Toyota 2015 Annual Report Download - page 9

In addition, in fiscal 2016, Toyota repurchased 47 million common shares, for an aggregate purchase price
of 349.9 billion yen, in order to avoid dilution of common shares as a result of the issuance of the First Series
Model AA Class Shares.
Furthermore, Toyota has determined to repurchase 100 million common shares (maximum), for an
aggregate purchase price of 500.0 billion yen (maximum), in order to return to shareholders the profits derived
from Toyota’s business operations in the second half of the fiscal year ended March 31, 2016 by a resolution of
the board of directors on May 11, 2016.
Exchange Rates
In parts of this annual report, yen amounts have been translated into U.S. dollars for the convenience of
investors. Unless otherwise noted, the rate used for the translations was ¥112.68 = $1.00. This was the
approximate exchange rate in Japan on March 31, 2016.
The following table sets forth information regarding the noon buying rates for Japanese yen in New York
City as announced for customs purposes by the Federal Reserve Bank of New York expressed in Japanese yen
per $1.00 during the periods shown. At the end of May 2016, the noon buying rate was ¥110.75 = $1.00. The
average exchange rate for the periods shown is the average of the month-end rates during the period.
Fiscal Year Ended or Ending March 31, At End of Period
Average
(of month-end rates) High Low
(¥ per $1.00)
2012 ....................................... 82.41 78.86 85.26 75.72
2013 ....................................... 94.16 83.26 96.16 77.41
2014 ....................................... 102.98 100.46 105.25 92.96
2015 ....................................... 119.96 110.78 121.50 101.26
2016 ....................................... 112.42 120.13 125.58 111.30
2017 (through May 31, 2016) ................... 110.75 108.83 112.06 106.34
Month Ended High Low
(¥ per $1.00)
December 31, 2015 ............................................................ 123.52 120.27
January 31, 2016 .............................................................. 121.05 116.38
February 29, 2016 ............................................................. 121.06 111.36
March 31, 2016 ............................................................... 113.94 111.30
April 30, 2016 ................................................................ 112.06 106.90
May 31, 2016 ................................................................. 110.75 106.34
Fluctuations in the exchange rate between the Japanese yen and the U.S. dollar will affect the dollar
equivalent of the price of the shares on the Japanese stock exchanges. As a result, exchange rate fluctuations are
likely to affect the market price of the American Depositary Shares (“ADSs”) on the New York Stock Exchange
(“NYSE”). Toyota will declare any cash dividends on shares of capital stock in Japanese yen. Exchange rate
fluctuations will also affect the U.S. dollar amounts received on conversion of cash dividends.
Exchange rate fluctuations can also materially affect Toyota’s reported operating results. In particular, a
strengthening of the Japanese yen against the U.S. dollar can have a material adverse effect on Toyota’s reported
operating results. For a further discussion of the effects of currency rate fluctuations on Toyota’s operating
results, please see “Operating and Financial Review and Prospects — Operating Results — Overview —
Currency Fluctuations.”
3.B CAPITALIZATION AND INDEBTEDNESS
Not applicable.
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