Selected Financial Data
Summarized Financial Information
Adjustments to Financial Statements: Proportionate Consolidation
Adjusted Financial Ratios: Proportionate Consolidation (Summary)
Adjusted Current Ratio
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Assets (ROA)

Toyota Motor Corp. selected financial data

US$ in millions, translated from JPY ￥

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Equity in earnings of affiliated companies	2,572)	3,092)	2,459)	2,405)	2,586)	488)
Affiliated companies	22,436)	23,595)	22,337)	23,373)	21,976)	20,199)
Profitability Ratio
ROA (equity method investments only)¹	11.46%	13.10%	11.01%	10.29%	11.77%	2.42%

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

¹ 2015 Calculation
ROA (equity method investments only) = 100 × Equity in earnings of affiliated companies ÷ Affiliated companies
= 100 × 2,572 ÷ 22,436 = 11.46%

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Item	Description	The company
Equity in earnings of affiliated companies	This item represents the entity 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. equity in earnings of affiliated companies increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level.
Affiliated companies	This item represents the carrying amount on the entity 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 share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.	Toyota Motor Corp. affiliated companies increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level.
ROA (equity method investments only)	A profitability ratio calculated as equity in earnings of affiliated companies divided by affiliated companies.	Toyota Motor Corp. ROA of equity method investments improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level.

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

US$ in millions, translated from JPY ￥

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Current assets	94,870)	105,003)	102,323)	110,876)	95,896)	86,356)
Noncurrent assets	99,118)	98,782)	90,220)	84,125)	81,965)	99,960)
Total assets	193,988)	203,785)	192,543)	195,001)	177,860)	186,316)
Current liabilities	61,110)	69,148)	67,608)	71,146)	61,834)	54,344)
Long-term liabilities and noncontrolling interests	49,727)	50,667)	48,230)	49,058)	44,822)	64,285)
Total liabilities	110,837)	119,815)	115,838)	120,204)	106,656)	118,629)
Affiliated companies accounted for by the equity method shareholders’ equity	83,151)	83,969)	76,705)	74,797)	71,205)	67,687)
Total liabilities and shareholders’ equity	193,988)	203,785)	192,543)	195,001)	177,860)	186,316)
Net revenues	251,446)	274,710)	257,456)	270,243)	263,068)	221,406)
Gross profit	30,135)	32,871)	27,834)	27,955)	28,174)	24,389)
Net income attributable to affiliated companies accounted for by the equity method	8,054)	9,351)	7,490)	6,752)	7,718)	3,407)

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

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Item	Description	The company
Affiliated companies accounted for by the equity method shareholders’ equity	Amount of equity, excluding noncontrolling interest, attributable to the equity method investment of the entity.	Affiliated companies accounted for by the equity method shareholders’ equity of Toyota Motor Corp. affiliates, subsidiaries, associates, and joint ventures increased from 2013 to 2014 but then slightly decreased from 2014 to 2015.
Net income attributable to affiliated companies accounted for by the equity method	The amount of net income (loss) reported by an equity method investment of the entity.	Net income attributable to affiliated companies accounted for by the equity method of Toyota Motor Corp. affiliates, subsidiaries, associates, and joint ventures increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level.

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

Toyota Motor Corp., adjustments to financial statements

US$ in millions, translated from JPY ￥

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Weighted average percentage interest in affiliates	26.98%	28.10%	29.12%	31.25%	30.86%	29.84%
Adjustment to Current Assets
Current assets (as reported)	149,520)	152,629)	146,399)	149,911)	142,270)	140,516)
Add: Current assets of affiliates (adjustment)	25,599)	29,505)	29,798)	34,646)	29,597)	25,770)
Current assets (adjusted)	175,118)	182,134)	176,196)	184,557)	171,867)	166,286)
Adjustments to Total Assets
Total assets (as reported)	397,881)	402,384)	376,841)	372,928)	358,607)	326,196)
Less: Affiliated companies (adjustment)	22,436)	23,595)	22,337)	23,373)	21,976)	20,199)
Add: Total assets of affiliates (adjustment)	52,343)	57,262)	56,071)	60,934)	54,894)	55,600)
Total assets (adjusted)	427,788)	436,051)	410,574)	410,489)	391,525)	361,597)
Adjustment to Current Liabilities
Current liabilities (as reported)	136,975)	142,559)	137,134)	143,346)	129,777)	114,856)
Add: Current liabilities of affiliates (adjustment)	16,489)	19,430)	19,688)	22,232)	19,084)	16,217)
Current liabilities (adjusted)	153,464)	161,989)	156,822)	165,577)	148,861)	131,073)
Adjustment to Total Liabilities
Total liabilities (as reported)	250,771)	254,598)	241,190)	238,283)	227,278)	208,715)
Add: Total liabilities of affiliates (adjustment)	29,907)	33,667)	33,733)	37,561)	32,918)	35,401)
Total liabilities (adjusted)	280,678)	288,265)	274,924)	275,844)	260,196)	244,116)
Adjustment to Net Revenues
Net revenues (as reported)	227,030)	249,484)	234,327)	226,106)	228,427)	203,686)
Add: Net revenues of affiliates (adjustment)	67,847)	77,191)	74,974)	84,445)	81,192)	66,071)
Net revenues (adjusted)	294,877)	326,676)	309,301)	310,551)	309,619)	269,758)

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Toyota Motor Corp., Financial Data: Reported vs. Adjusted

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Toyota Motor Corp., adjusted financial ratios

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Current Ratio
Reported current ratio	1.09	1.07	1.07	1.05	1.10	1.22
Adjusted current ratio	1.14	1.12	1.12	1.11	1.15	1.27
Net Profit Margin
Reported net profit margin	7.98%	7.10%	4.36%	1.53%	2.15%	1.11%
Adjusted net profit margin	6.14%	5.42%	3.30%	1.11%	1.59%	0.83%
Total Asset Turnover
Reported total asset turnover	0.57	0.62	0.62	0.61	0.64	0.62
Adjusted total asset turnover	0.69	0.75	0.75	0.76	0.79	0.75
Financial Leverage
Reported financial leverage	2.84	2.86	2.92	2.91	2.89	2.93
Adjusted financial leverage	3.06	3.10	3.18	3.20	3.15	3.25
Return on Assets (ROA)
Reported ROA	4.55%	4.40%	2.71%	0.93%	1.37%	0.69%
Adjusted ROA	4.24%	4.06%	2.49%	0.84%	1.25%	0.62%

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Financial ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Toyota Motor Corp. adjusted current ratio improved from 2013 to 2014 and from 2014 to 2015.
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Toyota Motor Corp. adjusted net profit margin ratio improved from 2013 to 2014 and from 2014 to 2015.
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Toyota Motor Corp. adjusted total asset turnover ratio deteriorated from 2013 to 2014 and from 2014 to 2015.
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. adjusted financial leverage ratio decreased from 2013 to 2014 and from 2014 to 2015.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Toyota Motor Corp. adjusted ROA improved from 2013 to 2014 and from 2014 to 2015.

Toyota Motor Corp., Financial Ratios: Reported vs. Adjusted

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	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Current assets	149,520)	152,629)	146,399)	149,911)	142,270)	140,516)
Current liabilities	136,975)	142,559)	137,134)	143,346)	129,777)	114,856)
Liquidity Ratio
Current ratio¹	1.09	1.07	1.07	1.05	1.10	1.22
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted current assets	175,118)	182,134)	176,196)	184,557)	171,867)	166,286)
Adjusted current liabilities	153,464)	161,989)	156,822)	165,577)	148,861)	131,073)
Liquidity Ratio
Adjusted current ratio²	1.14	1.12	1.12	1.11	1.15	1.27

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= 149,520 ÷ 136,975 = 1.09

² Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 175,118 ÷ 153,464 = 1.14

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Toyota Motor Corp. adjusted current ratio improved from 2013 to 2014 and from 2014 to 2015.

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net income attributable to Toyota Motor Corporation	18,117)	17,704)	10,218)	3,450)	4,909)	2,251)
Net revenues	227,030)	249,484)	234,327)	226,106)	228,427)	203,686)
Profitability Ratio
Net profit margin¹	7.98%	7.10%	4.36%	1.53%	2.15%	1.11%
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net income attributable to Toyota Motor Corporation	18,117)	17,704)	10,218)	3,450)	4,909)	2,251)
Adjusted net revenues	294,877)	326,676)	309,301)	310,551)	309,619)	269,758)
Profitability Ratio
Adjusted net profit margin²	6.14%	5.42%	3.30%	1.11%	1.59%	0.83%

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

¹ Net profit margin = 100 × Net income attributable to Toyota Motor Corporation ÷ Net revenues
= 100 × 18,117 ÷ 227,030 = 7.98%

² Adjusted net profit margin = 100 × Net income attributable to Toyota Motor Corporation ÷ Adjusted net revenues
= 100 × 18,117 ÷ 294,877 = 6.14%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Toyota Motor Corp. adjusted net profit margin ratio improved from 2013 to 2014 and from 2014 to 2015.

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net revenues	227,030)	249,484)	234,327)	226,106)	228,427)	203,686)
Total assets	397,881)	402,384)	376,841)	372,928)	358,607)	326,196)
Activity Ratio
Total asset turnover¹	0.57	0.62	0.62	0.61	0.64	0.62
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted net revenues	294,877)	326,676)	309,301)	310,551)	309,619)	269,758)
Adjusted total assets	427,788)	436,051)	410,574)	410,489)	391,525)	361,597)
Activity Ratio
Adjusted total asset turnover²	0.69	0.75	0.75	0.76	0.79	0.75

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

¹ Total asset turnover = Net revenues ÷ Total assets
= 227,030 ÷ 397,881 = 0.57

² Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= 294,877 ÷ 427,788 = 0.69

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Toyota Motor Corp. adjusted total asset turnover ratio deteriorated from 2013 to 2014 and from 2014 to 2015.

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Total assets	397,881)	402,384)	376,841)	372,928)	358,607)	326,196)
Total Toyota Motor Corporation shareholders’ equity	139,948)	140,504)	129,015)	128,364)	124,262)	111,347)
Solvency Ratio
Financial leverage¹	2.84	2.86	2.92	2.91	2.89	2.93
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted total assets	427,788)	436,051)	410,574)	410,489)	391,525)	361,597)
Total Toyota Motor Corporation shareholders’ equity	139,948)	140,504)	129,015)	128,364)	124,262)	111,347)
Solvency Ratio
Adjusted financial leverage²	3.06	3.10	3.18	3.20	3.15	3.25

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

¹ Financial leverage = Total assets ÷ Total Toyota Motor Corporation shareholders’ equity
= 397,881 ÷ 139,948 = 2.84

² Adjusted financial leverage = Adjusted total assets ÷ Total Toyota Motor Corporation shareholders’ equity
= 427,788 ÷ 139,948 = 3.06

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Solvency 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. adjusted financial leverage ratio decreased from 2013 to 2014 and from 2014 to 2015.

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net income attributable to Toyota Motor Corporation	18,117)	17,704)	10,218)	3,450)	4,909)	2,251)
Total assets	397,881)	402,384)	376,841)	372,928)	358,607)	326,196)
Profitability Ratio
ROA¹	4.55%	4.40%	2.71%	0.93%	1.37%	0.69%
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net income attributable to Toyota Motor Corporation	18,117)	17,704)	10,218)	3,450)	4,909)	2,251)
Adjusted total assets	427,788)	436,051)	410,574)	410,489)	391,525)	361,597)
Profitability Ratio
Adjusted ROA²	4.24%	4.06%	2.49%	0.84%	1.25%	0.62%

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

¹ ROA = 100 × Net income attributable to Toyota Motor Corporation ÷ Total assets
= 100 × 18,117 ÷ 397,881 = 4.55%

² Adjusted ROA = 100 × Net income attributable to Toyota Motor Corporation ÷ Adjusted total assets
= 100 × 18,117 ÷ 427,788 = 4.24%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Toyota Motor Corp. adjusted ROA improved from 2013 to 2014 and from 2014 to 2015.

Toyota Motor Corp. (NYSE:TM)

Analysis of Equity Method Investments

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Statements: Proportionate Consolidation

Toyota Motor Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Proportionate Consolidation (Summary)

Toyota Motor Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Assets (ROA)