###

ASSETS
CURRENT ASSETS
Cash and Short-Term Investments ¥ 2,672,353
Accounts Receivable, net ¥ 2,512,267
Inventories ¥ 1,560,568
Other Current Assets ¥ 555,822
TOTAL CURRENT ASSETS ¥ 7,301,010
NONCURRENT ASSETS
Property, Plant, and Equipment ¥ 7,677,767
Investments and Advances ¥ 1,097,199
Long-Term Note Receivable ¥ 3,282,807
Intangible Assets ¥ 760,434
Deferred Tax Asset ¥ 132,553
Other Assets ¥ 209,695
TOTAL NONCURRENT ASSETS ¥ 13,160,455
TOTAL ASSETS ¥ 20,461,465

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
CURRENT LIABILITIES
Short-Term Debt & Current Portion LT Debt ¥ 3,303,943
Accounts Payable ¥ 844,183
Income Tax Payable ¥ 43,759
Other Current Liabilities ¥ 1,598,203
TOTAL CURRENT LIABILITIES ¥ 5,790,088
NONCURRENT LIABILITIES
Long-Term Debt ¥ 4,495,783
Provision for Risks and Changes ¥ 817,348
Deffered Taxes ¥ 566,315
Other Liabilities ¥ 505,908
TOTAL NONCURRENT LIABILITIES ¥ 6,385,354
TOTAL LIABILITIES ¥ 12,175,442

SHAREHOLDERS' EQUITY
Common Stock Par/Carry Value ¥ 86,067
Additional Paid-in Capital/Capital Surplus ¥ 171,823
Retained Earnings ¥ 8,142,948
 Cumulative Translation Adjustment -¥ 139,515
Unrealized Gain/Loss Marketable Securities ¥ 24,876
Treasury Stock -¥ 273,940
Accumulated Minority Interest ¥ 273,764
TOTAL SHAREHOLDERS' EQUITY ¥ 8,286,023
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
¥ 20,461,465

DET RATIO 2020-2016 2020

59.50%
Sunday, March 31, 2019 ###

¥ 2,494,121 ¥ 2,256,488
¥ 2,744,878 ¥ 2,641,162
¥ 1,586,787 ¥ 1,523,455
¥ 521,508 ¥ 504,183
¥ 7,347,294 ¥ 6,925,288

¥ 7,430,689 ¥ 7,150,566
¥ 1,130,188 ¥ 1,116,072
¥ 3,453,617 ¥ 3,117,364
¥ 744,368 ¥ 741,514
¥ 150,318 ¥ 129,338
¥ 162,648 ¥ 169,022
¥ 13,071,828 ¥ 12,423,876
¥ 20,419,122 ¥ 19,349,164

¥ 3,188,782 ¥ 2,917,261
¥ 1,056,065 ¥ 1,075,545
¥ 49,726 ¥ 53,595
¥ 1,686,551 ¥ 1,577,698
¥ 5,981,124 ¥ 5,624,099

¥ 4,142,338 ¥ 3,881,749
¥ 619,548 ¥ 625,026
¥ 577,093 ¥ 500,384
¥ 533,229 ¥ 483,811
¥ 5,872,208 ¥ 5,490,970
¥ 11,853,332 ¥ 11,115,069

¥ 86,067 ¥ 86,067
¥ 171,460 ¥ 171,118
¥ 7,973,637 ¥ 7,611,332
 ¥ 165,155 ¥ 72,887
¥ 49,228 ¥ 105,405
-¥ 177,827 -¥ 113,271
¥ 298,070 ¥ 300,557
¥ 8,565,790 ¥ 8,234,095

¥ 20,419,122 ¥ 19,349,164

2019 2018
58.1% 57.4%
 ### ###
ASSETS
CURRENT ASSETS
Cash and Short-Term Investments ¥ 2,105,976 ¥ 1,757,456
Accounts Receivable, net ¥ 2,642,964 ¥ 2,752,728
Inventories ¥ 1,364,130 ¥ 1,313,292
Other Current Assets ¥ 442,397 ¥ 418,150
TOTAL CURRENT ASSETS ¥ 6,555,467 ¥ 6,241,626
NONCURRENT ASSETS
Property, Plant, and Equipment ¥ 7,305,041 ¥ 6,817,675
Investments and Advances ¥ 597,262 ¥ 593,002
Long-Term Note Receivable ¥ 3,070,615 ¥ 3,082,054
Intangible Assets ¥ 778,192 ¥ 824,939
Deferred Tax Asset ¥ 121,509 ¥ 180,828
Other Assets ¥ 530,037 ¥ 489,170
TOTAL NONCURRENT ASSETS ¥ 12,402,656 ¥ 11,987,668
TOTAL ASSETS ¥ 18,958,123 ¥ 18,229,294

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
CURRENT LIABILITIES
Short-Term Debt & Current Portion LT Debt ¥ 2,786,928 ¥ 2,789,620
Accounts Payable ¥ 1,183,344 ¥ 1,128,041
Income Tax Payable ¥ 45,507 ¥ 45,872
Other Current Liabilities ¥ 1,413,063 ¥ 1,506,818
TOTAL CURRENT LIABILITIES ¥ 5,428,842 ¥ 5,470,351
NONCURRENT LIABILITIES
Long-Term Debt ¥ 4,022,190 ¥ 3,736,628
Provision for Risks and Changes ¥ 743,066 ¥ 925,257
Deffered Taxes ¥ 778,941 ¥ 609,002
Other Liabilities ¥ 415,458 ¥ 456,268
TOTAL NONCURRENT LIABILITIES ¥ 5,959,655 ¥ 5,727,155
TOTAL LIABILITIES ¥ 11,388,497 ¥ 11,197,506

SHAREHOLDERS' EQUITY
Common Stock Par/Carry Value ¥ 86,067 ¥ 86,067
Additional Paid-in Capital/Capital Surplus ¥ 171,118 ¥ 171,118
Retained Earnings ¥ 6,712,894 ¥ 6,194,311
 Cumulative Translation Adjustment ¥ 265,459 ¥ 274,476
Unrealized Gain/Loss Marketable Securities ¥ 85,947 ¥ 61,639
Treasury Stock -¥ 26,189 -¥ 26,178
Accumulated Minority Interest ¥ 274,330 ¥ 270,355
TOTAL SHAREHOLDERS' EQUITY ¥ 7,569,626 ¥ 7,031,788

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

¥ 18,958,123 ¥ 18,229,294

2017 2016
60.1% 61.4%
 ###
ASSETS
CURRENT ASSETS
Cash and Short-term Investments 13.06%
Accounts Receivable, net 12.28%
Inventories 7.63%
Other Current Assets 2.72%
TOTAL CURRENT ASSETS 35.69%
NONCURRENT ASSETS
Property, Plant, and Equipment 37.52%
Investments and Advances 5.36%
Long-Term Note Receivable 16.04%
Intabgible Assets 3.72%
Deferred Tax Asset 0.65%
Other Assets 1.02%
TOTAL NONCURRENT ASSETS 64.31%
TOTAL ASSETS 100%

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
CURRENT LIABILITIES 28.30%
NONCURRENT LIABILITIES 31.21%
TOTAL LIABILITIES 59.50%
SHAREHOLDERS' EQUITY 40.50%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 100%
### ###

12.21% 11.66%
13.44% 13.65%
7.77% 7.87%
2.56% 2.61%
35.98% 35.79%

36.39% 36.96%
5.53% 5.77%
16.91% 16.11%
3.65% 3.83%
0.74% 0.67%
0.80% 0.87%
64.02% 64.21%
100% 100%

29.29% 29.07%
28.76% 28.37%
58.05% 57.44%
41.95% 42.56%
100% 100%
 ### ###
ASSETS
CURRENT ASSETS
Cash and Short-term Investments 13.06% 12.21%
Accounts Receivable, net 12.28% 13.44%
Inventories 7.63% 7.77%
Other Current Assets 2.72% 2.30%
TOTAL CURRENT ASSETS 34.58% 34.24%
NONCURRENT ASSETS
Property, Plant, and Equipment 37.52% 36.39%
Investments and Advances 5.36% 5.53%
Long-Term Note Receivable 16.04% 16.91%
Intabgible Assets 3.72% 3.65%
Deferred Tax Asset 0.65% 0.74%
Other Assets 1.02% 0.80%
TOTAL NONCURRENT ASSETS 65.42% 65.76%
TOTAL ASSETS 100% 100%

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
CURRENT LIABILITIES 28.64% 30.01%
NONCURRENT LIABILITIES 31.43% 31.42%
TOTAL LIABILITIES 60.07% 61.43%
SHAREHOLDERS' EQUITY 39.93% 38.57%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 100% 100%
 HONDA MOTOR COMPANY LTD. INCOME STATEMENT (in JPY millions)
For the Year Ended
Tuesday, March 31, 2020 March 31,2019
Sales ¥ 14,931,009
Cost of Goods Sold ¥ 11,988,167
Gross Income ¥ 2,942,842
Operating Expenses:
Research and Development ¥ 667,615 ¥ 658,805
SG and A 1,641,590 1,774,393
TOTAL OPERATING EXPENSES ¥ 2,309,205
EARNINGS BEFORE INTEREST AND
TAXES(EBIT) ¥ 633,637

Non-operating Interest Income ¥ 49,412

Equity in Affiliates (Pretax) 164,203
Unusual Expense - 19,270
Non-operating Expense/Income - 13,375
Interest Expense/Charges - 24,689
EARNINGS BEFORE TAXES (EBT) ¥ 789,918
Income Tax 279,986
CONSOLIDATED NET INCOME ¥ 509,932
Minority Interest Expense 54,186
NET INCOME ¥ 455,746

note:
amounts with "-" = indicates an expense
(decrease)

HONDA MOTOR COMPANY LTD. COMMON-SIZE INCOME STATEMENT (in JPY millions)

For the Year Ended

March 31,2020 March 31,2019 ###
Sales 100% 100% 100%
Cost of Goods Sold 80.29% 80.11% 79.12%
Gross Income 19.71% 19.89% 20.88%
Operating Expenses 15.47% 15.31% 15.45%
Earnings Before Interest and Taxes
(EBIT) 4.24% 4.58% 5.43%

Non-operating Interest Income 0.33% 0.31% 0.27%

Equity in Affiliates (Pretax) 1.10% 1.44% 1.61%
Unusual Expense -0.13% -0.35% 0.44%
Non-operating Expense/Income -0.09% 0.27% -0.40%
Interest Expense/Charges -0.17% -0.08% -0.08%
EARNINGS BEFORE TAXES (EBT) 5.28% 6.17% 7.27%
Income Tax 1.88% 1.91% -0.09%
CONSOLIDATED NET INCOME 3.40% 4.26% 7.36%
Minority Interest Expense 0.36% 0.42% 0.45%
NET INCOME 3.04% 3.84% 6.91%

2016 21.5%
2017 21.3%
2018 20.9%
2019 19.9%
2020 19.7%
llions) HONDA MOTOR COMPANY LTD. INCOME STATEMENT (in JPY millions)
For the Year Ended
March 31,2019 Saturday, March 31, 2018
¥ 15,888,617 Sales ¥ 15,361,146
¥ 12,729,049 Cost of Goods Sold ¥ 12,154,503
¥ 3,159,568 Gross Income ¥ 3,206,643
Operating Expenses:
Research and Development ¥ 597,934
SG and A 1,775,151
¥ 2,433,198 TOTAL OPERATING EXPENSES ¥ 2,373,085
EARNINGS BEFORE INTEREST AND
¥ 726,370 TAXES(EBIT) ¥ 833,558

¥ 48,618 Non-operating Interest Income ¥ 41,191

228,827 Equity in Affiliates (Pretax) 247,643
- 54,897 Unusual Expense 67,132
43,674 Non-operating Expense/Income - 61,581
- 13,217 Interest Expense/Charges - 12,970
¥ 979,375 EARNINGS BEFORE TAXES (EBT) ¥ 1,114,973
303,089 Income Tax - 13,666
¥ 676,286 CONSOLIDATED NET INCOME ¥ 1,128,639
65,970 Minority Interest Expense 69,302
¥ 610,316 NET INCOME ¥ 1,059,337

note:
*amounts with "-" = indicates an expense
(decrease)

* income tax in year 2018= 13,666 is added

Income Tax (breakdown)
Income Tax- Current Domestic -¥ 2,956
Income Tax- Current Foreign 280,316
Income Tax- Deferred Domestic 25,149
Income Tax-Deferred Foreign - 316,175
TOTAL INCOME TAX -¥ 13,666

HONDA MOTOR COMPANY LTD. COMMON-SIZE INCOME STATEMENT

(in JPY millions)
For the Year Ended
March 31,2017 March 31,2016
Sales 100% 100%
Cost of Goods Sold 78.71% 78.49%
Gross Income 21.29% 21.51%
Operating Expenses 15.29% 18.06%
Earnings Before Interest and Taxes
(EBIT) 6% 3.45%

Non-operating Interest Income 0.23% 0.19%

Equity in Affiliates (Pretax) 1.18% 0.86%
Unusual Expense -0.37% 0.24%
Non-operating Expense/Income 0.24% -0.27%
Interest Expense/Charges -0.09% -0.12%
EARNINGS BEFORE TAXES (EBT) 7.19% 4.35%
Income Tax 2.34% 1.57%
CONSOLIDATED NET INCOME 4.85% 2.78%
Minority Interest Expense 0.45% 0.42%
NET INCOME 4.40% 2.36%
TEMENT (in JPY millions) HONDA MOTOR COMPANY LTD. INCOME STATEMENT (in JPY millions)
d For the Year Ended
March 31,2017 Thursday, March 31, 2016
¥ 13,999,200 Sales
¥ 11,018,396 Cost of Goods Sold
¥ 2,980,804 Gross Income
Operating Expenses:
¥ 538,881 Research and Development ¥ 528,818
1,601,212 SG and A 2,108,874
¥ 2,140,093 TOTAL OPERATING EXPENSES
EARNINGS BEFORE INTEREST AND
¥ 840,711 TAXES(EBIT)

¥ 32,389 Non-operating Interest Income

164,793 Equity in Affiliates (Pretax)
- 51,416 Unusual Expense
32,980 Non-operating Expense/Income
- 12,471 Interest Expense/Charges
¥ 1,006,986 EARNINGS BEFORE TAXES (EBT)
327,592 Income Tax
¥ 679,394 CONSOLIDATED NET INCOME
62,825 Minority Interest Expense
¥ 616,569 NET INCOME

note:
*amounts with "-" = indicates an expense
(decrease)
TEMENT (in JPY millions)
d
ursday, March 31, 2016
¥ 14,601,151
¥ 11,460,083
¥ 3,141,068

¥ 2,637,692

¥ 503,376

¥ 28,468
126,001
35,675
- 39,924
- 18,146
¥ 635,450
229,092
¥ 406,358
61,827
¥ 344,531
 current ratio quick rati
year HONDA TOYOTA year
2016 1.14 1.13 2016
2017 1.21 1.03 2017
2018 1.23 1.02 2018
2019 1.23 1.04 2019
2020 1.26 1.04 2020

CURRENT RATIO QUICK

1.6 1.6

RATIOS
RATIOS

1.4 1.4

1.2 1.2

1 1

0.8 0.8

0.6 0.6
2016 2017 2018 2019 2020 2016 2017

YEARS

HONDA TOYOTA HONDA

 quick ratio fixed-asset ratio
HONDA TOYOTA year HONDA
0.9 1 2016 2.14
0.96 0.89 2017 1.92
0.96 0.88 2018 2.15
0.96 0.89 2019 2.14
0.99 0.91 2020 1.94

QUICK RATIO FIXED-ASSET RATIO

6 3.5
3
4
2.5
2
2

RATIOS
1 1.5

8 1
0.5
6
2016 2017 2018 2019 2020 0
2016 2017 2018 2019
YEARS
YEARS
HONDA TOYOTA
HONDA TOYOTA
 fixed-asset ratio debt ratio
TOYOTA year HONDA TOYOTA
2.92 2016 61.4 61.9
2.71 2017 60.1 61.7
2.86 2018 57.4 60.4
2.83 2019 58.1 60.4
2.82 2020 59.5 59.7

FIXED-ASSET RATIO DEBT RATIO

80

70

60

RATIOS
50

40

30

20
2017 2018 2019 2020 2016 2017 2018 2019

YEARS YEARS
HONDA TOYOTA
HONDA TOYOTA
 return on investment
year HONDA TOYOTA
61.4 61.9 2016 1.89 4.88
60.1 61.7 2017 3.25 3.76
57.4 60.4 2018 5.47 4.96
58.1 60.4 2019 3.03 3.63
59.5 59.7 2020 2.23 3.94

ATIO RETURN ON INVESTMENTS

6.5

5.5

4.5
RATIOS

3.5

2.5

2018 2019 2020 1.5

2016 2017 2018 2019 2020
YEARS YEARS
TOYOTA HONDA TOYOTA
 gross profit margin ratio
year HONDA TOYOTA
1.89 4.88 2016 21.5 20.4
3.25 3.76 2017 21.3 17.6
5.47 4.96 2018 20.9 18.7
3.03 3.63 2019 19.9 18
2.23 3.94 2020 19.7 18.1

GROSS PROFIT MARIN RATIO

25

20

15
Ratios

10

0
2016 2017 2018 2019 2020
2019 2020
Year

TA
HONDA TOYOTA
2020