fy2021 third quarter financial results
TRANSCRIPT
11
F e b r u a r y 1 0 , 2 0 2 1
FY2021 Third Quarter
To y o t a M o t o r C o r p o r a t i o n
MIRAI
Financial Results
22
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.
33
FY2021 Third Quarter Financial Performance
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.
44
Total retail vehicle sales 8,140 7,211 88.6%
Toyota and Lexus vehicle sales 7,401 6,627 89.5%
Consolidated Vehicle Sales (FY2021 9 months)
1,056 715
1,255 848
778
679
2,114
1,683
1,656
1,513
0
2,000
4,000
6,000
8,000
67.7%
67.6%
87.4%
79.6%
91.3%
79.3%
6,858
5,438
(thousands of vehicles)
Central and South America,Oceania,Africa,The Middle East, etc.
Japan
N. America
Europe
Asia
Other
8,000
6,000
4,000
2,000
0FY2020 9 months
(’19/4-12)Year on YearFY2021 9 months
(’20/4-12)<Reference>
55
(Year on Year :%)
105
111
77
37
45
87
69
76 7885
93 92
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
Japan
99
111
87
16
49
88
114107
115105
98
127
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
104112
63
44
71 7482
79
113107
97
117
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
95 93 96
80
6777
8389
92
137
112
111
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
99
30
84
100
120
123
119127
125
133
117
117
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
86
99
55
33
40
5969
74 7884
93 97
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
99 96
76
54
68
8488 89
102108
102
110
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
N. America Europe
Asia (excluding China) China Other
Global
(month)
(%)
CY2020
CY2020 CY2020 CY2020
(%) (%) (%)
(%) (%) (%)
CY2020 CY2020 CY2020
Transition of Toyota and Lexus Vehicle Sales
(month) (month)(month)
(month) (month)(month)
66
Consolidated Financial Summary (FY2021 9 months)
(billions of yen)
FY2021 9 months(’20/4-12)
FY2020 9 months(’19/4-12)
Change
Sales Revenues 19,525.2 22,967.2 -3,441.9
Operating Income 1,507.9 2,039.3 -531.3
Margin 7.7% 8.9%
Other Income 362.0 354.4 +7.6Share of Profit (Loss) of Investments
Accounted for Using the Equity Method201.4 275.7 -74.2
Income before Income Taxes 1,869.9 2,393.7 -523.7
Net Income Attributable to
Toyota Motor Corporation1,468.0 1,708.8 -240.7
Margin 7.5% 7.4%
FOREX RatesUS$ 106 yen 109 yen -3 yen
€ 122 yen 121 yen +1 yen
*1 Regarding Japan: 87.1 (-78.2 billion yen year on year), China: 113.9 (+25.0), Other: 0.4 (-21.0)
*1
77
2,039.3
1,507.9
+100.0
+85.0 +73.7
-175.0
'19/4-12 '20/4-12
-615.0
*1.Details *2.Details *3.Details *4.Details
Transactional(Imports/Exports) -180.0 Volume, Model Mix -885.0 Labor Costs -5.0 Valuation Gains/Losses
US$ -90.0 Financial Services +60.0 Depreciation -40.0 from Swaps,etc.
€ +10.0 Other +20.0 Other +210.0 R&D Expenses +40.0
Other -100.0 Expenses, etc. +90.0
Translational FOREX impact concerning
overseas subsidiaries-15.0 +73.7
Analysis of Consolidated Operating Income (FY2021 9 months)(billions of yen) -430.0
Excluding the overall impact of foreign exchange
rates and swap valuation gains/losses, etc.
Cost
Reduction
Efforts
Increase or Decrease in
Expenses and Expense
Reduction Efforts *3
Other *4
Effects of
FOREX
Rates *1
Effects of
Marketing
Activities *2
Operating Income (-531.3)109 yen/US$
121 yen/€
106 yen/US$
122 yen/€
(Translational FOREX impact of fiscal year-end balance of
provisions in foreign currencies, etc.)
Transition of each quarter (billions of yen)‘20/4-6 : -725.0
‘20/7-9 : -80.0
‘20/10-12 :+375.0
88
1,656 1,513
2,114
1,683
1,231.1
320.6115.8
315.3 69.2
781.7
270.567.5
298.3 49.7
1,255
848
[9.9%]
[4.5%][4.2%] [3.8%][3.1%]
[7.3%]
Japan N. America Europe Asia Other
'19/4-12 '20/4-12
-449.3
-50.1
-48.2
-15.1
-19.4
1,229.8 780.8 323.9 331.7 119.5 62.6 301.3 291.6 69.8 43.3
(91.3%)
(79.6%)
(87.4%) (67.7%)
(67.6%)
'19/4-12 '20/4-12 '19/4-12 '20/4-12 '19/4-12 '20/4-12 '19/4-12 '20/4-12
[8.3%][7.5%][3.9%][3.9%]
1,056
715 778 679
Geographic Operating Income (FY2021 9 months)
Operating Income (billions of yen) (Excluding Valuation Gains/Losses from Interest Rate Swaps, etc.) [ ] margin Consolidated Vehicle Sales (thousands of vehicles)
Operating Income including Valuation Gains/Losses from Interest Rate Swaps, etc. (billions of yen)
99
88.9113.9
102.2
178.0
298.9 397.6
'19/4-12 '20/4-12 '19/4-12 '20/4-12
1,273 1,527 (119.9%)
304.6
355.3
China Business / Financial Services (FY2021 9 months)
(Reference) China Business Financial Services Operating Income
Operating Income of Subsidiaries (billions of yen)
Share of Profit of Investments Accounted for Using the Equity
Method of Affiliated Companies (billions of yen)
Operating Income (billions of yen)
Excluding Valuation Gains/Losses from Interest Rate Swaps, etc. *
Retail sales(thousands
of vehicles)
OperatingIncome
Share of Profit of
Investments
Accounted for
Using the Equity
Method
+75.8
+25.0
Marketing Efforts, etc.
Marketing Efforts, etc.
+50.6Decrease in Residual
Losses, etc.
Operating Income including Valuation Gains / Losses from Interest Rate Swaps, etc. (billions of yen)
1010
FY2021 Financial Forecasts
1111
1,010 990 1,372
1,190 1,240 1,600
930 970 1,029
2,330 2,300
2,713
2,040 2,100
2,240
0
2,000
4,000
6,000
8,000
10,000
(thousands of vehicles)
7,500 7,600 +100
+60
+50
-20
-30
+40
8,955
FY2021 Forecasts: Consolidated Vehicle Sales
10,000
8,000
6,000
4,000
2,000
0
Japan
N. America
Europe
Asia
OtherCentral and South America,Oceania,Africa,The Middle East, etc.
Previous Forecasts(’20/4-’21/3)
ChangeNew Forecasts
(’20/4-’21/3)
FY2020 Results
(’19/4-’20/3)
<Reference>
Total retail vehicle sales 9,420 9,730 +310 10,457
Toyota and Lexus vehicle sales 8,600 8,900 +300 9,466
1212
FY2021 Forecasts: Consolidated Financial Summary
(billions of yen)
*1 FOREX Rate performance: 106 yen against the U.S. dollar and 122 yen against the Euro from April 2020 to December 2020
FOREX Rate assumptions: 100 yen against the U.S. dollar and 125 yen against the Euro from January 2021 to March 2021
New Forecasts(’20/4-’21/3)
Previous Forecasts(’20/4-’21/3) Change
FY2020 Results(’19/4-’20/3)
Sales Revenues 26,500.0 26,000.0 +500.0 29,866.5
Operating Income 2,000.0 1,300.0 +700.0 2,399.2
Margin 7.5% 5.0% 8.0%
Other Income 550.0 460.0 +90.0 393.7Share of Profit (Loss) of Investments
Accounted for Using the Equity Method 320.0 240.0 +80.0 310.2
Income before Income Taxes 2,550.0 1,760.0 +790.0 2,792.9
Net Income Attributable to
Toyota Motor Corporation
1,900.0 1,420.0 +480.0 2,036.1
Margin 7.2% 5.5% 6.8%
FOREX RatesUS$*1 105 yen 106 yen -1 yen 109 yen
€*1123 yen 121 yen +2 yen 121 yen
1313
1,300.0
2,000.0
+10.0 +30.0
+505.0+140.0 +15.0
FY2021 Previous Forecasts FY2021 New Forecasts
Analysis of FY2021 Forecasts: Consolidated Operating Income
(vs. Previous Forecasts)
(billions of yen)
+675.0Excluding the overall impact of foreign exchange
rates and swap valuation gains/losses, etc.
Effects of
FOREX
Rates*1
Cost
Reduction
Efforts
Marketing
Efforts *2
Increase or Decrease
In Expenses and
Expense Reduction
Efforts *3
Other *4
106 yen/US$
121 yen/€105 yen/US$
123 yen/€Operating Income (+700.0)
*1.Details *2.Details *3.Details *4.Details
Transactional(Imports/Exports) -10.0 Volume, Model Mix +200.0 Labor Costs +5.0 Valuation Gains/Losses
US$ -55.0 Financial Services +100.0 Depreciation +10.0 from Swaps,etc.
€ +15.0 Other +30.0 Other +205.0 R&D Expenses ±0
Other +30.0 Expenses, etc. +125.0
Translational FOREX impact concerning
overseas subsidiaries-10.0 +15.0
(Translational FOREX impact of fiscal year-end balance of
provisions in foreign currencies, etc.)
1414
2,399.2
2,000.0
-255.0 +185.0 -475.0
+100.0 +45.8
FY2020 Results FY2021 New Forecasts
Analysis of FY2021 Forecasts: Consolidated Operating Income
(vs. FY2020 Results)(billions of yen)
109 yen/US$
121 yen/€
105 yen/US$
123 yen/€Operating Income (-399.2)
Cost
Reduction
Efforts Increase or Decrease in
Expenses and Expense
Reduction Efforts *3
Other *4
Effects of
FOREX
Rates *1 Effects of
Marketing
Activities *2
*1.Details *2.Details *3.Details *4.Details
Transactional(Imports/Exports) -285.0 Volume, Model Mix -840.0 Labor Costs +5.0 Valuation Gains/Losses
US$ -175.0 Financial Services +130.0 Depreciation -20.0 from Swaps,etc.
€ +15.0 Other +40.0 Other +235.0 R&D Expenses ±0
Other -125.0 Expenses, etc. +115.0
Translational FOREX impact concerning
overseas subsidiaries-10.0 +45.8
(Translational FOREX impact of fiscal year-end balance of
provisions in foreign currencies, etc.)
-190.0Excluding the overall impact of foreign exchange
rates and swap valuation gains/losses, etc.
1515
360 331
409 392
248 285
668 753
516 592
0
500
1,000
1,500
2,000
2,500
Total retail vehicle sales 2,685 2,845 106.0%
Toyota and Lexus vehicle sales 2,450 2,616 106.8%
2,2012,353
114.7%
95.9%
91.9%
112.7%
114.8%
106.9%
(Reference) Consolidated Vehicle Sales (FY2021 3Q)
2,500
2,000
1,500
1,000
500
0
(thousands of vehicles)
Japan
N. America
Europe
Asia
OtherCentral and South America,Oceania,Africa,The Middle East, etc.
FY2020 3Q
(’19/10-12)
Year on YearFY2021 3Q(’20/10-12)<Reference>
1616
(Reference) Consolidated Financial Summary (FY2021 3Q)
(billions of yen)
*1 Regarding Japan: 90.4 (+48.6 billion yen year on year), China: 34.8 (+9.4), Other: -0.2 (-8.8)
FY2021 3Q(’20/10-12)
FY2020 3Q(’19/10-12)
Change
Sales Revenues 8,150.0 7,608.9 +541.1
Operating Income 987.9 640.0 +347.8
Margin 12.1% 8.4%
Other Income 153.2 131.8 +21.3Share of Profit (Loss) of Investments
Accounted for Using the Equity Method 125.0 75.8 +49.2
Income before Income Taxes 1,141.1 771.9 +369.2
Net Income Attributable to
Toyota Motor Corporation838.6 559.2 +279.3
Margin 10.3% 7.4%
FOREX RatesUS$ 105 yen 109 yen -4 yen
€ 125 yen 120 yen +5 yen
*1
1717
'19/10-12 '20/10-12
987.9
-55.0
-30.0 +27.8
640.0 +50.0
+355.0
(Reference) Analysis of Consolidated Operating Income (FY2021 3Q)
(billions of yen)+375.0
Excluding the overall impact of foreign exchange
rates and swap valuation gains/losses, etc.
Effects of
FOREX
Rates*1
Cost
Reduction
Efforts
Marketing
Efforts *2
Increase or Decrease
In Expenses and
Expense Reduction
Efforts *3
Other *4
109 yen/US$
120 yen/€
105 yen/US$
125 yen/€
Operating Income (+347.8)
*1.Details *2.Details *3.Details *4.Details
Transactional(Imports/Exports) -75.0 Volume, Model Mix +200.0 Labor Costs ±0 Valuation Gains/Losses
US$ -55.0 Financial Services +55.0 Depreciation -10.0 from Swaps,etc.
€ +10.0 Other +30.0 Other +100.0 R&D Expenses +20.0
Other -30.0 Expenses, etc. -40.0
Translational FOREX impact concerning
overseas subsidiaries-10.0 +27.8
(Translational FOREX impact of fiscal year-end balance of
provisions in foreign currencies, etc.)
1818
404.6
108.1 46.484.8
25.5
538.7
199.5 54.9155.6
37.6
248 285
668 753
409 392
[10.0%]
[5.4%][4.6%] [6.2%][6.1%]
[12.3%]
Japan N. America Europe Asia Other
+91.4
+8.5+70.7
+12.1
(114.7%)
(112.7%)
(114.8%) (91.9%)(95.9%)
[10.1%][6.1%]
[6.8%][4.0%]
'19/10-12 '20/10-12 '19/10-12 '20/10-12 '19/10-12 '20/10-12 '19/10-12 '20/10-12 '19/10-12 '20/10-12
403.0 538.5 94.9 212.9 45.7 52.9 81.7 155.3 23.9 34.9
(Reference) Geographic Operating Income (FY2021 3Q)
Operating Income (billions of yen) (Excluding Valuation Gains/Losses from Interest Rate Swaps, etc.) [ ] margin Consolidated Vehicle Sales (thousands of vehicles)
516 592
360 331
Operating Income including Valuation Gains/Losses from Interest Rate Swaps, etc. (billions of yen)
+134.0
1919
25.4 34.8
23.9
65.5
71.9 152.3
'19/10-12 '20/10-12 '19/10-12 '20/10-12
439535 (121.8%)
92.0
144.1
(Reference) China Business / Financial Services (FY2021 3Q)
(Reference) China Business Financial Services Operating Income
Operating Income (billions of yen)
Excluding Valuation Gains/Losses from Interest Rate Swaps, etc. *
Retail sales(thousands
of vehicles)
OperatingIncome
Share of Profit of
Investments
Accounted for Using
the Equity Method
Operating Income including Valuation Gains / Losses from Interest Rate Swaps, etc. (billions of yen)
+41.5
+9.4
+52.0
Operating Income of Subsidiaries (billions of yen)
Share of Profit of Investments Accounted for Using the Equity
Method of Affiliated Companies (billions of yen)
2020
632.4650.1
636.7610.8
17.3 18.3 19.3 20.3
7,763.08.025.9
7,936.66,901.0
7,578.2
17.3 18.3 19.3 20.3 20.12
210
220 220 220
*4
8,971 8,964 8,977 8,955
7,600
17.3 18.3 19.3 20.3 21.3
27.5
29.3 30.2
29.8
26.5
17.3 18.3 19.3 20.3 21.3
3.83.6 3.5
3.7
4.2
7.2
8.2 8.2 8.0 7.5
6.6
8.5
6.26.8
7.2
1,831.1
2,493.9
1,882.82,036.1
1,900.0
17.3 18.3 19.3 20.3 21.3
1,994.3
2,399.8 2,467.5 2,399.2
2,000.0
17.3 18.3 19.3 20.3 21.3
1,037.5 1,064.2 1,048.81,110.3 1,100.0
17.3 18.3 19.3 20.3 21.3
(Reference) Transition of Financial Performance’17/3 – ’19/3:US GAAP
’20/3 – ’21/3:IFRS
(thousands of vehicles)
Consolidated Vehicle Sales (trillions of yen)Sales Revenues (billions of yen)Operating Income
Net Margin(%)
Net Income Attributable toToyota Motor Corporation
Operating Margin(%) (billions of yen)
1,211.8
1,302.7
1,465.81,372.3 1,350.0
17.3 18.3 19.3 20.3 21.3
893.2
964.4 984.8
803.3
870.0
Forecast
Share
Repurchase
Dividend
Interest-
Bearing
Debt
Net Liquid
Assets
Dividend per Share (yen)
Total Liquid Assets*1 Total Shareholder Return*2
(billions of yen) Ratio to Sales Revenues (%) Depreciation Expenses
(billions of yen) (billions of yen)R&D Expenses*3 Capital Expenditures
*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
*3 R&D activity related expenditures incurred during the reporting period *4 Change in depreciation method from ’20/3
*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)
9,199.5 9,372.1 9,454.48,602.6
10,621.2
1,082.41,200.0 1,186.7
8,10.8
(billions of yen)
2121
(Reference) FY2021 Forecasts: Vehicle Production and Retail Sales
(thousands of vehicles)
*1 Including vehicle production by Toyota’s non-consolidated affiliates
*2 Including vehicle sales by Toyota’s non-consolidated affiliates
To
yo
ta &
Le
xu
s
Vehicle
Production
*1
Japan 2,940 2,900 +40 3,304
Overseas 5,310 5,350 -40 5,437
Total 8,250 8,250 ±0 8,741
Retail
Vehicle
Sales
*2
Japan 1,520 1,450 +70 1,587
Overseas 7,380 7,150 +230 7,879
Total 8,900 8,600 +300 9,466
Total Retail Vehicle Sales*2
(Including Daihatsu- & Hino- brand)
New Forecasts
′20/4- ′21/3
Previous Forecasts
′20/4- ′21/3
Change FY2020 Results
′19/4- ′20/3
9,730 9,420 +310 10,457
2222
(Reference) Definitions of Consolidated and Retail Vehicle Sales
Daihatsu- and Hino- brand vehicles
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.
P4,8,11,15,
18,20
Co
nso
lidated
Veh
icle Sales
Distrib
uto
rs or D
ealers ou
tside co
nso
lidatio
n
P4,5,9,11,
15,19,21
P4,11,15,
21(in bottom part)
Toyo
ta and
Lexu
s Veh
icle Sales
Total R
etail Veh
icle Sales
Cu
stom
ers