| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| American Depositary Shares* Common Stock** |
TM |
The New York Stock Exchange |
| * | Each ten shares o f the registrant’s Common Stock. |
| ** | No par value. Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the U.S. Securities and Exchange Commission. |
| Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | ||
| Emerging growth company ☐ | ||||
† |
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
| 10.I |
SUBSIDIARY INFORMATION | 113 | ||||
| ITEM 11. |
113 | |||||
| ITEM 12. |
113 | |||||
| 12.A |
DEBT SECURITIES | 113 | ||||
| 12.B |
WARRANTS AND RIGHTS | 113 | ||||
| 12.C |
OTHER SECURITIES | 113 | ||||
| 12.D |
AMERICAN DEPOSITARY SHARES | 113 | ||||
| ITEM 13. |
115 | |||||
| ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 115 | ||||
| ITEM 15. |
115 | |||||
| ITEM 16. |
116 | |||||
| ITEM 16A. |
116 | |||||
| ITEM 16B. |
116 | |||||
| ITEM 16C. |
117 | |||||
| ITEM 16D. |
118 | |||||
| ITEM 16E. |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS | 118 | ||||
| ITEM 16F. |
119 | |||||
| ITEM 16G. |
119 | |||||
| ITEM 16H. |
122 | |||||
| ITEM 16I. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 122 | ||||
| ITEM 17. |
123 | |||||
| ITEM 18. |
123 | |||||
| ITEM 19. |
124 | |||||
Yen in millions |
||||||||||||
Year Ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Automotive |
26,770,379 | 24,597,846 | 28,531,993 | |||||||||
| Financial Services |
2,172,854 | 2,137,195 | 2,306,079 | |||||||||
| All Other |
923,314 | 479,553 | 541,436 | |||||||||
Yen in millions |
||||||||||||
Year Ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Japan |
9,503,238 | 8,587,193 | 8,214,740 | |||||||||
| North America |
10,419,869 | 9,325,950 | 10,897,946 | |||||||||
| Europe |
3,133,227 | 2,968,289 | 3,692,214 | |||||||||
| Asia |
4,785,489 | 4,555,897 | 5,778,115 | |||||||||
| Other* |
2,024,724 | 1,777,266 | 2,796,493 | |||||||||
| * | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
| • | social, political and economic conditions; |
| • | introduction of new vehicles and technologies; |
| • | costs incurred by customers to purchase and operate automobiles; and |
| • | the availability of parts and components that Toyota needs to manufacture its products. |
Year Ended March 31, |
||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||
| Market |
Units |
% |
Units |
% |
Units |
% |
||||||||||||||||||
| Japan |
2,239,549 | 25.0 | % | 2,125,121 | 27.8 | % | 1,924,185 | 23.4 | % | |||||||||||||||
| North America |
2,713,165 | 30.3 | 2,312,799 | 30.3 | 2,393,912 | 29.1 | ||||||||||||||||||
| Europe |
1,029,249 | 11.5 | 959,363 | 12.5 | 1,017,099 | 12.4 | ||||||||||||||||||
| Asia |
1,600,341 | 17.9 | 1,222,073 | 16.0 | 1,542,918 | 18.7 | ||||||||||||||||||
| Other* |
1,372,392 | 15.3 | 1,026,749 | 13.4 | 1,352,311 | 16.4 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
8,954,696 |
100.0 |
% |
7,646,105 |
100.0 |
% |
8,230,425 |
100.0 |
% | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| * | “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
Thousands of Units |
||||||||||||
Year Ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Japan |
||||||||||||
| Total market sales (excluding mini-vehicles) |
3,185 | 2,901 | 2,664 | |||||||||
| Toyota sales (retail basis, excluding mini-vehicles) |
1,553 | 1,505 | 1,361 | |||||||||
| Toyota market share |
48.8 | % | 51.9 | % | 51.1 | % | ||||||
Thousands of Units |
||||||||||||
Year Ended December 31, |
||||||||||||
2019 |
2020 |
2021 |
||||||||||
| North America |
||||||||||||
| Total market sales |
20,379 | 17,157 | 17,861 | |||||||||
| Toyota sales (retail basis) |
2,757 | 2,408 | 2,681 | |||||||||
| Toyota market share |
13.5 | % | 14.0 | % | 15.0 | % | ||||||
| Europe |
||||||||||||
| Total market sales |
20,751 | 16,638 | 16,870 | |||||||||
| Toyota sales (retail basis) |
1,089 | 993 | 1,076 | |||||||||
| Toyota market share |
5.3 | % | 6.0 | % | 6.4 | % | ||||||
| Asia (excluding China) |
||||||||||||
| Total market sales |
9,726 | 8,181 | 9,224 | |||||||||
| Toyota sales (retail basis) |
1,347 | 969 | 1,189 | |||||||||
| Toyota market share |
13.8 | % | 11.8 | % | 12.9 | % | ||||||
Year Ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Japan |
4,413,162 | 3,948,385 | 3,738,321 | |||||||||
| North America |
1,807,289 | 1,641,830 | 1,751,915 | |||||||||
| Europe |
674,125 | 641,830 | 706,732 | |||||||||
| Asia |
1,521,551 | 1,014,968 | 1,498,557 | |||||||||
| Other* |
403,495 | 305,883 | 462,698 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
8,819,622 |
7,552,896 |
8,158,223 |
|||||||||
| |
|
|
|
|
|
|||||||
| * | “Other” consists of Central and South America and Africa. |
| Dealers |
||||||
| Channel |
Toyota Owned |
Independent |
Outlets | |||
| Toyota brand |
1 company | 255 companies | 4,482 outlets | |||
| Lexus brand |
22 outlets | 159 outlets | 181 outlets | |||
| Country/Region |
Number of Countries |
Number of Distributors |
||||||
| North America |
3 | 5 | ||||||
| Europe |
53 | 29 | ||||||
| China |
1 | 4 | ||||||
| Asia (excluding China) |
19 | 13 | ||||||
| Oceania |
17 | 15 | ||||||
| Middle East |
16 | 14 | ||||||
| Africa. |
56 | 48 | ||||||
| Central and South America |
39 | 40 | ||||||
| • | Toyota Finance Corporation in Japan; |
| • | Toyota Credit Canada Inc. in Canada; |
| • | Toyota Finance Australia Ltd. in Australia; |
| • | Toyota Kreditbank GmbH in Germany; |
| • | Toyota Financial Services (UK) PLC in the United Kingdom; |
| • | Toyota Leasing (Thailand) Co., Ltd. in Thailand; and |
| • | Toyota Motor Finance (China) Co., Ltd. in China. |
| Basic research |
Phase to discover development theme Research on basic vehicle-related technology | |
| Forward-looking and leading-edge technology development |
Phase requiring technological breakthroughs such as components and systems Development of leading-edge components and systems that are more advanced than those of competitors | |
| Product development |
Phase mainly for development of new models Development of all-new models and existing-model upgrades |
| • | further improvements in hybrid technologies, including in functions and cost, and contributions to the environment through advancements; |
| • | improvement in internal combustion engine fuel economy technology as well as improvement in technology in connection with more stringent emission standards; |
| • | development of BEVs, FCEVs and other alternative fuel vehicles; |
| • | development of advanced safety technology designed to promote driving and vehicle safety; |
| • | development of automated driving technologies |
| • | connected car technologies; and |
| • | development of technology to bring about more comfortable travel (driving). |
| Description of Activity |
Total Cost (Yen in billions) |
Location |
Primary Method of Financing | |||||
| Japan |
||||||||
| Investment primarily in technology and products by Toyota Motor Corporation |
|
1,081.6 |
|
Japan |
Internal funds, financing from issuance of bonds, etc. | |||
| Investment primarily in technology and products by Daihatsu Motor Co., Ltd. |
121.9 | Japan | Internal funds | |||||
| Investment primarily in technology and products by Toyota Motor Kyushu, Inc. |
107.5 | Japan | Internal funds | |||||
| Investment primarily in technology and products by Toyota Auto Body Co., Ltd. |
92.3 | Japan | Internal funds | |||||
| Investment primarily in technology and products by Primearth EV Energy Co., Ltd. |
73.6 | Japan | Internal funds | |||||
| Investment primarily in technology and products by Prime Planet Energy & Solutions, Inc. |
72.1 | Japan | Internal funds | |||||
| Investment primarily in technology and products by Hino Motors, Ltd. |
56.8 | Japan | Internal funds | |||||
| Outside of Japan |
||||||||
| Investment primarily to promote localization by Toyota Motor Manufacturing, Indiana, Inc. |
199.2 | United States | Internal funds | |||||
| Investment primarily to promote localization by Toyota Motor Manufacturing Texas, Inc. |
167.0 | United States | Internal funds | |||||
| Investment primarily to promote localization by Toyota Motor Manufacturing Canada, Inc. |
91.9 | Canada | Internal funds | |||||
| Investment primarily to promote localization by Toyota Motor Europe NV/SA |
85.6 | Belgium | Internal funds | |||||
| Investment primarily to promote localization by Toyota Motor Manufacturing, Northern Kentucky, Inc. |
72.0 | United States | Internal funds | |||||
| Investment primarily to promote localization by Toyota Motor Thailand Co., Ltd. |
71.2 | Thailand | Internal funds | |||||
| Investment primarily to promote localization by Toyota Motor Manufacturing, Kentucky, Inc. |
69.6 | United States | Internal funds | |||||
| Investment primarily in leased automobiles by Toyota Motor Credit Corporation |
|
5,596.6 |
|
United States |
Internal funds, financing from issuance of bonds, etc. | |||
| Description of Activity |
Total Cost (Yen in billions) |
Location |
Primary Method of Financing | |||||
| Japan |
||||||||
| Investment primarily in manufacturing facilities by Toyota Motor Corporation |
430.0 | Japan | Internal funds | |||||
| Outside of Japan |
||||||||
| Investment primarily in manufacturing facilities by Toyota Battery Manufacturing, Inc. |
69.8 | United States | Internal funds | |||||
| Investment primarily in manufacturing facilities by Toyota Motor Manufacturing, Canada, Inc. |
66.5 | Canada | Internal funds | |||||
| Investment primarily in manufacturing facilities by Toyota Motor Manufacturing, Kentucky, Inc. |
60.4 | United States | Internal funds | |||||
| Investment primarily in manufacturing facilities by Toyota Motor Europe NV/SA |
55.2 | Belgium | Internal funds | |||||
| Investment primarily in manufacturing facilities by Toyota Kirloskar Motor Private Ltd. |
53.2 | India | Internal funds | |||||
| Name of Subsidiary |
Country of Incorporation |
Percentage Ownership Interest |
Percentage Voting Interest |
|||||||||
| Toyota Financial Services Corporation |
Japan | 100.00 | 100.00 | |||||||||
| Hino Motors, Ltd. |
Japan | 50.11 | 50.18 | |||||||||
| Daihatsu Motor Co., Ltd. |
Japan | 100.00 | 100.00 | |||||||||
| TOYOTA Mobility Tokyo Inc. |
Japan | 100.00 | 100.00 | |||||||||
| Toyota Finance Corporation |
Japan | 100.00 | 100.00 | |||||||||
| Toyota Mobility Parts Co., Ltd. |
Japan | 54.08 | 54.08 | |||||||||
| Toyota Auto Body Co., Ltd. |
Japan | 100.00 | 100.00 | |||||||||
| Toyota Motor Kyushu, Inc. |
Japan | 100.00 | 100.00 | |||||||||
| Toyota Motor East Japan, Inc. |
Japan | 100.00 | 100.00 | |||||||||
| Daihatsu Motor Kyushu Co., Ltd. |
Japan | 100.00 | 100.00 | |||||||||
| Cataler Corporation |
Japan | 56.51 | 57.31 | |||||||||
| Toyota Motor Engineering & Manufacturing North America, Inc. |
United States | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing, Kentucky, Inc. |
United States | 100.00 | 100.00 | |||||||||
| Toyota Motor North America, Inc. |
United States | 100.00 | 100.00 | |||||||||
| Toyota Motor Credit Corporation |
United States | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing, Indiana, Inc. |
United States | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing, Texas, Inc. |
United States | 100.00 | 100.00 | |||||||||
| Toyota Motor Sales, U.S.A., Inc. |
United States | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing Canada Inc. |
Canada | 100.00 | 100.00 | |||||||||
| Toyota Credit Canada Inc. |
Canada | 100.00 | 100.00 | |||||||||
| Toyota Canada Inc. |
Canada | 51.00 | 51.00 | |||||||||
| Toyota Motor Manufacturing de Baja California, S. de R.L. de C.V. |
Mexico | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing de Guanajuato, S.A.de C.V. |
Mexico | 100.00 | 100.00 | |||||||||
| Toyota Motor Europe NV/SA |
Belgium | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing France S.A.S. |
France | 100.00 | 100.00 | |||||||||
| Toyota France S.A.S |
France | 100.00 | 100.00 | |||||||||
| Toyota Motor Finance (Netherlands) B.V. |
Netherlands | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing (UK) Ltd. |
United Kingdom | 100.00 | 100.00 | |||||||||
| Toyota Financial Services (UK) PLC |
United Kingdom | 100.00 | 100.00 | |||||||||
| Toyota (GB) PLC |
United Kingdom | 100.00 | 100.00 | |||||||||
| OOO “TOYOTA MOTOR” |
Russia | 100.00 | 100.00 | |||||||||
| Toyota Motor Manufacturing Turkey Inc. |
Turkey | 90.00 | 90.00 | |||||||||
| Guangqi Toyota Engine Co., Ltd. |
China | 70.00 | 70.00 | |||||||||
| Toyota Motor (China) Investment Co., Ltd. |
China | 100.00 | 100.00 | |||||||||
| Toyota Motor Finance (China) Co., Ltd. |
China | 100.00 | 100.00 | |||||||||
| Toyota Kirloskar Motor Private Ltd. |
India | 89.00 | 89.00 | |||||||||
| P.T. Astra Daihatsu Motor |
Indonesia | 61.75 | 61.75 | |||||||||
| PT. Toyota Motor Manufacturing Indonesia |
Indonesia | 95.00 | 95.00 | |||||||||
| Toyota Motor Asia Pacific Pte Ltd. |
Singapore | 100.00 | 100.00 | |||||||||
| Kuozui Motors, Ltd. |
Taiwan | 70.00 | 70.00 | |||||||||
| Toyota Leasing (Thailand) Co., Ltd. |
Thailand | 87.44 | 87.44 | |||||||||
| Toyota Motor Thailand Co., Ltd. |
Thailand | 86.43 | 86.43 | |||||||||
| Toyota Daihatsu Engineering & Manufacturing Co., Ltd. |
Thailand | 100.00 | 100.00 | |||||||||
| Toyota Motor Corporation Australia Ltd. |
Australia | 100.00 | 100.00 | |||||||||
| Toyota Finance Australia Ltd. |
Australia | 100.00 | 100.00 | |||||||||
| Toyota Argentina S.A. |
Argentina | 100.00 | 100.00 | |||||||||
| Toyota do Brasil Ltda. |
Brazil | 100.00 | 100.00 | |||||||||
| Toyota South Africa Motors (Pty) Ltd. |
South Africa | 100.00 | 100.00 | |||||||||
| Facility or Subsidiary Name |
Location |
Land Area (thousands of square meters) |
Number of Employees |
Principal Products or Functions | ||||||||
| Japan (Toyota Motor Corporation) |
||||||||||||
| Toyota Technical Center Shimoyama |
Toyota City, Aichi Pref. | 5,573 | 207 | Research and Development | ||||||||
| Tahara Plant |
Tahara City, Aichi Pref. | 4,032 | 6,738 | Automobiles | ||||||||
| Toyota Head Office and Technical Center |
Toyota City, Aichi Pref. | 2,767 | 22,506 | Research and Development | ||||||||
| Higashi-Fuji Technical Center |
Susono City, Shizuoka Pref. | 2,722 | 2,703 | Research and Development | ||||||||
| Motomachi Plant |
Toyota City, Aichi Pref. | 1,575 | 8,349 | Automobiles | ||||||||
| Takaoka Plant |
Toyota City, Aichi Pref. | 1,317 | 4,068 | Automobiles | ||||||||
| Kamigo Plant |
Toyota City, Aichi Pref. | 895 | 3,063 | Automobile parts | ||||||||
| Kinu-ura Plant |
Hekinan City, Aichi Pref. | 808 | 2,878 | Automobile parts | ||||||||
| Honsha Plant |
Toyota City, Aichi Pref. | 623 | 1,985 | Automobile parts | ||||||||
| Nagoya Office |
Nagoya City, Aichi Pref. | 5 | 2,306 | Office | ||||||||
| Japan (Subsidiaries) |
||||||||||||
| Daihatsu Motor Co., Ltd |
Ikeda City, Osaka, etc. | 7,740 | 11,293 | Automobiles | ||||||||
| Hino Motors, Ltd. |
Hino City, Tokyo, etc. | 6,330 | 12,691 | Automobiles | ||||||||
| Toyota Auto Body Co., Ltd. |
Kariya City, Aichi Pref., etc. | 2,271 | 11,530 | Automobiles | ||||||||
| Toyota Motor Kyushu, Inc. |
Miyawaka City, Fukuoka Pref. | 1,940 | 8,563 | Automobiles etc. | ||||||||
| TOYOTA Mobility Tokyo Inc. |
Minato-ku, Tokyo, etc. |
365 | 6,758 | Sales facilities | ||||||||
| Outside Japan (Subsidiaries) |
||||||||||||
| Toyota Motor Manufacturing, Texas, Inc. |
Texas, U.S.A. | 8,127 | 2,825 | Automobiles | ||||||||
| Toyota Motor Manufacturing, Kentucky, Inc. |
Kentucky, U.S.A. | 5,161 | 7,460 | Automobiles | ||||||||
| Toyota Motor Manufacturing Canada, Inc. |
Ontario, Canada | 4,752 | 7,756 | Automobiles | ||||||||
| Toyota Motor Thailand Co., Ltd. |
Samutprakarn, Thailand | 4,414 | 8,670 | Automobiles | ||||||||
| Toyota Motor Manufacturing, Indiana, Inc. |
Indiana, U.S.A. | 4,359 | 6,521 | Automobiles | ||||||||
| * | “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
| • | vehicle unit sales volumes, |
| • | the mix of vehicle models and options sold, |
| • | the level of parts and service sales, |
| • | the levels of price discounts and other sales incentives and marketing costs, |
| • | the cost of customer warranty claims and other customer satisfaction actions, |
| • | the cost of research and development and other fixed costs, |
| • | the prices of raw materials, |
| • | the ability to control costs, |
| • | the efficient use of production capacity, |
| • | the adverse effect on production due to such factors as the reliance on various suppliers for the provision of supplies, or the general scarcity of certain supplies, |
| • | climate change risk, including both physical risks as well as transition risks, |
| • | the adverse effect on market, sales and productions of natural calamities as well as the outbreak and spread of epidemics and interruptions of social infrastructure, and |
| • | changes in the value of the Japanese yen and other currencies in which Toyota conducts business. |
Yen in millions |
||||||||||||
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Japan |
9,503,238 | 8,587,193 | 8,214,740 | |||||||||
| North America |
10,419,869 | 9,325,950 | 10,897,946 | |||||||||
| Europe |
3,133,227 | 2,968,289 | 3,692,214 | |||||||||
| Asia |
4,785,489 | 4,555,897 | 5,778,115 | |||||||||
| Other* |
2,024,724 | 1,777,266 | 2,796,493 | |||||||||
| * | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Japan |
14,948,931 | 15,991,436 | 1,042,505 | 7.0 | % | |||||||||||
| North America |
9,491,803 | 11,166,479 | 1,674,676 | 17.6 | ||||||||||||
| Europe |
3,134,489 | 3,867,847 | 733,359 | 23.4 | ||||||||||||
| Asia |
5,045,295 | 6,530,566 | 1,485,272 | 29.4 | ||||||||||||
| Other* |
1,872,895 | 2,928,183 | 1,055,287 | 56.3 | ||||||||||||
| Intersegment elimination/unallocated amount |
(7,278,820 | ) | (9,105,004 | ) | (1,826,185 | ) | — | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
27,214,594 | 31,379,507 | 4,164,914 | 15.3 | ||||||||||||
| Operating income (loss): |
||||||||||||||||
| Japan |
1,149,217 | 1,423,445 | 274,228 | 23.9 | ||||||||||||
| North America |
401,361 | 565,784 | 164,423 | 41.0 | ||||||||||||
| Europe |
107,971 | 162,973 | 55,002 | 50.9 | ||||||||||||
| Asia |
435,940 | 672,350 | 236,410 | 54.2 | ||||||||||||
| Other* |
59,847 | 238,169 | 178,322 | 298.0 | ||||||||||||
| Intersegment elimination/unallocated amount |
43,413 | (67,024 | ) | (110,436 | ) | — | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
2,197,748 | 2,995,697 | 797,948 | 36.3 | ||||||||||||
| Operating margin |
8.1 | % | 9.5 | % | 1.4 | % | ||||||||||
| Income before income taxes |
2,932,354 | 3,990,532 | 1,058,177 | 36.1 | ||||||||||||
| Net margin from income before income taxes |
10.8 | % | 12.7 | % | 1.9 | % | ||||||||||
| Net income attributable to Toyota Motor Corporation |
2,245,261 | 2,850,110 | 604,849 | 26.9 | ||||||||||||
| Net margin attributable to Toyota Motor Corporation |
8.3 | % | 9.1 | % | 0.8 | % | ||||||||||
| * | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Vehicles |
20,509,606 | 23,739,442 | 3,229,836 | 15.7 | % | |||||||||||
| Parts and components for production |
1,287,053 | 1,504,215 | 217,162 | 16.9 | ||||||||||||
| Parts and components for after service |
2,049,187 | 2,407,143 | 357,956 | 17.5 | ||||||||||||
| Other |
752,000 | 881,193 | 129,193 | 17.2 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Automotive |
24,597,846 | 28,531,993 | 3,934,147 | 16.0 | ||||||||||||
| All Other |
479,553 | 541,436 | 61,883 | 12.9 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total sales of products |
25,077,398 | 29,073,428 | 3,996,030 | 15.9 | ||||||||||||
| Financial services |
2,137,195 | 2,306,079 | 168,884 | 7.9 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total sales revenues |
27,214,594 | 31,379,507 | 4,164,914 | 15.3 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Number of financing contracts in thousands |
||||||||||||||||
As of March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Japan |
2,660 | 2,745 | 85 | 3.2 | % | |||||||||||
| North America |
5,553 | 5,549 | (4 | ) | (0.1 | ) | ||||||||||
| Europe |
1,412 | 1,507 | 95 | 6.7 | ||||||||||||
| Asia |
1,992 | 2,070 | 78 | 3.9 | ||||||||||||
| Other* |
881 | 895 | 14 | 1.6 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
12,498 | 12,766 | 268 | 2.1 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| * | “Other” consists of Central and South America, Oceania and Africa. |
Thousands of units |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
2,313 | 2,394 | 81 | 3.5 | % | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
7,995,051 | 9,578,534 | 1,583,483 | 19.8 | % | |||||||||||
| Financial services |
1,496,752 | 1,587,945 | 91,193 | 6.1 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
9,491,803 | 11,166,479 | 1,674,676 | 17.6 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
959 | 1,017 | 58 | 6.0 | % | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
2,976,259 | 3,671,205 | 694,946 | 23.3 | % | |||||||||||
| Financial services |
158,229 | 196,642 | 38,413 | 24.3 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
3,134,489 | 3,867,847 | 733,359 | 23.4 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
1,222 | 1,543 | 321 | 26.3 | % | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
4,874,746 | 6,345,172 | 1,470,426 | 30.2 | % | |||||||||||
| Financial services |
170,549 | 185,394 | 14,845 | 8.7 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
5,045,295 | 6,530,566 | 1,485,272 | 29.4 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
1,027 | 1,352 | 326 | 31.7 | % | |||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
1,719,132 | 2,756,840 | 1,037,708 | 60.4 | % | |||||||||||
| Financial services |
153,764 | 171,343 | 17,579 | 11.4 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
1,872,895 | 2,928,183 | 1,055,287 | 56.3 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Operating costs and expenses |
||||||||||||||||
| Cost of products sold |
21,199,890 | 24,250,784 | 3,050,894 | 14.4 | % | |||||||||||
| Cost of financing services |
1,182,330 | 1,157,050 | (25,280 | ) | (2.1 | ) | ||||||||||
| Selling, general and administrative |
2,634,625 | 2,975,977 | 341,351 | 13.0 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
25,016,845 | 28,383,811 | 3,366,965 | 13.5 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||
2022 v. 2021 Change |
||||
| Changes in operating costs and expenses: |
||||
| Effect of changes in vehicle unit sales and sales mix |
1,330,000 | |||
| Effect of changes in exchange rates |
780,000 | |||
| Effect of decrease of cost of financial services |
(100,000 | ) | ||
| Effect of cost reduction efforts |
360,000 | |||
| Increase or decrease in expenses and expense reduction efforts |
220,000 | |||
| Other |
776,965 | |||
| |
|
|||
| Total |
3,366,965 | |||
| |
|
|||
Yen in millions |
||||
2022 v. 2021 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
860,000 | |||
| Effect of cost reduction efforts |
(360,000 | ) | ||
| Effect of changes in exchange rates |
610,000 | |||
| Increase or decrease in expenses and expense reduction efforts |
(220,000 | ) | ||
| Other |
(92,052 | ) | ||
| |
|
|||
| Total |
797,948 | |||
| |
|
|||
Yen in millions |
||||
2022 v. 2021 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
260,000 | |||
| Effect of cost reduction efforts |
(145,000 | ) | ||
| Effect of changes in exchange rates |
370,000 | |||
| Increase or decrease in expenses and expense reduction efforts |
(50,000 | ) | ||
| Other |
(160,772 | ) | ||
| |
|
|||
| Total |
274,228 | |||
| |
|
|||
Yen in millions |
||||
2022 v. 2021 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
380,000 | |||
| Effect of cost reduction efforts |
(125,000 | ) | ||
| Effect of changes in exchange rates |
50,000 | |||
| Increase or decrease in expenses and expense reduction efforts |
(135,000 | ) | ||
| Other |
(5,577 | ) | ||
| |
|
|||
| Total |
164,423 | |||
| |
|
|||
Yen in millions |
||||
2022 v. 2021 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
105,000 | |||
| Effect of cost reduction efforts |
(40,000 | ) | ||
| Effect of changes in exchange rates |
0 | |||
| Increase or decrease in expenses and expense reduction efforts |
(10,000 | ) | ||
| Other |
2 | |||
| |
|
|||
| Total |
55,002 | |||
| |
|
|||
Yen in millions |
||||
2022 v. 2021 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
130,000 | |||
| Effect of cost reduction efforts |
(35,000 | ) | ||
| Effect of changes in exchange rates |
170,000 | |||
| Increase or decrease in expenses and expense reduction efforts |
(40,000 | ) | ||
| Other |
11,410 | |||
| |
|
|||
| Total |
236,410 | |||
| |
|
|||
Yen in millions |
||||
2022 v. 2021 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
95,000 | |||
| Effect of cost reduction efforts |
(15,000 | ) | ||
| Effect of changes in exchange rates |
20,000 | |||
| Increase or decrease in expenses and expense reduction efforts |
15,000 | |||
| Other |
63,322 | |||
| |
|
|||
| Total |
178,322 | |||
| |
|
|||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2022 v. 2021 Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percentage |
|||||||||||||
| Automotive: |
||||||||||||||||
| Sales revenues |
24,651,552 | 28,605,738 | 3,954,186 | 16.0 | % | |||||||||||
| Operating income |
1,607,161 | 2,284,290 | 677,130 | 42.1 | ||||||||||||
| Financial Services: |
||||||||||||||||
| Sales revenues |
2,162,237 | 2,324,026 | 161,789 | 7.5 | ||||||||||||
| Operating income |
495,593 | 657,001 | 161,408 | 32.6 | ||||||||||||
| All Other: |
||||||||||||||||
| Sales revenues |
1,052,365 | 1,129,876 | 77,512 | 7.4 | ||||||||||||
| Operating income |
85,350 | 42,302 | (43,048 | ) | (50.4 | ) | ||||||||||
| Intersegment elimination/unallocated amount: |
||||||||||||||||
| Sales revenues |
(651,560 | ) | (680,133 | ) | (28,573 | ) | — | |||||||||
| Operating income |
9,645 | 12,104 | 2,459 | — | ||||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Japan |
16,441,852 | 14,948,931 | (1,492,921 | ) | (9.1 | )% | ||||||||||
| North America |
10,642,034 | 9,491,803 | (1,150,231 | ) | (10.8 | ) | ||||||||||
| Europe |
3,355,357 | 3,134,489 | (220,868 | ) | (6.6 | ) | ||||||||||
| Asia |
5,293,231 | 5,045,295 | (247,936 | ) | (4.7 | ) | ||||||||||
| Other* |
2,114,111 | 1,872,895 | (241,216 | ) | (11.4 | ) | ||||||||||
| Intersegment elimination/unallocated amount |
(7,980,038 | ) | (7,278,820 | ) | 701,218 | — | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
29,866,547 | 27,214,594 | (2,651,954 | ) | (8.9 | ) | ||||||||||
| Operating income(loss): |
||||||||||||||||
| Japan |
1,585,276 | 1,149,217 | (436,059 | ) | (27.5 | ) | ||||||||||
| North America |
253,205 | 401,361 | 148,156 | 58.5 | ||||||||||||
| Europe |
143,817 | 107,971 | (35,846 | ) | (24.9 | ) | ||||||||||
| Asia |
363,547 | 435,940 | 72,393 | 19.9 | ||||||||||||
| Other* |
84,001 | 59,847 | (24,154 | ) | (28.8 | ) | ||||||||||
| Intersegment elimination/unallocated amount |
(30,613 | ) | 43,413 | 74,026 | — | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
2,399,232 | 2,197,748 | (201,484 | ) | (8.4 | ) | ||||||||||
| Operating margin |
8.0 | % | 8.1 | % | 0.1 | % | ||||||||||
| Income before income taxes |
2,792,942 | 2,932,354 | 139,412 | 5.0 | ||||||||||||
| Net margin from income before income taxes |
9.4 | % | 10.8 | % | 1.4 | % | ||||||||||
| Net income attributable to Toyota Motor Corporation |
2,036,140 | 2,245,261 | 209,121 | 10.3 | ||||||||||||
| Net margin attributable to Toyota Motor Corporation |
6.8 | % | 8.3 | % | 1.5 | % | ||||||||||
| * | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Vehicles |
22,647,701 | 20,509,606 | (2,138,095 | ) | (9.4 | )% | ||||||||||
| Parts and components for production |
1,197,089 | 1,287,053 | 89,964 | 7.5 | ||||||||||||
| Parts and components for after service |
2,170,448 | 2,049,187 | (121,261 | ) | (5.6 | ) | ||||||||||
| Other |
755,141 | 752,000 | (3,141 | ) | (0.4 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Automotive |
26,770,379 | 24,597,846 | (2,172,533 | ) | (8.1 | ) | ||||||||||
| All Other |
923,314 | 479,553 | (443,761 | ) | (48.1 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total sales of products |
27,693,693 | 25,077,398 | (2,616,295 | ) | (9.4 | ) | ||||||||||
| Financial Services |
2,172,854 | 2,137,195 | (35,659 | ) | (1.6 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total sales revenues |
29,866,547 | 27,214,594 | (2,651,954 | ) | (8.9 | )% | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Number of financing contracts in thousands |
||||||||||||||||
As of March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Japan |
2,414 | 2,660 | 246 | 10.2 | % | |||||||||||
| North America |
5,394 | 5,553 | 159 | 2.9 | ||||||||||||
| Europe |
1,318 | 1,412 | 94 | 7.1 | ||||||||||||
| Asia |
1,864 | 1,992 | 128 | 6.9 | ||||||||||||
| Other* |
926 | 881 | (45 | ) | (4.9 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
11,916 | 12,498 | 582 | 4.9 | % | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| * | “Other” consists of Central and South America, Oceania and Africa. |
Thousands of units |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales* |
4,284 | 3,853 | (431 | ) | (10.0 | )% | ||||||||||
| * including number of exported vehicle unit sales |
||||||||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
16,197,556 | 14,674,496 | (1,523,060 | ) | (9.4 | )% | ||||||||||
| Financial services |
244,296 | 274,435 | 30,139 | 12.3 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
16,441,852 | 14,948,931 | (1,492,921 | ) | (9.1 | )% | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
2,713 | 2,313 | (400 | ) | (14.8 | )% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
9,089,289 | 7,995,051 | (1,094,238 | ) | (12.0 | )% | ||||||||||
| Financial services |
1,552,745 | 1,496,752 | (55,993 | ) | (3.6 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
10,642,034 | 9,491,803 | (1,150,231 | ) | (10.8 | )% | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
1,029 | 959 | (70 | ) | (6.8 | )% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
3,206,943 | 2,976,259 | (230,683 | ) | (7.2 | )% | ||||||||||
| Financial services |
148,414 | 158,229 | 9,815 | 6.6 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
3,355,357 | 3,134,489 | (220,868 | ) | (6.6 | )% | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
1,600 | 1,222 | (378 | ) | (23.6 | )% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
5,120,384 | 4,874,746 | (245,638 | ) | (4.8 | )% | ||||||||||
| Financial services |
172,847 | 170,549 | (2,298 | ) | (1.3 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
5,293,231 | 5,045,295 | (247,936 | ) | (4.7 | )% | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Thousands of units |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Toyota’s consolidated vehicle unit sales |
1,372 | 1,027 | (345 | ) | (25.2 | )% | ||||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Sales revenues: |
||||||||||||||||
| Sales of products |
1,941,859 | 1,719,132 | (222,728 | ) | (11.5 | )% | ||||||||||
| Financial services |
172,252 | 153,764 | (18,488 | ) | (10.7 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
2,114,111 | 1,872,895 | (241,216 | ) | (11.4 | )% | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Operating costs and expenses |
||||||||||||||||
| Cost of products sold |
23,103,596 | 21,199,890 | (1,903,706 | ) | (8.2 | )% | ||||||||||
| Cost of financial services |
1,381,755 | 1,182,330 | (199,424 | ) | (14.4 | ) | ||||||||||
| Selling, general and administrative |
2,981,965 | 2,634,625 | (347,339 | ) | (11.6 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
27,467,315 | 25,016,845 | (2,450,470 | ) | (8.9 | )% | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||
2021 v. 2020 Change |
||||
| Changes in operating costs and expenses: |
||||
| Effect of changes in vehicle unit sales and sales mix |
(1,330,000 | ) | ||
| Effect of changes in exchange rates |
(305,000 | ) | ||
| Effect of decrease of cost of financial services |
(175,500 | ) | ||
| Effect of cost reduction efforts |
(150,000 | ) | ||
| Increase or decrease in expenses and expense reduction efforts |
(70,000 | ) | ||
| Other |
(419,970 | ) | ||
| |
|
|||
| Total |
(2,450,470 | ) | ||
| |
|
|||
Yen in millions |
||||
2021 v. 2020 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing activities |
(210,000 | ) | ||
| Effect of cost reduction efforts |
150,000 | |||
| Effect of changes in exchange rates |
(255,000 | ) | ||
| Increase or decrease in expenses and expense reduction efforts |
70,000 | |||
| Other |
43,516 | |||
| |
|
|||
| Total |
(201,484 | ) | ||
| |
|
|||
Yen in millions |
||||
2021 v. 2020 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing activities |
(475,000 | ) | ||
| Effect of cost reduction efforts |
125,000 | |||
| Effect of changes in exchange rates |
(170,000 | ) | ||
| Increase or decrease in expenses and expense reduction efforts |
65,000 | |||
| Other |
18,941 | |||
| |
|
|||
| Total |
(436,059 | ) | ||
| |
|
|||
Yen in millions |
||||
2021 v. 2020 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
150,000 | |||
| Effect of cost reduction efforts |
10,000 | |||
| Effect of changes in exchange rates |
(20,000 | ) | ||
| Increase or decrease in expenses and expense reduction efforts |
(50,000 | ) | ||
| Other |
58,156 | |||
| |
|
|||
| Total |
148,156 | |||
| |
|
|||
Yen in millions |
||||
2021 v. 2020 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
15,000 | |||
| Effect of cost reduction efforts |
0 | |||
| Effect of changes in exchange rates |
(50,000 | ) | ||
| Increase or decrease in expenses and expense reduction efforts |
15,000 | |||
| Other |
(15,846 | ) | ||
| |
|
|||
| Total |
(35,846 | ) | ||
| |
|
|||
Yen in millions |
||||
2021 v. 2020 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
20,000 | |||
| Effect of cost reduction efforts |
20,000 | |||
| Effect of changes in exchange rates |
10,000 | |||
| Increase or decrease in expenses and expense reduction efforts |
10,000 | |||
| Other |
12,393 | |||
| |
|
|||
| Total |
72,393 | |||
| |
|
|||
Yen in millions |
||||
2021 v. 2020 Change |
||||
| Changes in operating income and loss: |
||||
| Effect of marketing efforts |
80,000 | |||
| Effect ofcost reduction efforts |
(5,000 | ) | ||
| Effect of changes in exchange rates |
(25,000 | ) | ||
| Increase or decrease in expenses and expense reduction efforts |
(40,000 | ) | ||
| Other |
(34,154 | ) | ||
| |
|
|||
| Total |
(24,154 | ) | ||
| |
|
|||
Yen in millions |
||||||||||||||||
Year ended March 31, |
2021 v. 2020 Change |
|||||||||||||||
2020 |
2021 |
Amount |
Percentage |
|||||||||||||
| Automotive: |
||||||||||||||||
| Sales revenues |
26,799,743 | 24,651,552 | (2,148,191 | ) | (8.0 | )% | ||||||||||
| Operating income |
2,013,134 | 1,607,161 | (405,973 | ) | (20.2 | ) | ||||||||||
| Financial Services: |
||||||||||||||||
| Sales revenues |
2,193,170 | 2,162,237 | (30,933 | ) | (1.4 | ) | ||||||||||
| Operating income |
283,742 | 495,593 | 211,851 | 74.7 | ||||||||||||
| All Other: |
||||||||||||||||
| Sales revenues |
1,504,920 | 1,052,365 | (452,555 | ) | (30.1 | ) | ||||||||||
| Operating income |
103,356 | 85,350 | (18,006 | ) | (17.4 | ) | ||||||||||
| Intersegment elimination/unallocated amount: |
||||||||||||||||
| Sales revenues |
(631,286 | ) | (651,560 | ) | (20,274 | ) | — | |||||||||
| Operating income |
(999 | ) | 9,645 | 10,645 | — | |||||||||||
| S&P |
Moody’s |
R&I | ||||
| Short-term borrowing |
A-1+ |
P-1 |
— | |||
| Long-term debt |
A+ | A1 | AAA |
Yen in millions |
||||||||||||||||||||
Total |
Payments Due by Period |
|||||||||||||||||||
Less than 1 year |
1 to 3 years |
3 to 5 years |
5 years and after |
|||||||||||||||||
| Contractual Obligations: |
||||||||||||||||||||
| Short-term debt |
4,104,858 | 4,104,858 | — | — | — | |||||||||||||||
| Long-term debt |
22,391,500 | 7,082,981 | 8,937,246 | 4,447,945 | 1,923,328 | |||||||||||||||
| Commitments for the purchase of property, plant, other assets and services (note 30) |
349,143 | 201,482 | 89,695 | 40,423 | 17,543 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
26,845,501 | 11,389,321 | 9,026,941 | 4,488,368 | 1,940,871 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Commercial Commitments (note 30): |
||||||||||||||||||||
| Maximum potential exposure to guarantees given in the ordinary course of business |
3,641,978 | 939,994 | 1,631,204 | 975,963 | 94,817 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
3,641,978 | 939,994 | 1,631,204 | 975,963 | 94,817 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| * | “Long-term debt” represents future principal payments. |
| Facility |
Principal Activity | |
| Japan |
||
| Toyota Technical Center |
Product planning, style, design, prototype production and vehicle evaluation | |
| Higashi-Fuji Technical Center |
Advanced development | |
| Tokyo Design Research & Laboratory |
Advanced styling designs | |
| Woven Core, Inc. |
Development of artificial intelligence technology with a focus on automated driving technology | |
| Woven Alpha, Inc. |
Development of Woven City and software platform technologies | |
| Otemachi Office |
Development of key IT technologies, creation of new values by utilizing big data and collaboration with venture companies | |
| Shibetsu Proving Ground |
Evaluation | |
| Toyota Central R&D Labs., Inc. |
Basic research | |
| United States |
||
| Toyota Motor Engineering and Manufacturing North America, Inc. |
Product planning, design and evaluation of vehicles manufactured in North America | |
| Calty Design Research, Inc. |
Design | |
| Toyota Research Institute of North America (TRI-NA) |
Advanced research relating to “energy and environment,” “safety” and “mobility infrastructure” | |
| Toyota Research Institute, Inc. |
Research and development of artificial intelligence technology | |
| Woven Planet North America, Inc. |
Development of automated driving technology and software platform technology | |
| Facility |
Principal Activity | |
| Europe |
||
| Toyota Motor Europe NV/SA |
Planning and evaluation of vehicles manufactured in Europe | |
| Toyota Europe Design Development S.A.R.L. |
Design | |
| Toyota Motorsport GmbH |
Development of motor sports vehicles | |
| Woven Planet United Kingdom, Ltd. |
Development of automated driving technology and software platform technology | |
| Asia Pacific |
||
| Toyota Daihatsu Engineering and Manufacturing Co., Ltd. |
Planning and evaluation of vehicles manufactured in Australia and Asia | |
| China |
||
| Toyota Motor Engineering and Manufacturing (China) Co., Ltd. |
Environmental technology design and evaluation in China | |
| FAW Toyota Research & Development Co., Ltd |
Design, evaluation and certification of vehicles manufactured in China | |
| GAC Toyota Motor Co., Ltd. R&D Center |
Design, evaluation and certification of vehicles manufactured in China | |
| BYD Toyota EV Technology Co., Ltd. |
Design and evaluation of BEVs | |
| Toyota Motor Technical Research and Service (Shanghai) Co., Ltd. |
Research of new technology, construction and system of automobiles | |
| Name (Date of Birth) |
Position |
Brief Career Summary and Important Concurrent Duties |
Number of Common Shares |
|||||
| Takeshi Uchiyamada (August 17, 1946) |
Chairman of the Board of Directors |
1969 Joined Toyota Motor Corporation (“TMC”) 1998 Member of the Board of Directors of TMC 2001 Managing Director of TMC 2003 Senior Managing Director of TMC 2005 Executive Vice President of TMC 2012 Vice Chairman of TMC 2013 Chairman of TMC (to present) (important concurrent duties) Director of JTEKT Corporation Director of Mitsui & Co., Ltd. |
|
450,195 shares |
| |||
| Shigeru Hayakawa (September 15, 1953) |
Vice Chairman of the Board of Directors |
1977 Joined Toyota Motor Sales Co., Ltd. 2007 Managing Officer of TMC 2007 Toyota Motor North America, Inc. President 2009 Retired from Toyota Motor North America, Inc. President 2012 Senior Managing Officer of TMC 2015 Member of the Board of Directors and Senior Managing Officer of TMC 2017 Vice Chairman of TMC (to present) (important concurrent duties) Representative Director of Institute for International Economic Studies |
|
242,040 shares |
||||
| Akio Toyoda (May 3, 1956) |
President, Member of the Board of Directors |
1984 Joined TMC 2000 Member of the Board of Directors of TMC 2002 Managing Director of TMC 2003 Senior Managing Director of TMC 2005 Executive Vice President of TMC 2009 President of TMC (to present) (important concurrent duties) Chairman and CEO of Toyota Motor North America, Inc. Chairman of TOYOTA FUDOSAN CO., LTD. Chairman of the Japan Automobile Manufacturers Association, Inc. Director of DENSO Corporation Representative Director of ROOKIE Racing, Inc. |
|
24,077,945 shares |
||||
| Name (Date of Birth) |
Position |
Brief Career Summary and Important Concurrent Duties |
Number of Common Shares |
|||||
| James Kuffner (January 18, 1971) |
Member of the Board of Directors, Operating Officer |
1999 Postdoctoral Research Fellow at the Japan Society for the Promotion of Science 2002 Research Scientist of the Robotics Institute at Carnegie Mellon University 2005 Assistant Professor of the Robotics Institute at Carnegie Mellon University 2008 Associate Professor of the Robotics Institute at Carnegie Mellon University 2009 Research Scientist at Google Inc. 2013 Engineering Director of Google Inc. 2016 Chief Technology Officer of Toyota Research Institute, Inc. 2018 Chief Executive Officer of Toyota Research Institute - Advanced Development, Inc. 2018 Executive Advisor at Toyota Research Institute, Inc. 2020 Senior Fellow at TMC 2020 Member of the Board of Directors, Operating Officer of TMC (to present) 2021 Toyota Research Institute - Advanced Development, Inc. changed its corporate name to Woven Core, Inc. and was reorganized into the Woven Planet Group. 2021 Chief Executive Officer and Representative Director of Woven Planet Holdings, Inc. (to present) (important concurrent duties) Chief Executive Officer and Representative Director of Woven Planet Holdings, Inc. Representative Director of Woven Core, Inc. President and Representative Director of Woven Alpha, Inc. Director of Joby Aviation, Inc. |
|
2,970 shares |
||||
| Kenta Kon (August 2, 1968) |
Member of the Board of Directors, Operating Officer, Executive Vice President |
1991 Joined TMC 2018 Managing Officer of TMC 2019 Operating Officer of TMC 2021 Member of the Board of Directors, Operating Officer of TMC 2022 Member of the Board of Directors, Operating Officer, Executive Vice President of TMC (to present) |
|
34,944 shares |
||||
| Name (Date of Birth) |
Position |
Brief Career Summary and Important Concurrent Duties |
Number of Common Shares |
|||||
| Masahiko Maeda (February 10, 1969) |
Member of the Board of Directors, Operating Officer, Executive Vice President |
1994 Joined TMC 2018 Managing Officer of TMC 2019 Operating Officer of TMC 2019 Chairman and President of Toyota Daihatsu Engineering & Manufacturing Co., Ltd. 2022 Operating Officer, Executive Vice President of TMC 2022 Member of the Board of Directors, Operating Officer, Executive Vice President of TMC (to present) (important concurrent duties) Representative Director of Woven Planet Holdings, Inc. Director of Toyota Industries Corporation |
|
21,984 shares |
| |||
| Ikuro Sugawara (March 6, 1957) |
Outside Member of the Board of Directors |
1981 Joined Ministry of International Trade and Industry 2010 Director-General of the Industrial Science and Technology Policy and Environment Bureau, Ministry of Economy, Trade and Industry 2012 Director-General of the Manufacturing Industries Bureau, Ministry of Economy, Trade and Industry 2013 Director-General of the Economic and Industrial Policy Bureau, Ministry of Economy, Trade and Industry 2015 Vice-Minister of Ministry of Economy, Trade and Industry 2017 Retired from the Ministry of Economy, Trade and Industry 2017 Special Advisor to the Cabinet 2018 Retired from Special Advisor to the Cabinet 2018 Outside Member of the Board of Directors of TMC (to present) (important concurrent duties) Independent Director of Hitachi, Ltd. |
— | |||||
| Sir Philip Craven (July 4, 1950) |
Outside Member of the Board of Directors |
1989 President of the International Wheelchair Basketball Federation 2001 President of the International Paralympic Committee 2002 Retired as President of the International Wheelchair Basketball Federation 2017 Retired as President of the International Paralympic Committee 2018 Outside Member of the Board of Directors of TMC (to present) |
— | |||||
| Name (Date of Birth) |
Position |
Brief Career Summary and Important Concurrent Duties |
Number of Common Shares |
|||||
| Teiko Kudo (May 22, 1964) |
Outside Member of the Board of Directors |
1987 Joined the Sumitomo Bank, Limited 2014 Executive Officer of Sumitomo Mitsui Banking Corporation 2017 Managing Executive Officer of Sumitomo Mitsui Banking Corporation 2018 Outside Member of the Board of Directors of TMC (to present) 2020 Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation 2020 Senior Managing Executive Officer of Sumitomo Mitsui Financial Group, Inc. 2021 Director and Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation (to present) 2021 Senior Managing Corporate Executive Officer of Sumitomo Mitsui Financial Group, Inc. 2021 Director Senior Managing Executive Officer of Sumitomo Mitsui Financial Group, Inc. (to present) (important concurrent duties) Director Senior Managing Executive Officer of Sumitomo Mitsui Financial Group, Inc. Director and Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation |
|
9,467 shares |
| |||
| Haruhiko Kato (July 21, 1952) |
Full-time Audit & Supervisory Board Member |
1975 Joined Ministry of Finance 2007 Director-General of the Tax Bureau, Ministry of Finance 2009 Commissioner of National Tax Agency 2010 Retired from Commissioner of National Tax Agency 2011 Senior Managing Director of Japan Securities Depository Center, Inc. 2011 President of Japan Securities Depository Center, Inc. 2013 Member of the Board of Directors of TMC (to present) 2015 President and CEO of Japan Securities Depository Center, Inc. 2018 Retired as Member of the Board of Directors of TMC 2019 Retired as President and CEO of Japan Securities Depository Center, Inc. 2019 Audit & Supervisory Board Member of TMC (to present) 2019 Retired as Director of Japan Securities Depository Center, Inc. |
|
8,808 shares |
| |||
| Name (Date of Birth) |
Position |
Brief Career Summary and Important Concurrent Duties |
Number of Common Shares |
|||||
| Masahide Yasuda (April 1, 1949) |
Full-time Audit & Supervisory Board Member |
1972 Joined TMC 2000 General Manager of Overseas Parts Division of TMC 2007 President of Toyota Motor Corporation Australia Ltd. 2014 Chairman of Toyota Motor Corporation Australia Ltd. 2017 Retired as Chairman of Toyota Motor Corporation Australia Ltd. 2018 Audit & Supervisory Board Member of TMC (to present) |
|
47,703 shares |
| |||
| Katsuyuki Ogura (January 25, 1963) |
Full-time Audit & Supervisory Board Member |
1985 Joined TMC 2015 General Manager of Affiliated Companies Finance Dept. of TMC 2018 General Manager of Audit & Supervisory Board Office of TMC 2019 Audit & Supervisory Board Member of TMC (to present) (important concurrent duties) Outside Audit & Supervisory Board Member of Aichi Steel Corporation |
|
27,146 shares |
||||
| Yoko Wake (November 18, 1947) |
Outside Audit & Supervisory Board Member |
1970 Joined the Fuji Bank, Limited 1973 Retired from the same 1977 Assistant Lecturer of Faculty of Business and Commerce of Keio University 1982 Associate Professor of the same 1993 Professor of the same 2011 Outside Audit & Supervisory Board Member of TMC (to present) 2013 Professor Emeritus of Keio University (to present) (important concurrent duties) Professor Emeritus of Keio University |
— | |||||
| Hiroshi Ozu (July 21, 1949) |
Outside Audit & Supervisory Board Member |
2012 Prosecutor-General 2014 Retired from Prosecutor-General 2014 Registered as Attorney 2015 Outside Audit & Supervisory Board Member of TMC (to present) (important concurrent duties) Attorney Outside Corporate Auditor of Mitsui & Co., Ltd. Audit & Supervisory Board Member (External) of Shiseido Company, Limited |
|
1,615 shares |
| |||
| Name (Date of Birth) |
Position |
Brief Career Summary and Important Concurrent Duties |
Number of Common Shares |
|||||
| George Olcott (May 7, 1955) |
Outside Audit & Supervisory Board Member |
1986 Joined S.G.Warburg & Co.,Ltd 1999 President of UBS Asset Management (Japan) 1999 President, Japan UBS Brinson 2000 Managing Director, Equity Capital Markets, UBS Warburg Tokyo 2001 Judge Business School, University of Cambridge 2005 FME Teaching Fellow, Judge Business School, University of Cambridge 2008 Senior Fellow, Judge Business School, University of Cambridge (important concurrent duties) Outside Director of Kirin Holdings Company, Limited |
— | |||||
| 1. | Mr. Akio Toyoda, who is President and Member of the Board of Directors, concurrently serves as Operating Officer (President). |
| 2. | Dr. James Kuffner, who is a Member of the Board of Directors, concurrently serves as Operating Officer. |
| 3. | Mr. Kenta Kon and Mr. Masahiko Maeda, who are Members of the Board of Directors, concurrently serve as Operating Officer (Executive Vice President). |
| Name (Date of Birth) |
Position |
Brief Career Summary and Important Concurrent Duties |
Number of Common Shares | |||
| Ryuji Sakai (August 7, 1957) |
Substitute Audit & Supervisory Board Member |
1985 Registered as attorney and joined Nagashima & Ohno 1990 Wilson Sonsini Goodrich & Rosati 1995 Partner of Nagashima & Ohno 2000 Partner of Nagashima Ohno & Tsunematsu (to present) (important concurrent duties) Attorney Outside Audit & Supervisory Board Member of Kobayashi Pharmaceutical Co., Ltd. |
— |
| • | It should be a system that encourages members of the board of directors to work to improve the medium- to long-term corporate value of Toyota. |
| • | It should be a system that can maintain compensation levels that will allow Toyota to secure and retain talented personnel. |
| • | It should be a system that motivates members of the board of directors to promote management from the same viewpoint as our shareholders with a stronger sense of responsibility as corporate managers. |
| • | Remuneration level for each position and job responsibility |
| • | Evaluation of benchmarks and actual results of fiscal 2021 |
| • | Evaluation of individual performance |
| • | Determination of the amount of remuneration for each member of the board of directors |
Consolidated operating income |
Indicator for evaluating Toyota’s efforts based on business performance | |
Fluctuation of the market capitalization |
Corporate value indicator for shareholders and investors to evaluate Toyota’s efforts | |
Individual performance evaluation |
Qualitative evaluation of performance of each member of the board of directors |
Evaluation Weight |
Evaluation Method |
Reference Value |
Evaluation Result for Fiscal 2022 | |||||
Consolidated operating income |
70% | Evaluate the degree of attainment of consolidated operating income in fiscal 2021, using required income (set in 2011) for Toyota’s sustainable growth as reference value | ¥1 trillion | 210% | ||||
Fluctuation of Toyota’s market capitalization |
30% | Comparatively evaluate the fluctuation of Toyota’s market capitalization up to fiscal 2022 (average of January-March), using the market capitalization of Toyota and the TOPIX of fiscal 2021 (average of January-March) as reference values | Toyota: ¥22.3 trillion TOPIX: ¥1,903.60 | |||||
| Name, Position |
Classification of Company |
Compensation per Type (million yen) |
Total Compensation (millions of yen) |
|||||||||||||||||||
Fixed Compensation |
Performance-based Compensation |
Retirement Benefits |
||||||||||||||||||||
Monthly Compensation |
Bonus |
Share Compensation |
||||||||||||||||||||
| Takeshi Uchiyamada, Member of the Board of Directors |
Toyota Motor Corporation |
|
118 |
|
|
79 |
|
|
76 (37,000 shares |
) |
|
— |
|
|
273 |
| ||||||
| Shigeru Hayakawa, Member of the Board of Directors |
Toyota Motor Corporation |
|
74 |
|
|
1 |
|
|
81 (39,000 shares |
) |
|
— |
|
|
156 |
| ||||||
| Akio Toyoda, Member of the Board of Directors |
Toyota Motor Corporation |
|
204 |
|
|
0 |
|
|
481 (230,000 shares |
) |
|
— |
|
|
685 |
| ||||||
| Koji Kobayashi, Member of the Board of Directors |
Toyota Motor Corporation |
|
78 |
|
|
0 |
|
|
100 (48,000 shares |
) |
|
— |
|
|
178 |
| ||||||
| James Kuffner, Member of the Board of Directors |
Toyota Motor Corporation |
|
152 |
|
|
100 |
|
|
— |
|
|
— |
|
|
906 |
| ||||||
| Consolidated subsidiary (Woven Planet Holdings, Inc.*) |
642 | 13 | — | — | ||||||||||||||||||
| * | Fixed compensation that Woven Planet Holdings, Inc., Toyota’s consolidated subsidiary, pays to James Kuffner includes fixed compensation that is paid trimonthly and annually. |
| Segment |
Number of Employees |
Location |
Number of Employees | |||
| Automotive |
330,184 | Japan | 203,948 | |||
| Financial services |
13,140 | North America | 55,471 | |||
| All other |
24,258 | Europe | 24,852 | |||
| Unallocated |
5,235 | Asia | 66,328 | |||
| Other* | 22,218 | |||||
| |
| |||||
| Total |
372,817 |
Total |
372,817 | |||
| |
| |||||
| * “Other” consists of Central and South America, Oceania, Africa and the Middle East. | ||||||
| Eligible persons |
Members of the board of directors of Toyota (excluding outside members of the board of directors) | |
Total amount of the share compensation |
Maximum of 4.0 billion yen per year | |
| Amount of the share compensation payable to each member of the board of directors |
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 stock (with transfer restrictions under an allotment agreement) | |
Total number of shares to be allotted |
Maximum of 4,000,000 shares per year in total to eligible members of the board of directors (Provided, however, that if a stock split, including a gratis allotment, or a reverse stock split of Toyota’s common stock is carried out after June 15, 2022, or in case of events that otherwise require an adjustment to the total number of Toyota’s shares of common stock to be issued or disposed of as restricted share compensation, such total number of shares will be adjusted to a reasonable extent.) | |
Amount to be paid |
Determined by the board of directors of Toyota based on the closing price of Toyota’s common stock 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 eligible members of the board of directors | |
Transfer restriction period |
A period of three to fifty years from the allotment date, which is determined by the board of directors of Toyota in advance | |
Conditions for removal of transfer restrictions |
Restrictions will be removed upon the expiration of the transfer restriction period. However, restrictions will also be removed in the case of expiration of the term of office, death, or other legitimate reasons. | |
Gratis acquisition by Toyota |
Toyota will be able to acquire all allotted shares without consideration in the case of violations of laws and regulations or other reasons specified by the board of directors of Toyota during the transfer restriction period. |
| Name of Beneficial Owner |
Number of Shares of Common Stock (in thousands) |
Percentage of Outstanding Voting Shares of Common Stock |
||||||
| Toyota Industries Corporation |
1,192,331 | 8.68 | ||||||
1-3. |
Consolidated Financial Statements. Toyota’s audited consolidated financial statements are included under “Item 18 — Financial Statements.” Except for Toyota’s consolidated financial statements included under Item 18, no other information in this annual report has been audited by Toyota’s auditors. |
| 4. | Not applicable. |
| 5. | Not applicable. |
| 6. | Export Sales. See “Operating and Financial Review and Prospects — Operating Results — Overview — Geographic Breakdown.” |
| 7. | Legal and Arbitration Proceedings. See “Information on the Company — Business Overview — Legal Proceedings.” |
| 8. | Dividend Information. |
Cash Dividends per Common Share |
||||||||
| Period Ended |
Yen |
U.S. dollars |
||||||
| September 30, 2019 |
100.0 | 0.92 | ||||||
| March 31, 2020 |
120.0 | 1.11 | ||||||
| September 30, 2020 |
105.0 | 0.99 | ||||||
| March 31, 2021 |
135.0 | 1.22 | ||||||
| September 30, 2021 |
120.0 | 1.07 | ||||||
| March 31, 2022 |
28.0 | 1.15 | ||||||
| <140.0 | >* | <0.23 | >* | |||||
| * | The numbers in angle brackets are calculated based on a “pre-stock split” basis, that is, on the assumption that the five-for-one |
ITEM 10. |
ADDITIONAL INFORMATION |
| • | the manufacture, sale, leasing and repair of: |
| • | motor vehicles, industrial vehicles, ships, aircraft, other transportation machinery and apparatus, spacecraft and space machinery and apparatus, and parts thereof; |
| • | industrial machinery and apparatus, other general machinery and apparatus, and parts thereof; |
| • | electrical machinery and apparatus, and parts thereof; and |
| • | measuring machinery and apparatus, medical machinery and apparatus, and parts thereof; |
| • | the manufacture and sale of ceramics and products of synthetic resins, and materials thereof; |
| • | the manufacture, sale and repair of construction materials and equipment, furnishings and fixtures for residential buildings; |
| • | the planning, designing, supervision, execution and undertaking of construction works, civil engineering works, land development, urban development and regional development; |
| • | the sale, purchase, leasing, brokerage and management of real estate; |
| • | the service of information processing, information communications and information supply and the development, sale and leasing of software; |
| • | the design and development of product sales systems that utilize networks such as the Internet, sale, leasing and maintenance of computers included within such systems, and sale of products by utilizing such systems; |
| • | the inland transportation, marine transportation, air transportation, stevedoring, warehousing and tourism businesses; |
| • | the printing, publishing, advertising and publicity, general leasing, security and workers dispatch businesses; |
| • | the credit card operations, purchase and sale of securities, investment consulting, investment trust operation, and other financial services; |
| • | the operation and management of such facilities as parking lots, showrooms, educational facilities, medical care facilities, sports facilities, marinas, airfields, food and drink stands and restaurants, lodging facilities, retail stores and others; |
| • | the non-life insurance agency business and the life insurance agency business; |
| • | the production and processing by using biotechnology of agricultural products including trees, and the sale of such products; |
| • | the power generation and the supply and sale of electric power; |
| • | the sale of goods related to each of the preceding items and mineral oil; |
| • | the conducting of engineering, consulting, invention and research relating to each of the preceding items and the utilization of such invention and research; and |
| • | any businesses incidental to or related to any of the preceding items. |
| (1) | any amendment of the articles of incorporation with certain exceptions in which a shareholders’ resolution is not required; |
| (2) | acquisition of its own shares from a specific party; |
| (3) | consolidation of shares; |
| (4) | any issue or transfer of its shares at a “specially favorable” price (or any issue of stock acquisition rights or bonds with stock acquisition rights at “specially favorable” conditions by Toyota) to any persons other than shareholders; |
| (5) | the removal of an audit & supervisory board member; |
| (6) | the exemption of liability of a director or audit & supervisory board member with certain exceptions; |
| (7) | a reduction of stated capital which meets certain requirements with certain exceptions; |
| (8) | a distribution of in-kind dividends which meets certain requirements; |
| (9) | dissolution, merger, or consolidation with certain exceptions in which a shareholders’ resolution is not required; |
| (10) | the transfer of the whole or a material part of the business; |
| (11) | the transfer in entirety or in part of shares or equity interest of a subsidiary under certain conditions; |
| (12) | the taking over of the entire business of any other corporation with certain exceptions in which a shareholders’ resolution is not required; |
| (13) | share exchange or share transfer for the purpose of establishing 100% parent-subsidiary relationships with certain exceptions in which a shareholders’ resolution is not required; |
| (14) | company split with certain exceptions in which a shareholders’ resolution is not required; or |
| (15) | share delivery with certain exceptions in which a shareholders’ resolution is not required. |
| (i) | individuals who do not reside in Japan; and |
| (ii) | corporations whose principal offices are located outside Japan. |
| (i) | individuals who are exchange non-residents; |
| (ii) | corporations or other organizations that are organized under the laws of foreign countries or whose principal offices are located outside of Japan; |
| (iii) | Japanese corporations of which 50% or more of their total voting rights are held directly or indirectly by individuals who are exchange non-residents and/or corporations or other organizations falling within (i) and/or (ii) above; |
| (iv) | partnerships under the Civil Code of Japan (Act No. 89 of 1896, as amended) established to invest in corporations, limited partnerships for investment under the Limited Partnership Act for Investment of Japan (Act No. 90 of 1998, as amended), or any other similar partnerships under foreign law, of which (a) 50% or more of the total contributions are made by individuals and/or corporations falling within (i), (ii), (iii) above and/or (v) below or any other persons prescribed under the Foreign Exchange Regulations or (b) a majority of the general partners are individuals and/or corporations falling within (i), (ii), (iii) above and/or (v) below or any other persons prescribed under the Foreign Exchange Regulations; and |
| (v) | corporations or other organizations, a majority of whose officers, or officers having the power of representation, are individuals who are exchange non-residents. |
| (i) | companies engaged in businesses excluding certain businesses designated by the Foreign Exchange Regulations as designated businesses (the “Designated Businesses”); |
| (ii) | companies engaged in Designated Businesses designated by the Foreign Exchange Regulations as core sector businesses (the “Core Sector Designated Businesses”); and |
| (iii) | corporations engaged in Designated Businesses other than the Core Sector Designated Businesses (the “Non-Core Sector Designated Businesses”). |
| (i) | the foreign investor or its closely-related persons (as defined in the Foreign Exchange Regulations) will not become directors or audit & supervisory board members of the relevant company; |
| (ii) | the foreign investor will not make certain proposals (as prescribed in the Foreign Exchange Regulations) at a general meeting of shareholders, including transfer or discontinuation of the Designated Businesses of the relevant company; |
| (iii) | the foreign investor will not access non-public technical information in relation to the Designated Businesses of the relevant company, or take certain other actions that may lead to the leak of such non-public technical information (as prescribed in the Foreign Exchange Regulations); |
| (iv) | the foreign investor will not attend, and will not cause any persons designated by it to attend, meetings of the relevant company’s board of directors, or meetings of committees having authority to make important decisions, in respect of the Core Sector Designated Businesses of the relevant company; and |
| (v) | the foreign investor will not make, and will not cause any persons designated by it to make, proposals to such board or committees or their members in writing or electronic form requesting any response or actions by certain deadlines in respect of the Core Sector Designated Businesses of the relevant company. |
| 1. | an individual who is a citizen or resident of the United States; |
| 2. | a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or under the laws of the United States, any state thereof, or the District of Columbia; |
| 3. | an estate the income of which is subject to U.S. federal income tax without regard to its source; or |
| 4. | a trust that is subject to the primary supervision of a U.S. court and the control of one or more U.S. persons, or that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person. |
| 1. | is a resident of the United States for purposes of the Treaty; |
| 2. | does not maintain a permanent establishment in Japan (a) with which the shares of common stock or ADSs are effectively connected and through which the U.S. Holder carries on or has carried on business, or (b) of which the shares of common stock or ADSs form part of the business property; and |
| 3. | is eligible for benefits under the Treaty with respect to income and gain derived in connection with the shares of common stock or ADSs. |
| (i) | the gain is effectively connected with a trade or business conducted by the Non-U.S. Holder within the United States (and, if an applicable tax treaty requires, is attributable to a U.S. permanent establishment or fixed base of such Non-U.S. Holder); or |
| (ii) | the Non-U.S. Holder is an individual who was present in the United States for 183 or more days in the taxable year of the disposition and other conditions are met. |
| (i) | pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of Toyota’s assets; |
| (ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that Toyota’s receipts and expenditures are being made only in accordance with authorizations of Toyota’s management and members of the board of directors; and |
| (iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Toyota’s assets that could have a material effect on the financial statements. |
Yen in millions |
||||||||
2021 |
2022 |
|||||||
| Audit Fees (1) |
4,602 | 5,460 | ||||||
| Audit-related Fees (2) |
70 | 52 | ||||||
| Tax Fees (3) |
373 | 351 | ||||||
| All Other Fees (4) |
185 | 181 | ||||||
| |
|
|
|
|||||
| Total |
5,230 |
6,045 |
||||||
| |
|
|
|
|||||
| (1) | Audit Fees consist of fees billed for the annual audit services engagement and other audit services, which are those services that only the external auditor reasonably can provide, and include the services of annual audit, quarterly reviews and assessment and reviews of the effectiveness of internal controls over financial reporting of Toyota and its subsidiaries and affiliated companies; the services associated with SEC registration statements or other documents issued in connection with securities offerings such as comfort letters and consents; and consultations as to the accounting or disclosure treatment of transactions or events. |
| (2) | Audit-related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of its financial statements or that are traditionally performed by the external auditor, and mainly include services such as agreed-upon or expanded audit procedures; and financial statement audits of employee benefit plans. |
| (3) | Tax Fees include fees billed for tax compliance services, including services such as tax planning, advice and compliance of federal, state, local and international tax; the review of tax returns; assistance with tax audits and appeals; tax-only valuation services including transfer pricing; expatriate tax assistance and compliance. |
| (4) | All Other Fees primarily include fees billed for risk management advisory services; services providing information related to automotive market conditions; and other advisory services. |
| Period |
(a) Total Number of Shares Purchased (1)(2) |
(b) Average Price Paid per Share (Yen) (1)(2) |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)(3) |
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)(3) |
||||||||||||
| April 1, 2021 – April 30, 2021 |
6,480 | 8,442.05 | — | — | ||||||||||||
| May 1, 2021 – May 31, 2021 |
6,285 | 8,482.47 | — | — | ||||||||||||
| June 1, 2021 – June 30, 2021 |
11,025,155 | 9,785.95 | 11,008,000 | — | ||||||||||||
| July 1, 2021 – July 31, 2021 |
36,347,425 | 9,721.70 | 36,342,000 | — | ||||||||||||
| August 1, 2021 – August 31, 2021 |
64,503,960 | 9,620.58 | 64,498,500 | — | ||||||||||||
| September 1, 2021 – September 30, 2021 |
17,367,305 | 9,704.57 | 17,358,500 | — | ||||||||||||
| October 1, 2021 – October 31, 2021 |
2,470 | 1,965.89 | — | — | ||||||||||||
| November 1, 2021 – November 30, 2021 |
11,911,575 | 2,096.99 | 11,910,000 | — | ||||||||||||
| December 1, 2021 – December 31, 2021 |
20,121,741 | 2,063.71 | 20,120,000 | — | ||||||||||||
| January 1, 2022 – January 31, 2022 |
12,157,620 | 2,304.53 | 12,156,400 | — | ||||||||||||
| February 1, 2022 – February 28, 2022 |
15,174,545 | 2,213.82 | 15,173,600 | — | ||||||||||||
| March 1, 2022 – March 31, 2022 |
13,107,195 | 2,022.19 | 13,106,500 | — | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
201,731,756 |
— |
201,673,500 |
— |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| (1) | Toyota effected a five-for-one |
| (2) | A portion of the above purchases were made as a result of holders of shares constituting less than one unit, which is 100 shares of common stock, requesting Toyota to purchase shares that are a fraction of a unit, in accordance with Toyota’s share handling regulations. Toyota is required to comply with such requests pursuant to the Companies Act. See “Additional Information — Memorandum and Articles of Association — Japanese Unit Share System.” The number of shares purchased not pursuant to publicly announced plans or programs conducted in fiscal 2022 is 57,561 (calculated based on the assumption that the stock split was implemented on April 1, 2021). |
| (3) | Toyota announced on May 12, 2021 that it would repurchase up to 41 million shares (205 million shares after considering stock split) of its common stock between June 18, 2021 to September 30, 2021 at a total maximum purchase price of 250 billion yen, in order to return to shareholders the profits derived in fiscal 2021. Toyota also announced on November 4, 2021 that it would repurchase up to 120 million shares of its common stock between November 5, 2021 to March 31, 2022 at a total maximum purchase price of 150 billion yen in order to return to shareholders the profits derived in the first half of fiscal 2022. Toyota further announced on March 23, 2022 that it would repurchase up to 80 million shares of its common stock between March 24, 2022 to May 10, 2022 at a total maximum purchase price of 100 billion yen to provide more flexibility with respect to repurchases than in the past. |
| (a) | the person has never been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or its subsidiaries during the ten year period before becoming an outside audit & supervisory board member; |
| (b) | if the person was an audit & supervisory board member of Toyota or any of its subsidiaries at any time during the ten year period before becoming an outside audit & supervisory board member, such person has not been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or any of its subsidiaries during the ten year period before becoming an audit & supervisory board member of Toyota or any of its subsidiaries; and |
| (c) | the person is not a spouse or relative within the second degree of kinship of any member of the board of directors or manager or other key employee of Toyota. |
Page |
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| F - 2 | ||||
| F - 4 | ||||
| F - 6 | ||||
| F - 7 | ||||
| F - 8 | ||||
| F - 10 | ||||
| F - 11 | ||||
Yen in millions |
||||||||||||
Notes |
March 31, 2021 |
March 31, 2022 |
||||||||||
| Assets |
||||||||||||
| Current assets |
||||||||||||
| Cash and cash equivalents |
6 | 5,100,857 | 6,113,655 | |||||||||
| Trade accounts and other receivables |
7 | 2,958,742 | 3,142,832 | |||||||||
| Receivables related to financial services |
8 | 6,756,189 | 7,181,327 | |||||||||
| Other financial assets |
9 | 4,215,457 | 2,507,248 | |||||||||
| Inventories |
10 | 2,888,028 | 3,821,356 | |||||||||
| Income tax receivable |
112,458 | 163,925 | ||||||||||
| Other current assets |
745,070 | 791,947 | ||||||||||
| |
|
|
|
|||||||||
| Total current assets |
22,776,800 | 23,722,290 | ||||||||||
| |
|
|
|
|||||||||
| Non-current assets |
||||||||||||
| Investments accounted for using the equity method |
11 | 4,160,803 | 4,837,895 | |||||||||
| Receivables related to financial services |
8 | 12,449,525 | 14,583,130 | |||||||||
| Other financial assets |
9 | 9,083,914 | 9,517,267 | |||||||||
| Property, plant and equipment |
||||||||||||
| Land |
12 | 1,345,037 | 1,361,791 | |||||||||
| Buildings |
12 | 4,999,206 | 5,284,620 | |||||||||
| Machinery and equipment |
12 | 12,753,951 | 13,982,362 | |||||||||
| Vehicles and equipment on operating leases |
12 | 6,203,721 | 6,781,229 | |||||||||
| Construction in progress |
12 | 675,875 | 565,528 | |||||||||
| |
|
|
|
|||||||||
| Total property, plant and equipment, at cost |
12 | 25,977,791 | 27,975,530 | |||||||||
| |
|
|
|
|||||||||
| Less - Accumulated depreciation and impairment losses |
12 | (14,566,638 | ) | (15,648,890 | ) | |||||||
| |
|
|
|
|||||||||
| Total property, plant and equipment, net |
12 | 11,411,153 | 12,326,640 | |||||||||
| |
|
|
|
|||||||||
| Right of use assets |
13 | 390,144 | 448,412 | |||||||||
| Intangible assets |
14 | 1,108,634 | 1,191,966 | |||||||||
| Deferred tax assets |
15 | 336,224 | 342,202 | |||||||||
| Other non-current assets |
23 | 549,942 | 718,968 | |||||||||
| |
|
|
|
|||||||||
| Total non-current assets |
39,490,339 | 43,966,482 | ||||||||||
| |
|
|
|
|||||||||
| Total assets |
62,267,140 | 67,688,771 | ||||||||||
| |
|
|
|
|||||||||
Yen in millions |
||||||||||||
Notes |
March 31, 2021 |
March 31, 2022 |
||||||||||
| Liabilities |
||||||||||||
| Current liabilities |
||||||||||||
| Trade accounts and other payables |
16 | 4,045,939 | 4,292,092 | |||||||||
| Short-term and current portion of long-term debt |
17 | 12,212,060 | 11,187,839 | |||||||||
| Accrued expenses |
1,397,140 | 1,520,446 | ||||||||||
| Other financial liabilities |
18 | 763,875 | 1,046,050 | |||||||||
| Income taxes payable |
350,880 | 826,815 | ||||||||||
| Liabilities for quality assurance |
24 | 1,482,872 | 1,555,711 | |||||||||
| Other current liabilities |
1,207,700 | 1,413,208 | ||||||||||
| |
|
|
|
|||||||||
| Total current liabilities |
21,460,466 | 21,842,161 | ||||||||||
| |
|
|
|
|||||||||
| Non-current liabilities |
||||||||||||
| Long-term debt |
17 | 13,447,575 | 15,308,519 | |||||||||
| Other financial liabilities |
18 | 323,432 | 461,583 | |||||||||
| Retirement benefit liabilities |
23 | 1,035,096 | 1,022,749 | |||||||||
| Deferred tax liabilities |
15 | 1,247,220 | 1,354,794 | |||||||||
| Other non-current liabilities |
465,021 | 544,145 | ||||||||||
| |
|
|
|
|||||||||
| Total non-current liabilities |
16,518,344 | 18,691,790 | ||||||||||
| |
|
|
|
|||||||||
| Total liabilities |
37,978,811 | 40,533,951 | ||||||||||
| |
|
|
|
|||||||||
| Shareholders’ equity |
||||||||||||
| Common stock |
25 | 397,050 | 397,050 | |||||||||
| Additional paid-in capital |
25 | 497,275 | 498,575 | |||||||||
| Retained earnings |
25 | 24,104,176 | 26,453,126 | |||||||||
| Other components of equity |
25 | 1,307,726 | 2,203,254 | |||||||||
| Treasury stock |
25 | (2,901,680 | ) | (3,306,037 | ) | |||||||
| |
|
|
|
|||||||||
| Total Toyota Motor Corporation shareholders’ equity |
25 | 23,404,547 | 26,245,969 | |||||||||
| |
|
|
|
|||||||||
| Non-controlling interests |
883,782 | 908,851 | ||||||||||
| |
|
|
|
|||||||||
| Total shareholders’ equity |
24,288,329 | 27,154,820 | ||||||||||
| |
|
|
|
|||||||||
| Total liabilities and shareholders’ equity |
62,267,140 | 67,688,771 | ||||||||||
| |
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
Notes |
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
For the year ended March 31, 2022 |
|||||||||||||
| Sales revenues |
||||||||||||||||
| Sales of products |
26 | |
|
|
27,693,693 |
25,077,398 | 29,073,428 | |||||||||
| Financial services |
26 | |
|
|
2,172,854 |
2,137,195 | 2,306,079 | |||||||||
| |
|
|
|
|
|
|||||||||||
| Total sales revenues |
26 | |
|
|
29,866,547 |
27,214,594 | 31,379,507 | |||||||||
| |
|
|
|
|
|
|||||||||||
| Costs and expenses |
|
|
|
|
||||||||||||
| Cost of products sold |
|
|
|
23,103,596 |
21,199,890 | 24,250,784 | ||||||||||
| Cost of financial services |
|
|
|
1,381,755 |
1,182,330 | 1,157,050 | ||||||||||
| Selling, general and administrative |
|
|
|
2,981,965 |
2,634,625 | 2,975,977 | ||||||||||
| |
|
|
|
|
|
|||||||||||
| Total costs and expenses |
|
|
|
27,467,315 |
25,016,845 | 28,383,811 | ||||||||||
| |
|
|
|
|
|
|||||||||||
| Operating income |
|
|
|
2,399,232 |
2,197,748 | 2,995,697 | ||||||||||
| |
|
|
|
|
|
|||||||||||
| Share of profit (loss) of investments accounted for using the equity method |
11 | |
|
|
310,247 |
351,029 | 560,346 | |||||||||
| Other finance income |
28 | |
|
|
305,846 |
435,229 | 334,760 | |||||||||
| Other finance costs |
28 | |
|
|
(47,155 |
) |
(47,537 | ) | (43,997 | ) | ||||||
| Foreign exchange gain (loss), net |
|
|
|
(94,619 |
) |
15,142 | 216,187 | |||||||||
| Other income (loss), net |
|
|
|
(80,607 |
) |
(19,257 | ) | (72,461 | ) | |||||||
| |
|
|
|
|
|
|||||||||||
| Income before income taxes |
|
|
|
2,792,942 |
2,932,354 | 3,990,532 | ||||||||||
| |
|
|
|
|
|
|||||||||||
| Income tax expense |
15 | |
|
|
681,817 |
649,976 | 1,115,918 | |||||||||
| |
|
|
|
|
|
|||||||||||
| Net income |
|
|
|
2,111,125 |
2,282,378 | 2,874,614 | ||||||||||
| |
|
|
|
|
|
|||||||||||
| Net income attributable to |
|
|
|
|
||||||||||||
| Toyota Motor Corporation |
|
|
|
2,036,140 |
2,245,261 | 2,850,110 | ||||||||||
| Non-controlling interests |
|
|
|
74,985 |
37,118 | 24,504 | ||||||||||
| |
|
|
|
|
|
|||||||||||
| Net income |
|
|
|
2,111,125 |
2,282,378 | 2,874,614 | ||||||||||
| |
|
|
|
|
|
|||||||||||
Yen |
||||||||||||||||
| Earnings per share attributable to Toyota Motor Corporation |
|
|
|
|
||||||||||||
| Basic |
29 | |
|
|
145.49 |
160.65 | 205.23 | |||||||||
| |
|
|
|
|
|
|||||||||||
| Diluted |
29 | |
|
|
144.02 |
158.93 | 205.23 | |||||||||
| |
|
|
|
|
|
|||||||||||
Yen in millions |
||||||||||||||||
Notes |
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
For the year ended March 31, 2022 |
|||||||||||||
| Net income |
|
|
|
2,111,125 |
2,282,378 | 2,874,614 | ||||||||||
| 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 |
25 | |
|
|
(243,853 |
) |
387,427 | (49,242 | ) | |||||||
| Remeasurements of defined benefit plans |
25 | |
|
|
(43,399 |
) |
216,272 | 136,250 | ||||||||
| Share of other comprehensive income of equity method investees |
11,25 | |
|
|
62,568 |
80,472 | 113,641 | |||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total of items that will not be reclassified to profit (loss) |
|
|
|
(224,684 |
) |
684,172 | 200,648 | |||||||||
| |
|
|
|
|
|
|||||||||||
| Items that may be reclassified subsequently to profit (loss) |
|
|
|
|
||||||||||||
| Exchange differences on translating foreign operations |
25 | |
|
|
(362,098 |
) |
403,636 | 902,844 | ||||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
25 | |
|
|
113,390 |
(83,503 | ) | (154,174 | ) | |||||||
| Share of other comprehensive income of equity method investees |
11,25 | |
|
|
(35,253 |
) |
8,172 | 193,811 | ||||||||
| Total of items that may be reclassified subsequently to profit (loss) |
|
|
|
(283,961 |
) |
328,305 | 942,480 | |||||||||
| Total other comprehensive income, net of tax |
25 | |
|
|
(508,645 |
) |
1,012,476 | 1,143,129 | ||||||||
| Comprehensive income |
|
|
|
1,602,480 |
3,294,854 | 4,017,742 | ||||||||||
| Comprehensive income for the period attributable to |
|
|
|
|
||||||||||||
| Toyota Motor Corporation |
|
|
|
1,555,009 |
3,217,806 | 3,954,350 | ||||||||||
| Non-controlling interests |
|
|
|
47,472 |
77,048 | 63,392 | ||||||||||
| Comprehensive income |
|
|
|
1,602,480 |
3,294,854 | 4,017,742 | ||||||||||
Yen in millions |
||||||||||||||||||||||||||||||||||||
Notes |
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, 2019 |
397,050 |
487,162 |
20,613,776 |
1,016,035 |
(2,606,925 |
) |
19,907,100 |
748,110 |
20,655,210 |
|||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Comprehensive income |
||||||||||||||||||||||||||||||||||||
| Net income |
— |
— |
2,036,140 |
— |
— |
2,036,140 |
74,985 |
2,111,125 |
||||||||||||||||||||||||||||
| Other comprehensive income, net of tax |
25 |
— |
— |
— |
(481,131 |
) |
— |
(481,131 |
) |
(27,514 |
) |
(508,645 |
) | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total comprehensive income |
— |
— |
2,036,140 |
(481,131 |
) |
— |
1,555,009 |
47,472 |
1,602,480 |
|||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||||||
| Dividends paid |
25 |
— |
— |
(618,801 |
) |
— |
— |
(618,801 |
) |
(54,956 |
) |
(673,756 |
) | |||||||||||||||||||||||
| Repurchase of treasury stock |
25 |
— |
— |
— |
— |
(500,309 |
) |
(500,309 |
) |
— |
(500,309 |
) | ||||||||||||||||||||||||
| Reissuance of treasury stock |
25 |
— |
4,053 |
— |
— |
20,128 |
24,181 |
— |
24,181 |
|||||||||||||||||||||||||||
| Change in scope of equity method |
— |
— |
253,590 |
— |
— |
253,590 |
— |
253,590 |
||||||||||||||||||||||||||||
| Equity transactions and other |
— |
(1,882 |
) |
— |
— |
— |
(1,882 |
) |
(20,503 |
) |
(22,384 |
) | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total transactions with owners and other |
— |
2,171 |
(365,211 |
) |
— |
(480,181 |
) |
(843,221 |
) |
(75,458 |
) |
(918,679 |
) | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Reclassification to retained earnings |
25 |
— |
— |
(50,644 |
) |
50,644 |
— |
— |
— |
— |
||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Balances at March 31, 2020 |
397,050 |
489,334 |
22,234,061 |
585,549 |
(3,087,106 |
) |
20,618,888 |
720,124 |
21,339,012 |
|||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Yen in millions |
||||||||||||||||||||||||||||||||||||
Notes |
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, 2020 |
397,050 | 489,334 | 22,234,061 | 585,549 | (3,087,106 | ) | 20,618,888 | 720,124 | 21,339,012 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Comprehensive income |
||||||||||||||||||||||||||||||||||||
| Net income |
— | — | 2,245,261 | — | — | 2,245,261 | 37,118 | 2,282,378 | ||||||||||||||||||||||||||||
| Other comprehensive income, net of tax |
25 | — | — | — | 972,546 | — | 972,546 | 39,930 | 1,012,476 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total comprehensive income |
— | — | 2,245,261 | 972,546 | — | 3,217,806 | 77,048 | 3,294,854 | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||||||
| Dividends paid |
25 | — | — | (625,514 | ) | — | — | (625,514 | ) | (36,598 | ) | (662,112 | ) | |||||||||||||||||||||||
| Repurchase of treasury stock |
25 | — | — | — | — | (118 | ) | (118 | ) | — | (118 | ) | ||||||||||||||||||||||||
| Reissuance of treasury stock |
25 | — | 15,041 | — | — | 185,544 | 200,585 | — | 200,585 | |||||||||||||||||||||||||||
| Change in scope of consolidation |
— | — | — | — | — | — | 102,588 | 102,588 | ||||||||||||||||||||||||||||
| Equity transactions and other |
— | (7,099 | ) | — | — | — | (7,099 | ) | 20,620 | 13,521 | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total transactions with owners and other |
— | 7,942 | (625,514 | ) | — | 185,426 | (432,147 | ) | 86,610 | (345,537 | ) | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Reclassification to retained earnings |
25 | — | — | 250,369 | (250,369 | ) | — | — | — | — | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Balances at March 31, 2021 |
397,050 | 497,275 | 24,104,176 | 1,307,726 | (2,901,680 | ) | 23,404,547 | 883,782 | 24,288,329 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Yen in millions |
||||||||||||||||||||||||||||||||||||
Notes |
Common stock |
Additional paid-in capital |
Retained earnings |
Other components of equity |
Treasury stock |
Toyota Motor Corporation shareholders’ equity |
Non- controlling interests |
Total shareholders’ equity |
||||||||||||||||||||||||||||
| Balances at April 1, 2021 |
397,050 | 497,275 | 24,104,176 | 1,307,726 | (2,901,680 | ) | 23,404,547 | 883,782 | 24,288,329 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Comprehensive income |
||||||||||||||||||||||||||||||||||||
| Net income |
— | — | 2,850,110 | — | — | 2,850,110 | 24,504 | 2,874,614 | ||||||||||||||||||||||||||||
| Other comprehensive income, net of tax |
25 | — | — | — | 1,104,240 | — | 1,104,240 | 38,889 | 1,143,129 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total comprehensive income |
— | — | 2,850,110 | 1,104,240 | — | 3,954,350 | 63,392 | 4,017,742 | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||||||
| Dividends paid |
25 | — | — | (709,872 | ) | — | — | (709,872 | ) | (51,723 | ) | (761,595 | ) | |||||||||||||||||||||||
| Repurchase of treasury stock |
25 | — | — | — | — | (404,718 | ) | (404,718 | ) | — | (404,718 | ) | ||||||||||||||||||||||||
| Reissuance of treasury stock |
25 | — | 227 | — | — | 362 | 588 | — | 588 | |||||||||||||||||||||||||||
| Equity transactions and other |
— | 1,074 | — | — | — | 1,074 | 13,400 | 14,473 | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total transactions with owners and other |
— | 1,300 | (709,872 | ) | — | (404,357 | ) | (1,112,928 | ) | (38,323 | ) | (1,151,252 | ) | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Reclassification to retained earnings |
25 | — | — | 208,712 | (208,712 | ) | — | — | — | — | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Balances at March 31, 2022 |
397,050 | 498,575 | 26,453,126 | 2,203,254 | (3,306,037 | ) | 26,245,969 | 908,851 | 27,154,820 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Yen in millions |
||||||||||||||||
Notes |
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
For the year ended March 31, 2022 |
|||||||||||||
| Cash flows from operating activities |
||||||||||||||||
| Net income |
|
|
|
|
|
|
2,111,125 |
2,282,378 | 2,874,614 | |||||||
| Depreciation and amortization |
|
|
|
|
|
|
1,595,347 |
1,644,290 | 1,821,880 | |||||||
| Interest income and interest costs related to financial services, net |
|
|
|
|
|
|
(193,046 |
) |
(236,862 | ) |
(354,102 | ) | ||||
| Share of profit (loss) of investments accounted for using the equity |
|
|
|
|
|
|
(310,247 |
) |
(351,029 | ) |
(560,346 | ) | ||||
| Income tax expense |
|
|
|
|
|
|
681,817 |
649,976 | 1,115,918 | |||||||
| Changes in operating assets and liabilities, and other |
|
|
|
|
|
|
(1,319,537 |
) |
(1,063,562 | ) |
(1,130,667 | ) | ||||
| (Increase) decrease in trade accounts and other receivables |
|
|
|
|
|
|
257,588 |
5,027 | 118,652 | |||||||
| (Increase) decrease in receivables related to financial services |
|
|
|
|
|
|
(1,214,742 |
) |
(1,243,648 | ) |
(1,213,234 | ) | ||||
| (Increase) decrease in inventories |
|
|
|
|
|
|
(163,109 |
) |
(242,769 | ) |
(725,285 | ) | ||||
| (Increase) decrease in other current assets |
|
|
|
|
|
|
(308,342 |
) |
(163,473 | ) |
71,314 | |||||
| Increase (decrease) in trade accounts and other payables |
|
|
|
|
|
|
(129,053 |
) |
384,142 | 152,399 | ||||||
| Increase (decrease) in other current liabilities |
|
|
|
|
|
|
258,904 |
282,197 | 410,546 | |||||||
| Increase (decrease) in retirement benefit liabilities |
|
|
|
|
|
|
43,270 |
55,281 | 60,419 | |||||||
| Other, net |
|
|
|
|
|
|
(64,053 |
) |
(140,319 | ) |
(5,478 | ) | ||||
| Interest received |
|
|
|
|
|
|
798,458 |
776,748 | 835,739 | |||||||
| Dividends received |
|
|
|
|
|
|
318,408 |
294,520 | 347,387 | |||||||
| Interest paid |
|
|
|
|
|
|
(506,307 |
) |
(459,181 | ) |
(418,043 | ) | ||||
| Income taxes paid, net of refunds |
|
|
|
|
|
|
(777,522 |
) |
(810,117 | ) |
(809,763 | ) | ||||
| Net cash provided by (used in) operating activities |
|
|
|
|
|
|
2,398,496 |
2,727,162 | 3,722,615 | |||||||
| Cash flows from investing activities |
|
|
|
|
|
|
||||||||||
| Additions to fixed assets excluding equipment leased to others |
|
|
|
|
|
|
(1,246,293 |
) |
(1,213,903 | ) |
(1,197,266 | ) | ||||
| Additions to equipment leased to others |
|
|
|
|
|
|
(2,195,291 |
) |
(2,275,595 | ) |
(2,286,893 | ) | ||||
| Proceeds from sales of fixed assets excluding equipment leased to others |
|
|
|
|
|
|
47,949 |
40,542 | 37,749 | |||||||
| Proceeds from sales of equipment leased to others |
|
|
|
|
|
|
1,391,193 |
1,371,699 | 1,542,132 | |||||||
| Additions to intangible assets |
|
|
|
|
|
|
(304,992 |
) |
(278,447 | ) |
(346,085 | ) | ||||
| Additions to public and corporate bonds and stocks |
|
|
|
|
|
|
(2,405,337 |
) |
(2,729,171 | ) |
(2,427,911 | ) | ||||
| Proceeds from sales of public and corporate bonds and stocks |
|
|
|
|
|
|
1,151,463 |
1,020,533 | 282,521 | |||||||
| Proceeds upon maturity of public and corporate bonds |
|
|
|
|
|
|
1,224,185 |
1,041,385 | 1,920,116 | |||||||
| Other, net |
|
|
33 |
|
|
|
212,473 |
(1,661,218 | ) |
1,898,143 | ||||||
| Net cash provided by (used in) investing activities |
|
|
|
|
|
|
(2,124,650 |
) |
(4,684,175 | ) |
(577,496 | ) | ||||
| Cash flows from financing activities |
||||||||||||||||
| Increase (decrease) in short-term debt |
|
|
17 |
|
|
|
279,033 |
(1,038,438 | ) |
(579,216 | ) | |||||
| Proceeds from long-term debt |
|
|
17 |
|
|
|
5,690,569 |
9,656,216 | 8,122,678 | |||||||
| Payments of long-term debt |
|
|
17 |
|
|
|
(4,456,913 |
) |
(5,416,376 | ) |
(8,843,665 | ) | ||||
| Dividends paid to Toyota Motor Corporation common shareholders |
|
|
25 |
|
|
|
(618,801 |
) |
(625,514 | ) |
(709,872 | ) | ||||
| Dividends paid to non-controlling interests |
|
|
|
|
|
|
(54,956 |
) |
(36,598 | ) |
(51,723 | ) | ||||
| Reissuance (repurchase) of treasury stock |
|
|
|
|
|
|
(476,128 |
) |
199,884 | (404,718 | ) | |||||
| Net cash provided by (used in) financing activities |
|
|
|
|
|
362,805 |
2,739,174 | (2,466,516 | ) | |||||||
| Effect of exchange rate changes on cash and cash equivalents |
|
|
|
|
|
(141,007 |
) |
220,245 | 334,195 | |||||||
| Net increase (decrease) in cash and cash equivalents |
|
|
|
|
|
495,645 |
1,002,406 | 1,012,798 | ||||||||
| Cash and cash equivalents at beginning of year |
|
|
6 |
|
|
|
3,602,805 |
4,098,450 | 5,100,857 | |||||||
| Cash and cash equivalents at end of year |
|
|
6 |
|
|
|
4,098,450 |
5,100,857 | 6,113,655 | |||||||
| |
|
|
|
|
|
|||||||||||
Yen in millions |
||||||||||||||||||||
Automotive |
Financial services |
All other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
| Sales revenues |
||||||||||||||||||||
| Revenues from external customers |
26,770,379 | 2,172,854 | 923,314 | — | 29,866,547 | |||||||||||||||
| Inter-segment revenues and transfers |
29,364 | 20,316 | 581,606 | (631,286 | ) | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
26,799,743 | 2,193,170 | 1,504,920 | (631,286 | ) | 29,866,547 | ||||||||||||||
| Operating expenses |
24,786,609 | 1,909,429 | 1,401,564 | (630,287 | ) | 27,467,315 | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
2,013,134 | 283,742 | 103,356 | (999 | ) | 2,399,232 | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
19,450,102 | 25,390,541 | 2,119,951 | 7,011,769 | 53,972,363 | |||||||||||||||
| Investments accounted for using the equity method |
3,810,310 | 65,471 | 283,355 | 138,428 | 4,297,564 | |||||||||||||||
| Depreciation and amortization |
821,958 | 739,484 | 33,905 | — | 1,595,347 | |||||||||||||||
| Capital expenditures |
1,437,932 | 2,061,334 | 68,363 | 14,818 | 3,582,448 | |||||||||||||||
Yen in millions |
||||||||||||||||||||
Automotive |
Financial services |
All other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
| Sales revenues |
||||||||||||||||||||
| Revenues from external customers |
24,597,846 | 2,137,195 | 479,553 | — | 27,214,594 | |||||||||||||||
| Inter-segment revenues and transfers |
53,706 | 25,042 | 572,812 | (651,560 | ) | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
24,651,552 | 2,162,237 | 1,052,365 | (651,560 | ) | 27,214,594 | ||||||||||||||
| Operating expenses |
23,044,391 | 1,666,645 | 967,015 | (661,205 | ) | 25,016,845 | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
1,607,161 | 495,593 | 85,350 | 9,645 | 2,197,748 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
21,412,034 | 28,275,239 | 2,720,720 | 9,859,147 | 62,267,140 | |||||||||||||||
| Investments accounted for using the equity method |
3,698,990 | 71,336 | 248,814 | 141,664 | 4,160,803 | |||||||||||||||
| Depreciation and amortization |
893,704 | 715,757 | 34,829 | — | 1,644,290 | |||||||||||||||
| Capital expenditures |
1,341,032 | 2,151,455 | 76,370 | 40,843 | 3,609,699 | |||||||||||||||
Yen in millions |
||||||||||||||||||||
Automotive |
Financial services |
All other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
| Sales revenues |
||||||||||||||||||||
| Revenues from external customers |
28,531,993 | 2,306,079 | 541,436 | — | 31,379,507 | |||||||||||||||
| Inter-segment revenues and transfers |
73,745 | 17,947 | 588,441 | (680,133 | ) | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
28,605,738 | 2,324,026 | 1,129,876 | (680,133 | ) | 31,379,507 | ||||||||||||||
| Operating expenses |
26,321,448 | 1,667,025 | 1,087,575 | (692,237 | ) | 28,383,811 | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
2,284,290 | 657,001 | 42,302 | 12,104 | 2,995,697 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
24,341,737 | 31,681,472 | 3,091,011 | 8,574,551 | 67,688,771 | |||||||||||||||
| Investments accounted for using the equity method |
4,354,085 | 79,414 | 258,750 | 145,646 | 4,837,895 | |||||||||||||||
| Depreciation and amortization |
1,026,834 | 761,801 | 33,245 | — | 1,821,880 | |||||||||||||||
| Capital expenditures |
1,422,429 | 2,156,339 | 51,200 | (18,381 | ) | 3,611,587 | ||||||||||||||
Yen in millions |
||||||||
March 31, 2021 |
March 31, 2022 |
|||||||
| Assets |
||||||||
| (Non-Financial Services Businesses) |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
3,274,149 | 4,299,522 | ||||||
| Trade accounts and other receivable |
3,063,314 | 3,184,782 | ||||||
| Other financial assets |
3,778,119 | 2,028,649 | ||||||
| Inventories |
2,888,028 | 3,821,356 | ||||||
| Other current assets |
664,097 | 746,134 | ||||||
| |
|
|
|
|||||
| Total current assets |
13,667,707 | 14,080,444 | ||||||
| |
|
|
|
|||||
| Non-current assets |
||||||||
| Property, plant and equipment |
6,805,166 | 7,302,017 | ||||||
| Other |
14,721,626 | 15,769,015 | ||||||
| |
|
|
|
|||||
| Total non-current assets |
21,526,792 | 23,071,032 | ||||||
| |
|
|
|
|||||
| Total assets |
35,194,499 | 37,151,476 | ||||||
| |
|
|
|
|||||
| (Financial Services Business) |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
1,826,707 | 1,814,133 | ||||||
| Trade accounts and other receivable |
216,767 | 206,588 | ||||||
| Receivables related to financial services |
6,756,189 | 7,181,327 | ||||||
| Other financial assets |
1,021,738 | 1,058,620 | ||||||
| Other current assets |
198,068 | 221,738 | ||||||
| |
|
|
|
|||||
| Total current assets |
10,019,469 | 10,482,407 | ||||||
| |
|
|
|
|||||
| Non-current assets |
||||||||
| Receivables related to financial services |
12,449,525 | 14,583,130 | ||||||
| Property, plant and equipment |
4,605,988 | 5,024,625 | ||||||
| Other |
1,200,256 | 1,591,311 | ||||||
| |
|
|
|
|||||
| Total non-current assets |
18,255,770 | 21,199,065 | ||||||
| |
|
|
|
|||||
| Total assets |
28,275,239 | 31,681,472 | ||||||
| |
|
|
|
|||||
| (Elimination) |
||||||||
| Elimination of assets |
(1,202,599 | ) | (1,144,177 | ) | ||||
| (Consolidated) |
||||||||
| |
|
|
|
|||||
| Total assets |
62,267,140 | 67,688,771 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, 2021 |
March 31, 2022 |
|||||||
| Liabilities |
||||||||
| (Non-Financial Services Businesses) |
||||||||
| Current liabilities |
||||||||
| Trade accounts and other payables |
3,801,753 | 4,023,857 | ||||||
| Short-term and current portion of long-term debt |
2,348,514 | 1,041,557 | ||||||
| Accrued expenses |
1,322,353 | 1,421,194 | ||||||
| Income taxes payable |
262,727 | 695,888 | ||||||
| Other current liabilities |
2,650,433 | 2,778,172 | ||||||
| |
|
|
|
|||||
| Total current liabilities |
10,385,779 | 9,960,668 | ||||||
| |
|
|
|
|||||
| Non-current liabilities |
||||||||
| Long-term debt |
1,523,134 | 1,538,884 | ||||||
| Retirement benefit liabilities |
1,015,156 | 1,004,558 | ||||||
| Other non-current liabilities |
1,509,535 | 1,830,146 | ||||||
| |
|
|
|
|||||
| Total non-current liabilities |
4,047,825 | 4,373,588 | ||||||
| |
|
|
|
|||||
| Total liabilities |
14,433,605 | 14,334,256 | ||||||
| |
|
|
|
|||||
| (Financial Services Business) |
||||||||
| Current liabilities |
||||||||
| Trade accounts and other payables |
510,670 | 477,550 | ||||||
| Short-term and current portion of long-term debt |
10,286,251 | 10,576,910 | ||||||
| Accrued expenses |
102,200 | 124,088 | ||||||
| Income taxes payable |
88,153 | 130,927 | ||||||
| Other current liabilities |
1,002,615 | 1,414,606 | ||||||
| |
|
|
|
|||||
| Total current liabilities |
11,989,889 | 12,724,080 | ||||||
| |
|
|
|
|||||
| Non-current liabilities |
||||||||
| Long-term debt |
12,044,994 | 13,882,650 | ||||||
| Retirement benefit liabilities |
19,940 | 18,190 | ||||||
| Other non-current liabilities |
696,294 | 722,257 | ||||||
| |
|
|
|
|||||
| Total non-current liabilities |
12,761,228 | 14,623,097 | ||||||
| |
|
|
|
|||||
| Total liabilities |
24,751,117 | 27,347,177 | ||||||
| |
|
|
|
|||||
| (Elimination) |
||||||||
| Elimination of liabilities |
(1,205,911 | ) | (1,147,482 | ) | ||||
| (Consolidated) |
||||||||
| |
|
|
|
|||||
| Total liabilities |
37,978,811 | 40,533,951 | ||||||
| |
|
|
|
|||||
| Shareholders’ equity |
||||||||
| |
|
|
|
|||||
| (Consolidated) Total Toyota Motor Corporation shareholders’ equity |
23,404,547 | 26,245,969 | ||||||
| |
|
|
|
|||||
| (Consolidated) Non-controlling interests |
883,782 | 908,851 | ||||||
| |
|
|
|
|||||
| (Consolidated) Total shareholders’ equity |
24,288,329 | 27,154,820 | ||||||
| |
|
|
|
|||||
| (Consolidated) Total liabilities and shareholders’ equity |
62,267,140 | 67,688,771 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
For the year ended March 31, 2022 |
||||||||||
| (Non-Financial Services Businesses) |
||||||||||||
| Sales revenues |
27,710,128 | 25,103,190 | 29,104,564 | |||||||||
| Cost of revenues |
23,104,047 | 21,199,915 | 24,250,860 | |||||||||
| Selling, general and administrative |
2,492,039 | 2,206,205 | 2,518,182 | |||||||||
| |
|
|
|
|
|
|||||||
| Operating income |
2,114,042 | 1,697,070 | 2,335,522 | |||||||||
| |
|
|
|
|
|
|||||||
| Other income (loss), net |
394,278 | 742,785 | 998,001 | |||||||||
| |
|
|
|
|
|
|||||||
| Income before income taxes |
2,508,319 | 2,439,855 | 3,333,522 | |||||||||
| |
|
|
|
|
|
|||||||
| Income tax expense |
615,546 | 528,413 | 944,594 | |||||||||
| |
|
|
|
|
|
|||||||
| Net income |
1,892,774 | 1,911,442 | 2,388,928 | |||||||||
| |
|
|
|
|
|
|||||||
| Net income attributable to |
||||||||||||
| Toyota Motor Corporation |
1,818,022 | 1,875,467 | 2,369,399 | |||||||||
| Non-controlling interests |
74,752 | 35,975 | 19,529 | |||||||||
| |
|
|
|
|
|
|||||||
| (Financial Services Business) |
||||||||||||
| Sales revenues |
2,193,170 | 2,162,237 | 2,324,026 | |||||||||
| Cost of revenues |
1,397,344 | 1,202,277 | 1,178,509 | |||||||||
| Selling, general and administrative |
512,085 | 464,368 | 488,517 | |||||||||
| |
|
|
|
|
|
|||||||
| Operating income |
283,742 | 495,593 | 657,001 | |||||||||
| |
|
|
|
|
|
|||||||
| Other income (loss), net |
835 | (3,090 | ) | 16 | ||||||||
| |
|
|
|
|
|
|||||||
| Income before income taxes |
284,577 | 492,503 | 657,017 | |||||||||
| |
|
|
|
|
|
|||||||
| Income tax expense |
66,284 | 121,536 | 171,327 | |||||||||
| |
|
|
|
|
|
|||||||
| Net income |
218,293 | 370,967 | 485,690 | |||||||||
| |
|
|
|
|
|
|||||||
| Net income attributable to |
||||||||||||
| Toyota Motor Corporation |
218,060 | 369,824 | 480,716 | |||||||||
| Non-controlling interests |
233 | 1,143 | 4,974 | |||||||||
| |
|
|
|
|
|
|||||||
| (Elimination) |
||||||||||||
| Elimination of net income |
59 | (30 | ) | (4 | ) | |||||||
| (Consolidated) |
||||||||||||
| |
|
|
|
|
|
|||||||
| Net income |
2,111,125 | 2,282,378 | 2,874,614 | |||||||||
| |
|
|
|
|
|
|||||||
| Net income attributable to |
||||||||||||
| Toyota Motor Corporation |
2,036,140 | 2,245,261 | 2,850,110 | |||||||||
| Non-controlling interests |
74,985 | 37,118 | 24,504 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
For the year ended March 31, 2022 |
||||||||||
| (Non-Financial Services Businesses) |
|
|
|
|
||||||||
| Cash flows from operating activities |
|
|
|
|
||||||||
| Net income |
1,892,774 |
|
|
1,911,442 |
2,388,928 | |||||||
| Depreciation and amortization |
855,863 |
|
|
928,533 | 1,060,079 | |||||||
| Share of profit (loss) of investments accounted for using the equity method |
(298,494 |
) |
|
|
(345,374 | ) |
(552,515 | ) | ||||
| Income tax expense |
615,546 |
|
|
528,413 | 944,594 | |||||||
| Changes in operating assets and liabilities, and other |
(154,164 |
) |
|
|
(262,407 | ) |
(572,082 | ) | ||||
| Interest received |
141,975 |
|
|
123,606 | 100,118 | |||||||
| Dividends received |
316,610 |
|
|
290,618 | 342,646 | |||||||
| Interest paid |
(46,217 |
) |
|
|
(35,371 | ) |
(40,780 | ) | ||||
| Income taxes paid, net of refunds |
(700,528 |
) |
|
|
(505,260 | ) |
(544,887 | ) | ||||
| |
|
|
|
|
|
|
||||||
| Net cash provided by (used in) operating activities |
2,623,364 |
|
|
2,634,200 | 3,126,101 | |||||||
| |
|
|
|
|
|
|
||||||
| Cash flows from investing activities |
|
|
||||||||||
| Additions to fixed assets excluding equipment leased to others |
(1,222,821 |
) |
|
|
(1,203,662 | ) |
(1,186,900 | ) | ||||
| Additions to equipment leased to others |
(163,592 |
) |
|
|
(142,217 | ) |
(151,456 | ) | ||||
| Proceeds from sales of fixed assets excluding equipment leased to others |
46,765 |
|
|
38,575 | 36,219 | |||||||
| Proceeds from sales of equipment leased to others |
49,892 |
|
|
46,461 | 45,183 | |||||||
| Additions to intangible assets |
(299,253 |
) |
|
|
(271,274 | ) |
(335,436 | ) | ||||
| Additions to public and corporate bonds and stocks |
(2,220,217 |
) |
|
|
(2,511,346 | ) |
(1,904,588 | ) | ||||
| Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds |
2,249,367 |
|
|
1,982,302 | 1,989,345 | |||||||
| Other, net |
(95,852 |
) |
|
|
(1,339,372 | ) |
1,856,069 | |||||
| |
|
|
|
|
|
|
||||||
| Net cash provided by (used in) investing activities |
(1,655,711 |
) |
|
|
(3,400,534 | ) |
348,436 | |||||
| |
|
|
|
|
|
|
||||||
| Cash flows from financing activities |
|
|
||||||||||
| Increase (decrease) in short-term debt |
45,288 |
|
|
213,716 | (164,899 | ) | ||||||
| Proceeds from long-term debt |
247,048 |
|
|
1,662,593 | 513,371 | |||||||
| Payments of long-term debt |
(163,486 |
) |
|
|
(170,373 | ) |
(1,818,653 | ) | ||||
| Dividends paid to Toyota Motor Corporation common shareholders |
(618,801 |
) |
|
|
(625,514 | ) |
(709,872 | ) | ||||
| Dividends paid to non-controlling interests |
(50,903 |
) |
|
|
(34,840 | ) |
(49,629 | ) | ||||
| Reissuance (repurchase) of treasury stock |
(476,128 |
) |
|
|
199,884 | (404,718 | ) | |||||
| |
|
|
|
|
|
|
||||||
| Net cash provided by (used in) financing activities |
(1,016,982 |
) |
|
|
1,245,465 | (2,634,401 | ) | |||||
| |
|
|
|
|
|
|
||||||
| Effect of exchange rate changes on cash and cash equivalents |
(86,553 |
) |
|
|
112,588 | 185,237 | ||||||
| |
|
|
|
|
|
|
||||||
| Net increase (decrease) in cash and cash equivalents |
(135,882 |
) |
|
|
591,719 | 1,025,373 | ||||||
| |
|
|
|
|
|
|
||||||
| Cash and cash equivalents at beginning of year |
2,818,313 |
|
|
2,682,431 | 3,274,149 | |||||||
| |
|
|
|
|
|
|
||||||
| Cash and cash equivalents at end of year |
2,682,431 |
|
|
3,274,149 | 4,299,522 | |||||||
| |
|
|
|
|
|
|
||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2020 |
For the year ended March 31, 2021 |
For the year ended March 31, 2022 |
||||||||||
| (Financial Services Business) |
|
|
|
|
||||||||
| Cash flows from operating activities |
|
|
|
|
||||||||
| Net income |
218,293 |
|
|
370,967 | 485,690 | |||||||
| Depreciation and amortization |
739,484 |
|
|
715,757 | 761,801 | |||||||
| Interest income and interest costs related to financial services, net |
(200,727 |
) |
|
|
(241,016 | ) |
(360,837 | ) | ||||
| Share of profit (loss) of investments accounted for using the equity method |
(11,753 |
) |
|
|
(5,655 | ) |
(7,831 | ) | ||||
| Income tax expense |
66,284 |
|
|
121,536 | 171,327 | |||||||
| Changes in operating assets and liabilities, and other |
(1,081,707 |
) |
|
|
(780,798 | ) |
(623,051 | ) | ||||
| Interest received |
664,167 |
|
|
661,272 | 742,364 | |||||||
| Dividends received |
1,799 |
|
|
3,901 | 4,740 | |||||||
| Interest paid |
(467,774 |
) |
|
|
(431,939 | ) |
(384,006 | ) | ||||
| Income taxes paid, net of refunds |
(76,994 |
) |
|
|
(304,856 | ) |
(264,876 | ) | ||||
| |
|
|
|
|
|
|
||||||
| Net cash provided by (used in) operating activities |
(148,928 |
) |
|
|
109,168 | 525,321 | ||||||
| |
|
|
|
|
|
|
||||||
| Cash flows from investing activities |
|
|
||||||||||
| Additions to fixed assets excluding equipment leased to others |
(23,472 |
) |
|
|
(10,240 | ) |
(10,366 | ) | ||||
| Additions to equipment leased to others |
(2,031,699 |
) |
|
|
(2,133,378 | ) |
(2,135,437 | ) | ||||
| Proceeds from sales of fixed assets excluding equipment leased to others |
1,184 |
|
|
1,967 | 1,530 | |||||||
| Proceeds from sales of equipment leased to others |
1,341,301 |
|
|
1,325,238 | 1,496,949 | |||||||
| Additions to intangible assets |
(5,739 |
) |
|
|
(7,173 | ) |
(10,650 | ) | ||||
| Additions to public and corporate bonds and stocks |
(185,120 |
) |
|
|
(217,825 | ) |
(523,323 | ) | ||||
| Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds |
126,281 |
|
|
79,616 | 213,291 | |||||||
| Other, net |
(22,213 |
) |
|
|
(35,893 | ) |
113,635 | |||||
| |
|
|
|
|
|
|
||||||
| Net cash provided by (used in) investing activities |
(799,477 |
) |
|
|
(997,688 | ) |
(854,370 | ) | ||||
| |
|
|
|
|
|
|
||||||
| Cash flows from financing activities |
|
|
||||||||||
| Increase (decrease) in short-term debt |
514,196 |
|
|
(1,517,259 | ) |
(488,495 | ) | |||||
| Proceeds from long-term debt |
5,458,616 |
|
|
8,043,141 | 7,800,854 | |||||||
| Payments of long-term debt |
(4,334,374 |
) |
|
|
(5,332,573 | ) |
(7,142,750 | ) | ||||
| Dividends paid to non-controlling interests |
(4,052 |
) |
|
|
(1,757 | ) |
(2,094 | ) | ||||
| |
|
|
|
|
|
|
||||||
| Net cash provided by (used in) financing activities |
1,634,387 |
|
|
1,191,551 | 167,516 | |||||||
| |
|
|
|
|
|
|
||||||
| Effect of exchange rate changes on cash and cash equivalents |
(54,454 |
) |
|
|
107,657 | 148,958 | ||||||
| |
|
|
|
|
|
|
||||||
| Net increase (decrease) in cash and cash equivalents |
631,527 |
|
|
410,688 | (12,575 | ) | ||||||
| |
|
|
|
|
|
|
||||||
| Cash and cash equivalents at beginning of year |
784,492 |
|
|
1,416,020 | 1,826,707 | |||||||
| |
|
|
|
|
|
|
||||||
| Cash and cash equivalents at end of year |
1,416,020 |
|
|
1,826,707 | 1,814,133 | |||||||
| |
|
|
|
|
|
|
||||||
| (Consolidated) |
|
|
||||||||||
| Effect of exchange rate changes on cash and cash equivalents |
(141,007 |
) |
|
|
220,245 | 334,195 | ||||||
| |
|
|
|
|
|
|
||||||
| Net increase (decrease) in cash and cash equivalents |
495,645 |
|
|
1,002,406 |
1,012,798 | |||||||
| |
|
|
|
|
|
|
||||||
| Cash and cash equivalents at beginning of year |
3,602,805 |
|
|
4,098,450 | 5,100,857 | |||||||
| |
|
|
|
|
|
|
||||||
| Cash and cash equivalents at end of year |
4,098,450 |
|
|
5,100,857 | 6,113,655 | |||||||
| |
|
|
|
|
|
|
||||||
Yen in millions |
||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||||||||
| Sales revenues |
||||||||||||||||||||||||||||
| Revenues from external customers |
9,503,238 | 10,419,869 | 3,133,227 | 4,785,489 | 2,024,724 | — | 29,866,547 | |||||||||||||||||||||
| Inter-segment revenues and transfers |
6,938,614 | 222,165 | 222,130 | 507,741 | 89,387 | (7,980,038 | ) | — | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
16,441,852 | 10,642,034 | 3,355,357 | 5,293,231 | 2,114,111 | (7,980,038 | ) | 29,866,547 | ||||||||||||||||||||
| Operating expenses |
14,856,576 | 10,388,830 | 3,211,540 | 4,929,684 | 2,030,110 | (7,949,425 | ) | 27,467,315 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income |
1,585,276 | 253,205 | 143,817 | 363,547 | 84,001 | (30,613 | ) | 2,399,232 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total assets |
18,221,453 | 18,579,078 | 4,264,022 | 5,307,513 | 2,881,536 | 4,718,761 | 53,972,363 | |||||||||||||||||||||
| Non-current assets |
4,697,388 | 5,517,466 | 570,563 | 708,066 | 428,707 | — | 11,922,190 | |||||||||||||||||||||
Yen in millions |
||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||||||||
| Sales revenues |
||||||||||||||||||||||||||||
| Revenues from external customers |
8,587,193 | 9,325,950 | 2,968,289 | 4,555,897 | 1,777,266 | — | 27,214,594 | |||||||||||||||||||||
| Inter-segment revenues and transfers |
6,361,739 | 165,853 | 166,200 | 489,398 | 95,630 | (7,278,820 | ) | — | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
14,948,931 | 9,491,803 | 3,134,489 | 5,045,295 | 1,872,895 | (7,278,820 | ) | 27,214,594 | ||||||||||||||||||||
| Operating expenses |
13,799,715 | 9,090,442 | 3,026,518 | 4,609,354 | 1,813,048 | (7,322,232 | ) | 25,016,845 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income |
1,149,217 | 401,361 | 107,971 | 435,940 | 59,847 | 43,413 | 2,197,748 | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total assets |
19,674,666 | 20,138,715 | 5,074,409 | 6,548,343 | 3,469,635 | 7,361,372 | 62,267,140 | |||||||||||||||||||||
| Non-current assets |
5,232,862 | 5,705,770 | 751,245 | 896,542 | 461,723 | — | 13,048,143 | |||||||||||||||||||||
Yen in millions |
||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||||||||
| Sales revenues |
||||||||||||||||||||||||||||
| Revenues from external customers |
8,214,740 | 10,897,946 | 3,692,214 | 5,778,115 | 2,796,493 | — | 31,379,507 | |||||||||||||||||||||
| Inter-segment revenues and transfers |
7,776,696 | 268,534 | 175,633 | 752,452 | 131,690 | (9,105,004 | ) | — | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
15,991,436 | 11,166,479 | 3,867,847 | 6,530,566 | 2,928,183 | (9,105,004 | ) | 31,379,507 | ||||||||||||||||||||
| Operating expenses |
14,567,991 | 10,600,695 | 3,704,874 | 5,858,216 | 2,690,014 | (9,037,980 | ) | 28,383,811 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income |
1,423,445 | 565,784 | 162,973 | 672,350 | 238,169 | (67,024 | ) | 2,995,697 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total assets |
21,502,155 | 23,353,812 | 5,711,271 | 7,461,812 | 4,309,248 | 5,350,474 | 67,688,771 | |||||||||||||||||||||
| Non-current assets |
5,501,046 | 6,251,499 | 891,146 | 977,235 | 537,631 | — | 14,158,559 | |||||||||||||||||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Cash and deposits |
3,346,401 | 4,630,882 | ||||||
| Negotiable certificate of deposit and other |
1,754,456 | 1,482,773 | ||||||
| |
|
|
|
|||||
| Total |
5,100,857 | 6,113,655 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Accounts and notes receivables |
2,301,976 | 2,466,398 | ||||||
| Other receivables |
688,352 | 716,558 | ||||||
| Allowance for doubtful accounts |
(31,586 | ) | (40,124 | ) | ||||
| |
|
|
|
|||||
| Total |
2,958,742 | 3,142,832 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
For the years ended March 31, |
||||||||
2021 |
2022 |
|||||||
| Allowance for doubtful accounts at beginning of year |
90,266 | 97,378 | ||||||
| Provision for doubtful accounts, net of reversal |
7,780 | 10,649 | ||||||
| Write-offs |
(3,112 | ) | (1,239 | ) | ||||
| Other |
2,444 | 4,005 | ||||||
| |
|
|
|
|||||
| Allowance for doubtful accounts at end of year |
97,378 | 110,793 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Retail |
15,048,433 | 17,647,440 | ||||||
| Finance leases |
2,031,280 | 2,347,941 | ||||||
| Wholesale and other dealer loans |
3,185,484 | 2,904,216 | ||||||
| |
|
|
|
|||||
| Total |
20,265,197 | 22,899,597 | ||||||
| |
|
|
|
|||||
| Deferred origination costs |
270,406 | 328,792 | ||||||
| Less - Unearned income |
(1,068,587 | ) | (1,172,007 | ) | ||||
| Less - Allowance for credit losses |
||||||||
| Retail |
(198,204 | ) | (230,104 | ) | ||||
| Finance leases |
(33,455 | ) | (36,985 | ) | ||||
| Wholesale and other dealer loans |
(29,642 | ) | (24,836 | ) | ||||
| |
|
|
|
|||||
| Total finance receivables, net |
19,205,715 | 21,764,457 | ||||||
| |
|
|
|
|||||
| Current assets |
6,756,189 | 7,181,327 | ||||||
| Non-current assets |
12,449,525 | 14,583,130 | ||||||
| |
|
|
|
|||||
| Total finance receivables, net |
19,205,715 | 21,764,457 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
March 31, 2021 |
||||||||||||
Retail |
Finance leases |
Wholesale and other dealer loans |
||||||||||
| Within 1 year |
4,196,724 | 540,759 | 1,995,544 | |||||||||
| Between 1 and 2 years |
3,482,932 | 415,673 | 348,787 | |||||||||
| Between 2 and 3 years |
2,906,322 | 303,166 | 231,969 | |||||||||
| Between 3 and 4 years |
2,235,116 | 171,142 | 137,331 | |||||||||
| Between 4 and 5 years |
1,404,273 | 69,241 | 145,817 | |||||||||
| Later than 5 years |
823,066 | 11,597 | 326,037 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
15,048,433 | 1,511,577 | 3,185,484 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
March 31, 2022 |
||||||||||||
Retail |
Finance leases |
Wholesale and other dealer loans |
||||||||||
| Within 1 year |
5,276,853 | 639,493 | 1,640,995 | |||||||||
| Between 1 and 2 years |
3,988,650 | 482,368 | 319,847 | |||||||||
| Between 2 and 3 years |
3,338,910 | 367,680 | 240,727 | |||||||||
| Between 3 and 4 years |
2,546,568 | 198,789 | 161,717 | |||||||||
| Between 4 and 5 years |
1,487,397 | 68,092 | 133,286 | |||||||||
| Later than 5 years |
1,009,062 | 14,680 | 407,643 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
17,647,440 | 1,771,102 | 2,904,216 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Lease payments |
1,511,577 | 1,771,102 | ||||||
| Estimated unguaranteed residual values |
519,703 | 576,839 | ||||||
| |
|
|
|
|||||
| Total |
2,031,280 | 2,347,941 | ||||||
| |
|
|
|
|||||
| Deferred origination costs |
13,701 | 15,807 | ||||||
| Less - Unearned income |
(169,098 | ) | (190,954 | ) | ||||
| Less - Allowance for credit losses |
(33,455 | ) | (36,985 | ) | ||||
| |
|
|
|
|||||
| Finance leases receivables, net |
1,842,429 | 2,135,809 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Financial assets measured at amortized cost |
||||||||
| Time deposits |
2,566,221 | 505,695 | ||||||
| Other |
554,997 | 680,199 | ||||||
| Financial assets measured at fair value through profit or loss |
||||||||
| Public and corporate bonds |
59,600 | 159,186 | ||||||
| Stocks |
317,101 | 149,890 | ||||||
| Derivatives |
282,364 | 419,173 | ||||||
| Other |
489,824 | 465,801 | ||||||
| Financial assets measured at fair value through other comprehensive income |
||||||||
| Public and corporate bonds |
6,075,498 | 6,302,719 | ||||||
| Stocks |
2,945,780 | 3,332,209 | ||||||
| Other |
7,986 | 9,644 | ||||||
| |
|
|
|
|||||
| Total |
13,299,371 | 12,024,515 | ||||||
| |
|
|
|
|||||
| Current assets |
4,215,457 | 2,507,248 | ||||||
| Non-current assets |
9,083,914 | 9,517,267 | ||||||
| |
|
|
|
|||||
| Total |
13,299,371 | 12,024,515 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
| Issue |
2021 |
2022 |
||||||
| KDDI CORPORATION |
1,075,517 | 1,268,762 | ||||||
| NIPPON TELEGRAPH AND TELEPHONE CORPORATION |
229,564 | 286,385 | ||||||
| MS&AD Insurance Group Holdings, Inc. |
173,171 | 209,318 | ||||||
| HO TAI MOTOR CO., LTD. |
126,049 | 142,002 | ||||||
| Mitsubishi UFJ Financial Group, Inc. |
105,256 | 134,248 | ||||||
Yen in millions |
||||||||
For the years ended March 31, |
||||||||
2021 |
2022 |
|||||||
| Total fair value |
40,903 | 66,906 | ||||||
| Accumulated other comprehensive income, net |
17,323 | 27,861 | ||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Products |
1,749,415 | 2,012,243 | ||||||
| Work in process |
350,308 | 547,810 | ||||||
| Raw materials |
644,779 | 1,107,558 | ||||||
| Supplies and other |
143,526 | 153,745 | ||||||
| |
|
|
|
|||||
| Total |
2,888,028 | 3,821,356 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Associates |
3,467,503 | 3,926,267 | ||||||
| Joint ventures |
693,300 | 911,628 | ||||||
| |
|
|
|
|||||
| Total |
4,160,803 | 4,837,895 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Net income |
||||||||||||
| Associates |
195,569 | 190,998 | 324,480 | |||||||||
| Joint ventures |
114,678 | 160,031 | 235,866 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
310,247 | 351,029 | 560,346 | |||||||||
| |
|
|
|
|
|
|||||||
| Other comprehensive income, net of tax |
||||||||||||
| Associates |
42,904 | 50,143 | 241,264 | |||||||||
| Joint ventures |
(15,589 | ) | 38,501 | 66,187 | ||||||||
| |
|
|
|
|
|
|||||||
| Total |
27,315 | 88,644 | 307,451 | |||||||||
| |
|
|
|
|
|
|||||||
| Comprehensive income |
||||||||||||
| Associates |
238,473 | 241,141 | 565,744 | |||||||||
| Joint ventures |
99,089 | 198,532 | 302,053 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
337,562 | 439,673 | 867,798 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||||||||||||||
Land |
Buildings |
Machinery and equipment |
Vehicles and equipment on operating leases |
Construction in progress |
Total |
|||||||||||||||||||
| Balance as of April 1, 2020 |
1,318,964 | 4,741,451 | 11,979,449 | 5,928,833 | 517,460 | 24,486,156 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Additions |
22,720 | 90,363 | 414,934 | 2,281,434 | 639,205 | 3,448,655 | ||||||||||||||||||
| Sales or disposal |
(13,005 | ) | (36,586 | ) | (472,197 | ) | (2,163,259 | ) | (4,846 | ) | (2,689,893 | ) | ||||||||||||
| Reclassification from construction in progress |
6,890 | 101,216 | 485,705 | 537 | (594,347 | ) | — | |||||||||||||||||
| Foreign currency translation adjustments |
13,448 | 57,952 | 262,808 | 180,976 | 20,493 | 535,677 | ||||||||||||||||||
| Other |
(3,979 | ) | 44,811 | 83,252 | (24,799 | ) | 97,910 | 197,195 | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Balance as of March 31, 2021 |
1,345,037 | 4,999,206 | 12,753,951 | 6,203,721 | 675,875 | 25,977,791 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Additions |
9,106 | 88,543 | 481,916 | 2,293,189 | 629,786 | 3,502,541 | ||||||||||||||||||
| Sales or disposal |
(8,901 | ) | (57,743 | ) | (540,775 | ) | (2,334,129 | ) | (3,639 | ) | (2,945,187 | ) | ||||||||||||
| Reclassification from construction in progress |
2,310 | 105,581 | 630,896 | 449 | (739,235 | ) | — | |||||||||||||||||
| Foreign currency translation adjustments |
15,008 | 138,047 | 642,984 | 594,933 | 30,756 | 1,421,728 | ||||||||||||||||||
| Other |
(769 | ) | 10,985 | 13,390 | 23,065 | (28,014 | ) | 18,657 | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Balance as of March 31, 2022 |
1,361,791 | 5,284,620 | 13,982,362 | 6,781,229 | 565,528 | 27,975,530 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Yen in millions |
||||||||||||||||||||||||
Land |
Buildings |
Machinery and equipment |
Vehicles and equipment on operating leases |
Construction in progress |
Total |
|||||||||||||||||||
| Balance as of April 1, 2020 |
(4,058 | ) | (3,054,551 | ) | (9,505,895 | ) | (1,386,459 | ) | (1,178 | ) | (13,952,141 | ) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Depreciation |
— | (118,975 | ) | (673,612 | ) | (770,354 | ) | — | (1,562,940 | ) | ||||||||||||||
| Impairment losses |
— | — | — | — | (70 | ) | (70 | ) | ||||||||||||||||
| Sales or disposal |
12 | 24,717 | 443,307 | 748,189 | — | 1,216,226 | ||||||||||||||||||
| Foreign currency translation adjustments |
(240 | ) | (34,630 | ) | (204,607 | ) | (39,880 | ) | (50 | ) | (279,408 | ) | ||||||||||||
| Other |
(211 | ) | (6,299 | ) | (64,468 | ) | 81,587 | 1,085 | 11,695 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Balance as of March 31, 2021 |
(4,497 | ) | (3,189,737 | ) | (10,005,275 | ) | (1,366,916 | ) | (213 | ) | (14,566,638 | ) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Depreciation |
— | (121,431 | ) | (788,685 | ) | (817,171 | ) | — | (1,727,287 | ) | ||||||||||||||
| Impairment losses |
— | (2,527 | ) | (5,177 | ) | — | — | (7,705 | ) | |||||||||||||||
| Sales or disposal |
30 | 48,646 | 507,396 | 799,186 | — | 1,355,259 | ||||||||||||||||||
| Foreign currency translation adjustments |
(351 | ) | (79,026 | ) | (461,159 | ) | (115,693 | ) | (24 | ) | (656,252 | ) | ||||||||||||
| Other |
(1,562 | ) | (31,522 | ) | (10,054 | ) | (3,073 | ) | (55 | ) | (46,266 | ) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Balance as of March 31, 2022 |
(6,379 | ) | (3,375,598 | ) | (10,762,953 | ) | (1,503,668 | ) | (292 | ) | (15,648,890 | ) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Vehicles |
6,190,558 | 6,766,590 | ||||||
| Equipment |
13,164 | 14,639 | ||||||
| |
|
|
|
|||||
| 6,203,721 | 6,781,229 | |||||||
| Less - Accumulated depreciation |
(1,366,916 | ) | (1,503,668 | ) | ||||
| |
|
|
|
|||||
| Vehicles and equipment on operating leases, net |
4,836,805 | 5,277,561 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Within 1 year |
857,997 | 932,882 | ||||||
| Between 1 and 2 years |
583,059 | 641,683 | ||||||
| Between 2 and 3 years |
282,477 | 280,646 | ||||||
| Between 3 and 4 years |
55,838 | 75,915 | ||||||
| Between 4 and 5 years |
18,873 | 21,772 | ||||||
| Later than 5 years |
5,706 | 9,801 | ||||||
| |
|
|
|
|||||
| Total future rentals |
1,803,950 | 1,962,699 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Types of original assets |
||||||||
| Land |
46,868 | 67,927 | ||||||
| Buildings |
285,602 | 305,533 | ||||||
| Other |
57,674 | 74,952 | ||||||
| |
|
|
|
|||||
| Total |
390,144 | 448,412 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Depreciation of right of use assets |
||||||||
| Land |
7,277 | 8,660 | ||||||
| Buildings |
45,852 | 56,262 | ||||||
| Other |
22,307 | 26,293 | ||||||
| |
|
|
|
|||||
| Total |
75,436 | 91,214 | ||||||
| |
|
|
|
|||||
| Interest expense on lease liabilities |
4,118 | 4,074 | ||||||
| Short-term leases |
84,821 | 90,568 | ||||||
| |
|
|
|
|||||
| 164,375 | 185,856 | |||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Within 1 year |
52,983 | 61,735 | ||||||
| Between 1 and 5 years |
130,917 | 146,452 | ||||||
| Later than 5 years |
219,857 | 258,474 | ||||||
| |
|
|
|
|||||
| Future lease payment, total |
403,757 | 466,661 | ||||||
| Less - Interest expense |
(42,866 | ) | (45,733 | ) | ||||
| |
|
|
|
|||||
| Present value of lease payment, total |
360,891 | 420,928 | ||||||
| |
|
|
|
|||||
| Current liabilities |
47,120 | 56,136 | ||||||
| Non-current liabilities |
313,771 | 364,792 | ||||||
| |
|
|
|
|||||
| Present value of lease payment, total |
360,891 | 420,928 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Capitalized development costs |
631,176 | 663,762 | ||||||
| Software and other |
477,458 | 528,204 | ||||||
| |
|
|
|
|||||
| Total |
1,108,634 | 1,191,966 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
Capitalized development costs |
Software and other |
Total |
||||||||||
| Balance as of April 1, 2020 |
991,675 | 600,716 | 1,592,391 | |||||||||
| |
|
|
|
|
|
|||||||
| Additions |
— | 62,423 | 62,423 | |||||||||
| Internally developed |
158,246 | 59,061 | 217,307 | |||||||||
| Sales or disposal |
(45,779 | ) | (57,047 | ) | (102,825 | ) | ||||||
| Foreign currency translation adjustments |
— | 6,305 | 6,305 | |||||||||
| Other |
— | 56,416 | 56,416 | |||||||||
| |
|
|
|
|
|
|||||||
| Balance as of March 31, 2021 |
1,104,142 | 727,874 | 1,832,016 | |||||||||
| |
|
|
|
|
|
|||||||
| Additions |
— | 41,616 | 41,616 | |||||||||
| Internally developed |
200,512 | 86,342 | 286,853 | |||||||||
| Sales or disposal |
(163,419 | ) | (60,981 | ) | (224,400 | ) | ||||||
| Foreign currency translation adjustments |
— | 25,333 | 25,333 | |||||||||
| Other |
— | 7,048 | 7,048 | |||||||||
| |
|
|
|
|
|
|||||||
| Balance as of March 31, 2022 |
1,141,234 | 827,232 | 1,968,466 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
Capitalized development costs |
Software and other |
Total |
||||||||||
| Balance as of April 1, 2020 |
(366,202 | ) | (225,932 | ) | (592,134 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Amortization |
(152,542 | ) | (81,350 | ) | (233,892 | ) | ||||||
| Impairment losses |
— | — | — | |||||||||
| Sales or disposal |
45,779 | 55,354 | 101,132 | |||||||||
| Foreign currency translation adjustments |
— | (2,818 | ) | (2,818 | ) | |||||||
| Other |
— | 4,330 | 4,330 | |||||||||
| |
|
|
|
|
|
|||||||
| Balance as of March 31, 2021 |
(472,966 | ) | (250,417 | ) | (723,382 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Amortization |
(167,926 | ) | (94,593 | ) | (262,518 | ) | ||||||
| Impairment losses |
— | — | — | |||||||||
| Sales or disposal |
163,419 | 60,375 | 223,794 | |||||||||
| Foreign currency translation adjustments |
— | (13,570 | ) | (13,570 | ) | |||||||
| Other |
— | (823 | ) | (823 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Balance as of March 31, 2022 |
(477,472 | ) | (299,028 | ) | (776,500 | ) | ||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Deferred tax assets |
||||||||
| Defined benefit plan liabilities |
172,237 | 141,186 | ||||||
| Accrued expenses and liabilities for quality assurance |
623,247 | 613,101 | ||||||
| Other accrued employees’ compensation |
127,339 | 128,461 | ||||||
| Operating loss carryforwards for tax purposes |
14,263 | 64,740 | ||||||
| Allowance for doubtful accounts and credit losses |
82,467 | 85,289 | ||||||
| Property, plant and equipment and other assets |
224,933 | 210,238 | ||||||
| Other |
400,000 | 491,167 | ||||||
| |
|
|
|
|||||
| Total deferred tax assets |
1,644,486 | 1,734,181 | ||||||
| |
|
|
|
|||||
| Deferred tax liabilities |
||||||||
| Changes in fair value of financial instruments measured in other comprehensive income |
(661,221 | ) | (725,242 | ) | ||||
| Undistributed earnings of foreign subsidiaries |
(18,539 | ) | (51,888 | ) | ||||
| Undistributed earnings of associates and joint ventures |
(902,680 | ) | (1,026,027 | ) | ||||
| Basis difference of acquired assets |
(48,371 | ) | (63,189 | ) | ||||
| Capitalized development costs |
(195,033 | ) | (204,741 | ) | ||||
| Lease transactions |
(533,167 | ) | (468,894 | ) | ||||
| Other |
(196,470 | ) | (206,791 | ) | ||||
| |
|
|
|
|||||
| Total deferred tax liabilities |
(2,555,481 | ) | (2,746,773 | ) | ||||
| |
|
|
|
|||||
| Net deferred tax assets and liabilities |
(910,996 | ) | (1,012,592 | ) | ||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Defined benefit plan liabilities |
16,927 |
12,473 | 4,203 | |||||||||
| Accrued expenses and liabilities for quality assurance |
(18,676 |
) |
(18,256 | ) | (40,761 | ) | ||||||
| Other accrued employees’ compensation |
4,557 |
3,125 | (968 | ) | ||||||||
| Operating loss carryforwards for tax purposes |
(295,656 |
) |
1,265 | 38,119 | ||||||||
| Allowance for doubtful accounts and credit losses |
19,293 |
6,042 | (4,902 | ) | ||||||||
| Property, plant and equipment and other assets |
(76,680 |
) |
4,468 | (9,795 | ) | |||||||
| Undistributed earnings of foreign subsidiaries |
1,290 |
6,144 | (33,349 | ) | ||||||||
| Undistributed earnings of associates and joint ventures |
(33,008 |
) |
47,840 | (71,405 | ) | |||||||
| Basis difference of acquired assets |
(10,033 |
) |
(18,302 | ) | (11,270 | ) | ||||||
| Capitalized development costs |
(4,434 |
) |
(1,762 | ) | (9,708 | ) | ||||||
| Lease transactions |
286,869 |
209,972 | 103,098 | |||||||||
| Other |
(83,216 |
) |
23,104 | 111,603 | ||||||||
| |
|
|
|
|
|
|||||||
| Total |
(192,767 |
) |
276,113 | 74,864 | ||||||||
| |
|
|
|
|
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Deductible temporary difference |
250,670 | 709,204 | ||||||
| Carryforwards of tax losses |
379,566 | 518,385 | ||||||
| Carryforwards of tax credit |
34,800 | 46,306 | ||||||
| |
|
|
|
|||||
| Total |
665,037 | 1,273,894 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Within 5 years |
13,597 | 4,049 | ||||||
| Between 5 and 10 years |
20,475 | 136,666 | ||||||
| Later than 10 years |
345,493 | 377,670 | ||||||
| |
|
|
|
|||||
| Total |
379,566 | 518,385 | ||||||
| |
|
|
|
|||||
Yen in millions | ||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Within 5 years |
5,097 | 8,654 | ||||||
| Between 5 and 10 years |
2,340 | 9,865 | ||||||
| Later than 10 years |
27,363 | 27,787 | ||||||
| |
|
|
|
|||||
| Total |
34,800 | 46,306 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Current income tax expense: |
|
|||||||||||
| TMC and domestic subsidiaries |
|
484,667 |
403,230 | 672,077 | ||||||||
| Foreign subsidiaries |
|
4,383 |
522,859 | 518,705 | ||||||||
| |
|
|
|
|
|
|
||||||
| Total current |
|
489,050 |
926,089 | 1,190,782 | ||||||||
| |
|
|
|
|
|
|
||||||
| Deferred income tax expense (benefit): |
|
|||||||||||
| TMC and domestic subsidiaries |
|
95,270 |
(23,792 | ) | 42,131 | |||||||
| Foreign subsidiaries |
|
97,498 |
(252,321 | ) | (116,995 | ) | ||||||
| |
|
|
|
|
|
|
||||||
| Total deferred |
|
192,767 |
(276,113 | ) | (74,864 | ) | ||||||
| |
|
|
|
|
|
|
||||||
| Total income tax expense |
|
681,817 |
649,976 | 1,115,918 | ||||||||
| |
|
|
|
|
|
|
||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Statutory tax rate |
|
30.9 |
% |
30.9 | % | 30.9 | % | |||||
| Increase (reduction) in taxes resulting from: |
|
|||||||||||
| Non-deductible expenses |
|
0.4 |
0.5 | 0.6 | ||||||||
| Tax-exempt income |
|
(0.5 |
) |
(0.4 | ) | (0.3 | ) | |||||
| Deferred tax liabilities on undistributed earnings of foreign subsidiaries |
|
0.9 |
0.6 | 1.3 | ||||||||
| Effects of investments accounted for using the equity method |
|
(3.4 |
) |
(3.7 | ) | (4.3 | ) | |||||
| Deferred tax liabilities on undistributed earnings of associates and joint ventures |
|
2.1 |
(0.2 | ) | 2.6 | |||||||
| Change in unrecognized deferred tax assets |
|
0.9 |
0.7 | 3.7 | ||||||||
| Tax credits |
|
(4.5 |
) |
(3.2 | ) | (2.7 | ) | |||||
| The difference between the statutory tax rate in Japan and that of foreign subsidiaries |
|
(2.4 |
) |
(3.5 | ) | (3.1 | ) | |||||
| Unrecognized tax benefits adjustments |
|
(0.4 |
) |
(0.2 | ) | (0.3 | ) | |||||
| Other |
|
0.3 |
0.6 | (0.3 | ) | |||||||
| |
|
|
|
|
|
|
||||||
| Average effective tax rate |
|
24.4 |
% |
22.2 | % | 28.0 | % | |||||
| |
|
|
|
|
|
|
||||||
Yen in millions | ||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Accounts and notes payables |
2,953,716 | 3,168,084 | ||||||
| Other payables |
1,092,223 | 1,124,008 | ||||||
| |
|
|
|
|||||
| Total |
4,045,939 | 4,292,092 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||||||||||||||||||||||
Non-cash changes |
||||||||||||||||||||||||||||||||
As of April 1, 2020 |
Cash flow |
Acquisitions |
Reclassification |
Changes in foreign currency exchange rates |
Changes in fair value |
Other |
As of March 31, 2021 |
|||||||||||||||||||||||||
| Current liabilities |
||||||||||||||||||||||||||||||||
| Short-term debt |
5,295,448 | (1,038,438 | ) | — | — | 220,056 | — | (137,175 | ) | 4,339,890 | ||||||||||||||||||||||
| Current portion of long-term debt |
4,568,140 | (5,371,616 | ) | — | 8,421,718 | — | — | (33,905 | ) | 7,584,337 | ||||||||||||||||||||||
| Current portion of long-term lease liabilities |
43,166 | (44,760 | ) | — | 30,299 | 991 | — | 17,424 | 47,120 | |||||||||||||||||||||||
| Class share |
— | — | — | 240,712 | — | — | — | 240,712 | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Current liabilities |
9,906,755 | (6,454,814 | ) | — | 8,692,730 | 221,047 | — | (153,657 | ) | 12,212,060 | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Non-current liabilities |
||||||||||||||||||||||||||||||||
| Long-term debt |
10,669,599 | 9,914,667 | — | (8,421,718 | ) | 963,179 | — | 8,076 | 13,133,804 | |||||||||||||||||||||||
| Long-term lease liabilities |
265,879 | — | 114,394 | (30,299 | ) | 4,266 | — | (40,468 | ) | 313,771 | ||||||||||||||||||||||
| Class share |
498,740 | (258,451 | ) | — | (240,712 | ) | — | — | 424 | — | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Non-current liabilities |
11,434,219 | 9,656,216 | 114,394 | (8,692,730 | ) | 967,445 | — | (31,968 | ) | 13,447,575 | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
21,340,973 | 3,201,402 | 114,394 | — | 1,188,491 | — | (185,625 | ) | 25,659,635 | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Derivatives |
182,726 | (44,563 | ) | — | — | 55 | (135,007 | ) | — | 3,211 | ||||||||||||||||||||||
Yen in millions |
||||||||||||||||||||||||||||||||
Non-cash changes |
||||||||||||||||||||||||||||||||
As of April 1, 2021 |
Cash flow |
Acquisitions |
Reclassification |
Changes in foreign currency exchange rates |
Changes in fair value |
Other |
As of March 31, 2022 |
|||||||||||||||||||||||||
| Current liabilities |
||||||||||||||||||||||||||||||||
| Short-term debt |
4,339,890 | (579,216 | ) | — | — | 334,639 | — | 9,544 | 4,104,858 | |||||||||||||||||||||||
| Current portion of long-term debt |
7,584,337 | (8,548,156 | ) | — | 7,410,991 | 572,070 | — | 7,604 | 7,026,845 | |||||||||||||||||||||||
| Current portion of long-term lease liabilities |
47,120 | (54,879 | ) | — | 34,071 | 2,192 | — | 27,632 | 56,136 | |||||||||||||||||||||||
| Class share |
240,712 | (240,630 | ) | — | — | — | — | (83 | ) | — | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Current liabilities |
12,212,060 | (9,422,881 | ) | — | 7,445,062 | 908,902 | — | 44,697 | 11,187,839 | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Non-current liabilities |
||||||||||||||||||||||||||||||||
| Long-term debt |
13,133,804 | 8,122,678 | — | (7,410,991 | ) | 1,095,463 | — | 2,773 | 14,943,727 | |||||||||||||||||||||||
| Long-term lease liabilities |
313,771 | — | 110,996 | (34,071 | ) | 14,203 | — | (40,107 | ) | 364,792 | ||||||||||||||||||||||
| Class share |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Non-current liabilities |
13,447,575 | 8,122,678 | 110,996 | (7,445,062 | ) | 1,109,666 | — | (37,334 | ) | 15,308,519 | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
25,659,635 | (1,300,203 | ) | 110,996 | — | 2,018,568 | — | 7,363 | 26,496,358 | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Derivatives |
3,211 | (12,026 | ) | — | — | 689 | 15,348 | — | 7,221 | |||||||||||||||||||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Unsecured loans |
||||||||
| (Principally from bank) |
||||||||
| 2021 |
||||||||
| Weighted average interest 1.40% |
||||||||
| Due 2021 to 2042 |
||||||||
| 2022 |
||||||||
| Weighted average interest 1.83% |
||||||||
| Due 2022 to 2042] |
5,582,426 | 4,990,165 | ||||||
| Secured loans |
||||||||
| (Principally financial receivables securitization) |
||||||||
| 2021 |
||||||||
| Weighted average interest 1.25% |
||||||||
| Due 2021 to 2034 |
||||||||
| 2022 |
||||||||
| Weighted average interest 1.02% |
||||||||
| Due 2022 to 2034] |
3,233,353 | 3,902,766 | ||||||
| Medium-term notes of consolidated subsidiaries |
||||||||
| 2021 |
||||||||
| Weighted average interest 1.56% |
||||||||
| Due 2021 to 2048 |
||||||||
| 2022 |
||||||||
| Weighted average interest 1.45% |
||||||||
| Due 2022 to 2048] |
9,209,453 | 10,257,689 | ||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Unsecured bonds of the parent |
||||||||
| 2021 |
||||||||
| Weighted average interest 1.40% |
||||||||
| Due 2021 to 2037 |
||||||||
| 2022 |
||||||||
| Weighted average interest 1.32% |
||||||||
| Due 2022 to 2037] |
1,161,938 | 1,123,145 | ||||||
| Unsecured bonds of consolidated subsidiaries |
||||||||
| 2021 |
||||||||
| Weighted average interest 1.57% |
||||||||
| Due 2021 to 2028 |
||||||||
| 2022 |
||||||||
| Weighted average interest 1.99% |
||||||||
| Due 2022 to 2028] |
1,495,976 | 1,664,634 | ||||||
| Secured bonds of consolidated subsidiaries |
||||||||
| 2021 |
||||||||
| Weighted average interest 6.34% |
||||||||
| Due 2022 to 2024 |
||||||||
| 2022 |
||||||||
| Weighted average interest 5.81% |
||||||||
| Due 2022 to 2024] |
34,996 | 32,174 | ||||||
| |
|
|
|
|||||
| 20,718,142 | 21,970,573 | |||||||
| Less - Current portion due within one year |
(7,584,337 | ) | (7,026,845 | ) | ||||
| |
|
|
|
|||||
| 13,133,804 | 14,943,727 | |||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Property, plant and equipment |
754,132 | 1,474,647 | ||||||
| Other assets |
3,278,448 | 3,582,826 | ||||||
| |
|
|
|
|||||
| Total |
4,032,580 | 5,057,473 | ||||||
| |
|
|
|
|||||
| Total number of shares issued |
: | 47,100,000 shares | ||
| Issue price |
: | 10,598 yen per share | ||
| Purchase price |
: | 10,121.09 yen per share | ||
| Voting rights |
: | Model AA Class Shares shall have voting rights. The number of shares constituting one unit with respect to Model AA Class Shares shall be 100. | ||
| Restrictions on transfer |
: | Model AA Class Shares shall have restrictions on transfer. | ||
| Dividends |
: | (1) If the record date falls in the fiscal year ending on March 31, 2016 : 0.5% of the issue price | ||
| (2) If the record date falls in the fiscal year ending on March 31, 2017 through March 31, 2020 : the annual dividend rate for the previous fiscal year plus 0.5% of the issue price | ||||
| (3) If the record date falls in the fiscal year ending on March 31, 2021 or later : 2.5% of the issue price | ||||
| Shareholder’s right |
: | (1) Shareholder’s conversion right into Common Shares Shareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for Common Shares on the first business day of April and October of every year, starting October 1, 2020. | ||
| (2) Shareholder’s cash put option Shareholders of the Model AA Class Shares may demand TMC to acquire all or a part of their Model AA Class Shares in exchange for cash on the last business day of March, June, September and December of each year, starting on September 1, 2020. | ||||
| TMC’s right |
: | TMC may acquire, on or after April 2, 2021, all of the outstanding Model AA Class Shares in exchange for cash. At the Directors’ Meeting held on December 14, 2020, TMC has resolved to exercise its cash call option to acquire all outstanding Model AA Class Shares and, subject to such acquisition, to cancel all Model AA Class Shares pursuant to Article 178 of the Companies Act of Japan. The acquisition took place on April 2, 2021, and the cancellation was completed on April 3, 2021. | ||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Financial liabilities measured at amortized cost |
||||||||
| Deposits received |
440,275 | 723,363 | ||||||
| Other |
221,052 | 287,072 | ||||||
| Financial liabilities measured at fair value through profit or loss |
||||||||
| Derivatives |
425,980 | 497,198 | ||||||
| |
|
|
|
|||||
| Total |
1,087,307 | 1,507,633 | ||||||
| |
|
|
|
|||||
| Current liabilities |
763,875 | 1,046,050 | ||||||
| Non-current liabilities |
323,432 | 461,583 | ||||||
| |
|
|
|
|||||
| Total |
1,087,307 | 1,507,633 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||||||
For the year ended March 31, 2021 |
||||||||||||||||
Expected credit loss for 12 months |
Lifetime expected credit loss |
Total |
||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
|||||||||||||||
| Allowance for credit loss at beginning of year |
60,078 | 66,813 | 32,879 | 159,770 | ||||||||||||
| Provision for credit loss, net of reversal |
28,378 | 34,992 | 46,232 | 109,602 | ||||||||||||
| Charge-offs |
— | — | (50,485 | ) | (50,485 | ) | ||||||||||
| Other |
(9,053 | ) | (23,380 | ) | 11,750 | (20,683 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Allowance for credit loss at end of year |
79,402 | 78,426 | 40,376 | 198,204 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
For the year ended March 31, 2022 |
||||||||||||||||
Expected credit loss for 12 months |
Lifetime expected credit loss |
Total |
||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
|||||||||||||||
| Allowance for credit loss at beginning of year |
79,402 | 78,426 | 40,376 | 198,204 | ||||||||||||
| Provision for credit loss, net of reversal |
22,685 | 39,420 | 38,687 | 100,792 | ||||||||||||
| Charge-offs |
— | — | (41,331 | ) | (41,331 | ) | ||||||||||
| Other |
(13,961 | ) | (18,381 | ) | 4,781 | (27,561 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Allowance for credit loss at end of year |
88,125 | 99,465 | 42,514 | 230,104 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
March 31, 2021 |
||||||||||||||||
Expected credit loss for 12 months |
Lifetime expected credit loss |
Total |
||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
|||||||||||||||
| Current |
13,638,143 | 824,508 | — | 14,462,651 | ||||||||||||
| Past due less than 90 days |
213,860 | 273,282 | 17,527 | 504,670 | ||||||||||||
| Past due 90 days or more |
— | 1,381 | 79,731 | 81,112 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
13,852,004 | 1,099,171 | 97,258 | 15,048,433 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
March 31, 2022 |
||||||||||||||||
Expected credit loss for 12 months |
Lifetime expected credit loss |
Total |
||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
|||||||||||||||
| Current |
15,753,211 | 1,083,642 | — | 16,836,854 | ||||||||||||
| Past due less than 90 days |
283,753 | 405,941 | 17,655 | 707,350 | ||||||||||||
| Past due 90 days or more |
— | 779 | 102,457 | 103,236 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
16,036,965 | 1,490,363 | 120,112 | 17,647,440 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||
For the years ended March 31, |
||||||||
2021 |
2022 |
|||||||
| Allowance for credit loss at beginning of year |
30,899 | 33,455 | ||||||
| Provision for credit loss, net of reversal |
8,663 | 11,107 | ||||||
| Charge-offs |
(3,310 | ) | (3,712 | ) | ||||
| Other |
(2,798 | ) | (3,865 | ) | ||||
| |
|
|
|
|||||
| Allowance for credit loss at end of year |
33,455 | 36,985 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Current |
1,945,198 | 2,279,978 | ||||||
| Past due less than 90 days |
50,992 | 47,034 | ||||||
| Past due 90 days or more |
35,089 | 20,928 | ||||||
| |
|
|
|
|||||
| Total |
2,031,280 | 2,347,941 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||||||
For the year ended March 31, 2021 |
||||||||||||||||
Expected credit loss for 12 months |
Lifetime expected credit loss |
Total |
||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
|||||||||||||||
| Allowance for credit loss at beginning of year |
27,556 | 13,634 | 3,989 | 45,179 | ||||||||||||
| Provision for credit loss, net of reversal |
2,293 | 1,975 | 1,593 | 5,861 | ||||||||||||
| Charge-offs |
— | — | (209 | ) | (209 | ) | ||||||||||
| Other |
(12,382 | ) | (8,368 | ) | (437 | ) | (21,188 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Allowance for credit loss at end of year |
17,467 | 7,241 | 4,935 | 29,642 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
For the year ended March 31, 2022 |
||||||||||||||||
Expected credit loss for 12 months |
Expected credit loss for the entire period |
Total |
||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
|||||||||||||||
| Allowance for credit loss at beginning of year |
17,467 | 7,241 | 4,935 | 29,642 | ||||||||||||
| Provision for credit loss, net of reversal |
5,198 | 1,566 | 1,177 | 7,941 | ||||||||||||
| Charge-offs |
— | — | (11 | ) | (11 | ) | ||||||||||
| Other |
(8,317 | ) | (3,715 | ) | (705 | ) | (12,736 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Allowance for credit loss at end of year |
14,349 | 5,092 | 5,396 | 24,836 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
March 31, 2021 |
||||||||||||||||
Expected credit loss for 12 months |
Lifetime expected credit loss |
|||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
Total |
||||||||||||||
| Wholesale and other dealer loan |
||||||||||||||||
| Performing |
2,956,452 | — | — | 2,956,452 | ||||||||||||
| Credit Watch |
82,046 | 78,509 | — | 160,554 | ||||||||||||
| At Risk |
— | 48,354 | 2,388 | 50,742 | ||||||||||||
| Default |
— | — | 17,736 | 17,736 | ||||||||||||
| Loan commitments |
9,917,155 | 96,266 | 412 | 10,013,832 | ||||||||||||
| Financial guarantee contracts |
3,574,943 | 31,465 | — | 3,606,408 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
16,530,596 | 254,594 | 20,535 | 16,805,725 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
March 31, 2022 |
||||||||||||||||
Expected credit loss for 12 months |
Lifetime expected credit loss |
|||||||||||||||
Financial receivable not credit-impaired |
Credit-impaired financial receivable |
Total |
||||||||||||||
| Wholesale and other dealer loan |
||||||||||||||||
| Performing |
2,730,860 | — | — | 2,730,860 | ||||||||||||
| Credit Watch |
20,842 | 97,353 | — | 118,196 | ||||||||||||
| At Risk |
— | 32,299 | 699 | 32,998 | ||||||||||||
| Default |
— | — | 22,162 | 22,162 | ||||||||||||
| Loan commitments |
10,050,817 | 69,393 | 90 | 10,120,300 | ||||||||||||
| Financial guarantee contracts |
3,574,257 | 39,205 | — | 3,613,461 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
16,376,776 | 238,251 | 22,952 | 16,637,978 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||||||||||
Maturities |
||||||||||||||||||||||||
Book value |
Contractual cash flows |
Within 1 year |
Between 1 and 3 years |
Between 3 and 5 years |
Later than 5 years |
|||||||||||||||||||
| Non-derivative financial liabilities |
||||||||||||||||||||||||
| Short-term debt |
1,109,904 | (1,119,748 | ) | (1,119,748 | ) | — | — | — | ||||||||||||||||
| Commercial paper |
3,229,986 | (3,233,528 | ) | (3,233,528 | ) | — | — | — | ||||||||||||||||
| Current portion of long-term debt |
7,584,337 | (7,781,816 | ) | (7,781,816 | ) | — | — | — | ||||||||||||||||
| Long-term debt |
13,133,804 | (13,615,831 | ) | — | (8,135,588 | ) | (3,871,044 | ) | (1,609,200 | ) | ||||||||||||||
| Lease liabilities |
360,891 | (403,757 | ) | (52,983 | ) | (78,623 | ) | (52,294 | ) | (219,857 | ) | |||||||||||||
| Class share |
240,712 | (243,650 | ) | (243,650 | ) | — | — | — | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
25,659,635 | (26,398,330 | ) | (12,431,725 | ) | (8,214,211 | ) | (3,923,338 | ) | (1,829,057 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Derivative financial liabilities |
||||||||||||||||||||||||
| Interest derivative |
288,853 | (291,818 | ) | (75,477 | ) | (147,811 | ) | (45,699 | ) | (22,832 | ) | |||||||||||||
| Currency derivative |
||||||||||||||||||||||||
| In |
— | 453,701 | 228,651 | 151,430 | 49,701 | 23,919 | ||||||||||||||||||
| Out |
137,127 | (593,702 | ) | (353,986 | ) | (163,366 | ) | (51,643 | ) | (24,707 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
425,980 | (431,820 | ) | (200,812 | ) | (159,747 | ) | (47,640 | ) | (23,620 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
26,085,615 | (26,830,150 | ) | (12,632,537 | ) | (8,373,958 | ) | (3,970,978 | ) | (1,852,677 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Yen in millions |
||||||||||||||||||||||||
Maturities |
||||||||||||||||||||||||
Book value |
Contractual cash flows |
Within 1 year |
Between 1 and 3 years |
Between 3 and 5 years |
Later than 5 years |
|||||||||||||||||||
| Non-derivative financial liabilities |
||||||||||||||||||||||||
| Short-term debt |
852,301 | (865,873 | ) | (865,873 | ) | — | — | — | ||||||||||||||||
| Commercial paper |
3,252,556 | (3,260,578 | ) | (3,260,578 | ) | — | — | — | ||||||||||||||||
| Current portion of long-term debt |
7,026,845 | (7,238,356 | ) | (7,238,356 | ) | — | — | — | ||||||||||||||||
| Long-term debt |
14,943,727 | (15,458,478 | ) | — | (9,194,302 | ) | (4,501,420 | ) | (1,762,756 | ) | ||||||||||||||
| Lease liabilities |
420,928 | (466,661 | ) | (61,735 | ) | (85,791 | ) | (60,661 | ) | (258,474 | ) | |||||||||||||
| Class share |
— | — | — | — | — | — | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
26,496,358 | (27,289,948 | ) | (11,426,543 | ) | (9,280,094 | ) | (4,562,081 | ) | (2,021,230 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Derivative financial liabilities |
||||||||||||||||||||||||
| Interest derivative |
325,912 | (346,482 | ) | (56,824 | ) | (112,352 | ) | (110,592 | ) | (66,715 | ) | |||||||||||||
| Currency derivative |
||||||||||||||||||||||||
| In |
— | 958,208 | 358,275 | 83,552 | 379,916 | 136,465 | ||||||||||||||||||
| Out |
171,286 | (1,164,801 | ) | (475,869 | ) | (94,949 | ) | (420,302 | ) | (173,682 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
497,198 | (553,075 | ) | (174,417 | ) | (123,748 | ) | (150,978 | ) | (103,932 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
26,993,557 | (27,843,023 | ) | (11,600,961 | ) | (9,403,841 | ) | (4,713,059 | ) | (2,125,162 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Yen in millions |
||||||||||||||||
VaR |
||||||||||||||||
Year-end |
Average |
Maximum |
Minimum |
|||||||||||||
| For the year ended March 31, 2021 |
196,900 | 187,725 | 196,900 | 178,400 | ||||||||||||
| For the year ended March 31, 2022 |
257,600 | 241,825 | 263,600 | 214,800 | ||||||||||||
Yen in millions |
||||||||
For the years ended March 31, |
||||||||
2021 |
2022 |
|||||||
| Impact on income before income taxes |
(40,536 | ) | (64,533 | ) | ||||
| Impact on other comprehensive income, before tax effect |
(238,986 | ) | (243,630 | ) | ||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Derivative financial liabilities |
||||||||
| Derivative financial instruments not designated as hedging instruments: |
||||||||
| Interest rate and currency swap |
||||||||
| Current liabilities |
||||||||
| - Other financial liabilities |
(89,681 | ) | (87,926 | ) | ||||
| Non-current liabilities |
||||||||
| - Other financial liabilities |
(226,434 | ) | (326,177 | ) | ||||
| |
|
|
|
|||||
| Total |
(316,115 | ) | (414,102 | ) | ||||
| |
|
|
|
|||||
| Foreign exchange forward and option contracts |
||||||||
| Current liabilities |
||||||||
| - Other financial liabilities |
(109,865 | ) | (83,096 | ) | ||||
| Non-current liabilities |
||||||||
| - Other financial liabilities |
— | — | ||||||
| |
|
|
|
|||||
| Total |
(109,865 | ) | (83,096 | ) | ||||
| |
|
|
|
|||||
| |
|
|
|
|||||
| Total derivative liabilities |
(425,980 | ) | (497,198 | ) | ||||
| |
|
|
|
|||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Derivative financial instruments not designated as hedging instruments: | ||||||||
| Interest rate and currency swap |
21,453,268 | 21,510,803 | ||||||
| Foreign exchange forward and option contracts |
4,884,400 | 2,976,488 | ||||||
| |
|
|
|
|||||
| Total |
26,337,668 | 24,487,291 | ||||||
| |
|
|
|
|||||
| Level 1: | Quoted prices in active markets for identical assets or liabilities | |
| Level 2: | Fair value measurement based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly | |
| Level 3: | Fair value measurement based on models using unobservable inputs for the assets or liabilities | |
Yen in millions |
||||||||||||||||
March 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Other financial assets: |
||||||||||||||||
| Financial assets measured at fair value through profit or loss |
||||||||||||||||
| Public and corporate bonds |
22,926 | 28,269 | 8,406 | 59,600 | ||||||||||||
| Stocks |
— | — | 317,101 | 317,101 | ||||||||||||
| Derivative financial instruments |
— | 282,364 | — | 282,364 | ||||||||||||
| Other |
366,570 | 123,255 | — | 489,824 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
389,495 | 433,887 | 325,506 | 1,148,889 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial assets measured at fair value through other comprehensive income |
||||||||||||||||
| Public and corporate bonds |
3,075,042 | 2,981,239 | 19,218 | 6,075,498 | ||||||||||||
| Stocks |
2,623,964 | — | 321,816 | 2,945,780 | ||||||||||||
| Other |
7,986 | — | — | 7,986 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
5,706,991 | 2,981,239 | 341,034 | 9,029,264 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other financial liabilities: |
||||||||||||||||
| Financial liabilities measured at fair value through profit or loss |
||||||||||||||||
| Derivative financial instruments |
— | (425,980 | ) | — | (425,980 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
— | (425,980 | ) | — | (425,980 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
March 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Other financial assets: |
||||||||||||||||
| Financial assets measured at fair value through profit or loss |
||||||||||||||||
| Public and corporate bonds |
61,376 | 96,136 | 1,674 | 159,186 | ||||||||||||
| Stocks |
— | — | 149,890 | 149,890 | ||||||||||||
| Derivative financial instruments |
— | 419,173 | — | 419,173 | ||||||||||||
| Other |
307,446 | 158,355 | — | 465,801 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
368,822 | 673,665 | 151,563 | 1,194,051 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial assets measured at fair value through other comprehensive income |
||||||||||||||||
| Public and corporate bonds |
3,542,949 | 2,739,591 | 20,178 | 6,302,719 | ||||||||||||
| Stocks |
3,162,805 | — | 169,404 | 3,332,209 | ||||||||||||
| Other |
9,505 | 139 | — | 9,644 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
6,715,259 | 2,739,730 | 189,583 | 9,644,571 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other financial liabilities: |
||||||||||||||||
| Financial liabilities measured at fair value through profit or loss |
||||||||||||||||
| Derivative financial instruments |
— | (497,198 | ) | — | (497,198 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
— | (497,198 | ) | — | (497,198 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
For the year ended March 31, 2021 |
||||||||||||||||
Public and corporate bonds |
Stocks |
Derivative financial instruments |
Total |
|||||||||||||
| Balance at beginning of year |
32,931 | 370,452 | — | 403,383 | ||||||||||||
| Total gains (losses) |
||||||||||||||||
| Net income (loss) |
980 | 162,055 | — | 163,035 | ||||||||||||
| Other comprehensive income (loss) |
— | 72,014 | — | 72,014 | ||||||||||||
| Purchases and issuances |
316 | 58,578 | — | 58,894 | ||||||||||||
| Sales and settlements |
(5,223 | ) | (497 | ) | — | (5,720 | ) | |||||||||
| Transfer from Level 3 |
(2,760 | ) | — | — | (2,760 | ) | ||||||||||
| Others |
1,380 | (23,686 | ) | — | (22,306 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of year |
27,623 | 638,917 | — | 666,540 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Unrealized gains or losses included in profit or loss on assets held at March 31 |
983 | 162,055 | — | 163,038 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
983 | 162,055 | — | 163,038 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
For the year ended March 31, 2022 |
||||||||||||||||
Public and corporate bonds |
Stocks |
Derivative financial instruments |
Total |
|||||||||||||
| Balance at beginning of year |
27,623 | 638,917 | — | 666,540 | ||||||||||||
| Total gains (losses) |
||||||||||||||||
| Net income (loss) |
(44 | ) | 113,053 | — | 113,009 | |||||||||||
| Other comprehensive income (loss) |
— | 9,219 | — | 9,219 | ||||||||||||
| Purchases and issuances |
968 | 2,362 | — | 3,330 | ||||||||||||
| Sales and settlements |
(4,020 | ) | (18,208 | ) | — | (22,228 | ) | |||||||||
| Transfer from Level 3 |
(7,067 | ) | (512,465 | ) | — | (519,532 | ) | |||||||||
| Others |
4,392 | 86,415 | — | 90,807 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of year |
21,852 | 319,294 | — | 341,146 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Unrealized gains or losses included in profit or loss on assets held at March 31 |
(250 | ) | 113,053 | — | 112,803 | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
(250 | ) | 113,053 | — | 112,803 | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||||||
March 31, 2021 |
||||||||||||||||||||
Fair value |
||||||||||||||||||||
Carrying amount |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||
| Receivables related to financial services |
19,205,715 | — | — | 19,939,810 | 19,939,810 | |||||||||||||||
| Interest-bearing liabilities |
||||||||||||||||||||
| Long-term debt (Including current portion) |
20,718,142 | — | 17,749,022 | 3,244,912 | 20,993,934 | |||||||||||||||
Yen in millions |
||||||||||||||||||||
March 31, 2022 |
||||||||||||||||||||
Fair value |
||||||||||||||||||||
Carrying amount |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||
| Receivables related to financial services |
21,764,457 | — | — | 22,074,593 | 22,074,593 | |||||||||||||||
| Interest-bearing liabilities |
||||||||||||||||||||
| Long-term debt (Including current portion) |
21,970,573 | — | 17,899,087 | 3,824,531 | 21,723,618 | |||||||||||||||
Yen in millions |
||||||||||||||||
For the years ended March 31, |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| Present value of defined benefit obligations: |
||||||||||||||||
| Benefit obligations at beginning of year |
2,058,893 | 1,207,815 | 2,089,263 | 1,419,910 | ||||||||||||
| Current service cost |
91,079 | 52,334 | 89,128 | 52,826 | ||||||||||||
| Interest cost |
10,970 | 49,914 | 12,487 | 52,062 | ||||||||||||
| Remeasurements: |
||||||||||||||||
| Changes in demographic assumptions |
(7,569 | ) | 28,690 | 6,440 | 379 | |||||||||||
| Changes in financial assumptions |
13,888 | 14,490 | (46,113 | ) | (126,125 | ) | ||||||||||
| Other |
(5,835 | ) | 51,296 | 4,162 | 904 | |||||||||||
| Past service cost |
1,035 | 3,159 | 761 | 274 | ||||||||||||
| Plan participants’ contributions |
1,397 | 2,093 | 1,392 | 3,063 | ||||||||||||
| Benefits paid |
(72,441 | ) | (48,478 | ) | (80,368 | ) | (42,615 | ) | ||||||||
| Acquisition and other |
(2,155 | ) | 58,597 | — | 126,966 | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Benefit obligations at end of year |
2,089,263 | 1,419,910 | 2,077,151 | 1,487,644 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Fair value of plan assets: |
||||||||||||||||
| Plan assets at beginning of year |
1,519,254 | 868,903 | 1,806,265 | 1,079,543 | ||||||||||||
| Interest income |
8,907 | 48,729 | 11,261 | 51,614 | ||||||||||||
| Remeasurement |
||||||||||||||||
| Actual return on plan assets, excluding interest income |
286,089 | 120,232 | 34,543 | (6,657 | ) | |||||||||||
| Employer contributions |
37,469 | 31,227 | 33,163 | 24,912 | ||||||||||||
| Plan participants’ contributions |
1,397 | 2,093 | 1,392 | 3,063 | ||||||||||||
| Benefits paid |
(39,471 | ) | (36,217 | ) | (41,804 | ) | (31,823 | ) | ||||||||
| Acquisition and other |
(7,380 | ) | 44,576 | — | 104,004 | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Plan assets at end of year |
1,806,265 | 1,079,543 | 1,844,819 | 1,224,656 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Effect of the asset ceiling |
— | — | — | — | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net defined benefit liability (asset) |
282,999 | 340,368 | 232,332 | 262,988 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| Funded defined benefit obligations |
1,575,647 | 1,127,974 | 1,559,686 | 1,187,595 | ||||||||||||
| Plan assets |
(1,806,265 | ) | (1,079,543 | ) | (1,844,819 | ) | (1,224,656 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Subtotal |
(230,618 | ) | 48,432 | (285,133 | ) | (37,061 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Unfunded defined benefit obligations |
513,616 | 291,936 | 517,465 | 300,049 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
282,999 | 340,368 | 232,332 | 262,988 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| Retirement benefit liabilities |
680,021 | 355,075 | 674,425 | 348,323 | ||||||||||||
| Other non-current assets (Retirement benefit assets) |
(397,023 | ) | (14,707 | ) | (442,094 | ) | (85,335 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net amount recognized |
282,999 | 340,368 | 232,332 | 262,988 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
March 31, |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| Discount rate |
0.6 | % | 3.3 | % | 0.7 | % | 3.5 | % | ||||||||
Yen in millions |
||||||||||||||||||||||||
March 31, 2021 |
||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
Quoted prices in active markets |
Total |
Quoted prices in active markets |
Total |
|||||||||||||||||||||
Available |
Not available |
Available |
Not a vailable |
|||||||||||||||||||||
| Stocks |
607,727 | — | 607,727 | 194,927 | — | 194,927 | ||||||||||||||||||
| Government bonds |
110,699 | — | 110,699 | 113,476 | — | 113,476 | ||||||||||||||||||
| Bonds (other) |
— | 72,496 | 72,496 | — | 203,640 | 203,640 | ||||||||||||||||||
| Commingled funds |
— | 500,243 | 500,243 | — | 385,663 | 385,663 | ||||||||||||||||||
| Insurance contracts |
— | 216,423 | 216,423 | — | — | — | ||||||||||||||||||
| Other |
145,801 | 152,876 | 298,677 | 16,182 | 165,655 | 181,837 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
864,227 | 942,038 | 1,806,265 | 324,584 | 754,958 | 1,079,543 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Yen in millions |
||||||||||||||||||||||||
March 31, 2022 |
||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
Quoted prices in active markets |
Total |
Quoted prices in active markets |
Total |
|||||||||||||||||||||
Available |
Not available |
Available |
Not a vailable |
|||||||||||||||||||||
| Stocks |
549,385 | — | 549,385 | 195,067 | — | 195,067 | ||||||||||||||||||
| Government bonds |
112,568 | — | 112,568 | 132,172 | — | 132,172 | ||||||||||||||||||
| Bonds (other) |
— | 77,048 | 77,048 | — | 218,433 | 218,433 | ||||||||||||||||||
| Commingled funds |
— | 489,471 | 489,471 | — | 423,525 | 423,525 | ||||||||||||||||||
| Insurance contracts |
— | 220,027 | 220,027 | — | — | — | ||||||||||||||||||
| Other |
225,980 | 170,340 | 396,320 | 30,442 | 225,016 | 255,459 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
887,933 | 956,886 | 1,844,819 | 357,681 | 866,975 | 1,224,656 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Yen in millions |
||||||||||||||||
March 31, |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| 0.5% decrease |
177,741 | 99,253 | 172,402 | 127,889 | ||||||||||||
| 0.5% increase |
(154,265 | ) | (179,276 | ) | (150,226 | ) | (118,899 | ) | ||||||||
Yen in millions |
||||||||
| Years ending March 31, |
Japanese plans |
Foreign plans |
||||||
| 2023 |
84,168 | 43,910 | ||||||
| 2024 |
86,656 | 43,958 | ||||||
| 2025 |
83,842 | 45,661 | ||||||
| 2026 |
85,239 | 48,557 | ||||||
| 2027 |
88,955 | 52,725 | ||||||
| From 2028 to 2032 |
421,154 | 301,917 | ||||||
| |
|
|
|
|||||
| Total |
850,015 | 536,727 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Liabilities for quality assurance at beginning of year |
1,769,514 | 1,552,970 | 1,482,872 | |||||||||
| Additional provisions |
372,619 | 345,563 | 362,180 | |||||||||
| Utilization |
(482,918 | ) | (347,806 | ) | (278,094 | ) | ||||||
| Reversals |
(99,533 | ) | (77,479 | ) | (32,124 | ) | ||||||
| Other |
(6,712 | ) | 9,624 | 20,877 | ||||||||
| |
|
|
|
|
|
|||||||
| Liabilities for quality assurance at end of year |
1,552,970 | 1,482,872 | 1,555,711 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Liabilities for recalls and other safety measures at beginning of year |
1,302,309 | 1,104,711 | 1,093,689 | |||||||||
| Additional provisions |
225,373 | 229,763 | 245,542 | |||||||||
| Utilization |
(354,759 | ) | (228,044 | ) | (165,482 | ) | ||||||
| Reversals |
(61,099 | ) | (16,199 | ) | (9,389 | ) | ||||||
| Other |
(7,113 | ) | 3,458 | 6,853 | ||||||||
| |
|
|
|
|
|
|||||||
| Liabilities for recalls and other safety measures at end of year |
1,104,711 | 1,093,689 | 1,171,213 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Toyota Motor Corporation Shareholders’ equity |
23,404,547 | 26,245,969 | ||||||
| Short-term and long-term debt |
25,659,635 | 26,496,358 | ||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Common stock issued: |
||||||||||||
| Balance at beginning of year |
3,262,997,492 | 3,262,997,492 | |
|
3,262,997,492 |
| ||||||
| Changes during the year |
— | — | |
|
13,051,989,968 |
| ||||||
| |
|
|
|
|
|
|
| |||||
| Balance at end of year |
3,262,997,492 | 3,262,997,492 | |
|
16,314,987,460 |
| ||||||
| |
|
|
|
|
|
|||||||
| Number of common shares repurchased |
69,532,900 shares | |
| Total purchase price for repurchase of shares |
¥500,139 million |
| Number of common shares reissued |
3,269,500 shares | |
| Amount of reissuance |
¥24,181 million |
| Number of common shares reissued |
29,730,900 shares | |
| Amount of reissuance |
¥199,999 million |
| Number of common shares repurchased |
96,196,900 shares | |
| Total purchase price for repurchase of shares |
¥400,000 million |
| Number of common shares repurchased |
2,111,000 shares | |
| Total purchase price for repurchase of shares |
¥4,607 million |
Yen in millions |
||||||||||||||||
Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
Remeasurements of defined benefit plans |
Exchange differences on translating foreign operations |
Total |
|||||||||||||
| Balance at April 1, 2019 |
1,016,035 |
— |
— |
1,016,035 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other comprehensive income, net of tax |
(58,946 |
) |
(54,176 |
) |
(395,523 |
) |
(508,645 |
) | ||||||||
| Reclassification to retained earnings |
(4,935 |
) |
55,580 |
— |
50,644 |
|||||||||||
| Other comprehensive income for the period attributable to non-controlling interests |
1,916 |
(1,404 |
) |
27,002 |
27,514 |
|||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at March 31 , 2020 |
954,070 | — | (368,520 | ) | 585,549 | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other comprehensive income, net of tax |
380,814 | 221,409 | 410,253 | 1,012,476 | ||||||||||||
| Reclassification to retained earnings |
(31,321 | ) | (219,047 | ) | — | (250,369 | ) | |||||||||
| Other comprehensive income for the period attributable to non-controlling interests |
(8,211 | ) | (2,362 | ) | (29,357 | ) | (39,930 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at March 31, 2021 |
1,295,351 | — | 12,375 | 1,307,726 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other comprehensive income, net of tax |
(103,131 | ) | 151,243 | 1,095,017 | 1,143,129 | |||||||||||
| Reclassification to retained earnings |
(59,110 | ) | (149,602 | ) | — | (208,712 | ) | |||||||||
| Other comprehensive income for the period attributable to non-controlling interests |
1,561 | (1,640 | ) | (38,810 | ) | (38,889 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at March 31, 2022 |
1,134,671 | — | 1,068,583 | 2,203,254 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2020 |
||||||||||||
Before tax |
Tax effect |
After 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 |
||||||||||||
| Amount incurred during the year |
(353,261 | ) | 109,409 | (243,853 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(353,261 | ) | 109,409 | (243,853 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Remeasurements of defined benefit plans |
||||||||||||
| Amount incurred during the year |
(48,426 | ) | 5,026 | (43,399 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(48,426 | ) | 5,026 | (43,399 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Shares of other comprehensive income of equity method investees |
||||||||||||
| Amount incurred during the year |
62,568 | — | 62,568 | |||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
62,568 | — | 62,568 | |||||||||
| |
|
|
|
|
|
|||||||
| Items that may be reclassified subsequently to profit (loss) |
||||||||||||
| Exchange differences on translating foreign operations |
||||||||||||
| Amount incurred during the year |
(390,427 | ) | — | (390,427 | ) | |||||||
| Reclassification to profit (loss) |
28,329 | — | 28,329 | |||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(362,098 | ) | — | (362,098 | ) | |||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
||||||||||||
| Amount incurred during the year |
141,795 | (43,367 | ) | 98,427 | ||||||||
| Reclassification to profit (loss) |
20,380 | (5,417 | ) | 14,963 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
162,174 | (48,784 | ) | 113,390 | ||||||||
| |
|
|
|
|
|
|||||||
| Shares of other comprehensive income of equity method investees |
||||||||||||
| Amount incurred during the year |
(35,253 | ) | — | (35,253 | ) | |||||||
| Reclassification to profit (loss) |
— | — | — | |||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(35,253 | ) | — | (35,253 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Total other comprehensive income |
(574,296 | ) | 65,651 | (508,645 | ) | |||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2021 |
||||||||||||
Before tax |
Tax effect |
After 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 |
||||||||||||
| Amount incurred during the year |
560,225 |
(172,798 |
) |
387,427 |
||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
560,225 |
(172,798 |
) |
387,427 |
||||||||
| |
|
|
|
|
|
|||||||
| Remeasurements of defined benefit plans |
||||||||||||
| Amount incurred during the year |
311,360 |
(95,087 |
) |
216,272 |
||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
311,360 |
(95,087 |
) |
216,272 |
||||||||
| |
|
|
|
|
|
|||||||
| Shares of other comprehensive income of equity method investees |
||||||||||||
| Amount incurred during the year |
80,472 |
— |
80,472 |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
80,472 |
— |
80,472 |
|||||||||
| |
|
|
|
|
|
|||||||
| Items that may be reclassified subsequently to profit (loss) |
||||||||||||
| Exchange differences on translating foreign operations |
||||||||||||
| Amount incurred during the year |
403,636 |
— |
403,636 |
|||||||||
| Reclassification to profit (loss) |
— |
— |
— |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
403,636 |
— |
403,636 |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
||||||||||||
| Amount incurred during the year |
(119,441 |
) |
35,938 |
(83,503 |
) | |||||||
| Reclassification to profit (loss) |
— |
— |
— |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(119,441 |
) |
35,938 |
(83,503 |
) | |||||||
| |
|
|
|
|
|
|||||||
| Shares of other comprehensive income of equity method investees |
||||||||||||
| Amount incurred during the year |
8,172 |
— |
8,172 |
|||||||||
| Reclassification to profit (loss) |
— |
— |
— |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
8,172 |
— |
8,172 |
|||||||||
| |
|
|
|
|
|
|||||||
| Total other comprehensive income |
1,244,424 |
(231,947 |
) |
1,012,476 |
||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
For the year ended March 31, 2022 |
||||||||||||
Before tax |
Tax effect |
After 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 |
||||||||||||
| Amount incurred during the year |
(71,641 |
) |
22,399 |
(49,242 |
) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(71,641 |
) |
22,399 |
(49,242 |
) | |||||||
| |
|
|
|
|
|
|||||||
| Remeasurements of defined benefit plans |
||||||||||||
| Amount incurred during the year |
188,239 |
(51,989 |
) |
136,250 |
||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
188,239 |
(51,989 |
) |
136,250 |
||||||||
| |
|
|
|
|
|
|||||||
| Shares of other comprehensive income of equity method investees |
||||||||||||
| Amount incurred during the year |
113,641 |
— |
113,641 |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
113,641 |
— |
113,641 |
|||||||||
| |
|
|
|
|
|
|||||||
| Items that may be reclassified subsequently to profit (loss) |
||||||||||||
| Exchange differences on translating foreign operations |
||||||||||||
| Amount incurred during the year |
902,844 |
— |
902,844 |
|||||||||
| Reclassification to profit (loss) |
— |
— |
— |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
902,844 |
— |
902,844 |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
||||||||||||
| Amount incurred during the year |
(220,711 |
) |
66,536 |
(154,175 |
) | |||||||
| Reclassification to profit (loss) |
1 |
(0 |
) |
1 |
||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(220,710 |
) |
66,536 |
(154,174 |
) | |||||||
| |
|
|
|
|
|
|||||||
| Shares of other comprehensive income of equity method investees |
||||||||||||
| Amount incurred during the year |
193,811 |
— |
193,811 |
|||||||||
| Reclassification to profit (loss) |
— |
— |
— |
|||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
193,811 |
— |
193,811 |
|||||||||
| |
|
|
|
|
|
|||||||
| Total other comprehensive income |
1,106,184 |
36,945 |
1,143,129 |
|||||||||
| |
|
|
|
|
|
|||||||
| Resolution |
Type of shares |
Total amount of dividends (yen in millions) |
Dividend per share (yen) |
Record date |
Effective date | |||||||||||
| The Board of Directors Meeting on May 8, 2019 |
Common shares | 339,893 | 120.00 | March 31, 2019 | May 24, 2019 | |||||||||||
| |
|
|
|
|
|
|
|
| ||||||||
| The Board of Directors Meeting on November 7, 2019 |
Common shares | 278,908 | 100.00 | September 30, 2019 | November 27, 2019 | |||||||||||
| Resolution |
Type of shares |
Total amount of dividends (yen in millions) |
Dividend per share (yen) |
Record date |
Effective date | |||||||||||
| The Board of Directors Meeting on May 12, 2020 |
Common shares | 331,938 | 120.00 | March 31, 2020 | May 28, 2020 | |||||||||||
| |
|
|
|
|
|
|
|
| ||||||||
| The Board of Directors Meeting on November 6, 2020 |
Common shares | 293,576 | 105.00 | September 30, 2020 | November 27, 2020 | |||||||||||
| Resolution |
Type of shares |
Total amount of dividends (yen in millions) |
Dividend per share (yen) |
Record date |
Effective date | |||||||||||
| The Board of Directors Meeting on May 12, 2021 |
Common shares |
377,453 |
135.00 |
March 31, 2021 |
May 28, 2021 | |||||||||||
| |
|
|
|
|
|
|
|
| ||||||||
| The Board of Directors Meeting on November 4, 2021 |
Common shares |
332,419 |
120.00 |
September 30, 2021 |
November 25, 2021 | |||||||||||
| Resolution |
Type of shares |
Total amount of dividends (yen in millions) |
Dividend per share (yen) |
Record date |
Effective date | |||||||||||
| The Board of Directors Meeting on May 11, 2022 |
Common shares | 385,792 | 28.00 | March 31, 2022 | May 27, 2022 | |||||||||||
Yen in millions |
||||||||||||
For the years ended March 31 |
||||||||||||
202 0 |
2021 |
2022 |
||||||||||
| Sales of products |
||||||||||||
| Automotive |
||||||||||||
| Vehicles |
22,647,701 | 20,509,606 | 23,739,442 | |||||||||
| Parts and components for production |
1,197,089 | 1,287,053 | 1,504,215 | |||||||||
| Parts and components for after service |
2,170,448 | 2,049,187 | 2,407,143 | |||||||||
| Other |
755,141 | 752,000 | 881,193 | |||||||||
| |
|
|
|
|
|
|||||||
| Total automotive |
26,770,379 | 24,597,846 | 28,531,993 | |||||||||
| All other |
923,314 | 479,553 | 541,436 | |||||||||
| |
|
|
|
|
|
|||||||
| Total sales of products |
27,693,693 | 25,077,398 | 29,073,428 | |||||||||
| Financial services |
2,172,854 | 2,137,195 | 2,306,079 | |||||||||
| |
|
|
|
|
|
|||||||
| Total sales revenues |
29,866,547 | 27,214,594 | 31,379,507 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Finance leases |
||||||||||||
| Financial income related to net lease investment |
98,865 | 106,724 | 134,512 | |||||||||
| Operating leases |
1,051,822 | 1,017,707 | 1,093,545 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
1,150,688 | 1,124,431 | 1,228,057 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Contract liabilities |
854,679 | 989,959 | ||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Research and development expenditures incurred during the year |
1,110,369 | 1,090,424 | 1,124,262 | |||||||||
| Amount capitalized |
(164,127 | ) | (158,246 | ) | (200,512 | ) | ||||||
| Amortization of capitalized development costs |
149,776 | 152,542 | 167,926 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
1,096,019 | 1,084,721 | 1,091,675 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Other finance income |
||||||||||||
| Interest income |
||||||||||||
| Financial assets measured at amortized cost |
37,201 | 17,526 | 16,920 | |||||||||
| Financial assets measured at fair value through other comprehensive income |
84,629 | 88,074 | 84,592 | |||||||||
| Dividend income |
||||||||||||
| Financial assets measured at fair value through other comprehensive income |
110,243 | 88,837 | 94,833 | |||||||||
| Other |
73,772 | 240,791 | 138,416 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
305,846 | 435,229 | 334,760 | |||||||||
| |
|
|
|
|
|
|||||||
| Other finance costs |
||||||||||||
| Interest expense |
||||||||||||
| Financial liabilities measured at amortized cost |
(44,114 | ) | (42,421 | ) | (32,458 | ) | ||||||
| Other |
(3,041 | ) | (5,116 | ) | (11,539 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Total |
(47,155 | ) | (47,537 | ) | (43,997 | ) | ||||||
| |
|
|
|
|
|
|||||||
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, 2020 |
||||||||||||
| Net income attributable to Toyota Motor Corporation |
2,036,140 | |||||||||||
| |
|
|
|
|
|
|||||||
| Basic earnings per share attributable to Toyota Motor Corporation |
2,036,140 | 13,994,590 | 145.49 | |||||||||
| Effect of dilutive securities |
||||||||||||
| Model AA Class Shares |
13,265 | 235,500 | ||||||||||
| |
|
|
|
|
|
|||||||
| Diluted earnings per share attributable to Toyota Motor Corporation |
2,049,405 | 14,230,090 | 144.02 | |||||||||
| |
|
|
|
|
|
|||||||
| For the year ended March 31, 2021 |
||||||||||||
| Net income attributable to Toyota Motor Corporation |
2,245,261 | |||||||||||
| |
|
|
|
|
|
|||||||
| Basic earnings per share attributable to Toyota Motor Corporation |
2,245,261 | 13,976,442 | 160.65 | |||||||||
| Effect of dilutive securities |
||||||||||||
| Model AA Class Shares |
12,569 | 229,694 | ||||||||||
| |
|
|
|
|
|
|||||||
| Diluted earnings per share attributable to Toyota Motor Corporation |
2,257,830 | 14,206,137 | 158.93 | |||||||||
| |
|
|
|
|
|
|||||||
| For the year ended March 31, 2022 |
||||||||||||
| Net income attributable to Toyota Motor Corporation |
2,850,110 | |||||||||||
| |
|
|
|
|
|
|||||||
| Basic earnings per share attributable to Toyota Motor Corporation |
2,850,110 | 13,887,348 | 205.23 | |||||||||
| Effect of dilutive securities |
||||||||||||
| Model AA Class Shares |
23 | 311 | ||||||||||
| |
|
|
|
|
|
|||||||
| Diluted earnings per share attributable to Toyota Motor Corporation |
2,850,132 | 13,887,659 | 205.23 | |||||||||
| |
|
|
|
|
|
|||||||
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, 2021 |
23,404,547 | 13,979,743 | 1,674.18 | |||||||||
| As of March 31, 2022 |
26,245,969 | 13,778,302 | 1,904.88 | |||||||||
(i) |
Consolidated structured entities |
| (ii) | Unconsolidated structured entities |
Yen in millions |
||||||||
March 31, |
||||||||
2021 |
2022 |
|||||||
| Trade accounts and other receivables |
||||||||
| Associates |
265,938 | 302,212 | ||||||
| Joint ventures |
44,481 | 64,195 | ||||||
| |
|
|
|
|||||
| Total |
310,419 | 366,407 | ||||||
| |
|
|
|
|||||
| Trade accounts and other payables |
||||||||
| Associates |
855,997 | 1,086,397 | ||||||
| Joint ventures |
656 | 5,112 | ||||||
| |
|
|
|
|||||
| Total |
856,653 | 1,091,509 | ||||||
| |
|
|
|
|||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Sales revenues |
||||||||||||
| Associates |
1,928,468 | 1,138,144 | 1,948,681 | |||||||||
| Joint ventures |
489,735 | 499,437 | 413,703 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
2,418,202 | 1,637,582 | 2,362,384 | |||||||||
| |
|
|
|
|
|
|||||||
| Cost of products sold (purchases) |
||||||||||||
| Associates |
6,694,395 | 5,983,797 | 7,946,788 | |||||||||
| Joint ventures |
86,747 | 51,434 | 308 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
6,781,142 | 6,035,231 | 7,947,095 | |||||||||
| |
|
|
|
|
|
|||||||
Yen in millions |
||||||||||||
For the years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Monthly compensation |
1,023 | 987 | 1,083 | |||||||||
| Bonus |
1,039 | 748 | 196 | |||||||||
| Share compensation |
477 | 364 | 772 | |||||||||
| Other |
— | 747 | — | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
2,540 | 2,847 | 2,051 | |||||||||
| |
|
|
|
|
|
|||||||
| TOYOTA MOTOR CORPORATION | ||
| By: |
/s/ Masahiro Yamamoto | |
Name: |
Masahiro Yamamoto | |
Title: |
Chief Officer, Accounting Group | |
