Reporting periods in | ||||
Mandatory adoption | which Toyota is | |||
(from fiscal years | scheduled to adopt | Overview of new or amended standards | ||
Standards | Standards names | beginning on or after) | the standards | and interpretations |
Improved comparability in the | ||||
statement of profit or loss (income | ||||
statement) | ||||
Presentation and | Enhanced transparency of | |||
Fiscal year ending | ||||
IFRS 18 | disclosure in | January 1, 2027 | management-defined performance | |
March 31, 2028 | ||||
financial statements | measures | |||
More useful grouping of | ||||
information in the financial | ||||
statements |
Yen in millions | |||||
Inter-segment | |||||
Elimination/ | |||||
Financial | Unallocated | ||||
Automotive | services | All other | Amount | Consolidated | |
Sales revenues | |||||
Revenues from external customers .... | 28,531,993 | 2,306,079 | 541,436 | — | 31,379,507 |
Inter-segment revenues and transfers . . . | 73,745 | 17,947 | 588,441 | (680,133) | — |
Total ........................ | 28,605,738 | 2,324,026 | 1,129,876 | (680,133) | 31,379,507 |
Operating expenses .................... | 26,321,448 | 1,667,025 | 1,087,575 | (692,237) | 28,383,811 |
Operating income ...................... | 2,284,290 | 657,001 | 42,302 | 12,104 | 2,995,697 |
Total assets ........................... | 24,341,737 | 31,681,472 | 3,091,011 | 8,574,551 | 67,688,771 |
Investments accounted for using the equity | |||||
method ............................ | 4,354,085 | 79,414 | 258,750 | 145,646 | 4,837,895 |
Depreciation and amortization ............ | 1,026,834 | 761,801 | 33,245 | — | 1,821,880 |
Capital expenditures .................... | 1,422,429 | 2,156,339 | 51,200 | (18,381) | 3,611,587 |
Yen in millions | |||||
Inter-segment | |||||
Elimination/ | |||||
Financial | Unallocated | ||||
Automotive | services | All other | Amount | Consolidated | |
Sales revenues | |||||
Revenues from external customers .... | 33,776,870 | 2,786,679 | 590,749 | — | 37,154,298 |
Inter-segment revenues and transfers . . . | 43,131 | 22,968 | 634,194 | (700,293) | — |
Total ........................ | 33,820,000 | 2,809,647 | 1,224,943 | (700,293) | 37,154,298 |
Operating expenses .................... | 31,639,363 | 2,372,131 | 1,121,492 | (703,713) | 34,429,273 |
Operating income ...................... | 2,180,637 | 437,516 | 103,451 | 3,420 | 2,725,025 |
Total assets ........................... | 26,321,858 | 35,525,441 | 2,946,994 | 9,508,887 | 74,303,180 |
Investments accounted for using the equity | |||||
method ............................ | 4,717,231 | 92,903 | 272,752 | 144,460 | 5,227,345 |
Depreciation and amortization ............ | 1,205,687 | 799,156 | 35,062 | — | 2,039,904 |
Capital expenditures .................... | 1,688,114 | 1,786,373 | 38,748 | (17,015) | 3,496,219 |
Yen in millions | |||||
Inter-segment | |||||
Elimination/ | |||||
Financial | Unallocated | ||||
Automotive | services | All other | Amount | Consolidated | |
Sales revenues | |||||
Revenues from external customers .... | 41,080,731 | 3,447,195 | 567,399 | — | 45,095,325 |
Inter-segment revenues and transfers . . . | 185,473 | 37,003 | 800,766 | (1,023,242) | — |
Total ........................ | 41,266,204 | 3,484,198 | 1,368,164 | (1,023,242) | 45,095,325 |
Operating expenses .................... | 36,644,729 | 2,914,175 | 1,192,923 | (1,009,437) | 39,742,390 |
Operating income ...................... | 4,621,475 | 570,023 | 175,241 | (13,805) | 5,352,934 |
Total assets ........................... | 29,351,344 | 43,834,183 | 3,011,363 | 13,917,406 | 90,114,296 |
Investments accounted for using the equity | |||||
method ............................ | 5,114,364 | 110,308 | 282,888 | 202,546 | 5,710,106 |
Depreciation and amortization ............ | 1,268,479 | 784,013 | 34,574 | — | 2,087,066 |
Capital expenditures .................... | 2,011,361 | 2,763,931 | 103,242 | (30,492) | 4,848,042 |
Yen in millions | ||
March 31, 2023 | March 31, 2024 | |
Assets | ||
(Non-Financial Services Businesses) | ||
Current assets | ||
Cash and cash equivalents ................................ | 5,548,398 | 6,892,817 |
Trade accounts and other receivable ......................... | 3,594,057 | 3,768,520 |
Other financial assets .................................... | 849,779 | 3,864,242 |
Inventories ............................................ | 4,255,614 | 4,605,368 |
Other current assets ...................................... | 749,078 | 805,940 |
Total current assets ...................................... | 14,996,926 | 19,936,887 |
Non-current assets | ||
Property, plant and equipment ............................. | 7,729,000 | 8,680,731 |
Other ................................................. | 17,337,727 | 19,123,829 |
Total non-current assets .................................. | 25,066,727 | 27,804,560 |
Total assets ................................................ | 40,063,653 | 47,741,447 |
(Financial Services Business) | ||
Current assets | ||
Cash and cash equivalents ................................ | 1,968,568 | 2,519,244 |
Trade accounts and other receivable ......................... | 286,960 | 382,007 |
Receivables related to financial services ..................... | 8,279,806 | 11,057,269 |
Other financial assets .................................... | 1,680,242 | 1,575,059 |
Other current assets ...................................... | 362,660 | 352,918 |
Total current assets ...................................... | 12,578,237 | 15,886,497 |
Non-current assets | ||
Receivables related to financial services ..................... | 16,491,045 | 20,637,090 |
Property, plant and equipment ............................. | 4,904,975 | 5,577,058 |
Other ................................................. | 1,551,183 | 1,733,539 |
Total non-current assets .................................. | 22,947,204 | 27,947,687 |
Total assets ................................................ | 35,525,441 | 43,834,183 |
(Elimination) | ||
Elimination of assets ......................................... | (1,285,914) | (1,461,335) |
(Consolidated) | ||
Total assets ................................................ | 74,303,180 | 90,114,296 |
Yen in millions | ||
March 31, 2023 | March 31, 2024 | |
Liabilities | ||
(Non-Financial Services Businesses) | ||
Current liabilities | ||
Trade accounts and other payables .......................... | 4,689,034 | 4,890,913 |
Short-term and current portion of long-term debt .............. | 1,170,114 | 929,662 |
Accrued expenses ....................................... | 1,446,697 | 1,750,221 |
Income taxes payable .................................... | 361,000 | 1,185,678 |
Other current liabilities ................................... | 3,266,095 | 3,583,929 |
Total current liabilities ................................... | 10,932,939 | 12,340,403 |
Non-current liabilities | ||
Long-term debt ......................................... | 1,553,622 | 1,938,535 |
Retirement benefit liabilities ............................... | 1,047,430 | 1,058,742 |
Other non-current liabilities ............................... | 1,867,028 | 2,545,491 |
Total non-current liabilities ............................... | 4,468,080 | 5,542,768 |
Total liabilities ............................................. | 15,401,019 | 17,883,171 |
(Financial Services Business) | ||
Current liabilities | ||
Trade accounts and other payables .......................... | 547,511 | 651,381 |
Short-term and current portion of long-term debt .............. | 11,583,602 | 14,890,892 |
Accrued expenses ....................................... | 128,994 | 148,767 |
Income taxes payable .................................... | 43,607 | 38,864 |
Other current liabilities ................................... | 1,841,562 | 2,219,104 |
Total current liabilities ................................... | 14,145,275 | 17,949,008 |
Non-current liabilities | ||
Long-term debt ......................................... | 15,627,943 | 19,356,672 |
Retirement benefit liabilities ............................... | 18,078 | 19,220 |
Other non-current liabilities ............................... | 1,135,862 | 1,131,501 |
Total non-current liabilities ............................... | 16,781,883 | 20,507,393 |
Total liabilities ............................................. | 30,927,158 | 38,456,401 |
(Elimination) | ||
Elimination of liabilities ...................................... | (1,289,211) | (1,464,614) |
(Consolidated) | ||
Total liabilities ............................................. | 45,038,967 | 54,874,958 |
Shareholders’ equity | ||
(Consolidated) Total Toyota Motor Corporation shareholders’ equity ...... | 28,338,706 | 34,220,991 |
(Consolidated) Non-controlling interests ............................. | 925,507 | 1,018,347 |
(Consolidated) Total shareholders’ equity ............................ | 29,264,213 | 35,239,338 |
(Consolidated) Total liabilities and shareholders’ equity ................. | 74,303,180 | 90,114,296 |
Yen in millions | |||
For the year ended | For the year ended | For the year ended | |
March 31, 2022 | March 31, 2023 | March 31, 2024 | |
(Non-Financial Services Businesses) | |||
Sales revenues ................................. | 29,104,564 | 34,409,011 | 41,832,663 |
Cost of revenues ............................... | 24,250,860 | 29,132,715 | 33,763,076 |
Selling, general and administrative ................. | 2,518,182 | 2,990,316 | 3,278,135 |
Operating income .............................. | 2,335,522 | 2,285,980 | 4,791,453 |
Other income (loss), net ......................... | 998,001 | 943,777 | 1,608,345 |
Income before income taxes ...................... | 3,333,522 | 3,229,757 | 6,399,798 |
Income tax expense ............................. | 944,594 | 1,040,864 | 1,741,885 |
Net income .................................... | 2,388,928 | 2,188,893 | 4,657,913 |
Net income attributable to | |||
Toyota Motor Corporation ................... | 2,369,399 | 2,152,509 | 4,540,311 |
Non-controlling interests ..................... | 19,529 | 36,384 | 117,602 |
(Financial Services Business) | |||
Sales revenues ................................. | 2,324,026 | 2,809,647 | 3,484,198 |
Cost of revenues ............................... | 1,178,509 | 1,741,117 | 2,145,694 |
Selling, general and administrative ................. | 488,517 | 631,014 | 768,481 |
Operating income .............................. | 657,001 | 437,516 | 570,023 |
Other income (loss), net ......................... | 16 | (5,013) | 1,762 |
Income before income taxes ...................... | 657,017 | 432,503 | 571,786 |
Income tax expense ............................. | 171,327 | 134,903 | 151,785 |
Net income .................................... | 485,690 | 297,600 | 420,000 |
Net income attributable to | |||
Toyota Motor Corporation ................... | 480,716 | 292,334 | 411,114 |
Non-controlling interests ..................... | 4,974 | 5,266 | 8,886 |
(Elimination) | |||
Elimination of net income ........................ | (4) | 6,475 | (6,492) |
(Consolidated) | |||
Net income .................................... | 2,874,614 | 2,492,967 | 5,071,421 |
Net income attributable to | |||
Toyota Motor Corporation ................... | 2,850,110 | 2,451,318 | 4,944,933 |
Non-controlling interests ..................... | 24,504 | 41,650 | 126,488 |
Yen in millions | |||
For the year ended | For the year ended | For the year ended | |
March 31, 2022 | March 31, 2023 | March 31, 2024 | |
(Non-Financial Services Businesses) | |||
Cash flows from operating activities | |||
Net income ..................................... | 2,388,928 | 2,188,893 | 4,657,913 |
Depreciation and amortization ...................... | 1,060,079 | 1,240,749 | 1,303,053 |
Share of profit (loss) of investments accounted for using | |||
the equity method .............................. | (552,515) | (633,324) | (752,779) |
Income tax expense ............................... | 944,594 | 1,040,864 | 1,741,885 |
Changes in operating assets and liabilities, and other .... | (572,082) | 463,871 | 120,731 |
Interest received ................................. | 100,118 | 234,945 | 454,713 |
Dividends received ............................... | 342,646 | 454,752 | 582,022 |
Interest paid .................................... | (40,780) | (28,206) | (104,008) |
Income taxes paid, net of refunds .................... | (544,887) | (1,280,341) | (1,033,448) |
Net cash provided by (used in) operating activities ...... | 3,126,101 | 3,682,203 | 6,970,082 |
Cash flows from investing activities | |||
Additions to fixed assets excluding equipment leased to | |||
others ........................................ | (1,186,900) | (1,439,724) | (1,815,239) |
Additions to equipment leased to others ............... | (151,456) | (147,792) | (153,324) |
Proceeds from sales of fixed assets excluding equipment | |||
leased to others ................................ | 36,219 | 54,572 | 152,830 |
Proceeds from sales of equipment leased to others ...... | 45,183 | 44,195 | 47,557 |
Additions to intangible assets ....................... | (335,436) | (333,295) | (317,606) |
Additions to public and corporate bonds and stocks ..... | (1,904,588) | (503,977) | (2,639,166) |
Proceeds from sales of public and corporate bonds and | |||
stocks and upon maturity of public and corporate | |||
bonds ........................................ | 1,989,345 | 892,814 | 1,757,282 |
Other, net ...................................... | 1,856,069 | 236,351 | (1,386,377) |
Net cash provided by (used in) investing activities ...... | 348,436 | (1,196,856) | (4,354,045) |
Cash flows from financing activities | |||
Increase (decrease) in short-term debt ................ | (164,899) | 142,688 | 66,953 |
Proceeds from long-term debt ...................... | 513,371 | 474,535 | 533,333 |
Payments of long-term debt ........................ | (1,818,653) | (637,982) | (634,215) |
Dividends paid to Toyota Motor Corporation common | |||
shareholders .................................. | (709,872) | (727,980) | (880,197) |
Dividends paid to non-controlling interests ............ | (49,629) | (79,782) | (85,991) |
Reissuance (repurchase) of treasury stock ............. | (404,718) | (431,099) | (231,069) |
Other, net ...................................... | — | 21,458 | (7,570) |
Net cash provided by (used in) financing activities ...... | (2,634,401) | (1,238,161) | (1,238,756) |
Effect of exchange rate changes on cash and cash | |||
equivalents ....................................... | 185,237 | 1,690 | (32,862) |
Net increase (decrease) in cash and cash equivalents ......... | 1,025,373 | 1,248,876 | 1,344,419 |
Cash and cash equivalents at beginning of year ............. | 3,274,149 | 4,299,522 | 5,548,398 |
Cash and cash equivalents at end of year .................. | 4,299,522 | 5,548,398 | 6,892,817 |
Yen in millions | |||
For the year ended | For the year ended | For the year ended | |
March 31, 2022 | March 31, 2023 | March 31, 2024 | |
(Financial Services Business) | |||
Cash flows from operating activities | |||
Net income ..................................... | 485,690 | 297,600 | 420,000 |
Depreciation and amortization ...................... | 761,801 | 799,156 | 784,013 |
Interest income and interest costs related to financial | |||
services, net ................................... | (360,837) | (703,971) | (734,880) |
Share of profit (loss) of investments accounted for using | |||
the equity method .............................. | (7,831) | (9,739) | (10,357) |
Income tax expense ............................... | 171,327 | 134,903 | 151,785 |
Changes in operating assets and liabilities, and other .... | (623,051) | (1,958,779) | (4,100,301) |
Interest received ................................. | 742,364 | 1,291,100 | 1,858,816 |
Dividends received ............................... | 4,740 | 5,599 | 5,236 |
Interest paid .................................... | (384,006) | (574,650) | (1,065,757) |
Income taxes paid, net of refunds .................... | (264,876) | (16,883) | (90,874) |
Net cash provided by (used in) operating activities ...... | 525,321 | (735,664) | (2,782,318) |
Cash flows from investing activities | |||
Additions to fixed assets excluding equipment leased to | |||
others ........................................ | (10,366) | (10,472) | (31,208) |
Additions to equipment leased to others ............... | (2,135,437) | (1,759,564) | (2,714,336) |
Proceeds from sales of fixed assets excluding equipment | |||
leased to others ................................ | 1,530 | 1,865 | 2,155 |
Proceeds from sales of equipment leased to others ...... | 1,496,949 | 1,614,965 | 1,961,077 |
Additions to intangible assets ....................... | (10,650) | (14,985) | (16,680) |
Additions to public and corporate bonds and stocks ..... | (523,323) | (646,237) | (333,613) |
Proceeds from sales of public and corporate bonds and | |||
stocks and upon maturity of public and corporate | |||
bonds ........................................ | 213,291 | 440,915 | 494,085 |
Other, net ...................................... | 113,635 | (30,385) | 14,732 |
Net cash provided by (used in) investing activities ...... | (854,370) | (403,898) | (623,788) |
Cash flows from financing activities | |||
Increase (decrease) in short-term debt ................ | (488,495) | 171,293 | 339,666 |
Proceeds from long-term debt ...................... | 7,800,854 | 8,892,261 | 11,620,147 |
Payments of long-term debt ........................ | (7,142,750) | (7,868,820) | (8,221,432) |
Dividends paid to non-controlling interests ............ | (2,094) | (5,204) | (4,318) |
Other, net ...................................... | — | 2,853 | (57) |
Net cash provided by (used in) financing activities ...... | 167,516 | 1,192,382 | 3,734,005 |
Effect of exchange rate changes on cash and cash | |||
equivalents ....................................... | 148,958 | 101,615 | 222,776 |
Net increase (decrease) in cash and cash equivalents ......... | (12,575) | 154,436 | 550,675 |
Cash and cash equivalents at beginning of year ............. | 1,826,707 | 1,814,133 | 1,968,568 |
Cash and cash equivalents at end of year .................. | 1,814,133 | 1,968,568 | 2,519,244 |
(Consolidated) | |||
Effect of exchange rate changes on cash and cash | |||
equivalents ....................................... | 334,195 | 103,305 | 189,914 |
Net increase (decrease) in cash and cash equivalents ......... | 1,012,798 | 1,403,311 | 1,895,094 |
Cash and cash equivalents at beginning of year ............. | 5,100,857 | 6,113,655 | 7,516,966 |
Cash and cash equivalents at end of year .................. | 6,113,655 | 7,516,966 | 9,412,060 |
Yen in millions | |||||||
Inter-segment | |||||||
Elimination/ | |||||||
North | Unallocated | ||||||
Japan | America | Europe | Asia | Other | Amount | Consolidated | |
Sales revenues | |||||||
Revenues from external | |||||||
customers .......... | 8,214,740 10,897,946 3,692,214 5,778,115 2,796,493 | — | 31,379,507 | ||||
Inter-segment revenues | |||||||
and transfers ........ | 7,776,696 | 268,534 | 175,633 | 752,452 | 131,690 | (9,105,004) | — |
Total ............ | 15,991,436 11,166,479 3,867,847 6,530,566 2,928,183 | (9,105,004) 31,379,507 | |||||
Operating expenses ......... | 14,567,991 10,600,695 3,704,874 5,858,216 2,690,014 | (9,037,980) 28,383,811 | |||||
Operating income .......... | 1,423,445 | 565,784 | 162,973 | 672,350 | 238,169 | (67,024) | 2,995,697 |
Total assets ............... | 21,502,155 23,353,812 5,711,271 7,461,812 4,309,248 | 5,350,474 67,688,771 | |||||
Non-current assets .......... | 5,501,046 | 6,251,499 | 891,146 | 977,235 | 537,631 | — | 14,158,559 |
As of and for the year ended March 31, 2023 |
Yen in millions | |||||||
Inter-segment | |||||||
Elimination/ | |||||||
North | Unallocated | ||||||
Japan | America | Europe | Asia | Other | Amount | Consolidated | |
Sales revenues | |||||||
Revenues from external | |||||||
customers .......... | 9,122,282 13,509,027 4,097,537 7,076,922 3,348,530 | — | 37,154,298 | ||||
Inter-segment revenues | |||||||
and transfers ........ | 8,460,914 | 334,874 | 176,198 | 967,984 | 123,663 | (10,063,633) | — |
Total ............ | 17,583,196 13,843,901 4,273,735 8,044,906 3,472,193 | (10,063,633) 37,154,298 | |||||
Operating expenses ......... | 15,681,733 13,918,637 4,216,276 7,330,455 3,240,832 | (9,958,659) 34,429,273 | |||||
Operating income (loss) ..... | 1,901,463 | (74,736) | 57,460 | 714,451 | 231,362 | (104,974) | 2,725,025 |
Total assets ............... | 23,241,334 26,024,734 6,813,474 7,908,520 4,726,373 | 5,588,745 74,303,180 | |||||
Non-current assets .......... | 5,658,859 | 6,255,561 1,042,726 1,031,057 | 565,377 | — | 14,553,580 |
Yen in millions | |||||||
Inter-segment | |||||||
Elimination/ | |||||||
North | Unallocated | ||||||
Japan | America | Europe | Asia | Other | Amount | Consolidated | |
Sales revenues | |||||||
Revenues from external | |||||||
customers .......... | 10,193,556 17,624,268 5,503,738 7,604,269 4,169,494 | — | 45,095,325 | ||||
Inter-segment revenues | |||||||
and transfers ........ | 10,827,165 | 318,805 | 178,026 1,126,479 | 220,292 | (12,670,767) | — | |
Total ............ | 21,020,721 17,943,072 5,681,764 8,730,749 4,389,785 | (12,670,767) 45,095,325 | |||||
Operating expenses ......... | 17,536,451 17,436,753 5,293,668 7,865,158 4,191,441 | (12,581,079) 39,742,390 | |||||
Operating income .......... | 3,484,270 | 506,319 | 388,096 | 865,591 | 198,345 | (89,687) | 5,352,934 |
Total assets ............... | 24,711,142 31,886,959 8,749,680 9,096,282 6,167,902 | 9,502,332 90,114,296 | |||||
Non-current assets .......... | 5,827,404 | 7,374,724 1,407,680 1,190,348 | 686,104 | — | 16,486,260 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Japan .................................................. | 6,425,184 | 6,742,304 | 7,399,192 |
North America ........................................... | 10,953,472 | 13,578,084 | 17,694,375 |
Europe ................................................. | 3,495,785 | 3,970,857 | 5,396,610 |
Asia ................................................... | 6,017,646 | 7,150,555 | 7,742,141 |
Other .................................................. | 4,487,420 | 5,712,497 | 6,863,007 |
Total .............................................. | 31,379,507 | 37,154,298 | 45,095,325 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Cash and deposits ..................................................... | 5,948,297 | 6,245,257 |
Negotiable certificate of deposit and other .................................. | 1,568,669 | 3,166,803 |
Total ........................................................... | 7,516,966 | 9,412,060 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Accounts and notes receivables .......................................... | 2,757,412 | 2,672,434 |
Other receivables ..................................................... | 870,398 | 1,149,679 |
Allowance for doubtful accounts ......................................... | (41,679) | (32,684) |
Total ........................................................... | 3,586,130 | 3,789,429 |
Yen in millions | ||
For the years ended March 31, | ||
2023 | 2024 | |
Allowance for doubtful accounts at beginning of year ......................... | 110,793 | 121,628 |
Provision for doubtful accounts, net of reversal .............................. | 8,844 | 4,708 |
Write-offs ........................................................... | (3,496) | (3,759) |
Other ............................................................... | 5,487 | (472) |
Allowance for doubtful accounts at end of year .............................. | 121,628 | 122,105 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Retail ............................................................... | 20,201,004 | 25,489,945 |
Finance leases ........................................................ | 2,503,369 | 3,143,424 |
Wholesale and other dealer loans ......................................... | 3,461,421 | 5,005,766 |
Total ........................................................... | 26,165,794 | 33,639,135 |
Deferred origination costs ............................................... | 359,743 | 439,613 |
Less - Unearned income ................................................ | (1,418,272) | (1,970,115) |
Less - Allowance for credit losses | ||
Retail ........................................................... | (274,871) | (336,152) |
Finance leases .................................................... | (36,920) | (46,909) |
Wholesale and other dealer loans ..................................... | (24,622) | (31,213) |
Total finance receivables, net ............................................ | 24,770,851 | 31,694,359 |
Current assets ........................................................ | 8,279,806 | 11,057,269 |
Non-current assets ..................................................... | 16,491,045 | 20,637,090 |
Total finance receivables, net ............................................ | 24,770,851 | 31,694,359 |
Yen in millions | |||
March 31, 2023 | |||
Wholesale and other | |||
Retail | Finance leases | dealer loans | |
Within 1 year ......................................... | 5,822,035 | 736,347 | 2,101,711 |
Between 1 and 2 years .................................. | 4,599,678 | 534,414 | 402,642 |
Between 2 and 3 years .................................. | 3,930,516 | 402,625 | 266,593 |
Between 3 and 4 years .................................. | 3,013,894 | 196,046 | 142,888 |
Between 4 and 5 years .................................. | 1,737,460 | 64,676 | 145,964 |
Later than 5 years ...................................... | 1,097,422 | 13,540 | 401,622 |
Total ............................................ | 20,201,004 | 1,947,649 | 3,461,421 |
Yen in millions | |||
March 31, 2024 | |||
Wholesale and other | |||
Retail | Finance leases | dealer loans | |
Within 1 year ......................................... | 7,063,873 | 961,583 | 3,587,124 |
Between 1 and 2 years .................................. | 5,791,490 | 673,115 | 441,004 |
Between 2 and 3 years .................................. | 5,034,539 | 505,715 | 223,112 |
Between 3 and 4 years .................................. | 3,864,320 | 265,727 | 185,210 |
Between 4 and 5 years .................................. | 2,334,787 | 96,648 | 142,215 |
Later than 5 years ...................................... | 1,400,936 | 17,703 | 427,100 |
Total ............................................ | 25,489,945 | 2,520,492 | 5,005,766 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Lease payments ........................................................ | 1,947,649 | 2,520,492 |
Estimated unguaranteed residual values ..................................... | 555,720 | 622,932 |
Total ........................................................ | 2,503,369 | 3,143,424 |
Deferred origination costs ................................................ | 18,587 | 20,999 |
Less - Unearned income ................................................. | (224,761) | (320,223) |
Less - Allowance for credit losses ......................................... | (36,920) | (46,909) |
Finance leases receivables, net ........................................ | 2,260,275 | 2,797,291 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Financial assets measured at amortized cost | ||
Time deposits ..................................................... | 206,494 | 1,606,834 |
Other ............................................................ | 766,455 | 824,448 |
Financial assets measured at fair value through profit or loss | ||
Public and corporate bonds ........................................... | 193,816 | 221,743 |
Stocks ........................................................... | 168,214 | 212,393 |
Derivatives ....................................................... | 610,340 | 552,921 |
Other ............................................................ | 496,052 | 553,174 |
Financial assets measured at fair value through other comprehensive income | ||
Public and corporate bonds ........................................... | 6,409,119 | 8,279,783 |
Stocks ........................................................... | 3,413,780 | 3,829,893 |
Other ............................................................ | 7,838 | 11,537 |
Total ........................................................ | 12,272,107 | 16,092,727 |
Current assets ......................................................... | 1,715,675 | 4,702,168 |
Non-current assets ...................................................... | 10,556,431 | 11,390,559 |
Total ........................................................ | 12,272,107 | 16,092,727 |
Yen in millions | ||
March 31, | ||
Issue | 2023 | 2024 |
KDDI CORPORATION ................................................. | 1,296,639 | 1,134,370 |
MS&AD Insurance Group Holdings, Inc ..................................... | 216,053 | 427,950 |
NIPPON TELEGRAPH AND TELEPHONE CORPORATION ................. | 320,073 | 363,131 |
Mitsubishi UFJ Financial Group, Inc ........................................ | 126,754 | 232,760 |
Renesas Electronics Corporation .......................................... | 143,543 | 200,330 |
Yen in millions | ||
For the years ended | ||
March 31, | ||
2023 | 2024 | |
Total fair value ........................................................ | 69,028 | 346,154 |
Accumulated other comprehensive income, net ............................... | 35,124 | 247,475 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Products .............................................................. | 2,317,143 | 2,796,831 |
Work in process ........................................................ | 530,915 | 496,471 |
Raw materials ......................................................... | 1,239,535 | 1,117,950 |
Supplies and other ...................................................... | 168,021 | 194,116 |
Total ............................................................ | 4,255,614 | 4,605,368 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Associates ............................................................ | 4,169,573 | 4,616,598 |
Joint ventures .......................................................... | 1,057,773 | 1,093,508 |
Total ............................................................ | 5,227,345 | 5,710,106 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Net income | |||
Associates ................................................ | 324,480 | 326,931 | 478,405 |
Joint ventures .............................................. | 235,866 | 316,132 | 284,732 |
Total ................................................ | 560,346 | 643,063 | 763,137 |
Other comprehensive income, net of tax | |||
Associates ................................................ | 241,264 | 99,737 | 269,753 |
Joint ventures .............................................. | 66,187 | 3,295 | 52,361 |
Total ................................................ | 307,451 | 103,033 | 322,114 |
Comprehensive income | |||
Associates ................................................ | 565,744 | 426,669 | 748,158 |
Joint ventures .............................................. | 302,053 | 319,428 | 337,093 |
Total ................................................ | 867,798 | 746,096 | 1,085,251 |
Yen in millions | ||||||
Vehicles and | ||||||
Machinery and | equipment on | Construction | ||||
Land | Buildings | equipment | operating leases | in progress | Total | |
Balance as of April 1, 2022 ....... | 1,361,791 | 5,284,620 | 13,982,362 | 6,781,229 | 565,528 | 27,975,530 |
Additions ................. | 14,990 | 75,098 | 433,393 | 1,916,239 | 934,847 | 3,374,566 |
Sales or disposal ............ | (14,680) | (76,482) | (599,825) | (2,516,466) | (13,684) | (3,221,137) |
Reclassification from | ||||||
construction in progress .... | 50,494 | 88,625 | 480,805 | 167 | (620,091) | — |
Foreign currency translation | ||||||
adjustments .............. | 10,458 | 67,274 | 437,649 | 524,175 | 13,503 | 1,053,058 |
Other ..................... | 3,317 | 25,676 | 62,235 | 69,083 | (33,236) | 127,075 |
Balance as of March 31, 2023 ..... | 1,426,370 | 5,464,811 | 14,796,619 | 6,774,427 | 846,866 | 29,309,093 |
Additions ................. | 5,217 | 136,241 | 581,930 | 2,893,569 | 1,075,590 | 4,692,547 |
Sales or disposal ............ | (14,729) | (39,296) | (545,829) | (2,974,283) | (4,771) | (3,578,908) |
Reclassification from | ||||||
construction in progress .... | 5,691 | 138,013 | 776,356 | 236 | (920,295) | — |
Foreign currency translation | ||||||
adjustments .............. | 27,296 | 153,948 | 919,653 | 812,366 | 56,654 | 1,969,916 |
Other ..................... | (8,033) | 31,032 | (59,696) | 17,596 | (13,856) | (32,956) |
Balance as of March 31, 2024 ..... | 1,441,811 | 5,884,749 | 16,469,032 | 7,523,911 | 1,040,188 | 32,359,692 |
Yen in millions | ||||||
Vehicles and | ||||||
Machinery and | equipment on | Construction | ||||
Land | Buildings | equipment | operating leases | in progress | Total | |
Balance as of April 1, 2022 ...... | (6,379) (3,375,598) (10,762,953) | (1,503,668) | (292) (15,648,890) | |||
Depreciation .............. | — | (148,981) | (921,037) | (856,921) | — | (1,926,939) |
Impairment losses .......... | (393) | (10,517) | (17,358) | — | (2,846) | (31,114) |
Sales or disposal ........... | 150 | 63,448 | 559,467 | 860,708 | — | 1,483,773 |
Foreign currency translation | ||||||
adjustments ............. | (178) | (39,793) | (334,617) | (96,936) | (2) | (471,526) |
Other .................... | (513) | (17,746) | (53,167) | (8,928) | (71) | (80,423) |
Balance as of March 31, 2023 .... | (7,313) (3,529,186) (11,529,666) | (1,605,744) | (3,210) (16,675,119) | |||
Depreciation .............. | — | (139,999) | (974,181) | (842,931) | — | (1,957,111) |
Impairment losses .......... | — | (208) | (18,862) | — | — | (19,069) |
Sales or disposal ........... | 579 | 34,067 | 498,703 | 962,901 | 3 | 1,496,254 |
Foreign currency translation | ||||||
adjustments ............. | (825) | (84,432) | (666,255) | (162,784) | 2,810 | (911,486) |
Other .................... | 574 | (34,029) | (29,354) | 29,549 | (2,112) | (35,373) |
Balance as of March 31, 2024 .... | (6,985) (3,753,786) (12,719,614) | (1,619,009) | (2,510) (18,101,905) |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Vehicles .............................................................. | 6,759,024 | 7,471,187 |
Equipment ............................................................. | 15,403 | 52,724 |
6,774,427 | 7,523,911 | |
Less - Accumulated depreciation ........................................... | (1,605,744) | (1,619,009) |
Vehicles and equipment on operating leases, net ........................... | 5,168,683 | 5,904,902 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Within 1 year ...................................................... | 885,757 | 1,003,221 |
Between 1 and 2 years ............................................... | 497,218 | 678,342 |
Between 2 and 3 years ............................................... | 216,227 | 314,496 |
Between 3 and 4 years ............................................... | 59,004 | 77,715 |
Between 4 and 5 years ............................................... | 21,022 | 28,267 |
Later than 5 years ................................................... | 10,484 | 13,619 |
Total future rentals .............................................. | 1,689,712 | 2,115,660 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Types of original assets | ||
Land ............................................................. | 64,717 | 60,388 |
Buildings ......................................................... | 333,698 | 341,408 |
Other ............................................................ | 92,953 | 131,040 |
Total ......................................................... | 491,368 | 532,835 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Depreciation of right of use assets | ||
Land ............................................................. | 5,217 | 9,699 |
Buildings .......................................................... | 42,408 | 69,962 |
Other ............................................................. | 36,566 | 42,038 |
Total ......................................................... | 84,191 | 121,698 |
Interest expense on lease liabilities ......................................... | 5,429 | 6,152 |
Short-term leases ....................................................... | 97,025 | 103,544 |
186,645 | 231,394 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Within 1 year .......................................................... | 74,780 | 83,145 |
Between 1 and 5 years ................................................... | 179,026 | 190,511 |
Later than 5 years ....................................................... | 254,096 | 244,107 |
Future lease payment, total ............................................ | 507,902 | 517,763 |
Less - Interest expense ............................................... | (51,781) | (55,195) |
Present value of lease payment, total ................................ | 456,120 | 462,568 |
Current liabilities ................................................... | 66,870 | 73,456 |
Non-current liabilities ................................................ | 389,250 | 389,112 |
Present value of lease payment, total ................................ | 456,120 | 462,568 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Capitalized development costs ............................................. | 669,612 | 638,337 |
Software and other ...................................................... | 579,510 | 716,989 |
Total ............................................................. | 1,249,122 | 1,355,326 |
Yen in millions | |||
Capitalized | |||
development costs | Software and other | Total | |
Balance as of April 01, 2022 ............................ | 1,141,234 | 827,232 | 1,968,466 |
Additions ....................................... | — | 40,655 | 40,655 |
Internally developed ............................... | 181,634 | 98,040 | 279,674 |
Sales or disposal .................................. | (164,898) | (38,473) | (203,372) |
Foreign currency translation adjustments .............. | 1,465 | 20,886 | 22,351 |
Other ........................................... | — | 17,056 | 17,056 |
Balance as of March 31, 2023 ........................... | 1,159,435 | 965,395 | 2,124,830 |
Additions ....................................... | — | 109,051 | 109,051 |
Internally developed ............................... | 124,788 | 136,107 | 260,895 |
Sales or disposal .................................. | (230,512) | (133,477) | (363,989) |
Foreign currency translation adjustments .............. | 4,622 | 42,104 | 46,726 |
Other ........................................... | — | 20,715 | 20,715 |
Balance as of March 31, 2024 ........................... | 1,058,334 | 1,139,895 | 2,198,228 |
Yen in millions | |||
Capitalized | |||
development costs | Software and other | Total | |
Balance as of April 01, 2022 ............................. | (477,472) | (299,028) | (776,500) |
Amortization ..................................... | (164,512) | (112,965) | (277,477) |
Sales or disposal ................................... | 152,161 | 37,901 | 190,062 |
Foreign currency translation adjustments ............... | — | (10,533) | (10,533) |
Other ........................................... | — | (1,261) | (1,261) |
Balance as of March 31, 2023 ............................ | (489,823) | (385,886) | (875,708) |
Amortization ..................................... | (160,686) | (129,956) | (290,642) |
Sales or disposal ................................... | 230,512 | 117,841 | 348,353 |
Foreign currency translation adjustments ............... | — | (22,633) | (22,633) |
Other ........................................... | — | (2,272) | (2,272) |
Balance as of March 31, 2024 ............................ | (419,997) | (422,905) | (842,902) |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Deferred tax assets | ||
Defined benefit plan liabilities ........................................ | 120,007 | 100,770 |
Accrued expenses and liabilities for quality assurance ..................... | 662,425 | 724,325 |
Other accrued employees’ compensation ................................ | 127,668 | 138,219 |
Operating loss carryforwards for tax purposes ............................ | 191,906 | 50,214 |
Allowance for doubtful accounts and credit losses ........................ | 94,639 | 103,860 |
Property, plant and equipment and other assets ........................... | 252,441 | 296,739 |
Other ............................................................ | 463,250 | 569,648 |
Total deferred tax assets ......................................... | 1,912,336 | 1,983,775 |
Deferred tax liabilities | ||
Changes in fair value of financial instruments measured in other comprehensive | ||
income ......................................................... | (737,156) | (1,015,448) |
Undistributed earnings of foreign subsidiaries ............................ | (39,496) | (42,365) |
Undistributed earnings of associates and joint ventures ..................... | (1,076,742) | (1,176,045) |
Basis difference of acquired assets ..................................... | (78,206) | (82,852) |
Capitalized development costs ........................................ | (201,120) | (189,496) |
Lease transactions .................................................. | (972,158) | (897,291) |
Other ............................................................ | (222,378) | (297,686) |
Total deferred tax liabilities ...................................... | (3,327,255) | (3,701,183) |
Net deferred tax assets and liabilities ............................... | (1,414,919) | (1,717,408) |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Defined benefit plan liabilities ............................... | 4,203 | 802 | (4,333) |
Accrued expenses and liabilities for quality assurance ............. | (40,761) | 26,942 | 40,626 |
Other accrued employees’ compensation ....................... | (968) | (2,745) | 6,925 |
Operating loss carryforwards for tax purposes ................... | 38,119 | 116,344 | (133,776) |
Allowance for doubtful accounts and credit losses ................ | (4,902) | 4,474 | (551) |
Property, plant and equipment and other assets .................. | (9,795) | 24,850 | 11,518 |
Undistributed earnings of foreign subsidiaries ................... | (33,349) | 12,391 | (2,869) |
Undistributed earnings of associates and joint ventures ............ | (71,405) | (63,520) | (43,526) |
Basis difference of acquired assets ............................ | (11,270) | (12,075) | 1,152 |
Capitalized development costs ............................... | (9,708) | 4,003 | 12,824 |
Lease transactions ......................................... | 103,098 | (487,702) | 186,196 |
Other ................................................... | 111,603 | 44,144 | 88,582 |
Total ................................................ | 74,864 | (332,091) | 162,768 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Deductible temporary difference ......................................... | 968,060 | 1,292,277 |
Carryforwards of tax losses ............................................. | 712,357 | 762,196 |
Carryforwards of tax credit .............................................. | 115,809 | 95,462 |
Total ........................................................... | 1,796,225 | 2,149,935 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Within 5 years ........................................................ | 75,839 | 7,791 |
Between 5 and 10 years ................................................ | 313,895 | 357,421 |
Later than 10 years .................................................... | 322,623 | 396,984 |
Total ........................................................... | 712,357 | 762,196 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Within 5 years ........................................................ | 10,018 | 4,764 |
Between 5 and 10 years ................................................ | 18,107 | 3,680 |
Later than 10 years .................................................... | 87,684 | 87,018 |
Total ........................................................... | 115,809 | 95,462 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Current income tax expense: | |||
TMC and domestic subsidiaries ............................. | 672,077 | 758,772 | 1,432,299 |
Foreign subsidiaries ...................................... | 518,705 | 84,902 | 624,134 |
Total current ........................................ | 1,190,782 | 843,674 | 2,056,433 |
Deferred income tax expense (benefit): | |||
TMC and domestic subsidiaries ............................. | 42,131 | 27,783 | (42,906) |
Foreign subsidiaries ...................................... | (116,995) | 304,308 | (119,862) |
Total deferred ....................................... | (74,864) | 332,091 | (162,768) |
Total income tax expense .............................. | 1,115,918 | 1,175,765 | 1,893,665 |
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Statutory tax rate ............................................... | 30.9% | 30.9% | 30.9% |
Increase (reduction) in taxes resulting from: | |||
Non-deductible expenses ..................................... | 0.6 | 0.8 | 0.3 |
Tax-exempt income ......................................... | (0.3) | (0.4) | (0.2) |
Deferred tax liabilities on undistributed earnings of foreign | |||
subsidiaries ............................................. | 1.3 | 1.1 | 0.6 |
Effects of investments accounted for using the equity method ........ | (4.3) | (5.4) | (3.4) |
Deferred tax liabilities on undistributed earnings of associates and joint | |||
ventures ................................................ | 2.6 | 3.1 | 2.1 |
Change in unrecognized deferred tax assets ...................... | 3.7 | 6.3 | 0.4 |
Tax credits ................................................ | (2.7) | (3.5) | (2.1) |
The difference between the statutory tax rate in Japan and that of | |||
foreign subsidiaries ....................................... | (3.1) | (1.5) | (2.0) |
Unrecognized tax benefits adjustments .......................... | (0.3) | 0.4 | — |
Other .................................................... | (0.3) | 0.3 | 0.6 |
Average effective tax rate ........................................ | 28.0% | 32.0% | 27.2% |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Accounts and notes payables ................................................ | 3,819,334 | 3,828,068 |
Other payables ........................................................... | 1,166,974 | 1,423,289 |
Total .............................................................. | 4,986,309 | 5,251,357 |
Yen in millions | ||||||||
Non-cash changes | ||||||||
Changes | ||||||||
in foreign | ||||||||
currency | ||||||||
As of | exchange | Changes | As of | |||||
April 1, 2022 | Cash flow | Acquisitions | Reclassification | rates | in fair value | Other | March 31, 2023 | |
Current liabilities | ||||||||
Short-term debt .............. | 4,104,858 | 239,689 | — | — | 231,700 | — | 13,926 | 4,590,173 |
Current portion of long-term | ||||||||
debt ..................... | 7,026,845 | (8,283,375) | — | 8,380,467 | 467,956 | — | 56,704 | 7,648,596 |
Current portion of long-term | ||||||||
lease liabilities ............ | 56,136 | (69,658) | — | 39,311 | 1,424 | — | 39,657 | 66,870 |
Current liabilities ........ | 11,187,839 | (8,113,344) | — | 8,419,778 | 701,080 | — | 110,286 | 12,305,639 |
Non-current liabilities | ||||||||
Long-term debt .............. | 14,943,727 | 9,276,918 | — | (8,380,467) | 836,348 | — | 8,858 | 16,685,384 |
Long-term lease liabilities ..... | 364,792 | — | 116,298 | (39,311) | 9,277 | — | (61,807) | 389,250 |
Class share ................. | — | — | — | — | — | — | — | — |
Non-current liabilities ..... | 15,308,519 | 9,276,918 | 116,298 | (8,419,778) | 845,626 | — | (52,949) | 17,074,634 |
Total .................. | 26,496,358 | 1,163,574 | 116,298 | — | 1,546,706 | — | 57,337 | 29,380,273 |
Derivatives ..................... | 7,221 | 77,098 | — | — | (5,202) | (141,475) | — | (62,359) |
Yen in millions | ||||||||
Non-cash changes | ||||||||
Changes | ||||||||
in foreign | ||||||||
currency | ||||||||
As of | exchange | Changes | As of | |||||
April 1, 2023 | Cash flow | Acquisitions | Reclassification | rates | in fair value | Other | March 31, 2024 | |
Current liabilities | ||||||||
Short-term debt .............. | 4,590,173 | 401,740 | — | — | 519,138 | — | (23,093) | 5,487,959 |
Current portion of long-term | ||||||||
debt ..................... | 7,648,596 | (8,673,349) | — | 9,974,103 | 896,377 | — | (858) | 9,844,870 |
Current portion of long-term | ||||||||
lease liabilities ............. | 66,870 | (78,981) | — | 77,698 | 3,295 | — | 4,573 | 73,456 |
Class share .................. | — | — | — | — | — | — | — | — |
Current liabilities ......... | 12,305,639 | (8,350,589) | — | 10,051,801 | 1,418,811 | — | (19,378) | 15,406,284 |
Non-current liabilities | ||||||||
Long-term debt .............. | 16,685,384 | 12,057,349 | — | (9,974,103) | 1,933,312 | — | 64,442 | 20,766,384 |
Long-term lease liabilities ...... | 389,250 | — | 101,534 | (77,698) | 20,766 | — | (44,740) | 389,112 |
Non-current liabilities ..... | 17,074,634 | 12,057,349 | 101,534 | (10,051,801) | 1,954,078 | — | 19,702 | 21,155,496 |
Total .................. | 29,380,273 | 3,706,760 | 101,534 | — | 3,372,889 | — | 324 | 36,561,780 |
Derivatives ..................... | (62,359) | 95,572 | — | — | (4,792) | (68,999) | — | (40,578) |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Short-term debt | ||
(Principally from bank) | ||
[Weighted average interest rate | ||
2023 2.02% | ||
2024 2.27%] .............................................. | 916,725 | 1,387,832 |
Commercial paper | ||
[Weighted average interest rate | ||
2023 3.81% | ||
2024 4.53%] .............................................. | 3,673,447 | 4,100,127 |
4,590,173 | 5,487,959 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Unsecured loans | ||
(Principally from bank) | ||
[2023 | ||
Weighted average interest 3.18% | ||
Due 2023 to 2042 | ||
2024 | ||
Weighted average interest 3.68% | ||
Due 2024 to 2042] .......................................... | 5,719,366 | 6,781,268 |
Secured loans | ||
(Principally financial receivables securitization) | ||
[2023 | ||
Weighted average interest 3.82% | ||
Due 2023 to 2034 | ||
2024 | ||
Weighted average interest 4.64% | ||
Due 2024 to 2034] .......................................... | 5,266,411 | 6,458,570 |
Medium-term notes of consolidated subsidiaries | ||
[2023 | ||
Weighted average interest 2.72% | ||
Due 2023 to 2048 | ||
2024 | ||
Weighted average interest 3.58% | ||
Due 2024 to 2048] .......................................... | 10,561,816 | 14,272,962 |
Unsecured bonds of the parent | ||
[2023 | ||
Weighted average interest 1.29% | ||
Due 2023 to 2037 | ||
2024 | ||
Weighted average interest 1.92% | ||
Due 2024 to 2037] .......................................... | 1,127,650 | 1,221,345 |
Unsecured bonds of consolidated subsidiaries | ||
[2023 | ||
Weighted average interest 2.54% | ||
Due 2023 to 2028 | ||
2024 | ||
Weighted average interest 2.75% | ||
Due 2024 to 2029] .......................................... | 1,621,444 | 1,811,271 |
Secured bonds of consolidated subsidiaries | ||
[2023 | ||
Weighted average interest 6.53% | ||
Due 2023 to 2026 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
2024 | ||
Weighted average interest 7.86% | ||
Due 2024 to 2029] .......................................... | 37,294 | 65,837 |
24,333,981 | 30,611,253 | |
Less - Current portion due within one year ............................... | (7,648,596) | (9,844,870) |
16,685,384 | 20,766,384 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Property, plant and equipment ........................................ | 1,498,448 | 1,574,373 |
Other assets ....................................................... | 5,459,877 | 6,731,856 |
Total ........................................................ | 6,958,325 | 8,306,230 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Financial liabilities measured at amortized cost | ||
Deposits received .................................................... | 1,015,094 | 1,205,723 |
Other .............................................................. | 454,756 | 558,039 |
Financial liabilities measured at fair value through profit or loss | ||
Derivatives ......................................................... | 456,257 | 432,189 |
Total .......................................................... | 1,926,107 | 2,195,951 |
Current liabilities ......................................................... | 1,392,397 | 1,700,137 |
Non-current liabilities ..................................................... | 533,710 | 495,814 |
Total .......................................................... | 1,926,107 | 2,195,951 |
Yen in millions | ||||
For the year ended March 31, 2023 | ||||
Lifetime expected credit loss | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Allowance for credit loss at beginning of year .... | 88,125 | 99,465 | 42,514 | 230,104 |
Provision for credit loss, net of reversal ......... | 26,490 | 59,627 | 89,456 | 175,573 |
Charge-offs ................................ | — | — | (91,215) | (91,215) |
Other ..................................... | (18,895) | (34,225) | 13,530 | (39,591) |
Allowance for credit loss at end of year ......... | 95,720 | 124,867 | 54,284 | 274,871 |
Yen in millions | ||||
For the year ended March 31, 2024 | ||||
Lifetime expected credit loss | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Allowance for credit loss at beginning of year .... | 95,720 | 124,867 | 54,284 | 274,871 |
Provision for credit loss, net of reversal ......... | 34,386 | 64,742 | 142,299 | 241,427 |
Charge-offs ................................ | — | — | (150,458) | (150,458) |
Other ..................................... | (19,062) | (41,819) | 31,193 | (29,688) |
Allowance for credit loss at end of year ......... | 111,044 | 147,790 | 77,318 | 336,152 |
Yen in millions | ||||
March 31, 2023 | ||||
Lifetime expected credit loss | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Current ................................... | 17,905,331 | 1,275,170 | — | 19,180,501 |
Past due less than 90 days .................... | 331,040 | 542,999 | 21,469 | 895,509 |
Past due 90 days or more ..................... | — | 416 | 124,580 | 124,995 |
Total ................................. | 18,236,371 | 1,818,584 | 146,049 | 20,201,004 |
Yen in millions | ||||
March 31, 2024 | ||||
Lifetime expected credit loss | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Current ................................... | 22,750,132 | 1,526,798 | — | 24,276,931 |
Past due less than 90 days .................... | 318,524 | 694,558 | 23,761 | 1,036,843 |
Past due 90 days or more ..................... | — | 4,598 | 171,574 | 176,172 |
Total ................................. | 23,068,656 | 2,225,954 | 195,335 | 25,489,945 |
Yen in millions | ||
For the years ended March 31, | ||
2023 | 2024 | |
Allowance for credit loss at beginning of year .............................. | 36,985 | 36,920 |
Provision for credit loss, net of reversal ................................... | 14,926 | 23,617 |
Charge-offs ......................................................... | (7,233) | (7,676) |
Other .............................................................. | (7,757) | (5,952) |
Allowance for credit loss at end of year ................................... | 36,920 | 46,909 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Current ............................................................. | 2,437,467 | 3,057,602 |
Past due less than 90 days .............................................. | 46,296 | 60,316 |
Past due 90 days or more ............................................... | 19,606 | 25,506 |
Total .......................................................... | 2,503,369 | 3,143,424 |
Yen in millions | ||||
For the year ended March 31, 2023 | ||||
Lifetime expected credit loss | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Allowance for credit loss at beginning of year .... | 14,349 | 5,092 | 5,396 | 24,836 |
Provision for credit loss, net of reversal ......... | 3,517 | 1,780 | 551 | 5,847 |
Charge-offs ................................ | — | — | — | — |
Other ..................................... | (3,225) | (2,289) | (547) | (6,062) |
Allowance for credit loss at end of year ......... | 14,640 | 4,582 | 5,399 | 24,622 |
Yen in millions | ||||
For the year ended March 31, 2024 | ||||
Expected credit loss for the entire | ||||
period | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Allowance for credit loss at beginning of year .... | 14,640 | 4,582 | 5,399 | 24,622 |
Provision for credit loss, net of reversal ......... | 6,362 | 2,539 | 1,130 | 10,031 |
Charge-offs ................................ | — | — | (204) | (204) |
Other ..................................... | (3,521) | (1,191) | 1,475 | (3,236) |
Allowance for credit loss at end of year ......... | 17,481 | 5,931 | 7,801 | 31,213 |
Yen in millions | ||||
March 31, 2023 | ||||
Lifetime expected credit loss | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Wholesale and other dealer loan | ||||
Performing ............................ | 3,300,629 | — | — | 3,300,629 |
Credit Watch .......................... | 47,184 | 69,086 | — | 116,270 |
At Risk ............................... | — | 29,780 | 6,708 | 36,487 |
Default ............................... | — | — | 8,034 | 8,034 |
Loan commitments .......................... | 10,704,882 | 65,053 | 572 | 10,770,507 |
Financial guarantee contracts .................. | 3,536,796 | 37,260 | — | 3,574,056 |
Total ............................. | 17,589,491 | 201,179 | 15,314 | 17,805,983 |
Yen in millions | ||||
March 31, 2024 | ||||
Lifetime expected credit loss | ||||
Expected credit | Financial | Credit-impaired | ||
loss for | receivable not | financial | ||
12 months | credit-impaired | receivable | Total | |
Wholesale and other dealer loan | ||||
Performing ............................ | 4,741,270 | — | — | 4,741,270 |
Credit Watch .......................... | 61,078 | 132,721 | — | 193,799 |
At Risk ............................... | — | 45,231 | 4,258 | 49,489 |
Default ............................... | — | — | 21,209 | 21,209 |
Loan commitments .......................... | 11,129,604 | 115,327 | 781 | 11,245,712 |
Financial guarantee contracts .................. | 3,200,368 | 36,964 | — | 3,237,333 |
Total ............................. | 19,132,321 | 330,243 | 26,247 | 19,488,811 |
Yen in millions | ||||||
Maturities | ||||||
Contractual | Between 1 and | Between 3 and | Later than | |||
Book value | cash flows | Within 1 year | 3 years | 5 years | 5 years | |
Non-derivative financial liabilities | ||||||
Short-term debt ................ | 916,725 | (941,708) | (941,708) | — | — | — |
Commercial paper .............. | 3,673,447 | (3,765,973) | (3,765,973) | — | — | — |
Long-term debt ................ | 24,333,981 | (25,829,430) | (8,067,346) | (10,527,952) | (5,609,531) | (1,624,601) |
Lease liabilities ................ | 456,120 | (507,902) | (74,780) | (102,258) | (76,769) | (254,096) |
Total ................. | 29,380,273 (31,045,012) (12,849,807) | (10,630,210) | (5,686,300) | (1,878,696) | ||
Derivative financial liabilities | ||||||
Interest derivative .............. | 296,438 | (315,269) | (41,958) | (155,214) | (109,599) | (8,498) |
Currency derivative | ||||||
In ....................... | — | 835,459 | 58,806 | 187,514 | 589,139 | — |
Out ...................... | 159,819 | (1,017,589) | (90,525) | (220,701) | (706,363) | — |
Total ................. | 456,257 | (497,400) | (73,678) | (188,401) | (226,823) | (8,498) |
Total ............. | 29,836,530 | (31,542,412) (12,923,485) | (10,818,611) | (5,913,123) | (1,887,194) |
Yen in millions | ||||||
Maturities | ||||||
Contractual | Between 1 and | Between 3 and | Later than | |||
Book value | cash flows | Within 1 year | 3 years | 5 years | 5 years | |
Non-derivative financial liabilities | ||||||
Short-term debt ................ | 1,387,832 | (1,398,947) | (1,398,947) | — | — | — |
Commercial paper .............. | 4,100,127 | (4,222,660) | (4,222,660) | — | — | — |
Long-term debt ................ | 30,611,253 | (33,286,908) (10,862,374) | (13,051,900) | (6,770,969) | (2,601,665) | |
Lease liabilities ................ | 462,568 | (517,763) | (83,145) | (115,664) | (74,847) | (244,107) |
Total ................. | 36,561,780 | (39,426,278) (16,567,126) | (13,167,564) | (6,845,816) | (2,845,772) | |
Derivative financial liabilities | ||||||
Interest derivative .............. | 238,503 | (237,685) | (74,298) | (103,424) | (54,923) | (5,040) |
Currency derivative | ||||||
In ....................... | — | 1,127,763 | 150,390 | 433,343 | 362,638 | 181,391 |
Out ...................... | 193,686 | (1,370,175) | (222,251) | (519,535) | (427,529) | (200,860) |
Total ................. | 432,189 | (480,098) | (146,158) | (189,617) | (119,815) | (24,508) |
Total ............. | 36,993,969 | (39,906,376) (16,713,284) | (13,357,180) | (6,965,631) | (2,870,280) |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Medium-term notes ................................................... | 5,215,965 | 4,837,619 |
Corporate bonds ..................................................... | 1,162,511 | 1,639,953 |
Commercial paper .................................................... | 1,153,342 | 1,241,053 |
Total .......................................................... | 7,531,818 | 7,718,625 |
Yen in millions | ||||
VaR | ||||
Year-end | Average | Maximum | Minimum | |
For the year ended March 31, 2023 ............................ | 381,600 | 393,175 | 418,900 | 369,800 |
For the year ended March 31, 2024 ............................ | 411,300 | 403,025 | 413,800 | 389,000 |
Yen in millions | ||
For the years ended March 31, | ||
2023 | 2024 | |
Impact on income before income taxes .................................... | (42,476) | (49,799) |
Impact on other comprehensive income, before tax effect ..................... | (238,820) | (221,420) |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Derivative assets | ||
Derivative financial instruments not designated as hedging instruments: | ||
Interest rate and currency swap | ||
Current assets | ||
- Other financial assets .................................. | 163,777 | 180,657 |
Non-current assets | ||
- Other financial assets .................................. | 404,593 | 355,245 |
Total ............................................ | 568,371 | 535,901 |
Foreign exchange forward and option contracts | ||
Current assets | ||
- Other financial assets .................................. | 41,969 | 17,006 |
Non-current assets | ||
- Other financial assets .................................. | — | 14 |
Total ............................................ | 41,969 | 17,019 |
Total derivative assets .................................................. | 610,340 | 552,921 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Derivative financial liabilities | ||
Derivative financial instruments not designated as hedging instruments: | ||
Interest rate and currency swap | ||
Current liabilities | ||
- Other financial liabilities ............................... | (47,044) | (91,120) |
Non-current liabilities | ||
- Other financial liabilities ............................... | (383,184) | (286,396) |
Total ............................................ | (430,228) | (377,516) |
Foreign exchange forward and option contracts | ||
Current liabilities | ||
- Other financial liabilities ............................... | (26,029) | (54,086) |
Non-current liabilities | ||
- Other financial liabilities ............................... | — | (588) |
Total ............................................ | (26,029) | (54,673) |
Total derivative liabilities ............................................... | (456,257) | (432,189) |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Derivative financial instruments not designated as hedging instruments: | ||
Interest rate and currency swap ........................................ | 25,999,796 | 31,825,306 |
Foreign exchange forward and option contracts ........................... | 3,176,566 | 4,217,529 |
Total ........................................................ | 29,176,362 | 36,042,835 |
Yen in millions | ||||
March 31, 2023 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Other financial assets: | ||||
Financial assets measured at fair value through profit or loss | ||||
Public and corporate bonds ............................... | 98,458 | 88,989 | 6,369 | 193,816 |
Stocks ............................................... | — | — | 168,214 | 168,214 |
Derivative financial instruments ........................... | — | 610,340 | — | 610,340 |
Other ................................................ | 334,071 | 161,981 | — | 496,052 |
Total ............................................ | 432,529 | 861,310 | 174,583 | 1,468,422 |
Financial assets measured at fair value through other comprehensive | ||||
income | ||||
Public and corporate bonds ............................... | 3,976,333 | 2,405,823 | 26,963 | 6,409,119 |
Stocks ............................................... | 3,214,720 | — | 199,060 | 3,413,780 |
Other ................................................ | 7,838 | — | — | 7,838 |
Total ............................................ | 7,198,891 | 2,405,823 | 226,023 | 9,830,736 |
Other financial liabilities: | ||||
Financial liabilities measured at fair value through profit or loss | ||||
Derivative financial instruments ........................... | — | (456,257) | — | (456,257) |
Total ............................................ | — | (456,257) | — | (456,257) |
Yen in millions | ||||
March 31, 2024 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Other financial assets: | ||||
Financial assets measured at fair value through profit or loss | ||||
Public and corporate bonds ............................... | 105,367 | 106,169 | 10,208 | 221,743 |
Stocks ............................................... | — | — | 212,393 | 212,393 |
Derivative financial instruments ........................... | — | 552,921 | — | 552,921 |
Other ........................ ........................ | 288,071 | 265,103 | — | 553,174 |
Total .................... ........................ | 393,438 | 924,193 | 222,601 | 1,540,232 |
Financial assets measured at fair value through other comprehensive | ||||
income | ||||
Public and corporate bonds ............................... | 4,245,238 | 4,013,583 | 20,962 | 8,279,783 |
Stocks ............................................... | 3,641,197 | — | 188,696 | 3,829,893 |
Other ........................ ........................ | 11,537 | — | — | 11,537 |
Total .................... ........................ | 7,897,972 | 4,013,583 | 209,658 | 12,121,213 |
Other financial liabilities: | ||||
Financial liabilities measured at fair value through profit or loss | ||||
Derivative financial instruments ........................... | — | (432,189) | — | (432,189) |
Total .................... ........................ | — | (432,189) | — | (432,189) |
Yen in millions | ||||
For the year ended March 31, 2023 | ||||
Public and corporate | Derivative financial | |||
bonds | Stocks | instruments | Total | |
Balance at beginning of year .................. | 21,852 | 319,294 | — | 341,146 |
Total gains (losses) | ||||
Net income (loss) ...................... | (71) | 9,551 | — | 9,481 |
Other comprehensive income (loss) ........ | — | (10,881) | — | (10,881) |
Purchases and issuances ..................... | — | 15,999 | — | 15,999 |
Sales and settlements ....................... | (3,716) | (14,055) | — | (17,771) |
Transfer to (from) Level 3 ................... | 5,471 | (1,639) | — | 3,832 |
Others ................................... | 9,795 | 49,004 | — | 58,800 |
Balance at end of year ....................... | 33,332 | 367,274 | — | 400,606 |
Unrealized gains or losses included in profit or | ||||
loss on assets held at March 31 .............. | (63) | 9,551 | — | 9,489 |
Total ............................ | (63) | 9,551 | — | 9,489 |
Yen in millions | ||||
For the year ended March 31, 2024 | ||||
Public and corporate | Derivative financial | |||
bonds | Stocks | instruments | Total | |
Balance at beginning of year .................. | 33,332 | 367,274 | — | 400,606 |
Total gains (losses) | ||||
Net income (loss) ...................... | 28 | 22,254 | — | 22,282 |
Other comprehensive income (loss) ........ | — | (6,803) | — | (6,803) |
Purchases and issuances ..................... | 4,910 | 27,768 | — | 32,678 |
Sales and settlements ....................... | (6,155) | (971) | — | (7,126) |
Transfer to (from) Level 3 ................... | 21 | — | — | 21 |
Others ................................... | (967) | (8,432) | — | (9,399) |
Balance at end of year ....................... | 31,170 | 401,089 | — | 432,259 |
Unrealized gains or losses included in profit or | ||||
loss on assets held at March 31 .............. | (40) | 22,254 | — | 22,214 |
Total ............................ | (40) | 22,254 | — | 22,214 |
Yen in millions | |||||
March 31, 2023 | |||||
Fair value | |||||
Carrying amount | Level 1 | Level 2 | Level 3 | Total | |
Receivables related to financial services ..... | 24,770,851 | — | — | 24,741,916 | 24,741,916 |
Interest-bearing liabilities | |||||
Long-term debt (Including current | |||||
portion) ........................ | 24,333,981 | — | 18,598,205 | 5,149,410 | 23,747,616 |
Yen in millions | |||||
March 31, 2024 | |||||
Fair value | |||||
Carrying amount | Level 1 | Level 2 | Level 3 | Total | |
Receivables related to financial services ..... | 31,694,359 | — | — | 31,787,879 | 31,787,879 |
Interest-bearing liabilities | |||||
Long-term debt (Including current | |||||
portion) ........................ | 30,611,253 | — | 23,941,863 | 6,261,858 | 30,203,722 |
Yen in millions | ||||
March 31, 2023 | ||||
Gross amounts of | ||||
recognized | Amounts not offset | |||
financial assets | Collateral of | |||
and financial | Financial | financial | ||
liabilities | instruments | instruments | Net amount | |
Other financial assets Derivatives ................... | 610,340 | (196,423) | (206,087) | 207,830 |
Other financial liabilities Derivatives ................ | 456,257 | (196,423) | (97,794) | 162,040 |
Yen in millions | ||||
March 31, 2024 | ||||
Gross amounts of | ||||
recognized | Amounts not offset | |||
financial assets | Collateral of | |||
and financial | Financial | financial | ||
liabilities | instruments | instruments | Net amount | |
Other financial assets Derivatives ................... | 552,921 | (94,647) | (130,363) | 327,911 |
Other financial liabilities Derivatives ................ | 432,189 | (94,647) | (52,497) | 285,045 |
Yen in millions | ||||
For the years ended March 31, | ||||
2023 | 2024 | |||
Japanese plans | Foreign plans | Japanese plans | Foreign plans | |
Present value of defined benefit obligations: | ||||
Benefit obligations at beginning of year ........ | 2,077,151 | 1,487,644 | 1,964,655 | 1,423,263 |
Current service cost ....................... | 87,452 | 55,000 | 80,133 | 45,581 |
Interest cost .............................. | 14,816 | 57,079 | 21,666 | 73,014 |
Remeasurements: | ||||
Changes in demographic assumptions ..... | 2,707 | 30,743 | 850 | 1,337 |
Changes in financial assumptions ......... | (120,279) | (258,990) | (74,816) | (16,818) |
Other ............................... | (9,673) | 18,248 | (2,926) | 2,222 |
Past service cost .......................... | (1,419) | 3,405 | 418 | (18) |
Plan participants’ contributions .............. | 1,523 | 3,575 | 1,143 | 3,835 |
Benefits paid ............................. | (87,624) | (60,614) | (90,283) | (64,789) |
Effect of changes in exchange rates and other . . . | — | 87,173 | (2,501) | 183,389 |
Benefit obligations at end of year ............. | 1,964,655 | 1,423,263 | 1,898,339 | 1,651,016 |
Fair value of plan assets: | ||||
Plan assets at beginning of year .............. | 1,844,819 | 1,224,656 | 1,840,586 | 1,109,394 |
Interest income ........................... | 13,576 | 48,386 | 21,377 | 73,033 |
Remeasurement ........................... | ||||
Actual return on plan assets, excluding | ||||
interest income ..................... | (8,619) | (216,474) | 266,101 | (30,407) |
Employer contributions .................... | 32,682 | 16,421 | 47,459 | 18,252 |
Plan participants’ contributions .............. | 1,523 | 3,575 | 1,143 | 3,835 |
Benefits paid ............................. | (43,397) | (34,017) | (47,610) | (34,845) |
Effect of changes in exchange rates and other . . . | — | 66,849 | (579) | 145,656 |
Plan assets at end of year ................... | 1,840,586 | 1,109,394 | 2,128,476 | 1,284,918 |
The impact of minimum funding requirement and | ||||
asset ceiling ................................ | — | — | 268,228 | — |
Net defined benefit liability (asset) ............... | 124,069 | 313,869 | 38,092 | 366,098 |
Yen in millions | ||||
March 31, | ||||
2023 | 2024 | |||
Japanese plans | Foreign plans | Japanese plans | Foreign plans | |
Funded defined benefit obligations ............... | 1,466,825 | 1,076,433 | 1,415,507 | 1,250,773 |
Plan assets ................................... | (1,840,586) | (1,109,394) | (2,128,476) | (1,284,918) |
The impact of minimum funding requirement and | ||||
asset ceiling ................................ | — | — | 268,228 | — |
Subtotal ..................................... | (373,761) | (32,961) | (444,741) | (34,145) |
Unfunded defined benefit obligations ............. | 497,830 | 346,830 | 482,833 | 400,243 |
Total ................................... | 124,069 | 313,869 | 38,092 | 366,098 |
Yen in millions | ||||
March 31, | ||||
2023 | 2024 | |||
Japanese plans | Foreign plans | Japanese plans | Foreign plans | |
Retirement benefit liabilities .................... | 642,774 | 422,734 | 597,641 | 480,320 |
Other non-current assets (Retirement benefit | ||||
assets) .................................... | (518,705) | (108,865) | (559,550) | (114,222) |
Net amount recognized ..................... | 124,069 | 313,869 | 38,092 | 366,098 |
March 31, | ||||
2023 | 2024 | |||
Japanese plans | Foreign plans | Japanese plans | Foreign plans | |
Discount rate ................................. | 1.1% | 5.0% | 1.4% | 5.2% |
Yen in millions | ||||||
March 31, 2023 | ||||||
Japanese plans | Foreign plans | |||||
Quoted prices in active | Quoted prices in active | |||||
markets | markets | |||||
Available | Not available | Total | Available | Not available | Total | |
Stocks ......................... | 440,946 | — | 440,946 | 177,564 | — | 177,564 |
Government bonds ............... | 108,570 | 15 | 108,585 | 121,568 | — | 121,568 |
Bonds (other) ................... | — | 84,234 | 84,234 | — | 185,395 | 185,395 |
Commingled funds ............... | — | 492,915 | 492,915 | — | 394,228 | 394,228 |
Insurance contracts ............... | — | 209,261 | 209,261 | — | — | — |
Other .......................... | 295,452 | 209,193 | 504,645 | 14,520 | 216,118 | 230,638 |
Total ...................... | 844,968 | 995,618 | 1,840,586 | 313,652 | 795,742 | 1,109,394 |
Yen in millions | ||||||
March 31, 2024 | ||||||
Japanese plans | Foreign plans | |||||
Quoted prices in active | Quoted prices in active | |||||
markets | markets | |||||
Available | Not available | Total | Available | Not available | Total | |
Stocks ......................... | 604,210 | — | 604,210 | 151,669 | — | 151,669 |
Government bonds ............... | 135,912 | 3 | 135,915 | 278,982 | — | 278,982 |
Bonds (other) ................... | — | 92,568 | 92,568 | — | 271,917 | 271,917 |
Commingled funds ............... | — | 521,388 | 521,388 | — | 399,742 | 399,742 |
Insurance contracts ............... | — | 236,216 | 236,216 | — | — | — |
Other .......................... | 288,891 | 249,288 | 538,180 | 17,899 | 164,708 | 182,607 |
Total ................... ... | 1,029,013 | 1,099,463 | 2,128,476 | 448,550 | 836,367 | 1,284,918 |
Yen in millions | ||||
For the years ended March 31, | ||||
2023 | 2024 | |||
Japanese | Foreign | Japanese | Foreign | |
plans | plans | plans | plans | |
Beginning balance of the fiscal year ...................... | — | — | — | — |
Interest income .................................. | — | — | — | — |
Remeasurements: | ||||
Change in asset ceiling excluding interest income ....... | — | — | 268,228 | — |
Translation adjustments ........................... | — | — | — | — |
Ending balance of the fiscal year ........................ | — | — | 268,228 | — |
Yen in millions | ||||
March 31, | ||||
2023 | 2024 | |||
Japanese | Foreign | Japanese | Foreign | |
plans | plans | plans | plans | |
0.5% decrease ....................................... | 153,466 | 237,478 | 144,307 | 119,443 |
0.5% increase ....................................... | (131,275) | (234,242) | (118,737) | (113,734) |
Yen in millions | ||
Years ending March 31, | Japanese plans | Foreign plans |
2025 ............................................................... | 87,572 | 69,611 |
2026 ............................................................... | 89,462 | 75,552 |
2027 ............................................................... | 92,801 | 80,562 |
2028 ............................................................... | 97,610 | 86,599 |
2029 ............................................................... | 95,501 | 90,578 |
From 2030 to 2034 .................................................... | 462,384 | 508,984 |
Total ........................................................... | 925,330 | 911,886 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Liabilities for quality assurance at beginning of year ................ | 1,482,872 | 1,555,711 | 1,686,357 |
Additional provisions ........................................ | 362,180 | 400,419 | 489,967 |
Utilization ................................................. | (278,094) | (229,623) | (340,872) |
Reversals .................................................. | (32,124) | (59,758) | (37,664) |
Other ..................................................... | 20,877 | 19,608 | 38,526 |
Liabilities for quality assurance at end of year ..................... | 1,555,711 | 1,686,357 | 1,836,314 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Liabilities for recalls and other safety measures at beginning of year . . . | 1,093,689 | 1,171,213 | 1,194,156 |
Additional provisions ........................................ | 245,542 | 231,874 | 288,278 |
Utilization ................................................. | (165,482) | (178,124) | (188,902) |
Reversals .................................................. | (9,389) | (35,643) | (31,248) |
Other ..................................................... | 6,853 | 4,836 | 9,406 |
Liabilities for recalls and other safety measures at end of year ........ | 1,171,213 | 1,194,156 | 1,271,690 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Toyota Motor Corporation Shareholders’ equity .............................. | 28,338,706 | 34,220,991 |
Short-term and long-term debt ............................................ | 29,380,273 | 36,561,780 |
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Common stock issued: | |||
Balance at beginning of year .................... | 3,262,997,492 | 16,314,987,460 | 16,314,987,460 |
Changes during the year ........................ | 13,051,989,968 | — | — |
Balance at end of year ......................... | 16,314,987,460 | 16,314,987,460 | 16,314,987,460 |
Number of common shares repurchased ......................... | 96,196,900 shares |
Total purchase price for repurchase of shares ..................... | ¥400,000 million |
Number of common shares repurchased .......................... | 2,111,000 shares |
Total purchase price for repurchase of shares ...................... | ¥4,607 million |
Number of common shares repurchased ......................... | 44,114,900 shares |
Total purchase price for repurchase of shares ..................... | ¥95,392 million |
Number of common shares repurchased ....................... | 169,429,000 shares |
Total purchase price for repurchase of shares ................... | ¥335,685 million |
Number of common shares repurchased ......................... | 64,590,700 shares |
Total purchase price for repurchase of shares ..................... | ¥150,000 million |
Yen in millions | ||||
Net changes in | ||||
revaluation of | ||||
financial assets | ||||
measured at fair | Exchange | |||
value through other | Remeasurements of | differences on | ||
comprehensive | defined benefit | translating foreign | ||
income | plans | operations | Total | |
Balance at April 01, 2021 ................ | 1,295,351 | — | 12,375 | 1,307,726 |
Other comprehensive income, net of | ||||
tax ............................ | (103,131) | 151,243 | 1,095,017 | 1,143,129 |
Reclassification to retained earnings ... | (59,110) | (149,602) | — | (208,712) |
Other comprehensive income for the | ||||
period attributable to non-controlling | ||||
interests ........................ | 1,561 | (1,640) | (38,810) | (38,889) |
Balance at March 31, 2022 ............... | 1,134,671 | — | 1,068,583 | 2,203,254 |
Other comprehensive income, net of | ||||
tax ............................ | (105,435) | 82,020 | 851,129 | 827,713 |
Reclassification to retained earnings ... | (94,233) | (72,598) | — | (166,831) |
Other comprehensive income for the | ||||
period attributable to non-controlling | ||||
interests ........................ | (1,300) | (9,422) | (17,219) | (27,941) |
Balance at March 31, 2023 ............... | 933,702 | — | 1,902,493 | 2,836,195 |
Other comprehensive income, net of | ||||
tax ............................ | 716,048 | 56,434 | 1,344,621 | 2,117,103 |
Reclassification to retained earnings ... | (341,709) | (45,625) | — | (387,334) |
Other comprehensive income for the | ||||
period attributable to non-controlling | ||||
interests ........................ | (7,186) | (10,809) | (44,213) | (62,208) |
Balance at March 31, 2024 ............... | 1,300,855 | — | 3,202,901 | 4,503,756 |
Yen in millions | |||
For the year ended | |||
March 31, 2022 | |||
Before | Tax | After | |
tax | effect | tax | |
Items that will not be reclassified to profit (loss) | |||
Net changes in revaluation of financial assets measured at fair value | |||
through other comprehensive income | |||
Amount incurred during the year ............................ | (71,641) | 22,399 | (49,242) |
Net changes ............................................. | (71,641) | 22,399 | (49,242) |
Remeasurements of defined benefit plans | |||
Amount incurred during the year ............................ | 188,239 | (51,989) | 136,250 |
Net changes ............................................. | 188,239 | (51,989) | 136,250 |
Shares of other comprehensive income of equity method investees | |||
Amount incurred during the year ............................ | 113,641 | — | 113,641 |
Net changes ............................................. | 113,641 | — | 113,641 |
Items that may be reclassified subsequently to profit (loss) | |||
Exchange differences on translating foreign operations | |||
Amount incurred during the year ............................ | 902,844 | — | 902,844 |
Reclassification to profit (loss) .............................. | — | — | — |
Net changes ............................................. | 902,844 | — | 902,844 |
Net changes in revaluation of financial assets measured at fair value | |||
through other comprehensive income | |||
Amount incurred during the year ............................ | (220,711) | 66,536 | (154,175) |
Reclassification to profit (loss) .............................. | 1 | (0) | 1 |
Net changes ............................................. | (220,710) | 66,536 | (154,174) |
Shares of other comprehensive income of equity method investees | |||
Amount incurred during the year ............................ | 193,811 | — | 193,811 |
Reclassification to profit (loss) .............................. | — | — | — |
Net changes ............................................. | 193,811 | — | 193,811 |
Total other comprehensive income ................................... | 1,106,184 | 36,945 | 1,143,129 |
Yen in millions | |||
For the year ended | |||
March 31, 2023 | |||
Before | Tax | After | |
tax | effect | tax | |
Items that will not be reclassified to profit (loss) | |||
Net changes in revaluation of financial assets measured at fair value | |||
through other comprehensive income | |||
Amount incurred during the year ........................... | 144,160 | (44,936) | 99,223 |
Net changes ............................................ | 144,160 | (44,936) | 99,223 |
Remeasurements of defined benefit plans | |||
Amount incurred during the year ........................... | 112,151 | (46,998) | 65,153 |
Net changes ............................................ | 112,151 | (46,998) | 65,153 |
Shares of other comprehensive income of equity method investees | |||
Amount incurred during the year ........................... | (77,148) | — | (77,148) |
Net changes ............................................ | (77,148) | — | (77,148) |
Items that may be reclassified subsequently to profit (loss) | |||
Exchange differences on translating foreign operations | |||
Amount incurred during the year ........................... | 676,042 | — | 676,042 |
Reclassification to profit (loss) ............................. | — | — | — |
Net changes ............................................ | 676,042 | — | 676,042 |
Net changes in revaluation of financial assets measured at fair value | |||
through other comprehensive income | |||
Amount incurred during the year ........................... | (165,477) | 49,738 | (115,738) |
Reclassification to profit (loss) ............................. | — | — | — |
Net changes ............................................ | (165,477) | 49,738 | (115,738) |
Shares of other comprehensive income of equity method investees | |||
Amount incurred during the year ........................... | 180,181 | — | 180,181 |
Reclassification to profit (loss) ............................. | — | — | — |
Net changes ............................................ | 180,181 | — | 180,181 |
Total other comprehensive income .................................. | 869,909 | (42,196) | 827,713 |
Yen in millions | |||
For the year ended | |||
March 31, 2024 | |||
Before | Tax | After | |
tax | effect | tax | |
Items that will not be reclassified to profit (loss) | |||
Net changes in revaluation of financial assets measured at fair value | |||
through other comprehensive income | |||
Amount incurred during the year ........................ | 806,365 | (248,826) | 557,539 |
Net changes ......................................... | 806,365 | (248,826) | 557,539 |
Remeasurements of defined benefit plans | |||
Amount incurred during the year ........................ | 57,616 | (11,289) | 46,328 |
Net changes ......................................... | 57,616 | (11,289) | 46,328 |
Shares of other comprehensive income of equity method investees | |||
Amount incurred during the year ........................ | 156,118 | — | 156,118 |
Net changes ......................................... | 156,118 | — | 156,118 |
Items that may be reclassified subsequently to profit (loss) | |||
Exchange differences on translating foreign operations | |||
Amount incurred during the year ........................ | 1,178,875 | — | 1,178,875 |
Reclassification to profit (loss) .......................... | — | — | — |
Net changes ......................................... | 1,178,875 | — | 1,178,875 |
Net changes in revaluation of financial assets measured at fair value | |||
through other comprehensive income | |||
Amount incurred during the year ........................ | 33,256 | (10,459) | 22,797 |
Reclassification to profit (loss) .......................... | (15,267) | 4,717 | (10,550) |
Net changes ......................................... | 17,989 | (5,742) | 12,247 |
Shares of other comprehensive income of equity method investees | |||
Amount incurred during the year ........................ | 182,576 | — | 182,576 |
Reclassification to profit (loss) .......................... | (16,579) | — | (16,579) |
Net changes ......................................... | 165,996 | — | 165,996 |
Total other comprehensive income ............................... | 2,382,959 | (265,856) | 2,117,103 |
Total amount | |||||
of dividends | Dividend per share | ||||
Resolution | Type of shares | (yen in millions) | (yen) | Record date | Effective date |
The Board of | |||||
Directors Meeting | |||||
on May 12, | |||||
2021 .......... | Common shares | 377,453 | 135.00 | March 31, 2021 | May 28, 2021 |
The Board of | |||||
Directors Meeting | |||||
on November 4, | |||||
2021 .......... | Common shares | 332,419 | 120.00 | September 30, 2021 November 25, 2021 |
Total amount | |||||
of dividends | Dividend per share | ||||
Resolution | Type of shares | (yen in millions) | (yen) | Record date | Effective date |
The Board of | |||||
Directors Meeting | |||||
on May 11, | |||||
2022 .......... | Common shares | 385,792 | 28.00 | March 31, 2022 | May 27, 2022 |
The Board of | |||||
Directors Meeting | |||||
on November 1, | |||||
2022 .......... | Common shares | 342,187 | 25.00 | September 30, 2022 November 22, 2022 |
Total amount | |||||
of dividends | Dividend per share | ||||
Resolution | Type of shares | (yen in millions) | (yen) | Record date | Effective date |
The Board of | |||||
Directors Meeting | |||||
on May 10, | |||||
2023 .......... | Common shares | 474,781 | 35.00 | March 31, 2023 | May 26, 2023 |
The Board of | |||||
Directors Meeting | |||||
on November 1, | |||||
2023 .......... | Common shares | 405,416 | 30.00 | September 30, 2023 November 22, 2023 |
Total amount | |||||
of dividends | Dividend per share | ||||
Resolution | Type of shares | (yen in millions) | (yen) | Record date | Effective date |
The Board of | |||||
Directors Meeting | |||||
on May 8, | |||||
2024 .......... | Common shares | 606,338 | 45.00 | March 31, 2024 | May 24, 2024 |
Yen in millions | |||
For the years ended March 31 | |||
2022 | 2023 | 2024 | |
Sales of products | |||
Automotive | |||
Vehicles ........................................... | 23,739,442 | 28,394,256 | 35,249,865 |
Parts and components for production .................... | 1,504,215 | 1,710,422 | 1,596,111 |
Parts and components for after service ................... | 2,407,143 | 2,866,196 | 3,166,586 |
Other ............................................. | 881,193 | 805,995 | 1,068,169 |
Total automotive ................................ | 28,531,993 | 33,776,870 | 41,080,731 |
All other ............................................... | 541,436 | 590,749 | 567,399 |
Total sales of products ............................ | 29,073,428 | 34,367,619 | 41,648,130 |
Financial services ........................................... | 2,306,079 | 2,786,679 | 3,447,195 |
Total sales revenues ......................... | 31,379,507 | 37,154,298 | 45,095,325 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Finance leases | |||
Financial income related to net lease investment ............... | 134,512 | 164,820 | 208,257 |
Operating leases ............................................ | 1,093,545 | 1,169,018 | 1,207,719 |
Total ............................................. | 1,228,057 | 1,333,838 | 1,415,975 |
Yen in millions | |||
March 31, | |||
April 1, 2022 | 2023 | 2024 | |
Contract liabilities ......................................... | 989,959 | 1,068,212 | 1,392,390 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Research and development expenditures incurred during the year ...... | 1,124,262 | 1,241,686 | 1,202,373 |
Amount capitalized .......................................... | (200,512) | (181,634) | (124,788) |
Amortization of capitalized development costs .................... | 167,926 | 164,512 | 160,686 |
Total ............................................. | 1,091,675 | 1,224,564 | 1,238,271 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Other finance income | |||
Interest income | |||
Financial assets measured at amortized cost ............... | 16,920 | 101,737 | 289,035 |
Financial assets measured at fair value through other | |||
comprehensive income ............................. | 84,592 | 132,365 | 165,653 |
Dividend income | |||
Financial assets measured at fair value through other | |||
comprehensive income ............................. | 94,833 | 109,308 | 127,178 |
Other ................................................. | 138,416 | 35,939 | 165,370 |
Total ......................................... | 334,760 | 379,350 | 747,236 |
Other finance costs | |||
Interest expense | |||
Financial liabilities measured at amortized cost ............ | (32,458) | (47,356) | (64,733) |
Other ................................................. | (11,539) | (77,757) | (38,975) |
Total ......................................... | (43,997) | (125,113) | (103,709) |
Thousands | |||
Yen in millions | of shares | Yen | |
Net income | Earnings per share | ||
attributable to Toyota | Weighted-average | attributable to Toyota | |
Motor Corporation | common shares | Motor Corporation | |
For the year ended March 31, 2022 | |||
Net income attributable to Toyota Motor | |||
Corporation ............................. | 2,850,110 | ||
Basic earnings per share attributable to Toyota | |||
Motor Corporation .................... | 2,850,110 | 13,887,348 | 205.23 |
Effect of dilutive securities | |||
Model AA Class Shares .................. | 23 | 311 | |
Diluted earnings per share attributable to Toyota | |||
Motor Corporation ........................ | 2,850,132 | 13,887,659 | 205.23 |
For the year ended March 31, 2023 | |||
Net income attributable to Toyota Motor | |||
Corporation ............................. | 2,451,318 | ||
Basic earnings per share attributable to Toyota | |||
Motor Corporation .................... | 2,451,318 | 13,658,382 | 179.47 |
Effect of dilutive securities | |||
Model AA Class Shares .................. | — | — | |
Diluted earnings per share attributable to Toyota | |||
Motor Corporation ........................ | 2,451,318 | 13,658,382 | 179.47 |
For the year ended March 31, 2024 | |||
Net income attributable to Toyota Motor | |||
Corporation ............................. | 4,944,933 | ||
Basic earnings per share attributable to Toyota | |||
Motor Corporation .................... | 4,944,933 | 13,512,848 | 365.94 |
Effect of dilutive securities | |||
Model AA Class Shares .................. | — | — | |
Diluted earnings per share attributable to Toyota | |||
Motor Corporation ........................ | 4,944,933 | 13,512,848 | 365.94 |
Thousands | |||
Yen in millions | of shares | Yen | |
Common shares issued | |||
and outstanding at the | Toyota Motor | ||
Toyota Motor | end of the year | Corporation | |
Corporation | (excluding treasury | shareholders’ equity | |
shareholders’ equity | stock) | per share | |
As of March 31, 2023 ....................... | 28,338,706 | 13,565,180 | 2,089.08 |
As of March 31, 2024 ....................... | 34,220,991 | 13,474,172 | 2,539.75 |
Yen in millions | ||
March 31, | ||
2023 | 2024 | |
Trade accounts and other receivables | ||
Associates ........................................................ | 447,400 | 464,728 |
Joint ventures ...................................................... | 85,275 | 145,077 |
Total ........................................................ | 532,674 | 609,805 |
Trade accounts and other payables | ||
Associates ........................................................ | 1,459,209 | 1,423,147 |
Joint ventures ...................................................... | 695 | 9,668 |
Total ........................................................ | 1,459,904 | 1,432,815 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Sales revenues | |||
Associates ............................................. | 1,948,681 | 2,821,963 | 3,137,067 |
Joint ventures ........................................... | 413,703 | 722,278 | 662,202 |
Total ............................................. | 2,362,384 | 3,544,240 | 3,799,268 |
Cost of products sold (purchases) | |||
Associates ............................................. | 7,946,788 | 9,891,804 | 12,426,770 |
Joint ventures ........................................... | 308 | 59,703 | 75,042 |
Total ............................................. | 7,947,095 | 9,951,507 | 12,501,811 |
Yen in millions | |||
For the years ended March 31, | |||
2022 | 2023 | 2024 | |
Base compensation ............................................. | 1,083 | 1,226 | 1,107 |
Bonus ........................................................ | 196 | 397 | 1,054 |
Share compensation ............................................. | 772 | 808 | 1,862 |
Total .................................................... | 2,051 | 2,430 | 4,024 |
Class of stock to be repurchased | Common stock of TMC |
Number of shares to be repurchased | 410,000,000 shares (maximum) |
Total purchase price for repurchase of shares | ¥1,000,000 million (maximum) |
Period of repurchase | From May 9, 2024 to April 30, 2025 |
Class of stock retired | Common stock of TMC |
Number of shares retired | 520,000,000 shares |
Date of retirement | May 9, 2024 |