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ANNUAL REPORT 2014
President’s MessagePresident’s Message
Overview of
Four Business Units
Overview of
Four Business Units
Special FeatureSpecial Feature
Review of OperationsReview of Operations
Consolidated Performance
Highlights
Consolidated Performance
Highlights
Management and
Corporate Information
Management and
Corporate Information
Investor InformationInvestor Information
Financial SectionFinancial Section
Page 2
NextPrev
ContentsSearchPrint
Cautionary Statement with Respect to Forward-Looking Statements
This document contains forward-looking statements that reflect Toyota’s plans and
expectations. These forward-looking statements are not guarantees of future perfor-
mance and involve known and unknown risks, uncertainties and other factors that
may cause Toyota’s actual results, performance, achievements or financial position
to be materially different from any future results, performance, achievements or finan-
cial position expressed or implied by these forward-looking statements. These
factors include, but are not limited to:
(i) changes in economic conditions, market demand, and the competitive environ-
ment affecting the automotive markets in Japan, North America, Europe, Asia and
other markets in which Toyota operates;
(ii) fluctuations in currency exchange rates, particularly with respect to the value of
the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble,
the Canadian dollar and the British pound, and interest rates fluctuations;
(iii) changes in funding environment in financial markets and increased competition in
the financial services industry;
(iv) Toyota’s ability to market and distribute effectively;
(v) Toyota’s ability to realize production efficiencies and to implement capital expendi-
tures at the levels and times planned by management;
(vi) changes in the laws, regulations and government policies in the markets in which
Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations
and government policies relating to vehicle safety including remedial measures such
as recalls, trade, environmental protection, vehicle emissions and vehicle fuel econ-
omy, as well as changes in laws, regulations and government policies that affect
Toyota’s other operations, including the outcome of current and future litigation and
other legal proceedings, government proceedings and investigations;
(vii) political and economic instability in the markets in which Toyota operates;
(viii) Toyota’s ability to timely develop and achieve market acceptance of new prod-
ucts that meet customer demand;
(ix) any damage to Toyota’s brand image;
(x) Toyota’s reliance on various suppliers for the provision of supplies;
(xi) increases in prices of raw materials;
(xii) Toyota’s reliance on various digital and information technologies;
(xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes,
work stoppages or other interruptions to, or difficulties in, the employment of labor in
the major markets where Toyota purchases materials, components and supplies for
the production of its products or where its products are produced, distributed or
sold; and
(xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle
production and sales.
26 Consolidated Performance Highlights
29 Review of Operations
29 Automotive Operations
30 Financial Services Operations
31 Non-Automotive Business Operations
34 Management and Corporate Information
34 R&D and Intellectual Property
36 Corporate Philosophy
37 Corporate Governance
39 Management Team
41 Risk Factors
44 Financial Section
44 Selected Financial Summary (U.S. GAAP)
46 Consolidated Segment Information
47 Consolidated Quarterly Financial Summary
48 Management’s Discussion and Analysis of
Financial Condition and Results of Operations
62 Consolidated Balance Sheets
63 Consolidated Statements of Income
64 Consolidated Statements of
Comprehensive Income
65 Consolidated Statements of Shareholders’ Equity
66 Consolidated Statements of Cash Flows
67 Report of Independent Registered Public
Accounting Firm
68 Investor Information
3 President’s Message
Aiming to Achieve
Sustainable Growth
and to Bring Smiles
5 Overview of Four Business Units
5Lexus International
Lexus International: Becoming a Truly Global Luxury Brand
6 Toyota No. 1
 Improving Our Earnings Structure and Offering Advanced Technologies in Developed Markets
7
Toyota No. 2
Supporting Toyota in Future Growth Markets
8 Unit Center

Developing and Commercializing Major Components with Best-in-World Competitiveness
9 Special Feature
Toyota’s DNA Will Endure for the Next 100 Years
10Toyota in 10 Years and 100 Years
16Our DNA is Creating Ever-Better Cars
19Enriching Lives and Building Tomorrow’s Toyota through Innovation
24 Message from the Executive Vice
President Responsible for Accounting