Toyota Tsusho : 1st Quarter of Fiscal year ending March 31, 2024

*Notes

1. Changes affecting the consolidation status of significant subsidiaries (changes in specified subsidiary resulting in change in scope of consolidations) during the period: None
2. Changes in accounting policy and changes in accounting estimates:
3. 1. Changes in accounting policy required by IFRS: Yes
   2. Changes other than the above 1): None
   3. Changes in accounting estimates: None

Note: For details, please refer to "2. (5) (Changes in Accounting Policy) on page 12.

1. Number of issued shares (common stock)
2. 1. Number of issued shares at end of period (Treasury shares included):

2) Number of shares held in treasury at end of period:

3) Average number of shares outstanding during the period:

* Quarterly review status

This report is exempt from the quarterly review by certified public accountant or audit firm.

* Appropriate use of earnings forecasts and other important information

1. The above forecasts, which constitute forward-looking statements, are based on information available to the Company as of the date of the release of this document. Actual results may differ materially from the above forecasts due to a range of factors.
2. The Company is scheduled to hold a quarterly earnings briefing for institutional investors and analysts on Friday, July 28, 2023. The presentation materials for the earnings briefing will be posted on its website promptly following the earnings announcement.

*This is an abridged translation of the original Japanese document and is provided for informational purposes only. If there are any discrepancies between this and the original, the original Japanese document prevails.

1. Consolidated Results of Operations

1. Overview of Operating Performance 1) Business Environment

In the first three months of the fiscal year (April 1, 2023 June 30, 2023), a glimpse into the global economy

showed a moderate recovery trend. This recovery was bolstered- by factors like increased demand from the resumption of economic activities after the impact of the pandemic and the alleviation of production constraints due to the recovery of semiconductor supply. Amidst indications of a temporary slowdown in global inflation, driven in part by declining prices of crude oil and energy resources, the business climate deteriorated due to prolonged monetary tightening, and the future prospects of financial markets remained uncertain. Additionally, notable developments occurred within the international community concerning relations with China and the Global South.

In the U.S., consumer spending was firm as households started to tap into their excess savings built up during the pandemic. However, the financial markets were unsettled due to domestic political turmoil caused by the issue of raising the government's debt ceiling. Additionally, persistently high interest rates led to deteriorating market conditions for residential and commercial real estate, posing a significant burden on the economy. In Europe, the corporate sector was sluggish due to prolonged inflation and ongoing monetary tightening. Nevertheless, consumer spending remained robust, supported by factors like falling energy prices. As a result, the economy managed to avoid negative growth. In China, the economy was propelled by consumer spending following the lifting of the zero-COVID policy. However, the pace of recovery in terms of exports and production slowed, and concerns persisted regarding the worsening unemployment rate among the young and the weak real estate market. In emerging market economies, economic growth slowed down due to steeply rising interest rates and weak external demand.

In this environment, the Japanese economy showed encouraging signs of improvement. These included the realization of the highest wage increase in 30 years during the spring labor offensive, a pickup in foreign tourist arrivals, and stock price indexes reaching a 33-year highs due to robust corporate earnings. However, there were also concerns stemming from high consumer prices and uncertainties surrounding future monetary easing policies.

2) Business Activities by Segment

Automotive division was renamed Mobility division on April 1, 2023.

(I) Metals

In December 2022, we made the strategic decision to underwrite a third-party allocation of new shares by Sama Aluminium CO, Ltd., a prominent manufacturer of aluminum foil used in current collectors for lithium-ion batteries. This move aims to prepare for the anticipated surge in demand due to the accelerating adoption of electric vehicles. We completed the underwriting at the end of January 2023. Discussions are underway regarding the establishment of a robust global supply chain for aluminum current-collecting foil used in batteries. By supporting the battery manufacturing industry, which is pivotal to the widespread adoption of electric vehicles, we are steadfastly contributing to the achievement of carbon neutrality.

(II) Global Parts & Logistics

In November 2022, we joined forces with WILLPORT Co., Ltd. and Pioneer Corporation to introduce an efficient last-mile delivery planning service. The primary objective is to enhance process efficiency and reduce labor costs in the delivery process. Beyond easing the workload for delivery service providers and fostering e-commerce growth, this service also plays a crucial role in alleviating traffic congestion and lowering the occurrence of traffic accidents.

(III) Mobility

In February 2023, we acquired additional stock of Carpaydiem Co., Ltd. to actively promote partnership with the company and facilitate online export sales of used cars. Focusing on the used car market, particularly in Africa, where future demand is projected to rise significantly, our aim is to deliver safe and reliable car lifestyles to customers worldwide. Through this endeavor, we strive to contribute to the achievement of a mobility society that is both safe and comfortable for all.

(IV) Machinery, Energy & Projects

In order to further expand our renewable energy business, in April 2023 we acquired 85% of the shares of SB Energy Corporation from SoftBank Group Corp. and made it a subsidiary with the change of its name to Terras Energy Corporation. Utilizing this company's state-of-the-art renewable energy technologies, we are committed to fostering carbon neutrality by spearheading new business ventures and accelerating the advancement of renewable energy technologies.

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(V) Chemicals & Electronics

In June 2023, Toyota Tsusho and Toyota Motor North America, Inc. jointly revealed an additional investment of US$210 million in Toyota Battery Manufacturing, North Carolina. This cutting-edge automotive battery production facility is currently under construction. Its primary objective is to manufacture and supply lithium-ion batteries essential for electric vehicles, meeting the surging demand while actively contributing to the pursuit of carbon neutrality.

(VI) Food & Consumer Services

In April 2023, we unveiled PATCHWORKS™, an innovative project dedicated to fostering the circular economy within the textile and fashion industry. Our ultimate vision is to create a future where all discarded clothing can be reborn as new garments by 2050. To achieve this goal, our initial focus lies in establishing "fiber to fiber" recycling, a process that involves collecting and recycling used clothing made of polyester, cotton, nylon, and other materials. Collaborating closely with partner companies, we are committed to advancing the development of easily recyclable fiber materials and products. Together, we will forge ahead in building a robust circular economy system centered on sustainable and easily recyclable textile materials and products.

(VII) Africa

In March 2023, the Company was commissioned by the Nigerian Ministry of Power to undertake a project for expanding the Apapa Road Substation. Construction of the substation which supplies power to Lagos State, is slated for completion in September 2025. The project's primary objectives are to bolster power stability and lay the groundwork for robust economic growth in Lagos, the economic hub of Nigeria. Our commitment extends further as we strive to create an improved environment for Africa's upcoming generations by focusing on essential infrastructure development, including energy, ports, and water systems.

3) Operating Results

The Toyota Tsusho Group's consolidated revenue for the three months ended June 30, 2023 increased 165.1 billion yen (7.0%) year on year to 2,540.7 billion yen, mainly due to growth in automotive sales volume and an increase in trading volume of automobile production-related products, despite a decline in metal market prices and falling electricity prices in Europe.

Consolidated operating profit increased 11.4 billion yen (11.1%) year on year to 113.7 billion yen due to an increase in gross profit, which offset higher selling, general and administrative expenses. Profit for the period (attributable to owners of the parent) increased 17.9 billion yen (23.9%) year on year to 92.7 billion yen, largely due to an increase in operating profit, despite a decrease in the share of profit (loss) of investments accounted for using the equity method due to falling electricity prices in Europe and deterioration in interest expenses.

Segment Information

(I) Metals

Profit for the period (attributable to owners of the parent) decreased 2.4 billion yen (11.0%) year on year to 19.2 billion yen, largely due to falling market prices, despite an increase in trading volume of automobile production- related products.

(II) Global Parts & Logistics

Profit for the period (attributable to owners of the parent) increased 3.7 billion yen (46.5%) year on year to 11.7 billion yen, largely due to an increase in trading volume of automotive parts mainly in Japan and North America.

(III) Mobility

Profit for the period (attributable to owners of the parent) increased 1.8 billion yen (14.9%) year on year to 14.1 billion yen, largely due to an increase in sales volume handled by overseas automotive dealerships mainly in Europe.

(IV) Machinery, Energy & Projects

Profit for the period (attributable to owners of the parent) decreased 2.1 billion yen (20.8%) year on year to 7.9 billion yen, largely due to falling electricity prices in Europe.

(V) Chemicals & Electronics

Profit for the period (attributable to owners of the parent) increased 2.2 billion yen (17.3%) year on year to 14.5 billion yen, largely due to an increase in trading volume of automobile production-related products in the electronics business and automotive materials business.

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(VI) Food & Consumer Services

Profit for the period (attributable to owners of the parent) increased 3.4 billion yen year on year to 3.6 billion yen, largely due to the falling transportation costs in the South American food business.

(VII) Africa

Profit for the period (attributable to owners of the parent) increased 9.4 billion yen (118.7%) year on year to 17.2 billion yen, largely due to an increase in sales volume handled by automotive dealerships, especially in the West African region.

(2) Consolidated Financial Condition

As of June 30, 2023, consolidated assets totaled 6,974.4 billion yen, a 597.4 billion yen increase from March 31, 2023. The increase is attributable in part to a 103.4 billion yen increase in other investments and a 100.5 billion yen increase in inventories. Consolidated equity as of June 30, 2023 totaled 2,264.1 billion yen, a 195.6 billion yen increase from March 31, 2023. The increase is attributable in part to increases in exchange differences on translation of foreign operations of 72.7 billion yen and financial assets measured at FVTOCI of 65.6 billion yen, as well as an increase of 54.9 billion yen in retained earnings accruing from consolidated profit for the period (attributable to owners of the parent).

(3) Outlook for Fiscal Year Ending March 31, 2024

The consolidated earnings forecast issued on April 27, 2023 has been revised in light of performance in the first three months of the fiscal year (April 1, 2023 - June 30, 2023) and the future outlook. The forecast figure for profit attributable to owners of the parent (280 billion yen) has been revised upward by 20 billion yen (7.1%) to 300 billion yen.

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