Toyota Motor Corp. (TM) | Equity Method Investments

Selected Financial Data

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Toyota Motor Corp.'s selected financial data

USD $ in millions, translated from JPY ￥

	Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
Equity in earnings of affiliated companies
Affiliated companies

ROA (equity method investments only)¹	%	%	%	%	%	%

Source: Based on data from Toyota Motor Corp. Annual Reports

2011 Calculations

¹ ROA (equity method investments only) = 100 × Equity in earnings of affiliated companies ÷ Affiliated companies
= 100 × ÷ = %

Item	Description	The company
Equity in earnings of affiliated companies	This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.	Toyota Motor Corp.'s equity in earnings of affiliated companies increased from 2009 to 2010 and from 2010 to 2011.
Affiliated companies	This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.	Toyota Motor Corp.'s affiliated companies increased from 2009 to 2010 and from 2010 to 2011.
ROA (equity method investments only)	A profitability ratio calculated as equity in earnings of affiliated companies divided by affiliated companies.	Toyota Motor Corp.'s ROA of equity method investments improved from 2009 to 2010 and from 2010 to 2011.

Summarized Financial Information

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Summarized financial information for Toyota Motor Corp.'s affiliates, subsidiaries, associates, and joint ventures

USD $ in millions, translated from JPY ￥

		Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
	Current assets
	Noncurrent assets
	Total assets
	Current liabilities
	Long-term liabilities and noncontrolling interest
	Total liabilities
	Affiliated companies accounted for by the equity method shareholders’ equity
	Total liabilities and shareholders’ equity
	Net revenues
	Gross profit
	Net income attributable to affiliated companies accounted for by the equity method

Source: Based on data from Toyota Motor Corp. Annual Reports

Item	Description	The company
Affiliated companies accounted for by the equity method shareholders’ equity	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable).	Affiliated companies accounted for by the equity method shareholders’ equity of Toyota Motor Corp.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
Net income attributable to affiliated companies accounted for by the equity method	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss.	Net income attributable to affiliated companies accounted for by the equity method of Toyota Motor Corp.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 and from 2010 to 2011.

Adjustments to Financial Data: Proportionate Consolidation

Recognition of Toyota Motor Corp.'s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

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Toyota Motor Corp., adjustments to financial data

USD $ in millions, translated from JPY ￥

	Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
Weighted average percentage interest in affiliates	%	%	%	%	%	%
Adjustment to Current Assets
Current assets (as reported)
Add: Current assets of affiliates (adjustment)
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Affiliated companies (adjustment)
Add: Total assets of affiliates (adjustment)
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Add: Current liabilities of affiliates (adjustment)
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Add: Total liabilities of affiliates (adjustment)
Total liabilities (adjusted)
Adjustment to Net Revenues
Net revenues (as reported)
Add: Net revenues of affiliates (adjustment)
Net revenues (adjusted)

Adjusted Ratios: Proportionate Consolidation (Summary)

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Toyota Motor Corp., adjusted ratios

	Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin	%	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Assets (ROA)
Reported ROA	%	%	%	%	%	%
Adjusted ROA	%	%	%	%	%	%

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Toyota Motor Corp.'s adjusted current ratio improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Toyota Motor Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Toyota Motor Corp.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Toyota Motor Corp.'s adjusted financial leverage increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Toyota Motor Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Current Ratio

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		Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
	As Reported
	Current assets (USD $ in millions, translated from JPY ￥)
	Current liabilities (USD $ in millions, translated from JPY ￥)

	Current ratio¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted current assets (USD $ in millions, translated from JPY ￥)
	Adjusted current liabilities (USD $ in millions, translated from JPY ￥)

	Adjusted current ratio²

2011 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= ÷ =

² Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Toyota Motor Corp.'s adjusted current ratio improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.

Adjusted Net Profit Margin

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	Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
As Reported
Net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥)
Net revenues (USD $ in millions, translated from JPY ￥)

Net profit margin¹	%	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥)
Adjusted net revenues (USD $ in millions, translated from JPY ￥)

Adjusted net profit margin²	%	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Toyota Motor Corporation ÷ Net revenues
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Net income (loss) attributable to Toyota Motor Corporation ÷ Adjusted net revenues
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Toyota Motor Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Total Asset Turnover

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		Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
	As Reported
	Net revenues (USD $ in millions, translated from JPY ￥)
	Total assets (USD $ in millions, translated from JPY ￥)

	Total asset turnover¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted net revenues (USD $ in millions, translated from JPY ￥)
	Adjusted total assets (USD $ in millions, translated from JPY ￥)

	Adjusted total asset turnover²

2011 Calculations

¹ Total asset turnover = Net revenues ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Toyota Motor Corp.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.

Adjusted Financial Leverage

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		Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
	As Reported
	Total assets (USD $ in millions, translated from JPY ￥)
	Toyota Motor Corporation shareholders’ equity (USD $ in millions, translated from JPY ￥)

	Financial leverage¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted total assets (USD $ in millions, translated from JPY ￥)
	Toyota Motor Corporation shareholders’ equity (USD $ in millions, translated from JPY ￥)

	Adjusted financial leverage²

2011 Calculations

¹ Financial leverage = Total assets ÷ Toyota Motor Corporation shareholders’ equity
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ Toyota Motor Corporation shareholders’ equity
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Toyota Motor Corp.'s adjusted financial leverage increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

Adjusted Return On Assets (ROA)

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	Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007	Mar 31, 2006
As Reported
Net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥)
Total assets (USD $ in millions, translated from JPY ￥)

ROA¹	%	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Net income (loss) attributable to Toyota Motor Corporation (USD $ in millions, translated from JPY ￥)
Adjusted total assets (USD $ in millions, translated from JPY ￥)

Adjusted ROA²	%	%	%	%	%	%

¹ ROA = 100 × Net income (loss) attributable to Toyota Motor Corporation ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Net income (loss) attributable to Toyota Motor Corporation ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Toyota Motor Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Toyota Motor Corp. (TM) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)

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