Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Toyota Motor Corporation

COMPANY PROFILE

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Figures in Japanese Yen

Wright Quality Rating:ABC7 TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial [Link] Company operates through three business segments. The Automobile segment is engaged in the design, manufacture and sale of car products including passenger cars, minivans and trucks, as well as the related parts and accessories. The Finance segment is involved in the provision of financial services related to the sale of the Company's products, as well as the leasing of vehicles and equipment. The Others segment is involved in the design, manufacture and sale of housings, as well as information and communication business. Stock Chart Officers Chairman Fujio Cho (Rep) Vice Chairman Kazuo Okamoto (Rep) Vice Chairman Katsuaki Watanabe (Rep) President Akio Toyoda (Rep) Vice President Yukitoshi Funo (Rep) Key Data Ticker: 7203 2010 Sales: 18,950,973,000,000 Major Industry: Automotive Sub Industry: Diversified Automotive Mfrs. Country: Japan Currency: Japanese Yen Fiscal Year Ends: March Employees 320,590 Exchanges: NAS OSA TYO Stock Price (12/3/2010): 3,275.00 Recent stock performance 1 Week -0.5% 4 Weeks 10.5% 13 Weeks 12.6% 52 Weeks -12.2% Share Type: Common Market Capitalization: 10,270,345,074,975

Earnings / Dividends (as of 9/30/2010) Total Shares Earnings Dividends Outstanding: Most Recent Qtr 31.47 20.00 3,135,983,229 Last 12 Months 176.9 45.00 Ratio Analysis Closely Held Shares: Price / Earnings Ratio 18.52 Dividend Yield 1.37% 1,038,109,000 Price / Sales Ratio Price / Book Ratio 0.54 Payout Ratio 25.45% 0.97 % Held by Insiders 33.10%

Address 1 Toyotacho Toyota 471-8571 Aichi JAPAN Phone +81 565 28 2121 Home Page [Link]

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report:

Toyota Motor Corporation

Provided By [Link]
440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 12/3/2010 Company Description TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial [Link] Company operates through three business segments. The Automobile segment is engaged in the design, manufacture and sale of car products including passenger cars, minivans and trucks, as well as the related parts and accessories. The Finance segment is involved in the provision of financial services related to the sale of the Company's products, as well as the leasing of vehicles and equipment. The Others segment is involved in the design, manufacture and sale of housings, as well as information and communication business. Competitor Analysis Toyota Motor Corporation operates within the Motor vehicles and car bodies sector. This analysis compares Toyota Motor with three other companies: Honda Motor Co., Ltd. (2010 sales of 8.58 trillion Japanese Yen [US$101.92 billion] of which 76% was Automobile Business), Nissan Motor Co Ltd (2010 sales: 7.52 trillion Japanese Yen [US$89.31 billion] of which 93% was Automobiles), and Motors Liquidation Company which is based in the United States (2008 sales of $148.98 billion of which 99% was Automotive Products). Note: not all of these companies have the same fiscal year: the most recent data for each company are being used. Sales Analysis During the year ended March of 2010, sales at Toyota Motor were 18.95 trillion (US$225.14 billion). This is a decrease of 7.7% versus 2009, when the company's sales were 20.53 trillion. The sales level in 2010 was fairly close to the level five years ago: in 2005, Toyota Motor had sales of 18.55 trillion. Contributing to the drop in overall sales was the 13.8% decline in Other, from 623.22 billion to 537.42 billion. There were also decreases in sales in Automotive (down 7.3% to 17.19 trillion) and Financial Services (down 9.6% to 1.23 trillion) .
Recent Sales at Toyota Motor 26 24 21 21 19 19

2005 2006 2007 2008 2009 2010 (Figures in Trillions of Japanese Yen)

The company derives most of its revenues in its home market of Japan: in 2010, this region's sales were 11.22 trillion, which is equivalent to 59.2% of total sales. On a geographical basis, contributing to the decline in the company's sales in 2010 were the declines in Europe, where sales dropped 25.7% to 2.15 trillion. Sales in North America were also lower, falling 7.0% (to 5.67 trillion) . However, not all regions experienced a decline in sales. Sales in Japan increased 50.2% (to 11.22 trillion). Sales also increased in Asia/Far East (up 8.4% to 2.66 trillion) and in Rest of the World (up 3.3% to 1.67 trillion) . The company currently employs 320,590. With sales of 18.95 trillion (US$225.14 billion) , this equates to sales of US$702,260 per employee. This is higher than the three comparable companies, which had sales between US$566,571 and US$613,082 per employee. Sales Comparisons (Most Recent Fiscal Year) Company Year Ended Sales
(US$blns)

Sales Sales/ Growth Emp (US$) Largest Region

Toyota Motor Honda Motor Co., Ltd. Nissan Motor Co Ltd

Mar 2010 225.138 Mar 2010

-7.7%

702,260 Japan (59.2%) 576,425 North America (43.7%) 566,571 North America (35.7%) 613,082 the United States (50.6%)

Mar 2010 101.921 -14.3% 89.305 -10.9% N/A

Motors Liquidation Company Dec 2008 148.979

Recent Stock Performance In recent years, this stock has performed terribly. In fiscal year 2007, the stock traded as high as 8,350.00 , versus 3,275.00 on 12/3/2010. For the 52 weeks ending 12/3/2010, the stock of this company was down 12.2% to 3,275.00 . During the past 13 weeks, the stock has increased 12.6%. During the 12 months ending 9/30/2010, earnings per share totalled 176.85 per share. Thus, the Price / Earnings ratio is 18.52. These 12 month earnings are substantially greater than the earnings per share achieved during the last fiscal year of the company, which ended in March of 2010, when the company reported earnings of 66.79 per share. Note that the earnings number - includes a 0.79 pre-tax charge in fiscal year 2010. This company is currently trading at 0.54 times sales. Toyota Motor is trading at 0.97 times book value. Since the price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the value of a company as a going concern. Summary of company valuations (as of 12/3/2010). Company Toyota Motor Honda Motor Co., Ltd. Nissan Motor Co Ltd Motors Liquidation Company P/E 18.5 9.3 14.1 N/A Price/ Price/ Book Sales 0.97 1.32 1.16 N/A 0.66 52 Wk Pr Chg 4.13%

0.54 -12.20% 0.46 12.91% 0.00 -79.83%

The market capitalization of this company is 10.27 trillion (US$122.01 billion) . The capitalization of the floating stock (i.e., that which is not closely held) is 6.87 trillion (US$81.62 billion) . Dividend Analysis During the 12 months ending 9/30/2010, Toyota Motor paid dividends totalling 45.00 per share. Since the stock is currently trading at 3,275.00 , this implies a dividend yield of 1.4%. The company has paid a dividend for 6 straight years. Toyota Motor last raised its dividend during fiscal year 2008, when it raised its dividend to 140.00 from 120.00. During the same 12 month period ended 9/30/2010, the Company reported earnings of 176.85 per share. Thus, the company paid 25.4% of its profits as dividends. Profitability Analysis On the 18.95 trillion in sales reported by the company in 2010, the cost of goods sold totalled 15.27 trillion, or 80.6% of sales (i.e., the gross profit was 19.4% of sales). This gross profit margin is better than the company achieved in 2009, when cost of goods sold totalled 82.6% of sales. There was a wide variation in the gross profit margins at the three comparable companies, from 3.9% of sales to 32.6% of sales. Some of this disparity may be due to different accounting standards. The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 1.56 trillion, or 8.2% of sales. This EBITDA margin is better than the company achieved in 2009, when the EBITDA margin was equal to 5.0% of sales. In 2010, earnings before extraordinary items at Toyota Motor were 209.46 billion, or 1.1% of sales. This profit margin is an improvement over the level the company achieved in 2009, when the profit margin was -2.1% of sales. The company's return on equity in 2010 was 2.1%. This was significantly better than the -3.7% return the company achieved in 2009. (Extraordinary items have been excluded). Profitability Comparison Gross Earns Profit EBITDA bef. Year Margin Margin extra 2010 2009 2010 2010 19.4% 17.4% 32.6% 26.1% 3.9% 8.2% 5.0% 11.6% 12.9% 1.1% -2.1% 3.1% 0.6%

Company Toyota Motor Toyota Motor Honda Motor Co., Ltd. Nissan Motor Co Ltd

Motors Liquidation Company 2008

-9.8% -20.7%

Toyota Motor reports profits by product line. During 2010, the itemized operating profits at all divisions were 147.52 billion, which is equal to 0.8% of total sales. Of all the product lines, Financial Services had the highest operating profits in 2010, with operating profits equal to 20.1% of sales. (However, Financial Services only accounts for 6% of total sales at Toyota Motor). Automotive had the lowest operating profit margin in 2010, with the operating profit showing a loss equivalent to 0.5% of sales. (This product line is the largest product line at Toyota Motor, accounting for approximately 91% of sales in 2010). However, in 2009, Financial Services had the lowest profit margin (-5.3% of sales versus -2.1% for Automotive). Inventory Analysis As of March 2010, the value of the company's inventory totalled 1.42 trillion. Since the cost of goods sold was 15.27 trillion for the year, the company had 34 days of inventory on hand (another way to look at this is to say that the company turned over its inventory 10.7 times per year). Although the inventory level dropped by 37.02 billion during FY2010, there was an increase in days in inventory from March 2009, when the company had 1.46 trillion, which was 31 days of sales in inventory. Research and Development Research and Development Expenses at Toyota Motor in 2010 were 725.35 billion, which is equivalent to 3.8% of sales. In 2010, R&D expenditures dropped both as a percentage of sales and in actual amounts: In 2009, Toyota Motor spent 904.08 billion on R&D, which was 4.4% of sales. This company's R&D expenditures in 2010 were less than all three companies as a percentage of sales: Honda Motor Co., Ltd. spent 5.4% of its sales on R&D, Nissan Motor Co Ltd spent 5.1%, and Motors Liquidation Company spent 5.4%. A large portion of the profits that Toyota Motor reported in 2010 are a result of its cut in R&D expenditures. In 2009, the company spent 904.08 billion, which is 178.73 billion higher than what it spent in 2010. If Toyota Motor had spent the same amount on R&D in 2010 as it spent in 2009, it would have reported profits that were approximately 59% lower (ordinary income before taxes would have been 123.39 billion instead of 302.12 billion). Financial Position As of March 2010, the company's long term debt was 7.02 trillion and total liabilities (i.e., all monies owed) were 19.30 trillion. The long term debt to equity ratio of the company is 0.64. As of March 2010, the accounts receivable for the company were 6.46 trillion, which is equivalent to 124 days of sales. This is higher than at the end of 2009, when Toyota Motor had 100 days of sales in accounts receivable. Financial Positions Company Toyota Motor Honda Motor Co., Ltd. Nissan Motor Co Ltd LT Debt/ Days Days R&D/ Year Equity AR Inv. Sales 2010 2010 2010 0.64 0.53 0.88 N/A 124 84 155 19 34 3.8% 59 5.4% 53 5.1% 33 5.4%

Motors Liquidation Company 2008

Note that some of the financial ratios stated within this analysis may be distorted because of sales in financing, leasing, etc., which can distort certain ratios. At Toyota Motor, sales of Financial Services totalled 1.23 trillion, which was equal to 6.47% of sales in 2010. Industry Overview Copyright 2001-2010 The Winthrop Corporation Distributed by Wright Investors' Service, Inc. All Rights Reserved Important Legal Notice

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS:
Per Share- Japanese Yen
Price

Toyota Motor Corporation

Equity Capital % Profit Rate (ROE) Earnings Dividends

Year

Value Ratios

Fiscal Yr Ends: March 2002 2003 2004 2005 2006 2007 2008 2009 2010
BD

Market Price Last 3,650.00 2,635.00 3,880.00 3,990.00 6,430.00 7,550.00 4,970.00 3,120.00 3,745.00

Price/ Price/ % Earnings Book Dividend Earned Ratio Ratio Yield Growth 21.4 9.7 11.3 11.2 15.2 14.7 9.2 n/c 56.1 18.5 1.9 1.3 1.8 1.6 2.3 2.3 1.3 0.8 1.2 1.0 0.8% 1.4% 1.2% 1.6% 1.4% 1.6% 2.8% 3.2% 1.2% 1.4% 7.4% 11.7% 13.8% 11.8% 12.0% 12.0% 10.8% -6.3% 0.7% n/a

Book Value Begin Yr

12 Month 12 Month Earnings % Dividends Per % Payout Per Share Change Ratio Share
E E

8.8% 1,931.39 13.4% 2,031.43 15.9% 2,161.38 14.5% 2,456.08 15.2% 2,767.67 15.7% 3,257.63 14.6% 3,701.17 -3.7% 3,768.97 2.1% 3,208.41 n/a 3,303.49

170.69 272.75
ACE

33.5% 59.8% 25.7% 3.6% 18.7% 21.4% 5.6% n/c n/c n/c

16.4% 13.2% 13.1% 18.3% 21.3% 23.4% 25.9% n/c 67.4% 25.4%

28.00 36.00 45.00 65.00 90.00 120.00 140.00 100.00 45.00 45.00

342.90
AE

355.35
ACE

421.76
AE AE

512.09 540.65
AE 139.13

AE

66.79

12/3/2010 3,275.00

176.85

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - - INCLS 0.79 PRETAX CHG IN FIS 2010, - INCLS 70.35 PRETAX CHG IN FIS 2009, - INCLS 3.57 PRETAX CHG IN FIS 2008, - INCLS 1.44 PRETAX CHG IN FIS 2007, INCLS 1.28 PRETAX CHG IN FIS 2006, - INCLS 43.47 PRETAX CR & 62.93 PRETAX CHG IN FIS 2005 (INCLS 43.47 PRETAX CR & 62.93 PRETAX CHG MAR 2005), - INCLS 31.58 PRETAX CR & 0.90 PRETAX CHG IN FIS 2004 (B): MAJOR ACCOUNTING STANDARDS SWITCH (C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED FIN 47 FOR CONDITIONAL ASSET RETIREMENT OBLIGATIONS AND SFAS 153 FOR EXCHANGES OF NOMONETARY ASSETS IN FIS 2006, EARNINGS IMPACT IMMATERIAL IN BOTH CASES, - ADPTD 150 FOR CERTAIN FINANL INSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABS & EQUITY, 149, AN AMDMT OF STATEMENT 133, 145, AN AMDMT TO SFAS 13, TO ELIMINATE THE REQMNT THAT GN/LOSS FROM EXTNG OF DEBT TO BE TREATED AS XORD ITEM, 143 FOR ASSET RET'T OBLGNS & FIN 46 FOR CONSLDN OF VARIABLE INTEREST ENTITIES, EITF 00-21, EITF 02-9 & EITF 01-8 IN FIS 2004 (D): ACQ'D - TOYOTA AUTO BODY CO LTD, KANTO AUTO WORKS LTD, CENTRAL MOTOR CO LTD & PT TOYOTA MOTOR MANUFACTURING INDONESIA IN FIS 2004, (SOLD 3 J-PHONE GROUP) IN 2001 (E): BASED ON AVERAGE SHARES OUTSTANDING, - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED MAR 200 WERE 540.44, - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED MAR 2007 WERE 511.80, - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED MAR 2006 WERE 421.62, - FULLY DILUTED EARNINGS FOR THE 12MOS ENDED MAR 2005 WERE 355.28--, - FULLY DILUTED EARNINGS FOR THE 12MOS ENDED MAR 2004 WERE 342.86, FULLY DILUTED EARNINGS FOR THE 12MOS ENDED MAR 2003 WERE 272.73
Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Sales Analysis

SALES ANALYSIS:

Figures in millions of Japanese Yen

Toyota Motor Corporation

Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) Amount in millions

Sales Amount in millions Yearto-year Growth 4.2%

Cost of Goods Sold Amount in millions

After Tax Income before Extraordinary Charges and Credits Amount in millions

Employees Sales Per Employee After Tax Income Per Employee 2,185,483 2,496,226 3,576,999 4,395,061 4,407,326 4,798,218 5,491,199 5,434,245 1,361,989 653,345

Year

% of Sales

% of Sales

% of Sales

Number

2001 13,424,423 2002 15,106,297 2003 16,054,290 2004 17,294,760 2005 18,551,526 2006 21,036,909 2007 23,948,091 2008 26,289,240 2009 20,529,570 2010 18,950,973

9,746,583 72.6% 1,654,237 12.3%

471,295 3.5% 215,648 62,251,553 615,824 4.1% 246,702 61,232,973 944,671 5.9% 264,096 60,789,599

12.5% 10,805,405 71.5% 1,949,120 12.9% 6.3% 11,412,979 71.1% 2,530,498 15.8%

7.7% 12,710,512 73.5% 2,756,403 15.9% 1,162,098 6.7% 264,410 65,408,873 7.3% 13,806,528 74.4% 2,771,306 14.9% 1,171,260 6.3% 265,753 69,807,400 13.4% 15,733,766 74.8% 3,320,139 15.8% 1,372,180 6.5% 285,977 73,561,542 13.8% 17,845,799 74.5% 3,814,436 15.9% 1,644,032 6.9% 299,394 79,988,547 9.8% 20,029,218 76.2% 3,974,470 15.1% 1,717,879 6.5% 316,121 83,161,954 16,960,630 82.6% 21.9% 981,671 4.8% 9.2% -436,937 320,808 63,993,323 2.1%

-7.7% 15,269,228 80.6% 1,739,446

209,456 1.1% 320,590 59,112,801

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Price Analysis

PRICE ANALYSIS:

Per Share- Japanese Yen

Toyota Motor Corporation

12 months Quarterly % %Change Change n/a -12.9% -1.6% 1.9% n/a n/a n/a n/a

Quarter 2002 Jan - Mar Apr - Jun Jul - Sep

High Price

Low Price

Closing Price

3,920.000 3,210.000 3,650.000 3,790.000 2,995.000 3,180.000 3,450.000 2,690.000 3,130.000

Oct - Dec 3,300.000 2,755.000 3,190.000 2003 Jan - Mar Apr - Jun Jul - Sep 3,300.000 2,625.000 2,635.000 3,180.000 2,455.000 3,110.000 3,920.000 2,975.000 3,280.000

-17.4% -27.8% 18.0% 5.5% 10.4% 7.2% 13.9% -4.5% -1.2% -4.3% -2.2% 4.8% 13.5% 47.2% 42.1% 28.7% 15.2% 2.8%

Oct - Dec 3,720.000 3,130.000 3,620.000 2004 Jan - Mar Apr - Jun Jul - Sep 3,990.000 3,390.000 3,880.000 4,440.000 3,730.000 4,420.000 4,520.000 4,030.000 4,220.000

Oct - Dec 4,320.000 3,780.000 4,170.000 2005 Jan - Mar Apr - Jun Jul - Sep 4,220.000 3,940.000 3,990.000 4,150.000 3,790.000 3,970.000 5,330.000 3,970.000 5,200.000

-0.5% -10.2% 31.0% 17.7% 5.1% -6.8% 7.2% 24.0% -5.2% 3.3% -13.1% 23.2% 46.8% 61.2% 50.9% 23.5% 30.1% 17.4% 30.2% 5.6%

Oct - Dec 6,180.000 4,950.000 6,120.000 2006 Jan - Mar Apr - Jun Jul - Sep 6,560.000 5,600.000 6,430.000 6,950.000 5,430.000 5,990.000 6,520.000 5,570.000 6,420.000

Oct - Dec 8,000.000 6,430.000 7,960.000 2007 Jan - Mar Apr - Jun Jul - Sep 8,350.000 7,440.000 7,550.000 7,820.000 7,010.000 7,800.000 7,880.000 6,130.000 6,780.000

Oct - Dec 6,910.000 5,780.000 6,040.000 2008 Jan - Mar Apr - Jun 6,400.000 4,810.000 4,970.000 5,710.000 4,800.000 5,010.000

-10.9% -24.1% -17.7% -34.2% 0.8% -35.8%

Jul - Sep

5,120.000 4,340.000 4,380.000

-12.6% -35.4% -33.7% -51.9% 7.4% -37.2% 17.6% -26.7% -2.7% -18.5% 8.7% -3.5% 33.6% 20.0%

Oct - Dec 4,500.000 2,585.000 2,905.000 2009 Jan - Mar Apr - Jun Jul - Sep 3,380.000 2,750.000 3,120.000 4,080.000 3,140.000 3,670.000 4,190.000 3,380.000 3,570.000

Oct - Dec 3,930.000 3,290.000 3,880.000 2010 Jan - Mar Apr - Jun Jul - Sep 12/3/2010 4,235.000 3,195.000 3,745.000 3,830.000 3,030.000 3,080.000 3,280.000 2,806.000 2,998.000 3,275.000

-17.8% -16.1% -2.7% -16.0% 12.6% -12.2%

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS:

Per Share- Japanese Yen Fiscal Year Ends in March
Earnings Per Share 12 Months Fiscal Years 1999 2000
D

Toyota Motor Corporation

Dividends Per Share 12 Months % Dividends Change 23.00 24.00 25.00 28.00 36.00 45.00 65.00 90.00 120.00 140.00 n/c 4.3% 4.2% 12.0% 28.6% 25.0% 44.4% 38.5% 33.3% 16.7% Quarterly Reported Dividends Q1 Jun. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q2 Sep. 10.00 11.00 11.00 13.00 16.00 20.00 25.00 35.00 50.00 65.00 65.00 20.00 20.00 Q3 Dec. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q4 Mar. % Payout

Quarterly Reported Earnings Q1 Jun. n/a n/a n/a n/a 101.36 64.83 86.24 81.80 Q2 Sep. 50.80 54.47 43.20 80.27 57.95 88.53 90.08 Q3 Dec. n/a n/a n/a n/a 62.17 Q4 Mar. 43.41 55.48 84.68 90.42 n/a

Earnings

% Change

94.21 -21.1% E 109.95 E 127.88 E 170.69 E 272.75 ACE 342.90 AE 355.35 ACE 421.76 AE 512.09 AE 540.65 AE -139.13 AE 66.79 n/a 16.7% 16.3% 33.5% 59.8% 25.7% 3.6% 18.7% 21.4% 5.6% n/c n/c n/c

13.00 24.5% 13.00 21.6% 14.00 18.8% 15.00 16.0% 20.00 11.6% 25.00 11.8% 40.00 14.1% 55.00 17.8% 70.00 20.6% 75.00 25.1% 35.00 n/c

2001 2002 2003 2004

BD

84.83 104.71 90.35 88.68

2005 2006 2007 2008 2009 2010 2011 (A):

93.33 122.22 124.41

115.21 126.15 133.21 137.52 153.98 141.52 144.48 100.67 112.30 -24.82 60.74 44.62 6.97 31.47 -52.26 48.86 n/a 243.79 35.78 n/a

100.00 -28.6% 45.00 -55.0% n/a n/c

25.00 82.3% n/a n/c

INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - - INCLS 0.79 PRETAX CHG IN FIS 2010, INCLS 70.35 PRETAX CHG IN FIS 2009, - INCLS 3.57 PRETAX CHG IN FIS 2008, - INCLS 1.44 PRETAX CHG IN FIS 2007, - INCLS 1.28 PRETAX CHG IN FIS 2006, - INCLS 43.47 PRETAX CR & 62.93 PRETAX CHG IN FIS 2005 (INCLS 43.47 PRETAX CR & 62.93 PRETAX CHG MAR 2005), - INCLS 31.58 PRETAX CR & 0.90 PRETAX CHG IN FIS 2004
(B): (C):

MAJOR ACCOUNTING STANDARDS SWITCH

INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED FIN 47 FOR CONDITIONAL ASSET RETIREMENT OBLIGATIONS AND SFAS 153 FOR EXCHANGES OF NOMONETARY ASSETS IN FIS 2006, EARNINGS IMPACT IMMATERIAL IN BOTH CASES, - ADPTD 150 FOR CERTAIN FINANL INSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABS & EQUITY, 149, AN AMDMT OF STATEMENT 133, 145, AN AMDMT TO SFAS 13, TO ELIMINATE THE REQMNT THAT GN/LOSS FROM EXTNG OF DEBT TO BE TREATED AS XORD ITEM, 143 FOR ASSET RET'T OBLGNS & FIN 46 FOR CONSLDN OF VARIABLE INTEREST ENTITIES, EITF 00-21, EITF 02-9 & EITF 01-8 IN FIS 2004
(D):

ACQ'D - TOYOTA AUTO BODY CO LTD, KANTO AUTO WORKS LTD, CENTRAL MOTOR CO LTD & PT TOYOTA MOTOR MANUFACTURING INDONESIA IN FIS 2004, (SOLD 3 J-PHONE GROUP) IN 2001
(E):

BASED ON AVERAGE SHARES OUTSTANDING, - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED MAR 200 WERE 540.44, - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED MAR 2007 WERE 511.80, - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED MAR 2006 WERE 421.62, - FULLY DILUTED EARNINGS FOR THE 12MOS ENDED MAR 2005 WERE 355.28--, - FULLY DILUTED EARNINGS FOR THE 12MOS ENDED MAR 2004 WERE 342.86, FULLY DILUTED EARNINGS FOR THE 12MOS ENDED MAR 2003 WERE 272.73
Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed

reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Toyota

Figures are expressed as Percent of Total Assets. Total Assets are in millions of Japanese Yen.

Motor Corporation
2008 3/31/2008 2007 3/31/2007 2006 3/31/2006

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross

2010 3/31/2010

2009 3/31/2009

30,226,670.0 28,912,526.0 32,346,843.0 32,476,736.0 28,624,880.0 13.4% 6.2% 7.2% 21.4% 4.7% 1.1% 0.7% 2.9% 0.0% 1.7% 2.1% 43.3% 18.9% 10.3% 8.5% 1.9% 19.4% 5.0% 1.1% 0.9% 3.0% 0.0% 2.2% 2.1% 39.1% 19.8% 7.1% 5.0% 2.1% 21.2% 5.6% 1.2% 0.7% 3.7% 0.0% 1.6% 1.7% 37.4% 18.7% 7.3% 5.9% 1.4% 20.2% 5.6% 1.1% 0.7% 3.7% 0.0% 1.6% 1.7% 36.3% 17.8% 3.4% 37.5% 17.1% 7.9% 5.5% 2.4% 20.6% 5.7% 1.0% 0.8% 3.8% 0.0%

6.2% 7.5% 56.6%

6.3% 7.3% 59.5%

6.5% 10.6% 53.8%

6.3% 11.8% 54.0%

6.4% 11.9% 55.4%

Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities Total Long Term Debt Long Term Debt Excluding Capitalized Leases

34.3%

33.9%

29.6%

29.1%

30.7%

22.2% 2.0% 0.0% 2.0%

25.6% 1.9% 0.0% 1.9%

24.2% 2.7% 0.0% 2.7%

24.8% 2.9% 0.0% 2.9%

24.7% 2.4% 0.0% 2.4%

100.0%

100.0%

100.0%

100.0%

100.0%

30,226,670.0 28,912,526.0 32,346,843.0 32,476,736.0 28,624,880.0 6.5% 18.2% 4.5% 21.8% 6.8% 19.3% 6.8% 18.1% 7.3% 16.6%

0.5%

0.2%

1.0%

1.3%

1.2%

10.2% 35.4% 23.2% 23.1%

10.1% 36.6% 21.8% 21.7%

9.9% 36.9% 18.5% 18.4%

10.0% 36.2% 19.3% 19.2%

9.9% 35.0% 19.7% 19.6%

Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes Credit Deferred Taxes Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity

0.1% 2.2%

0.1% 2.2%

0.1% 2.0%

0.1% 2.0%

0.2% 2.4%

2.3% 2.7% 0.4%

1.7% 2.2% 0.5%

3.1% 3.4% 0.3%

3.7% 4.0% 0.3%

3.4% 3.8% 0.4%

0.7% 63.8% 0.0% 1.9% 0.0%

1.0% 63.3% 0.0% 1.9% 0.0%

0.9% 61.3% 0.0% 2.0% 0.0%

0.4% 61.6% 0.0% 1.9% 0.0%

0.5% 61.0% 0.0% 2.1% 0.0%

34.3% 100.0%

34.8% 100.0%

36.7% 100.0%

36.4% 100.0%

36.9% 100.0%

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Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Toyota

Figures are the Percent Changes from the Prior Year.

Motor Corporation
2008 2007 2006

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges Tangible Other Assets

2010

2009

3/31/2010 3/31/2009 3/31/2008 3/31/2007 3/31/2006

4.5% 35.7% -23.7% 304.4% 14.9% -2.5% 1.9% -20.8% 1.0%

-10.6% 29.5% 50.1% -20.2% -18.2% -20.1% -11.3% 4.9% -27.7%

-0.4% -2.4% -14.3% 46.5% 4.9% 1.2% 3.2% 1.3% 0.6%

13.5% 4.8% 21.1% -32.6% 11.1% 11.3% 27.6% -1.1% 9.8%

17.6% 7.9% 5.8% 12.9% 16.4% 24.1% 20.1% 33.1% 23.3%

-19.2% 4.4% 15.7% -0.5% 2.9% 7.3% -0.6% 6.0% -9.3% 9.1%

20.1% 7.5% -6.5% -5.3% -13.0% -38.7% -1.2% 2.2% -5.3% -36.3%

1.4% 2.1% 2.6% 4.4% 2.0% -10.5% -0.7% 1.3% -3.1% -8.1% -42.9% 9.8% 18.1% 12.6% 12.6% 10.5% 7.6% 14.1% 38.7% -1.3% 13.7% 21.8% 16.4% 25.8% 12.8% 6.4% 21.9% -14.0%

9.1%

-36.3%

-8.1%

38.7%

-14.0%

Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP 5.8% -17.8% 4.5% 6.6% 16.8% -23.3% 5.4% 5.6% -7.6% 119.5% -1.0% -9.1% 14.5% 65.3% 18.2% 40.1% 26.6% -18.0% -50.1% -41.6% 34.1% -18.7% -16.3% 13.7% 23.1% 20.1% -8.1% 21.5% 5.6% 0.9% 11.3% 11.8% -54.8% 6.9% -8.8% -11.3% 5.3% 5.3% 11.1% 0.4% -2.3% 1.5% -4.5% -4.5% -6.4% -1.3% 15.2% 17.3% 11.0% 11.2% -11.6% -5.8% 11.2% 21.9% 12.5% 12.8% -19.5% 5.1% 149.7% -79.2% -27.0% 20.7% 21.1% 4.5% 50.6% -13.0% -10.6% -41.3% 1.4% -0.4% 0.1% 6.2% 13.5% 6.0% 23.3% 17.6% 12.4% 34.7% 4.5% -10.6% -0.4% 13.5% 17.6%

ESOP Guarantees - Preferred Issued Common Equity Total Liabilities & Shareholders' Equity 3.0% 4.5% -15.2% -10.6% 0.3% -0.4% 12.1% 13.5% 16.8% 17.6%

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Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Toyota

Figures in millions of Japanese Yen.

Motor Corporation
2008 3/31/2008 2007 3/31/2007 2006 3/31/2006

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross

2010 3/31/2010

2009 3/31/2009

30,517,531.0 29,339,199.2 27,964,739.6 25,554,623.6 22,944,025.2 2,791,823.0 1,881,667.8 910,155.2 6,275,723.8 1,626,482.8 338,222.6 233,414.6 1,054,845.6 0.0 2,399,593.2 1,805,269.2 594,324.0 5,997,524.6 1,603,350.0 317,932.0 229,549.8 1,055,868.2 0.0 2,251,977.6 1,662,368.4 589,609.2 5,784,424.8 1,528,136.4 291,678.8 212,335.2 1,024,122.4 0.0 2,247,441.2 1,460,833.0 786,608.2 5,696,308.8 1,377,582.6 2,237,469.6 1,222,203.8 1,015,265.8 5,582,476.8 1,221,335.0

663,503.0

732,621.8

804,964.2

940,217.0

1,049,589.2

11,795,621.0 11,068,921.2 10,578,826.0 10,365,502.0 10,090,870.6 5,633,114.2 5,298,772.8 4,806,725.2 3,744,216.4 2,739,741.0

1,938,159.4 3,004,153.2

1,876,332.4 3,093,725.8

1,785,091.6 3,121,545.2

1,581,006.6 2,759,259.2

1,404,005.6 2,287,078.8

17,012,444.2 16,405,500.4 15,639,362.4 14,847,815.0 13,985,341.0

Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities Total Long Term Debt Long Term Debt Excluding Capitalized Leases

9,602,098.0

9,178,215.6

8,821,484.4

8,490,940.4

8,153,014.8

7,410,346.2 736,137.0 0.0 736,137.0

7,227,284.8 774,162.2 0.0 774,162.2

6,817,878.0 854,673.6

6,356,874.6 747,764.8

5,832,326.2 590,003.0

30,517,531.0 29,339,199.2 27,964,739.6 25,554,623.6 22,944,025.2

30,517,531.0 29,339,199.2 27,964,739.6 25,554,623.6 22,944,025.2 1,953,381.2 5,733,149.4 1,933,440.0 5,340,099.4 2,015,417.8 4,739,506.4 1,889,312.2 4,128,054.2 1,743,629.0 3,570,522.4

264,604.8

290,626.8

328,105.6

329,349.2

311,967.0

3,051,295.4

2,946,463.0

2,829,339.0 9,912,368.8 5,429,639.4 5,382,556.4

2,681,807.8 9,035,728.6 5,052,075.4 5,012,223.2

2,478,417.6 8,118,908.8 4,524,695.8 4,492,570.2

11,002,430.8 10,510,629.2 6,240,576.8 6,205,216.2 5,840,480.0 5,797,903.0

Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes Credit Deferred Taxes Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity

35,360.6 653,218.0

42,577.0 646,880.4

47,083.0 665,071.8

39,852.2 666,554.0

32,125.6 692,379.6

874,310.4 991,983.0 117,672.6

898,523.6

955,679.4

751,015.0

494,759.6

212,647.2

184,451.0

138,920.6

100,135.0

99,174.6

18,983,183.2 18,080,964.2 17,101,680.0 15,605,508.0 13,929,918.4 0.0 596,948.2 0.0 0.0 583,790.0 0.0 0.0 565,142.6 0.0 0.0 533,050.6 0.0 0.0 500,245.8 0.0

10,937,399.6 10,674,445.0 10,297,917.0

9,416,065.0

8,513,861.0

30,517,531.0 29,339,199.2 27,964,739.6 25,554,623.6 22,944,025.2

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Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Toyota

Motor Corporation
2008 2007 2006

Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Japanese Yen.

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves Increase/Decrease Pretax Equity in Earnings Other Income/Expense Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

2010

2009

18,950,973.0 20,529,570.0 26,289,240.0 23,948,091.0 21,036,909.0 80.6% 7.5% 12.0% 11.2% 82.6% 7.3% 10.1% 12.3% 76.2% 5.7% 18.1% 9.5% 74.5% 5.8% 19.7% 10.4% 74.8% 5.8% 19.5% 10.5%

0.0% 99.2% 0.8% 0.0% 0.0% 0.4% 0.0%

0.0% 102.2% -2.2% 0.0% 1.1% 0.7% 0.0%

0.0% 91.4% 8.6% 0.0% 0.0% 0.6% 0.0%

0.0% 90.7% 9.3% 0.0% 0.0% 0.6% 0.0%

0.0% 91.1% 8.9% 0.7% 0.0% 0.4% 0.0%

0.5%

0.1%

0.2%

0.3%

-0.0%

9.2%

4.8%

15.1%

15.9%

15.8%

Earnings before Interest & Taxes (EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common

1.7%

-2.5%

9.4%

10.2%

10.0%

0.2% 0.0% 1.5% 0.5% 0.2% 0.2% 0.0% 0.0%

0.2% 0.0% -2.7% -0.3% -0.1% 0.2% 0.0% 0.0%

0.2% 0.0% 9.3% 3.5% 0.3% 1.0% 0.0% 0.0%

0.2% 0.0% 9.9% 3.8% 0.2% 0.9% 0.0% 0.0%

0.1% 0.0% 9.9% 3.8% 0.4% 0.8% 0.0% 0.0%

1.1%

-2.1%

6.5%

6.9%

6.5%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

1.1%

-2.1%

6.5%

6.9%

6.5%

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Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Toyota

Figures are the Percent Changes from the Prior Year.

Motor Corporation
2008 9.8% 12.2% 7.9% 1.0% 0.7% 2007 13.8% 13.4% 14.2% 15.3% 12.1% 2006 13.4% 14.0% 21.4% 9.2% 4.3%

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations

2010 -7.7% -10.0% -5.4% 9.3% -16.4%

2009 -21.9% -15.3% 0.3% -56.5% 1.5%

-10.4%

-12.6% -120.3%

10.6% 1.4%

13.3% 19.2% 100.0%

13.2% 15.6% 0.0% -98.0% 39.2%

-98.9% 1,847.1% 145.9% -43.5% -16.4% 25.6%

10.8% 40.4%

239.1% 77.2%

-48.9% -10.9% -75.3% -120.7% 4.2% 2.1% 14.9% 15.3%

101.7% 19.8% 18.9% 14.0%

-28.7%

1.7%

-6.5% 128.4%

-123.0% -106.2% -131.1% 6.3% -84.2%

2.3% 1.5% 56.9% 28.9%

14.1% 13.0% -41.1% 27.5%

19.0% 20.9% 30.0% 17.8%

Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common

-125.4%

4.5%

19.8%

17.2%

-125.4%

4.5%

19.8%

17.2%

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Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Toyota

Figures in millions of Japanese Yen.

Motor Corporation
2008 2007 2006

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses

2010

2009

22,150,956.6 22,071,067.2 21,424,105.2 19,377,115.2 17,608,756.4 17,167,728.2 16,875,188.2 16,025,164.6 14,301,916.8 12,893,838.0 1,398,929.2 3,584,299.2 2,369,518.2 1,315,558.0 3,880,321.0 2,370,047.6 1,210,504.8 4,188,435.8 2,273,989.6 1,082,604.6 3,992,593.8 2,219,531.4 966,807.2 3,748,111.2 2,162,071.4

0.0

0.0

0.0

39,955.4

75,975.4

Operating Expenses 20,936,175.6 20,560,793.8 19,509,659.0 17,644,008.2 16,098,692.0 - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves Increase/Decrease Pretax Equity in Earnings Other Income/Expense Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 50,712.8 59,434.8 66,850.4 140,175.4 119,016.4 1,214,781.0 28,660.0 48,705.8 121,655.2 0.0 1,510,273.4 57,315.0 89,691.0 119,514.2 0.0 1,914,446.2 143,465.4 110,862.6 102,946.6 0.0 1,733,107.0 143,465.4 155,656.2 78,467.0 0.0 1,510,064.4 143,465.4 154,733.4 61,470.8 0.0

2,766,032.4

2,972,404.4

3,327,350.8

3,038,556.4

2,665,493.2

Earnings before Interest & Taxes (EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common

1,367,103.2

1,656,846.4

2,116,846.0

1,955,951.8

1,698,686.0

39,466.2 0.0 1,327,637.0 528,236.4 44,504.0 146,425.4 0.0 0.0

36,575.6 0.0 1,620,270.8 641,285.6 50,540.4 165,238.0 0.0 0.0

31,340.4 0.0 2,085,505.6 788,834.8 63,933.2 180,752.2 0.0 0.0

28,027.0 0.0 1,927,924.8 736,694.8 59,111.2 126,729.4 0.0 0.0

24,559.6 0.0 1,674,126.4 653,064.2 52,682.0 84,826.4 0.0 0.0

901,322.0

1,093,682.8

1,413,489.8

1,258,848.2

1,053,206.6

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

901,322.0

1,093,682.8

1,413,489.8

1,258,848.2

1,053,206.6

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Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Toyota

Motor Corporation
2009 3/31/2009 2008 3/31/2008 2007 3/31/2007 2006 3/31/2006

Currency figures are in millions of Japanese Yen. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year Fiscal Year End Date Total Capital Percent of Total Capital Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Net Changes Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Percent Changes

2010 3/31/2010

17,945,852.0 16,902,206.0 18,508,125.0 18,727,921.0 16,790,519.0

30.6% 39.1% 1.3% 107.5% 3.2% 0.0% 64.5% 57.7% 100.0%

37.4% 37.3% 1.7% 108.3% 3.2% 0.0% 68.2% 59.5% 100.0%

33.7% 32.3% 1.5% 107.1% 3.5% 0.0% 67.0% 64.1% 100.0%

31.3% 33.4% 0.7% 106.9% 3.4% 0.0% 62.8% 63.2% 100.0%

28.3% 33.6% 0.8% 104.1% 3.5% 0.0% 62.3% 62.9% 100.0%

-81,918.7 71,394.0 -6,831.0 98,443.8 3,119.0 0.0 3,698.0 29,851.6 104,364.6

8,903.2 31,953.8 1,548.3 -150,886.0 -11,713.7 0.0 -87,692.8 -180,832.0 -160,591.9

36,264.5 -28,165.4 15,144.8 -19,175.1 2,842.3 0.0 64,383.7 3,343.5 -21,979.6

110,860.0 62,309.5 -1,272.6 253,754.9 3,866.4 0.0 130,492.5 127,564.3 193,740.2

122,416.0 62,556.5 5,508.6 268,971.9 8,465.1 0.0 112,761.2 151,549.9 222,571.5

Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Total Liabilities & Common Equity Total Liabilities Net Change in Liabilities as % of Total Liabilities Common Equity Net Change in Common Equity as % of Common Equity Cash Flow Operating Activities Financing Activities Investing Activities

-13.0% 11.3% -23.3% 5.4% 5.8%

1.4% 5.3% 5.6% -7.6% -17.8%

6.2% -4.5% 119.5% -1.0% 4.5%

23.3% 11.0% -9.1% 14.5% 6.6%

34.7% 12.5% 65.3% 18.2% 16.8%

0.3% 3.0% 6.2%

-7.1% -15.2% -8.7%

5.5% 0.3% -1.2%

12.5% 12.1% 11.5%

12.1% 16.8% 15.3%

19,296,227.0 18,311,789.0 19,820,649.0 20,012,400.0 17,474,851.0 5.1% -8.2% -1.0% 12.7% 15.4%

10,359,723.0 10,061,207.0 11,869,527.0 11,836,092.0 10,560,449.0

2.9%

-18.0%

0.3%

10.8%

14.4%

2,558,530.0 -277,982.0 2,850,184.0

1,476,905.0 698,841.0 1,230,220.0

2,981,624.0 706,189.0 3,874,886.0

3,238,173.0 881,768.0 3,814,378.0

2,515,480.0 876,911.0 3,375,500.0

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Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Toyota Fiscal Year Fiscal Year End Date Receivables Turnover Receivables - Number of Days Inventory Turnover Inventory - Number of Days

Motor Corporation
2010 2009 2008 2007 2006 3/31/2010 3/31/2009 3/31/2008 3/31/2007 3/31/2006 2.9 116.3 10.6 34.4 1.1 2.8 3.7 111.0 10.3 35.3 1.2 2.8 3.8 93.1 11.0 33.1 1.5 3.4 3.7 94.8 10.4 35.0 1.4 3.0 3.6 95.1 10.7 34.0 1.3 3.0

Gross Property, Plant & Equipment Turnover Net Property, Plant & Equipment Turnover Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization Year to Year Change Depreciation, Depletion & Amortization Year to Year % Change

8.3%

8.7%

8.6%

7.9%

7.6%

-8,060.1

403.5

10,854.1

17,141.6

21,346.5

-5.4%

0.3%

7.9%

14.2%

21.4%

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Financial Ratio Analyses\Asset Utilization

Asset Utilization: Toyota

Motor Corporation
2009 3/31/2009 2008 3/31/2008 2007 3/31/2007 2006 3/31/2006

Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Japanese Yen.

Fiscal Year Fiscal Year End Date Net Sales Cash & Cash Equivalents Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Total Long Term Receivables & Investments Long Term Receivables Investments in Associated Companies Other Investments Property, Plant & Equipment - Gross Accumulated Depreciation Property Plant & Equipment - Net Other Assets

2010 3/31/2010

18,950,973.0 20,529,570.0 26,289,240.0 23,948,091.0 21,036,909.0 21.4% 11.5% 34.1% 7.5% 3.3% 69.0% 14.5% 2.6% 27.4% 7.1% 2.9% 55.0% 8.8% 2.6% 26.1% 6.9% 2.1% 46.0% 9.9% 1.9% 27.3% 7.5% 2.3% 49.2% 10.7% 3.3% 28.0% 7.7% 4.6% 51.0%

51.9%

47.0%

44.0%

48.8%

48.2%

30.1%

27.9%

23.0%

24.2%

23.3%

9.9%

8.9%

8.0%

8.6%

8.7%

11.9% 90.2% 54.8% 35.4% 3.2%

10.2% 83.7% 47.7% 36.1% 2.7%

13.0% 66.2% 36.5% 29.7% 3.3%

16.0% 73.2% 39.5% 33.7% 4.0%

16.2% 75.4% 41.8% 33.6% 3.3%

Total Assets

159.5%

140.8%

123.0%

135.6%

136.1%

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Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: Toyota Fiscal Year Fiscal Year End Date Employees Values per Employee Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets Year to Year % Change per Employee Employees Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets

Motor Corporation
2009 3/31/2009 320,808 2008 3/31/2008 316,121 2007 3/31/2007 299,394 2006 3/31/2006 285,977

Values per Employee are in Japanese Yen.

2010 3/31/2010 320,590

59,112,801 63,993,323 653,345 -1,361,989 5,584,585 7,446,864 4,121,836 2,212,027

83,161,954 5,434,245 10,344,191 460,219 38,624,713 58,547,597

79,988,547 5,491,199 10,334,208 56,624 40,512,141 62,552,760

73,561,542 4,798,218 9,379,415 2,470,433 36,357,459 58,712,830

39,032,428 39,333,972 55,977,579 52,686,361

94,284,507 90,124,080 102,324,246 108,474,906 100,095,043

-0.1% -7.6%

1.5% -23.0% -125.1%

5.6% 4.0% -1.0% 0.1% 712.8% -4.7% -6.4% -5.7%

4.7% 8.7% 14.4% 10.2% -97.7% 11.4% 6.5% 8.4%

7.6% 5.4% 8.9% 11.2% -45.9% 13.0% 7.1% 9.3%

35.5% 236.7% -0.8% 6.2% 4.6%

-60.2% 380.6% 1.8% -10.0% -11.9%

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Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Toyota Fiscal Year Fiscal Year End Date EBIT/Total Interest Expense EBIT/Net Interest EBIT/(Total Interest Exp + Pfd Div) EBIT/Dividends on Common Shares EBIT/(Dividends on Common + Pfd) EBITDA/Total Interest Expense EBITDA/Net Interest EBITDA/(Total Interest Exp + Pfd Div) EBITDA/Dividends on Com Shares EBITDA/(Dividends on Com + Pfd)

Motor Corporation
2010 2009 2008 2007 2006 3/31/2010 3/31/2009 3/31/2008 3/31/2007 3/31/2006 9.7 -11.0 53.9 49.3 97.6

9.7 1.9 1.9 52.1

-11.0 -1.2 -1.2 20.9

53.9 5.8 5.8 86.2

49.3 7.2 7.2 77.3

97.6 8.6 8.6 153.7

52.1 10.1 10.1

20.9 2.2 2.2

86.2 9.2 9.2

77.3 11.2 11.2

153.7 13.6 13.6

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Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Toyota Fiscal Year Fiscal Year End Date Long Term Debt % of EBIT Long Term Debt % of EBITDA

Motor Corporation
2010 2009 2008 2007 2006 3/31/2010 3/31/2009 3/31/2008 3/31/2007 3/31/2006 2,159.4% 403.3% 23.2% 39.1% 67.7% 3,851.7% 719.4% 1,285.4% 41.4% 69.7% 53.4% 120.8% 175.7% 32.8% 1.9% 3.2% 5.5% 0.0% 0.0% 0.0% 0.0% 0.0% 34.3% 57.7% 59.4% 7.6% 0.0% 0.0% 0.0% 0.0% 34.8% 59.5% 58.5% 11.3% 55.0% 1.9% 3.2% 5.4% 43.6% 74.7% 54.3% 125.4% 641.9% 21.8% 37.3% 62.6% 240.9% 150.5% 18.5% 32.3% 50.4% 491.7% 307.2% 37.7% 66.0% 49.4% 102.9% 26.4% 16.5% 2.0% 3.5% 5.5% 0.0% 0.0% 0.0% 0.0% 0.0% 36.7% 64.1% 57.2% 10.5% 257.6% 164.2% 19.3% 33.4% 52.9% 498.8% 318.0% 37.3% 64.8% 49.3% 102.5% 25.8% 16.5% 1.9% 3.4% 5.3% 0.0% 0.0% 0.0% 0.0% 0.0% 36.4% 63.2% 57.7% 11.8% 267.5% 169.9% 19.7% 33.6% 53.4% 493.0% 313.2% 36.3% 61.9% 48.3% 98.5% 28.0% 17.8% 2.1% 3.5% 5.6% 0.0% 0.0% 0.0% 0.0% 0.0% 36.9% 62.9% 58.7% 13.2%

Long Term Debt % of Total Assets Long Term Debt % of Total Capital Long Term Debt % of Com Equity Total Debt % of EBIT Total Debt % of EBITDA Total Debt % of Total Assets Total Debt % of Total Capital Total Debt % of Total Capital & Short Term Debt Total Debt % of Common Equity Minority Interest % of EBIT Minority Interest % of EBITDA Minority Interest % of Total Assets Minority Interest % of Total Capital Minority Interest % of Com Equity Preferred Stock % of EBIT Preferred Stock % of EDITDA Preferred Stock % of Total Assets Preferred Stock % of Total Capital Preferred Stock % of Total Equity Common Equity % of Total Assets Common Equity % of Total Capital Total Capital % of Total Assets Capital Expenditure % of Sales

Fixed Assets % of Common Equity Working Capital % of Total Capital Dividend Payout Funds From Operations % of Total Debt

64.8% 13.3% 82.3% 14.3%

73.6% 4.2%

65.8% 0.8% 25.1%

68.1% 0.1% 20.6% 25.5%

66.9% 4.2% 17.8% 25.8%

10.5%

26.8%

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Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Toyota Fiscal Year Fiscal Year End Date Total Current Assets % Net Sales Cash % of Current Assets Cash & Equivalents % of Current Assets Quick Ratio Receivables % of Current Assets Receivable Turnover number of days Inventories % of Current Assets Inventory Turnover number of days Inventory to Cash & Equivalents - number of days Receivables % of Total Assets Current Ratio Total Debt % of Total Capital Funds from Operations % of Current Liabilities Funds from Operations % of Long Term Debt Funds from Operations % of Total Debt Funds from Operations % of Total Capital Cash Flow (in milllions of Japanese Yen)

Motor Corporation
2010 2009 3/31/2009 55.0% 21.6% 26.4% 0.8 49.7% 111.0 12.9% 35.3 2008 3/31/2008 46.0% 13.5% 19.1% 0.8 56.8% 93.1 15.1% 33.1 2007 3/31/2007 49.2% 16.1% 20.0% 0.8 55.6% 94.8 15.3% 35.0 2006 3/31/2006 51.0% 14.6% 21.0% 0.8 54.9% 95.1 15.1% 34.0

3/31/2010 69.0% 14.3% 31.0% 1.0 49.4% 116.3 10.9% 34.4

1,025.5

736.3

454.6

471.5

500.7

21.4% 1.2 53.4% 16.8% 25.5% 14.3% 10.0%

19.4% 1.1 54.3% 12.5% 21.0% 10.5% 7.8%

21.2% 1.0 49.4% 27.4% 54.7% 26.8% 17.7%

20.2% 1.0 49.3% 26.3% 49.4% 25.5% 16.5%

20.6% 1.1 48.3% 26.7% 47.6% 25.8% 16.0%

Operating Activities Financing Activities Investing Activities

2,558,530.0 1,476,905.0 2,981,624.0 3,238,173.0 2,515,480.0 -277,982.0 698,841.0 706,189.0 881,768.0 876,911.0

2,850,184.0 1,230,220.0 3,874,886.0 3,814,378.0 3,375,500.0

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Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Toyota

Motor Corporation
2010 2009 2008 2007 2006

Figures are expressed as per unit of respective shares. Figures are in Japanese Yen.

Fiscal Year Fiscal Year End Date Sales Operating Income Pre-tax Income Net Income (Continuing Operations) Net Income Before Extra Items Extraordinary Items Net Income After Extraordinary Items Net Income Available to Common Shares Fully Diluted Earnings Common Dividends Cash Earnings Book Value Retained Earnings Assets

3/31/2010 3/31/2009 3/31/2008 3/31/2007 3/31/2006 6,043.05 47.04 92.94 66.79 66.79 0.00 66.79 66.79 66.79 45.00 570.91 3,303.49 3,688.97 9,638.62 6,546.66 -147.01 -178.70 -139.33 -139.33 0.00 -139.33 -139.13 -139.13 100.00 421.06 3,208.41 3,677.31 8,347.70 720.92 773.90 545.48 545.48 0.00 545.48 540.65 540.44 140.00 1,029.13 3,768.97 3,940.12 7,488.61 700.04 745.02 514.09 514.09 0.00 514.09 512.09 511.80 120.00 963.74 3,701.17 3,678.84 6,489.35 579.42 643.90 423.28 423.28 0.00 423.28 421.76 421.62 90.00 824.45 3,257.63 3,226.58 8,830.05

9,219.90 10,271.19 10,155.53

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Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Toyota Fiscal Year Fiscal Year End Date Gross Income Margin Operating Income Margin Pretax Income Margin EBIT Margin Net Income Margin Return on Equity - Total Return on Invested Capital Return on Assets Asset Turnover Financial Leverage Interest Expense on Debt Effective Tax Rate Cash Flow % Sales Selling, General & Administrative Expenses % of Sales 2010 3/31/2010 12.0%

Motor Corporation
2009 3/31/2009 10.1% 2008 3/31/2008 18.1% 2007 3/31/2007 19.7% 2006 3/31/2006 19.5%

Currency figures are in Japanese Yen.

0.8%

-2.2%

8.6%

9.3%

8.9%

1.5% 1.7% 1.1% 2.1%

-2.7% -2.5% -2.1% -4.0%

9.3% 9.4% 6.5% 14.5%

9.9% 10.2% 6.9% 14.7%

9.9% 10.0% 6.5% 14.0%

1.0%

-1.6%

7.1%

7.3%

7.0%

0.8% 0.6 120.8%

-1.3% 0.7 125.4%

5.4% 0.8 102.9%

5.5% 0.7 102.5%

5.2% 0.7 98.5%

33,409,000,000 46,882,000,000 46,113,000,000 49,326,000,000 21,601,000,000

31.8% 9.4% 6.4%

37.4% 12.4%

37.7% 12.9%

38.1% 12.8%

11.2%

12.3%

9.5%

10.4%

10.5%

Research & Development Expense Operating Income Return On Total Capital

3.8%

4.4%

3.1%

3.7%

3.9%

6.2%

-8.7%

-1.2%

11.5%

15.3%

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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Toyota

Currency figures are in millions of U.S. Dollars.
Wright Quality Rating

Motor Corporation

ABC7 ABC7
167,950 122,765 112,353 82,126 0 0 0.0% 0.0% NAS OSA TYO 500 625,540 33.1%

Investment Acceptance Rating Total Market Value of Shares Outstanding - Three Year Average - Current Year Public Market Value (Excludes Closely Held) - Three Year Average - Current Year Trading Volume - Three Year Average - Current Year Turnover Rate - Three Year Average - Current Year Stock Exchange Listings Number of Institutional Investors Number of Shareholders Closely Held Shares as % of Total Shares Outstanding

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Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Toyota Wright Quality Rating Financial Strength Rating Total Shareholders' Equity (Millions of U.S. Dollars) Total Shareholders' Equity as % Total Capital Preferred Stock as % of Total Capital Long Term Debt as % of Total Capital Long Term Debt (Millions of Japanese Yen) Lease Obligations (Millions of Japanese Yen)

Motor Corporation
A A

BC7 BC7
57.5% 0.0% 39.3%

122,477

6,977,270 0 6,977,270 52.8% 9.8 -7.3 1.0 1.2

Long Term Debt including Leases (Millions of Japanese Yen) Total Debt as % of Total Capital Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends Quick Ratio (Cash & Receivables / Current Liabilities) Current Ratio (Current Assets / Current Liabilities)

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Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Toyota Wright Quality Rating Profitability & Stability Rating

Motor Corporation
AB AB

C7 C7
7.5%

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal - Basic Trend Profit Rate Stability Return on Investment Return On Assets (Time-Weighted Average) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate)

-4.0% 47.4% 5.3% 3.3% 4.2% 3.7% 7.0%

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Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Toyota

Figures are expressed on a Per Share Basis.

Motor Corporation
ABC ABC

Wright Quality Rating Growth Rating Normal Earnings Growth Earnings Per Share Stability Adjusted Net Income Per Share Growth - Annual Rate Earned Equity Growth Dividend Growth Operating Income Growth Assets Growth Sales/Revenues Growth

7 7

-13.2% 43.0% -25.0% 4.8% -19.8% -25.0% 3.9% 1.3%

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