Securities Report 3/3

Toyota Motor Corporation 27 June 2003 ------------------------------------------------------------------------------------------------------------------------ 1. Business Segment Information FY2002 (For the year ended March 31, 2002) (Yen in millions) ------------------------------------------------------------------------------------------------------------------------ Intersegment elimination/ Financial Total Unallocated Consol Automotive Services All other amount idated ------------------------------------------------------------------------------------------------------------------------ 1 Revenues/Operating income Revenues (1) External customers 13,858,017 676,723 571,557 15,106,297 -- 15,106,297 (2) Intersegment revenues or 51,908 16,662 247,912 316,483 (316,483) -- transfers ------------------------------------------------------------------------------------------------------------------------ Total 13,909,926 693,385 819,470 15,422,781 (316,483) 15,106,297 ------------------------------------------------------------------------------------------------------------------------ Operating expenses 12,831,828 624,727 820,367 14,276,922 (294,095) 13,982,827 ------------------------------------------------------------------------------------------------------------------------ Operating income (loss) 1,078,097 68,657 (896) 1,145,858 (22,387) 1,123,470 ------------------------------------------------------------------------------------------------------------------------ 2 Segment assets, depreciation and expenditures for segment assets Segment assets 9,458,096 7,069,278 778,650 17,306,025 2,582,911 19,888,937 Depreciation 681,049 102,098 20,460 803,607 -- 803,607 Expenditures 989,445 478,589 40,736 1,508,771 -- 1,508,771 ------------------------------------------------------------------------------------------------------------------------ Note 1 Reporting segments Reporting segments are defined based on the type of products and services provided. 2 Main products and services of each reporting segment Automotive.......Passengers cars, trucks, buses, etc. Financial services.......Financing operations, etc. All other.......Housing, information technologies, etc. 3 Unallocated corporate assets included in 'Intersegment elimination/ Unallocated amount' is (Yen) 3,016,176 million, and consists primarily of funds such as cash and deposits, marketable securities and portion of investments in securities of TMC. 4 Consolidated financial statements on non-financial services and financial services businesses (a) Consolidated balance sheets on non-financial services and financial services businesses --------------------------------------------------------------------------------------------------------------------- FY2002 March 31, 2002 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions Percentage --------------------------------------------------------------------------------------------------------------------- (Assets) (Non-Financial Services Business) 1 Current assets 1 Cash and deposits 549,398 2 Trade notes and accounts receivable 1,572,060 3 Marketable securities 1,601,256 4 Inventories 1,022,718 5 Other 1,111,902 ----------- Total current assets 5,857,335 29.5 2 Fixed assets (1) Property, plant and equipment 4,353,811 21.9 (2) Intangible fixed assets (3) Investments and other assets 1 Investments in securities 2,389,376 2 Long-term loans receivable 399,349 3 Other 521,349 ----------- Total investments and other assets 3,310,074 16.6 ----------- Total fixed assets 7,663,886 38.5 ----------- Total assets 13,521,221 68.0 (Financial Services Business) 1 Current assets 1 Cash and deposits 157,835 2 Marketable securities 4,204 3 Installment credits from dealers 3,214,276 4 Other 1,635,551 ----------- Total current assets 5,011,868 25.2 2 Fixed assets (1) Property, plant and equipment 1,083,966 5.4 (2) Intangible fixed assets 4,328 0.0 (3) Investments and other assets 1 Investment in securities 252,746 2 Long-term loans receivable 640,907 3 Other 75,461 ----------- Total investments and other assets 969,115 4.9 ----------- Total fixed assets 2,057,410 10.3 ----------- Total assets 7,069,278 35.5 (Elimination) Elimination (701,563) -3.5 (Consolidated) ----------- Total assets 19,888,937 100.0 --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- FY2002 March 31, 2002 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions Percentage --------------------------------------------------------------------------------------------------------------------- (Liabilities) (Non-Financial Services Business) 1 Current liabilities 1 Trade notes and accounts payable 1,475,934 2 Current portion of bonds 154,150 3 Short-term borrowings 922,792 4 Accrued expenses and other accounts payable 1,305,518 5 Income taxes payable 333,171 6 Other 392,418 ----------------------- Total current liabilities 4,583,985 23.0 2 Long-term liabilities 1 Bonds and convertible bonds 413,808 2 Long-term borrowings 255,928 3 Other 951,092 ----------------------- Total long-term liabilities 1,620,829 8.2 ----------------------- Total liabilities 6,204,815 31.2 (Financial Services Business) 1 Current liabilities 1 Current portion of bonds 866,780 2 Short-term borrowings 605,697 3 Accrued expenses and other accounts payable 151,310 4 Income taxes payable 6,133 5 Other 1,419,176 ----------------------- Total current liabilities 3,049,099 15.3 2 Long-term liabilities 1 Bonds 2,731,872 2 Long-term borrowings 477,716 3 Other 338,792 ----------------------- Total long-term liabilities 3,548,381 17.9 ----------------------- Total liabilities 6,597,481 33.2 (Elimination) Elimination (702,652) -3.5 ----------------------- (Consolidated) Total liabilities 12,099,644 60.9 ----------------------- (Minority interest in consolidated subsidiaries) (Consolidated) Minority interest in 464,220 2.3 consolidated subsidiaries (Shareholders' equity) (Consolidated) 1 Common stock 397,049 2.0 2 Capital reserve 415,150 2.1 3 Consolidated earned surplus 6,527,956 32.8 4 Unrealized gain on other securities, net 152,809 0.8 5 Translation adjustments 22,855 0.1 ----------------------- 7,515,821 37.8 6 Treasury stock (157,766) -0.8 7 Treasury stock held by consolidated (32,983) -0.2 subsidiaries ----------------------- Total shareholder's equity 7,325,072 36.8 ----------------------- (Consolidated) Total liabilities, minority interest in consolidated subsidiaries and shareholders' 19,888,937 100.0 equity ----------------------- ---------------------------------------------------------------------------------- Note 1 Segment assets in non-financial services business include unallocated corporate assets. 2 'Trade notes and accounts receivable', 'Inventories' and 'Trade notes and accounts payable' in the financial services business were previously presented as separate line items. However, as these amounts were not material as of March 31, 2003, 'Trade notes and accounts receivable' and 'Inventories' are included in 'Other' in current assets, and 'Trade notes and accounts payable' is included in 'Other' in current liabilities this year. (b) Consolidated statement of income on non-financial services and financial services businesses ---------------------------------------------------------------------------------------------------------------------- FY2002 For the year ended March 31, 2002 ---------------------------------------------------------------------------------------------------------------------- Item Yen in millions Percentage ---------------------------------------------------------------------------------------------------------------------- (Non-Financial Services Business) 1 Net revenues 14,471,837 100.0 2 Cost of revenues 11,113,753 76.8 ------------------------ Gross profit 3,358,083 23.2 3 Selling, general and administrative 2,273,530 15.7 expenses ------------------------ Operating income 1,084,553 7.5 4 Non-operating income 277,011 1.9 5 Non-operating expenses 253,468 1.7 ------------------------ Ordinary income 1,108,096 7.7 ------------------------ Income before income taxes and minority 1,108,096 7.7 interest in consolidated subsidiaries Income taxes 475,184 3.3 Minority interest in consolidated 16,763 0.1 subsidiaries ------------------------ Net income 616,147 4.3 (Financial Services Business) 1 Net revenues 693,385 100.0 2 Cost of revenues 433,085 62.5 ------------------------ Gross profit 260,299 37.5 3 Selling, general and administrative 191,641 27.6 expenses ------------------------ Operating income 68,657 9.9 4 Non-operating income 6,313 0.9 5 Non-operating expenses 53,539 7.7 ------------------------ Ordinary income 21,431 3.1 ------------------------ Income before income taxes and minority 21,431 3.1 interest in consolidated subsidiaries Income taxes 13,855 2.0 Minority interest in consolidated 810 0.1 subsidiaries ------------------------ Net income 6,765 1.0 (Elimination) Elimination (7,088) - (Consolidated) ------------------------ Net income 615,824 - ------------------------ ---------------------------------------------------------------------------------------------------------------------- (c) Consolidated statement of cash flows on non-financial services and financial services businesses --------------------------------------------------------------------------------------------------------------------- FY2002 For the year ended March 31, 2002 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions --------------------------------------------------------------------------------------------------------------------- (Non-Financial Services Business) 1 Cash flows from operating activities 1 Income before income taxes and minority interest in consolidated subsidiaries 1,108,096 2 Depreciation 701,509 3 Losses on disposal of fixed assets 52,046 4 Increase in allowance for retirement benefits 130,877 5 Interest and dividend income (60,453) 6 Interest expenses 51,296 7 Equity in earnings of affiliates (38,989) 8 Decrease in trade notes and accounts receivable 43,286 9 Decrease in inventories 8,588 10 Increase in trade notes and accounts payable 49,513 11 Other (226,423) ----------------------------- Subtotal 1,819,347 12 Interests and dividends received 71,907 13 Interests paid (50,781) 14 Income taxes paid (497,431) --------------------------------------------------------------------------------------------------------------- Cash flows from operating activities 1,343,042 --------------------------------------------------------------------------------------------------------------- 2 Cash flows from investing activities 1 Net decrease in time deposits 45,906 2 Purchases of marketable securities and investments in (426,357) securities 3 Proceeds from sales of marketable securities and investments in securities 58,443 4 Proceeds on maturity of marketable securities and investments in securities 465,001 5 Additions to property, plant and equipment (excluding vehicles for (906,683) lease) 6 Additions to vehicles for lease (144,556) 7 Proceeds from sales of property, plant and equipment (excluding vehicles for lease) 54,972 8 Proceeds from sales of vehicles for lease 111,607 9 Other (56,152) --------------------------------------------------------------------------------------------------------------- Cash flows from investing activities (797,817) --------------------------------------------------------------------------------------------------------------- 3 Cash flows from financing activities 1 Net decrease in short-term borrowings (25,909) 2 Proceeds from origination of long-term borrowings 84,018 3 Payments for long-term borrowings (116,031) 4 Purchase of treasury stock (282,849) 5 Dividends paid (98,638) 6 Other (36,463) --------------------------------------------------------------------------------------------------------------- Cash flows from financing activities (475,873) --------------------------------------------------------------------------------------------------------------- 4 Effect of exchange rate changes on cash and cash equivalents 24,095 --------------------------------------------------------------------------------------------------------------- 5 Net increase in cash and cash equivalents 93,446 --------------------------------------------------------------------------------------------------------------- 6 Cash and cash equivalents at beginning of year 1,453,148 --------------------------------------------------------------------------------------------------------------- 7 Decrease in cash and cash equivalents due to changes in scope of (4,654) consolidated subsidiaries --------------------------------------------------------------------------------------------------------------- 8 Cash and cash equivalents at end of year 1,541,940 ----------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- FY2002 For the year ended March 31, 2002 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions ---------------------------------------------------------------------------------------------------------------------- (Financial Services Business) 1 Cash flows from operating activities 1 Income before income taxes and minority interest in consolidated subsidiaries 21,431 2 Depreciation 102,098 3 Equity in earnings of affiliates 23,942 4 Increase in trade notes and accounts receivable (612,144) 5 Increase in loans receivable of consolidated finance subsidiaries (91,321) 6 Other 4,265 --------------------------- Subtotal (551,727) 7 Interests and dividends received 1,350 8 Income taxes paid (19,527) ------------------------------------------------------------------------------------------------------------- Cash flows from operating activities (569,905) ------------------------------------------------------------------------------------------------------------- 2 Cash flows from investing activities 1 Net increase in time deposits (11,077) 2 Purchases of marketable securities and investments in securities (241,535) 3 Proceeds from sales of marketable securities and investments in securities 100,695 4 Proceeds on maturity of marketable securities and investments in securities 39,078 5 Additions to property, plant and equipment (excluding vehicles for lease) (54,719) 6 Additions to vehicles for lease (422,133) 7 Proceeds from sales of property, plant and equipment (excluding vehicles for lease) 10,147 8 Proceeds from sales of vehicles for lease 296,814 9 Other (147,036) ------------------------------------------------------------------------------------------------------------- Cash flows from investing activities (329,766) ------------------------------------------------------------------------------------------------------------- 3 Cash flows from financing activities 1 Net increase in short-term borrowings 207,507 2 Net increase in commercial papers 85,977 3 Proceeds from origination of long-term borrowings 190,028 4 Payments for long-term borrowings (185,670) 5 Proceeds from issuance of bonds 1,493,896 6 Payment for redemption of bonds (820,294) 7 Other 12,000 ------------------------------------------------------------------------------------------------------------- Cash flows from financing activities 983,445 ------------------------------------------------------------------------------------------------------------- 4 Effect of exchange rate changes on cash and cash equivalents 8,280 ------------------------------------------------------------------------------------------------------------- 5 Net increase in cash and cash equivalents 92,053 ------------------------------------------------------------------------------------------------------------- 6 Cash and cash equivalents at beginning of year 54,132 ------------------------------------------------------------------------------------------------------------- 7 Cash and cash equivalents at end of year 146,185 ------------------------------------------------------------------------------------------------------------- (Consolidated) 1 Effect of exchange rate changes on cash and cash equivalents 32,375 ------------------------------------------------------------------------------------------------------------- 2 Net increase in cash and cash equivalents 185,499 ------------------------------------------------------------------------------------------------------------- 3 Cash and cash equivalents at beginning of year 1,507,280 ------------------------------------------------------------------------------------------------------------- 4 Decrease in cash and cash equivalents due to changes in scope of (4,654) consolidated subsidiaries ------------------------------------------------------------------------------------------------------------- 5 Cash and cash equivalents at end of year 1,688,126 ------------------------------------------------------------------------------------------------------------- FY2003(For the year ended March 31, 2003) (Yen in millions) ------------------------------------------------------------------------------------------------------------------- Automotive Financial All other Total Intersegment Consolidated services elimination/Un allocated amount ------------------------------------------------------------------------------------------------------------------- 1 Revenues/Operating income Revenues (1) External customers 14,788,940 700,961 564,387 16,054,290 - 16,054,290 (2) Intersegment revenues or 12,337 19,045 307,564 338,947 ( 338,947) - transfers ------------------------------------------------------------------------------------------------------------------- Total 14,801,278 720,007 871,952 16,393,238 ( 338,947) 16,054,290 ------------------------------------------------------------------------------------------------------------------- Operating expenses 13,468,917 691,486 857,569 15,017,973 ( 327,363) 14,690,610 ------------------------------------------------------------------------------------------------------------------- Operating income (loss) 1,332,360 28,520 14,383 1,375,264 ( 11,584) 1,363,679 ------------------------------------------------------------------------------------------------------------------- 2 Segment assets, depreciation and expenditures for segment assets Segment assets 9,617,993 7,657,144 857,739 18,132,877 2,609,508 20,742,386 Depreciation 722,742 109,151 19,740 851,634 - 851,634 Expenditures 1,013,586 470,863 52,708 1,537,157 - 1,537,157 ------------------------------------------------------------------------------------------------------------------- Note 1 Reporting segments are defined by the type of products and services provided 2 Main products and services of each reporting segment Automotive.........Passenger cars, trucks, buses, etc. Financial services............Financing operations, etc. All other.........Housing, information technologies, etc. 3 Unallocated corporate assets included in 'Intersegment elimination/Unallocated amount' is (Yen)3,136,008 million, and consists primarily of funds such as cash and deposits, marketable securities and portion of investments in securities of TMC. Note 4 Consolidated financial statements on non-financial services and financial services businesses (a) Consolidated balance sheets on non-financial services and financial services businesses --------------------------------------------------------------------------------------------------------------------- FY2003 March 31, 2003 --------------------------------------------------------------------------------------------------------------------- I tem Yen in millions Percentage --------------------------------------------------------------------------------------------------------------------- (Assets) (Non-Financial Services Business) 1 Current assets 1 Cash and deposits 443,913 2 Trade notes and accounts receivable 1,599,344 3 Marketable securities 1,655,596 4 Inventories 1,072,947 5 Other 1,293,207 ----------------------- Total current assets 6,065,008 29.2 2 Fixed assets (1) Property, plant and equipment 4,447,518 21.5 (2) Investments and other assets 1 Investments in securities 2,422,902 2 Long-term loans receivable 327,945 3 Other 590,028 ----------------------- Total investments and other assets 3,340,877 16.1 ----------------------- Total fixed assets 7,788,396 37.6 ----------------------- Total assets 13,853,404 66.8 (Financial Services Business) 1 Current assets 1 Cash and deposits 176,957 2 Marketable securities 6,381 3 Installment credits from dealers 3,320,405 4 Other 2,038,920 ----------------------- Total current assets 5,542,664 26.7 2 Fixed assets (1) Property, plant and equipment 1,059,466 5.1 (2) Intangible fixed assets 5,123 0.0 (3) Investments and other assets 1 Investments in securities 273,036 2 Long-term loans receivable 610,249 3 Other 166,603 ----------------------- Total investments and other assets 1,049,889 5.1 ----------------------- Total fixed assets 2,114,479 10.2 ----------------------- Total assets 7,657,144 36.9 (Elimination) Elimination (768,162) -3.7 (Consolidated) ----------------------- Total assets 20,742,386 100.0 ----------------------- -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- FY2003 March 31, 2003 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions Percentage --------------------------------------------------------------------------------------------------------------------- (Liabilities) (Non-Financial Services Business) 1 Current liabilities 1 Trade notes and accounts payable 1,570,853 2 Current portion of bonds 63,308 3 Short-term borrowings 843,193 4 Accrued expenses and other accounts payable 1,235,818 5 Income taxes payable 310,232 6 Other 713,471 ----------------------- Total current liabilities 4,736,878 22.8 2 Long-term liabilities 1 Bonds and convertible bonds 500,400 2 Long-term borrowings 247,730 3 Other 842,864 ----------------------- Total long-term liabilities 1,590,995 7.7 ----------------------- Total liabilities 6,327,874 30.5 (Financial Services Business) 1 Current liabilities 1 Current portion of bonds 1,060,727 2 Short-term borrowings 667,814 3 Commercial papers 1,031,271 4 Accrued expenses and other accounts payable 154,595 5 Income taxes payable 6,962 6 Other 483,151 ----------------------- Total current liabilities 3,404,522 16.4 2 Long-term liabilities 1 Bonds 3,019,944 2 Long-term borrowings 510,829 3 Other 291,392 ----------------------- Total long-term liabilities 3,822,166 18.4 ----------------------- Total liabilities 7,226,689 34.8 (Elimination)Elimination (768,651) -3.7 ----------------------- (Consolidated)Total liabilities 12,785,911 61.6 (Minority interest in consolidated subsidiaries) (Consolidated)Minority interest in 496,207 2.4 consolidated subsidiaries (Shareholders' equity) (Consolidated) 1 Common stock 397,049 1.9 2 Capital surplus 418,401 2.0 3 Retained earnings 7,219,896 34.8 4 Unrealized gain on other securities, net 78,630 0.4 5 Translation adjustments (112,350) -0.5 6 Treasury stock (541,360) -2.6 ----------------------- Total Shareholder's equity 7,460,267 36.0 ----------------------- (Consolidated)Total liabilities, minority 20,742,386 100.0 interest in consolidated subsidiaries and shareholders' equity ----------------------- --------------------------------------------------------------------------------------------------------------------- Note 1 Segment assets in non-financial services business include unallocated corporate assets. 2 'Commercial papers' in the financial services business was previously included in 'Other' in current liabilities. Due to the fact that this amount became material as of March 31, 2003, it has been presented as a separate line item. (b) Consolidated statement of income on non-financial services and financial services businesses --------------------------------------------------------------------------------------------------------------------- FY2003 For the year ended March 31, 2003 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions Percentage --------------------------------------------------------------------------------------------------------------------- (Non-Financial Services Business) 1 Net revenues 15,362,780 100.0 2 Cost of revenues 11,730,912 76.4 ----------------------- Gross profit 3,631,868 23.6 3 Selling, general and administrative 2,279,566 14.8 expenses ----------------------- Operating income 1,352,301 8.8 4 Non-operating income 287,566 1.9 5 Non-operating expenses 256,878 1.7 ----------------------- Ordinary income 1,382,989 9.0 ----------------------- 6 Extraordinary gains Gains on return of substitutional portion of employees' pension fund plans 235,314 235,314 1.5 Income before income taxes and minority --------------------------------------------- interest in consolidated subsidiaries 1,618,304 10.5 Income taxes Minority interest in consolidated 637,385 4.2 subsidiaries 53,279 0.3 Net income ----------------------- 927,639 6.0 (Financial Services Business) 1 Net revenues 2 Cost of revenues 720,007 100.0 428,327 59.5 Gross profit ----------------------- 3 Selling, general and administrative 291,679 40.5 expenses 263,158 36.5 Operating income ----------------------- 4 Non-operating income 28,520 4.0 5 Non-operating expenses 12,773 1.8 9,824 1.4 Ordinary income ----------------------- 31,468 4.4 Income before income taxes and minority ----------------------- interest in consolidated subsidiaries 31,468 4.4 Income taxes 13,790 1.9 Minority interest in consolidated subsidiaries 575 0.1 ----------------------- Net income 17,102 2.4 (Elimination) Elimination (71) - (Consolidated) ----------------------- Net income 944,671 - ----------------------- --------------------------------------------------------------------------------------------------------------------- (c) Consolidated statement of cash flows on non-financial services and financial services businesses --------------------------------------------------------------------------------------------------------------------- FY2003 For the year ended March 31, 2003 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions --------------------------------------------------------------------------------------------------------------------- (Non-Financial Services Business) 1 Cash flows from operating activities 1 Income before income taxes and minority interest in 1,618,304 consolidated subsidiaries 2 Depreciation 742,482 3 Losses on disposal of fixed assets 53,576 4 Decrease in allowance for retirement benefits (113,836) 5 Interest and dividend income (55,078) 6 Interest expenses 48,748 7 Equity in earnings of affiliates (70,649) 8 Decrease in trade notes and accounts receivable 2,952 9 Increase in inventories (25,842) 10 Increase in trade notes and accounts payable 105,652 11 Other 150,494 ----------------------------------- Subtotal 2,456,804 12 Interests and dividends received 69,798 13 Interests paid (49,285) 14 Income taxes paid (649,282) --------------------------------------------------------------------------------------------------------------------- Cash flows from operating activities 1,828,034 --------------------------------------------------------------------------------------------------------------------- 2 Cash flows from investing activities 1 Net increase in time deposits (19,935) 2 Purchases of marketable securities and investments in (860,913) securities 3 Proceeds from sales of marketable securities and investments 146,331 in securities 4 Proceeds on maturity of marketable securities and 591,922 investments in securities 5 Additions to property, plant and equipment (excluding vehicles for (964,338) lease) 6 Additions to vehicles for lease (121,227) 7 Proceeds from sales of property, plant and equipment (excluding 52,929 vehicles for lease) 8 Proceeds from sales of vehicles for lease 61,222 9 Other (53,639) --------------------------------------------------------------------------------------------------------------------- Cash flows from investing activities (1,167,647) --------------------------------------------------------------------------------------------------------------------- 3 Cash flows from financing activities 1 Net decrease in short-term borrowings (104,607) 2 Proceeds from origination of long-term borrowings 39,447 3 Payments for long-term borrowings (82,090) 4 Purchase of treasury stock (454,611) 5 Dividends paid (109,330) 6 Other 11,982 --------------------------------------------------------------------------------------------------------------------- Cash flows from financing activities (699,209) --------------------------------------------------------------------------------------------------------------------- 4 Effect of exchange rate changes on cash and cash equivalents (34,172) --------------------------------------------------------------------------------------------------------------------- 5 Net decrease in cash and cash equivalents (72,995) --------------------------------------------------------------------------------------------------------------------- 6 Cash and cash equivalents at beginning of year 1,541,940 --------------------------------------------------------------------------------------------------------------------- 7 Cash and cash equivalents at end of year 1,468,944 ----------------------------------- --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- FY2003 For the year ended March 31, 2003 --------------------------------------------------------------------------------------------------------------------- Item Yen in millions --------------------------------------------------------------------------------------------------------------------- (Financial Services Business) 1 Cash flows from operating activities 1 Income before income taxes and minority interest in 31,468 consolidated subsidiaries 2 Depreciation 109,151 3 Equity in earnings of affiliates (11,317) 4 Increase in trade notes and accounts receivable (367,213) 5 Increase in loans receivable of consolidated finance subsidiaries (407,186) 6 Other 153,296 ----------------------------------- Subtotal (491,800) 7 Interests and dividends received 1,766 8 Income taxes paid (8,526) --------------------------------------------------------------------------------------------------------------------- Cash flows from operating activities (498,560) --------------------------------------------------------------------------------------------------------------------- 2 Cash flows from investing activities 1 Net increase in time deposits (12,259) 2 Purchases of marketable securities and investments in (250,670) securities 3 Proceeds from sales of marketable securities and investments 62,444 in securities 4 Proceeds on maturity of marketable securities and 132,059 investments in securities 5 Additions to property, plant and equipment (excluding vehicles for (48,465) lease) 6 Additions to vehicles for lease (419,718) 7 Proceeds from sales of property, plant and equipment (excluding 11,144 vehicles for lease) 8 Proceeds from sales of vehicles for lease 222,617 9 Other 35,365 --------------------------------------------------------------------------------------------------------------------- Cash flows from investing activities (267,482) --------------------------------------------------------------------------------------------------------------------- 3 Cash flows from financing activities 1 Net decrease in short-term borrowings (45,124) 2 Net increase in commercial papers 159,080 3 Proceeds from origination of long-term borrowings 166,768 4 Payments for long-term borrowings (82,508) 5 Proceeds from issuance of bonds 1,414,564 6 Payments for redemption of bonds (830,698) --------------------------------------------------------------------------------------------------------------------- Cash flows from financing activities 782,080 --------------------------------------------------------------------------------------------------------------------- 4 Effect of exchange rate changes on cash and cash equivalents (7,925) --------------------------------------------------------------------------------------------------------------------- 5 Net increase in cash and cash equivalents 8,111 --------------------------------------------------------------------------------------------------------------------- 6 Cash and cash equivalents at beginning of year 146,185 --------------------------------------------------------------------------------------------------------------------- 7 Cash and cash equivalents at end of year 154,297 ----------------------------------- --------------------------------------------------------------------------------------------------------------------- (Consolidated) 1 Effect of exchange rate changes on cash and cash equivalents (42,098) --------------------------------------------------------------------------------------------------------------------- 2 Net decrease in cash and cash equivalents (64,884) --------------------------------------------------------------------------------------------------------------------- 3 Cash and cash equivalents at beginning of year 1,688,126 --------------------------------------------------------------------------------------------------------------------- 4 Cash and cash equivalents at end of year 1,623,241 ----------------------------------- --------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------ 2. Geographical Segment Information FY2002 (For the year ended March 31, 2002) (Yen in millions) ------------------------------------------------------------------------------------------------------------------ Other Intersegment Europe foreign Total elimination/ North countries/ Unallocated Japan America regions amount Consolidated ------------------------------------------------------------------------------------------------------------------ 1 Revenues/Operating income Revenues (1) External customers 6,698,686 5,587,784 1,537,324 1,282,502 15,106,297 - 15,106,297 (2) Intersegment revenues or transfers 3,835,050 244,552 57,137 117,923 4,254,664 (4,254,664) - ------------------------------------------------------------------------------------------------------------------ Total 10,533,737 5,832,337 1,594,461 1,400,426 19,360,962 (4,254,664) 15,106,297 ------------------------------------------------------------------------------------------------------------------ Operating expenses 9,663,410 5,566,687 1,606,867 1,380,671 18,217,637 (4,234,810) 13,982,827 ------------------------------------------------------------------------------------------------------------------ Operating income (loss) 870,326 265,649 ( 12,405) 19,754 1,143,324 ( 19,853) 1,123,470 ------------------------------------------------------------------------------------------------------------------ 2 Segment assets 9,253,687 6,534,782 1,215,021 960,048 17,963,539 1,925,397 19,888,937 ------------------------------------------------------------------------------------------------------------------ Note 1 Reporting segments Reporting segments are defined based on geographic proximity. 2 Main countries and regions in each reporting segment North America............United States of America, Canada Europe............Belgium, Germany, United Kingdom Other foreign countries.........Thailand, Australia 3 Unallocated corporate assets included in 'Intersegment elimination/Unallocated amount' is (Yen)3,016,176 million, and consists primarily of funds such as cash and deposits, marketable securities and portion of investments in securities of TMC. FY2003 (For the year ended March 31, 2003) (Yen in millions) ------------------------------------------------------------------------------------------------------------------ Japan North Europe Other Total Intersegment Consolidated America foreign elimination/ countries/ Unallocated regions amount ------------------------------------------------------------------------------------------------------------------ 1 Revenues/Operating income Revenues (1) External customers 6,990,384 5,973,581 1,505,895 1,584,428 16,054,290 - 16,054,290 (2) Intersegment revenues or transfers 4,274,841 289,118 85,137 111,381 4,760,478 (4,760,478) - ------------------------------------------------------------------------------------------------------------------ Total 11,265,225 6,262,699 1,591,033 1,695,810 20,814,769 (4,760,478) 16,054,290 ------------------------------------------------------------------------------------------------------------------ Operating expenses 10,232,412 5,972,908 1,587,128 1,643,300 19,435,749 (4,745,139) 14,690,610 ------------------------------------------------------------------------------------------------------------------ Operating income (loss) 1,032,813 289,791 3,904 52,509 1,379,019 ( 15,339) 1,363,679 ------------------------------------------------------------------------------------------------------------------ 2 Segment assets 9,474,768 6,577,056 1,557,523 1,211,312 18,820,660 1,921,725 20,742,386 ------------------------------------------------------------------------------------------------------------------ Note 1 Reporting segments Reporting segments are defined based on geographic proximity. 2 Main countries and regions in each reporting segment North America............United States of America, Canada Europe............Belgium, Germany, United Kingdom Other foreign countries.........Thailand, Australia 3 Unallocated corporate assets included in 'Intersegment elimination/Unallocated amount' is (Yen) 3,136,008 million, and consists primarily of funds such as cash and deposits, marketable securities and portion of investments in securities of TMC. ------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------- 3. Overseas Revenues FY2002 (For the year ended March 31, 2002) (Yen in millions) ---------------------------------------------------------------------------------------------------------------- North America Europe Other foreign Total countries/regions ---------------------------------------------------------------------------------------------------------------- 1 Overseas revenues 5,796,721 1,572,732 2,168,685 9,538,139 ---------------------------------------------------------------------------------------------------------------- 2 Consolidated revenues 15,106,297 ---------------------------------------------------------------------------------------------------------------- 3 Ratio of overseas revenues 38.4 10.4 14.3 63.1 to consolidated revenues (%) ---------------------------------------------------------------------------------------------------------------- Note 1 Reporting segments Reporting segments are defined based on geographic proximity. 2 Main countries and regions in each reporting segment North America............United States of America, Canada Europe............Germany, United Kingdom Other foreign countries.........Thailand, Australia 3 Overseas revenues shows revenues recorded at TMC and its consolidated subsidiaries in countries or regions outside of Japan. FY2003 (For the year ended March 31, 2003) (Yen in millions) ---------------------------------------------------------------------------------------------------------------- North America Europe Other foreign Total countries/regions ---------------------------------------------------------------------------------------------------------------- 1 Overseas revenues 6,243,637 1,547,389 2,666,889 10,457,916 ---------------------------------------------------------------------------------------------------------------- 2 Consolidated revenues 16,054,290 ---------------------------------------------------------------------------------------------------------------- 3 Ratio of overseas revenues 38.9 9.6 16.6 65.1 to consolidated revenues (%) ---------------------------------------------------------------------------------------------------------------- Note 1 Reporting segments Reporting segments are defined based on geographic proximity. 2 Main countries and regions in each reporting segment North America............United States of America, Canada Europe............Germany, United Kingdom Other foreign countries.........Thailand, Australia 3 Overseas revenues shows revenues recorded at TMC and its consolidated subsidiaries in countries or regions outside of Japan. ------------------------------------------------------------------------------ (Per Share Data) - -------------------------------------------------------------------------------------------------------------------- FY2002 FY2003 For the year ended March 31, 2002 For the year ended March 31, 2003 - -------------------------------------------------------------------------------------------------------------------- Net assets per share Net assets per share (Yen)2,059.94 (Yen)2,226.34 Basic net income per share Basic net income per share (Yen)170.69 (Yen)272.75 Diluted net income per share Diluted net income per share (Yen)170.69 (Yen)272.73 TMC has adopted 'Accounting Standard for Earnings Per Share' (Financial Accounting Standards No.2) and 'Implementation Guidance of Accounting Standard for Earnings Per Share' (Implementation Guidance of Financial Accounting Standards No. 4) for this fiscal year. The following represents the per share data for the year ended March 31, 2003, as if it was calculated based on the previous method. Net assets per share (Yen)2,192.85 Basic net income per share (Yen)269.48 Diluted net income per share (Yen)269.48 - -------------------------------------------------------------------------------------------------------------------- Note Basis for the calculation of basic and diluted net income per share are as follows: - -------------------------------------------------------------------------------------------------------------------- FY2002 FY2003 For the year ended March 31, 2002 For the year ended March 31, 2003 (Yen in millions) (Yen in millions) - -------------------------------------------------------------------------------------------------------------------- Basic net income per share - -------------------------------------------------------------------------------------------------------------------- Net income - 944,671 - -------------------------------------------------------------------------------------------------------------------- The amount not attributed to common - 2,382 shareholders - -------------------------------------------------------------------------------------------------------------------- (Bonuses to the directors based on the appropriation of earnings, inner - 2,382 amount) - -------------------------------------------------------------------------------------------------------------------- Net income attributed to common shares - 942,289 - -------------------------------------------------------------------------------------------------------------------- Weighted-average number of common shares - share 3,454,704,711 shares during the period - -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- Diluted net income per share - -------------------------------------------------------------------------------------------------------------------- The amount adjusted to net income - (52) - -------------------------------------------------------------------------------------------------------------------- (The amount resulting from the changes in equity ownership of TMC and the decreased amount in interest - (52) expenses of the subsidiaries, inner amount) - -------------------------------------------------------------------------------------------------------------------- Increase in number of common shares - share 21,577 shares - -------------------------------------------------------------------------------------------------------------------- (The number of common shares to be used for the stock option plan under Articles 280-20 and 280-21 of - share 21,577 shares Japanese Commercial Code, inner amount) - -------------------------------------------------------------------------------------------------------------------- The description of shares not included in - The shares to be used for the the calculation of diluted net income per stock option plan under share due to anti-dilutive effect Article 210-2 of the old Japanese Commercial Code 1,941,000 shares Unsecured warrant bonds 116,400 shares - -------------------------------------------------------------------------------------------------------------------- (Subsequent Events) - -------------------------------------------------------------------------------------------------------------------- FY2002 FY2003 For the year ended March 31, 2002 For the year ended March 31, 2003 - -------------------------------------------------------------------------------------------------------------------- In conjunction with the enforcement of the 'Defined Benefit Enterprise Pension Plan Law', TMC and some of its domestic consolidated subsidiaries and domestic affiliates accounted for under the equity method received approval from the Minister of Health, Labour and Welfare for exemption from the obligation for benefits related to future employee service under the - substitutional portion of the employee pension fund. (TMC received the approval on April 1, 2002) TMC and these subsidiaries and affiliates applied transitional provision stipulated in paragraph 47-2 of the 'Practical Guidelines of Accounting for Retirement Benefits (Interim Report)' (Accounting Committee Report No. 13 issued by the Japanese Institute of Certified Public Accountants), and recognized an extinguishment of retirement benefit obligation related to the substitutional portion as of the date of the approval. As a result, TMC anticipates to account for the impact of (Yen)189,628 million (forecast) as 'Extraordinary gain' and 'Equity in earnings of affiliates' in the next consolidated fiscal year. - -------------------------------------------------------------------------------------------------------------------- (Related party transactions) 1 FY2002 (For the year ended March 31, 2002) Directors and principal shareholders ------------------------------------------------------------------------------------------------------------------------ Director and ITS close family relative Capital Voting Relationship Description of Amount Account Ending investment right ----------------------- Transaction (*1) balance (Yen in Business or ratio Interlocking Business (Yen in (Yen in Name Address millions) occupation (%) Directorate relationship millions) millions) ------------------------------------------------------------------------------------------------------------------------ Hiroshi - - Chairman 0.00, - - Donation of 12 - - Okuda of TMC, directly monthly Chairman owned office rental of Japan fee to Japan Federation Federation of of Employers' Employers' Associations Associations (*2) -------------------------------------------------------------------------------------------------------------------- Kosuke - - Vice 0.00, - - Sale of one 37 - - Ikebuchi Chairman directly house in of TMC owned Celsio Square Nisshin B (*3) -------------------------------------------------------------------------------------------------------------------- Akihiko - - Vice 0.00, - - Loan of - Long-term 770 Saito President directly construction loans of TMC, owned cost to receivable Toyota Chairman of Automotive Toyota Engineering Automotive College of interest Engineering Nagoya (income) College (*2, *4) 7 - - of Nagoya -------------------------------------------------------------------------------------------------------------------- Kazushi - - Vice 0.00, - - The following Iwatsuki President directly transactions of TMC owned with Toyota Automotive Chairman of Engineering Toyota College of Automotive Tokyo: Engineering (*2, *4) College of Tokyo Lease of laud 17 - - Donation of construction cost 304 - - -------------------------------------------------------------------------------------------------------------------- Mitsuo - - Managing 0.00, - - The following Kinoshita Director of directly transactions TMC, owned with Toyota Health Chairman of Insurance Toyota Society : Health (*4, *5) Insurance Payments for Society part of medical treatment fees Purchase of buildings and 303 - - structures 1,200 - - ------------------------------------------------------------------------------------------------------------------------ Capital Voting Relationship Description of Amount Account Ending investment right ----------------------- Transaction (*1) balance (Yen in Business or ratio Interlocking Business (Yen in (Yen in Name Address millions) occupation (%) Directorate relationship millions) millions) ------------------------------------------------------------------------------------------------------------------------ Shoichiro Toyoda - - Honorary 0.42, - - Donation of 400 Other 1,200 Chairman directly construction accounts and owned cost to payable Director Japan of Association TMC for the 2005 World Chairman of Exposition Japan (*2) Association for the 2005 World Exposition ---------------------------------------------------------------------------------------------------------------- - - Honorary 0.42, - - Contribution of 3 - - Chairman directly supporting fees and owned to Japan Techno- Director Economics of Society (*2) TMC Chairman of Japan Techno-Econo- mics Society ---------------------------------------------------------------------------------------------------------------- - - Honorary 0.42, - - Donation of 5 - - Chairman directly the and owned operational Director fund to of Toyota TMC Physical & Chemical Chairman Research of Institute Toyota (*2) Physical & Chemical Research Institute ------------------------------------------------------------------------------------------------------------------------ Note *1 Transaction amount does not include consumption tax. *2 The transaction was made by each described person as the representative of the third party, and the amount of transaction was well-determined by considering the relationship with and the requests from the third party. *3 Price was determined based on the condition of the normal transaction. *4 The transaction was made by each described person as the representative of the third party, and price was determined based on the condition of the normal transaction. *5 The transaction was made by each described person as the representative of the third party, and the amount of payments for part of medical treatment fees was determined based on the medical treatment agreement between the Toyota Health Insurance Society and TMC. 2 FY2003 (For the year ended March 31, 2003) Directors and principal shareholders Director and/or their family members Capital Voting Relationship Description of Amount Account Ending investment right ----------------------- Transaction (*1) balance (Yen in Business or ratio Interlocking Business (Yen in (Yen in Name Address millions) occupation (%) Directorate relationship millions) millions) ------------------------------------------------------------------------------------------------------------------------ Hiroshi - - Chairman of 0.00, - - Donation 6 - - Okuda TMC, directly of monthly owned office Chairman of rental fee Japan to Japan Federation Federation of of Employers' Employers' Associations Associations (*2) ------------------------------------------------------------------------------------------------ - - Chairman of 0.00, - - Free lease of 1 - - TMC, directly one picture owned based on the Japan lease agreement Federation to Japan of Federation Economic of Organizations Economic Organization (*2) ------------------------------------------------------------------------------------------------------------------------ Akihiko - - Vice 0.00, - - Loan of - 770 Saito President directly construction Long-term of TMC owned cost to loans Toyota Chairman of Automotive Toyota Engineering Automotive College of Engineering Nagoya (interest College of (*2, *3) income) Nagoya 7 - - ------------------------------------------------------------------------------------------------------------------------ Kazushi - - Vice 0.00, - - The Iwatsuki President directly following of TMC, owned transactions with Chairman Toyota of Automotive Toyota Engineering Automotive College of Engineering Tokyo: College of (*2, *3) Tokyo Lease of 16 - - land Donation 422 - - of construction cost ------------------------------------------------------------------------------------------------------------------------ Mitsuo - - Managing 0.00, - - The Kinoshita Director of directly following TMC, owned transactions with Toyota Chairman of Health Toyota Insurance Health Society: (*4) Insurance Payments Society for part of medical treatment fees 280 - - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Capital Voting Relationship Description of Amount Account Ending investment right ----------------------- Transaction (*1) balance (Yen in Business or ratio Interlocking Business (Yen in (Yen in Name Address millions) occupation (%) Directorate relationship millions) millions) ------------------------------------------------------------------------------------------------------------------------ Shoichiro Toyoda - - Honorary 0.44, - - Donation of 400 Other 800 Chairman directly construction accounts and owned cost to payable Director Japan of Association TMC for the 2005 Chairman of World Japan Exposition Association (*2) for the 2005 World Exposition ---------------------------------------------------------------------------------------------------------- - - Honorary 0.44, - - Donation 5 - - Chairman directly of the and owned operational Director fund to of Toyota TMC Physical & Chemical Chairman Research of Toyota Institute Physical & (*2) Chemical Research Institute ---------------------------------------------------------------------------------------------------------- - - Honorary 0.44, - - Contribution 2 - - Chairman directly for and owned the Director symposium of of Japan- TMC China Organization Chairman of for Japan-China Science & Organization Industrial for Technology Science & Exchange Industrial Association Technology (*2) Exchange Association ------------------------------------------------------------------------------------------------------------------------ Note *1 Transaction amount does not include consumption tax. *2 The transaction was made by each described person as the representative of the third party, and the amount of transaction was well-determined by considering the relationship with and the requests from the third party. *3 The transaction was made by each described person as the representative of the third party, and price was determined based on the condition of the normal transaction. *4 The transaction was made by each described person as the representative of the third party, and the amount of payments for part of medical treatment fees was determined based on the medical treatment agreement between the Toyota Health Insurance Society and TMC. (Supplemental information schedule for consolidated financial statements) (Bonds) ---------------------------------------------------------------------------------------------------------------------- March 31, March 31, Interest Issued by Item Issued date 2002 (Yen 2003 (Yen in rate Collateral Maturity in millions) millions) (%) (Y/N) date ---------------------------------------------------------------------------------------------------------------------- Toyota Motor Unsecured straight July 22, 114,150 - 6.25 N July 22, Corporation bond, 1997 (1,000 2002 payable in U.S. million dollars (note)1 U.S. dollars) ----------------------------------------------------------------------------------------------- Unsecured straight Feb. 19, 50,000 50,000 3.00 N Feb. 19, bond, 1998 2018 payable in yen ----------------------------------------------------------------------------------------------- Unsecured straight Feb. 19, bond, 1998 150,000 150,000 2.35 N Feb. 19, payable in yen 2008 ----------------------------------------------------------------------------------------------- Unsecured straight bond, July 30, 50,000 49,900 1.40 N July 30, payable in yen 1998 (49,900) 2003 ----------------------------------------------------------------------------------------------- Unsecured straight bond, July 30, 100,000 100,000 2.03 N July 30, payable in yen 1998 2008 ----------------------------------------------------------------------------------------------- Unsecured straight bond, Sep. 21, 50,000 50,000 2.07 N Sep. 20, payable in yen 1998 2010 ----------------------------------------------------------------------------------------------- Unsecured straight Sep. 5, - 150,000 1.33 N Sep. 20, bond, 2002 2012 payable in yen ---------------------------------------------------------------------------------------------------------------------- Daihatsu Motor, Unsecured April 12, 13,308 13,308 0.45 N Sep. 30, Co., Ltd. convertible bond 1996 (13,308) 2003 (note)2 ---------------------------------------------------------------------------------------------------------------------- Hino Motors, Unsecured straight 1998 40,000 - 2.50 N 2002 Ltd. bond to to 2.60 2003 ---------------------------------------------------------------------------------------------------------------------- Toyota Finance Straight bonds 1999 150,000 219,990 0.27 N 2004 Corporation to to to 2002 1.15 2007 ---------------------------------------------------------------------------------------------------------------------- Kantou Seat Unsecured straight Dec. 26, 500 500 0.75 N Dec. 26, Industry Co., bond 2001 2005 Ltd. ---------------------------------------------------------------------------------------------------------------------- *1 Straight bonds 1997 675,058 709,274 0.63 N 2003 issued by to (264,642) to to consolidated 2003 (2,076 (2,168 7.00 2008 subsidiaries U.S. million million (note)1 dollars, U.S. 1,668 dollars, million 3,082 Swiss million frans, Swiss 300 million frans, Canadian 300 million dollars) Canadian dollars) ---------------------------------------------------------------------------------------------------------------------- Toyota Motor Straight bond Sep. 20, 138,102 66,013 4.14 Y Dec. 20, Credit (note)1 2001 (1,036 (549 2005 Corporation million million U.S. dollars) U.S. dollars) ---------------------------------------------------------------------------------------------------------------------- *2 Medium-term notes 1996 2,635,491 3,085,393 0.01 N 2003 of consolidated to (796,185) to to subsidiaries 2003 (13,126 (14,852 7.59 2013 (note)1 million U.S. million dollars, U.S. dollars, 2,167 5,149 million million Euros, Euros, 1,300 1,204 million million Canadian Norway dollars Crone, and other) and other) ---------------------------------------------------------------------------------------------------------------------- Total - - 4,166,610 4,644,379 - - - ---------------------------------------------------------------------------------------------------------------------- Note 1 Amount in foreign currencies are in ( ). 2 Details regarding convertible bond is as follows; ------------------------------------------------------------------------------------------------------ Item Conversion period Conversion price Shares to be issued Amount ------------------------------------------------------------------------------------------------------ Daihatsu May 1, 1996 to (Yen) 672 Common stock (Yen) 336/share Motor, Sep. 29, 2003 Co.,Ltd. Unsecured convertible bond ------------------------------------------------------------------------------------------------------ 3 Amount expected to be matured within one year is disclosed in ( ). 4 *1: Disclosed is the total of bonds issued by Toyota Motor Credit Corporation and Toyota Credit Canada Inc. *2: Disclosed is the total of bonds issued by Toyota Motor Credit Corporation, Toyota Credit Canada Inc, Toyota Motor Finance (Netherlands) B.V. Toyota Finance Australia Ltd. and Toyota Finance New Zealand Ltd. 5 The aggregate amounts of annual maturities of long-term bouds outstanding as of March 31, 2003 are as follows: ------------------------------------------------------------------------------------------------------ Within one year From 1 to 2 years From 2 to 3 years From 3 to 4 years From 4 to 5 years (Yen in millions) (Yen in millions) (Yen in millions) (Yen in millions) (Yen in millions) ------------------------------------------------------------------------------------------------------ 1,124,035 848,219 699,223 375,417 812,904 ------------------------------------------------------------------------------------------------------ (Borrowings) ---------------------------------------------------------------------------------------------------------------------- March 31, 2002 March 31, 2003 Average interest Maturity (Yen in millions) (Yen in millions) rate (%) ---------------------------------------------------------------------------------------------------------------------- Short-term borrowings 956,328 810,254 2.04 - ---------------------------------------------------------------------------------------------------------------------- Current portion of long-term 148,036 155,988 3.09 - borrowing ---------------------------------------------------------------------------------------------------------------------- Long-term borrowing (excluding 481,007 573,767 3.15 2004 to 2061 current portion) ---------------------------------------------------------------------------------------------------------------------- Other liabilities with 952,553 1,080,613 1.52 - interest payment Commercial papers (current portion) ---------------------------------------------------------------------------------------------------------------------- Total 2,537,925 2,620,624 - - ---------------------------------------------------------------------------------------------------------------------- Note 1 Average interest rate is calculated as the weighted average rate of loans as of March 31, 2003. 2 The aggregate amounts of annual maturities of long-tern borrowings outstanding as of March 31, 2003 are as follows: ------------------------------------------------------------------------------------------------------ From 1 to 2 years From 2 to 3 years From 3 to 4 years From 4 to 5 years (Yen in millions) (Yen in millions) (Yen in millions) (Yen in millions) ------------------------------------------------------------------------------------------------------ Long-term 165,175 76,040 57,524 41,694 borrowings ------------------------------------------------------------------------------------------------------ (2) Other On July 12, 1999, the U.S. Department of Justice, acting on behalf of the U.S. Environmental Protection Agency, filed a lawsuit against Toyota Motor Sales U.S.A., Inc., a consolidated subsidiary of TMC (on November 22,1999, TMC and Toyota Technical Center U.S.A., Inc., a consolidated subsidiary of TMC, were added as defendants) for alleged defects in the fuel evaporative emission leak monitors installed on approximately 2.2 million 1996-1998 model year vehicles sold by TMS in the U.S. in violation of the Clean Air Act. On March 6, 2003, TMC (as representatives for all the defendants) reached a settlement agreement with the federal government concerning this litigation, and the federal government filed the agreement with the court. After revising the agreement based on comments from the public, the approval of the court will be sought. TMC does not expect this matter to have material effect on its financial position or business results. This information is provided by RNS The company news service from the London Stock Exchange

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