Toyota Motor Corp., FCFF calculation

US$ in millions, translated from JPY ￥

12 months ended:	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Net income attributable to Toyota Motor Corporation	18,117)	17,704)	10,218)	3,450)	4,909)	2,251)
Net income attributable to noncontrolling interests	1,122)	1,637)	1,288)	1,031)	689)	374)
Net noncash charges	9,867)	9,530)	11,415)	12,048)	12,882)	16,618)
Changes in operating assets and liabilities, and other	1,619)	6,535)	3,111)	1,143)	5,862)	8,256)
Net cash provided by operating activities	30,725)	35,405)	26,034)	17,672)	24,342)	27,499)
Interest payments, net of tax¹	2,222)	2,471)	2,291)	2,595)	2,754)	3,468)
Additions to fixed assets excluding equipment leased to others	(9,556)	(9,420)	(9,076)	(8,803)	(7,569)	(6,498)
Additions to equipment leased to others	(18,433)	(16,592)	(11,890)	(9,838)	(12,770)	(8,954)
Proceeds from sales of fixed assets excluding equipment leased to others	346)	381)	416)	446)	617)	564)
Proceeds from sales of equipment leased to others	6,697)	7,228)	5,665)	5,248)	5,853)	4,999)
Capital lease obligations	(31)	(33)	(40)	(71)	(126)	(37)
Free cash flow to the firm (FCFF)	11,971)	19,440)	13,400)	7,248)	13,101)	21,042)

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
FCFF	Free cash flow to the firm is the cash flow available to the Toyota Motor Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Toyota Motor Corp. FCFF increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.

Toyota Motor Corp., interest paid, net of tax calculation

US$ in millions, translated from JPY ￥

12 months ended:	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Earnings before tax (EBT)
Net income attributable to Toyota Motor Corporation	18,117)	17,704)	10,218)	3,450)	4,909)	2,251)
Add: Net income attributable to noncontrolling interest	1,122)	1,637)	1,288)	1,031)	689)	374)
Add: Income tax expense	7,448)	7,456)	5,859)	3,191)	3,762)	996)
EBT	26,687)	26,796)	17,366)	7,672)	9,360)	3,621)
Effective Income Tax Rate (EITR)
EITR¹	27.91%	27.82%	33.74%	41.59%	40.19%	27.51%
Interest Paid, Net of Tax
Interest payments, before tax	3,082)	3,424)	3,458)	4,442)	4,605)	4,783)
Less: Interest payments, tax²	860)	953)	1,167)	1,848)	1,851)	1,316)
Interest payments, net of tax	2,222)	2,471)	2,291)	2,595)	2,754)	3,468)

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
EITR = 100 × Income tax expense ÷ EBT
= 100 × 7,448 ÷ 26,687 = 27.91%

² 2015 Calculation
Interest payments, tax = Interest payments × EITR
= 3,082 × 27.91% = 860

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Toyota Motor Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions, translated from JPY ￥)
Enterprise value (EV)	334,922)
Free cash flow to the firm (FCFF)	11,971)
Valuation Ratio
EV/FCFF	27.98
Benchmarks
EV/FCFF, Competitors¹
Ford Motor Co.	9.25
General Motors Co.	10.41
Tesla Inc.	115.47

Based on: 20-F (reporting date: 2015-03-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Toyota Motor Corp., historical EV/FCFF calculation, comparison to benchmarks

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Selected Financial Data (US$ in millions, translated from JPY ￥)
Enterprise value (EV)¹	334,922)	309,101)	306,533)	237,055)	241,446)	206,842)
Free cash flow to the firm (FCFF)²	11,971)	19,440)	13,400)	7,248)	13,101)	21,042)
Valuation Ratio
EV/FCFF³	27.98	15.90	22.88	32.71	18.43	9.83
Benchmarks
EV/FCFF, Competitors⁴
Ford Motor Co.	—	—	—	—	—	—
General Motors Co.	—	—	—	—	—	—
Tesla Inc.	—	—	—	—	—	—

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 See details »

² See details »

³ 2015 Calculation
EV/FCFF = EV ÷ FCFF
= 334,922 ÷ 11,971 = 27.98

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Toyota Motor Corp. EV/FCFF ratio decreased from 2013 to 2014 but then increased from 2014 to 2015 exceeding 2013 level.

Toyota Motor Corp. (NYSE:TM)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical