☐
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REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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☐
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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*
|
TM
|
The New York Stock Exchange
|
||
Common Stock**
|
|
|
*
|
American Depositary Receipts evidence American Depositary Shares, each American Depositary Share representing two shares of 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.
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Large accelerated filer
☒
|
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Accelerated filer
☐
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Non-accelerated
filer
☐
|
|
|
|
|
|
|
|
|
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Emerging growth company
☐
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†
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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.
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ITEM 1.
|
1
|
|||||
ITEM 2.
|
1
|
|||||
ITEM 3.
|
1
|
|||||
3.A
|
1
|
|||||
3.B
|
4
|
|||||
3.C
|
4
|
|||||
3.D
|
4
|
|||||
ITEM 4.
|
8
|
|||||
4.A
|
8
|
|||||
4.B
|
8
|
|||||
4.C
|
50
|
|||||
4.D
|
51
|
|||||
ITEM 4A.
|
52
|
|||||
ITEM 5.
|
52
|
|||||
5.A
|
52
|
|||||
5.B
|
83
|
|||||
5.C
|
85
|
|||||
5.D
|
88
|
|||||
5.E
|
88
|
|||||
5.F
|
89
|
|||||
5.G
|
90
|
|||||
ITEM 6.
|
90
|
|||||
6.A
|
90
|
|||||
6.B
|
97
|
|||||
6.C
|
100
|
|||||
6.D
|
102
|
|||||
6.E
|
102
|
|||||
ITEM 7.
|
103
|
|||||
7.A
|
103
|
|||||
7.B
|
104
|
|||||
7.C
|
105
|
|||||
ITEM 8.
|
105
|
|||||
8.A
|
105
|
|||||
8.B
|
105
|
|||||
ITEM 9.
|
105
|
|||||
9.A
|
105
|
|||||
9.B
|
105
|
|||||
9.C
|
106
|
|||||
9.D
|
106
|
|||||
9.E
|
106
|
|||||
9.F
|
106
|
|||||
ITEM 10.
|
106
|
|||||
10.A
|
106
|
|||||
10.B
|
106
|
|||||
10.C
|
114
|
|||||
10.D
|
114
|
10.E
|
118
|
|||||
10.F
|
124
|
|||||
10.G
|
124
|
|||||
10.H
|
125
|
|||||
10.I
|
125
|
|||||
ITEM 11.
|
125
|
|||||
ITEM 12.
|
126
|
|||||
12.A
|
126
|
|||||
12.B
|
126
|
|||||
12.C
|
126
|
|||||
12.D
|
127
|
|||||
ITEM 13.
|
128
|
|||||
ITEM 14.
|
128
|
|||||
ITEM 15.
|
128
|
|||||
ITEM 16.
|
129
|
|||||
ITEM 16A.
|
129
|
|||||
ITEM 16B.
|
129
|
|||||
ITEM 16C.
|
130
|
|||||
ITEM 16D.
|
131
|
|||||
ITEM 16E.
|
131
|
|||||
ITEM 16F.
|
132
|
|||||
ITEM 16G.
|
132
|
|||||
ITEM 16H.
|
135
|
|||||
ITEM 17.
|
136
|
|||||
ITEM 18.
|
136
|
|||||
ITEM 19.
|
137
|
ITEM
|
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
|
ITEM
|
2. OFFER STATISTICS AND EXPECTED TIMETABLE
|
I
|
TEM 3. KEY INFORMATION
|
|
Year Ended March 31,
|
|||||||||||||||||||
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
||||||||||
|
(Yen in millions, except share and per share data)
|
|||||||||||||||||||
Consolidated Statement of Income Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Automotive:
|
|
|
|
|
|
|||||||||||||||
Revenues
|
¥ |
25,977,416
|
¥ |
25,081,847
|
¥ |
26,397,940
|
¥ |
27,079,077
|
¥ |
26,863,514
|
||||||||||
Operating income
|
2,448,998
|
1,692,973
|
2,011,135
|
2,038,884
|
2,052,346
|
|||||||||||||||
Financial Services:
|
|
|
|
|
|
|||||||||||||||
Revenues
|
1,896,224
|
1,823,600
|
2,017,008
|
2,153,547
|
2,190,559
|
|||||||||||||||
Operating income
|
339,226
|
222,428
|
285,546
|
322,821
|
292,183
|
|||||||||||||||
All Other:
|
|
|
|
|
|
|||||||||||||||
Revenues
|
1,177,387
|
1,321,052
|
1,646,118
|
1,676,377
|
1,504,550
|
|||||||||||||||
Operating income
|
66,507
|
81,327
|
100,812
|
105,538
|
96,655
|
|||||||||||||||
Elimination of intersegment:
|
|
|
|
|
|
|||||||||||||||
Revenues
|
(647,909
|
) |
(629,306
|
) |
(681,556
|
) |
(683,320
|
) |
(628,631
|
) | ||||||||||
Operating income
|
(760
|
) |
(2,356
|
) |
2,369
|
302
|
1,685
|
|||||||||||||
Total Company:
|
|
|
|
|
|
|||||||||||||||
Revenues
|
28,403,118
|
27,597,193
|
29,379,510
|
30,225,681
|
29,929,992
|
|||||||||||||||
Operating income
|
2,853,971
|
1,994,372
|
2,399,862
|
2,467,545
|
2,442,869
|
|||||||||||||||
Income before income taxes and equity in earnings of affiliated companies
|
2,983,381
|
2,193,825
|
2,620,429
|
2,285,465
|
2,554,607
|
|||||||||||||||
Net income attributable to Toyota Motor Corporation
|
2,312,694
|
1,831,109
|
2,493,983
|
1,882,873
|
2,076,183
|
|||||||||||||||
Net income attributable to Toyota Motor Corporation per common share (yen):
|
|
|
|
|
|
|||||||||||||||
Basic
|
741.36
|
605.47
|
842.00
|
650.55
|
735.61
|
|||||||||||||||
Diluted
|
735.36
|
599.22
|
832.78
|
645.11
|
729.50
|
|||||||||||||||
Shares used in computing net income attributable to Toyota Motor Corporation per common share, basic (in thousands)
|
3,111,306
|
3,008,088
|
2,947,365
|
2,871,534
|
2,798,918
|
|||||||||||||||
Shares used in computing net income attributable to Toyota Motor Corporation per common share, diluted (in thousands)
|
3,144,947
|
3,055,826
|
2,994,766
|
2,918,674
|
2,846,018
|
|
Year Ended March 31,
|
|||||||||||||||||||
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
||||||||||
|
(Yen in millions, except per share and numbers of vehicles sold data)
|
|||||||||||||||||||
Consolidated Balance Sheet Data (end of period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Assets:
|
47,427,597
|
48,750,186
|
50,308,249
|
51,936,949
|
52,680,436
|
|||||||||||||||
Short-term debt, including current portion of long-term debt
|
8,521,088
|
9,244,131
|
9,341,190
|
9,599,233
|
9,860,071
|
|||||||||||||||
Long-term debt, less current portion
|
9,772,065
|
9,911,596
|
10,006,374
|
10,550,945
|
10,692,898
|
|||||||||||||||
Toyota Motor Corporation shareholders’ equity
|
16,746,935
|
17,514,812
|
18,735,982
|
19,348,152
|
20,060,618
|
|||||||||||||||
Common stock
|
397,050
|
397,050
|
397,050
|
397,050
|
397,050
|
|||||||||||||||
Other Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividends per share (yen)
|
¥ |
210.0
|
¥ |
210.0
|
¥ |
220.0
|
¥ |
220.0
|
¥ |
220.0
|
||||||||||
Number of vehicles sold
|
|
|
|
|
|
|||||||||||||||
Japan
|
2,059,093
|
2,273,962
|
2,255,313
|
2,226,177
|
2,239,549
|
|||||||||||||||
North America
|
2,839,229
|
2,837,334
|
2,806,467
|
2,745,047
|
2,713,165
|
|||||||||||||||
Europe
|
844,412
|
924,560
|
968,077
|
994,060
|
1,028,537
|
|||||||||||||||
Asia
|
1,344,836
|
1,587,822
|
1,542,806
|
1,684,494
|
1,604,870
|
|||||||||||||||
Other*
|
1,593,758
|
1,347,182
|
1,391,731
|
1,327,017
|
1,372,302
|
|||||||||||||||
Worldwide total
|
8,681,328
|
8,970,860
|
8,964,394
|
8,976,795
|
8,958,423
|
|||||||||||||||
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
|
Cash Dividends per Common
Share |
|||||||
Period Ended
|
Yen
|
|
U.S. dollars
|
|
||||
September 30, 2014
|
75.0
|
0.68
|
||||||
March 31, 2015
|
125.0
|
1.04
|
||||||
September 30, 2015
|
100.0
|
0.83
|
||||||
March 31, 2016
|
110.0
|
0.97
|
||||||
September 30, 2016
|
100.0
|
0.98
|
||||||
March 31, 2017
|
110.0
|
0.98
|
||||||
September 30, 2017
|
100.0
|
0.88
|
||||||
March 31, 2018
|
120.0
|
1.12
|
||||||
September 30, 2018
|
100.0
|
0.88
|
||||||
March 31, 2019
|
120.0
|
1.08
|
||||||
September 30, 2019
|
100.0
|
0.92
|
||||||
March 31, 2020
|
120.0
|
1.10
|
ITEM
|
4. INFORMATION ON THE COMPANY
|
|
Yen in millions
|
|||||||||||
|
Year Ended March 31,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Automotive
|
26,347,229
|
27,034,492
|
26,834,485
|
|||||||||
Financial Services
|
1,959,234
|
2,120,343
|
2,170,243
|
|||||||||
All Other
|
1,073,047
|
1,070,846
|
925,264
|
|
Yen in millions
|
|||||||||||
|
Year Ended March 31,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Japan
|
9,273,672
|
9,520,148
|
9,522,905
|
|||||||||
North America
|
10,347,266
|
10,585,934
|
10,416,582
|
|||||||||
Europe
|
2,940,243
|
3,055,654
|
3,138,755
|
|||||||||
Asia
|
4,497,374
|
4,832,392
|
4,828,635
|
|||||||||
Other*
|
2,320,955
|
2,231,553
|
2,023,115
|
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
• | social, political and economic conditions; |
• | introduction of new vehicles and technologies; and |
• | costs incurred by customers to purchase and operate automobiles. |
• | Safety is Toyota’s highest priority, and Toyota will continue to provide world-class safety. |
• | Toyota will also continue to contribute to environmental quality and to human happiness by using leading environmental technology and by deploying that technology in a growing line of vehicle models. At the same time, Toyota will work through the provision of products, sales and services that exceed customer expectation to offer a rewarding experience for customers. |
• | Toyota has been consistently true to its founding spirit of serving society through conscientious manufacturing, and it will continue working in that spirit to contribute to enhance the quality of life wherever it has operations. |
• | Toyota will strive to continue contributing to economic vitality wherever it has operations by generating stable employment and by participating in mutually beneficial business relationships with dealers and suppliers. It will also strive to continue to actively engage in initiatives for human resources development and the promotion of cultural activities of its host communities. |
• | Toyota will lead the industry in technological development that will spawn next-generation mobility. For example, it will explore possibilities in personal mobility and in the convergence of information technology for automobiles and “smart grids” for optimizing energy generation and consumption. Toyota will strive to offer products and services that match the needs in each market. |
• |
Toyota will strive to advance environmental technology and develop
low-carbon
technologies and technologies for maximizing safety through interaction with the transport infrastructure to lay a foundation for sustainable and amenable future mobility.
|
• | Toyota is committed to providing quality vehicles that are highly reliable and driven with a sense of safety and reliability. |
• | Toyota will constantly reinvent itself and continue to engage in cutting-edge technology development. Toyota will work towards offering vehicles around the world that address the needs of today and of tomorrow at affordable prices. |
• | Toyota will continue working to minimize environmental impact in its manufacturing and other operations, as well as in its products. |
• | Toyota’s activities will include conserving energy and reducing output of carbon dioxide, as well as conserving material resources through recycling; it will also include establishing mindsets and production methods appropriate for coexistence with nature. |
• | Everyone at Toyota will continuously maintain a sense of gratitude to customers and will strive to earn smiles with products and services that are stimulating and inspiring and exceed customer expectations. |
• | All Toyota employees will share the recognition that there is always a better way and share a commitment to continuous improvement, which are fundamental to The Toyota Way. |
• | Toyota will nurture a corporate culture where teamwork and individual creativity thrive and where people will approach their work with pride and passion. |
• |
Toyota will honor the spirit of diversity in recruiting, training and promoting capable individuals around the world. Human resources development at Toyota will continue to promote the transfer of the company’s
monozukuri
know-how
from one generation to the next.
|
1. |
New Vehicle Zero CO
2
Emissions Challenge:
2
emissions during operation from new vehicles by 90% from Toyota’s 2010 global level by 2050
|
• |
Make annual global sales of more than 5.5 million electrified vehicles, including more than 1 million
zero-emission
vehicles (electric vehicles (“EVs”) and FCVs)
|
2. |
Life Cycle Zero CO
2
Emissions Challenge
:
2
emissions from the entire vehicle life cycle
|
• |
Reduce CO
2
emissions by 25% or more over the entire vehicle life cycle compared to 2013 levels by promoting activities for the milestones of Challenges 1 and 3, and with support from stakeholders such as suppliers, energy providers, infrastructure developers, governments and customers
|
3. |
Plant Zero CO
2
Emissions Challenge
:
2
emissions at all plants worldwide by 2050
|
• |
Reduce CO
2
emissions from global plants by 35% compared to 2013 levels
|
4. |
Challenge of Minimizing and Optimizing Water Usage
:
|
• | Implement measures, on a priority basis, in the regions where the impact on the water environment is considered to be large |
• | Water quantity: Complete measures at the four Challenge-focused plants in North America, Asia, and Southern Africa |
• | Water quality: Complete impact assessment and measures at all of the 22 plants where used water is discharged directly into rivers in North America, Asia and Europe |
• | Disclose information appropriately and communicate actively with local communities and suppliers |
5. |
Challenge of Establishing a Recycling-Based Society and Systems
:
End-of-life
vehicle treatment and recycling technologies and systems developed in Japan
|
• | Complete establishment of battery collection and recycling systems globally |
• |
Complete set up of 30 model facilities for appropriate treatment and recycling of
end-of-life
vehicles
|
6. |
Challenge of Establishing a Future Society in Harmony with Nature
:
|
• | Realize “Plants in Harmony with Nature” — Twelve plants in Japan and seven plants overseas — as well as implement harmony-with-nature activities in all regions where Toyota is based in collaboration with local communities and companies |
• | Contribute to biodiversity conservation activities in collaboration with NGOs and others |
• |
Expand initiatives both
in-house
and externally to foster environmentally conscious persons responsible for the future
|
|
Year Ended March 31,
|
|||||||||||||||||||||||||||||||||||||||
|
2016
|
2017
|
2018
|
2019
|
2020
|
|||||||||||||||||||||||||||||||||||
|
Units
|
|
%
|
|
Units
|
|
%
|
|
Units
|
|
%
|
|
Units
|
|
%
|
|
Units
|
|
%
|
|
||||||||||||||||||||
Market
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Japan
|
2,059,093
|
23.7
|
% |
2,273,962
|
25.4
|
% |
2,255,313
|
25.2
|
% |
2,226,177
|
24.8
|
% |
2,239,549
|
25.0
|
% | |||||||||||||||||||||||||
North America
|
2,839,229
|
32.7
|
2,837,334
|
31.6
|
2,806,467
|
31.3
|
2,745,047
|
30.6
|
2,713,165
|
30.3
|
||||||||||||||||||||||||||||||
Europe
|
844,412
|
9.7
|
924,560
|
10.3
|
968,077
|
10.8
|
994,060
|
11.1
|
1,028,537
|
11.5
|
||||||||||||||||||||||||||||||
Asia
|
1,344,836
|
15.5
|
1,587,822
|
17.7
|
1,542,806
|
17.2
|
1,684,494
|
18.7
|
1,604,870
|
17.9
|
||||||||||||||||||||||||||||||
Other*
|
1,593,758
|
18.4
|
1,347,182
|
15.0
|
1,391,731
|
15.5
|
1,327,017
|
14.8
|
1,372,302
|
15.3
|
||||||||||||||||||||||||||||||
Total
|
8,681,328
|
100.0
|
% |
8,970,860
|
100.0
|
% |
8,964,394
|
100.0
|
% |
8,976,795
|
100.0
|
% |
8,958,423
|
100.0
|
% | |||||||||||||||||||||||||
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
|
(Thousands of Units)
|
|||||||||||||||||||
|
Fiscal Year Ended March 31,
|
|||||||||||||||||||
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
||||||||||
Japan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total market sales (excluding mini-vehicles)
|
3,126
|
3,360
|
3,340
|
3,339
|
3,185
|
|||||||||||||||
Toyota sales (retail basis, excluding mini-vehicles)
|
1,462
|
1,607
|
1,565
|
1,532
|
1,553
|
|||||||||||||||
Toyota market share
|
46.8
|
% |
47.8
|
% |
46.9
|
% |
45.9
|
% |
48.8
|
% | ||||||||||
|
(Thousands of Units)
|
|||||||||||||||||||
|
Calendar Year Ended December 31,
|
|||||||||||||||||||
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
||||||||||
North America:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total market sales
|
20,804
|
21,191
|
20,887
|
21,186
|
20,379
|
|||||||||||||||
Toyota sales (retail basis)
|
2,817
|
2,798
|
2,791
|
2,798
|
2,757
|
|||||||||||||||
Toyota market share
|
13.5
|
% |
13.2
|
% |
13.4
|
% |
13.2
|
% |
13.5
|
% | ||||||||||
Europe:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total market sales
|
18,971
|
19,968
|
20,721
|
21,324
|
20,751
|
|||||||||||||||
Toyota sales (retail basis)
|
874
|
928
|
1,002
|
1,035
|
1,089
|
|||||||||||||||
Toyota market share
|
4.6
|
% |
4.6
|
% |
4.8
|
% |
4.9
|
% |
5.3
|
% | ||||||||||
Asia (excluding China):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total market sales
|
9,287
|
9,541
|
10,078
|
10,710
|
9,726
|
|||||||||||||||
Toyota sales (retail basis)
|
1,249
|
1,305
|
1,318
|
1,365
|
1,347
|
|||||||||||||||
Toyota market share
|
13.4
|
% |
13.7
|
% |
13.1
|
% |
12.7
|
% |
13.8
|
% |
|
Fiscal Year Ended March 31,
|
|||||||||||||||||||
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
||||||||||
Units Produced
|
|
|
|
|
|
|||||||||||||||
Japan
|
3,980,576
|
4,109,038
|
4,285,844
|
4,308,903
|
4,413,162
|
|||||||||||||||
North America
|
1,970,053
|
2,062,862
|
1,902,304
|
1,840,502
|
1,807,289
|
|||||||||||||||
Europe
|
564,934
|
637,352
|
681,048
|
679,380
|
674,125
|
|||||||||||||||
Asia
|
1,605,345
|
1,674,468
|
1,601,473
|
1,681,783
|
1,521,551
|
|||||||||||||||
Other*
|
454,991
|
491,789
|
493,464
|
474,618
|
403,495
|
|||||||||||||||
Total
|
8,575,899
|
8,975,509
|
8,964,133
|
8,985,186
|
8,819,622
|
* | “Other” consists of Central and South America, Oceania and Africa. |
• |
“
Just-in-Time
|
• |
“
Jidoka
|
|
Dealers
|
|
||||||||||||
Channel
|
Toyota
Owned |
|
Independent
|
|
Total
|
|
Market Focus
|
|||||||
Toyota
|
1
|
47
|
48
|
Luxury channel for Toyota brand vehicles
|
||||||||||
Toyopet
|
2
|
49
|
51
|
Leading channel for the medium market
|
||||||||||
Corolla
|
1
|
71
|
72
|
Volume retail channel centering on compact models
|
||||||||||
Netz
|
1
|
103
|
104
|
Sales channel targeting customers with new values for the 21
st
century
|
||||||||||
Other
|
1
|
—
|
1
|
Toyota Mobility Tokyo
* Integration of Toyota’s four directly owned sales companies in Tokyo (since April 2019)
|
||||||||||
|
|
|
|
|||||||||||
Brand
|
Sales
Outlets
|
|
Market Focus
|
|||||||||||
Lexus
|
172
|
Premium brand
|
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
|
55
|
49
|
||||||
Central and South America
|
39
|
40
|
• | working with suppliers as one team to dramatically increase the efficiency of development; |
• | creating a production structure that can better withstand fluctuations in demand and currency exchange rates; and |
• | strengthening sales capabilities in line with local conditions. |
• |
improving product development and production efficiencies through the
re-integration
and improvement of vehicle platforms and power trains as well as through the development of electronic platforms which organize electronic devices of vehicles as a package and standardize electronic structure and infrastructure;
|
• |
reinforcing and promoting Ryohin-Renka Cost Innovation
(“RR-CI”)
activity, which aims for the elimination of waste in all processes from design to production while ensuring the reliability and safety of each part;
|
• | “developing a real cost-competitive structure” by working together with suppliers; |
• | applying advanced information technologies to improve efficiency throughout the product development and production processes; |
• | globally reinforcing the supply base under an open and fair purchasing policy; |
• | streamlining production systems; and |
• | improving the efficiency of domestic and international distribution. |
• | Pillar 1 — Connect All Cars |
• | Pillar 2 — Creation of New Value and Business Revolution |
• | Pillar 3 — Creation of New Mobility Services |
• | The operation of “ETC2.0” commenced in 2009 and corresponding products are available for purchase. Mainly for use on highways, this service provides drivers with information related to road traffic and safe driving that is transmitted from road infrastructures to car navigation systems via video and voice. |
• |
“ITS Connect,” a driving safety support system that uses a dedicated ITS frequency of 760 MHz, was introduced in the fall of 2015. Through direct and continuous exchange of information between vehicles and the road and among vehicles, this system aims to mitigate accidents near intersections, which have been difficult to mitigate to date. The system also includes Communicating Radar Cruise Control features, which supports smooth acceleration and deceleration when following behind another vehicle. From August 2017, Toyota and Mazda started a partnership in the field of advanced safety technologies and a collaboration between the two companies concerning Toyota’s
vehicle-to-vehicle
and
vehicle-to-infrastructure
technologies is undergoing.
|
• |
“Pre-collision
System” is a system that perceives possibilities of a crash with obstacles, cars in front, crossing pedestrians during both day and night as well as crossing bicycles in daytime, all through a sensor installed in a vehicle. If a collision seems likely, it proceeds to activate warnings as well as brake assistance, which aids the driver’s operation of the brake, or the automatic braking system, which aids in avoiding the collision altogether or mitigates any damage.
|
• |
“Radar Cruise Control (with
all-speed
tracking function)” allows the vehicle to keep a constant distance between itself and the preceding vehicle within a speed range from zero to a preset speed, automatically slowing down and stopping if necessary to avoid collision. When the car in front speeds up, it allows the driver to accelerate.
|
• | “Lane Tracing Assist” is a system that, when the Radar Cruise Control function is running, uses a camera to detect white or yellow lane markers while driving and assists the driver’s operation of the steering wheel by controlling the electric power steering in order to help keep the vehicle traveling between lane markers. |
• | “Automatic High Beam” detects the headlights of oncoming vehicles or taillights of vehicles running in front and adjusts the headlight range, automatically switching to low beam or high beam, in order to avoid blinding the visions of drivers with bright lights, as well as to secure drivers’ forward vision at night. |
• | Toyota is advancing enhancement of car navigation systems, such as car parking maps that display detailed information inside car parks, as well as the VICS system (Vehicle Information and Communication System) that provides real-time road traffic information such as congestion, accidents, traffic restrictions and parking. Car navigation systems play an increasingly important role in providing drivers with various types of information on safety, smooth traveling, comfort and convenience. |
• |
T-Connect/G-BOOK
is the latest information network service that merges the latest network technologies and car multimedia a step ahead of the arrival of the ubiquitous network society.
T-Connect/G-BOOK
provides various types of information useful for driving, as well as safety and security services that detect unusual conditions in the vehicle, thereby supporting a lifestyle with one’s vehicles anytime and anywhere through a network. In 2005, Toyota started
G-BOOK
ALPHA and
G-Link
for Lexus, each with additional various features including traffic congestion forecast service. In 2007, Toyota launched
G-BOOK
mX, which in addition to the well-received conventional safety and security services of
G-BOOK,
introduced even more useful car navigation services such as
“Map-on-Demand”
— the world’s first technology for automatically updating map data — and “Probe Communication Traffic Information” that provides drivers with highly precise information on traffic congestion. In 2014, Toyota launched
T-Connect,
which in addition to conventional telematics services, provides new services and functions through the distribution of applications to
on-board
device, as well as destination and other information searches through the adoption of a voice recognition system. In 2018, Toyota made efforts to further enhance
T-Connect
and added services such as the
“e-Care
Driving Guidance,” which diagnoses the condition of a car from the vehicle data and an operator advises the driver in the event of abnormality, and further guides the driver to a dealer if necessary, and “Tsunagaru (Connected) Car Insurance Plan,” which is an insurance plan based on driving behavior data. Furthermore, by standardizing the DCM, Toyota improved online services such as the “Voice Recognition-enabled AI Virtual Agent” and “Hybrid Navi.”
|
• | In 2019, Toyota enhanced connectivity with smartphones, the ever-evolving devices that have become a part of our lives. By equipping car displays with audio functions and smartphone-linked functions, drivers can directly access their favorite smartphone functions, such as phone, messages and music as well as navigation guidance, through the display, thereby enabling them to safely use smartphone applications on the road. |
• |
HELPNET is an emergency dial system that, in the event of a traffic accident or medical emergency, transmits information required for emergency rescue, such as present-location data and vehicle details, either automatically or with the touch of a button. It immediately contacts police and fire departments through the HELPNET Operation Center. This system is integrated into
T-Connect/G-BOOK
and
G-Link
to improve the quality of services. In 2018, Toyota newly developed the
“D-Call
Net,” which is a rescue service that is interlocked with the activation of the airbag. It instantly analyzes the damages to car occupants from the car data at the time of the collision, and with the cooperation of the fire departments, dispatches helicopter ambulances if it is diagnosed that the possibility of serious injury is high. HELPNET shortens the time taken to report following an emergency situation, which contributes to decreasing the number of traffic accident fatalities and reducing the level of impact, while at the same time aiming to prevent secondary disasters and ease traffic congestion.
|
• | 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 EVs, FCVs 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 |
1,080.6
|
Japan
|
Internal funds,
financing
from issuance
of bonds, etc. |
|||||
Investment primarily in technology and products by
Toyota Motor Kyushu, Inc. |
108.1
|
Japan
|
Internal funds
|
|||||
Investment primarily in technology and products by
Toyota Auto Body Co., Ltd. |
93.9
|
Japan
|
Internal funds
|
|||||
Investment primarily in technology and products by
Primearth EV Energy Co., Ltd. |
92.4
|
Japan
|
Borrowings
|
|||||
Investment primarily in technology and products by
Daihatsu Motor Co., Ltd. |
85.3
|
Japan
|
Internal funds
|
|||||
Investment primarily in technology and products by
Hino Motors, Ltd. |
79.7
|
Japan
|
Internal funds
|
|||||
Outside of Japan
|
|
|
|
|||||
Investment primarily to promote localization by
Toyota Motor Manufacturing, Indiana, Inc. |
202.6
|
United States
|
Internal funds
|
|||||
Investment primarily to promote localization by
Toyota Motor Manufacturing Kentucky, Inc. |
167.4
|
United States
|
Internal funds
|
|||||
Investment primarily to promote localization by
Toyota Motor Manufacturing, Canada, Inc. |
143.8
|
Canada
|
Internal funds
|
|||||
Investment primarily to promote localization by
Toyota do Brazil Ltda. |
109.5
|
Brazil
|
Internal funds
|
|||||
Investment primarily to promote localization by
Toyota Motor Thailand Co., Ltd. |
106.1
|
Thailand
|
Internal funds
|
|||||
Investment primarily to promote localization by
Toyota Motor Europe NV/SA |
81.5
|
Belgium
|
Internal funds
|
|||||
Investment primarily to promote localization by
Toyota Motor Manufacturing Mississippi, Inc. |
70.3
|
United States
|
Internal funds
|
|||||
Investment primarily to establish office facilities by
Toyota Motor North America, Inc. |
57.7
|
United States
|
Internal funds
|
|||||
Investment primarily in leased automobiles by
Toyota Motor Credit Corporation |
5,875.9
|
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 |
350.0
|
Japan
|
Internal funds
|
|||||||||
Investment primarily in manufacturing facilities by
Daihatsu Motor Co., Ltd. |
70.8
|
Japan
|
Internal funds
|
|||||||||
Investment primarily in manufacturing facilities by
Toyota Auto Body Co., Ltd. |
41.9
|
Japan
|
Internal funds
|
|||||||||
Investment primarily in manufacturing facilities by
Primearth EV Energy Co., Ltd. |
38.4
|
Japan
|
Borrowings
|
|||||||||
Outside of Japan
|
|
|
|
|||||||||
Investment primarily in manufacturing facilities by
Toyota Motor Manufacturing, Indiana, Inc. |
105.9
|
United States
|
Internal funds
|
|||||||||
Investment primarily in manufacturing facilities by
Toyota Motor Europe NV/SA |
44.2
|
Belgium
|
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
|
50.21
|
50.28
|
||||||||||
Toyota Motor Kyushu, Inc.
|
|
Japan
|
100.00
|
100.00
|
||||||||||
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 Auto Body Co., Ltd.
|
|
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
|
||||||||||
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 de Baja California, S. de R.L. de C.V.
|
|
Mexico
|
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 Europe NV/SA
|
|
Belgium
|
100.00
|
100.00
|
||||||||||
Toyota Motor Manufacturing France S.A.S.
|
|
France
|
100.00
|
100.00
|
||||||||||
Toyota Kreditbank GmbH
|
|
Germany
|
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
|
||||||||||
Toyota Motor Manufacturing Turkey Inc.
|
|
Turkey
|
90.00
|
90.00
|
||||||||||
OOO “TOYOTA MOTOR”
|
|
Russia
|
100.00
|
100.00
|
||||||||||
Toyota Motor (China) Investment Co., Ltd.
|
|
China
|
100.00
|
100.00
|
||||||||||
Toyota Motor Finance (China) Co., Ltd.
|
|
China
|
100.00
|
100.00
|
||||||||||
P.T. Astra Daihatsu Motor
|
|
Indonesia
|
61.75
|
61.75
|
||||||||||
P.T. Toyota Motor Manufacturing Indonesia
|
|
Indonesia
|
95.00
|
95.00
|
||||||||||
Toyota Motor Asia Pacific Pte Ltd.
|
|
Singapore
|
100.00
|
100.00
|
||||||||||
Toyota Leasing (Thailand) Co., Ltd.
|
|
Thailand
|
87.16
|
87.16
|
||||||||||
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
(thousand square meters) |
|
Number of
Employees |
|
Principal
Products or Functions |
||||||
Japan (Toyota Motor Corporation)
|
|
|
|
|
|
|
|
|
||||
Tahara Plant
|
Tahara City, Aichi Pref.
|
4,032
|
6,503
|
Automobiles
|
||||||||
Toyota Technical Center Shimoyama
|
Toyota City, Aichi Pref.
|
3,736
|
39
|
Research and
Development |
||||||||
Toyota Head Office and Technical Center
|
Toyota City, Aichi Pref.
|
2,766
|
23,621
|
Research and
Development |
||||||||
Higashi-Fuji Technical Center
|
Susono City, Shizuoka Pref.
|
2,719
|
3,043
|
Research and
Development |
||||||||
Motomachi Plant
|
Toyota City, Aichi Pref.
|
1,574
|
7,806
|
Automobiles
|
||||||||
Takaoka Plant
|
Toyota City, Aichi Pref.
|
1,317
|
4,364
|
Automobiles
|
||||||||
Kamigo Plant
|
Toyota City, Aichi Pref.
|
894
|
3,105
|
Automobile parts
|
||||||||
Kinu-ura
Plant
|
Hekinan City, Aichi Pref.
|
808
|
2,896
|
Automobile parts
|
||||||||
Honsha Plant
|
Toyota City, Aichi Pref.
|
622
|
2,203
|
Automobile parts
|
||||||||
Nagoya Office
|
Nagoya City, Aichi Pref.
|
5
|
2,508
|
Office
|
||||||||
Japan (Subsidiaries)
|
|
|
|
|
|
|
|
|
||||
TOYOTA Mobility Tokyo Inc.
|
Minato-ku,
Tokyo, etc.
|
341
|
6,814
|
Sales facilities
|
||||||||
Hino Motors, Ltd.
|
Hino City, Tokyo, etc.
|
6,283
|
12,805
|
Automobiles
|
||||||||
Daihatsu Motor Co., Ltd. .
|
Ikeda City, Osaka, etc.
|
7,746
|
11,444
|
Automobiles
|
||||||||
Toyota Auto Body Co., Ltd.
|
Kariya City, Aichi Pref., etc.
|
2,269
|
11,300
|
Automobiles
|
||||||||
Toyota Motor Kyushu, Inc.
|
Miyawaka City, Fukuoka Pref., etc.
|
1,949
|
8,262
|
Automobiles
|
||||||||
Outside Japan (Subsidiaries)
|
|
|
|
|
|
|
|
|
||||
Toyota Motor Manufacturing, Kentucky, Inc.
|
Kentucky, U.S.A.
|
5,161
|
7,795
|
Automobiles
|
||||||||
Toyota Motor Manufacturing, Indiana, Inc.
|
Indiana, U.S.A.
|
4,359
|
5,928
|
Automobiles
|
||||||||
Toyota Motor Manufacturing Canada, Inc.
|
Ontario, Canada
|
4,752
|
7,508
|
Automobiles
|
||||||||
Toyota Motor Thailand Co., Ltd.
|
Samutprakan, Thailand
|
4,414
|
9,818
|
Automobiles
|
||||||||
Toyota Motor Sales, U.S.A., Inc.
|
Texas, U.S.A.
|
3,267
|
5,019
|
Sales facilities
|
* | “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 the reliance on various suppliers for the provision of supplies, |
• | 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,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Japan
|
9,273,672
|
9,520,148
|
9,522,905
|
|||||||||
North America
|
10,347,266
|
10,585,934
|
10,416,582
|
|||||||||
Europe
|
2,940,243
|
3,055,654
|
3,138,755
|
|||||||||
Asia
|
4,497,374
|
4,832,392
|
4,828,635
|
|||||||||
Other*
|
2,320,955
|
2,231,553
|
2,023,115
|
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Japan
|
16,625,361
|
16,461,521
|
(163,840
|
) |
(1.0
|
)% | ||||||||||
North America
|
10,817,247
|
10,638,748
|
(178,499
|
) |
(1.7
|
) | ||||||||||
Europe
|
3,238,851
|
3,360,878
|
122,027
|
3.8
|
||||||||||||
Asia
|
5,513,031
|
5,338,656
|
(174,375
|
) |
(3.2
|
) | ||||||||||
Other*
|
2,333,443
|
2,112,502
|
(220,941
|
) |
(9.5
|
) | ||||||||||
Intersegment elimination/unallocated amount
|
(8,302,252
|
) |
(7,982,313
|
) |
319,939
|
—
|
||||||||||
Total
|
30,225,681
|
29,929,992
|
(295,689
|
) |
(1.0
|
) | ||||||||||
Operating income (loss):
|
|
|
|
|
||||||||||||
Japan
|
1,691,675
|
1,567,978
|
(123,697
|
) |
(7.3
|
) | ||||||||||
North America
|
114,515
|
270,629
|
156,114
|
136.3
|
||||||||||||
Europe
|
124,868
|
150,545
|
25,677
|
20.6
|
||||||||||||
Asia
|
457,489
|
370,999
|
(86,490
|
) |
(18.9
|
) | ||||||||||
Other*
|
91,110
|
90,724
|
(386
|
) |
(0.4
|
) | ||||||||||
Intersegment elimination/unallocated amount
|
(12,112
|
) |
(8,006
|
) |
4,106
|
—
|
||||||||||
Total
|
2,467,545
|
2,442,869
|
(24,676
|
) |
(1.0
|
) | ||||||||||
Operating margin
|
8.2
|
% |
8.2
|
% |
(0.0
|
)% |
|
|||||||||
Income before income taxes and equity in earnings of affiliated companies
|
2,285,465
|
2,554,607
|
269,142
|
11.8
|
||||||||||||
Net margin from income before income taxes and equity in earnings of affiliated companies
|
7.6
|
% |
8.5
|
% |
0.9
|
% |
|
|||||||||
Equity in earnings of affiliated companies
|
360,066
|
271,152
|
(88,914
|
) |
(24.7
|
) | ||||||||||
Net income attributable to Toyota Motor Corporation
|
1,882,873
|
2,076,183
|
193,310
|
10.3
|
||||||||||||
Net margin attributable to Toyota Motor Corporation
|
6.2
|
% |
6.9
|
% |
0.7
|
% |
|
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Vehicles
|
23,066,190
|
22,852,916
|
(213,274
|
) |
(0.9
|
)% | ||||||||||
Parts and components for overseas production
|
625,483
|
603,928
|
(21,555
|
) |
(3.4
|
) | ||||||||||
Parts and components for after service
|
2,093,437
|
2,103,478
|
10,041
|
0.5
|
||||||||||||
Other
|
1,249,382
|
1,274,163
|
24,781
|
2.0
|
||||||||||||
Total Automotive
|
27,034,492
|
26,834,485
|
(200,007
|
) |
(0.7
|
) | ||||||||||
All Other
|
1,070,846
|
925,264
|
(145,582
|
) |
(13.6
|
) | ||||||||||
Total sales of products
|
28,105,338
|
27,759,749
|
(345,589
|
) |
(1.2
|
) | ||||||||||
Financial Services
|
2,120,343
|
2,170,243
|
49,900
|
2.4
|
||||||||||||
Total
|
30,225,681
|
29,929,992
|
(295,689
|
) |
(1.0
|
)% | ||||||||||
|
Number of financing contracts in thousands
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Japan
|
2,249
|
2,414
|
165
|
7.3
|
% | |||||||||||
North America
|
5,404
|
5,394
|
(10
|
) |
(0.2
|
) | ||||||||||
Europe
|
1,220
|
1,318
|
98
|
8.0
|
||||||||||||
Asia
|
1,803
|
1,864
|
61
|
3.4
|
||||||||||||
Other*
|
890
|
926
|
36
|
4.0
|
||||||||||||
Total
|
11,566
|
11,916
|
350
|
3.0
|
% | |||||||||||
* | “Other” consists of Central and South America, Oceania and Africa. |
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales*
|
4,173
|
4,284
|
111
|
2.6
|
% | |||||||||||
*
including number of exported vehicle unit sales
|
|
|
|
|
||||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
16,485,093
|
16,309,165
|
(175,928
|
) |
(1.1
|
)% | ||||||||||
Financial services
|
140,268
|
152,356
|
12,088
|
8.6
|
||||||||||||
Total
|
16,625,361
|
16,461,521
|
(163,840
|
) |
(1.0
|
)% | ||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
2,745
|
2,713
|
(32
|
) |
(1.2
|
)% | ||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
9,295,132
|
9,091,397
|
(203,735
|
) |
(2.2
|
)% | ||||||||||
Financial services
|
1,522,115
|
1,547,351
|
25,236
|
1.7
|
||||||||||||
Total
|
10,817,247
|
10,638,748
|
(178,499
|
) |
(1.7
|
)% | ||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
994
|
1,029
|
35
|
3.5
|
% | |||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
||||||||||||||
Sales of products
|
3,107,687
|
3,212,984
|
105,297
|
3.4
|
% | |||||||||||
Financial services
|
131,164
|
147,894
|
16,730
|
12.8
|
||||||||||||
Total
|
3,238,851
|
3,360,878
|
122,027
|
3.8
|
% | |||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
1,684
|
1,605
|
(79
|
) |
(4.7
|
)% | ||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
5,348,385
|
5,166,175
|
(182,210
|
) |
(3.4
|
)% | ||||||||||
Financial services
|
164,646
|
172,481
|
7,835
|
4.8
|
||||||||||||
Total
|
5,513,031
|
5,338,656
|
(174,375
|
) |
(3.2
|
)% | ||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
1,327
|
1,372
|
45
|
3.4
|
% | |||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
2,148,134
|
1,940,249
|
(207,885
|
) |
(9.7
|
)% | ||||||||||
Financial services
|
185,309
|
172,253
|
(13,056
|
) |
(7.0
|
) | ||||||||||
Total
|
2,333,443
|
2,112,502
|
(220,941
|
) |
(9.5
|
)% | ||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Operating costs and expenses
|
|
|
|
|
||||||||||||
Cost of products sold
|
23,389,495
|
23,142,744
|
(246,751
|
) |
(1.1
|
)% | ||||||||||
Cost of financing operations
|
1,392,290
|
1,379,620
|
(12,670
|
) |
(0.9
|
) | ||||||||||
Selling, general and administrative
|
2,976,351
|
2,964,759
|
(11,592
|
) |
(0.4
|
) | ||||||||||
Total
|
27,758,136
|
27,487,123
|
(271,013
|
) |
(1.0
|
)% | ||||||||||
|
Yen in millions
|
|
||
|
2020 v. 2019 Change
|
|
||
Changes in operating costs and expenses:
|
|
|||
Effect of changes in vehicle unit sales and sales mix
|
700,000
|
|||
Effect of changes in exchange rates
|
(575,000
|
) | ||
Effect of increase of cost of financing operations
|
27,100
|
|||
Effect of cost reduction efforts
|
(170,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
(45,000
|
) | ||
Other
|
(208,113
|
) | ||
Total
|
(271,013
|
) | ||
|
Yen in millions
|
|
||
|
2020 v. 2019 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing activities
|
(90,000
|
) | ||
Effect of cost reduction efforts
|
170,000
|
|||
Effect of changes in exchange rates
|
(305,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
45,000
|
|||
Other
|
155,324
|
|||
Total
|
(24,676
|
) | ||
|
Yen in millions
|
|
||
|
2020 v. 2019 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing activities
|
(225,000
|
) | ||
Effect of cost reduction efforts
|
170,000
|
|||
Effect of changes in exchange rates
|
(175,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
(40,000
|
) | ||
Other
|
146,303
|
|||
Total
|
(123,697
|
) | ||
|
Yen in millions
|
|
||
|
2020 v. 2019 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
115,000
|
|||
Effect of cost reduction efforts
|
(5,000
|
) | ||
Effect of changes in exchange rates
|
(15,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
50,000
|
|||
Other
|
11,114
|
|||
Total
|
156,114
|
|||
|
Yen in millions
|
|
||
|
2020 v. 2019 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
20,000
|
|||
Effect of cost reduction efforts
|
15,000
|
|||
Effect of changes in exchange rates
|
(5,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
(10,000
|
) | ||
Other
|
5,677
|
|||
Total
|
25,677
|
|||
|
Yen in millions
|
|
||
|
2020 v. 2019 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
10,000
|
|||
Effect of cost reduction efforts
|
(5,000
|
) | ||
Effect of changes in exchange rates
|
(90,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
15,000
|
|||
Other
|
(16,490
|
) | ||
Total
|
(86,490
|
) | ||
|
Yen in millions
|
|
||
|
2020 v. 2019 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing activities
|
(10,000
|
) | ||
Effect of cost reduction efforts
|
(5,000
|
) | ||
Effect of changes in exchange rates
|
(20,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
25,000
|
|||
Other
|
9,614
|
|||
Total
|
(386
|
) | ||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2020 v. 2019 Change
|
||||||||||||||
|
2019
|
|
2020
|
|
Amount
|
|
Percentage
|
|
||||||||
Automotive:
|
|
|
|
|
||||||||||||
Net revenues
|
27,079,077
|
26,863,514
|
(215,563
|
) |
(0.8
|
)% | ||||||||||
Operating income
|
2,038,884
|
2,052,346
|
13,462
|
0.7
|
||||||||||||
Financial Services:
|
|
|
|
|
||||||||||||
Net revenues
|
2,153,547
|
2,190,559
|
37,012
|
1.7
|
||||||||||||
Operating income
|
322,821
|
292,183
|
(30,638
|
) |
(9.5
|
) | ||||||||||
All Other:
|
|
|
|
|
||||||||||||
Net revenues
|
1,676,377
|
1,504,550
|
(171,827
|
) |
(10.2
|
) | ||||||||||
Operating income
|
105,538
|
96,655
|
(8,883
|
) |
(8.4
|
) | ||||||||||
Intersegment elimination/unallocated amount:
|
|
|
|
|
||||||||||||
Net revenues
|
(683,320
|
) |
(628,631
|
) |
54,689
|
—
|
||||||||||
Operating income
|
302
|
1,685
|
1,383
|
—
|
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Japan
|
16,024,844
|
16,625,361
|
600,517
|
3.7
|
% | |||||||||||
North America
|
10,574,410
|
10,817,247
|
242,837
|
2.3
|
||||||||||||
Europe
|
3,185,224
|
3,238,851
|
53,627
|
1.7
|
||||||||||||
Asia
|
5,148,139
|
5,513,031
|
364,892
|
7.1
|
||||||||||||
Other*
|
2,453,299
|
2,333,443
|
(119,856
|
) |
(4.9
|
) | ||||||||||
Intersegment elimination/unallocated amount
|
(8,006,406
|
) |
(8,302,252
|
) |
(295,846
|
) |
—
|
|||||||||
Total
|
29,379,510
|
30,225,681
|
846,171
|
2.9
|
||||||||||||
Operating income (loss):
|
|
|
|
|
||||||||||||
Japan
|
1,659,918
|
1,691,675
|
31,757
|
1.9
|
||||||||||||
North America
|
138,899
|
114,515
|
(24,384
|
) |
(17.6
|
) | ||||||||||
Europe
|
75,026
|
124,868
|
49,842
|
66.4
|
||||||||||||
Asia
|
433,199
|
457,489
|
24,290
|
5.6
|
||||||||||||
Other*
|
112,663
|
91,110
|
(21,553
|
) |
(19.1
|
) | ||||||||||
Intersegment elimination/unallocated amount
|
(19,843
|
) |
(12,112
|
) |
7,731
|
—
|
||||||||||
Total
|
2,399,862
|
2,467,545
|
67,683
|
2.8
|
||||||||||||
Operating margin
|
8.2
|
% |
8.2
|
% |
(0.0
|
)% |
|
|||||||||
Income before income taxes and equity in earnings of affiliated companies
|
2,620,429
|
2,285,465
|
(334,964
|
) |
(12.8
|
) | ||||||||||
Net margin from income before income taxes and equity in earnings of affiliated companies
|
8.9
|
% |
7.6
|
% |
(1.3
|
)% |
|
|||||||||
Equity in earnings of affiliated companies
|
470,083
|
360,066
|
(110,017
|
) |
(23.4
|
) | ||||||||||
Net income attributable to Toyota Motor Corporation
|
2,493,983
|
1,882,873
|
(611,110
|
) |
(24.5
|
) | ||||||||||
Net margin attributable to Toyota Motor Corporation
|
8.5
|
% |
6.2
|
% |
(2.3
|
)% |
|
* | “Other” consists of Central and South America, Oceania, Africa and the Middle East. |
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Vehicles
|
22,631,201
|
23,066,190
|
434,989
|
1.9
|
% | |||||||||||
Parts and components for overseas production
|
498,802
|
625,483
|
126,681
|
25.4
|
||||||||||||
Parts and components for after service
|
2,044,104
|
2,093,437
|
49,333
|
2.4
|
||||||||||||
Other
|
1,173,122
|
1,249,382
|
76,260
|
6.5
|
||||||||||||
Total Automotive
|
26,347,229
|
27,034,492
|
687,263
|
2.6
|
||||||||||||
All Other
|
1,073,047
|
1,070,846
|
(2,201
|
) |
(0.2
|
) | ||||||||||
Total sales of products
|
27,420,276
|
28,105,338
|
685,062
|
2.5
|
||||||||||||
Financial Services
|
1,959,234
|
2,120,343
|
161,109
|
8.2
|
||||||||||||
Total
|
29,379,510
|
30,225,681
|
846,171
|
2.9
|
||||||||||||
|
Number of financing contracts in thousands
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Japan
|
2,103
|
2,249
|
146
|
6.9
|
% | |||||||||||
North America
|
5,465
|
5,404
|
(61
|
) |
(1.1
|
) | ||||||||||
Europe
|
1,112
|
1,220
|
108
|
9.7
|
||||||||||||
Asia
|
1,672
|
1,803
|
131
|
7.8
|
||||||||||||
Other*
|
846
|
890
|
44
|
5.2
|
||||||||||||
Total
|
11,198
|
11,566
|
368
|
3.3
|
% | |||||||||||
* | “Other” consists of Central and South America, Oceania and Africa. |
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales*
|
4,137
|
4,173
|
36
|
0.9
|
% |
* | including number of exported vehicle unit sales |
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
15,893,465
|
16,485,093
|
591,628
|
3.7
|
% | |||||||||||
Financial services
|
131,379
|
140,268
|
8,889
|
6.8
|
||||||||||||
|
|
|
|
|
|
|||||||||||
Total
|
16,024,844
|
16,625,361
|
600,517
|
3.7
|
% | |||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
2,806
|
2,745
|
(61
|
) |
(2.2
|
)% | ||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
9,173,277
|
9,295,132
|
121,855
|
1.3
|
% | |||||||||||
Financial services
|
1,401,133
|
1,522,115
|
120,982
|
8.6
|
||||||||||||
|
|
|
|
|
|
|||||||||||
Total
|
10,574,410
|
10,817,247
|
242,837
|
2.3
|
% | |||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
968
|
994
|
26
|
2.7
|
% | |||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
3,074,396
|
3,107,687
|
33,291
|
1.1
|
% | |||||||||||
Financial services
|
110,828
|
131,164
|
20,336
|
18.3
|
||||||||||||
|
|
|
|
|
|
|||||||||||
Total
|
3,185,224
|
3,238,851
|
53,627
|
1.7
|
% | |||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
1,543
|
1,684
|
141
|
9.2
|
% | |||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
4,996,339
|
5,348,385
|
352,046
|
7.0
|
% | |||||||||||
Financial services
|
151,800
|
164,646
|
12,846
|
8.5
|
||||||||||||
|
|
|
|
|
|
|||||||||||
Total
|
5,148,139
|
5,513,031
|
364,892
|
7.1
|
% | |||||||||||
|
Thousands of units
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Toyota’s consolidated vehicle unit sales
|
1,392
|
1,327
|
(65
|
) |
(4.6
|
)% | ||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Net revenues:
|
|
|
|
|
||||||||||||
Sales of products
|
2,270,150
|
2,148,134
|
(122,016
|
) |
(5.4
|
)% | ||||||||||
Financial services
|
183,149
|
185,309
|
2,160
|
1.2
|
||||||||||||
|
|
|
|
|
|
|||||||||||
Total
|
2,453,299
|
2,333,443
|
(119,856
|
) |
(4.9
|
)% | ||||||||||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Operating costs and expenses
|
|
|
|
|
||||||||||||
Cost of products sold
|
22,600,474
|
23,389,495
|
789,021
|
3.5
|
% | |||||||||||
Cost of financing operations
|
1,288,679
|
1,392,290
|
103,611
|
8.0
|
||||||||||||
Selling, general and administrative
|
3,090,495
|
2,976,351
|
(114,144
|
) |
(3.7
|
) | ||||||||||
Total
|
26,979,648
|
27,758,136
|
778,488
|
2.9
|
% | |||||||||||
|
Yen in millions
|
|
||
|
2019 v. 2018 Change
|
|
||
Changes in operating costs and expenses:
|
|
|||
Effect of changes in vehicle unit sales and sales mix
|
750,000
|
|||
Effect of changes in exchange rates
|
(460,000
|
) | ||
Effect of increase of cost of financing operations
|
118,500
|
|||
Effect of cost reduction efforts
|
(80,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
165,000
|
|||
Other
|
284,988
|
|||
Total
|
778,488
|
|||
|
Yen in millions
|
|
||
|
2019 v. 2018 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
275,000
|
|||
Effect of cost reduction efforts
|
80,000
|
|||
Effect of changes in exchange rates
|
(50,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
(165,000
|
) | ||
Other
|
(72,317
|
) | ||
Total
|
67,683
|
|||
|
Yen in millions
|
|
||
|
2019 v. 2018 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
70,000
|
|||
Effect of cost reduction efforts
|
90,000
|
|||
Effect of changes in exchange rates
|
5,000
|
|||
Increase or decrease in expenses and expense reduction efforts
|
(120,000
|
) | ||
Other
|
(13,243
|
) | ||
Total
|
31,757
|
|||
|
Yen in millions
|
|
||
|
2019 v. 2018 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
115,000
|
|||
Effect of cost reduction efforts
|
5,000
|
|||
Effect of changes in exchange rates
|
(20,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
(85,000
|
) | ||
Other
|
(39,384
|
) | ||
Total
|
(24,384
|
) | ||
|
Yen in millions
|
|
||
|
2019 v. 2018 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
20,000
|
|||
Effect of cost reduction efforts
|
5,000
|
|||
Effect of changes in exchange rates
|
(15,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
35,000
|
|||
Other
|
4,842
|
|||
Total
|
49,842
|
|||
|
Yen in millions
|
|
||
|
2019 v. 2018 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing efforts
|
80,000
|
|||
Effect of cost reduction efforts
|
(20,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
(40,000
|
) | ||
Other
|
4,290
|
|||
Total
|
24,290
|
|||
|
Yen in millions
|
|
||
|
2019 v. 2018 Change
|
|
||
Changes in operating income and loss:
|
|
|||
Effect of marketing activities
|
(10,000
|
) | ||
Effect of changes in exchange rates
|
(20,000
|
) | ||
Increase or decrease in expenses and expense reduction efforts
|
35,000
|
|||
Other
|
(26,553
|
) | ||
Total
|
(21,553
|
) | ||
|
Yen in millions
|
|||||||||||||||
|
Year ended March 31,
|
2019 v. 2018 Change
|
||||||||||||||
|
2018
|
|
2019
|
|
Amount
|
|
Percentage
|
|
||||||||
Automotive:
|
|
|
|
|
||||||||||||
Net revenues
|
26,397,940
|
27,079,077
|
681,137
|
2.6
|
% | |||||||||||
Operating income
|
2,011,135
|
2,038,884
|
27,749
|
1.4
|
||||||||||||
Financial Services:
|
|
|
|
|
||||||||||||
Net revenues
|
2,017,008
|
2,153,547
|
136,539
|
6.8
|
||||||||||||
Operating income
|
285,546
|
322,821
|
37,275
|
13.1
|
||||||||||||
All Other:
|
|
|
|
|
||||||||||||
Net revenues
|
1,646,118
|
1,676,377
|
30,259
|
1.8
|
||||||||||||
Operating income
|
100,812
|
105,538
|
4,726
|
4.7
|
||||||||||||
Intersegment elimination/unallocated amount:
|
|
|
|
|
||||||||||||
Net revenues
|
(681,556
|
) |
(683,320
|
) |
(1,764
|
) |
—
|
|||||||||
Operating income
|
2,369
|
302
|
(2,067
|
) |
—
|
|
Yen in millions
|
|
||
|
Effect on the allowance
for credit losses as of March 31, 2020 |
|
||
10 percent change in frequency of occurrence or expected severity of loss
|
6,312
|
|
Yen in millions
|
|
||
|
Effect on the residual value losses
over the remaining terms of the operating leases on and after April 1, 2020 |
|
||
1 percent increase in vehicle return rate
|
3,483
|
|||
1 percent increase in
end-of-term
market values
|
12,407
|
|
Yen in millions
|
|||||||||||||||
|
Domestic
|
Overseas
|
||||||||||||||
|
Effect on
pre-tax
income
for the year ended March 31, 2021 |
|
Effect on obligations
for the year ended March 31, 2020 |
|
Effect on
pre-tax
income
for the year ended March 31, 2021 |
|
Effect on obligations
for the year ended March 31, 2020 |
|
||||||||
Discount rates
|
|
|
|
|
||||||||||||
0.5% decrease
|
(11,667
|
) |
177,285
|
(9,397
|
) |
109,224
|
||||||||||
0.5% increase
|
10,231
|
(155,206
|
) |
7,908
|
(91,642
|
) | ||||||||||
Expected rate of return on plan assets
|
|
|
|
|
||||||||||||
0.5% decrease
|
(7,565
|
) |
|
(4,345
|
) |
|
||||||||||
0.5% increase
|
7,565
|
|
4,345
|
|
|
S&P
|
Moody’s
|
R&I
|
|||
Short-term borrowing
|
A-1+
|
P-1
|
—
|
|||
Long-term debt
|
A+
|
A1
|
AAA
|
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
|
|
Toyota Research Institute-Advanced Development
(TRI-AD)
|
Development of artificial intelligence technology with a focus on automated driving technology
|
|
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
|
|
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
|
|
Asia Pacific
|
|
|
Toyota Daihatsu Engineering and Manufacturing Co., Ltd.
|
Planning and evaluation of vehicles manufactured in Australian 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 EVs
|
|
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 borrowings (note 12)
|
|
|
|
|
|
|||||||||||||||
Loans
|
1,179,230
|
1,179,230
|
—
|
—
|
—
|
|||||||||||||||
Commercial paper
|
4,106,796
|
4,106,796
|
—
|
—
|
—
|
|||||||||||||||
Long-term debt* (note 12)
|
15,238,006
|
4,568,585
|
6,701,743
|
2,781,914
|
1,185,764
|
|||||||||||||||
Estimated amount of interest expense on long-term debt
|
844,233
|
290,361
|
312,509
|
98,700
|
142,663
|
|||||||||||||||
Finance lease obligations (note 23)
|
28,937
|
5,460
|
5,870
|
4,157
|
13,450
|
|||||||||||||||
Non-cancelable
operating lease obligations (note 23)
|
280,955
|
39,136
|
56,096
|
39,254
|
146,469
|
|||||||||||||||
Commitments for the purchase of property, plant, other assets and services (note 24)
|
362,071
|
177,007
|
130,948
|
35,599
|
18,517
|
|||||||||||||||
Total
|
22,040,228
|
10,366,575
|
7,207,166
|
2,959,624
|
1,506,863
|
|||||||||||||||
* | “Long-term debt” represents future principal payments. |
|
Yen in millions
|
|||||||||||||||||||
|
Total
Amounts Committed |
|
Amount of Commitment Expiration Per Period
|
|||||||||||||||||
|
Less than
1 year |
|
1 to
3 years |
|
3 to
5 years |
|
5 years
and after |
|
||||||||||||
Commercial Commitments (note 24):
|
|
|
|
|
|
|||||||||||||||
Maximum potential exposure to guarantees given in the ordinary course of business
|
3,333,385
|
823,856
|
1,445,449
|
890,552
|
173,528
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Commercial Commitments
|
3,333,385
|
823,856
|
1,445,449
|
890,552
|
173,528
|
|||||||||||||||
ITEM
|
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
|
* | “CASE” is an acronym for Connected, Autonomous / Automated, Shared, and Electric. |
Name
(Date of birth)
|
Position
|
Brief career summary and important concurrent duties
|
Number and
kind of 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)
Audit & Supervisory Board Member of Tokai Rika Co., Ltd.
Audit & Supervisory Board Member of Toyoda Gosei Co., Ltd.
Director of JTEKT Corporation
Director of Mitsui & Co., Ltd.
|
77,039
common 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
|
36,480
common 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
|
4,752,927
common shares |
Name
(Date of birth)
|
Position
|
Brief career summary and important concurrent duties
|
Number and
kind of shares |
|
||||
|
|
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 TOWA REAL ESTATE Co., Ltd.
Chairman of the Japan Automobile Manufacturers Association, Inc.
Director of DENSO Corporation
|
|
|||||
Koji Kobayashi
(October 23, 1948)
|
Member of the Board of Directors, Operating Officer
|
1972 Joined TMC
2004 Executive Director of DENSO CORPORATION (“DENSO”)
2007 Senior Executive Director, Member of the Board of Directors of DENSO
2010 Executive Vice President of DENSO
2015 Vice Chairman of DENSO
2016 Advisor of TMC
2017 Senior Advisor of TMC
2018 Operating Officer (Executive Vice President) of TMC
2018 Member of the Board of Directors of DENSO
2018 Retired as Member of the Board of Directors of DENSO
2018 Member of the Board of Directors of TMC
2020 Member of the Board of Directors and Operating Officer of TMC (to present)
(important concurrent duties)
Chairman and Executive Director of TOYOTA Mobility Tokyo Inc.
|
24,216
common shares |
|||||
Shigeki Terashi
(February 16, 1955)
|
Member of the Board of Directors, Operating Officer
|
1980 Joined TMC
2008 Managing Officer of TMC
2008 Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc.
2011 President and COO of Toyota Motor Engineering & Manufacturing North America, Inc.
2012 President and CEO of Toyota Motor Engineering & Manufacturing North America, Inc.
2012 President and COO of Toyota Motor North America, Inc.
2013 Retired from Toyota Motor Engineering & Manufacturing North America, Inc. President and CEO
|
49,602
common shares |
Name
(Date of birth)
|
Position
|
Brief career summary and important concurrent duties
|
Number and
kind of shares |
|
||||
|
|
2013 Retired from Toyota Motor North America, Inc. President and COO
2013 Senior Managing Officer of TMC
2013 Member of the Board of Directors and Senior Managing Officer of TMC
2015 Executive Vice President, Member of the Board of Directors of TMC
2017 Member of the Board of Directors and Executive Vice President of TMC
2020 Member of the Board of Directors and Operating Officer of TMC (to present)
|
|
|||||
|
|
(important concurrent duties)
Director of Hino Motors, Ltd.
President, Representative Director of EV C.A. Spirit Corporation
|
|
|||||
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 Adjunct 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. (to present)
2018 Executive Advisor at Toyota Research Institute, Inc. (to present)
2020 Senior Fellow at TMC
2020 Member of the Board of Directors, Operating Officer at TMC (to present)
(important concurrent duties)
Chief Executive Officer of Toyota Research Institute - Advanced Development, Inc.
|
|
|||||
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
|
—
|
Name
(Date of birth)
|
Position
|
Brief career summary and important concurrent duties
|
Number and
kind of shares |
|
||||
|
|
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)
|
|
|||||
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)
|
—
|
|||||
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 Director and Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation
(important concurrent duties)
Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation
|
915
common 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.
|
—
|
Name
(Date of birth)
|
Position
|
Brief career summary and important concurrent duties
|
Number and
kind of shares |
|
||||
|
|
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 Director 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.
(important concurrent duties)
Outside Director of Canon Inc.
|
|
|||||
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)
|
9,793
common 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)
|
4,405
common 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)
|
89
common shares |
Name
(Date of birth)
|
Position
|
Brief career summary and important concurrent duties
|
Number and
kind of shares |
|
||||
|
|
(important concurrent duties)
Attorney
Outside Corporate Auditor of Mitsui & Co., Ltd.
Audit & Supervisory Board Member (External) of Shiseido Company, Limited
|
|
|||||
Nobuyuki Hirano
(October 23, 1951)
|
Outside Audit & Supervisory Board Member
|
1974 Joined Mitsubishi Bank
2001 Executive Officer of The Bank of Tokyo-Mitsubishi, Ltd.
2004 Executive Officer of Mitsubishi UFJ Financial Group, Inc.
|
493
common shares
|
|||||
|
|
2005 Managing Executive Officer of The Bank of Tokyo-Mitsubishi, Ltd.
2005 Director of Mitsubishi UFJ Financial Group, Inc.
2006 Managing Director of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
2008 Senior Managing Director of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
2009 Managing Executive Officer of Mitsubishi UFJ Financial Group, Inc.
2010 Deputy President of Mitsubishi UFJ Financial Group, Inc.
2012 President of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
2012 Director of Mitsubishi UFJ Financial Group, Inc.
2013 President & CEO of Mitsubishi UFJ Financial Group, Inc.
2015 Director, President & Group CEO of Mitsubishi UFJ Financial Group, Inc.
2016 Chairman of the Board of Directors of Bank of Tokyo-Mitsubishi UFJ, Ltd.
2018 Outside Audit & Supervisory Board Member of TMC (to present)
2019 Director, Chairman of Mitsubishi UFJ Financial Group, Inc. (to present)
2019 Member of the Board of Directors of MUFG Bank, Ltd.
(important concurrent duties)
Director, Chairman of Mitsubishi UFJ Financial Group, Inc.
Directors of MUFG Bank, Ltd.
Director of Morgan Stanley
Audit and Supervisory Committee Member of Mitsubishi Heavy Industries, Ltd.
|
|
1. | Mr. Akio Toyoda, who is President and Member of the Board of Directors, concurrently serves as Operating Officer (President). |
2. | Mr. Koji Kobayashi, Mr. Shigeki Terashi and Dr. James Kuffner, who are Members of the Board of Directors, concurrently serve as Operating Officers. |
Name
(Date of birth)
|
Position
|
Brief career summary and important concurrent duties
|
Number and
kind of 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 2020 |
• | 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
|
||
Volatility of the share price
|
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 Method
|
Reference Value
|
Evaluation
Result for Fiscal 2019 |
|||
Consolidated operating income
|
Evaluate the degree of attainment of consolidated operating income in fiscal 2020, using required income (set in 2011) for Toyota’s sustainable growth as reference value
|
¥1 trillion
|
180%
|
|||
Volatility of the Company’s share price
|
Comparatively evaluate the volatility of Toyota’s share price up to the end of fiscal 2020, using the share price of Toyota and the Nikkei stock average at the end of fiscal 2019 as reference values
|
Company’s share price: ¥6,487
Nikkei average: ¥21,205
|
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 shares (with transfer restrictions under an allotment agreement)
|
||
Total number of shares to be
allotted
|
Maximum of 800,000 shares per year in total to eligible members of the board of directors
|
||
Amount to be paid
|
Determined by the board of directors of Toyota based on the closing price of Toyota’s common shares on the Tokyo Stock Exchange on the business day prior to each resolution of the board of directors, within a range that is not particularly advantageous to 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
|
238,466
|
8.48
|
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 Policy. See “Key Information — Selected Financial Data — Dividend Information.” |
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; or |
(14) | company split 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.
|
ITEM
|
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Persons depositing or withdrawing shares must pay:
|
For:
|
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)
|
•
Issuance of ADSs, including issuances resulting from a distribution, sale or exercise of shares or rights or other property
•
Cancellation of ADSs for the purpose of withdrawal including if the deposit agreement terminates
|
|
$0.02 (or less) per ADS
|
•
Any cash distribution to ADS registered holders
|
|
A fee equivalent to the fee that would be payable if securities distributed to the ADR holder had been shares and the shares had been deposited for issuance of ADSs
|
•
Distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders
|
|
Registration fees
|
•
Registration of transfer of shares on Toyota’s share register to the name of the Depositary or its nominee or the custodian or its nominee when shares are deposited or withdrawn
|
|
Expenses of the Depositary
|
•
Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)
•
Converting foreign currency to U.S. dollars
|
|
Taxes and other governmental charges the Depositary or the custodian have to pay on any ADS or share underlying an ADS
|
•
As necessary
|
(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 U.S. GAAP, 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
|
|||||||
|
2019
|
|
2020
|
|
||||
Audit Fees
(1)
|
4,517
|
4,712
|
||||||
Audit-related Fees
(2)
|
84
|
132
|
||||||
Tax Fees
(3)
|
462
|
398
|
||||||
All Other Fees
(4)
|
233
|
497
|
||||||
Total
|
5,296
|
5,739
|
||||||
(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 due diligence; agreed-upon or expanded audit procedures; internal control reviews and assistance; review of the information system; 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 and cost segregation studies; expatriate tax assistance and compliance.
|
(4) | All Other Fees primarily include fees billed for risk management advisory services of assessment and testing of security infrastructure controls; services providing information related to automotive market conditions; IT advisory services; and other advisory services. |
Period
|
(a)
Total Number of Shares Purchased
(1)
|
|
(b)
Average Price Paid per Share (Yen)
(1)
|
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
(d)
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
(2)
|
|
||||||||
April 1, 2019 – April 30, 2019
|
1,577
|
6,782.21
|
—
|
—
|
||||||||||||
May 1, 2019 – May 31, 2019
|
679
|
6,693.88
|
—
|
—
|
||||||||||||
June 1, 2019 – June 30, 2019
|
8,100,984
|
6,701.95
|
8,099,800
|
—
|
||||||||||||
July 1, 2019 – July 31, 2019
|
11,601,802
|
6,990.64
|
11,599,900
|
—
|
||||||||||||
August 1, 2019 – August 31, 2019
|
15,997,860
|
6,864.98
|
15,995,800
|
—
|
||||||||||||
September 1, 2019 – September 30, 2019
|
7,653,704
|
7,163.37
|
7,652,000
|
—
|
||||||||||||
October 1, 2019 – October 31, 2019
|
1,736
|
7,266.22
|
—
|
—
|
||||||||||||
November 1, 2019 – November 30, 2019
|
3,227,320
|
7,807.68
|
3,224,400
|
—
|
||||||||||||
December 1, 2019 – December 31, 2019
|
5,805,290
|
7,745.63
|
5,803,100
|
—
|
||||||||||||
January 1, 2020 – January 31, 2020
|
5,933,097
|
7,722.45
|
5,929,400
|
—
|
||||||||||||
February 1, 2020 – February 28, 2020
|
6,986,560
|
7,683.72
|
6,984,400
|
—
|
||||||||||||
March 1, 2020 – March 31, 2020
|
4,245,526
|
7,167.43
|
4,244,100
|
—
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
69,556,135
|
—
|
69,532,900
|
—
|
||||||||||||
(1) | 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 2020 is 23,235. |
(2) | Toyota announced on May 8, 2019, that it would repurchase up to 50 million common shares between May 15, 2019 and September 30, 2019 at a total price up to ¥300 billion, in order to return to shareholders the profits derived in the fiscal year ended March 31, 2019. Toyota also announced on November 7, 2019 that it would repurchase up to 34 million common shares between November 11, 2019 and March 31, 2020 at a total price up to ¥250 billion in order to return to shareholders the profits derived in the interim period ended September 30, 2019. |
(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
|
|
||
F-2
|
||||
F-4
|
||||
F-6
|
||||
F-7
|
||||
F-8
|
||||
F-10
|
||||
F-11
|
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
2019
|
|
2020
|
|||||
Assets
|
|
|
|
|
|
|||
Current assets
|
|
|
|
|
|
|||
Cash and cash equivalents
|
3,574,704
|
4,190,518
|
||||||
Time deposits
|
1,126,352
|
828,220
|
||||||
Marketable securities
*1
|
1,127,160
|
678,731
|
||||||
Trade accounts and notes receivable, less allowance for doubtful accounts of ¥16,370 million in 2019 and ¥23,944 million in 2020
|
2,372,734
|
2,094,894
|
||||||
Finance receivables, net
|
6,647,771
|
6,614,171
|
||||||
Other receivables
|
568,156
|
564,854
|
||||||
Inventories
|
2,656,396
|
2,434,918
|
||||||
Prepaid expenses and other current assets
|
805,964
|
1,236,225
|
||||||
Total current assets
|
18,879,237
|
18,642,531
|
||||||
Noncurrent finance receivables, net
|
10,281,118
|
10,423,858
|
||||||
Investments and other assets
|
|
|
||||||
Marketable securities and other securities investments
*1
|
7,479,926
|
7,348,651
|
||||||
Affiliated companies
|
3,313,723
|
4,123,453
|
||||||
Employees receivables
|
21,683
|
21,484
|
||||||
Other
|
1,275,768
|
1,518,934
|
||||||
Total investments and other assets
|
12,091,100
|
13,012,522
|
||||||
Property, plant and equipment
|
|
|
||||||
Land
|
1,386,308
|
1,346,988
|
||||||
Buildings
|
4,802,175
|
4,730,783
|
||||||
Machinery and equipment
|
11,857,425
|
11,939,121
|
||||||
Vehicles and equipment on operating leases
|
6,139,163
|
5,929,233
|
||||||
Construction in progress
|
651,713
|
510,963
|
||||||
Total property, plant and equipment, at cost
|
24,836,784
|
24,457,088
|
||||||
Less - Accumulated depreciation
|
(14,151,290
|
) |
(13,855,563
|
) | ||||
Total property, plant and equipment, net
|
10,685,494
|
10,601,525
|
||||||
Total assets
|
51,936,949
|
52,680,436
|
||||||
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
2019
|
|
2020
|
|||||
Liabilities
|
|
|
|
|
|
|||
Current liabilities
|
|
|
|
|
|
|||
Short-term borrowings
|
5,344,973
|
5,286,026
|
||||||
Current portion of long-term debt
|
4,254,260
|
4,574,045
|
||||||
Accounts payable
|
2,645,984
|
2,434,180
|
||||||
Other payables
|
1,102,802
|
1,020,270
|
||||||
Accrued expenses
|
3,222,446
|
2,926,052
|
||||||
Income taxes payable
|
320,998
|
218,117
|
||||||
Other current liabilities
|
1,335,475
|
1,443,687
|
||||||
Total current liabilities
|
18,226,938
|
17,902,377
|
||||||
Long-term liabilities
|
|
|
||||||
Long-term debt
|
10,550,945
|
10,692,898
|
||||||
Accrued pension and severance costs
|
963,406
|
978,626
|
||||||
Deferred income taxes
|
1,014,851
|
1,043,169
|
||||||
Other long-term liabilities
|
615,599
|
821,515
|
||||||
Total long-term liabilities
|
13,144,801
|
13,536,208
|
||||||
Total liabilities
|
31,371,739
|
31,438,585
|
||||||
Mezzanine equity
|
|
|
|
|
|
|
||
Model AA Class Shares, no par value,
*2
|
498,073
|
504,169
|
||||||
authorized: 150,000,000 shares in 2019 and 2020;
issued: 47,100,000 shares in 2019 and 2020
|
|
|
||||||
Shareholders’ equity
|
|
|
|
|
|
|||
Toyota Motor Corporation shareholders’ equity
|
|
|
||||||
Common stock, no par value,
*2
authorized: issued: 3,262,997,492 shares in 2019 and 2020 |
397,050
|
397,050
|
||||||
Additional
paid-in
capital
|
487,162
|
489,334
|
||||||
Retained earnings
|
21,987,515
|
23,427,613
|
||||||
Accumulated other comprehensive income (loss)
|
(916,650
|
) |
(1,166,273
|
) | ||||
Treasury stock, at cost, 430,558,325
|
(2,606,925
|
) |
(3,087,106
|
) | ||||
Total Toyota Motor Corporation shareholders’ equity
|
19,348,152
|
20,060,618
|
||||||
Noncontrolling interests
|
718,985
|
677,064
|
||||||
Total shareholders’ equity
|
20,067,137
|
20,737,682
|
||||||
Commitments and contingencies
|
|
|
||||||
Total liabilities, mezzanine equity and shareholders’ equity
|
51,936,949
|
52,680,436
|
||||||
*1:
|
Marketable securities and Marketable securities and other securities investments for the fiscal year ended March 31, 2020 include securities loaned of ¥156,051 million and ¥2,061,295 million, respectively.
|
*2:
|
The total number of authorized shares for common stock and Model AA Class Shares is 10,000,000,000 shares.
|
|
Yen in millions
|
|||||||||||||||||||||||||||||||
|
Common
stock |
|
Additional
paid-in
capital |
|
Retained
earnings |
|
Accumulated
other comprehensive income (loss) |
|
Treasury
stock, at cost |
|
Total
Toyota Motor Corporation shareholders’ equity |
|
Noncontrolling
interests |
|
Total
shareholders’ equity |
|
||||||||||||||||
Balances at March 31, 2017
|
397,050
|
484,013
|
17,601,070
|
640,922
|
(1,608,243
|
) |
17,514,812
|
668,264
|
18,183,076
|
|||||||||||||||||||||||
Equity transaction with noncontrolling interests and other
|
|
1,817
|
11,400
|
(11,400
|
) |
|
1,817
|
(3,476
|
) |
(1,659
|
) | |||||||||||||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Net income
|
|
|
2,493,983
|
|
|
2,493,983
|
92,123
|
2,586,106
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
(118,977
|
) |
|
(118,977
|
) |
(1,629
|
) |
(120,606
|
) | ||||||||||||||||||||
Unrealized gains (losses) on securities
|
|
|
|
(96,581
|
) |
|
(96,581
|
) |
2,022
|
(94,559
|
) | |||||||||||||||||||||
Pension liability adjustments
|
|
|
|
21,735
|
|
21,735
|
580
|
22,315
|
||||||||||||||||||||||||
Total comprehensive income
|
|
|
|
|
|
2,300,160
|
93,096
|
2,393,256
|
||||||||||||||||||||||||
Accretion to Mezzanine equity
|
|
|
(4,849
|
) |
|
|
(4,849
|
) |
|
(4,849
|
) | |||||||||||||||||||||
Dividends to Toyota Motor Corporation class shareholders
|
|
|
(7,442
|
) |
|
|
(7,442
|
) |
|
(7,442
|
) | |||||||||||||||||||||
Dividends paid to Toyota Motor Corporation common shareholders
|
|
|
(620,698
|
) |
|
|
(620,698
|
) |
|
(620,698
|
) | |||||||||||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(63,764
|
) |
(63,764
|
) | ||||||||||||||||||||||
Repurchase of treasury stock
|
|
|
|
|
(500,177
|
) |
(500,177
|
) |
|
(500,177
|
) | |||||||||||||||||||||
Reissuance of treasury stock
|
|
1,672
|
|
|
50,687
|
52,359
|
|
52,359
|
||||||||||||||||||||||||
Balances at March 31, 2018
|
397,050
|
487,502
|
19,473,464
|
435,699
|
(2,057,733
|
) |
18,735,982
|
694,120
|
19,430,102
|
|||||||||||||||||||||||
Cumulative effect of accounting changes
|
|
|
1,282,082
|
(1,309,620
|
) |
|
(27,538
|
) |
|
(27,538
|
) | |||||||||||||||||||||
Equity transaction with noncontrolling interests and other
|
|
105
|
|
|
|
105
|
(2,226
|
) |
(2,121
|
) | ||||||||||||||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Net income
|
|
|
1,882,873
|
|
|
1,882,873
|
102,714
|
1,985,587
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
29,448
|
|
29,448
|
(2,432
|
) |
27,016
|
|||||||||||||||||||||||
Unrealized gains (losses) on securities
|
|
|
|
(21,111
|
) |
|
(21,111
|
) |
(54
|
) |
(21,165
|
) | ||||||||||||||||||||
Pension liability adjustments
|
|
|
|
(51,066
|
) |
|
(51,066
|
) |
(3,770
|
) |
(54,836
|
) | ||||||||||||||||||||
Total comprehensive income
|
|
|
|
|
|
1,840,144
|
96,458
|
1,936,602
|
||||||||||||||||||||||||
Accretion to Mezzanine equity
|
|
|
(4,850
|
) |
|
|
(4,850
|
) |
|
(4,850
|
) | |||||||||||||||||||||
Dividends to Toyota Motor Corporation class shareholders
|
|
|
(9,938
|
) |
|
|
(9,938
|
) |
|
(9,938
|
) | |||||||||||||||||||||
Dividends paid to Toyota Motor Corporation common shareholders
|
|
|
(636,116
|
) |
|
|
(636,116
|
) |
|
(636,116
|
) | |||||||||||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(69,367
|
) |
(69,367
|
) | ||||||||||||||||||||||
Repurchase of treasury stock
|
|
|
|
|
(550,107
|
) |
(550,107
|
) |
|
(550,107
|
) | |||||||||||||||||||||
Reissuance of treasury stock
|
|
(445
|
) |
|
|
915
|
470
|
|
470
|
|||||||||||||||||||||||
Balances at March 31, 2019
|
397,050
|
487,162
|
21,987,515
|
(916,650
|
) |
(2,606,925
|
) |
19,348,152
|
718,985
|
20,067,137
|
||||||||||||||||||||||
|
Yen in millions
|
|||||||||||||||||||||||||||||||
|
Common
stock |
|
Additional
paid-in
capital |
|
Retained
earnings |
|
Accumulated
other comprehensive income (loss) |
|
Treasury
stock, at cost |
|
Total
Toyota Motor Corporation shareholders’ equity |
|
Noncontrolling
interests |
|
Total
shareholders’ equity |
|||||||||||||||||
Balances at March 31, 2019
|
397,050
|
487,162
|
21,987,515
|
(916,650
|
) |
(2,606,925
|
) |
19,348,152
|
718,985
|
20,067,137
|
||||||||||||||||||||||
Equity transaction with noncontrolling
|
|
(1,881
|
) |
|
5,796
|
|
3,915
|
(32,854
|
) |
(28,939
|
) | |||||||||||||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Net income
|
|
|
2,076,183
|
|
|
2,076,183
|
66,146
|
2,142,329
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
(313,186
|
) |
|
(313,186
|
) |
(20,668
|
) |
(333,854
|
) | ||||||||||||||||||||
Unrealized gains (losses) on
|
|
|
|
118,403
|
|
118,403
|
(40
|
) |
118,363
|
|||||||||||||||||||||||
Pension liability adjustments
|
|
|
|
(60,636
|
) |
|
(60,636
|
) |
440
|
(60,196
|
) | |||||||||||||||||||||
Total comprehensive income
|
|
|
|
|
|
1,820,764
|
45,878
|
1,866,642
|
||||||||||||||||||||||||
Accretion to Mezzanine equity
|
|
|
(4,850
|
) |
|
|
(4,850
|
) |
|
(4,850
|
) | |||||||||||||||||||||
Dividends to
|
|
|
(12,434
|
) |
|
|
(12,434
|
) |
|
(12,434
|
) | |||||||||||||||||||||
Dividends
|
|
|
(618,801
|
) |
|
|
(618,801
|
) |
|
(618,801
|
) | |||||||||||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(54,945
|
) |
(54,945
|
) | ||||||||||||||||||||||
Repurchase of treasury stock
|
|
|
|
|
(500,309
|
) |
(500,309
|
) |
|
(500,309
|
) | |||||||||||||||||||||
Reissuance of treasury stock
|
|
4,053
|
|
|
20,128
|
24,181
|
|
24,181
|
||||||||||||||||||||||||
Balances at March 31, 2020
|
397,050
|
489,334
|
23,427,613
|
(1,166,273
|
) |
(3,087,106
|
) |
20,060,618
|
677,064
|
20,737,682
|
||||||||||||||||||||||
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
|
|
|
|
||||
Retail
|
9,401
|
10,434
|
||||||
Finance leases
|
2,431
|
3,300
|
||||||
Wholesale
|
18,217
|
13,023
|
||||||
Real estate
|
18,281
|
10,703
|
||||||
Working capital
|
—
|
7,712
|
||||||
|
48,330
|
45,172
|
||||||
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
|
|
|
|
||||
Retail
|
28,438
|
37,709
|
||||||
Finance leases
|
3,821
|
5,161
|
||||||
|
32,259
|
42,870
|
||||||
|
Yen in millions
|
|||||||||||||||
|
March 31, 2019
|
|||||||||||||||
|
Cost
|
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
|
|
||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Public and corporate bonds
|
5,837,423
|
82,022
|
73,256
|
5,846,189
|
||||||||||||
Other
|
289,285
|
5,406
|
845
|
293,846
|
||||||||||||
Total
|
6,126,708
|
87,428
|
74,101
|
6,140,035
|
||||||||||||
Securities not practicable to determine fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Public and corporate bonds
|
32,922
|
|
|
|
||||||||||||
|
|
Yen in millions
|
|
|||||
|
|
For the years ended March 31,
|
|
|||||
|
|
2019
|
|
|
2020
|
|
||
Net gains (losses) recognized on equity securities
|
|
|
(334,636
|
)
|
|
|
(3,837
|
) |
Less: Net gains (losses) recognized on equity securities sold
|
|
|
4,836
|
|
|
|
16,245
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on equity securities
|
|
|
(339,472
|
)
|
|
|
(20,082
|
)
|
|
Yen in millions
|
|||||||||||||||||||
|
March 31, 2019
|
|||||||||||||||||||
|
Retail
|
|
Finance
leases |
|
Wholesale
|
|
Real estate
|
|
Working
capital |
|
||||||||||
Current
|
12,554,265
|
|
1,625,893
|
|
1,806,305
|
|
873,427
|
|
808,755
|
|
||||||||||
30-59
days past due
|
141,111
|
4,972
|
191
|
—
|
—
|
|||||||||||||||
60-89
days past due
|
35,090
|
1,396
|
100
|
—
|
—
|
|||||||||||||||
90 days or greater past due
|
37,839
|
4,275
|
393
|
106
|
480
|
|||||||||||||||
Total
|
12,768,305
|
1,636,536
|
1,806,989
|
|
|
|||||||||||||||
|
Yen in millions
|
|||||||||||||||||||
|
March 31, 2020
|
|||||||||||||||||||
|
Retail
|
|
Finance
leases |
|
Wholesale
|
|
Real estate
|
|
Working
capital |
|
||||||||||
Current
|
12,525,020
|
|
1,675,523
|
|
1,642,637
|
|
857,407
|
|
967,105
|
|
||||||||||
30-59
days past due
|
176,991
|
7,670
|
2,008
|
47
|
—
|
|||||||||||||||
60-89
days past due
|
44,922
|
2,426
|
1,132
|
43
|
—
|
|||||||||||||||
90 days or greater past due
|
48,143
|
5,752
|
9,011
|
196
|
27
|
|||||||||||||||
Total
|
12,795,076
|
1,691,371
|
1,654,788
|
|
|
|||||||||||||||
|
At Risk:
|
Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors
|
|
Default:
|
Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements
|
|
Yen in millions
|
|||||||||||||||
|
March 31, 2019
|
|||||||||||||||
|
Wholesale
|
|
Real estate
|
|
Working capital
|
|
Total
|
|
||||||||
Performing
|
1,566,475
|
743,379
|
789,948
|
3,099,802
|
||||||||||||
Credit Watch
|
156,740
|
81,848
|
8,610
|
247,198
|
||||||||||||
At Risk
|
58,550
|
45,564
|
10,189
|
114,303
|
||||||||||||
Default
|
25,224
|
2,742
|
488
|
28,454
|
||||||||||||
Total
|
1,806,989
|
873,533
|
809,235
|
3,489,757
|
||||||||||||
|
Yen in millions
|
|||||||||||||||
|
March 31, 2020
|
|||||||||||||||
|
Wholesale
|
|
Real estate
|
|
Working capital
|
|
Total
|
|
||||||||
Performing
|
1,441,320
|
729,474
|
931,420
|
3,102,214
|
||||||||||||
Credit Watch
|
133,892
|
82,322
|
22,293
|
238,507
|
||||||||||||
At Risk
|
54,251
|
37,379
|
13,332
|
104,962
|
||||||||||||
Default
|
25,325
|
8,518
|
87
|
33,930
|
||||||||||||
Total
|
1,654,788
|
857,693
|
967,132
|
3,479,613
|
||||||||||||
|
Yen in millions
|
|||||||||||||||||||||||
|
Recorded investment
|
Unpaid principal balance
|
Individually evaluated allowance
|
|||||||||||||||||||||
|
March 31,
|
March 31,
|
March 31,
|
|||||||||||||||||||||
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
||||||||||||
Impaired account balances individually evaluated for impairment with an allowance:
|
||||||||||||||||||||||||
Wholesale
|
18,187
|
11,687
|
18,187
|
11,687
|
3,141
|
2,005
|
||||||||||||||||||
Real estate
|
10,545
|
7,948
|
10,545
|
7,948
|
1,280
|
1,003
|
||||||||||||||||||
Working capital
|
7,451
|
10,040
|
7,451
|
10,040
|
6,670
|
4,163
|
||||||||||||||||||
Total
|
36,183
|
29,675
|
36,183
|
29,675
|
11,091
|
7,171
|
||||||||||||||||||
Impaired account balances individually evaluated for impairment without an allowance:
|
||||||||||||||||||||||||
Wholesale
|
14,429
|
10,121
|
14,429
|
10,121
|
|
|
||||||||||||||||||
Real estate
|
16,870
|
16,157
|
16,870
|
16,157
|
|
|
||||||||||||||||||
Working capital
|
2,220
|
2,068
|
2,220
|
2,068
|
|
|
||||||||||||||||||
Total
|
33,519
|
28,346
|
33,519
|
28,346
|
|
|
||||||||||||||||||
Impaired account balances aggregated and evaluated for impairment:
|
||||||||||||||||||||||||
Retail
|
29,537
|
30,753
|
28,788
|
30,109
|
|
|
||||||||||||||||||
Finance leases
|
99
|
103
|
75
|
42
|
|
|
||||||||||||||||||
Total
|
29,636
|
30,856
|
28,863
|
30,151
|
|
|
||||||||||||||||||
Total impaired account balances:
|
||||||||||||||||||||||||
Retail
|
29,537
|
30,753
|
28,788
|
30,109
|
|
|
||||||||||||||||||
Finance leases
|
99
|
103
|
75
|
42
|
|
|
||||||||||||||||||
Wholesale
|
32,616
|
21,808
|
32,616
|
21,808
|
|
|
||||||||||||||||||
Real estate
|
27,415
|
24,105
|
27,415
|
24,105
|
|
|
||||||||||||||||||
Working capital
|
9,671
|
12,108
|
9,671
|
12,108
|
|
|
||||||||||||||||||
Total
|
99,338
|
88,877
|
98,565
|
88,172
|
|
|
||||||||||||||||||
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
2019
|
|
|
|
||||
Finished goods
|
1,746,159
|
1,517,173
|
||||||
Raw materials
|
475,504
|
485,069
|
||||||
Work in process
|
324,921
|
315,139
|
||||||
Supplies and other
|
109,812
|
117,537
|
||||||
Total
|
2,656,396
|
2,434,918
|
||||||
9. Vehicles and equipment on operating leases:
Vehicles and equipment on operating leases consist of the following:
|
Years ending March 31,
|
Yen in millions
|
|
||
2021
|
802,119
|
|||
2022
|
531,098
|
|||
2023
|
241,462
|
|||
2024
|
59,415
|
|||
2025
|
13,455
|
|||
Thereafter
|
6,195
|
|||
Total minimum future rentals
|
1,653,744
|
|||
|
Yen in millions
|
|||||||||||
|
For the years ended March 31,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Allowance for doubtful accounts at beginning of year
|
100,712
|
98,590
|
90,373
|
|||||||||
Provision for doubtful accounts, net of reversal
|
(74
|
) |
(1,375
|
) |
5,689
|
|||||||
Write-offs
|
(2,374
|
) |
(2,472
|
) |
(2,691
|
) | ||||||
Other
|
326
|
(4,370
|
) |
(3,019
|
) | |||||||
Allowance for doubtful accounts at end of year
|
98,590
|
|
|
|||||||||
|
Yen in millions
|
|||||||||||
|
For the years ended March 31,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Allowance for credit losses at beginning of year
|
178,101
|
184,087
|
196,399
|
|||||||||
Provision for credit losses, net of reversal
|
76,143
|
81,440
|
137,293
|
|||||||||
Charge-offs
|
(96,444
|
) |
(91,698
|
) |
(98,352
|
) | ||||||
Recoveries
|
25,344
|
26,178
|
25,578
|
|||||||||
Other
|
943
|
(3,608
|
) |
(18,569
|
) | |||||||
Allowance for credit losses at end of year
|
184,087
|
196,399
|
242,349
|
|||||||||
|
Yen in millions
|
|||||||||||
|
For the year ended March 31, 2018
|
|||||||||||
|
Retail
|
|
Finance leases
|
|
Wholesale and
other dealer loans |
|
||||||
Allowance for credit losses at beginning of year
|
104,354
|
23,962
|
30,896
|
|||||||||
Provision for credit losses, net of reversal
|
52,891
|
7,115
|
6,497
|
|||||||||
Charge-offs
|
(74,868
|
) |
(2,708
|
) |
(823
|
) | ||||||
Recoveries
|
20,511
|
315
|
59
|
|||||||||
Other
|
569
|
133
|
171
|
|||||||||
Allowance for credit losses at end of year
|
103,457
|
28,817
|
36,800
|
|||||||||
|
Yen in millions
|
|||||||||||
|
For the year ended March 31, 2019
|
|||||||||||
|
Retail
|
|
Finance leases
|
|
Wholesale and
other dealer loans |
|
||||||
Allowance for credit losses at beginning of year
|
103,457
|
28,817
|
36,800
|
|||||||||
Provision for credit losses, net of reversal
|
68,470
|
710
|
3,990
|
|||||||||
Charge-offs
|
(72,657
|
) |
(2,903
|
) |
(1,111
|
) | ||||||
Recoveries
|
20,485
|
345
|
45
|
|||||||||
Other
|
(2,161
|
) |
(486
|
) |
(716
|
) | ||||||
Allowance for credit losses at end of year
|
117,594
|
26,483
|
39,008
|
|||||||||
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
2019
|
|
2020
|
|
||||
Current assets
|
13,555,478
|
16,551,569
|
||||||
Noncurrent assets
|
12,464,250
|
14,869,913
|
||||||
|
|
|||||||
Total assets
|
26,019,728
|
31,421,482
|
||||||
Current liabilities
|
8,322,336
|
9,819,357
|
||||||
Long-term liabilities and noncontrolling interests
|
6,398,659
|
9,421,112
|
||||||
Affiliated companies accounted for by the equity method shareholders’ equity
|
11,298,733
|
12,181,013
|
||||||
|
|
|||||||
Total liabilities and shareholders’ equity
|
26,019,728
|
31,421,482
|
||||||
Toyota’s share of affiliated companies accounted for by the equity method shareholders’ equity
|
3,313,703
|
4,090,790
|
||||||
Number of affiliated companies accounted for by the equity method at end of period
|
63
|
72
|
||||||
|
Percentage of ownership
|
|||||||
|
March 31,
|
|||||||
Name of affiliated companies
|
2019
|
|
|
|
||||
Denso Corporation
|
24.5
|
% |
24.5
|
% | ||||
Subaru Corporation
|
—
|
20.0
|
% | |||||
Toyota Industries Corporation
|
24.9
|
% |
24.9
|
% | ||||
Aisin Seiki Co., Ltd.
|
24.9
|
% |
24.9
|
% | ||||
Toyota Tsusho Corporation
|
22.0
|
% |
22.0
|
% |
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
2019
|
|
2020
|
|
||||
Trade accounts and notes receivable, and other receivables
|
362,831
|
|
||||||
Accounts payable and other payables
|
845,755
|
780,935
|
|
Yen in millions
|
|||||||||||
|
For the years ended March 31,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Net revenues
|
2,004,632
|
2,213,236
|
2,423,338
|
|||||||||
Purchases
|
5,749,430
|
6,431,464
|
6,781,279
|
|
Yen in millions
|
|||||||
|
March 31,
|
|||||||
|
2019
|
|
|
|
||||
Loans, principally from banks, with a weighted-average interest at March 31, 2019 and March 31, 2020 of 2.11% and of 2.03% per annum, respectively
|
1,468,430
|
1,179,230
|
||||||
Commercial paper with a weighted-average interest at March 31, 2019 and March 31, 2020 of 2.28% and of 1.50% per annum, respectively
|
3,876,544
|
4,106,796
|
||||||
|
5,344,973
|
5,286,026
|
|
|||||
|
|
Yen in millions
|
|
|||||
|
|
March 31,
|
|
|||||
|
|
2019
|
|
|
2020
|
|
||
Unsecured loans, representing obligations principally to banks, due 2019 to 2041 in 2019 and due 2020 to 2041 in 2020 with a weighted-average interest at March 31, 2019 and March 31, 2020 of 2.78% and of 2.37% per annum, respectively
|
|
|
3,441,336
|
|
|
|
3,713,541
|
|
Secured loans, representing obligations principally to finance receivables securitization due 2019 to 2026 in 2019 and due 2020 to 2034 in 2020 with a weighted-average interest at March 31, 2019 and March 31, 2020 of 2.47% and of 1.98% per annum, respectively
|
|
|
1,840,204
|
|
|
|
1,983,976
|
|
Medium-term notes of consolidated subsidiaries, due 2019 to 2048 in 2019 and due 2020 to 2048 in 2020 with a weighted-average interest at March 31, 2019 and
March 31, 2020 of 2.46% and of 2.05% per annum, respectively
|
|
|
7,372,550
|
|
|
|
7,442,590
|
|
Unsecured notes of parent company, due 2019 to 2037 in 2019 and due 2020 to 2037 in 2020 with a weighted-average interest at March 31, 2019 and March 31, 2020 of 1.84% and of 1.85% per annum, respectively
|
|
|
511,980
|
|
|
|
650,905
|
|
Unsecured notes of consolidated subsidiaries, due 2019 to 2031 in 2019 and due 2020 to 2031 in 2020 with a weighted-average interest at March 31, 2019 and March 31, 2020 of 2.12% and of 1.70% per annum, respectively
|
|
|
1,566,994
|
|
|
|
1,412,368
|
|
Secured notes of consolidated subsidiaries, due 2019 to 2022 in 2019 and due 2020 to 2023 in 2020 with a weighted-average interest at March 31, 2019 and March 31, 2020 of 7.78% and of 7.52% per annum, respectively
|
|
|
53,120
|
|
|
|
34,626
|
|
Long-term finance lease obligations, due 2019 to 2035 in 2019 and due 2020 to 2049 in 2020 with inter
e
st ranging from 0.12% to 14.73% per annum in 2019 and from 0.01% to 14.73% per annum in 2020
|
|
|
19,021
|
|
|
|
28,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,805,205
|
|
|
|
15,266,943
|
|
Less - Current portion due within one year
|
|
|
(4,254,260
|
)
|
|
|
(4,574,045
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
10,550,945
|
|
|
|
10,692,898
|
|
|
|
|
|
|
|
|
|
|
Years ending March 31,
|
Yen in millions
|
|
||
2021
|
4,574,045
|
|||
2022
|
3,692,634
|
|||
2023
|
3,014,979
|
|||
2024
|
1,575,717
|
|||
2025
|
1,210,354
|
The provision for income taxes consists of the following:
|
|
For the years ended March 31,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Statutory tax rate
|
31.1
|
% |
30.9
|
% |
30.9
|
% | ||||||
Increase (reduction) in taxes resulting from:
|
|
|
|
|||||||||
Non-deductible
expenses
|
0.4
|
0.4
|
0.4
|
|||||||||
Deferred tax liabilities on undistributed earnings of foreign subsidiaries
|
1.1
|
1.2
|
1.0
|
|||||||||
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by
the equity method |
3.8
|
3.1
|
1.7
|
|||||||||
Valuation allowance
|
(2.0
|
) |
0.2
|
0.5
|
||||||||
Tax credits
|
(4.3
|
) |
(5.3
|
) |
(4.9
|
) | ||||||
The difference between the statutory tax rate in Japan and that of foreign subsidiaries
|
(1.5
|
) |
(2.3
|
) |
(2.7
|
) | ||||||
Unrecognized tax benefits adjustments
|
0.2
|
(0.1
|
) |
(0.4
|
) | |||||||
Revision to reduce deferred tax assets and liabilities at the fiscal
year-end
due to changes in
tax rates |
—
|
—
|
—
|
|||||||||
Effect of the Tax Cuts and Jobs Act of 2017 of the United States
|
(9.5
|
) |
—
|
—
|
||||||||
Other
|
(0.1
|
) |
0.8
|
0.3
|
||||||||
Effective income tax rate
|
19.2
|
% |
28.9
|
% |
26.8
|
%
|
||||||
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.
|
Number of common shares repurchased
|
73,708,400 shares
|
|||
Total purchase price for repurchase of shares
|
¥499,989 million
|
Number of common shares reissued
|
|
|
8,293,300 shares
|
|
Amount of proceeds
|
|
|
¥50,000 million
|
|
Number of common shares repurchased
|
77,622,700 shares
|
|||
Total purchase price for repurchase of shares
|
¥549,986 million
|
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
|
|
|
Yen in millions
|
|||||||||||||||
|
Foreign
currency translation adjustments |
|
Unrealized
gains (losses) on securities |
|
Pension
liability adjustments |
|
Accumulated
other comprehensive income (loss) |
|
||||||||
Balance at March 31, 2017
|
(560,108
|
) |
1,426,003
|
(224,973
|
) |
640,922
|
||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(3,624) million, ¥38,539 million, ¥(7,568) million and ¥27,347 million
|
(113,942
|
) |
(72,501
|
) |
15,814
|
(170,629
|
) | |||||||||
Reclassifications, net of taxes of ¥— million, ¥9,729 million, ¥(2,500) million and ¥7,229 million
|
(6,664
|
) |
(22,058
|
) |
6,501
|
(22,221
|
) | |||||||||
Other comprehensive income (loss), net of tax
|
(120,606
|
) |
(94,559
|
) |
22,315
|
(192,850
|
) | |||||||||
Less - Other comprehensive income attributable to noncontrolling interests
|
1,629
|
(2,022
|
) |
(580
|
) |
(973
|
) | |||||||||
Equity transaction with noncontrolling interests and other
|
—
|
162
|
(11,562
|
) |
(11,400
|
) | ||||||||||
Balance at March 31, 2018
|
(679,085
|
) |
1,329,584
|
(214,800
|
) |
435,699
|
||||||||||
Effect of change in accounting policy
|
105
|
(1,309,725
|
) |
—
|
(1,309,620
|
) | ||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of ¥8,703 million, ¥3,382 million, ¥25,795 million and ¥37,880 million
|
25,639
|
(6,139
|
) |
(62,288
|
) |
(42,788
|
) | |||||||||
Reclassifications, net of taxes of ¥— million, ¥6,963 million, ¥(2,892) million and ¥4,071 million
|
1,377
|
(15,026
|
) |
7,452
|
(6,197
|
) | ||||||||||
Other comprehensive income (loss), net of tax
|
27,016
|
(21,165
|
) |
(54,836
|
) |
(48,985
|
) | |||||||||
Less - Other comprehensive income attributable to noncontrolling interests
|
2,432
|
54
|
3,770
|
6,256
|
||||||||||||
Balance at March
31, 2019
|
(649,532
|
) |
(1,252
|
) |
(265,866
|
) |
(916,650
|
) | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of ¥1,865 million, ¥(50,969) million, ¥26,259 million and ¥(22,845) million
|
(333,854
|
) |
113,978
|
(66,203
|
) |
(286,079
|
) | |||||||||
Reclassifications, net of taxes of ¥— million, ¥(1,960) million, ¥(2,400) million and ¥(4,360) million
|
—
|
4,385
|
6,007
|
10,392
|
||||||||||||
Other comprehensive income (loss), net of tax
|
(333,854
|
) |
118,363
|
(60,196
|
) |
(275,687
|
) | |||||||||
Less - Other comprehensive income attributable to noncontrolling interests
|
20,668
|
40
|
(440
|
) |
20,268
|
|||||||||||
Equity transaction with noncontrolling interests and other
|
|
|
3,432
|
|
|
|
(124
|
)
|
|
|
2,488
|
|
|
|
5,796
|
|
Balance at March 31, 2020
|
(959,286
|
) |
117,027
|
(324,014
|
) |
(1,166,273
|
) | |||||||||
|
Yen in millions
|
|||||||||||||
|
For the years ended March 31,
|
Affected line items
in the consolidated statements of income |
||||||||||||
2018
|
|
2019
|
|
|
|
|||||||||
Foreign currency translation adjustments:
|
|
|
|
|
||||||||||
|
(6,664
|
) |
1,377
|
—
|
Other income (loss), net
|
|||||||||
|
(6,664
|
) |
1,377
|
—
|
Income before income taxes and equity in earnings of affiliated companies
|
|||||||||
|
(6,664
|
) |
1,377
|
—
|
Net income
|
|||||||||
Unrealized gains (losses) on securities:
|
|
|
|
|
||||||||||
|
(4,567
|
) |
1,243
|
(93
|
) |
Financing operations
|
||||||||
|
(25,247
|
) |
(22,374
|
) |
8,823
|
Foreign exchange gain (loss), net
|
||||||||
|
(1,993
|
) |
(827
|
) |
(2,484
|
) |
Other income (loss), net
|
|||||||
|
(31,807
|
) |
(21,958
|
) |
6,246
|
Income before income taxes and equity in earnings of affiliated companies
|
||||||||
|
9,729
|
6,963
|
(1,960
|
) |
Provision for income taxes
|
|||||||||
|
20
|
(31
|
) |
99
|
Equity in earnings of affiliated companies
|
|||||||||
|
(22,058
|
) |
(15,026
|
) |
4,385
|
Net income
|
||||||||
Pension liability adjustments:
|
|
|
|
|
||||||||||
Recognized net actuarial loss
|
12,914
|
14,029
|
12,611
|
*1
|
||||||||||
Amortization of prior service costs
|
(3,913
|
) |
(3,685
|
) |
(4,204
|
) |
*1
|
|||||||
|
9,001
|
10,344
|
8,407
|
Income before income taxes and equity in earnings of affiliated companies
|
||||||||||
|
(2,500
|
) |
(2,892
|
) |
(2,400
|
) |
Provision for income taxes
|
|||||||
|
6,501
|
7,452
|
6,007
|
Net income
|
||||||||||
Total reclassifications, net of tax
|
(22,221
|
) |
(6,197
|
) |
10,392
|
|
||||||||
*1:
|
Reclassifications of pension liability adjustments are affected under
C
ost and expenses for the year ended March 31, 2018 and Other income (loss), net for the years ended March 31, 2019 and 2020, respectively, in the consolidated statements of income.
|
|
|
|
Yen
|
|
|
|
Yen in
millions |
|
||||||||
|
Number of
shares |
|
Weighted-
average exercise price |
|
Weighted-
average remaining contractual life in years |
|
Aggregate
intrinsic value |
|
||||||||
Options outstanding at March 31, 2017
|
1,192,300
|
3,682
|
0.80
|
2,813
|
||||||||||||
Granted
|
—
|
—
|
|
|
||||||||||||
Exercised
|
(643,800
|
) |
3,726
|
|
|
|||||||||||
Canceled
|
(264,900
|
) |
4,154
|
|
|
|||||||||||
Options outstanding at March 31, 2018
|
283,600
|
3,153
|
0.33
|
1,041
|
||||||||||||
Granted
|
—
|
—
|
|
|
||||||||||||
Exercised
|
(155,100
|
) |
3,156
|
|
|
|||||||||||
Canceled
|
(128,500
|
) |
3,153
|
|
|
|||||||||||
Options outstanding at March 31, 2019
|
—
|
—
|
—
|
—
|
||||||||||||
Granted
|
—
|
—
|
|
|
||||||||||||
Exercised
|
—
|
—
|
|
|
||||||||||||
Canceled
|
—
|
—
|
|
|
||||||||||||
Options outstanding at March 31, 2020
|
—
|
—
|
—
|
—
|
||||||||||||
Options exercisable at March 31, 2018
|
283,600
|
3,153
|
0.33
|
1,041
|
||||||||||||
Options exercisable at March 31, 2019
|
—
|
—
|
—
|
—
|
||||||||||||
Options exercisable at March 31, 2020
|
—
|
—
|
—
|
—
|
|
Yen in millions
|
|||||||||||||||
|
March 31,
|
|||||||||||||||
|
Japanese plans
|
Foreign plans
|
||||||||||||||
|
2019
|
|
|
|
2019
|
|
|
|
||||||||
Change in benefit obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Benefit obligation at beginning of year
|
2,019,310
|
2,100,073
|
1,097,981
|
1,186,897
|
||||||||||||
Service cost
|
99,838
|
93,298
|
46,930
|
46,869
|
||||||||||||
Interest cost
|
12,967
|
10,514
|
40,708
|
40,335
|
||||||||||||
Plan participants’ contributions
|
974
|
1,014
|
1,045
|
2,018
|
||||||||||||
Plan amendments
|
(1,067
|
) |
(988
|
) |
13
|
3,308
|
||||||||||
Net actuarial (gain) loss
|
67,391
|
(48,602
|
) |
7,755
|
(2,865
|
) | ||||||||||
Acquisition and other
|
(20,786
|
) |
(55,070
|
) |
21,634
|
(28,548
|
) | |||||||||
Benefits paid
|
(78,554
|
) |
(48,796
|
) |
(29,169
|
) |
(40,200
|
) | ||||||||
Benefit obligation at end of year
|
2,100,073
|
2,051,443
|
1,186,897
|
1,207,814
|
||||||||||||
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair value of plan assets at beginning of year
|
1,612,879
|
1,600,491
|
815,483
|
882,784
|
||||||||||||
Actual return on plan assets
|
3,208
|
(70,503
|
) |
59,237
|
13,421
|
|||||||||||
Acquisition and other
|
(13,705
|
) |
(41,105
|
) |
12,696
|
(28,068
|
) | |||||||||
Employer contributions
|
41,276
|
38,144
|
18,952
|
29,407
|
||||||||||||
Plan participants’ contributions
|
974
|
1,014
|
1,045
|
2,018
|
||||||||||||
Benefits paid
|
(44,141
|
) |
(15,010
|
) |
(24,629
|
) |
(30,661
|
) | ||||||||
Fair value of plan assets at end of year
|
1,600,491
|
1,513,031
|
882,784
|
868,901
|
||||||||||||
Funded status
|
499,582
|
538,412
|
304,113
|
338,913
|
||||||||||||
|
Yen in millions
|
|||||||||||||||
|
March 31,
|
|||||||||||||||
|
Japanese plans
|
Foreign plans
|
||||||||||||||
|
2019
|
|
|
|
2019
|
|
|
|
||||||||
Accrued expenses (Accrued pension and severance costs)
|
34,298
|
33,422
|
3,234
|
7,934
|
||||||||||||
Accrued pension and severance costs
|
657,380
|
639,764
|
306,026
|
338,862
|
||||||||||||
Investments and other assets - Other (Prepaid pension and severance costs)
|
(192,096
|
) |
(134,774
|
) |
(5,147
|
) |
(7,883
|
) | ||||||||
Net amount recognized
|
499,582
|
538,412
|
304,113
|
338,913
|
||||||||||||
|
Yen in millions
|
|||||||||||||||
|
March 31,
|
|||||||||||||||
|
Japanese plans
|
Foreign plans
|
||||||||||||||
|
2019
|
|
|
2019
|
|
|||||||||||
Net actuarial loss
|
(339,814
|
) |
(383,485
|
) |
(91,072
|
) |
(116,171
|
) | ||||||||
Prior service costs
|
29,801
|
21,538
|
(1,612
|
) |
(5,352
|
) | ||||||||||
Net transition obligation
|
—
|
—
|
|
—
|
||||||||||||
|
|
|
|
|
|
|||||||||||
Net amount recognized
|
(310,013
|
) |
(361,947
|
) |
(92,684
|
) |
(121,523
|
) | ||||||||
|
Yen in millions
|
|||||||||||||||
|
March 31,
|
|||||||||||||||
|
Japanese plans
|
Foreign plans
|
||||||||||||||
|
2019
|
|
|
|
2019
|
|
2020
|
|
||||||||
Projected benefit obligation
|
878,009
|
|
846,068
|
|
681,025
|
|
1,025,234
|
|
||||||||
Fair value of plan assets
|
203,277
|
188,241
|
|
357,583
|
678,522
|
|
|
Yen in millions
|
|
|||||||||||||
|
|
March 31,
|
|
|||||||||||||
|
|
Japanese plans
|
|
|
Foreign plans
|
|
||||||||||
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
||||
Accumulated benefit obligation
|
|
|
847,017
|
|
|
|
783,561
|
|
|
|
515,918
|
|
|
|
403,810
|
|
Fair value of plan assets
|
198,315
|
155,345
|
|
215,006
|
93,717
|
|
March 31,
|
|||||||||||||||
|
Japanese plans
|
Foreign plans
|
||||||||||||||
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
||||||||
Discount rate
|
0.6
|
% |
0.6
|
% |
3.8
|
% |
3.5
|
% | ||||||||
Rate of compensation increase
|
3.1
|
% |
2.5
|
% |
3.5
|
% |
3.4
|
% |
|
For the years ended March 31,
|
|||||||||||||||||||||||
|
Japanese plans
|
Foreign plans
|
||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2018
|
|
2019
|
|
2020
|
|
||||||||||||
Discount rate
|
0.7
|
% |
0.7
|
% |
0.6
|
% |
4.0
|
% |
3.9
|
% |
3.8
|
% | ||||||||||||
Expected return on plan assets
|
2.4
|
% |
2.4
|
% |
2.4
|
% |
6.0
|
% |
5.6
|
% |
5.2
|
% | ||||||||||||
Rate of compensation increase
|
2.9
|
% |
3.3
|
% |
3.1
|
% |
3.8
|
% |
3.6
|
% |
3.5
|
% |
|
Yen in millions
|
|||||||||||||||
|
March 31, 2019
|
|||||||||||||||
|
Level 1
|
|
Level 2
|
|
|
|
Total
|
|
||||||||
Equity securities
|
|
|
|
|
||||||||||||
Common stocks
|
123,875
|
—
|
—
|
123,875
|
||||||||||||
Commingled funds
|
—
|
215,386
|
—
|
215,386
|
||||||||||||
|
123,875
|
215,386
|
—
|
339,261
|
||||||||||||
Debt securities
|
|
|
|
|
||||||||||||
Government bonds
|
141,054
|
—
|
—
|
141,054
|
||||||||||||
Commingled funds
|
—
|
—
|
—
|
—
|
||||||||||||
Other
|
—
|
164,877
|
—
|
164,877
|
||||||||||||
|
141,054
|
164,877
|
—
|
305,931
|
||||||||||||
Insurance contracts
|
—
|
—
|
—
|
—
|
||||||||||||
Other
|
10,292
|
24,810
|
27,903
|
63,005
|
||||||||||||
Investments measured at net asset value
|
—
|
—
|
—
|
174,587
|
||||||||||||
Total
|
275,221
|
405,073
|
|
|
||||||||||||
|
Yen in millions
|
|||||||||||||||||||||||||||||||||||
|
For the years ended March 31,
|
|||||||||||||||||||||||||||||||||||
|
2018
|
2019
|
2020
|
|||||||||||||||||||||||||||||||||
|
Debt
securities |
|
Other
|
|
Total
|
|
Debt
securities |
|
Other
|
|
Total
|
|
Debt
securities |
|
Other
|
|
|
|
||||||||||||||||||
Balance at beginning of year
|
81
|
|
|
19
|
—
|
19
|
—
|
4,242
|
4,242
|
|||||||||||||||||||||||||||
Actual return on plan assets
|
—
|
(4
|
) |
(4
|
) |
—
|
(164
|
) |
(164
|
) |
—
|
(43
|
) |
(43
|
) | |||||||||||||||||||||
Purchases, sales and settlements
|
(62
|
) |
(492
|
) |
(554
|
) |
(19
|
) |
—
|
(19
|
) |
—
|
—
|
—
|
||||||||||||||||||||||
Other
|
—
|
—
|
—
|
—
|
4,406
|
4,406
|
—
|
2,000
|
2,000
|
|||||||||||||||||||||||||||
Balance at end of year
|
19
|
—
|
19
|
—
|
4,242
|
4,242
|
—
|
6,199
|
6,199
|
|||||||||||||||||||||||||||
|
Yen in millions
|
|||||||
Years ending March 31,
|
Japanese plans
|
|
Foreign plans
|
|
||||
2021
|
82,748
|
43,815
|
||||||
2022
|
86,207
|
45,841
|
||||||
2023
|
87,914
|
47,645
|
||||||
2024
|
90,887
|
49,795
|
||||||
2025
|
87,909
|
50,854
|
||||||
from 2026 to 2030
|
441,675
|
281,343
|
||||||
Total
|
877,340
|
519,293
|
||||||
|
Yen in millions
|
|||||||||||||||
|
March 31,
|
|||||||||||||||
|
2019
|
2020
|
||||||||||||||
|
Designated
derivative
financial
instruments
|
|
Undesignated
derivative
financial
instruments
|
|
Designated
derivative
financial
instruments
|
|
Undesignated
derivative
financial
instruments
|
|
||||||||
Interest rate and currency swap agreements
|
—
|
21,001,883
|
—
|
20,310,018
|
||||||||||||
Foreign exchange forward and option contracts
|
—
|
4,005,578
|
—
|
3,916,824
|
||||||||||||
Total
|
—
|
25,007,461
|
—
|
24,226,842
|
||||||||||||
|
Yen in millions
|
|||||||||||||||||||||||
|
For the years ended March 31,
|
|||||||||||||||||||||||
|
2018
|
2019
|
2020
|
|||||||||||||||||||||
|
Gains or
(losses) on
derivative
financial
instruments
|
|
Gains or
(losses) on
hedged items
|
|
Gains or
(losses) on
derivative
financial
instruments
|
|
Gains or
(losses) on
hedged items
|
|
Gains or
(losses) on
derivative
financial
instruments
|
|
Gains or
(losses) on
hedged items
|
|
||||||||||||
Derivative financial instruments designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate and currency swap agreements
|
|
|
|
|
|
|
||||||||||||||||||
Cost of financing operations
|
782
|
(227
|
) |
(822
|
) |
799
|
—
|
—
|
||||||||||||||||
Undesignated derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate and currency swap agreements
|
|
|
|
|
|
|
||||||||||||||||||
Cost of financing operations
|
42,220
|
|
(18,433
|
) |
|
51,552
|
|
|||||||||||||||||
Foreign exchange gain (loss), net
|
30,339
|
|
37,124
|
|
67,142
|
|
||||||||||||||||||
Foreign exchange forward and option
contracts |
|
|
|
|
|
|
||||||||||||||||||
Cost of financing operations
|
6,442
|
|
2,240
|
|
33,538
|
|
||||||||||||||||||
Foreign exchange gain (loss), net
|
73,115
|
|
(69,826
|
) |
|
8,281
|
|
|
Yen in millions
|
|||||||||||||||||||
|
March 31, 2019
|
|||||||||||||||||||
|
|
|
Estimated fair value
|
|||||||||||||||||
|
Carrying amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||||
Assets (Liabilities)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
3,574,704
|
2,980,504
|
594,200
|
—
|
3,574,704
|
|||||||||||||||
Time deposits
|
1,126,352
|
—
|
1,126,352
|
—
|
1,126,352
|
|||||||||||||||
Total finance receivables, net
|
15,450,745
|
—
|
—
|
15,668,542
|
15,668,542
|
|||||||||||||||
Other receivables
|
568,156
|
—
|
—
|
568,156
|
568,156
|
|||||||||||||||
Short-term borrowings
|
(5,344,973
|
) |
—
|
(5,285,807
|
) |
(59,166
|
) |
(5,344,973
|
) | |||||||||||
Long-term debt including the current portion
|
(14,786,184
|
) |
—
|
(12,786,541
|
) |
(1,833,623
|
) |
(14,620,164
|
) |
|
Yen in millions
|
|||||||||||||||||||
|
March 31, 2020
|
|||||||||||||||||||
|
|
|
Estimated fair value
|
|||||||||||||||||
|
Carrying amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Assets (Liabilities)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
4,190,518
|
3,598,318
|
592,200
|
—
|
4,190,518
|
|||||||||||||||
Time deposits
|
828,220
|
—
|
828,220
|
—
|
828,220
|
|||||||||||||||
Total finance receivables, net
|
15,511,294
|
—
|
—
|
15,703,737
|
15,703,737
|
|||||||||||||||
Other receivables
|
564,854
|
—
|
—
|
564,854
|
564,854
|
|||||||||||||||
Short-term borrowings
|
(5,286,026
|
) |
—
|
(5,274,071
|
) |
(11,955
|
) |
(5,286,026
|
) | |||||||||||
Long-term debt including the current portion
|
(15,238,006
|
) |
—
|
(12,644,187
|
) |
(1,966,646
|
) |
(14,610,833
|
) |
|
|
Yen in millions
|
||||||
|
|
March 31,
|
||||||
|
|
2019
|
|
|
2020
|
|||
Class of property
|
|
|
|
|
|
|
|
|
Building
|
|
|
18,519
|
|
|
|
22,790
|
|
Machinery and equipment
|
|
|
28,836
|
|
|
|
62,337
|
|
Less - Accumulated depreciation
|
|
|
(30,016
|
)
|
|
|
(25,036
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
17,339
|
|
|
|
60,091
|
|
|
|
|
|
|
|
|
|
|
Years ending March 31,
|
|
Yen in millions
|
|
|
2020
|
|
|
16,078
|
|
2021
|
|
|
13,396
|
|
2022
|
|
|
11,862
|
|
2023
|
|
|
10,219
|
|
2024
|
|
|
8,034
|
|
Thereafter
|
|
|
32,598
|
|
|
|
|
|
|
Total minimum future rentals
|
|
|
92,187
|
|
|
|
|
|
|
|
|
Yen in millions
|
|
|
|
|
March 31,
2020
|
|
|
Lease payment
|
|
|
|
|
Finance lease expense
|
|
|
|
|
Amortization of right-of-use asset
|
|
|
14,676
|
|
Interest on lease liabilities
|
|
|
805
|
|
Operating lease expense
|
|
|
80,343
|
|
Short term lease expense
|
|
|
44,440
|
|
|
|
|
|
|
|
|
|
140,264
|
|
|
|
|
|
|
|
|
Yen in millions
|
|
|
|
|
March
2020
|
|
|
Other supplementary information
|
|
|
|
|
Cash paid for amounts included in the measurement of finance lease liabilities
|
|
|
|
|
Cash flow from operating activities
|
|
|
805
|
|
Cash flow from financing activities
|
|
|
5,860
|
|
Cash paid for amounts included in the measurement of operating lease liabilities
|
|
|
|
|
Cash flow from operating activities
|
|
|
80,101
|
|
Right of use assets obtained in exchange for lease liabilities
|
|
|
|
|
Finance lease
|
|
|
47,082
|
|
Operating lease
|
|
|
105,913
|
|
Weighted average remaining lease term (years)
|
|
|
|
|
Finance lease
|
|
|
5.6
|
|
Operating lease
|
|
|
8.4
|
|
Weighted average discount rate
|
|
|
|
|
Finance lease
|
|
|
4.23
|
%
|
Operating lease
|
|
|
2.13
|
%
|
|
|
|
|
|
|
|
Yen in millions
|
|
|||||
Years ending March 31,
|
|
Finance lease
|
|
|
Operating lease
|
|
||
2021
|
|
|
6,378
|
|
|
|
41,618
|
|
2022
|
|
|
4,320
|
|
|
|
33,648
|
|
2023
|
|
|
3,124
|
|
|
|
26,890
|
|
2024
|
|
|
2,842
|
|
|
|
22,640
|
|
2025
|
|
|
2,525
|
|
|
|
20,437
|
|
Thereafter
|
|
|
17,629
|
|
|
|
165,454
|
|
Total minimum lease payments
|
|
|
36,818
|
|
|
|
310,687
|
|
Less - Amount representing interest
|
|
|
(7,881
|
)
|
|
|
(29,732
|
)
|
Present value of net minimum lease payments
|
|
|
28,937
|
|
|
|
280,955
|
|
|
|
|
|
|
|
|
|
|
Current liability
|
|
|
5,460
|
|
|
|
39,136
|
|
Noncurrent liability
|
|
|
23,477
|
|
|
|
241,819
|
|
Total minimum lease present value
|
|
|
28,937
|
|
|
|
280,955
|
|
|
Yen in millions
|
|||||||||||||||||||
|
Automotive
|
|
Financial
Services |
|
All Other
|
|
Inter-segment
Elimination/ Unallocated Amount |
|
Consolidated
|
|
||||||||||
Net revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales to external customers
|
|
|
26,347,229
|
|
|
|
1,959,234
|
|
|
|
1,073,047
|
|
|
|
—
|
|
|
|
29,379,510
|
|
Inter-segment sales and transfers
|
|
|
50,711
|
|
|
|
57,774
|
|
|
|
573,071
|
|
|
|
(681,556
|
)
|
|
|
—
|
|
Total
|
26,397,940
|
2,017,008
|
1,646,118
|
(681,556
|
) |
29,379,510
|
||||||||||||||
Operating expenses
|
24,386,805
|
1,731,462
|
1,545,306
|
(683,925
|
) |
26,979,648
|
||||||||||||||
Operating income
|
|
|
2,011,135
|
|
|
|
285,546
|
|
|
|
100,812
|
|
|
|
2,369
|
|
|
|
2,399,862
|
|
Assets
|
17,054,209
|
23,055,981
|
2,178,118
|
8,019,941
|
50,308,249
|
|||||||||||||||
Investment in equity method investees
|
|
|
3,054,583
|
|
|
|
11,713
|
|
|
|
—
|
|
|
|
96,415
|
|
|
|
3,162,711
|
|
Depreciation expenses
|
976,735
|
723,061
|
34,237
|
—
|
1,734,033
|
|||||||||||||||
Capital expenditure
|
1,381,122
|
2,166,805
|
62,447
|
(11,667
|
) |
3,598,707
|
|
Yen in millions
|
|||||||||||||||||||
|
Automotive
|
|
Financial
Services |
|
All Other
|
|
Inter-segment
Elimination/ Unallocated Amount |
|
Consolidated
|
|
||||||||||
Net revenues
|
|
|
|
|
|
|||||||||||||||
Sales to external customers
|
27,034,492
|
2,120,343
|
1,070,846
|
—
|
30,225,681
|
|||||||||||||||
Inter-segment sales and transfers
|
44,585
|
33,204
|
605,531
|
(683,320
|
) |
—
|
||||||||||||||
Total
|
27,079,077
|
2,153,547
|
1,676,377
|
(683,320
|
) |
30,225,681
|
||||||||||||||
Operating expenses
|
25,040,193
|
1,830,726
|
1,570,839
|
(683,622
|
) |
27,758,136
|
||||||||||||||
Operating income
|
2,038,884
|
322,821
|
105,538
|
302
|
2,467,545
|
|||||||||||||||
Assets
|
17,799,376
|
24,044,700
|
2,125,271
|
7,967,602
|
51,936,949
|
|||||||||||||||
Investment in equity method investees
|
3,215,856
|
12,172
|
—
|
85,675
|
3,313,703
|
|||||||||||||||
Depreciation expenses
|
997,312
|
758,847
|
36,216
|
—
|
1,792,375
|
|||||||||||||||
Capital expenditure
|
1,520,366
|
2,165,609
|
66,075
|
(13,163
|
) |
3,738,887
|
|
Yen in millions
|
|||||||||||||||||||
|
Automotive
|
|
Financial
|
|
All Other
|
|
Inter-segment
Elimination/ Unallocated
Amount
|
|
Consolidated
|
|
||||||||||
Net revenues
|
|
|
|
|
|
|||||||||||||||
Sales to external customers
|
|
|
26,834,485
|
|
|
|
2,170,243
|
|
|
|
925,264
|
|
|
|
—
|
|
|
|
29,929,992
|
|
Inter-segment sales and transfers
|
29,029
|
20,316
|
579,286
|
(628,631
|
) |
—
|
||||||||||||||
Total
|
26,863,514
|
2,190,559
|
1,504,550
|
(628,631
|
) |
29,929,992
|
||||||||||||||
Operating expenses
|
24,811,168
|
1,898,376
|
1,407,895
|
(630,316
|
) |
27,487,123
|
||||||||||||||
Operating income
|
2,052,346
|
292,183
|
96,655
|
1,685
|
2,442,869
|
|||||||||||||||
Assets
|
18,754,728
|
24,858,837
|
2,023,111
|
7,043,760
|
52,680,436
|
|||||||||||||||
Investment in equity method investees
|
|
|
3,711,151
|
|
|
|
61,852
|
|
|
|
180,425
|
|
|
|
137,362
|
|
|
|
4,090,790
|
|
Depreciation expenses
|
824,777
|
743,710
|
36,896
|
—
|
1,605,383
|
|||||||||||||||
Capital expenditure
|
1,454,142
|
2,062,718
|
71,554
|
14,818
|
3,603,232
|
|
Yen in millions
|
|||||||||||||||||||||||||||
|
Japan
|
|
North
America |
|
Europe
|
|
|
|
|
|
Inter-segment
Elimination/ Unallocated Amount |
|
Consolidated
|
|
||||||||||||||
Net revenues
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Sales to external customers
|
|
|
9,273,672
|
|
|
|
10,347,266
|
|
|
|
2,940,243
|
|
|
|
4,497,374
|
|
|
|
2,320,955
|
|
—
|
|
|
|
29,379,510
|
|
||
Inter-segment
sales and transfers
|
6,751,172
|
227,144
|
244,981
|
650,765
|
132,344
|
(8,006,406
|
) |
—
|
||||||||||||||||||||
Total
|
16,024,844
|
10,574,410
|
3,185,224
|
5,148,139
|
2,453,299
|
(8,006,406
|
) |
29,379,510
|
||||||||||||||||||||
Operating expenses
|
14,364,926
|
10,435,511
|
3,110,198
|
4,714,940
|
2,340,636
|
(7,986,563
|
) |
26,979,648
|
||||||||||||||||||||
Operating income
|
|
|
1,659,918
|
|
|
|
138,899
|
|
|
|
75,026
|
|
|
|
433,199
|
|
|
|
112,663
|
|
(19,843
|
)
|
|
|
2,399,862
|
|
||
Assets
|
15,797,024
|
16,936,704
|
3,346,179
|
4,893,582
|
2,986,661
|
6,348,099
|
50,308,249
|
|||||||||||||||||||||
Long-lived assets
|
|
|
3,511,663
|
|
|
|
5,179,139
|
|
|
|
359,355
|
|
|
|
797,435
|
|
|
|
420,081
|
|
—
|
|
|
|
10,267,673
|
|
|
Yen in millions
|
|||||||||||||||||||||||||||
|
Japan
|
|
North
America |
|
Europe
|
|
Asia
|
|
Other
|
|
Inter-segment
Elimination/ Unallocated Amount |
|
Consolidated
|
|
||||||||||||||
Net revenues
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Sales to external customers
|
9,520,148
|
10,585,934
|
3,055,654
|
4,832,392
|
2,231,553
|
—
|
30,225,681
|
|||||||||||||||||||||
Inter-segment sales and transfers
|
7,105,213
|
231,313
|
183,197
|
680,639
|
101,890
|
(8,302,252
|
) |
—
|
||||||||||||||||||||
Total
|
16,625,361
|
10,817,247
|
3,238,851
|
5,513,031
|
2,333,443
|
(8,302,252
|
) |
30,225,681
|
||||||||||||||||||||
Operating expenses
|
14,933,686
|
10,702,732
|
3,113,983
|
5,055,542
|
2,242,333
|
(8,290,140
|
) |
27,758,136
|
||||||||||||||||||||
Operating income
|
1,691,675
|
114,515
|
124,868
|
457,489
|
91,110
|
(12,112
|
) |
2,467,545
|
||||||||||||||||||||
Assets
|
16,465,702
|
17,452,216
|
3,872,301
|
5,176,990
|
3,067,270
|
5,902,470
|
51,936,949
|
|||||||||||||||||||||
Long-lived assets
|
3,607,843
|
5,469,262
|
453,921
|
729,494
|
424,974
|
—
|
10,685,494
|
|
Yen in millions
|
|||||||||||||||||||||||||||
|
Japan
|
|
North
America |
|
Europe
|
|
Asia
|
|
Other
|
|
Inter-segment
Elimination/ Unallocated Amount |
|
Consolidated
|
|
||||||||||||||
Net revenues
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Sales to external customers
|
9,522,905
|
10,416,582
|
3,138,755
|
4,828,635
|
2,023,115
|
—
|
29,929,992
|
|||||||||||||||||||||
Inter-segment sales and transfers
|
6,938,616
|
222,166
|
222,123
|
510,021
|
89,387
|
(7,982,313
|
) |
—
|
||||||||||||||||||||
Total
|
16,461,521
|
10,638,748
|
3,360,878
|
5,338,656
|
2,112,502
|
(7,982,313
|
) |
29,929,992
|
||||||||||||||||||||
Operating expenses
|
14,893,543
|
10,368,119
|
3,210,333
|
4,967,657
|
2,021,778
|
(7,974,307
|
) |
27,487,123
|
||||||||||||||||||||
Operating income
|
1,567,978
|
270,629
|
150,545
|
370,999
|
90,724
|
(8,006
|
) |
2,442,869
|
||||||||||||||||||||
Assets
|
17,517,032
|
18,012,336
|
4,192,858
|
5,241,588
|
2,837,944
|
4,878,678
|
52,680,436
|
|||||||||||||||||||||
Long-lived assets
|
3,880,118
|
5,374,456
|
561,371
|
668,252
|
394,446
|
—
|
10,878,643
|
|
Yen in millions
|
|||||||||||
|
For the years ended March 31,
|
|||||||||||
|
2018
|
|
2019
|
|
2020
|
|
||||||
Non-Financial
Services Businesses
|
|
|
|
|
|
|
|
|
|
|||
Net revenues
|
27,448,165
|
28,133,676
|
27,775,932
|
|||||||||
Costs and expenses
|
|
|
|
|||||||||
Cost of revenues
|
22,613,450
|
23,400,550
|
23,143,209
|
|||||||||
Selling, general and administrative
|
2,721,362
|
2,591,249
|
2,483,501
|
|||||||||
Total costs and expenses
|
25,334,812
|
25,991,799
|
25,626,710
|
|||||||||
Operating income
|
2,113,353
|
2,141,877
|
2,149,222
|
|||||||||
Other income (expense), net
|
222,326
|
(161,608
|
) |
130,259
|
||||||||
Income before income taxes and equity in earnings of affiliated companies
|
2,335,679
|
1,980,269
|
2,279,481
|
|||||||||
Provision for income taxes
|
738,763
|
580,031
|
618,252
|
|||||||||
Equity in earnings of affiliated companies
|
467,718
|
357,527
|
260,149
|
|||||||||
Net income
|
2,064,634
|
1,757,765
|
1,921,378
|
|||||||||
Less - Net income attributable to noncontrolling interests
|
(89,533
|
) |
(97,500
|
) |
(67,559
|
) | ||||||
Net income attributable to Toyota Motor Corporation
-
Non-Financial
Services Businesses
|
1,975,101
|
1,660,265
|
1,853,819
|
|||||||||
Financial Services Business
|
|
|
|
|
|
|
|
|
|
|||
Net revenues
|
2,017,008
|
2,153,547
|
2,190,559
|
|||||||||
Costs and expenses
|
|
|
|
|||||||||
Cost of revenues
|
1,320,348
|
1,418,636
|
1,395,211
|
|||||||||
Selling, general and administrative
|
411,114
|
412,090
|
503,165
|
|||||||||
Total costs and expenses
|
1,731,462
|
1,830,726
|
1,898,376
|
|||||||||
Operating income
|
285,546
|
322,821
|
292,183
|
|||||||||
Other income (expense), net
|
(794
|
) |
(17,658
|
) |
(17,103
|
) | ||||||
Income before income taxes and equity in earnings of affiliated companies
|
284,752
|
305,163
|
275,080
|
|||||||||
Provision for income taxes
|
(234,356
|
) |
79,903
|
65,164
|
||||||||
Equity in earnings of affiliated companies
|
2,365
|
2,539
|
11,003
|
|||||||||
Net income
|
521,473
|
227,799
|
220,919
|
|||||||||
Less - Net income attributable to noncontrolling interests
|
(2,589
|
) |
(5,214
|
) |
1,413
|
|||||||
Net income attributable to Toyota Motor Corporation
- Financial Services Business |
518,884
|
222,585
|
222,332
|
|||||||||
Eliminations
|
(2
|
) |
23
|
32
|
||||||||
Net income attributable to Toyota Motor Corporation
|
2,493,983
|
1,882,873
|
2,076,183
|
|||||||||
|
Yen in millions
|
Yen in millions
|
||||||||||||||||||||||
|
For the year ended March 31, 2018
|
For the year ended March 31, 2019
|
||||||||||||||||||||||
|
Non-Financial
Services
Businesses
|
|
Financial
Services
Business
|
|
Consolidated
|
|
Non-Financial
Services
Businesses
|
|
Financial
Services
Business
|
|
Consolidated
|
|
||||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
2,064,634
|
521,473
|
2,586,106
|
1,757,765
|
227,799
|
1,985,587
|
||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation
|
1,010,972
|
723,061
|
1,734,033
|
1,033,528
|
758,847
|
1,792,375
|
||||||||||||||||||
Provision (reversal) for doubtful accounts and credit losses
|
(74
|
) |
76,143
|
76,069
|
(1,375
|
) |
81,440
|
80,065
|
||||||||||||||||
Pension and severance costs, less payments
|
5,027
|
(741
|
) |
4,286
|
30,477
|
1,168
|
31,645
|
|||||||||||||||||
Losses on disposal of fixed assets
|
35,010
|
279
|
35,289
|
33,676
|
2,226
|
35,902
|
||||||||||||||||||
Unrealized losses (gains) on
|
459
|
387
|
846
|
338,626
|
846
|
339,472
|
||||||||||||||||||
Deferred income taxes
|
64,143
|
(302,103
|
) |
(237,961
|
) |
(110,346
|
) |
23,742
|
(86,594
|
) | ||||||||||||||
Equity in earnings of affiliated companies
|
(467,718
|
) |
(2,365
|
) |
(470,083
|
) |
(357,527
|
) |
(2,539
|
) |
(360,066
|
) | ||||||||||||
Changes in operating assets and liabilities, and other
|
205,434
|
312,828
|
494,543
|
(17,488
|
) |
15,557
|
(51,789
|
) | ||||||||||||||||
Net cash provided by operating activities
|
2,917,887
|
1,328,962
|
4,223,128
|
2,707,336
|
1,109,086
|
3,766,597
|
||||||||||||||||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Additions to finance receivables
|
—
|
(25,153,088
|
) |
(15,058,516
|
) |
—
|
(26,000,249
|
) |
(15,884,610
|
) | ||||||||||||||
Collection of and proceeds from sales of finance receivables
|
—
|
24,117,335
|
14,046,312
|
—
|
24,925,930
|
14,859,103
|
||||||||||||||||||
Additions to fixed assets excluding equipment leased to others
|
(1,276,788
|
) |
(14,329
|
) |
(1,291,117
|
) |
(1,435,964
|
) |
(16,761
|
) |
(1,452,725
|
) | ||||||||||||
Additions to equipment leased to others
|
(155,114
|
) |
(2,152,476
|
) |
(2,307,590
|
) |
(137,314
|
) |
(2,148,848
|
) |
(2,286,162
|
) | ||||||||||||
Proceeds from sales of fixed assets excluding equipment leased to others
|
70,755
|
1,065
|
71,820
|
63,955
|
1,482
|
65,437
|
||||||||||||||||||
Proceeds from sales of equipment leased to others
|
63,402
|
1,147,870
|
1,211,272
|
60,657
|
1,324,417
|
1,385,074
|
||||||||||||||||||
Purchases of marketable securities and security investments
|
(2,273,805
|
) |
(779,111
|
) |
(3,052,916
|
) |
(1,737,107
|
) |
(103,248
|
) |
(1,840,355
|
) | ||||||||||||
Proceeds from sales of and maturity of marketable securities and security investments
|
1,762,189
|
761,349
|
2,523,538
|
2,255,635
|
443,163
|
2,698,798
|
||||||||||||||||||
Payment for additional investments in affiliated companies, net of cash acquired
|
|
|
(576
|
)
|
|
|
—
|
|
|
|
(576
|
)
|
|
|
5,010
|
|
|
|
—
|
|
|
|
5,010
|
|
Changes in investments and other assets, and other
|
260,015
|
(106,597
|
) |
197,681
|
(268,946
|
) |
(4,130
|
) |
(246,811
|
) | ||||||||||||||
Net cash used in investing activities
|
(1,549,922
|
) |
(2,177,982
|
) |
(3,660,092
|
) |
(1,194,074
|
) |
(1,578,244
|
) |
(2,697,241
|
) | ||||||||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from issuance of long-term debt
|
212,387
|
4,666,579
|
4,793,939
|
286,085
|
4,747,506
|
5,000,921
|
||||||||||||||||||
Payments of long-term debt
|
(170,072
|
) |
(4,314,294
|
) |
(4,452,338
|
) |
(142,556
|
) |
(4,336,250
|
) |
(4,442,232
|
) | ||||||||||||
Increase (decrease) in short-term borrowings
|
(122,222
|
) |
461,052
|
347,738
|
49,161
|
144,277
|
164,282
|
|||||||||||||||||
Dividends paid to Toyota Motor Corporation class shareholders
|
(6,194
|
) |
—
|
(6,194
|
) |
(8,690
|
) |
—
|
(8,690
|
) | ||||||||||||||
Dividends paid to Toyota Motor Corporation common shareholders
|
(620,698
|
) |
—
|
(620,698
|
) |
(636,116
|
) |
—
|
(636,116
|
) | ||||||||||||||
Dividends paid to noncontrolling interests
|
(63,764
|
) |
—
|
(63,764
|
) |
(69,367
|
) |
—
|
(69,367
|
) | ||||||||||||||
Reissuance (repurchase) of treasury stock
|
(447,818
|
) |
—
|
(447,818
|
) |
(549,637
|
) |
—
|
(549,637
|
) | ||||||||||||||
Net cash provided by (used in) financing activities
|
(1,218,381
|
) |
813,337
|
(449,135
|
) |
(1,071,120
|
) |
555,533
|
(540,839
|
) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
|
(16,124
|
) |
(27,464
|
) |
(43,588
|
) |
(42,454
|
) |
813
|
(41,641
|
) | |||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
|
133,460
|
(63,147
|
) |
70,313
|
399,688
|
87,188
|
486,876
|
|||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year
|
2,257,064
|
892,262
|
3,149,326
|
2,390,524
|
829,115
|
3,219,639
|
||||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of year
|
2,390,524
|
829,115
|
3,219,639
|
2,790,212
|
916,303
|
3,706,515
|
||||||||||||||||||
|
Yen in millions
|
|||||||||||
|
For the year ended March 31, 2020
|
|||||||||||
|
Non-Financial
Services Businesses |
|
Financial
Services Business |
|
Consolidated
|
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
1,921,378
|
220,919
|
2,142,329
|
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|||||||||
Depreciation
|
861,673
|
743,710
|
1,605,383
|
|||||||||
Provision (reversal) for doubtful accounts and credit losses
|
5,689
|
137,293
|
142,982
|
|||||||||
Pension and severance costs, less payments
|
14,880
|
819
|
15,699
|
|||||||||
Losses on disposal of fixed assets
|
54,549
|
2,364
|
56,913
|
|||||||||
Unrealized losses (gains) on securities
|
21,069
|
(987
|
) |
20,082
|
||||||||
Deferred income taxes
|
193,438
|
(1,305
|
) |
192,147
|
||||||||
Equity in earnings of affiliated companies
|
(260,149
|
) |
(11,003
|
) |
(271,152
|
) | ||||||
Changes in operating assets and liabilities, and other
|
(305,705
|
) |
(46,610
|
) |
(313,740
|
) | ||||||
Net cash provided by operating activities
|
2,506,822
|
1,045,200
|
3,590,643
|
|||||||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|||
Additions to finance receivables
|
—
|
(26,668,185
|
) |
(16,896,588
|
) | |||||||
Collection of and proceeds from sales of finance receivables
|
—
|
25,557,953
|
15,667,462
|
|||||||||
Additions to fixed assets excluding equipment leased to others
|
(1,377,238
|
) |
(30,594
|
) |
(1,407,832
|
) | ||||||
Additions to equipment leased to others
|
(155,601
|
) |
(2,031,698
|
) |
(2,187,299
|
) | ||||||
Proceeds from sales of fixed assets excluding equipment leased to others
|
47,488
|
1,263
|
48,751
|
|||||||||
Proceeds from sales of equipment leased to others
|
49,913
|
1,341,302
|
1,391,215
|
|||||||||
Purchases of marketable securities and security investments
|
(2,236,585
|
) |
(176,502
|
) |
(2,413,087
|
) | ||||||
Proceeds from sales of and maturity of marketable securities and security investments
|
2,245,119
|
125,287
|
2,370,406
|
|||||||||
Payment for additional investments in affiliated companies, net of cash acquired
|
—
|
(14,763
|
)
|
(14,763
|
) | |||||||
Changes in investments and other assets, and other
|
(18,895
|
) |
(20,037
|
) |
290,874
|
|||||||
Net cash used in investing activities
|
(1,445,799
|
) |
(1,915,974
|
) |
(3,150,861
|
) | ||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of long-term debt
|
235,080
|
5,466,618
|
5,691,499
|
|||||||||
Payments of long-term debt
|
(130,695
|
) |
(4,335,145
|
) |
(4,424,923
|
) | ||||||
Increase (decrease) in short-term borrowings
|
51,406
|
520,468
|
291,623
|
|||||||||
Dividends paid to Toyota Motor Corporation class shareholders
|
(11,186
|
) |
—
|
(11,186
|
) | |||||||
Dividends paid to Toyota Motor Corporation common shareholders
|
(618,801
|
) |
—
|
(618,801
|
) | |||||||
Dividends paid to noncontrolling interests
|
(54,945
|
) |
—
|
(54,945
|
) | |||||||
Reissuance (repurchase) of treasury stock
|
(476,129
|
) |
—
|
(476,129
|
) | |||||||
Net cash provided by (used in) financing activities
|
(1,005,270
|
) |
1,651,941
|
397,138
|
||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
|
(71,467
|
) |
(59,778
|
) |
(131,245
|
) | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
|
(15,714
|
) |
721,389
|
705,675
|
||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year
|
2,790,212
|
916,303
|
3,706,515
|
|||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of year
|
2,774,498
|
1,637,692
|
4,412,190
|
|||||||||
|
Yen in millions
|
|
||||||
|
For the year ended
March 31, 20
19
|
|
|
|
For the year ended
March 31, 20
20
|
|
||
Sales of products
|
|
|
|
|
|
|||
Automotive
|
|
|
|
|
|
|||
Vehicles
|
23,066,190
|
|
|
|
22,852,916
|
|||
Parts and components for overseas
production
|
625,483
|
|
|
|
603,928
|
|||
Parts and components for after service
|
2,093,437
|
|
|
|
2,103,478
|
|||
Other
|
1,249,382
|
|
|
|
1,274,163
|
|||
|
|
|
|
|||||
Total automotive
|
27,034,492
|
|
|
|
26,834,485
|
|||
All other
|
1,070,846
|
|
|
|
925,264
|
|||
|
|
|
|
|||||
Total sales of products
|
28,105,338
|
|
|
|
27,759,749
|
|||
Financial services
|
2,120,343
|
|
|
|
2,170,243
|
|||
|
|
|
|
|||||
Total net revenues
|
30,225,681
|
|
|
|
29,929,992
|
|||
|
|
|
|
|
|
Yen in millions
|
|
|||||
|
|
For the year ended
March 31, 2019 |
|
|
For the year ended
March 31, 2020 |
|
||
Finance leases
|
|
|
|
|
|
|
|
|
Financial income related to net lease investment
|
|
|
91,703
|
|
|
|
98,865
|
|
Operating leases
|
|
|
1,056,080
|
|
|
|
1,051,804
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,147,783
|
|
|
|
1,150,669
|
|
|
|
|
|
|
|
|
|
|
|
Yen in millions
|
|||||||
|
March 3
1, 2019
|
|
March 31, 2020
|
|
||||
Contract liabilities
|
675,018
|
691,954
|
|
Yen in
millions |
|
Thousands
of shares |
|
Yen
|
|
||||||
|
Net income
attributable to Toyota Motor Corporation |
|
Weighted-
average common shares |
|
Net income
attributable to Toyota Motor Corporation per common share |
|
||||||
For the year ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Toyota Motor Corporation
|
2,493,983
|
|
|
|||||||||
Accretion to Mezzanine equity
|
(4,849
|
) |
|
|
||||||||
Dividends to Toyota Motor Corporation
Model AA Class Shareholders |
(7,442
|
) |
|
|
||||||||
Basic net income attributable to Toyota Motor Corporation
|
2,481,692
|
2,947,365
|
842.00
|
|||||||||
Effect of dilutive securities
|
|
|
|
|||||||||
Model AA Class Shares
|
12,291
|
47,100
|
|
|||||||||
Assumed exercise of dilutive stock options
|
(4
|
) |
301
|
|
||||||||
Diluted net income attributable to Toyota Motor Corporation per common share
|
2,493,979
|
2,994,766
|
832.78
|
|||||||||
For the year ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Toyota Motor Corporation
|
1,882,873
|
|
|
|||||||||
Accretion to Mezzanine equity
|
(4,850
|
) |
|
|
||||||||
Dividends to Toyota Motor Corporation
Model AA Class Shareholders |
(9,938
|
) |
|
|
||||||||
Basic net income attributable to Toyota Motor Corporation per common share
|
1,868,085
|
2,871,534
|
650.55
|
|||||||||
Effect of dilutive securities
|
|
|
|
|||||||||
Model AA Class Shares
|
14,788
|
47,100
|
|
|||||||||
Assumed exercise of dilutive stock options
|
(0
|
) |
40
|
|
||||||||
Diluted net income attributable to Toyota Motor Corporation per common share
|
1,882,873
|
2,918,674
|
645.11
|
|||||||||
For the year ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Toyota Motor Corporation
|
2,076,183
|
|
|
|||||||||
Accretion to Mezzanine equity
|
(4,850
|
) |
|
|
||||||||
Dividends to Toyota Motor Corporation
Model AA Class Shareholders |
(12,434
|
) |
|
|
||||||||
Basic net income attributable to Toyota Motor Corporation per common share
|
2,058,899
|
2,798,918
|
735.61
|
|||||||||
Effect of dilutive securities
|
|
|
|
|||||||||
Model AA Class Shares
|
17,284
|
47,100
|
|
|||||||||
Assumed exercise of dilutive stock options
|
—
|
—
|
|
|||||||||
Diluted net income attributable to Toyota Motor Corporation
|
2,076,183
|
2,846,018
|
729.50
|
|||||||||
|
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, 2019
|
19,348,152
|
2,832,439
|
6,830.92
|
|||||||||
As of March 31, 2020
|
20,060,618
|
2,766,153
|
7,252.17
|
Level 1:
|
Quoted prices in active markets for identical assets or liabilities
|
|
Level 2:
|
Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; valuation of assets or liabilities using inputs, other than quoted prices, that are observable
|
|
Level 3:
|
Valuation of assets or liabilities using unobservable inputs which reflect the reporting entity’s assumptions
|
|
Yen in millions
|
|||||||||||||||
|
March 31, 2019
|
|||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||
Assets
|
|
|
|
|
||||||||||||
Cash equivalents
|
249,193
|
594,200
|
—
|
843,393
|
||||||||||||
Time deposits
|
—
|
520,000
|
—
|
520,000
|
||||||||||||
Marketable securities and other securities investments
|
|
|
|
|
||||||||||||
Public and corporate bonds
|
4,378,543
|
1,452,475
|
15,171
|
5,846,189
|
||||||||||||
Common stocks
|
2,154,951
|
—
|
—
|
2,154,951
|
||||||||||||
Other
|
189,389
|
6,007
|
—
|
195,396
|
||||||||||||
Investments measured at net asset value
|
—
|
—
|
—
|
98,451
|
||||||||||||
Derivative financial instruments
|
—
|
200,256
|
77
|
200,333
|
||||||||||||
Total
|
6,972,076
|
2,772,938
|
15,248
|
9,858,713
|
||||||||||||
Liabilities
|
|
|
|
|
||||||||||||
Derivative financial instruments
|
—
|
(231,915
|
) |
—
|
(231,915
|
) | ||||||||||
Total
|
—
|
(231,915
|
) |
—
|
(231,915
|
) | ||||||||||
|
|
Yen in millions
|
|
|||||||||||||
|
|
March 31, 2020
|
|
|||||||||||||
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents
|
|
|
711,106
|
|
|
|
592,200
|
|
|
|
—
|
|
|
|
1,303,306
|
|
Time deposits
|
|
|
—
|
|
|
|
350,000
|
|
|
|
—
|
|
|
|
350,000
|
|
Marketable securities and other securities investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public and corporate bonds
|
|
|
3,214,773
|
|
|
|
2,183,695
|
|
|
|
12,831
|
|
|
|
5,411,299
|
|
Common stocks
|
|
|
1,895,690
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,895,690
|
|
Other
|
|
|
194,085
|
|
|
|
27,477
|
|
|
|
—
|
|
|
|
221,562
|
|
Investments measured at net asset value
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
97,687
|
|
Derivative financial instruments
|
|
|
—
|
|
|
|
503,826
|
|
|
|
—
|
|
|
|
503,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
6,015,654
|
|
|
|
3,657,198
|
|
|
|
12,831
|
|
|
|
9,783,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
—
|
|
|
|
(437,008
|
)
|
|
|
—
|
|
|
|
(437,008
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
—
|
|
|
|
(437,008
|
)
|
|
|
—
|
|
|
|
(437,008
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen in millions
|
|||||||||||
|
For the year ended March 31, 2018
|
|||||||||||
|
Marketable
securities and other securities investments |
|
Derivative
financial instruments |
|
Total
|
|
||||||
Balance at beginning of year
|
8,947
|
(7,522
|
) |
1,425
|
||||||||
Total gains (losses)
|
|
|
|
|||||||||
Included in income (loss)
|
17
|
805
|
822
|
|||||||||
Included in other comprehensive income (loss)
|
(12
|
) |
—
|
(12
|
) | |||||||
Purchases and issuances
|
3,860
|
—
|
3,860
|
|||||||||
Settlements
|
(4,739
|
) |
4,320
|
(419
|
) | |||||||
Other
|
(585
|
) |
185
|
(400
|
) | |||||||
|
|
|
|
|
|
|||||||
Balance at end of year
|
7,488
|
(2,212
|
) |
5,276
|
||||||||
|
Yen in millions
|
|||||||||||
|
For the year ended March 31, 2019
|
|||||||||||
|
Marketable
securities and other securities investments |
|
Derivative
financial instruments |
|
Total
|
|
||||||
Balance at beginning of year
|
7,488
|
(2,212
|
) |
5,276
|
||||||||
Total gains (losses)
|
|
|
|
|||||||||
Included in income (loss)
|
1
|
3,169
|
3,170
|
|||||||||
Included in other comprehensive income (loss)
|
82
|
—
|
82
|
|||||||||
Purchases and issuances
|
5,254
|
—
|
5,254
|
|||||||||
Settlements
|
(2,875
|
) |
(784
|
) |
(3,659
|
) | ||||||
Other
|
337
|
(96
|
) |
241
|
||||||||
|
|
|
|
|
|
|||||||
Balance at end of year
|
10,287
|
77
|
10,364
|
|||||||||
|
Yen in millions
|
|||||||||||
|
For the year ended March 31, 2020
|
|||||||||||
|
Marketable
securities and other securities investments |
|
Derivative
financial instruments |
|
Total
|
|
||||||
Balance at beginning of year
|
10,287
|
77
|
10,364
|
|||||||||
Total gains (losses)
|
|
|
|
|||||||||
Included in income (loss)
|
(346
|
) |
—
|
(346
|
) | |||||||
Included in other comprehensive income (loss)
|
(671
|
) |
—
|
(671
|
) | |||||||
Purchases and issuances
|
5,305
|
—
|
5,305
|
|||||||||
Settlements
|
(1,547
|
) |
(77
|
) |
(1,624
|
) | ||||||
Other
|
(197
|
) |
—
|
(197
|
) | |||||||
|
|
|
|
|
|
|||||||
Balance at end of year
|
12,831
|
—
|
12,831
|
|||||||||
|
|
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
2.3
|
|
|
|
|
|
|
|
|
|
2.4
|
|
|
|
|
|
|
|
|
8.1
|
||||
|
|
|
|
|
|
11.1
|
|
|
|
|
|
|
|
|
|
12.1
|
|
|
|
|
|
|
|
|
|
13.1
|
|
|
|
|
|
|
|
|
|
15.1
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
|
|
|
101.SCH
|
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
101.CAL
|
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
101.DEF
|
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
101.LAB
|
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
101.PRE
|
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
104
|
|
|
The cover page for the Company’s Annual Report on From 20-F for the year ended March 31, 20
20
, has been formatted in Inline XBRL
|
TOYOTA MOTOR CORPORATION
|
||
|
|
|
By:
|
|
/s/ Kenta Kon
|
Name:
|
|
Kenta Kon
|
Title:
|
|
Operating Officer
|
Exhibit 1.1
ARTICLES OF INCORPORATION OF TOYOTA MOTOR CORPORATION
(As amended on June 11, 2020)
CHAPTER I. GENERAL PROVISIONS
Article 1. (Trade Name)
The name of the Corporation shall be Toyota Jidosha Kabushiki Kaisha to be expressed in English as TOYOTA MOTOR CORPORATION.
Article 2. (Purpose)
The purpose of the Corporation shall be to engage in the following businesses:
(1) |
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; |
(2) |
the manufacture, sale, leasing and repair of industrial machinery and apparatus and other general machinery and apparatus, and parts thereof; |
(3) |
the manufacture, sale, leasing and repair of electrical machinery and apparatus, and parts thereof; |
(4) |
the manufacture, sale, leasing and repair of measuring machinery and apparatus, and medical machinery and apparatus, and parts thereof; |
(5) |
the manufacture and sale of ceramics and products of synthetic resins, and materials thereof; |
(6) |
the manufacture, sale and repair of construction materials and equipment, furnishings and fixtures for residential buildings; |
(7) |
the planning, designing, supervision, execution and undertaking of construction works, civil engineering works, land development, urban development and regional development; |
(8) |
the sale, purchase, leasing, brokerage and management of real estate; |
(9) |
the service of information processing, information communications and information supply, and the development, sale and leasing of software; |
(10) |
the design and development of product sales systems that utilize networks such as the Internet; sale, leasing, maintenance of computers included within such systems, and sales of products by utilizing such systems; |
(11) |
the inland transportation, marine transportation, air transportation, stevedoring, warehousing and tourism businesses; |
(12) |
the printing, publishing, advertising and publicity, general leasing, security and workers dispatch businesses; |
(13) |
the credit card operations, purchase and sale of securities, investment consulting, investment trust operation, and other financial services; |
(14) |
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; |
(15) |
the non-life insurance agency business and life insurance agency business; |
(16) |
the production and processing by using biotechnology of agricultural products including trees, and the sale of such products; |
(17) |
power generation and the supply and sale of electric power |
(18) |
the sale of goods related to each of the preceding items and mineral oil; |
(19) |
the conducting of engineering, consulting, invention and research relating to each of the preceding items and the utilization of such invention and research; and |
(20) |
any businesses incidental to or related to any of the preceding items. |
Article 3. (Location of Principal Office)
The principal office of the Corporation shall be located in Toyota City, Aichi Prefecture, Japan.
Article 4. (Public Notices)
Public notices of the Corporation shall be given electronically; provided, however, that in the case that an electronic public notice is impracticable due to an accident or any other unavoidable reason, public notices of the Corporation shall be given in the newspaper The Nihon Keizai Shimbun.
CHAPTER II. SHARES
Article 5. (Total Number of Authorized Shares, etc.)
The total number of shares which the Corporation is authorized to issue shall be ten billion (10,000,000,000), and the total number of authorized shares in each class of class shares shall be as set forth below; provided, however, that the aggregate number of shares authorized to be issued with respect to First Series Model AA Class Shares through Fifth Series Model AA Class Shares shall not exceed one hundred fifty million (150,000,000).
Common Shares:
ten billion (10,000,000,000) shares
First Series Model AA Class Shares:
fifty million (50,000,000) shares
Second Series Model AA Class Shares:
fifty million (50,000,000) shares
Third Series Model AA Class Shares:
fifty million (50,000,000) shares
Fourth Series Model AA Class Shares:
fifty million (50,000,000) shares
Fifth Series Model AA Class Shares:
fifty million (50,000,000) shares
Article 6. (Number of Shares Constituting One Unit (tangen) and Rights to Shares
Constituting Less than One Unit (tangen))
1. The number of shares constituting one unit (tangen) of shares of the Corporation shall be one hundred (100) with respect to Common Shares and each class of Model AA Class Shares.
2. The shareholders of the Corporation are not entitled to exercise any rights to shares constituting less than one unit (tangen) of shares held by the shareholders, other than the following:
(1) the rights provided for in each Item of Article 189, Paragraph 2 of the Companies Act (Kaisha-hou); and
(2) the rights provided for in Article 166, Paragraph 1 of the Companies Act, in respect of the right provided for in Article 18 of the Articles of Incorporation.
Article 7. (Acquisition of Own Shares)
The Corporation may acquire its own shares by a resolution of the Board of Directors in accordance with the provisions of Article 165, Paragraph 2 of the Companies Act.
Article 8. (Absence of seller put options when the Corporation acquires Model AA Class Shares)
If the Corporation decides to acquire some or all of the Model AA Class Shares held by any holder of Model AA Class Shares (Model AA Class Shareholder) under an agreement with such Model AA Class Shareholder pursuant to a resolution of the general meeting of shareholders, and further decides to notify such Model AA Class Shareholder of matters prescribed in any item of Article 157, Paragraph 1 of the Companies Act, the provisions of Article 160, Paragraphs 2 and 3 of such act shall not apply.
Article 9. (Transfer Agent)
1. The Corporation shall have a transfer agent (Kabunushimeibo-Kanrinin).
2. The transfer agent and the location of its office shall be designated by a resolution of the Board of Directors, and public notice thereof shall be given.
The register of shareholders and the register of stock acquisition rights shall be kept at the office of the transfer agent. The entry or recording into the register of shareholders and the register of stock acquisition rights, the purchase of shares constituting less than one unit (tangen) and any other matters related to the shares and stock acquisition rights shall be handled by the transfer agent and not by the Corporation.
Article 10. (Share Handling Regulations)
The procedures for and fees for the entry or recording into the register of shareholders and the register of stock acquisition rights, purchasing shares constituting less than one unit (tangen) and any other matters relating to the handling of shares and stock acquisition rights shall be subject to the Share Handling Regulations established by the Board of Directors.
Article 11. (Record Date)
1. The Corporation shall deem any shareholder entered or recorded in the final register of shareholders as of March 31 in such year to be a shareholder entitled to exercise its rights at the ordinary general meeting of shareholders for that business year.
2. The preceding paragraph shall apply mutatis mutandis to class meetings, where the relevant class meeting is to be held on the same date as an ordinary general meeting of shareholders.
3. In addition to the case provided for in the preceding two (2) paragraphs, the Corporation may, after giving prior public notice, fix a date as the record date, where it deems it necessary to do so.
CHAPTER III. MODEL AA CLASS SHARES
Article 12. (AA Dividends)
1. In the event that the Corporation pays dividends from surplus as provided for in Article 46, Paragraph 1 of these Articles, it shall pay in cash year-end dividends from surplus in the amount specified below (AA Dividends) to Model AA Class Shareholders or registered pledgees of Model AA Class Shares (AA Registered Pledgees) entered or recorded in the final register of shareholders as of the record date for the dividends, in preference to holders of Common Shares (Common Shareholders) or registered pledgees of Common Shares (Common Share Registered Pledgees), respectively; provided that if AA Interim Dividends, as provided for in Article 13 of these Articles, have been paid during the fiscal year in which the record date falls, the amount of the AA Interim Dividends so paid shall be deducted from such AA Dividends.
First Series Model AA Class Shares through Fifth Series Model AA Class Shares:
An amount per Model AA Class Share calculated by multiplying the amount per relevant Model AA Class Share paid to the Corporation as consideration by a rate to be determined by the Board of Directors prior to the issuance of each Model AA Class Share (subject to a maximum of 5%).
2. If the amount of the dividends from surplus paid in cash to Model AA Class Shareholders or AA Registered Pledgees is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall per Model AA Class Share (Cumulative Unpaid Dividends) shall be carried forward and accumulated in the following fiscal year and thereafter. With respect to the Cumulative Unpaid Dividends, dividends from surplus shall be paid in cash to Model AA Class Shareholders or AA Registered Pledgees until such payment reaches the amount of the Cumulative Unpaid Dividends per Model AA Class Share, in preference to the payment of dividends from surplus as provided in the preceding paragraph or Article 13 of these Articles.
3. No distribution of dividends from surplus shall be made to any Model AA Class Shareholder or AA Registered Pledgee in excess of the amount of AA Dividends, except for a distribution from surplus in the process of a corporate split (kyushu-bunkatsu) by the Corporation pursuant to Article 758, Item 8 (ii) or Article 760, Item 7 (ii) of the Companies Act, or a distribution from surplus in the process of a corporate split (shinsetsu-bunkatsu) by the Corporation pursuant to Article 763, Paragraph 1, Item 12 (ii) or Article 765 Paragraph 1, Item 8 (ii) of such act, in which case, the distribution from surplus shall be made to all Model AA Class Shareholders or AA Registered Pledgees simultaneously and in the same proportion as that made to any Common Shareholders or Common Share Registered Pledgees.
Article 13. (AA Interim Dividends)
In the event that the Corporation pays dividends from surplus as provided in Article 46, Paragraph 2 of these Articles, the Corporation shall pay an amount equivalent to one-half of the prescribed amount of AA Dividends in cash as interim dividends (AA Interim Dividends) per Model AA Class Share to Model AA Class Shareholders or AA Registered Pledgees entered or recorded in the final register of shareholders as of the record date with respect to such AA Interim Dividends, in preference to Common Shareholders or Common Share Registered Pledgees.
Article 14. (Distribution of residual assets)
1. In the event of a distribution by the Corporation of its residual assets, the Corporation shall pay the amount set forth below in cash to Model AA Class Shareholders or AA Registered Pledgees, in preference to Common Shareholders or Common Share Registered Pledgees, respectively.
First Series Model AA Class Shares through Fifth Series Model AA Class Shares:
An amount per Model AA Class Share determined by resolution of the board of directors or an amount calculated under a formula determined by resolution of the board of directors, in either case based on the amount per relevant Model AA Class Share paid to the Corporation as consideration (Base Price).
2. No distribution of residual assets shall be made to Model AA Class Shareholders or AA Registered Pledgees other than as provided in the preceding item.
Article 15. (Voting rights)
Model AA Class Shareholders shall have voting rights exercisable at general meetings of shareholders of the Corporation.
Article 16. (Consolidation of shares, stock split or gratis allotment of shares)
1. The Corporation shall effect any consolidation of shares or stock split simultaneously and in the same proportion with respect to Common Shares and Model AA Class Shares.
2. If the Corporation grants its shareholders rights to receive any allotment of shares offered for subscription or stock acquisition rights offered for subscription, the Corporation shall grant Common Shareholders rights to receive Common Shares or stock acquisition rights for Common Shares and shall grant Model AA Class Shareholders rights to receive Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion.
3. If the Corporation makes a gratis allotment to its shareholders of shares or stock acquisition rights, the Corporation shall make the gratis allotment to Common Shareholders of Common Shares or stock acquisition rights for Common Shares, and shall make the gratis allotment to Model AA Class Shareholders of Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion.
Article 17. (Shareholders conversion right into Common Shares)
Model AA Class Shareholders may, at certain times specified therefor in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares held by such Model AA Class Shareholders in exchange for Common Shares, in numbers determined by formula specified in such resolutions. Any fractions of less than one share among Common Shares to be delivered in exchange for such Model AA Class Shares shall be disregarded, in which case payment of money, as provided in Article 167, Paragraph 3 of the Companies Act, shall not be made.
Article 18. (Shareholders cash put option)
Model AA Class Shareholders may, at certain times specified as put option periods in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price. If the demand for acquisition exceeds the amount available for distribution as of the date of demand for such acquisition, as specified in Article 461, Paragraph 2 of the Companies Act, Model AA Class Shares to be acquired by the Corporation shall be determined by resolution of its board of directors, and the cash put option in respect of Model AA Class Shares not so acquired shall be deemed not to have been exercised.
Article 19. (Corporations cash call option)
After the lapse of the period specified in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares following the issue of the relevant Model AA Class Shares, at an acquisition date separately determined by resolution of the board of directors of the Corporation, the Corporation may acquire all of the relevant Series of Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price.
Article 20. (Priority)
Each Model AA Class Share shall rank pari passu with every other Model AA Class Share in respect of the AA Dividends, the AA Interim Dividends, the distributions from surplus provided for in the exceptions to Article 12, Paragraph 3, and the distribution of residual assets.
Article 21. (Restrictions on transfer)
1. Acquisition of Model AA Class Shares by means of transfer will require the approval of the board of directors of the Corporation.
2. In the event that a tender offer as provided in Article 27-2, Paragraph 6 of the Financial Instruments and Exchange Act is commenced for Model AA Class Shares and any Model AA Class Shareholder tenders its Model AA Class Shares, upon the delivery of Model AA Class Shares or other transfer upon settlement, the Board of Directors shall be deemed to have given approval as set forth in the preceding paragraph.
Article 22. (Prescription Period)
The provisions of Article 46, Paragraph 4 and Article 47 of these Articles shall apply mutatis mutandis to the payment of AA Dividends and AA Interim Dividends.
CHAPTER IV. GENERAL MEETINGS OF SHAREHOLDERS
Article 23. (Ordinary General Meetings and Extraordinary General Meetings of Shareholders)
1. The ordinary general meeting of shareholders of the Corporation shall be convened in June of each year.
Extraordinary general meetings of shareholders may be called whenever necessary.
2. Each general meeting of shareholders may be convened at the place where the principal office of the Corporation is located, or at a place adjacent thereto, or in Nagoya City.
Article 24. (Resolutions)
1. All resolutions of a general meeting of shareholders shall be adopted by a majority of the votes of the shareholders present at the meeting who are entitled to vote, unless otherwise provided by laws and regulations or these Articles of Incorporation of the Corporation.
2. Special resolutions as specified by Article 309, Paragraph 2 of the Companies Act shall be adopted by not less than two-thirds (2/3) of the votes of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all shareholders who are entitled to vote.
Article 25. (Chairman of General Meeting)
1. The Chairman of the Board or the President of the Corporation shall preside as chairman at a general meeting of shareholders.
2. In the event that the positions of both the Chairman of the Board and the President are vacant or that both of them are prevented from so presiding as chairman, another Director of the Corporation shall preside in their place according to the order of precedence previously established by the Board of Directors.
Article 26. (Exercise of Voting Rights by Proxy)
1. A shareholder may exercise its voting rights by proxy, provided, however, that the proxy shall be a shareholder of the Corporation who is entitled to exercise its own voting rights.
2. In cases where the preceding paragraph applies, the shareholder or its proxy shall file with the Corporation a document establishing the proxys power of representation for each general meeting of shareholders.
3. The Corporation may refuse a shareholder having two (2) or more proxies attend a general meeting of shareholders.
Article 27. (Deemed Delivery of Reference Documents, etc. for General Meeting of Shareholders)
Upon convening a general meeting of shareholders, the Corporation may deem that the information which is required to be described or indicated in reference documents for the general meeting of shareholders, business reports, financial statements and consolidated financial statements shall be provided to the shareholders, in the event that it is disclosed, pursuant to laws and regulations, through the method by which shareholders may receive such information through an electronic means.
Articles 28. (Resolutions at class meetings)
1. The provisions of Articles 25, 26 and 27 of these Articles shall apply mutatis mutandis to class meetings.
2. The provisions of Article 24, Paragraph 1 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 1 of the Companies Act.
3. The provisions of Article 24, Paragraph 2 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 2 of the Companies Act.
4. No resolution of a class meeting of Model AA Class Shareholders shall be required in respect of any act prescribed in any item of Article 322, Paragraph 1 of the Companies Act, unless otherwise specifically provided by law or regulation.
5. No resolution of a class meeting of Model AA Class Shareholders shall be required under the provisions of Article 199, Paragraph 4 or Article 238, Paragraph 4 of the Companies Act.
CHAPTER V. MEMBERS OF THE BOARD OF DIRECTORS AND BOARD OF DIRECTORS
Article 29. (Number of Directors)
The Corporation shall have no more than twenty (20) Directors.
Article 30. (Election of Directors)
1. Directors shall be elected by a resolution of a general meeting of shareholders.
2. A resolution for the election of Directors shall be adopted by a majority vote of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all the shareholders who are entitled to vote.
3. The election of Directors shall not be made by cumulative voting.
Article 31. (Term of Office of Directors)
1. The term of office of Directors shall expire at the closing of the ordinary general meeting of shareholders to be held for the last business year of the Corporation ending within one (1) year after their election.
2. The term of office of any Director elected in order to increase the number of Directors or to fill a vacancy shall be the balance of the term of office of the other Directors who hold office at the time of his/ her election.
Article 32. (Board of Directors)
1. The Corporation shall have a Board of Directors.
2. Notice of a meeting of the Board of Directors shall be dispatched to each Director and each Audit & Supervisory Board Member at least three (3) days before the date of the meeting. In case of urgency, however, such period may be shortened.
3. With respect to matters to be resolved by the Board of Directors, the Corporation shall deem that such matters were approved by a resolution of the Board of Directors when all the Directors express their agreement in writing or by electronic records. Provided, however, that this provision shall not apply when any Audit & Supervisory Board Member expresses his/her objection to such matters.
4. In addition to the preceding two (2) paragraphs, the management of the Board of Directors shall be subject to the Regulations of the Board of Directors established by the Board of Directors.
Article 33. (Representative Directors and Executive Directors)
1. The Board of Directors shall designate one or more Representative Directors by its resolution.
2. The Board of Directors may appoint one Chairman of the Board, one President and one or more Vice Chairmen of the Board and Executive Vice Presidents by its resolution.
Article 34. (Honorary Chairmen and Senior Advisors)
The Board of Directors may appoint Honorary Chairmen and Senior Advisors by its resolution.
Article 35. (Exemption from Liability of Directors)
In accordance with the provisions of Article 426, Paragraph 1 of the Companies Act, the Corporation may, by a resolution of the Board of Directors, exempt Directors (including former Directors) from liabilities provided for in Article 423, Paragraph 1 of the Companies Act within the limits stipulated by laws and regulations.
Article 36. (Limited Liability Agreement with members of the Board of Directors)
In accordance with the provisions of Article 427, Paragraph 1 of the Companies Act, the Corporation may enter into an agreement with Members of the Board of Directors (excluding Executive Members of the Board of Directors, etc.) limiting liabilities provided for in Article 423, Paragraph 1 of the Companies Act; provided, however, that the limit of the liability under the agreement shall be the minimum amount of liability stipulated by laws and regulations.
CHAPTER VI. AUDIT & SUPERVISORY BOARD MEMBERS AND AUDIT & SUPERVISORY BOARD
Article 37. (Establishment of Audit & Supervisory Board Members and Number of Audit & Supervisory Board Members)
The Corporation shall have no more than seven (7) Audit & Supervisory Board Members.
Article 38. (Election of Audit & Supervisory Board Members)
1. Audit & Supervisory Board Members shall be elected by a resolution of a general meeting of shareholders.
2. A resolution for the election of Audit & Supervisory Board Members shall be adopted by a majority vote of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all the shareholders who are entitled to vote.
Article 39. (Term of Office of Audit & Supervisory Board Members)
1. The term of office of Audit & Supervisory Board Members shall expire at the closing of the ordinary general meeting of shareholders to be held for the last business year of the Corporation ending within four (4) years after their election.
2. The term of office of any Audit & Supervisory Board Member elected to fill a vacancy shall be the balance of the term of office of the Audit & Supervisory Board Member whom he/she succeeds.
Article 40. (Audit & Supervisory Board)
1. The Corporation shall have an Audit & Supervisory Board.
2. Notice of a meeting of the Audit & Supervisory Board shall be dispatched to each Audit & Supervisory Board Members at least three (3) days before the date of the meeting. In case of urgency, however, such period may be shortened.
3. In addition to the provisions of the preceding paragraph, the management of the Audit & Supervisory Board shall be subject to the Regulations of the Audit & Supervisory Board established by the Audit & Supervisory Board.
Article 41. (Full-time Audit & Supervisory Board Member)
The Audit & Supervisory Board shall, by its resolution, select one or more full-time Audit & Supervisory Board Members.
Article 42. (Exemption from Liability of Audit & Supervisory Board Members)
In accordance with the provisions of Article 426, Paragraph 1 of the Companies Act, the Corporation may, by a resolution of the Board of Directors, exempt Audit & Supervisory Board Members (including former Audit & Supervisory Board Members) from liabilities provided for in Article 423, Paragraph 1 of the Companies Act within the limits stipulated by laws and regulations.
Article 43. (Limited Liability Agreement with Audit & Supervisory Board Members)
In accordance with the provisions of Article 427, Paragraph 1 of the Companies Act, the Corporation may enter into an agreement with Audit & Supervisory Board Members limiting liabilities provided for in Article 423, Paragraph 1 of the Companies Act; provided, however, that the limit of the liability under the agreement shall be the minimum amount of liability stipulated by laws and regulations.
CHAPTER VII. ACCOUNTING AUDITOR
Article 44. (Accounting Auditor)
The Corporation shall have an Accounting Auditor (kaikeikansa-nin).
CHAPTER VIII. ACCOUNTS
Article 45. (Business Year)
The business year of the Corporation shall be one (1) year from April 1 of each year until March 31 of the following year.
Article 46. (Dividends from Surplus, etc.)
1. Dividends from Surplus of the Corporation shall be paid to the shareholders or registered share pledgees entered or recorded in the final register of shareholders as of March 31 of each year.
2. The Corporation may, by a resolution of the Board of Directors, distribute dividends from surplus as provided for in Article 454, Paragraph 5 of the Companies Act to the shareholders or registered share pledgees entered or recorded in the final register of shareholders as of September 30 of each year.
3. In addition to the preceding two (2) paragraphs, the Corporation may, by a resolution of the Board of Directors, decide on matters provided for in each Item of Article 459, Paragraph 1 of the Companies Act.
4. No interest shall be paid on unpaid dividends from surplus.
Article 47. (Dispensation from Payment of Dividends from Surplus, etc.)
In the case where the dividends from surplus are paid by cash, the Corporation shall not be obliged to pay any dividends from surplus after three (3) years have expired from the date of tender thereof.
Exhibit 2.4
DESCRIPTION OF THE COMMON STOCK AND RELATED MATTERS
Except as otherwise stated, set forth below is information relating to Toyotas common stock and Model AA Class Shares, including brief summaries of the relevant provisions of Toyotas articles of incorporation and share handling regulations, as currently in effect, and of the Companies Act, the Book-Entry Transfer Act and related legislation. Capitalized terms used but not defined herein have the meanings given to them in Toyotas annual report on Form 20-F for the fiscal year ended March 31, 2019.
General
Toyotas authorized number of shares as of March 31, 2018 was 10,000,000,000 common shares, of which 3,262,997,492 shares were issued. The articles of incorporation was amended at the 111th Ordinary General Shareholders Meeting held in June 2015 and Toyotas authorized number of shares was changed to 10,000,000,000 shares, with the total number of authorized shares per class, of 10,000,000,000 for common shares, 50,000,000 for First Series Model AA Class Shares, 50,000,000 for Second Series Model AA Class Shares, 50,000,000 for Third Series Model AA Class Shares, 50,000,000 for Fourth Series Model AA Class Shares and 50,000,000 for Fifth Series Model AA Class Shares, and the total number of shares authorized to be issued with respect to First Series Model AA Class Shares through the Fifth Series Model AA Class Shares not to exceed 150,000,000 shares. As of June 23, 2017, there were 47,100,000 shares of First Series Model AA Class Shares issued and outstanding. Neither the common shares nor the First Series Model AA Class Shares have any par value.
Toyota does not issue share certificates for its shares. In accordance with the Companies Act, the Book-Entry Transfer Act and Toyotas articles of incorporation, Toyotas common shares are recorded or registered on (i) Toyotas register of shareholders and (ii) transfer account books of JASDEC, which is a book-entry transfer institution and securities firms, banks or other account management institutions. The transfer of common shares will generally become effective once the transfer is recorded in the transferees account. There are no restrictions imposed by Toyotas articles of incorporation or share handling regulations on the transfer of common shares. In order to assert shareholders rights against Toyota, a shareholder must generally have his or her name and address recorded or registered on Toyotas register of shareholders. A holder of common shares can assert minority shareholders rights (shareholders rights for which Toyota has not set a record date) against Toyota if JASDEC provides an individual shareholder notice to Toyota upon the shareholders request. The shareholder of deposited shares underlying the ADSs is the Depositary for the ADSs. Accordingly, holders of ADSs will not be able directly to assert shareholders rights.
A holder of common shares must have a transfer account to transfer shares. Holders of common shares who do not have a transfer account with JASDEC must have an account with an account management institution that directly or indirectly has a transfer account with JASDEC. Once Toyota decides on the record date for its shareholders meeting or makes a request to JASDEC based on justifiable grounds, JASDEC will promptly provide to Toyota names, addresses and other information with respect to the holders of Toyotas common shares who are recorded on the transfer account books of JASDEC or account management institutions. Upon receiving such information, Toyota will record or register such information received from JASDEC on its register of shareholders. Accordingly, holders of common shares recorded or registered on Toyotas register of shareholders will be treated as holders of common shares of Toyota and may exercise rights, such as voting rights, and will receive dividends (if any) and notices to holders of common shares directly from Toyota. Holders of common shares wishing to assert minority shareholders rights against Toyota must request an individual shareholder notice to JASDEC or the account management institution at which the shareholder has opened a transfer account. In response to such request, JASDEC will provide the individual shareholders notice to Toyota. A holder of common shares may assert his or her minority shareholders rights against Toyota for a period of four weeks after the date the individual shareholder notice is provided to Toyota. The shares held by a person who is deemed to hold additional shares according to the transfer account books are aggregated for these purposes.
Model AA Class Shares, once issued, will be recorded or registered on Toyotas register of shareholders. The transfer of Model AA Class Shares, once issued, will be effective upon an agreement between the transferor and the transferee, but entry or record of a change of holder in the register of shareholders will require an approval from the board of directors.
Dividends
Dividends General
Toyota normally pays dividends twice per year, including an interim dividend and a year-end dividend. Toyotas articles of incorporation provide that retained earnings can be distributed as dividends pursuant to a resolution of its board of directors. Toyotas board of directors resolves to pay year-end dividends to holders of common shares and registered pledgees of common shares of record as of March 31, the record date, in each year. In addition, the articles of incorporation provide that in the event that Toyota pays a year-end dividend to holders of common shares, it will pay AA Dividends in cash from surplus to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares entered or recorded in the final register of shareholders as of the record date for the year-end dividend, in preference to holders of common shares or registered pledgees of common shares. The amount of annual AA Dividends per Model AA Class Share is calculated by multiplying the amount per Model AA Class Share paid to Toyota as consideration by a rate determined by the board of directors prior to the issuance of such Model AA Class Share, which rate is not to exceed 5%.
In addition to these year-end dividends, Toyota may pay an interim dividend in the form of cash distributions from its distributable surplus to holders of common shares and pledgees of common shares of record as of September 30, the record date, in each year by a resolution of its board of directors. The articles of incorporation provide that in the event that Toyota pays such interim dividends, Toyota will pay AA Interim Dividends in cash as interim dividend to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares entered or recorded in the final register of shareholders as of the record date for the interim dividend, in preference to holders of common shares or registered pledgees of common shares. If AA Interim Dividends are paid during the fiscal year in which the record date for the year-end dividend falls, the amount of AA Interim Dividends is deducted from AA Dividends to be paid per the above paragraph.
If the amount of the dividends from surplus paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall will be carried forward to and accumulate in the following fiscal year and thereafter. Dividends from surplus will be paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares in preference to the payment of interim and year-end dividends until such payment reaches the amount of the accumulated unpaid dividends.
In addition, under the Companies Act, dividends may be paid to holders of common shares and pledgees of record of common shares as of any record date, other than those specified above, as set forth by Toyotas articles of incorporation or as determined by its board of directors from time to time. Under the Companies Act, dividends may be distributed in cash or (except in the case of interim dividends mentioned in the second preceding paragraph) in kind, subject to limitations on distributable surplus and to certain other conditions.
Dividends Distributable amount
Under the Companies Act, Toyota is permitted to make distributions of surplus to the extent that the aggregate book value of the assets to be distributed to shareholders does not exceed the distributable amount provided for by the Companies Act and the ordinance of the Ministry of Justice as at the effective date of such distribution of surplus.
The amount of surplus at any given time shall be the amount of Toyotas assets and the book value of Toyotas treasury stock after subtracting and adding the amounts of items provided for by the Companies Act and
the ordinance of the Ministry of Justice, and the amount of surplus distributable for dividends is calculated by adding to and subtracting from this amount the amounts of items provided for by the Companies Act and the ordinance of the Ministry of Justice.
Dividends Prescription
Under its articles of incorporation, Toyota is not obligated to pay any dividends in cash which are left unclaimed for a period of three years after the date on which they first became payable.
Japanese Unit Share System
General. Consistent with the requirements of the Companies Act, Toyotas articles of incorporation provide that 100 common shares or Model AA Class Shares each constitute one unit. Although the number of shares constituting a unit is included in the articles of incorporation, any amendment to the articles of incorporation reducing (but not increasing) the number of shares constituting a unit or eliminating the provisions for the unit of shares may be made by a resolution of the board of directors rather than by a special shareholders resolution, which is otherwise required for amending the articles of incorporation.
Voting Rights under the Unit Share System. Under the unit share system, shareholders have one voting right for each unit of shares that they hold. Any number of common shares or Model AA Class Shares less than a full unit will carry no voting rights.
Purchase by Toyota of Shares Constituting Less Than a Unit. A holder of shares constituting less than a full unit may require Toyota to purchase those shares at their market value in the case of common shares and at fair price in the case of Model AA Class Shares in accordance with the provisions of Toyotas share handling regulations and the Companies Act.
Voting Rights
Toyota holds its ordinary general shareholders meeting each year. In addition, Toyota may hold an extraordinary general shareholders meeting whenever necessary by giving at least two weeks advance notice. Under the Companies Act, notice of any shareholders meeting must be given to each shareholder having voting rights or, in the case of a non-resident shareholder, to his or her resident proxy or mailing address in Japan in accordance with Toyotas share handling regulations, at least two weeks prior to the date of the meeting.
Holders of common shares and holders of Model AA Class Shares shall have voting rights exercisable at a general shareholders meeting. A holder of shares constituting one or more whole units is entitled to one vote per unit of shares subject to the limitations on voting rights set forth in this paragraph. In general, under the Companies Act, a resolution can be adopted at a general shareholders meeting by a majority of the shares having voting rights represented at the meeting. The Companies Act and Toyotas articles of incorporation require a quorum for the election of members of the board of directors and audit & supervisory board members of not less than one-third of the total number of outstanding shares having voting rights. Toyotas shareholders are not entitled to cumulative voting in the election of members of the board of directors. A corporate shareholder, the management of which is substantially under Toyotas control as provided by an ordinance of the Ministry of Justice, either through the holding of voting rights or for any other reason, does not have voting rights.
Shareholders may exercise their voting rights by attending the general shareholders meeting or in writing by mail. Shareholders who choose to exercise their voting rights by mail must fill out and return to Toyota the voting right exercise form enclosed with the convocation notice of the general shareholders meeting by the date specified in such convocation notice. In addition, from the general shareholders meeting for fiscal 2009, shareholders may exercise their voting rights through the internet. Shareholders electing to exercise their voting rights through the internet must log on to the Website to Exercise Voting Rights using the login ID and temporary password provided in the voting right exercise form enclosed with the convocation notice and submit their votes by a date specified in the convocation notice, following instructions appearing on the website.
Institutional investors may also use the Electronic Proxy Voting Platform operated by Investor Communications Japan to exercise their voting rights through the use of the Internet, if such institutional investor applies to use the platform in advance. Shareholders may also exercise their voting rights through proxies, provided that those proxies are also shareholders who have voting rights. Toyota may refuse a shareholder having two or more proxies attend a general shareholders meeting.
The Companies Act provides that a quorum of at least one-third of outstanding shares with voting rights must be present at a shareholders meeting to approve any material corporate actions such as:
(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; or |
(14) |
company split with certain exceptions in which a shareholders resolution is not required. |
At least two-thirds of the shares having voting rights represented at the meeting must approve these actions.
The voting rights of holders of ADSs are exercised by the Depositary based on instructions from those holders.
Rights to be Allotted Shares
Holders of common shares and Model AA Class Shares have no preemptive rights under Toyotas articles of incorporation. Under the Companies Act, the board of directors may, however, determine that shareholders shall be given rights to be allotted shares or stock acquisition rights on request in connection with a particular issue or transfer of shares, or issue of stock acquisition rights, respectively. In this case, such rights must be given on uniform terms to all shareholders as of a specified record date by at least two weeks prior public notice to shareholders of the record date.
Rights to be allotted shares are nontransferable. However, a shareholder may be allotted stock acquisition rights without consideration thereto, and may transfer such rights.
Liquidation Rights
In the event of a liquidation of Toyota, the assets remaining after payment of all debts, liquidation expenses and taxes will be distributed as follows. First, an amount per First Series Model AA Class Share through Fifth Series Model AA Class Share, determined by resolution of the board of directors or calculated using a formula determined by a resolution of the board of directors prior to the issuance of such Model AA Class Shares based on the amount per Model AA Class Shares paid to Toyota as consideration, shall be paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares. No other distribution of residual assets shall be made to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares. The remaining residual assets shall be distributed among the holders of common shares or registered pledgees of common shares in proportion to the respective number of shares they own.
Liability to Further Calls or Assessments
All of Toyotas currently outstanding shares, including shares represented by the ADSs, are fully paid and nonassessable.
Record Date
The close of business on March 31 is the record date for Toyotas year-end dividends, if paid. A holder of common shares or Model AA Class Shares constituting one or more whole units who is recorded or registered as a holder on Toyotas register at the close of business as of March 31 is also entitled to exercise shareholders voting rights at the ordinary general shareholders meeting with respect to the business year ending on March 31. The close of business on September 30 of each year is the record date for interim dividends, if paid. In addition, Toyota may set a record date for determining the shareholders entitled to other rights and for other purposes by giving at least two weeks prior public notice.
The shares generally trade ex-dividend or ex-rights in the Japanese stock exchanges two business day prior to a record date (or if the record date is not a business day, three business days prior thereto), for the purpose of dividends or rights offerings. However, in connection with the scheduled shortening of the settlement period of shares listed on any Japanese stock exchange, the ex-dividend date and ex-rights date is expected to become the preceding business day before the record date (or if the record date is not a business day, two business days prior thereto) if the record date is on or after July 18, 2019 (provided, however, such transition date is subject to change).
Acquisition or Disposition of Shares or ADS
Under the Foreign Exchange and Foreign Trade Law and the cabinet orders and ministerial ordinances thereunder, all aspects of regulations on foreign exchange and foreign trade transactions are, with minor exceptions (which are not generally applicable to the purchase and sale of Toyotas shares), only subject to post transaction reporting requirements. Acquisitions and dispositions of shares of common stock or ADS by non-residents of Japan (including foreign corporations not resident in Japan) are generally not subject to this reporting requirement. However, the Minister of Finance has the power to impose a licensing requirement for transactions in limited circumstances.
Report of Substantial Shareholdings
The Financial Instruments and Exchange Law of Japan and regulations under the Law require any person who has become a holder (together with its related persons) of more than 5% of the total issued shares of a company listed on any Japanese stock exchange (including ADSs representing such shares) to file with the Director of a competent Local Finance Bureau, within five business days, a report concerning those shareholdings. A similar report must also be filed to reflect any change of 1% or more in any shareholding or any change in material matters set out in reports previously filed. Any such report shall be filed with the Director of a competent Local Finance Bureau through the Electronic Disclosure for Investors Network system. For this
purpose, shares issuable to a shareholder upon exercise of stock acquisition rights are taken into account in determining both the number of shares held by that stock acquisition rights holder and the companys total issued shares.
DESCRIPTION OF THE AMERICAN DEPOSITARY SHARES
An American Depositary Receipt, or ADR, is a negotiable certificate delivered by a United States bank or trust company acting as depositary. In the same way that a share certificate of a U.S. issuer would evidence shares, an ADR evidences American Depositary Shares, which are also referred to as ADSs. Each ADS represents an ownership interest in two shares of Toyotas common stock, which shares are held in Japan on deposit by the depositary or its agent for the benefit of holders of ADRs.
The terms of the ADRs are contained in the deposit agreement dated as of September 27, 1999 among Toyota, The Bank of New York Mellon, as depositary, and the owners and beneficial owners of ADRs issued thereunder. The principal executive office of the depositary is located at 240 Greenwich Street, New York, New York 10286. The following is a summary of the material provisions of the deposit agreement and, thus, it does not contain all information that may be relevant to holders of ADRs. Investors should read the entire deposit agreement (including the form of ADR) for complete information. Toyota has filed a copy of the deposit agreement as an exhibit to Toyotas annual report on Form 20-F, which can be accessed on the SECs website (http://www.sec.gov).
The depositary will deliver ADRs based on the deposit of common shares with Sumitomo Mitsui Banking Corporation as custodian under the deposit agreement. Deposited common shares will be represented by ADSs. If a holders ownership interest is held through a broker, dealer or other third party, that broker, dealer or third party will provide documentation showing the holders beneficial interest in the ADSs. Only persons in whose names ADRs are registered on the books of the depositary will be treated as holders of ADRs by the depositary and by Toyota. In this Description of the American Depositary Shares, the term holders shall refer only to persons in whose name ADRs are registered on the books of the depositary. The depositary owes no duties to anyone other than Toyota and holders of ADSs.
Deposit of Common Shares and Issuance of ADRs
Common shares deposited with the custodian must be accompanied by documents specified in the deposit agreement, including instruments showing that those common shares have been properly transferred to the person on whose behalf the deposit is being made. The custodian will hold all deposited common shares for the account of the depositary. Holders thus have no direct ownership interest in the common shares and only have those rights as are contained in the deposit agreement. The custodian will also hold any additional securities, property and cash received on or in substitution for the deposited common shares. The deposited common shares and any additional items are referred to as deposited securities.
Upon each deposit of common shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of the fees and charges of the depositary, the depositary will execute and deliver an ADR or ADRs in the name of the person entitled thereto evidencing the number of ADSs to which that person is entitled. ADRs will be delivered at the depositarys Corporate Trust Office.
Surrender of ADRs and Delivery of Deposited Securities
Holders are entitled to receive the deposited securities underlying the ADSs upon surrender of ADRs to the depositary with delivery instructions for the deposited securities. In addition, holders must pay all fees, taxes and governmental charges that may apply. Deposited securities are normally delivered at the custodians office unless
the holder requests, at his own risk and expense, that they be delivered to another place. The depositary may only restrict the withdrawal of deposited securities in connection with:
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temporary delays caused by closing transfer books of the depositary or Toyotas transfer books or the deposit of common shares in connection with voting at a shareholders meeting, or the payment of dividends, |
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the payment of fees, taxes and similar charges, or |
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compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or the withdrawal of deposited securities. |
Dividends and Other Distributions on Deposited Securities
Toyota may make various types of distributions with respect to its securities. Except as stated below, to the extent the depositary is legally permitted it will deliver those distributions to holders in proportion to their interests in the following manner:
Cash
The depositary shall convert cash dividends or other distributions from foreign currency to U.S. dollars if this is permissible and can be done on a reasonable basis. The depositary will hold the foreign currency it cannot convert for the account of the ADR holders who have not been paid. The depositary will not invest the foreign currency and it will not be liable for interest. The depositary will endeavor to distribute cash in a practicable manner, and may deduct any taxes required to be withheld, its fees, any expenses of converting foreign currency and transferring funds to the United States, and other expenses and adjustments.
Common Shares
In the case of a distribution in common shares, the depositary may execute and deliver additional ADRs to evidence the number of ADSs representing those common shares. Only whole ADSs will be issued. Any common shares which would result in fractional ADSs will be sold and the net proceeds will be distributed to the holders entitled thereto. If the depositary does not distribute additional ADRs, the existing ADRs will also represent the new common shares.
Rights
In the case of a distribution of rights to subscribe for additional common shares or other rights, if Toyota provides satisfactory evidence that the depositary may lawfully distribute those rights, the depositary may arrange for holders to instruct the depositary as to the exercise of those rights. However, if Toyota does not furnish that evidence, the depositary may:
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sell those rights if practicable and distribute the net proceeds as cash, or |
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allow those rights to lapse, whereupon holders of ADRs will receive nothing. |
Toyota has no obligation to file a registration statement under the Securities Act to make any rights available to holders. Any sale or lapse of rights may reduce the holders equity interest in Toyota.
Other Distributions
In the case of a distribution of securities or property other than those described above, the depositary may either: distribute those securities or property in any manner it deems fair and equitable; or sell those securities or property and distribute any net proceeds as cash.
The depositary may choose any practicable method of distribution for any specific holder, including the distribution of foreign currency, securities or property, or it may retain such items on behalf of the holder as deposited securities.
There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, common shares or other securities at a specified price, nor that any of those transactions can be completed within a specified time period.
Record Date
The depositary may fix a record date for determining the holders who shall be entitled to receive distributions, exercise voting rights, receive notices, or act on other matters. This record date will be as near as possible to the corresponding record date set by Toyota.
Voting of Deposited Securities
After receiving voting materials from Toyota and if Toyota requests, the depositary will notify the holders of any shareholder meeting or solicitation of consents or proxies. This notice will describe how the holder may instruct the depositary to exercise the voting rights for the common shares which underlie that holders ADRs. If the depositary receives instructions on or before a date set by the depositary, the depositary will endeavor to vote the common shares in accordance with the holders instructions. If the depositary does not receive instructions from a holder on or before the date established by the depositary for that purpose, the depositary will deem that holder to have instructed the depositary to give a proxy to a person designated by Toyota to vote the number of common shares underlying that holders ADRs. However, if Toyota informs the depositary that Toyota does not wish to have any proxy given or if substantial opposition to the proposal exists or if the proposal materially and adversely affects the rights of shareholders, a discretionary proxy will not be issued. Because there is no guarantee that holders will receive voting materials in time to instruct the depositary to vote, it is possible that holders or persons who hold their ADRs through brokers, dealers or other third parties will not have the opportunity to exercise their rights to vote. The depositary will not itself exercise any voting discretion. Furthermore, neither the depositary nor its agents are responsible for any failure to carry out any voting instructions, for the manner in which any vote is cast or for the effect of any vote.
In voting or exercising the right to vote, the depositary will, to the extent possible, aggregate the common shares for which the same or similar instructions have been given so as to be able to vote the largest number of whole units as possible. As a result of this aggregation, holders of ADRs representing less than a whole unit of common shares may or may not have their votes counted with respect to any particular matter voted upon.
Inspection of Transfer Books
The depositary will maintain books for the registration, transfer, combination and split-up of ADRs. These books will be available for inspection by the holders for the purpose of communicating with holders in the interest of Toyotas business or a matter related to the deposit agreement.
Changes Affecting Deposited Securities
If Toyota takes actions that affect the deposited securities, including (1) any split-up, consolidation or other reclassification of deposited securities and (2) any recapitalization, reorganization, merger, consolidation or sale of all or substantially all Toyotas assets, then the depositary may choose to:
1. |
amend the form of ADR, |
2. |
distribute the additional or amended ADRs, |
3. |
distribute cash, securities or other property it has received in connection with those actions, |
4. |
sell any securities or property received and distribute the proceeds as cash, or |
5. |
none of the above. |
If the depositary does not choose any of 1 to 4 above, any of the cash, securities or other property it receives shall constitute part of the deposited securities and each ADR will then represent a proportionate interest in that property.
Amendment and Termination of Deposit Agreement
Toyota and the depositary may jointly amend the deposit agreement. The holders must be given at least 30 days notice of any amendment that imposes or increases any fees or charges (except for taxes and other charges specifically payable by holders under the deposit agreement), or affects any substantial existing right of holders. If a holder continues to hold ADRs after being so notified, that holder is deemed to agree to this amendment. No amendment may take away any holders right to cancel ADRs and to receive the deposited securities underlying the ADRs, except to comply with requirements of law.
If directed by Toyota, the depositary shall terminate the deposit agreement by giving the holders at least 90 days prior notice. The depositary may also terminate the deposit agreement by providing notice if it has resigned and no successor has been appointed within 90 days after its resignation. After termination, the depositarys only responsibility will be to deliver deposited securities to holders who surrender their ADRs, and to hold or sell distributions received on deposited securities. At any time after the expiration of one year from the termination date, the depositary may sell the deposited securities which remain and hold the net proceeds from those sales, without liability for interest, in trust for the holders who have not yet surrendered their ADRs. After making the sale, the depositary shall have no obligations except to account for those proceeds and other cash.
Liability of Holders for Taxes
Holders must also pay any tax or other governmental charge payable by the custodian or the depositary on any ADR, deposited security or distribution. If a holder owes any tax or other governmental charge, the depositary may (1) deduct the amount of taxes owed from any cash distributions, or (2) sell deposited securities and deduct the amount owing from the net proceeds of that sale. In either case the holder remains liable for any shortfall. If any tax or governmental charge is required to be withheld on any non-cash distribution, the depositary may sell the distributed property or securities to pay those taxes and distribute any remaining net proceeds to the holder entitled thereto.
Conditions to the Issuance of ADRs and Other Transactions
The depositary, the custodian or Toyota may refuse to:
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deliver, register or transfer an ADR or ADRs, |
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effect a split-up or combination of ADRs, |
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deliver distributions on any ADRs, or |
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permit the withdrawal of deposited securities (unless the deposit agreement provides otherwise) |
until the following conditions have been met:
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the holder has paid all taxes, governmental charges, and fees and expenses as required in the deposit agreement, |
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the holder has provided the depositary with any information it may deem necessary or proper, including without limitation, proof of identity and the genuineness of any signature, and |
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the holder has complied with all regulations that the depositary may establish under the deposit agreement. |
The depositary may also suspend the issuance of ADRs, the deposit of common shares, the registration, transfer, split-up or combination of ADRs, or the withdrawal of deposited securities (unless the deposit agreement provides otherwise), if the register for ADRs or any deposited securities is closed or if the depositary or Toyota decides that this action is advisable.
Limitation on Liability
The deposit agreement expressly limits the obligations and liability of the depositary, Toyota and its and Toyotas respective agents. The depositary and Toyota will not be liable:
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if they are prevented or hindered in performing any obligations by circumstances beyond their control, including, without limitation, requirements of law, the terms of the deposited securities and acts of God, |
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for exercising or failing to exercise discretion under the deposit agreement, |
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if they perform their obligations without negligence or bad faith, or |
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for any action based on advice or information from legal counsel, accountants, any person presenting common shares for deposit, any holder, or other qualified person. |
The deposit agreement also provides that the depositary and Toyota have no obligation to become involved in a lawsuit or other proceeding related to the ADRs or the deposit agreement on behalf of the owners of ADRs or any other party unless Toyota or it has received an indemnity satisfactory to it. In addition, the deposit agreement permits the depositary and Toyota to rely upon any documents they believe in good faith to be genuine and to have been signed or presented by the proper party.
Pre-released ADRs
The depositary may deliver ADRs not only against the deposit with the custodian of common shares (or rights to receive common shares from Toyota or any registrar, transfer agent, clearing agent or similar entity), but also against the agreement by a qualified third party to deliver to the depositary the common shares within a specified period of time. ADRs issued against this type of agreement are called pre-released ADRs. Pre-released ADRs may be issued only if:
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the depositary has received collateral for the full market value of the pre-released ADRs, |
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the pre-released ADRs are terminable by the depositary upon not more than five business days notice, and |
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each recipient of pre-released ADRs agrees in writing that he or she: |
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owns the underlying common shares, |
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assigns all rights in those common shares to the depositary, and |
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will not transfer those common shares except to close out the pre-release. |
Governing Law
The deposit agreement is governed by the laws of the State of New York except with respect to its authorization and execution by Toyota, which are governed by the laws of Japan.
Exhibit 12.1
CERTIFICATIONS
I, Akio Toyoda, certify that:
1. |
I have reviewed this annual report on Form 20-F of Toyota Motor Corporation (the Company); |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. |
The Companys other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) |
Evaluated the effectiveness of the Companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) |
Disclosed in this report any change in the Companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Companys internal control over financial reporting; and |
5. |
The Companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Companys auditors and the Audit & Supervisory Board (or persons performing the equivalent functions): |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Companys ability to record, process, summarize and report financial information; and |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys internal control over financial reporting. |
Date: June 24, 2020
/S/ AKIO TOYODA |
Akio Toyoda |
President, Member of the Board of Directors Toyota Motor Corporation |
CERTIFICATIONS
I, Kenta Kon, certify that:
1. |
I have reviewed this annual report on Form 20-F of Toyota Motor Corporation (the Company); |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. |
The Companys other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) |
Evaluated the effectiveness of the Companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) |
Disclosed in this report any change in the Companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Companys internal control over financial reporting; and |
5. |
The Companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Companys auditors and the Audit & Supervisory Board (or persons performing the equivalent functions): |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Companys ability to record, process, summarize and report financial information; and |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys internal control over financial reporting. |
Date: June 24, 2020
/S/ KENTA KON |
Kenta Kon |
Operating Officer Toyota Motor Corporation |
Exhibit 13.1
CERTIFICATION
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Toyota Motor Corporation, a Japanese corporation (the Company), does hereby certify that, to such officers knowledge:
1. The accompanying Annual Report of the Company on Form 20-F for the period ended March 31, 2020 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
By: |
/S/ AKIO TOYODA | |
Name: | Akio Toyoda | |
Title: | President, Member of the Board of Directors | |
Date: June 24, 2020 |
||
By: |
/S/ KENTA KON | |
Name: | Kenta Kon | |
Title: | Operating Officer | |
Date: June 24, 2020 |
(A signed original of this written statement required by Section 906 has been provided to Toyota Motor Corporation and will be retained by Toyota Motor Corporation and furnished to the U.S. Securities and Exchange Commission or its staff upon request.)
Exhibit 15.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 (No. 333-225851) of Toyota Motor Corporation of our report dated June 24, 2020 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 20-F.
/s/ PricewaterhouseCoopers Aarata LLC |
Nagoya, Japan |
June 24, 2020 |