Japanese-language Quarterly Securities Report for the period ended September 30, 2023, as filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance of Japan on November 10, 2023, and which includes the following:

 

I.

Corporate information

 

A.

Corporate overview

 

1.

History of changes in major business indices

 

2.

Overview of business

 

B.

Business

 

1.

Risk factors

 

2.

Management’s analysis of financial position, results of operations and cash flows

 

3.

Material contracts

 

C.

Company information

 

1.

Share information

 

2.

Directors and corporate auditors

 

D.

Financial information

 

1.

Condensed quarterly consolidated financial statements and notes

 

2.

Other

 

II.

Information on Guarantors

Auditors Report

Certificate

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

 

Financial results

Consolidated vehicle unit sales in Japan and overseas increased by 585 thousand units, or 14.1%, to 4,744 thousand units in FY2024 first half (the first half ended September 30, 2023) compared with FY2023 first half (the first half ended September 30, 2022). Vehicle unit sales in Japan increased by 202 thousand units, or 23.3%, to 1,072 thousand units in FY2024 first half compared with FY2023 first half. Overseas vehicle unit sales increased by 382 thousand units, or 11.6%, to 3,672 thousand units in FY2024 first half compared with FY2023 first half.

The results of operations for FY2024 first half were as follows:

 

Sales revenues		¥	21,981.6 billion			(an increase of ¥4,272.2 billion or 24.1% compared with FY2023 first half)
Operating income		¥	2,559.2 billion			(an increase of ¥1,417.8 billion or 124.2% compared with FY2023 first half)
Income before income taxes		¥	3,521.5 billion			(an increase of ¥1,687.2 billion or 92.0% compared with FY2023 first half)
Net income attributable to Toyota Motor Corporation		¥	2,589.4 billion			(an increase of ¥1,418.3 billion or 121.1% compared with FY2023 first half)

The changes in operating income were as follows:

 

Marketing efforts		an increase of ¥1,290.0 billion
Effects of changes in exchange rates		an increase of ¥260.0 billion
Cost reduction efforts		a decrease of ¥110.0 billion
Increase or decrease in expenses and expense reduction efforts		a decrease of ¥220.0 billion
Other		an increase of ¥197.8 billion

 

1

 

 

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

 

 

Segment operating results

 

(i)	Automotive:

Sales revenues for the automotive operations increased by ¥4,036.2 billion, or 25.0%, to ¥20,165.3 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥1,344.3 billion, or 148.9%, to ¥2,247.2 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts.

 

(ii)	Financial services:

Sales revenues for the financial services operations increased by ¥264.9 billion, or 19.5%, to ¥1,621.3 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥45.9 billion, or 23.1%, to ¥244.9 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries in the United States.

 

(iii)

All other:

Sales revenues for all other businesses increased by ¥92.2 billion, or 17.3%, to ¥625.6 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥41.1 billion, or 106.2%, to ¥79.8 billion in FY2024 first half compared with FY2023 first half.

 

2

 

 

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

 

 

Geographic information

 

(i)

Japan:

Sales revenues in Japan increased by ¥2,320.3 billion, or 28.3%, to ¥10,510.3 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥723.1 billion, or 84.3%, to ¥1,581.0 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts and the effects of changes in exchange rates.

 

(ii)	North America:

Sales revenues in North America increased by ¥1,722.7 billion, or 25.1%, to ¥8,596.2 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥360.1 billion, to ¥289.1 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

 

(iii)

Europe:

Sales revenues in Europe increased by ¥746.1 billion, or 39.0%, to ¥2,658.4 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥228.3 billion, to ¥182.3 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts and the effect of recording a loss of ¥96.9 billion in FY2023 first half from terminating vehicle production in Russia.

 

(iv)

Asia:

Sales revenues in Asia increased by ¥362.1 billion, or 9.2%, to ¥4,311.1 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥19.4 billion, or 5.0%, to ¥411.1 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

 

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

Sales revenues in other regions increased by ¥453.4 billion, or 26.1%, to ¥2,189.7 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥79.7 billion, or 72.6%, to ¥189.6 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts.

 

3

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Financial Position

 

 

						Yen in millions
		Notes				March 31, 2023				September 30, 2023
Assets
Current assets
Cash and cash equivalents							7,516,966				7,926,063
Trade accounts and other receivables							3,586,130				3,738,439
Receivables related to financial services							8,279,806				9,964,278
Other financial assets							1,715,675				3,494,692
Inventories							4,255,614				4,749,878
Income tax receivable							218,704				182,247
Other current assets							886,885				996,842
Total current assets							26,459,781				31,052,438
Non-current assets
Investments accounted for using the equity method							5,227,345				5,570,443
Receivables related to financial services							16,491,045				19,118,129
Other financial assets							10,556,431				11,185,272
Property, plant and equipment
Land							1,426,370				1,443,141
Buildings							5,464,811				5,718,603
Machinery and equipment							14,796,619				15,847,591
Vehicles and equipment on operating leases							6,774,427				7,383,194
Construction in progress							846,866				1,004,753
Total property, plant and equipment, at cost							29,309,093				31,397,283
Less - Accumulated depreciation and impairment losses							(16,675,119	)			(17,777,602	)
Total property, plant and equipment, net							12,633,974				13,619,681
Right of use assets							491,368				514,696
Intangible assets							1,249,122				1,309,946
Deferred tax assets							387,427				441,902
Other non-current assets							806,687				848,884
Total non-current assets							47,843,399				52,608,953
Total assets							74,303,180				83,661,391

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

4

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Financial Position

 

 

						Yen in millions
		Notes				March 31, 2023				September 30, 2023
Liabilities
Current liabilities
Trade accounts and other payables							4,986,309				5,227,888
Short-term and current portion of long-term debt							12,305,639				14,068,253
Accrued expenses							1,552,345				1,599,860
Other financial liabilities							1,392,397				1,560,246
Income taxes payable							404,606				651,446
Liabilities for quality assurance							1,686,357				1,839,034
Other current liabilities							1,632,063				1,958,229
Total current liabilities							23,959,715				26,904,958
Non-current liabilities
Long-term debt							17,074,634				19,330,739
Other financial liabilities							533,710				626,909
Retirement benefit liabilities							1,065,508				1,126,636
Deferred tax liabilities							1,802,346				2,120,186
Other non-current liabilities							603,052				699,195
Total non-current liabilities							21,079,251				23,903,665
Total liabilities							45,038,967				50,808,623
Shareholders’ equity
Common stock							397,050				397,050
Additional paid-in capital							498,728				498,052
Retained earnings							28,343,296				30,747,689
Other components of equity							2,836,195				4,102,743
Treasury stock							(3,736,562	)			(3,852,421	)
Total Toyota Motor Corporation shareholders’ equity							28,338,706				31,893,112
Non-controlling interests							925,507				959,656
Total shareholders’ equity							29,264,213				32,852,768
Total liabilities and shareholders’ equity							74,303,180				83,661,391

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

5

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

 

Unaudited Condensed Quarterly Consolidated Statement of Income

 

						Yen in millions
		Notes				For the first half ended September 30, 2022				For the first half ended September 30, 2023
Sales revenues
Sales of products			VIII				16,363,930				20,383,442
Financial services			VIII				1,345,419				1,598,175
Total sales revenues			VIII				17,709,348				21,981,617
Costs and expenses
Cost of products sold							14,049,248				16,542,695
Cost of financial services							845,222				1,006,082
Selling, general and administrative							1,673,434				1,873,546
Total costs and expenses							16,567,905				19,422,323
Operating income							1,141,444				2,559,294
Share of profit (loss) of investments accounted for using the equity method							304,623				378,530
Other finance income							197,354				337,941
Other finance costs							(70,350	)			(44,300	)
Foreign exchange gain (loss), net							291,455				299,376
Other income (loss), net							(30,250	)			(9,314	)
Income before income taxes							1,834,276				3,521,525
Income tax expense							614,720				874,004
Net income							1,219,556				2,647,521
Net income attributable to
Toyota Motor Corporation							1,171,084				2,589,428
Non-controlling interests							48,472				58,093
Net income							1,219,556				2,647,521
						Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted			IX				85.42				191.26

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

6

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

						Yen in millions
		Notes				For the first half ended September 30, 2022				For the first half ended September 30, 2023
Net income							1,219,556				2,647,521
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income							26,178				376,618
Remeasurements of defined benefit plans							(8,696	)			(5,201	)
Share of other comprehensive income of equity method investees							(80,105	)			178,815
Total of items that will not be reclassified to profit (loss)							(62,622	)			550,232
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations							1,243,648				944,115
Net changes in revaluation of financial assets measured at fair value through other comprehensive income							(183,228	)			(64,377	)
Share of other comprehensive income of equity method investees							237,212				167,894
Total of items that may be reclassified subsequently to profit (loss)							1,297,631				1,047,633
Total other comprehensive income, net of tax							1,235,009				1,597,865
Comprehensive income							2,454,565				4,245,386
Comprehensive income for the period attributable to
Toyota Motor Corporation							2,371,417				4,145,722
Non-controlling interests							83,147				99,664
Comprehensive income							2,454,565				4,245,386

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

7

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

 

Unaudited Condensed Quarterly Consolidated Statement of Income

 

						Yen in millions
		Notes				For the second quarter ended September 30, 2022				For the second quarter ended September 30, 2023
Sales revenues
Sales of products			VIII				8,519,475				10,597,988
Financial services			VIII				698,757				836,798
Total sales revenues			VIII				9,218,232				11,434,786
Costs and expenses
Cost of products sold							7,349,121				8,501,716
Cost of financial services							445,382				563,134
Selling, general and administrative							860,940				931,543
Total costs and expenses							8,655,443				9,996,392
Operating income							562,789				1,438,394
Share of profit (loss) of investments accounted for using the equity method							133,554				185,174
Other finance income							71,561				147,813
Other finance costs							(50,988	)			(20,961	)
Foreign exchange gain (loss), net							108,196				52,600
Other income (loss), net							(12,583	)			(2,047	)
Income before income taxes							812,528				1,800,972
Income tax expense							351,225				480,341
Net income							461,303				1,320,631
Net income attributable to
Toyota Motor Corporation							434,264				1,278,056
Non-controlling interests							27,040				42,575
Net income							461,303				1,320,631
						Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted			IX				31.73				94.51

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

8

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

						Yen in millions
		Notes				For the second quarter ended September 30, 2022				For the second quarter ended September 30, 2023
Net income							461,303				1,320,631
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income							(15,435	)			1,584
Remeasurements of defined benefit plans							(5,168	)			(2,127	)
Share of other comprehensive income of equity method investees							(20,100	)			117,892
Total of items that will not be reclassified to profit (loss)							(40,703	)			117,349
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations							325,505				183,933
Net changes in revaluation of financial assets measured at fair value through other comprehensive income							(95,968	)			(56,773	)
Share of other comprehensive income of equity method investees							116,117				126,358
Total of items that may be reclassified subsequently to profit (loss)							345,653				253,519
Total other comprehensive income, net of tax							304,951				370,868
Comprehensive income							766,254				1,691,499
Comprehensive income for the period attributable to
Toyota Motor Corporation							736,238				1,645,123
Non-controlling interests							30,016				46,376
Comprehensive income							766,254				1,691,499

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

9

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

 

 

For the first half ended September 30, 2022

 

						Yen in millions
		Notes				Common stock				Additional paid-in capital				Retained earnings				Other components of equity				Treasury stock				Toyota Motor Corporation shareholders’ equity				Non-controlling interests				Total shareholders’ equity
Balances at April 1, 2022							397,050				498,575				26,453,126				2,203,254				(3,306,037	)			26,245,969				908,851				27,154,820
Comprehensive income
Net income							—				—				1,171,084				—				—				1,171,084				48,472				1,219,556
Other comprehensive income, net of tax							—				—				—				1,200,334				—				1,200,334				34,675				1,235,009
Total comprehensive income							—				—				1,171,084				1,200,334				—				2,371,417				83,147				2,454,565
Transactions with owners and other
Dividends paid			VII				—				—				(385,792	)			—				—				(385,792	)			(69,506	)			(455,299	)
Repurchase of treasury stock							—				—				—				—				(195,545	)			(195,545	)			—				(195,545	)
Reissuance of treasury stock							—				334				—				—				573				907				—				907
Equity transactions and other							—				297				—				—				—				297				602				899
Total transactions with owners and other							—				631				(385,792	)			—				(194,972	)			(580,134	)			(68,905	)			(649,038	)
Reclassification to retained earnings							—				—				66,577				(66,577	)			—				—				—				—
Balances at September 30, 2022							397,050				499,206				27,304,994				3,337,011				(3,501,009	)			28,037,253				923,094				28,960,346
For the first half ended September 30, 2023
						Yen in millions
		Notes				Common stock				Additional paid-in capital				Retained earnings				Other components of equity				Treasury stock				Toyota Motor Corporation shareholders’ equity				Non-controlling interests				Total shareholders’ equity
Balances at April 1, 2023							397,050				498,728				28,343,296				2,836,195				(3,736,562	)			28,338,706				925,507				29,264,213
Comprehensive income
Net income							—				—				2,589,428				—				—				2,589,428				58,093				2,647,521
Other comprehensive income, net of tax							—				—				—				1,556,294				—				1,556,294				41,571				1,597,865
Total comprehensive income							—				—				2,589,428				1,556,294				—				4,145,722				99,664				4,245,386
Transactions with owners and other
Dividends paid			VII				—				—				(474,781	)			—				—				(474,781	)			(74,812	)			(549,593	)
Repurchase of treasury stock							—				—				—				—				(116,507	)			(116,507	)			—				(116,507	)
Reissuance of treasury stock							—				263				—				—				649				911				—				911
Equity transactions and other							—				(939	)			—				—				—				(939	)			9,296				8,358
Total transactions with owners and other							—				(676	)			(474,781	)			—				(115,858	)			(591,316	)			(65,516	)			(656,831	)
Reclassification to retained earnings							—				—				289,746				(289,746	)			—				—				—				—
Balances at September 30, 2023							397,050				498,052				30,747,689				4,102,743				(3,852,421	)			31,893,112				959,656				32,852,768

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

10

 

 

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

 

 

						Yen in millions
		Notes				For the first half ended September 30, 2022				For the first half ended September 30, 2023
Cash flows from operating activities
Net income							1,219,556				2,647,521
Depreciation and amortization							1,016,123				1,019,961
Interest income and interest costs related to financial services, net							(355,403	)			(367,298	)
Share of profit (loss) of investments accounted for using the equity method							(304,623	)			(378,530	)
Income tax expense							614,720				874,004
Changes in operating assets and liabilities, and other							(398,273	)			(1,899,459	)
Interest received							677,731				1,038,446
Dividends received							355,592				463,630
Interest paid							(229,205	)			(482,012	)
Income taxes paid, net of refunds							(937,422	)			(638,183	)
Net cash provided by (used in) operating activities							1,658,797				2,278,079
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others							(733,675	)			(847,498	)
Additions to equipment leased to others							(930,723	)			(1,298,943	)
Proceeds from sales of fixed assets excluding equipment leased to others							21,016				67,703
Proceeds from sales of equipment leased to others							876,929				932,990
Additions to intangible assets							(160,772	)			(147,974	)
Additions to public and corporate bonds and stocks							(659,075	)			(1,014,675	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds							744,952				1,215,728
Other, net			X				58,857				(1,558,924	)
Net cash provided by (used in) investing activities							(782,490	)			(2,651,591	)
Cash flows from financing activities
Increase (decrease) in short-term debt							121,280				278,309
Proceeds from long-term debt							4,574,105				5,261,465
Payments of long-term debt							(4,444,965	)			(4,328,396	)
Dividends paid to Toyota Motor Corporation common shareholders			VII				(385,792	)			(474,781	)
Dividends paid to non-controlling interests							(69,506	)			(74,812	)
Reissuance (repurchase) of treasury stock							(195,545	)			(116,507	)
Other, net							—				8,758
Net cash provided by (used in) financing activities							(400,424	)			554,035
Effect of exchange rate changes on cash and cash equivalents							390,632				228,573
Net increase (decrease) in cash and cash equivalents							866,514				409,097
Cash and cash equivalents at beginning of period							6,113,655				7,516,966
Cash and cash equivalents at end of period							6,980,169				7,926,063

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

 

11

 

 

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

I.	Reporting entity

Toyota Motor Corporation (“TMC”) is a limited liability, joint-stock company located in Japan, and TMC’s principal executive offices are registered in Toyota City, Aichi Prefecture. For the first half and second quarter ended September 30, 2023, the condensed quarterly consolidated financial statements of the group consist of TMC, its consolidated subsidiaries (collectively, “Toyota”) and their interests in associates and joint ventures.

Toyota and its associates are primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, SUVs, trucks and related parts and accessories throughout the world. In addition, Toyota and its associates provide financing, vehicle leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota and its associates.

 

II.	Basis of preparation

1. Compliance with international financial reporting standards

Toyota’s condensed quarterly consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The condensed quarterly consolidated financial statements should be read in conjunction with Toyota’s consolidated financial statements for the fiscal year ended March 31, 2023, since the condensed quarterly consolidated financial statements do not include all the information required in the annual consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

The condensed quarterly consolidated financial statements were approved on November 1, 2023 by the Board of Directors.

2. Basis of measurement

Toyota’s condensed quarterly consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities measured at fair value and assets and liabilities associated with defined benefit plans.

3. Functional currency and presentation currency

The condensed quarterly consolidated financial statements are presented in Japanese yen, which is the functional currency of TMC. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen, except when otherwise indicated. Amounts may not sum to totals due to rounding.

 

III.	Material accounting policies

Toyota’s condensed quarterly consolidated financial statements are prepared based on the same accounting policies as those applied and described in the consolidated financial statements for the fiscal year ended March 31, 2023.

 

12

 

 

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

IV.	Significant accounting judgments and estimates

The preparation of the condensed quarterly consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies, the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates were revised and in any future periods affected.

The condensed quarterly consolidated financial statements are prepared based on generally the same judgments and estimations as those applied and described in Toyota’s consolidated financial statements for the fiscal year ended March 31, 2023.

 

13

 

 

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

V.	Segment information

1. Outline of reporting segments

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

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

2. Segment operating results

For the first half ended September 30, 2022:

 

		Yen in millions
		Automotive				Financial services				All other				Elimination				Consolidated
Sales revenues
Revenues from external customers			16,109,561				1,345,419				254,369				—				17,709,348
Inter-segment revenues and transfers			19,522				10,970				279,069				(309,562	)			—
Total			16,129,083				1,356,388				533,439				(309,562	)			17,709,348
Operating expenses			15,226,094				1,157,451				494,744				(310,384	)			16,567,905
Operating income			902,989				198,937				38,695				822				1,141,444
For the first half ended September 30, 2023:
		Yen in millions
		Automotive				Financial services				All other				Elimination				Consolidated
Sales revenues
Revenues from external customers			20,131,829				1,598,175				251,613				—				21,981,617
Inter-segment revenues and transfers			33,479				23,191				374,053				(430,723	)			—
Total			20,165,308				1,621,366				625,666				(430,723	)			21,981,617
Operating expenses			17,918,009				1,376,466				545,862				(418,014	)			19,422,323
Operating income			2,247,299				244,900				79,804				(12,709	)			2,559,294

 

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

For the second quarter ended September 30, 2022:

 

		Yen in millions
		Automotive				Financial services				All other				Elimination				Consolidated
Sales revenues
Revenues from external customers			8,392,069				698,757				127,406				—				9,218,232
Inter-segment revenues and transfers			16,910				5,507				143,672				(166,089	)			—
Total			8,408,979				704,264				271,078				(166,089	)			9,218,232
Operating expenses			7,955,249				619,840				250,760				(170,406	)			8,655,443
Operating income			453,731				84,424				20,318				4,317				562,789
For the second quarter ended September 30, 2023:
		Yen in millions
		Automotive				Financial services				All other				Elimination				Consolidated
Sales revenues
Revenues from external customers			10,462,045				836,798				135,943				—				11,434,786
Inter-segment revenues and transfers			15,319				9,388				183,280				(207,987	)			—
Total			10,477,363				846,186				319,223				(207,987	)			11,434,786
Operating expenses			9,175,703				748,579				279,645				(207,534	)			9,996,392
Operating income			1,301,661				97,608				39,578				(453	)			1,438,394

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

 

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

 

 

3. Geographic information

For the first half ended September 30, 2022:

 

		Yen in millions
		Japan				North America				Europe				Asia				Other				Elimination				Consolidated
Sales revenues
Revenues from external customers			3,973,602				6,719,009				1,819,181				3,498,495				1,699,061				—				17,709,348
Inter-segment revenues and transfers			4,216,356				154,498				93,204				450,520				37,254				(4,951,832	)			—
Total			8,189,958				6,873,507				1,912,385				3,949,015				1,736,315				(4,951,832	)			17,709,348
Operating expenses			7,332,030				6,944,539				1,958,366				3,557,368				1,626,398				(4,850,796	)			16,567,905
Operating income (loss)			857,927				(71,031	)			(45,981	)			391,647				109,917				(101,036	)			1,141,444
For the first half ended September 30, 2023:
		Yen in millions
		Japan				North America				Europe				Asia				Other				Elimination				Consolidated
Sales revenues
Revenues from external customers			5,158,456				8,454,796				2,575,613				3,724,613				2,068,138				—				21,981,617
Inter-segment revenues and transfers			5,351,855				141,487				82,875				586,572				121,647				(6,284,436	)			—
Total			10,510,310				8,596,283				2,658,488				4,311,185				2,189,785				(6,284,436	)			21,981,617
Operating expenses			8,929,231				8,307,132				2,476,089				3,900,067				2,000,101				(6,190,298	)			19,422,323
Operating income			1,581,079				289,151				182,399				411,119				189,684				(94,138	)			2,559,294

 

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