Toyota Motor 6K Report of Foreign Private Issuer | TM 6 Nov 24

FINANCIAL SUMMARY

(All financial information has been prepared in accordance with IFRS Accounting Standards)

FY2025 Semi-Annual

(April 1, 2024 through September 30, 2024)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2025 Semi-Annual Consolidated Financial Results

(All financial information has been prepared in accordance with IFRS Accounting Standards)

English translation from the original Japanese-language document

November 6, 2024


Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://global.toyota/jp/
Representative	:	Koji Sato, President
Contact person	:	Hideaki Hayashi, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of semi-annual securities report	:	November 13, 2024
Payment date of cash dividends	:	November 26, 2024
Supplemental materials prepared for financial results	:	yes
Earnings announcement for financial results	:	yes

(Amounts are rounded to the nearest million yen)

1.	Consolidated Results for FY2025 First Half (April 1, 2024 through September 30, 2024)

(1)	Consolidated financial results (For the six months ended September 30)


	(% of change from previous first half)
	Sales revenues				Operating income				Income before income taxes				Net income				Net income attributable to Toyota Motor Corporation				Comprehensive income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2025 first half		23,282,450		5.9		2,464,217		-3.7		2,732,069		-22.4		1,865,651		-29.5		1,907,113		-26.4		1,614,391		-62.0
FY2024 first half		21,981,617		24.1		2,559,294		124.2		3,521,525		92.0		2,647,521		117.1		2,589,428		121.1		4,245,386		73.0


	Earnings per share attributable to Toyota Motor Corporation – Basic		Earnings per share attributable to Toyota Motor Corporation – Diluted
	Yen		Yen
FY2025 first half		142.15		142.15
FY2024 first half		191.26		191.26

(2)	Consolidated financial position


	Total assets		Total shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity
	Million yen		Million yen		Million yen		%
FY2025 first half		89,169,296		35,266,663		34,368,513		38.5
FY2024		90,114,296		35,239,338		34,220,991		38.0

2.	Cash Dividends


	Annual cash dividends per common share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2024		—		30.00		—		45.00		75.00
FY2025		—		40.00
FY2025 (forecast)						—		50.00		90.00


(Note)		Revisions to the forecast of cash dividends since the latest announcement: yes

3.	Forecast of Consolidated Results for FY2025 (April 1, 2024 through March 31, 2025)


	(% of change from FY2024)
	Sales revenues			Operating income			Income before income taxes			Net income attributable to Toyota Motor Corporation			Earnings per share attributable to Toyota Motor Corporation – Basic
	Million yen	%		Million yen	%		Million yen	%		Million yen	%		Yen
Full-year	46,000,000		2.0	4,300,000		-19.7	4,980,000		-28.5	3,570,000		-27.8	268.77


(Note)		Revisions to the forecast of consolidated results since the latest announcement: yes

Notes

(1)	Significant changes in the scope of consolidation during the period: none

(2)	Changes in accounting policies and changes in accounting estimates

(i)

Changes in accounting policies required by IFRS Accounting Standards: none

(ii)

Changes other than (2)-(i) above: none

(iii)

Changes in accounting estimates: none

(3)	Number of shares issued and outstanding (common stock)

(i)

Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2025 first half 15,794,987,460 shares, FY2024 16,314,987,460 shares

(ii)

Number of treasury stock at the end of each period: FY2025 first half 2,645,215,176 shares,

FY2024 2,840,815,433 shares

(iii)

Average number of shares issued and outstanding in each period: FY2025 first half 13,416,064,614 shares,

FY2024 first half 13,539,125,720 shares

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

Cautionary Statement with Respect to Forward-Looking Statements, and Other Information

This report contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

TABLE OF CONTENTS


Financial Results and Position			2
1. Consolidated Financial Results for FY2025 First Half			2
2. Consolidated Financial Position for FY2025 First Half			4
Unaudited Condensed Semi-Annual Consolidated Financial Statements			5
1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position			5
2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income			7
3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity			9
4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows			10
5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements			11
(1) Going Concern Assumption			11
(2) Segment Information			12

Supplemental Material for Financial Results for FY2025 First Half

—1—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

Financial Results and Position

1. Consolidated Financial Results for FY2025 First Half

Financial Results

Consolidated vehicle unit sales in Japan and overseas decreased by 188 thousand units, or 4.0%, to 4,556 thousand units in FY2025 first half (the first half ended September 30, 2024) compared with FY2024 first half (the first half ended September 30, 2023). Vehicle unit sales in Japan decreased by 133 thousand units, or 12.4%, to 939 thousand units in FY2025 first half compared with FY2024 first half. Overseas vehicle unit sales decreased by 55 thousand units, or 1.5%, to 3,617 thousand units in FY2025 first half compared with FY2024 first half.

The results of operations for FY2025 first half were as follows:


Sales revenues	23,282.4 billion yen	(an increase of 1,300.8 billion yen or 5.9% compared with FY2024 first half)

Operating income	2,464.2 billion yen	(a decrease of 95.0 billion yen or 3.7% compared with FY2024 first half)

Income before income taxes	2,732.0 billion yen	(a decrease of 789.4 billion yen or 22.4% compared with FY2024 first half)

Net income attributable to Toyota Motor Corporation	1,907.1 billion yen	(a decrease of 682.3 billion yen or 26.4% compared with FY2024 first half)

The changes in operating income were as follows:


Effects of marketing activities		a decrease of 70.0 billion yen

Effects of changes in exchange rates		an increase of 610.0 billion yen

Cost reduction efforts		an increase of 90.0 billion yen

Increase or decrease in expenses and expense reduction efforts		a decrease of 440.0 billion yen

Other		a decrease of 285.0 billion yen

—2—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 926.8 billion yen, or 4.6%, to 21,092.1 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 179.5 billion yen, or 8.0%, to 2,067.7 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the increase in expenses and others.

(2) Financial services:

Sales revenues for the financial services operations increased by 421.6 billion yen, or 26.0%, to 2,043.0 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 87.5 billion yen, or 35.8%, to 332.4 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value.

(3) All other:

Sales revenues for all other businesses increased by 27.6 billion yen, or 4.4%, to 653.3 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 5.7 billion yen, or 7.2%, to 74.0 billion yen in FY2025 first half compared with FY2024 first half.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 31.1 billion yen, or 0.3%, to 10,541.4 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 58.6 billion yen, or 3.7%, to 1,522.4 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the effects of the misconduct in relation to applications for certification by Hino Motors, Ltd and the increase in expenses and others.

(2) North America:

Sales revenues in North America increased by 929.1 billion yen, or 10.8%, to 9,525.3 billion yen in FY2025 first half compared with FY2024 first half. However, operating income decreased by 175.3 billion yen, or 60.7%, to 113.7 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the increase in expenses and others.

(3) Europe:

Sales revenues in Europe increased by 230.6 billion yen, or 8.7%, to 2,889.1 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 33.5 billion yen, or 18.4%, to 215.9 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to cost reduction efforts.

(4) Asia:

Sales revenues in Asia increased by 158.8 billion yen, or 3.7%, to 4,470.0 billion yen in FY2025 first half compared with FY2024 first half, and operating income increased by 79.3 billion yen, or 19.3%, to 490.4 billion yen in FY2025 first half compared with FY2024 first half. The increase in operating income was mainly due to the effects of changes in exchange rates.

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

Sales revenues in other regions decreased by 69.3 billion yen, or 3.2%, to 2,120.4 billion yen in FY2025 first half compared with FY2024 first half, and operating income decreased by 49.0 billion yen, or 25.9%, to 140.6 billion yen in FY2025 first half compared with FY2024 first half. The decrease in operating income was mainly due to the unfavorable impact of inflation and weak peso in Argentina.

—3—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

2. Consolidated Financial Position for FY2025 First Half

Financial Position

The financial position for FY2025 first half was as follows:

Total assets decreased by 945.0 billion yen, or 1.0%, to 89,169.2 billion yen at the end of FY2025 first half compared with the end of FY2024. Liabilities decreased by 972.3 billion yen, or 1.8%, to 53,902.6 billion yen at the end of FY2025 first half compared with the end of FY2024. Shareholders’ equity increased by 27.3 billion yen, or 0.1%, to 35,266.6 billion yen at the end of FY2025 first half compared with the end of FY2024.

Overview of Cash Flow

Cash and cash equivalents decreased by 1,780.6 billion yen, or 18.9%, to 7,631.4 billion yen at the end of FY2025 first half compared with the end of FY2024.

The increases or decreases for each cash flow activity compared with the previous fiscal year are as follows:

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 1,817.1 billion yen for FY2025 first half. Net cash provided by operating activities decreased by 460.9 billion yen from 2,278.0 billion yen for FY2024 first half.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 3,085.7 billion yen for FY2025 first half. Net cash used in investing activities increased by 434.1 billion yen from 2,651.5 billion yen for FY2024 first half.

Cash flows from financing activities

Net cash flows from financing activities resulted in a decrease in cash by 289.7 billion yen for FY2025 first half. A 843.7 billion yen change compared with net cash provided by financing activities of 554.0 billion yen for FY2024 first half.

—4—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

Unaudited Condensed Semi-Annual Consolidated Financial Statements

1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position


	Yen in millions
	March 31, 2024			September 30, 2024
Assets
Current assets
Cash and cash equivalents		9,412,060			7,631,457
Trade accounts and other receivables		3,789,429			3,628,810
Receivables related to financial services		11,057,269			10,879,596
Other financial assets		4,702,168			6,429,654
Inventories		4,605,368			4,505,280
Income tax receivable		116,886			161,683
Other current assets		1,031,098			1,129,182

Total current assets		34,714,279			34,365,661

Non-current assets
Investments accounted for using the equity method		5,710,106			5,593,119
Receivables related to financial services		20,637,090			20,909,301
Other financial assets		11,390,559			10,737,103
Property, plant and equipment
Land		1,441,811			1,421,209
Buildings		5,884,749			5,864,078
Machinery and equipment		16,469,032			16,219,070
Vehicles and equipment on operating leases		7,523,911			7,394,095
Construction in progress		1,040,188			1,312,187

Total property, plant and equipment, at cost		32,359,692			32,210,638

Less - Accumulated depreciation and impairment losses		(18,101,905	)		(18,032,821	)

Total property, plant and equipment, net		14,257,788			14,177,816

Right of use assets		532,835			537,945
Intangible assets		1,355,326			1,315,568
Deferred tax assets		502,230			509,585
Other non-current assets		1,014,083			1,023,198

Total non-current assets		55,400,017			54,803,635

Total assets		90,114,296			89,169,296

—5—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary


	Yen in millions
	March 31, 2024			September 30, 2024
Liabilities
Current liabilities
Trade accounts and other payables		5,251,357			5,097,202
Short-term and current portion of long-term debt		15,406,284			14,890,799
Accrued expenses		1,863,760			1,743,570
Other financial liabilities		1,700,137			1,644,902
Income taxes payable		1,224,542			855,732
Liabilities for quality assurance		1,836,314			1,814,940
Other current liabilities		1,895,516			1,926,394

Total current liabilities		29,177,909			27,973,539

Non-current liabilities
Long-term debt		21,155,496			21,620,853
Other financial liabilities		495,814			476,202
Retirement benefit liabilities		1,077,962			1,077,266
Deferred tax liabilities		2,219,638			1,825,390
Other non-current liabilities		748,139			929,383

Total non-current liabilities		25,697,049			25,929,094

Total liabilities		54,874,958			53,902,633

Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		491,802			492,509
Retained earnings		32,795,365			33,617,132
Other components of equity		4,503,756			4,002,185
Treasury stock		(3,966,982	)		(4,140,363	)

Total Toyota Motor Corporation shareholders’ equity		34,220,991			34,368,513

Non-controlling interests		1,018,347			898,150

Total shareholders’ equity		35,239,338			35,266,663

Total liabilities and shareholders’ equity		90,114,296			89,169,296

—6—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and

Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

Unaudited Condensed Semi-Annual Consolidated Statement of Income


	Yen in millions
	For the first half ended September 30, 2023			For the first half ended September 30, 2024
Sales revenues
Sales of products		20,383,442			21,263,215
Financial services		1,598,175			2,019,235

Total sales revenues		21,981,617			23,282,450

Costs and expenses
Cost of products sold		16,542,695			17,134,152
Cost of financial services		1,006,082			1,281,362
Selling, general and administrative		1,873,546			2,402,719

Total costs and expenses		19,422,323			20,818,233

Operating income		2,559,294			2,464,217

Share of profit (loss) of investments accounted for using the equity method		378,530			264,315
Other finance income		337,941			270,945
Other finance costs		(44,300	)		(53,694	)
Foreign exchange gain (loss), net		299,376			(226,811	)
Other income (loss), net		(9,314	)		13,097

Income before income taxes		3,521,525			2,732,069

Income tax expense		874,004			866,418

Net income		2,647,521			1,865,651

Net income attributable to
Toyota Motor Corporation		2,589,428			1,907,113
Non-controlling interests		58,093			(41,462	)

Net income		2,647,521			1,865,651


	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		191.26			142.15

—7—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income


	Yen in millions
	For the first half ended September 30, 2023			For the first half ended September 30, 2024
Net income		2,647,521			1,865,651
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		376,618			58,283
Remeasurements of defined benefit plans		(5,201	)		(5,209	)
Share of other comprehensive income of equity method investees		178,815			(51,348	)

Total of items that will not be reclassified to profit (loss)		550,232			1,726

Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		944,115			(512,676	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		(64,377	)		83,151
Share of other comprehensive income of equity method investees		167,894			176,539

Total of items that may be reclassified subsequently to profit (loss)		1,047,633			(252,986	)

Total other comprehensive income, net of tax		1,597,865			(251,260	)

Comprehensive income		4,245,386			1,614,391

Comprehensive income for the period attributable to
Toyota Motor Corporation		4,145,722			1,653,798
Non-controlling interests		99,664			(39,407	)

Comprehensive income		4,245,386			1,614,391

—8—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity

For the first half ended September 30, 2023


	Yen in millions
	Common stock		Additional paid- in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2023		397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213

Comprehensive income
Net income		—		—			2,589,428			—			—			2,589,428			58,093			2,647,521
Other comprehensive income, net of tax		—		—			—			1,556,294			—			1,556,294			41,571			1,597,865

Total comprehensive income		—		—			2,589,428			1,556,294			—			4,145,722			99,664			4,245,386

Transactions with owners and other
Dividends paid		—		—			(474,781	)		—			—			(474,781	)		(74,812	)		(549,593	)
Repurchase of treasury stock		—		—			—			—			(116,507	)		(116,507	)		—			(116,507	)
Reissuance of treasury stock		—		263			—			—			649			911			—			911
Equity transactions and other		—		(939	)		—			—						(939	)		9,296			8,358

Total transactions with owners and other		—		(676	)		(474,781	)		—			(115,858	)		(591,316	)		(65,516	)		(656,831	)

Reclassification to retained earnings		—		—			289,746			(289,746	)		—			—			—			—

Balances at September 30, 2023		397,050		498,052			30,747,689			4,102,743			(3,852,421	)		31,893,112			959,656			32,852,768

For the first half ended September 30, 2024
	Yen in millions
	Common stock		Additional paid- in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2024		397,050		491,802			32,795,365			4,503,756			(3,966,982	)		34,220,991			1,018,347			35,239,338

Comprehensive income
Net income		—		—			1,907,113			—			—			1,907,113			(41,462	)		1,865,651
Other comprehensive income, net of tax		—		—			—			(253,316	)		—			(253,316	)		2,055			(251,260	)

Total comprehensive income		—		—			1,907,113			(253,316	)		—			1,653,798			(39,407	)		1,614,391

Transactions with owners and other
Dividends paid		—		—			(606,338	)		—			—			(606,338	)		(94,686	)		(701,024	)
Repurchase of treasury stock		—		—			—			—			(903,464	)		(903,464	)		—			(903,464	)
Reissuance of treasury stock		—		1,356			—			—			866			2,222			—			2,222
Retirement of treasury stock		—		(1,953	)		(727,264	)		—			729,217			—			—			—
Equity transactions and other		—		1,303			—			—			—			1,303			13,896			15,200

Total transactions with owners and other		—		707			(1,333,602	)		—			(173,381	)		(1,506,276	)		(80,790	)		(1,587,065	)

Reclassification to retained earnings		—		—			248,256			(248,256	)		—			—			—			—

Balances at September 30, 2024		397,050		492,509			33,617,132			4,002,185			(4,140,363	)		34,368,513			898,150			35,266,663

—9—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows


	Yen in millions
	For the first half ended September 30, 2023			For the first half ended September 30, 2024
Cash flows from operating activities
Net income		2,647,521			1,865,651
Depreciation and amortization		1,019,961			1,127,964
Interest income and interest costs related to financial services, net		(367,298	)		(392,225	)
Share of profit (loss) of investments accounted for using the equity method		(378,530	)		(264,315	)
Income tax expense		874,004			866,418
Changes in operating assets and liabilities, and other		(1,899,459	)		(1,011,456	)
Interest received		1,038,446			1,324,780
Dividends received		463,630			492,691
Interest paid		(482,012	)		(747,311	)
Income taxes paid, net of refunds		(638,183	)		(1,445,020	)

Net cash provided by (used in) operating activities		2,278,079			1,817,177

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(847,498	)		(848,071	)
Additions to equipment leased to others		(1,298,943	)		(1,944,559	)
Proceeds from sales of fixed assets excluding equipment leased to others		67,703			21,125
Proceeds from sales of equipment leased to others		932,990			1,169,262
Additions to intangible assets		(147,974	)		(140,020	)
Additions to public and corporate bonds and stocks		(1,014,675	)		(2,331,054	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		1,215,728			2,156,345
Other, net		(1,558,924	)		(1,168,778	)

Net cash provided by (used in) investing activities		(2,651,591	)		(3,085,752	)

Cash flows from financing activities
Increase (decrease) in short-term debt		278,309			(27,289	)
Proceeds from long-term debt		5,261,465			6,559,072
Payments of long-term debt		(4,328,396	)		(5,232,659	)
Dividends paid to Toyota Motor Corporation common shareholders		(474,781	)		(606,338	)
Dividends paid to non-controlling interests		(74,812	)		(94,686	)
Reissuance (repurchase) of treasury stock		(116,507	)		(903,464	)
Other, net		8,758			15,611

Net cash provided by (used in) financing activities		554,035			(289,752	)

Effect of exchange rate changes on cash and cash equivalents		228,573			(222,277	)

Net increase (decrease) in cash and cash equivalents		409,097			(1,780,603	)

Cash and cash equivalents at beginning of period		7,516,966			9,412,060

Cash and cash equivalents at end of period		7,926,063			7,631,457

—10—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

(1) Going Concern Assumption

None

—11—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

(2) Segment information

(i) Outline of reporting segments

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.

(ii) Segment operating results

For the first half ended September 30, 2023:


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		20,131,829		1,598,175		251,613		—			21,981,617
Inter-segment revenues and transfers		33,479		23,191		374,053		(430,723	)		—

Total		20,165,308		1,621,366		625,666		(430,723	)		21,981,617
Operating expenses		17,918,009		1,376,466		545,862		(418,014	)		19,422,323

Operating income		2,247,299		244,900		79,804		(12,709	)		2,559,294

For the first half ended September 30, 2024:


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		20,986,201		2,019,235		277,014		—			23,282,450
Inter-segment revenues and transfers		105,979		23,777		376,325		(506,081	)		—

Total		21,092,180		2,043,012		653,339		(506,081	)		23,282,450
Operating expenses		19,024,419		1,710,524		579,260		(495,969	)		20,818,233

Operating income		2,067,761		332,488		74,080		(10,112	)		2,464,217

Accounting policies applied by each segment are in conformity with those of Toyota’s condensed semi-annual consolidated financial statements. Transfers between segments are made in accordance with terms and conditions in the ordinary course of business.

—12—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

(iii) Geographic information

For the first half ended September 30, 2023:


	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		5,158,456		8,454,796		2,575,613		3,724,613		2,068,138		—			21,981,617
Inter-segment revenues and transfers		5,351,855		141,487		82,875		586,572		121,647		(6,284,436	)		—

Total		10,510,310		8,596,283		2,658,488		4,311,185		2,189,785		(6,284,436	)		21,981,617
Operating expenses		8,929,231		8,307,132		2,476,089		3,900,067		2,000,101		(6,190,298	)		19,422,323

Operating income		1,581,079		289,151		182,399		411,119		189,684		(94,138	)		2,559,294

For the first half ended September 30, 2024:


	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		5,112,835		9,352,535		2,795,866		3,921,657		2,099,556		—			23,282,450
Inter-segment revenues and transfers		5,428,655		172,854		93,251		548,410		20,906		(6,264,076	)		—

Total		10,541,491		9,525,389		2,889,117		4,470,067		2,120,463		(6,264,076	)		23,282,450
Operating expenses		9,019,053		9,411,613		2,673,166		3,979,639		1,979,862		(6,245,100	)		20,818,233

Operating income		1,522,438		113,776		215,951		490,428		140,601		(18,977	)		2,464,217

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

The above amounts are aggregated by region based on the location of the country where Toyota Motor Corporation or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.

—13—

TOYOTA MOTOR CORPORATION FY2025 Semi-Annual Financial Summary

(iv) Sales revenues by location of external customers


	Yen in millions
	For the first half ended September 30,
	2023		2024
Japan		3,775,930		3,674,817
North America		8,474,279		9,366,010
Europe		2,508,640		2,717,418
Asia		3,826,384		3,955,029
Other		3,396,385		3,569,176

Total		21,981,617		23,282,450

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

—14—

Supplemental Material for Financial Results for FY2025 First Half (Consolidated)

< IFRS >


	FY2024																		FY2025									FY2025
	1Q (2023/4-6)			2Q (2023/7-9)			First Half 6 months (2023/4-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			1Q (2024/4-6)			2Q (2024/7-9)			First Half 6 months (2024/4-9)			Forecast 12 months (‘24/4-‘25/3)
Vehicle Production (thousands of units)		2,345			2,379			4,725			2,444			2,095			9,263			2,186			2,217			4,403
(Japan) –including Daihatsu & Hino		1,025			1,090			2,114			1,115			813			4,042			901			991			1,893
[Daihatsu & Hino]		[190	]		[232	]		[422	]		[247	]		[65	]		[734	]		[141	]		[219	]		[359	]
(Overseas) –including Daihatsu & Hino		1,321			1,289			2,610			1,328			1,282			5,221			1,285			1,226			2,511
[Daihatsu & Hino]		[118	]		[139	]		[258	]		[134	]		[114	]		[506	]		[106	]		[122	]		[228	]
North America		520			482			1,002			475			499			1,976			523			445			968
Europe		223			161			384			238			224			846			215			181			396
Asia		437			498			935			489			453			1,876			434			466			900
Central and South America		102			105			207			91			85			383			87			100			187
Africa		39			44			83			35			22			140			26			33			59
Vehicle Sales (thousands of units)		2,326			2,418			4,744			2,551			2,148			9,443			2,252			2,304			4,556			9,400
(Japan) –including Daihatsu & Hino		532			540			1,072			558			363			1,993			421			517			939			2,030
[Daihatsu & Hino]		[134	]		[141	]		[275	]		[154	]		[48	]		[477	]		[84	]		[136	]		[220	]		[510	]
(Overseas) –including Daihatsu & Hino		1,794			1,878			3,672			1,993			1,784			7,450			1,830			1,787			3,617			7,370
[Daihatsu & Hino]		[69	]		[74	]		[144	]		[64	]		[64	]		[271	]		[61	]		[65	]		[126	]		[240	]
North America		682			703			1,385			776			655			2,816			705			643			1,348			2,720
Europe		286			270			557			327			308			1,192			291			256			547			1,150
Asia		417			478			895			480			428			1,804			436			469			905			1,860
Central and South America		128			126			254			120			136			510			114			134			248			490
Oceania		76			87			163			80			74			318			82			71			153			310
Africa		59			62			121			55			46			221			49			56			106			230
Middle East		143			149			292			151			136			579			151			157			308			610
Other		3			2			5			3			2			10			2			2			4
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,751			2,845			5,596			2,968			2,526			11,090			2,636			2,737			5,373			10,850

Supplemental 1

Supplemental Material for Financial Results for FY2025 First Half (Consolidated)

< IFRS >


	FY2024																		FY2025									FY2025
	1Q (2023/4-6)			2Q (2023/7-9)			First Half 6 months (2023/4-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			1Q (2024/4-6)			2Q (2024/7-9)			First Half 6 months (2024/4-9)			Forecast 12 months (‘24/4-‘25/3)
Foreign Exchange Rates
Yen to US Dollar Rate		137			145			141			148			149			145			156			150			153			as premise: 147
Yen to Euro Rate		150			157			153			159			161			157			168			164			166			as premise: 161
Number of Employees		379,659			381,576			381,576			380,737			380,793			380,793			384,954			384,158			384,158	^(Note 1)
Sales Revenues (billions of yen)		10,546.8			11,434.7			21,981.6			12,041.1			11,072.6			45,095.3			11,837.8			11,444.5			23,282.4			46,000.0
Geographic Information
Japan		5,105.5			5,404.7			10,510.3			5,626.8			4,883.5			21,020.7			5,224.0			5,317.3			10,541.4
North America		4,092.0			4,504.2			8,596.2			4,958.1			4,388.6			17,943.0			5,002.4			4,522.9			9,525.3
Europe		1,299.0			1,359.4			2,658.4			1,520.7			1,502.4			5,681.7			1,509.0			1,380.1			2,889.1
Asia		1,964.5			2,346.6			4,311.1			2,371.3			2,048.2			8,730.7			2,231.7			2,238.2			4,470.0
Other		1,024.6			1,165.1			2,189.7			974.0			1,225.9			4,389.7			1,053.8			1,066.6			2,120.4
Elimination		-2,939.0			-3,345.3			-6,284.4			-3,410.0			-2,976.3			-12,670.7			-3,183.2			-3,080.7			-6,264.0
Business Segment
Automotive		9,687.9			10,477.3			20,165.3			11,065.7			10,035.1			41,266.2			10,759.7			10,332.4			21,092.1
Financial Services		775.1			846.1			1,621.3			922.3			940.4			3,484.1			1,005.3			1,037.6			2,043.0
All Other		306.4			319.2			625.6			357.4			385.0			1,368.1			315.6			337.6			653.3
Elimination		-222.7			-207.9			-430.7			-304.4			-288.0			-1,023.2			-242.8			-263.2			-506.0
Operating Income (billions of yen)		1,120.9			1,438.3			2,559.2			1,680.9			1,112.6			5,352.9			1,308.4			1,155.7			2,464.2			4,300.0
(Operating Income Ratio) (%)		(10.6	)		(12.6	)		(11.6	)		(14.0	)		(10.0	)		(11.9	)		(11.1	)		(10.1	)		(10.6	)		(9.3	)
Geographic Information
Japan		701.9			879.1			1,581.0			1,104.1			799.0			3,484.2			881.2			641.1			1,522.4
North America		119.6			169.4			289.1			227.4			-10.2			506.3			85.0			28.7			113.7
Europe		83.0			99.3			182.3			103.1			102.5			388.0			124.6			91.2			215.9
Asia		186.2			224.9			411.1			238.4			215.9			865.5			245.9			244.4			490.4
Other		85.4			104.2			189.6			9.2			-0.6			198.3			41.7			98.8			140.6
Elimination		-55.4			-38.7			-94.1			-1.5			5.9			-89.6			-70.2			51.3			-18.9
Business Segment
Automotive		945.6			1,301.6			2,247.2			1,472.6			901.5			4,621.4			1,117.9			949.8			2,067.7
Financial Services		147.2			97.6			244.9			172.0			153.0			570.0			159.7			172.7			332.4
All Other		40.2			39.5			79.8			44.1			51.2			175.2			40.7			33.2			74.0
Elimination		-12.2			-0.4			-12.7			-7.9			6.8			-13.8			-9.9			-0.1			-10.1
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		193.3			185.1			378.5			217.6			166.9			763.1			164.9			99.3			264.3			590.0
Income before Income Taxes (billions of yen)		1,720.5			1,800.9			3,521.5			1,835.5			1,608.0			6,965.0			1,872.2			859.8			2,732.0			4,980.0
(Income before Income Taxes Ratio) (%)		(16.3	)		(15.7	)		(16.0	)		(15.2	)		(14.5	)		(15.4	)		(15.8	)		(7.5	)		(11.7	)		(10.8	)
Net Income Attributable toToyota Motor Corporation (billions of yen)		1,311.3			1,278.0			2,589.4			1,357.8			997.6			4,944.9			1,333.3			573.7			1,907.1			3,570.0
(Net Income Ratio) (%)		(12.4	)		(11.2	)		(11.8	)		(11.3	)		(9.0	)		(11.0	)		(11.3	)		(5.0	)		(8.2	)		(7.8	)
Dividends
Cash Dividends (billions of yen)		—			405.4			405.4			—			606.3			1,011.7			—			525.9			525.9	^(Note 2)
Cash Dividends per Share (yen)		—			30			30			—			45			75			—			40			40			90
Payout Ratio (%)		—			15.6			15.6			—			25.7			20.4			—			28.1			28.1			33.4
Value of Shares Repurchased (billions of yen)[actual purchase]		34.3			82.1			116.4			75.0			39.4			231.0			18.9			884.4			903.4	^(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			99.9			99.9			—			1,000.0			1,099.9			—			200.0			200.0	^(Note 3) ^(Note 4)
Number of Outstanding Shares (thousands)		16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			15,794,987			15,794,987			15,794,987

Supplemental 2

Supplemental Material for Financial Results for FY2025 First Half (Consolidated)

< IFRS >


	FY2024												FY2025							FY2025
	1Q (2023/4-6)		2Q (2023/7-9)		First Half 6 months (2023/4-9)		3Q (2023/10-12)		4Q (2024/1-3)		12 months (‘23/4-‘24/3)		1Q (2024/4-6)		2Q (2024/7-9)		First Half 6 months (2024/4-9)			Forecast 12 months (‘24/4-‘25/3)
R&D Expenses (billions of yen)		294.8		314.0		608.9		289.2		304.2		1,202.3		304.6		334.9		639.5			1,300.0	^(Note 5)
Depreciation Expenses (billions of yen)		298.3		303.2		601.6		302.9		343.8		1,248.4		352.3		335.4		687.7			1,380.0	^(Note 6)
Geographic Information
Japan		140.7		139.5		280.2		133.6		152.8		566.7		148.6		141.8		290.5
North America		79.4		84.5		163.9		91.4		122.4		377.8		120.4		114.8		235.3
Europe		21.4		23.4		44.8		21.3		15.9		82.1		23.4		25.6		49.1
Asia		46.1		44.6		90.7		45.4		45.4		181.6		48.3		43.0		91.4
Other		10.5		11.1		21.7		11.0		7.2		40.0		11.4		9.9		21.4
Capital Expenditures (billions of yen)		366.6		442.8		809.4		486.9		714.4		2,010.8		368.0		443.1		811.1			2,150.0	^(Note 6)
Geographic Information
Japan		144.0		175.2		319.3		174.0		354.3		847.6		163.2		198.7		361.9
North America		154.1		159.5		313.6		182.6		226.2		722.5		115.9		173.4		289.4
Europe		12.5		28.9		41.4		23.4		23.9		88.8		17.4		10.7		28.1
Asia		41.1		54.9		96.0		89.4		82.7		268.2		52.6		30.6		83.3
Other		14.7		24.2		38.9		17.3		27.1		83.5		18.6		29.5		48.1
Total Liquid Assets (billions of yen)		12,287.8		13,808.6		13,808.6		14,143.6		15,079.5		15,079.5		15,585.7		15,404.1		15,404.1	^(Note 7)
Total Assets (billions of yen)		80,131.2		83,661.3		83,661.3		84,232.1		90,114.2		90,114.2		94,037.3		89,169.2		89,169.2
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		30,330.0		31,893.1		31,893.1		32,561.6		34,220.9		34,220.9		35,737.7		34,368.5		34,368.5
Return on Equity (%)		17.9		16.4		17.2		16.9		12.0		15.8		15.2		6.5		11.1
Return on Asset (%)		6.8		6.2		6.6		6.5		4.6		6.0		5.8		2.5		4.3
Number of Consolidated Subsidiaries (including Structured Entities)												577
Number of Associates and Joint Ventures Accounted for Using the Equity Method												165


Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2025 (billions of yen, approximately)	2Q (2024/7-9)		First Half 6 months (2024/4-9)
Effects of Marketing Activities		-140.0		-70.0
Effects of Changes in Exchange Rates		240.0		610.0
Cost Reduction Efforts		35.0		90.0
From Engineering		35.0		70.0
From Manufacturing and Logistics		0.0		20.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-215.0		-440.0
Other		-202.6		-285.0
(Changes in Operating Income)		-282.6		-95.0
Non-operating Income		-658.5		-694.3
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		-85.7		-114.2
Income tax expense, Net Income Attributable to Non-controlling Interests		236.8		107.1
(Changes in Net Income Attributable to Toyota Motor Corporation)		-704.2		-682.3

Cautionary Statement with Respect to Forward-Looking Statements

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

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.

These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

(Note 1)

Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2)

2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend

(Note 3)

Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase

(Note 4)

Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.)

(Note 5)

Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income

(Note 6)

Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets

(Note 7)

Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services

Supplemental 3

Toyota Motor (TM) 6-KReport of Foreign Private Issuer

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