and various factors, TMC decided to pay a total amount of 2,222,382,500 yen in monetary compensation claims (the “Monetary Compensation Claims”) for the granting of 617,500 common shares of TMC.

Based on the Plan, the 8 Eligible Persons to whom disposal of shares is scheduled to be allotted will pay in as property contributed in kind all the Monetary Compensation Claims and receive the disposal of common shares of TMC (the “Allotted Shares”) upon the Disposition of Treasury Stock, and the transfer restriction period is 50 years (June 28, 2024~June 28, 2074).

In addition, the Allocation Contract contains a clawback provision stating that TMC can mandatorily recover the resulting overpaid portion of performance-based remuneration from incumbent or retired Eligible Persons who received such remuneration, if TMC is required, in connection with financial reporting requirements under applicable laws and regulations, to restate its past financial statements.

To prevent the transfer, creation of a security interest on, or disposal of the allotted shares for as long as the restrictions are in effect, the Eligible Persons deposit the Allotted Shares in dedicated accounts with Nomura Securities Co., Ltd. for the administration during the transfer restriction period.

4. Basis for calculating the amount to be paid in for the disposal price and other specific details

The Disposition of Treasury Stock to the prospective recipients of the allotted shares will be made by way of in-kind contribution of the Monetary Compensation Claims paid for granting restricted shares under the Plan for the Company’s 120th business term. To avoid issuing the shares based on arbitrary decisions on price, the closing price of the common shares of TMC on the Prime of the Tokyo Stock Exchange of 3,599 yen on May 7, 2024 (the business day immediately prior to the Resolution Date), is taken to be the disposal price. Since this was the market price immediately before the date of the resolution of the Board of Directors, it is believed to be reasonable and not to be particularly advantageous. In addition, the numbers of shares to be allotted were determined at the Executive Compensation Meeting held on April 23, 2024.

End of document

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