{
  "docId": "019dd923-622b-71dc-a6d9-8a44eb154135",
  "docSlug": "57f01d339401",
  "documentTitle": "Toyota Industries Corporation (6201)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Investment Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-01-27 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4444444,
  "pageNumber": 28,
  "pageCount": 52,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Uses waterfall charts to demonstrate the discrepancy between IFRS book value deductions and actual tax plans.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "waterfall_chart",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-8a44eb154135/28",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-8a44eb154135",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8a44eb154135.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8a44eb154135#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.71,
        "y": 0.21
      },
      "kind": "callout",
      "text": "The IFRS deferred tax liability on the balance sheet of Toyota Industries is mechanically overstated by >¥800bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff826b8c-761f-45b2-ab59-8f838e79d5ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The IFRS deferred tax liability on the balance sheet of Toyota Industries is mechanically overstated by >¥800bn (pro forma as of January 16, 2026) – equating to an excess IFRS book value deduction of ~¥2,700 per share",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0930-77dc-94a5-c08d0f4d0843",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.32,
        "x": 0.37,
        "y": 0.56
      },
      "kind": "chart",
      "text": "Tax that is deducted from IFRS book value is overstated vs. TICO's actual plans",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16a791df-6223-4c79-82ed-d3047ac9424a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.32,
        "x": 0.37,
        "y": 0.21
      },
      "kind": "chart",
      "text": "Tax deduction in NAV reflects TICO's plans to unwind its cross-shareholdings through issuer buybacks",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9be0476-fd36-4f38-aca7-cfe5cc2038d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "Source: Company Materials, Third Party Tax Advisors, Bloomberg. Notes: (1) See Appendix for details; (2) The component of TICO's total ¥1,392bn September 30, 2025 reported IFRS deferred tax liability...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "44ec9a43-eb90-4039-913f-2cc436c96cb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.32,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "list",
      "text": "As part of the Revised TOB, it is envisaged that TICO will sell its large stakes in publicly traded companies back to the respective issuers via buybacks. This will reduce the tax burden by ~50% for TICO's three largest stakes.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5db4ccc5-e04c-4058-b89f-9144dba26a4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "deferred tax liability: ¥800bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0930-77dc-94a5-cba383a32602",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.71,
        "y": 0.61
      },
      "kind": "quote",
      "text": "The bidders – with the assistance of TICO – are effectively hiding [...] the uplift gained from selling the shares back to the other companies at a discount via Tender Offers which get a different tax treatment [...] Travis Lundy, January 14, 2026",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "215fb411-3aa2-4e23-b59a-7d7aabbc9708",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.71,
        "y": 0.41
      },
      "kind": "quote",
      "text": "In the announced tender offer, counterparties after the privatisation of Toyota Industries are expected to repurchase their shares [...] with the majority of tax deduction benefit going to counterpart. UBS, November 20, 2025",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d082836e-db29-4ca4-ac1e-360dd050db18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "In the announced tender offer, counterparties after the privatisation of Toyota Industries are expected to repurchase their shares [...] with the majority of tax deduction benefit going to counterpart. — UBS, November 20, 2025; The bidders – with the assistance of TICO – are effectively hiding [...] the uplift gained from selling the shares back to the other companies at a discount via Tender Offers which get a different tax treatment [...] — Travis Lundy, January 14, 2026",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0930-77dc-94a5-c6640a48b18d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "title",
      "text": "Under the Revised TOB structure, ~¥0.8trn of tax savings will be realized with none of this value being appropriately shared with minority shareholders",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9048de7-48ef-46b9-b02b-cba17f5f0307",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "IFRS Deferred Tax Liability Greatly Overstates Actual Taxes to Be Paid",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66772b3e-091e-4223-a862-aae02904dd30",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "727a6afc-cb5b-4b34-bd46-3303d39f0aa2",
      "evidence": "Used to show the components of tax liability and the bridge to pro forma values.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 31,
      "from": 28,
      "name": "So What Cascade",
      "slug": "41-so-what-cascade",
      "bestFor": "Data presentations, executive summaries, driving to recommendations",
      "matchId": "82b245c3-ad59-43c9-86b1-2eb2e7e5ee78",
      "evidence": "Elliott discusses the tax savings and value implications of the Revised TOB.",
      "position": 1,
      "objective": "Explain the implications of the Revised TOB structure",
      "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)",
      "confidence": 0.7,
      "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}