23
November 6, 2020 FY2021 Second Quarter Toyota Motor Corporation GR Yaris Financial Results
November 6, 2020
FY2021 Second Quarter
Toyota Motor CorporationGR Yaris
Financial Results
Cautionary Statement with Respect to Forward-Looking Statements andCaution concerning Insider Trading
This presentation 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 Russian ruble, 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; (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; and (xiv) the impact of natural calamities as well as the outbreak and spread of epidemics, including the negative effect on Toyota’s vehicle production and sales.A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
Caution concerning Insider Trading
Under Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who receives certain material information relating to the business, etc. of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is notified to a stock exchange and is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations.
2
FY2021 Second Quarter Financial Performance(FY2021 First Half)
Toyota Motor Corporation voluntarily adopted International Financial Reporting Standards (IFRS) from the first quarter of the fiscal year ending March 2021. Therefore, the contents from the next page are described based on IFRS.
3
Total retail vehicle sales 5,454 4,366 80.1％Toyota and Lexus vehicle sales 4,951 4,011 81.0％
(thousands of vehicles)
<Reference>
Consolidated Vehicle Sales (FY2021 First Half)
1,140
66.3％1,446 921 80.8％
64.3％
74.6％53.9％55.2％
930530
846 395456
696 384
FY2020 1H(’19/4-9)
5,000
4,000
3,000
2,000
1,000
0
Year on YearFY2021 1H(’20/4-9)
4,657
3,086
Japan
N.America
Europe
Asia
OtherCentral and South America,Oceania,Africa,The Middle East, etc.
4
1,446
530
846 395456
930
Consolidated Financial Summary (FY2021 First Half)
FY2021 1H(’20/4-9)
FY2020 1H(’19/4-9)
Change
Sales Revenues 11,375.2 15,358.2 -3,983.0Operating Income 519.9 1,399.2 -879.2Margin 4.6％ 9.1%Other Income 208.8 222.6 -13.7
Share of Profit (Loss) of Investments Accounted for Using the Equity Method＊1
76.3 199.8 -123.4
Income before Income Taxes 728.8 1,621.8 -893.0Net Income Attributable toToyota Motor Corporation 629.3 1,149.5 -520.1
Margin 5.5％ 7.5％
FOREX RatesUS$ 107 yen 109 yen -2 yen
€ 121 yen 121 yen ±0 yen
*1 Regarding Japan: -3.2 (-126.8 billion yen year on year), China: 79.0 (+15.5), Other: 0.5 (-12.1)〔’20/4-9〕
(billions of yen)
5
Details＊1 Transactional (Imports/Exports) -105.0〔US$ -35.0 , ,,.., € ±0，Other -70.0 〕, Translational FOREX impact concerning overseas subsidiaries -5.0, Other -10.0＊2 Volume, Model Mix -1,085.0，Financial Services +5.0，Other +110.0 ＊3 Labor Costs -5.0, Depreciation -30.0, R&D Expenses +20.0, Expenses, etc. +130.0 ＊4 Valuation Gains/Losses from Swaps,etc. +45.8
Analysis of Consolidated Operating Income (FY2021 First Half)
1,399.2
519.9
CostReductionEfforts
Increase or Decrease inExpenses and Expense Reduction Efforts *3
Other *4
+50.0
+115.0 +45.8
-120.0
’19/4-9 ’20/4-9
-805.0Excluding the overall impact of foreign exchange
rates and swap valuation gains/losses, etc.(billions of yen)
Operating Income (-879.2)
Effects ofFOREX Rates *1
Effects of MarketingActivities *2
109 yen/US$ 121 yen/€
107 yen/US$ 121 yen/€
(Translational FOREX impact of fiscal year-end balance of provisions in foreign currencies, etc.)
6
-970.0
Geographic Operating Income (FY2021 First Half)
826.4［9.8％］
212.5［3.8％］
70.9［1.8％］
69.4［4.1％］ 43.7
［4.1％］ 12.0［1.7％］
12.6［1.0％］
228.6［8.3％］ 142.7
［6.9％］
242.9［3.8％］
Operating Income (billions of yen) (Excluding Valuation Gains/Losses from Interest Rate Swaps, etc.) [ ] marginConsolidated Vehicle Sales (thousands of vehicles)
Japan N. America Europe Asia Other
1,140
Operating Income including Valuation Gains/Losses from Interest Rate Swaps, etc. (billions of yen)
2019.4-9 2020.4-9
921
1,446
930
530
395
846
456
696
384-583.4
Effects of MarketingActivities, etc.
-141.5
-56.7
-85.9
-31.6
826.7 242.3 229.0 118.7 73.7 9.6 219.5 136.2 45.9 8.4
（80.8%） （64.3%）
（74.6%） （55.2%）（53.9%）
2019.4-9 2020.4-9 2019.4-9 2020.4-9 2019.4-9 2020.4-9 2019.4-9 2020.4-9
Effects of MarketingActivities, etc.
Effects of MarketingActivities, etc.
Effects of MarketingActivities, etc.
Effects of MarketingActivities, etc.
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China Business / Financial Services (FY2021 First Half)
(Reference) China Business
+15.5
+34.278.2
112.4
79.063.5
833992 （119.0％）Retail sales
(thousands of vehicles)
OperatingIncome
Operating Income of Subsidiaries (billions of yen)Share of Profit of Investments Accounted for Using the EquityMethod of Affiliated Companies (billions of yen)
Financial Services Operating Income
-1.3
211.2212.6
Operating Income (billions of yen)
Share of Profit ofInvestmentsAccounted forUsing the EquityMethod
226.9 245.3
2019.4-9 2020.4-9 2019.4-9 2020.4-9Operating Income including Valuation Gains / Losses from Interest Rate Swaps, etc. (billions of yen)
Marketing Efforts, etc.
Marketing Efforts, etc.
＊
＊ Excluding Valuation Gains/Losses from Interest Rate Swaps, etc.
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Shareholder Return : Dividends (Common Share)Year-end Dividend
Interim Dividend
’17/3(Full Year)
200
(yen)
150
100
50
0
220210 220
110
100 100 100 100
120 120 120Ordinary Dividend: 100 yen
Special Dividend: 5 yen
*1 Interim Payout Ratio = (Interim dividend per common share)÷(Interim net income attributable to Toyota Motor Corporation per common share)*2 Full Year Payout Ratio = (Full year dividend per common share)÷(Full year net income attributable to Toyota Motor Corporation per common share)*3 Payout Ratio excluding Special Dividend
220
’17/3 – ’19/3：US GAAP’20/3 – ’21/3：IFRS
105
’18/3(Full Year) ’19/3(Full Year) ’20/3(Full Year) ’21/3 (Interim)
Interim
Total Amount of Dividends(billions of yen) 300.3 293.4 286.9 278.9 293.5
Payout Ratio *1 32.1% 27.8% 23.4% 24.5% 46.6%＜44.4% *3＞
FullYear
Total Amount of Dividends(billions of yen) 627.5 642.6 626.8 610.8 -
Payout Ratio *2 34.6% 26.1% 33.8% 30.2% -
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Shareholder Return : Share Repurchase(billions of yen)
Transition of Share Repurchase
Transition of Total Amount of Dividends
Total ShareholderReturn*1
(Total Return Ratio*2）
1,082.4 1,200.0 1,186.7 810.8 -
（59.1％） （48.1％） （63.0％） （39.8％） -
2,000
2,000
8,0006,000
6,000
4,000
0199.9
3,028 2,971 2,918
249.9
249.9
299.9 299.9
249.9 199.9
No share repurchaseas the interim
shareholder return Year-end Shareholder Returns
Interim Shareholder Returns
Year-end Dividend
Interim Dividend
Share Repurchase 449.9 549.9 549.9 199.9 -Total Amount of
Dividends*1 632.4 650.1 636.7 610.8 -
’17/3
302.8
329.6 352.9
297.1 291.8 278.9 293.5
344.8 331.94,000
0
’17/3 – ’19/3：US GAAP’20/3 – ’21/3：IFRS
No share repurchase
as the year-endshareholder return
’18/3 ’19/3 ’20/3 ’21/3
*1 Including dividends on first series Model AA class shares (Excluding dividends on first series Model AA class shares from fiscal year ending March 2020 as a result of applying IFRS) *2 Total Return Ratio= (Total Shareholder Return)÷(Full year net income attributable to Toyota Motor Corporation) 10
FY2021 Financial Forecasts
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FY2021 Forecasts: Consolidated Vehicle Sales
Total retail vehicle sales 9,100 9,420 +320Toyota and Lexus vehicle sales 8,300 8,600 +300
（thousands of vehicles）
<Reference>
7,200
Previous Forecasts(’20/4-’21/3)
1,960
10,000
8,000
6,000
4,000
2,000
0
2,330
870
1,130
910
7,500 +300
+80
+60
+100
±0
+60
ChangeNew Forecasts(’20/4-’21/3)
FY2020 Results(’19/4-’20/3)
2,040
2,330
930
1,190
1,010
2,240
2,713
1,029
1,600
1,372
8,955 Japan
N.America
Europe
Asia
OtherCentral and South America,Oceania,Africa,The Middle East, etc.
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FY2021 Forecasts: Consolidated Financial Summary
New Forecasts(’20/4-’21/3)
Previous Forecasts(’20/4-’21/3) Change
FY2020 Results(’19/4-’20/3)
Sales Revenues 26,000.0 24,000.0 +2,000.0 29,866.5Operating Income 1,300.0 500.0 +800.0 2,399.2Margin 5.0％ 2.1％ 8.0％Other Income 460.0 390.0 +70.0 393.7
Share of Profit (Loss) of InvestmentsAccounted for Using the Equity Method 240.0 200.0 +40.0 310.2
Income before Income Taxes 1,760.0 890.0 +870.0 2,792.9Net Income Attributable to Toyota Motor Corporation
1,420.0 730.0 +690.0 2,036.1
Margin 5.5％ 3.0％ 6.8％
FOREX RatesUS$＊1 106yen 105yen +1yen 109yen
€＊1 121yen 115yen +6yen 121yen
（billions of yen）
*1 FOREX Rate performance: 107 yen against the U.S. dollar and 121 yen against the Euro from April 2020 to September 2020FOREX Rate assumptions: 105 yen against the U.S. dollar and 120 yen against the Euro from October 2020 to March 2021
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Analysis of FY2021 Forecasts: Consolidated Operating Income(vs. Forecasts as of May 2020)（billions of yen）
Effects of FOREX Rates
Effects ofIncrease in Sales of Vehicles
Effects of Other Factors excluding Sales of Vehicles
Other+385.0+205.0
+45.0
+165.0
Forecasts as of May 2020 FY2021 New Forecasts
500.0
1,300.0
Operating Income （+800.0）105 yen/US$ 115 yen/€
106 yen/US$ 121 yen/€
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Analysis of FY2021 Forecasts: Consolidated Operating Income(vs. FY2020 Results)
FY2020 Results FY2021 New Forecasts
（billions of yen）
1,300.0
-265.0
-40.0 +30.8
-865.0Excluding the overall impact of foreign exchange
rates and swap valuation gains/losses, etc.2,399.2
Effects ofFOREXRates ＊1
+155.0 -980.0
Operating Income (-1,099.2)109 yen/US$ 121 yen/€
106 yen/US$ 121 yen/€
CostReductionEfforts
Effects of MarketingActivities *2
Increase or DecreaseIn Expenses and Expense Reduction Efforts *3
Other *4
Details＊1 Transactional (Imports/Exports) -275.0〔US$ - 120.0 , ,,.., € ±0，Other -155.0 〕, Translational FOREX impact concerning overseas subsidiaries ±0, Other +10.0＊2 Volume, Model Mix -1,040.0，Financial Services +30.0，Other +30.0 ＊3 Labor Costs ±0, Depreciation -30.0, R&D Expenses ±0, Expenses, etc. -10.0 ＊4 Valuation Gains/Losses from Swaps,etc. +30.8
(Translational FOREX impact of fiscal year-end balance of provisions in foreign currencies, etc.)
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(Reference) Consolidated Vehicle Sales (FY2021 2Q)
Total retail vehicle sales 2,745 2,519 91.8％Toyota and Lexus vehicle sales 2,477 2,305 93.1％
（thousands of vehicles）
<Reference>
585 82.4％
536702
646251
436 254274
366 218FY2020 2Q
(’19/7-9)
2,500
2,000
1,500
1,000
500
0Year on YearFY2021 2Q
(’20/7-9)
2,340
1,928
91.7％
62.9％59.6％
92.0％
101.1％
Japan
N.America
Europe
Asia
OtherCentral and South America,Oceania,Africa,The Middle East, etc.
16
251
436 254274
702
646
(Reference) Consolidated Financial Summary (FY2021 2Q)
FY2021 2Q(’20/7-9)
FY2020 2Q(’19/7-9)
Change
Sales Revenues 6,774.4 7,637.0 -862.5Operating Income 506.0 658.6 -152.5Margin 7.5％ 8.6%Other Income 104.5 112.2 -7.7
Share of Profit (Loss) of InvestmentsAccounted for Using the Equity Method＊1 88.9 95.1 -6.1
Income before Income Taxes 610.5 770.8 -160.2Net Income Attributable to Toyota Motor Corporation 470.5 530.4 -59.8
Margin 6.9％ 6.9％
FOREX RatesUS$ 106yen 107yen -1yen
€ 124yen 119yen +5yen
（billions of yen）
*1 Regarding Japan: 53.8 (-4.0 billion yen year on year), China: 37.7 (+5.9), Other: -2.6 (-8.0) 〔’20/7-9〕 17
(Reference) Analysis of Consolidated Operating Income (FY2021 2Q)
‘19/7-9 ‘20/7-9
506.0
-80.0Excluding the overall impact of foreign exchange
rates and swap valuation gains/losses, etc.
-45.0
+40.0 -27.5
658.6 +40.0 -160.0
Operating Income (-152.5)107 yen/US$ 119 yen/€
106 yen/US$ 124 yen/€
Effects of FOREX Rates *1
CostReductionEfforts Increase or Decrease
In Expenses and Expense Reduction Efforts *3
Other *4Effects of MarketingActivities *2
Details＊1 Transactional (Imports/Exports) - 45.0〔US$ - 20.0 , ,,.., € +5.0，Other - 30.0 〕, Translational FOREX impact concerning overseas subsidiaries -5.0, Other +5.0＊2 Volume, Model Mix -190.0，Financial Services +35.0，Other -5.0 ＊3 Labor Costs -20.0, Depreciation -10.0, R&D Expenses ±0, Expenses, etc. +70.0 ＊4 Valuation Gains/Losses from Swaps,etc. -27.5
(Translational FOREX impact of fiscal year-end balance of provisions in foreign currencies, etc.)
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（billions of yen）
(Reference) Geographic Operating Income (FY2021 2Q)
396.9［9.3％］
104.8［3.9％］
168.6［6.6％］
33.7［4.1％］ 23.5
［4.5％］22.0
［5.3％］
32.3［4.0％］ 113.9
［8.1％］96.9
［8.4％］
164.7［4.5％］
Operating Income (billions of yen)(Excluding Valuation Gains/Losses from Interest Rate Swaps, etc.) [ ] margin Consolidated Vehicle Sales (thousands of vehicles)
Japan N. America Europe
585 536 （91.7%）
702646 （92.0%）
254 （101.1%）274 （62.9%）
218 （59.6%）251
436 366
+63.8
-1.3 -17.0
-1.5
396.8 164.9 116.4 187.3 35.0 31.6 110.4 93.4 24.7 20.2
-232.1
Operating Income including Valuation Gains/Losses from Interest Rate Swaps, etc. (billions of yen)
Asia Other
’19/7-9 ’20/7-9 ’19/7-9 ’20/7-9 ’19/7-9 ’20/7-9 ’19/7-9 ’20/7-9 ’19/7-9 ’20/7-9
19
(Reference) China Business / Financial Services (FY2021 2Q)
(Reference) China Business
+5.9
+14.042.6
56.6
37.731.8
411510（123.8％）
Operating Income of Subsidiaries (billions of yen)Share of Profit of Investments Accounted for Using the EquityMethod of Affiliated Companies (billions of yen)
Financial Services Operating Income
+33.5
140.3
106.8
Operating Income (billions of yen) Excluding Valuation Gains/Losses from Interest Rate Swaps, etc.
117.2 153.0
’19/7-9 ’20/7-9 ’19/7-9 ’20/7-9Operating Income including Valuation Gains/Losses from Interest Rate Swaps, etc. (billions of yen)
Retail sales(thousands of vehicles)
OperatingIncome
Share of Profit ofInvestmentsAccounted forUsing the EquityMethod
＊
＊
20
(Reference) Transition of Financial Performance
（ thousands of vehicles ）
8,971 8,964 8,977 8,955
'17/3 '18/3 '19/3 '20/3 '21/3
7,500
Consolidated Vehicle Sales （ trillions of yen ）
27.5
29.330.2 29.8
26.0
Sales Revenues （ billions of yen ）Operating Income
Dividend per Share (yen)
Net Margin(%)
1,994.3
7.2
210 3.8 3.6 3.5 3.74.2220 220 220
6.6
8.5
6.2 6.85.5
8.2 8.2 8.0
5.02,399.8 2,467.5 2,399.2
1,300.0
Net Income Attributable toToyota Motor Corporation
1,831.1
2,493.9
1,882.8 2,036.1
1,420.0
9,199.5
7,763.08,025.9
7,936.66,901.0
7,218.6
9,372.1 9,454.48,602.6
10,238.7
Total Liquid Assets*1
1,082.41,200.0 1,186.7
810.8Share
Repurchase
Total Shareholder Return*2
1,037.5 1,064.2 1,048.81,110.3 1,100.0 1,211.8
1,302.7
1,465.81,372.3 1,400.0
893.2
964.4 984.8
803.3
880.0
Forecast
Operating Margin(%)
Ratio to Sales Revenues (%)Depreciation Expenses
’17/3 – ’19/3：US GAAP’20/3 – ’21/3：IFRS
（ billions of yen ）
（ billions of yen ）（ billions of yen ） （ billions of yen ）R&D Expenses*3 Capital Expenditures
'17/3 '18/3 '19/3 '20/3 '21/3 '17/3 '18/3 '19/3 '20/3 '21/3 '17/3 '18/3 '19/3 '20/3 '21/3
'17/3 '18/3 '19/3 '20/3 '21/3'17/3 '18/3 '19/3 '20/3 '21/3'17/3 '18/3 '19/3 '20/3'17/3 '18/3 '19/3 '20/3 '20/9
Interest-Bearing
Debt
Net Liquid Assets
Dividend
*1 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*2 Including dividends on first series Model AA class shares (Excluding dividends on first series Model AA class shares from fiscal year ending March 2020 as a result of applying IFRS) *3 R&D activity related expenditures incurred during the reporting period *4 Change in depreciation method from ’20/3
632.4 650.1 636.7610.8
21
*4
〈Reference〉 FY2021 Forecasts: Vehicle Production and Retail Sales
生産Vehicle
Production＊１
Japan 2,900 2,800 +100 3,304Overseas 5,350 5,200 +150 5,437Total 8,250 8,000 +250 8,741
New Forecasts′20/4- ′21/3
Previous Forecasts′20/4- ′21/3
Change FY2020 Results′19/4- ′20/3
生産
RetailVehicle Sales＊2
Japan 1,450 1,380 +70 1,587Overseas 7,150 6,920 +230 7,879Total 8,600 8,300 +300 9,466
Toyota &Lexus
（thousands of vehicles）
Total Retail Vehicle Sales*2
(Including Daihatsu- & Hino- brand)9,420 10,4579,100 +320
*1 Including vehicle production by Toyota’s non-consolidated affiliates*2 Including vehicle sales by Toyota’s non-consolidated affiliates
22
Number of vehicles produced for wholesale by Toyota Motor Corporation and its consolidated subsidiaries
Number of vehicles produced for wholesale by Toyota’s non-consolidated affiliates (e.g. JV affiliates in China, etc)
*There are a limited number of exceptional cases where sales are made other than in accordance with the flowchart above.
P4,7,12,16, 19,21
P4,12,16,22(in bottom part)
P4,8,12,16, 20,22
Consolidated Vehicle Sales
Daihatsu- and Hino- brand vehicles
Toyota- and Lexus- brand vehicles
Customers
(Reference) Definitions of Consolidated and Retail Vehicle Sales
Distributors or Dealers outside consolidation
Toyota and Lexus Vehicle Sales
Total Retail Vehicle Sales
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