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ANNUAL REPORT 2012 Year Ended March 31, 2012

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ANNUAL REPORT 2012 Year Ended March 31, 2012 ANNUAL REPORT 2012 Year ended March 31, 2012 DRIVING SYNERGIES CONTENTS 1 TO OUR STAKEHOLDERS 2 SNAPSHOT 2 Our Strategies 4 Our Business 6 Our Vision 8 Our Initiatives 10 FINANCIAL HIGHLIGHTS 12 COMMENTARY FROM THE PRESIDENT 21 FEATURE: DRIVING SYNERGIES The Toyota Tsusho Group is capitalizing on unique strengths to create synergies while developing businesses in areas beyond automobiles. This special feature focuses on four such initiatives. 22 Case 1 Rare Earths Business 24 Case 2 Iodine Business 26 Case 3 Bio-PET Business 28 Case 4 Music Streaming Business 30 SEGMENT OVERVIEW 30 Business Highlights 32 Metals Division 34 Global Production Parts & Logistics Division 36 Automotive Division 38 Machinery, Energy & Project Division 40 Chemicals & Electronics Division 42 Produce & Foodstuffs Division 44 Consumer Products, Services & Materials Division 46 CSR (CORPORATE SOCIAL RESPONSIBILITY) 50 CORPORATE GOVERNANCE 56 MANAGEMENT 58 ORGANIZATIONAL STRUCTURE 67 FINANCIAL SECTION 125 INVESTOR INFORMATION A Cautionary Note on Forward-looking Statements: This annual report contains “forward-looking statements” about Toyota Tsusho’s future plans, strategies, beliefs, and performance that are not historical facts. These forward-looking statements are presented to inform stakeholders of the views of Toyota Tsusho’s management but should not be relied on exclusively in making investment and other decisions. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the information presented here, which is based on assumptions and beliefs in light of information currently available to the management at the time of publication. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company assumes no obligation if these forward-looking statements do not reflect actual results due to new information, future events, or other developments. Earnings forecasts and other projections in this annual report were formulated and announced as of April 2012. 1 TO OUR STAKEHOLDERS Thank you for this opportunity to report on our performance at Toyota Tsusho during my first year as president. I am happy to be able to report gains in sales and earnings in the past fiscal year, ended March 31, 2012. We entered the fiscal year in April in the wake of the Great East Japan Earth- quake, which occurred in March. Just as we were overcoming the aftereffects of that disaster, the severe flooding in Thailand disrupted supply chains anew. Further aggravating this adverse en- vironment was the stubborn strength of the yen. Our sales and earnings gains amid difficult cir- cumstances testify to superb work by our people. Our fiscal gains also reflect mounting returns on our stepped-up commitment to investment in recent years. We unveiled a blueprint for long-term growth in 2011 as our Global 2020 Vision, which details targets for sustainable global growth and mea- sures for achieving that growth. Our performance in the past fiscal year verifies that we are off to a good start in fulfilling our vision. We will con- tinue to assert Toyota Tsusho strengths in building a balanced business portfolio across the three sectors of mobility, environmental protection and resources development, and lifestyle and commu- nity initiatives. On the following pages, I address important subjects of concern to our shareholders and our other stakeholders. I hope in this way to keep you up to date with our programs and our progress. We are grateful for your support, and look for- ward to fulfilling your highest expectations of Toyota Tsusho. August 2012 Jun Karube, President 2 SNAPSHOT Our Strategies In a broad range of business areas in countries worldwide, the Toyota Tsusho Group provides products and services essential for creating a prosperous and convenient society. Under the guidance of a four-tier conceptual hierarchy, we will open the way to a new era. Fundamental Philosophy Unchanging ideals that should be passed on to future generations Fundamental Philosophy Corporate Philosophy Living and prospering together with people, society, and the Earth, we aim to be a value-generating corporation that contributes to the creation of a prosperous society. Behavioral Guidelines Vision As a good corporate citizen, we will: • Implement open and fair corporate activities • Fulfill our social responsibilities and conserve the global environment • Offer creativity and provide added value • Respect people and create an active working environment filled with job satisfaction Long-term Business Plan & Annual Plan On Site, A Passion for Hands on, Team Power Business Flagship Message in Touch G’VALUE with you is the slogan motivating the Toyota Tsusho Group toward realization of its Corporate Philosophy. The slogan’s “G” refers to the initial letter of the The Toyota Tsusho Group Way Toyota Tsusho Group’s keywords. Global : Expansion of our activities on the Values and principles of conduct to be shared world stage Glowing : Sustaining a healthy and glowing morale by all Toyota Tsusho directors and employees and passion to realize the Group’s Fundamental Philosophy Generating : Continuing to create new businesses and Vision 3 Vision This sets out the goals and milestones we aim to reach by 2020 while continuing to adhere to our Fundamental Philosophy. Global 2020 Vision We prepared the Global 2020 Vision with a view to realizing our Fundamental Philosophy by setting out our target corporate profile for 2020. • A company that recognizes its responsibility toward ensuring a sustainable global environment and industry • A company that will spearhead the Toyota Group, actively leveraging its know-how The Ideal Image cultivated in the automotive field and seeking out new challenges with a robust frontier spirit and Vision • A company that consistently generates new value staying ahead of the times • A company that instills a strong sense of confidence and trust, providing peace of mind and safety to its customers TRY-1 • Each and every member of the Toyota Tsusho Group is dedicated to exploring unlimited horizons and creating new value in harmonious coexistence; placing particular emphasis on business growth in the three fields (Tri Fields) of Mobility, Earth & Resources, and Life & Community; and realizing a balanced 1:1:1 business portfolio by generating synergies. • In our efforts to secure a top ranking we will endeavor to create and develop a workplace environment that is both motivating and rewarding to employees. We will also work diligently to secure a leading presence and standing in an increasing number of countries and regions and create No. 1 businesses Breakthrough and Co-creation through processes that realize a Tri-1 (1:1:1) business portfolio. Long-term Business Plan Annual Plan Revised each fiscal year in light of changes in business This sets out the fiscal year’s strategies, conditions, this guides our business activities over action plans, and numerical targets. the coming five years. Numerical Targets for Fiscal 2016, Ending March 31, 2017 Net Income ¥120.0 billion ROE 12–15% Net DER 1.5 times or less (excluding goodwill) 4 SNAPSHOT Our Business Toyota Tsusho is a general trading company that develops businesses with customers around the world through a global network encompassing Japan and more than 60 other countries and more than 500 consolidated Group companies. Business Model We do not simply supply materials, manufactured goods, range of business areas. These capabilities range from devel- and other products. Toyota Tsusho transcends the traditional oping resources for use as raw materials to planning and boundaries of trading companies by exploiting its capabili- building efficient supply chains and reusing and recycling ties to provide painstakingly customized services in a broad waste materials. Trading Business Investment Sellers Buyers Business partner Investment Logistics Import and export procedures Materials and equipment procurement Investee Logistics Granting of Foreign Marketing credit exchange settlement Finance Risk management Equity in earnings / dividends Business management expertise Trading is the foundation of Toyota Tsusho’s business model. Business investment is becoming an important business We provide mediation services for imports and exports and model for trading companies. In addition to trading transac- domestic trading transactions and use our capabilities as a tions, Toyota Tsusho invests to develop businesses. With trading company to gather information, provide logistics partners in countries worldwide, we are accelerating invest- services, and offer financial services. Based on these capa- ment in business areas that promise growth. bilities, we tailor services to reflect customer needs and develop unique high-value-added businesses. The Evolution of Our Business Establishment–1970s 1980s–1990s Developing as the Toyota Group’s Trading Company Stepping Up Overseas Forays as Toyota Globalizes Established in 1948 as Nisshin Tsusho Kaisha, Ltd., the Company was In 1985, we upgraded the Tokyo Branch to the Tokyo Head Office. renamed Toyoda Tsusho Kaisha, Ltd., in 1956. We established our first Together with the Nagoya Head Office, this established the dual head- overseas joint venture in Thailand in 1957 and our first overseas subsid- office structure that continues to this day. In 1987, the Company iary in New York in 1960. Subsequently, we began exporting Toyota changed its name to Toyota Tsusho Corporation. As the Toyota Group’s
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