Toyota Tsusho : Outline of Consolidated Results for the Nine Months ended December 31,2022

	(For reference)	Quarterly changes	1Q	2Q	3Q
Outline of Consolidated Results for the
	Gross profit	239.0	244.3	251.9
Nine Months ended December 31, 2022 (IFRS)
Operating profit	102.3	105.6	108.2
		Profit attributable to	74.8	76.4	84.1
		owners of the parent

February 3, 2023

Toyota Tsusho Corporation

(Unit: Billion yen)

Consolidated

Operating

Results

Nine Months	Nine Months	Year-on-year change
ended	ended
December	December	Amount	%
31, 2021	31, 2022

Main factors behind year-on-year

changes

Consolidated

Financial Position

As of

March 31,

2022

As of

December

31,

2022

Change over the end of the previous fiscal year

Amount	%

Main factors behind year-on-year

changes

Revenue

Gross profit

SG&A expenses

Other income

(expenses)

Operating profit

Interest income

(expenses)

Dividend income

Other finance income

(costs)

Share of profit (loss) of

investments accounted for using the equity method

Profit before income taxes

Income tax expense

Profit for the

period

Profit attributable to owners of the parent

Total comprehensive income (attributable to owners of the parent)

5,776.7	7,367.4	+1,590.7	+27.5%
558.5	735.4	+176.9	+31.7%
(325.6)	(390.6)	(65.0)
(5.5)	(28.5)	(23.0)	－
227.2	316.1	+88.9	+39.1%
(12.9)	(17.5)	(4.6)
16.2	21.1	+4.9	－
12.7	(0.1)	(12.8)
17.7	34.1	+16.4
261.0	353.8	+92.8	+35.6%
(61.5)	(93.6)	(32.1)
199.4	260.2	+60.8	+30.5%
180.2	235.4	+55.2	+30.6%
219.0	297.3	+78.3	+35.7%
			－

Gross profit +176.9 billion yen

【

】

Increased largely due to growth in automotive sales volume, increases in metal market prices, and rising electricity prices in Europe.

Operating profit +88.9 billion yen

【

】

Increased largely due to an increase in gross profit, which offset higher selling, general and administrative expenses.

Profit attributable to owners of the

【	】
parent	+55.2 billion yen

Increased largely due to an increase in operating profit as well as increases in the share of profit (loss) of investments accounted for using the equity method, despite the impact of a year-earlier onetime gain.

Total assets

(Current assets)

(Non-current assets)

Total equity

Net interest-bearing

debt

Debt-equity ratio

(times)

6,143.1	6,515.8	+372.7	+6.1%
3,958.3	4,197.1	+238.8	+6.0%
2,184.7	2,318.7	+134.0	+6.1%
1,942.8	2,005.2	+62.4	+3.2%
1,238.2	1,506.7	+268.5	+21.7%
0.7	0.8	+0.1

Current assets	+238.8 billion yen
Inventories			+163.3 billion yen
Cash and cash equivalents	+145.7 billion yen
Trade and other receivables	-86.0 billion yen
Non-current assets +134.0 billion yen
Property, plant and equipment	+82.8 billion yen
Investments accounted for using
	the equity method		+47.8 billion yen
Total equity +62.4 billion yen
Retained earnings		+175.5 billion yen
Exchange differences on translation
of foreign operations		+54.1 billion yen
【		】		-112.5 billion yen
Capital surplus
Non-controlling interests	-56.9 billion yen
【			】
・	】
【

Consolidated Cash	Nine Months	Nine Months	Year-on-year
ended December ended December
Flow Position	31, 2021	31, 2022	change

・	Main factors behind year-on-year

changes

1. Cash flows from operating activities
2. Cash flows from investing activities

1-2: Free cash flow

Cash flows from

financing activities

32.6	180.6	+148.0
(120.4)	(98.6)	+21.8
(87.8)	82.0	+169.8
70.1	47.5	(22.6)

Cash flows from operating activities

Profit before income taxes and increase】in working capital

Cash flows from investing activities

【Purchase of property, plant and equipment Cash flows from financing activities】

Increase in borrowings and payments for acquisition of subsidiaries' interest from non-controlling interests

Divisions

Nine Months	Nine Months	Year-on-year change
ended	ended
December	December	Amount	%
31, 2021	31, 2022

Main factors behind year-on-year

changes in profit attributable to owners

of parent

Consolidated

Financial Results

Forecasts

Year ended	Forecast for	Year-on-year change
year ending
March 31, 2022
March 31, 2023	Amount	%
(results)
(released on Oct. 28)

*The top row for each division indicates gross profit; the bottom row indicates profit attributable to owners of the parent.

Dividend Per

Share

Year ended March	Forecast for year
ending March 31,
31, 2022
2023
(results)
(released on Oct. 28)

Metals

Global Parts &

Logistics

Automotive

Machinery, Energy

& Project

Chemicals & Electronics

Food & Consumer

Services

Africa

Total

*The top row for each division indicates gross profit; the bottom row indicates profit attributable to owners of parent.

99.8	125.8	+26.0	+26.1%		Increased largely due to higher market prices and an
	increase in trading volume of automobile production-
61.3	63.9	+2.6	+4.2%		related products in Asia/Oceania, despite the impact of a
	year-earlierone-time gain.
60.3	82.4	+22.1	+36.8%		Increased largely due to an increase in trading volume
					of automotive parts in North America, Europe, and
18.3	26.5	+8.2	+44.6%
	Asia/Oceania.
70.0	102.1	+32.1	+45.7%		Increased largely due to an increase in sales volume
					handled by overseas automotive dealerships mainly in
21.3	37.3	+16.0	+75.1%
	Asia/Oceania.
50.2	78.7	+28.5	+56.9%		Increased largely due to rising electricity prices in
	Europe, despite the impact of a year-earlierone-time
16.9	27.4	+10.5	+62.0%	×	gain and a one-time loss in the electric power business
					this fiscal year.
99.0	125.5	+26.5	+26.7%		Increased largely due to an increase in trading volume in
					the electronics business and higher market prices in the
32.7	39.1	+6.4	+19.7%
	chemical business.
35.9	35.6	(0.3)	(1.0%)		Increased largely due to a one-time gain in the domestic
	consumer products & services business, despite the
7.0	8.3	+1.3	+18.4%		higher transportation costs in the South American food
	business.
146.0	188.1	+42.1	+28.8%		Increased largely due to an increase in sales volume
22.1	33.7	+11.6	+52.3%		handled by automotive dealerships.
558.5	735.4	+176.9	+31.7%
180.2	235.4	+55.2	+30.6%

Metals

Global Parts

• & Logistics

i

• Automotive

i	Machinery,
s
Energy & Project
i

• Chemicals

• & Electronics

• Food & Consumer
  Services

Africa

• Gross profit
  o

• Operating profit

p

• Profit before income taxes

r

• Profit

t
Profit attributable to
e
owners of the parent

133.1	155.0	+21.9	+16.4%
72.9	73.0	+0.1	+0.0%
81.4	105.0	+23.6	+28.9%
25.6	33.0	+7.4	+28.8%
96.5	125.0	+28.5	+29.4%
28.5	43.0	+14.5	+50.7%
72.6	105.0	+32.4	+44.6%
21.2	30.0	+8.8	+41.5%
133.8	160.0	+26.2	+19.5%
43.0	48.0	+5.0	+11.5%
47.2	50.0	+2.8	+5.9%
5.4	8.0	+2.6	+45.7%
198.4	240.0	+41.6	+20.9%
26.0	37.0	+11.0	+42.3%
759.2	940.0	+180.8	+23.8%
294.1	380.0	+85.9	+29.2%
330.1	410.0	+79.9	+24.2%
248.6	310.0	+61.4	+24.7%
222.2	270.0	+47.8	+21.5%

Interim

Full year

Payout ratio

(consolidated)

Exchange rate assumptions

Yen / US dollar

Yen / Euro

Changes in

Major Indexes

		9M
rate	Yen / US	average
dollar	End of
Exchange		the year
	9M
	Yen /	average
	Euro	End of
		the year
Interest rate	Yen TIBOR 3M
average
	US dollar LIBOR
	3M average

Dubai oil (US dollars / bbl.)

Corn futures (cents / bushel)

70 yen	96 yen
160 yen	192 yen
111	(forecast)137
25.3%	25.0%
Year ended	Forecast year ending
Mar. 31, 2022	Mar. 31, 2023
(results)	(released on Oct. 28)
112	140
131	135
Nine Months ended	Nine Months ended
December 31, 2021
December 31, 2022
(As of Mar. 31, 2022)
(122)	133
131	141
(137)	141
0.06%	0.06%
0.15%	3.02%
72	94
595	702