FINANCIAL SUMMARY
FY2008(April 1, 2007 through March 31, 2008)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

This report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking
statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota
Industries Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All suchprojections and forward-looking statements are based on management’s assumptions and beliefs derived from the information
available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries and its
Group companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Therefore, it is advised that you should not rely solely upon these projections andforward-looking statements in making your investment decisions. You should also be aware that certain risks and uncertainties
could cause the actual results of Toyota Industries Corporation and its Group companies to differ materially from any
projections or forward-looking statements discussed in this report. These risks and uncertainties include, but are not limited to,the following : 1)reliance on a small number of customers, 2) product development capabilities, 3) intellectual property rights,
4) product defects, 5) price competition, 6) reliance on suppliers of raw materials and components, 7) environmental
regulations, 8) success or failure of strategic alliances with other companies, 9) exchange rate fluctuations, 10) share pricefluctuations, 11) effects of disasters, power blackouts and other incidents, 12) latent risks associated with international
activities and 13) retirement benefit liabilities.

April 25, 2008

FY2008 Consolidated Financial Results
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Code number: 6201) (URL: http://www.toyota-industries.com/ )Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person: Tetsuro Toyoda, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
The expected date of the Ordinary General Meeting of Shareholders: June 20,2008
The expected date of dividends payment: June 23,2008

1. Financial Highlights for FY2008 (April 1, 2007 - March 31, 2008)(Amounts less than one million yen are omitted)(% : change from the same period of previous year)(1) Consolidated financial results
Net sales

Operating income%

Million yen

6.5 )24.7 )

96,853
89,954

Million yen

FY2008FY20072,000,536
1,878,398

(
(

(
(

%

Million yen

7.7 )40.5 )

126,488
108,484

Net income
per share―diluted

Net income
per share―basic
Yen

Ordinary income((

Net income%

Million yen

16.6 )
34.5 )

80,46059,468

Ordinary incomeon assets

Return on equity
%

Yen

%

35.3 )
26.3 )((

Operating incomeon sales%257.50257.435.1
3.5
189.88189.66
Notes: Equity in net income of affiliates: FY2008: 2,749 million yen, FY2007: 317 million yen

%

3.9
3.2

FY2008FY20074.8
4.8(2) Consolidated financial position
Total assets

Total net assets

Million yen

Equity ratio

Equity per share%

Million yen

2,965,585
1,453,996
3,585,857
1,810,483
Notes: Equity capital: FY2008: 1,396,955 million yen, FY2007: 1,751,401 million yen

Yen

47.1
48.8

4,483.32
5,612.11

Cash flows fromfinancing activities

Cash and cash equivalents
at the end of year

FY2008FY2007(3) Consolidated cash flows
Cash flows frominvesting activities

Cash flows fromoperating activities
Million yen

Million yen

188,805
177,467

FY2008FY2007

Million yen△ 138,789△ 164,446

Million yen

121,284
108,569△ 33,992△ 19,749

2. Cash dividends
Annual cash dividends per share
Year-end

InterimYen

FY2007
FY2008FY2009(Forecast)

Dividend payout
ratio

Total amount of annual
cash dividends

Yen

Yen

22
28

28
32

50
60

30

30

60

Total amount of dividends
on net assets%

Million yen

15,602
18,721

26.3
23.3

%

0.9
1.2

31.7

3. Forecasts of Consolidated Financial Results for FY2009 (April 1, 2008 - March 31, 2009)(% : change from the same period of previous year)

Net sales

1,000,000

FY20092,050,000

Ordinary income%

Net income
per share―basic

Net income%

Million yen

(

4.6 )

25,000( △46.8 )41,000( △35.2 )24,000( △40.5 )

77.02

(

2.5 )

77,000( △20.5 )107,000( △15.4 )59,000( △26.7 )

189.35

Million yen
FY2009Second Quarter(accm)

Operating income

Million yen-1-%Million yen%

Yen4.Others(1)Changes in significant subsidiaries : None
(2) Changes in standards, procedures and presentations regarding presentation of consolidated financial statements① Changes arising from revision of accounting policies : None
② Changes other than ① : Yes
Please see page 13 for details on changes in accounting policies in "Basis of Presenting Consolidated Financial Statements".
(3) Issued and outstanding capital stock
1. Number of shares outstanding at end of each year: FY2008 −325,840,640 shares, FY2007 −325,840,640 shares
2. Number of treasury stock outstanding at end of each year: FY2008 −14,251,070 shares, FY2007 −13,765,165 shares
3. Average number of shares outstanding for each period: FY2008 −312,467,917 shares, FY2007 −313,191,120 shares(Reference) FY2008 Non-consolidated Financial Results
1. Financial Highlights for FY2008 (April 1, 2007 - March 31, 2008)(1) Non-consolidated financial results
Net sales
Million yen

FY2008FY20071,217,526
1,135,668((

Operating income%
7.2 )
19.5 )((%
32.5 )
34.8 )

Million yen

76,85758,013

Net income((

Million yen

56,70340,242((%40.9 )
32.3 )Net income
per share―diluted

Net income
per share―basic
Yen

FY2008FY2007

Ordinary income%
28.2 )
19.6 )

Million yen

50,35839,294(% : change from the same period of previous year)

Yen

181.47128.49181.42
128.34(2) Non-consolidated financial position
Total assets

Total net assts

Million yen

Equity ratio

Equity per share%

Million yen

Yen2,403,584
1,269,962
52.8
FY20083,048,062
1,637,020
53.7
FY2007
Notes: Equity capital: FY2008: 1,269,266 million yen, FY2007: 1,636,817 million yen

4,073.52
5,244.94

2. Forecasts of non-consolidated Financial Results for FY2009 (April 1, 2008 - March 31, 2009)(% : change from the same period of previous year)

Net sales
Million yen
FY2009Second Quarter(accm)

580,000

FY20091,220,000

Operating income%

Million yen

(

0.9 )

(

0.2 )

Ordinary income%

Million yen

10,000( △59.4 )33,000( △34.5 )Net income%

Million yen%

26,000( △36.5 )20,000( △37.5 )62,000( △19.3 )44,000( △22.4 )Net income
per share―basic
Yen
FY2009Second Quarter(accm)

64.19

FY2009141.21* All projections are based on the information available to management at the time of producing this report and are not guarantees of future performance.
* Certain risks and uncertainties could cause the actual results of Toyota Industries to differ materially from any projections discussed in this report.

-2-

Business Results and Financial Position
1. Business Results and Financial Position
In fiscal 2008 (ended March 31, 2008), the Japanese economy continued on a moderate recovery
track as private-sector capital investment increased amid strong corporate earnings. Consumer
spending picked up momentum as well on the back of improved employment conditions. In the second
half of the fiscal year, however, the economy came to a standstill as a result of soaring crude oil andother raw material prices, apparent deceleration of the U.S. economy triggered by the subprime loan
debacle as well as rapid depreciation of the U.S. dollar. Overseas, despite the impact of deceleration of
the U.S. economy beginning to reverberate around the world, the European economy remained solidly
on track and China and India maintained high economic growth.
In this operating environment, Toyota Industries undertook efforts to strengthen its management
platform by ensuring customer trust through its dedication to quality, the development of appealing new
products, aggressive sales promotions and the execution of a Group-wide program to reduce costs.
As a result, total consolidated net sales amounted to 2000.5billion yen, an increase of 122.2 billion
yen, or 7%, over fiscal 2007 (ended March 31, 2007). The following is a review of operations for the
major business segments.
Sales increased in the automobile industry as a whole. Although sales in Japan were sluggish during
fiscal 2008, higher sales overseas, primarily in emerging markets, gave rise to an overall increase inoverseas sales.
Net sales of the Automobile Segment totaled 969.2 billion yen, an increase of 64.4 billion yen, or 7%,
over fiscal 2007.
Within this segment, net sales of the Vehicle Business totaled 500.1 billion yen, an increase of 29.9
billion yen, or 6%, over fiscal 2007, due mainly to an increase in sales of the Vitz (Yaris in Europe) as
well as the start of production of the new Mark X Zio in September 2007.
Net sales of the Engine Business totaled 178.7 billion yen, an increase of 11.3 billion yen, or 7%, overfiscal 2007. Overseas, although sales of AD diesel engines installed in the RAV4 for Europe decreased,sales increased for KD diesel engines for Toyota Motor Corporation’s Innovative International
Multi-Purpose Vehicle (IMV) Series as well as VD diesel engines installed in the Land Cruiser.
Net sales of the Car Air-Conditioning Compressor Business totaled 253.5 billion yen, an increase of
18.1 billion yen, or 8%, over fiscal 2007. While sales decreased in the Japanese market, sales increased
overseas, primarily in Europe.
In the materials handling equipment industry as a whole, sales remained at the same level as fiscal
2007 in the Japanese market. Overseas markets continued to expand with increases in sales in Europe
and developing countries.
Net sales of the Materials Handling Equipment Segment totaled 783.1 billion yen, an increase of 15.9
billion yen, or 2%, over fiscal 2007. Excluding the effects of changes in the fiscal year-end of certain
overseas subsidiaries in fiscal 2007, net sales increased 80.6 billion yen, or 11%. With regards to lift
trucks, Toyota Industries strove to enhance its sales network, resulting in increases in total unit sales forboth the TOYOTA and BT brands backed by the robust European market. Sales of aerial work platforms
were solid, bolstered by replacement demand from customers in the electricity and constructionindustries.
The overall operating environment remained severe in the logistics industry as the volume of cargotransport continued to decline in the Japanese market accompanied by an increase in costs resulting
from higher crude oil prices.
Amid this environment, net sales of the Logistics Segment totaled 117.5 billion yen, an increase of
28.1 billion yen, or 31%, over fiscal 2007. This was due largely to the solid performance of transportation
businesses accompanied by an increase in the transport volume of automotive parts in addition to
making Wanbishi Archives Co., Ltd, which provides services of total information management, a wholly
owned subsidiary in May 2007.
In the textile machinery industry as a whole, the mainstay Chinese market remained strong on theback of robust capital investment supported by rapid growth.
Net sales of the Textile Machinery Segment totaled 66.2 billion yen, an increase of 7.8 billion yen, or13%, over fiscal 2007. In fiscal 2008, Toyota Industries sold more than 10,000 air-jet looms, primarily to
China, for the second consecutive year. Cumulative production of 100,000 air-jet looms, which Toyota
Industries began manufacturing in 1980, was also commemorated in February 2008. Strong sales ofspinning machinery in Vietnam and Indonesia also contributed to the strong performance of thesegment.
During fiscal 2008, ordinary income amounted to 126.4 billion yen, an increase of 18.0 billion yen, or
17%, over fiscal 2007. Despite the effects of higher depreciation expenses, sharp rises in raw materials-3-and parts cost as well as higher personnel expenses, this increase was achieved due largely to
expanded sales, cost-reduction efforts throughout the Group and an increase in non-operating income.
Net income amounted to 80.4 billion yen, an increase of 21.0 billion yen, or 35%, over fiscal 2007.
Cash flows from operating activities increased by 188.8 billion yen in fiscal 2008, due mainly toincome before income taxes in the amount of 132.3 billion yen. Net cash provided by operating activities
increased by11.4 billion yen from 177.4 billion yen in fiscal 2007. Cash flows from investing activities
resulted in a decrease in cash of 138.7billion yen in fiscal 2008, attributable primarily to payments forpurchases of property, plant and equipment amounting to 135.5 billion yen. Net cash used in investing
activities decreased by 25.7 billion yen from 164.4 billion yen for fiscal 2007. Cash flows from financing
activities resulted in a decrease in cash of 33.9 billion yen in fiscal 2008, due mainly to repayments ofbonds in the amount of 60.0 billion yen. Net cash provided by financing activities decreased by 14.2
billion yen from 19.7 billion yen in fiscal 2007.
After translation adjustments, cash and cash equivalents as of March 31, 2008 stood at 121.2 billion
yen, an increase of 12.7 billion yen, or 12%, over fiscal 2007

2. Distribution of Profits for FY2008
Including the interim cash dividend of 28.0 yen per common share paid in November 2007, and a
year-end cash dividend of 32.0 yen per common share, Toyota Industries declares that total cash
dividends for fiscal 2008 will be 60.0 yen per common share, an increase of 10.0 yen per common shareover fiscal 2007.

3. Forecast for the Fiscal Year Ending March 31, 2009
In fiscal 2009, ending March 31, 2009, uncertainties persist as ongoing depreciation of the U.S. dollar,
further rises in raw materials costs and a global stock market slump are anticipated. There are also
concerns over the impact that a delay in the U.S. economic recovery might have on the global economy.
Amid this challenging operating environment, Toyota Industries forecasts consolidated net sales of2050.0 billion yen, operating income of 77.0 billion yen, ordinary income of 107.0 billion yen and net
income of 59.0 billion yen. By segment, we forecast net sales of 970.0 billion yen in the Automobile
Segment and 840.0 billion yen in the Materials Handling Equipment Segment. We are determined toplace utmost emphasis on product quality, the environment and safety, and promote the development ofleading-edge technologies to provide high value-added products that anticipate customer needs. Toyota
Industries will further make concerted efforts to engage in strengthening sales and service structures,enhancing the value chain and undertaking Group-wide cost reduction activities.
Our projections are based on an exchange rate of ¥100.0 = US$1.

-4-

Management Policy

1. Basic Management Policy
The basic management policies of Toyota Industries Corporation and its Group companies(“Toyota Industries”) are upheld as its basic corporate philosophy. We believe putting the following
stated beliefs into viable sincere actions by all employees will lead to greater corporate value.
(1)

Toyota Industries is determined to comply with the letter and the spirit of the law,in Japan and overseas, and to be fair and transparent in all its dealings.

(2)

Toyota Industries is respectful of the people, culture and traditions of eachcountry and region in which it operates. It also works to promote economic
growth and prosperity in those countries and regions.

(3)

Toyota Industries believes that economic growth and conservation of the naturalenvironment are compatible. It strives to offer products and services that areclean, safe and of high quality.

(4)

Toyota Industries conducts intensive product research and forward-looking
development activities to create new value for its customers.

(5)

Toyota Industries nurtures the inventiveness and other abilities of its employees.
It seeks to create a climate of cooperation, so that both employees and theCompany can realize their full potential.

2. Basic Policy on the Distribution of Profits
Toyota Industries regards the benefits of shareholders as one of its most importantmanagement policies. Based on this stance, we will strive to strengthen Toyota Industries’
corporate constitution, promote proactive business development and raise its corporate value.
Toyota Industries’ dividend policy is to meet the expectations of shareholders while giving fullconsideration to business performance, capital demand, dividend payout ratio on a consolidated
basis and other factors.
Toyota Industries will use retained earnings to improve the competitiveness of its products,
augment production capacity in Japan and overseas, as well as expand into new fields of businessand strengthen its corporate constitution in securing future profits for its shareholders. It will also
use retained earnings to repurchase treasury stock.
Changes to the Articles of Incorporation and the quarterly distribution of dividends after the newcorporate law is put into effect are currently under consideration.

-5-3. Medium- to Long-Term Management Strategies
Rooted in its basic philosophy, the Toyota Industries Group “strives to offer products andservices that are clean, safe and of high quality.” We are fully committed to continuously enhancing
corporate value.
Product quality continues to be a constant priority for the medium to long term. We also remaincommitted to giving considerations to the environment and safety as well as increasing ourcompetitive strengths. Promoting technological advancements will enable us to develop and offer
high value-added products that anticipate customer needs. We will further make concerted efforts
to engage in strengthening sales and service structures, enhancing the value chain andundertaking Group-wide cost-reduction activities.
Along with augmenting global consolidated management and building a business structure that
can take advantage of the collective strength of Toyota Industries, we will work to enhance teamstrength and spirit, and nurture personnel of international caliber who will carry the Toyota
Industries Group into the future.
Specifically, the Vehicle and Engine businesses will expand their respective scopes of businessby contributing to the global strategy of Toyota Motor Corporation (TMC). We will also work to
expand the scope of business by strengthening the development capability of power electronics
components to be fitted in TMC’s hybrid vehicles. The Materials Handling Equipment and Car
Air-Conditioning Compressor businesses will strive to solidify the leading global position whileaiming for higher market share and improved performance through global business expansion.
The Logistics Business will concentrate on high value-added businesses and strengthen its
business foundation. The Textile Machinery Business will aim for stable business management by
maintaining the top share in the global air-jet loom market.
Through these initiatives, Toyota Industries aims to capture the undisputed No. 1 position andraise corporate value. Through sincere considerations for the environment and local communities,
we also seek socially harmonious growth.
The new Medium-Term Management Vision, which started from fiscal 2007 (ended March 31,2007), targets consolidated net sales of more than 2 trillion yen and ordinary income of 140.0
billion yen in fiscal 2011 (ending March 31, 2011).

-6-

Overview of Associated Companies
Toyota Industries Corporation and its associated companies (Toyota Motor Corporation which has Toyota Industries Corporation
as an affiliate, Toyota Industries Corporation’s 163 subsidiaries and 29 affiliates) are engaged mainly in manufacture and sales ofautomobiles and related products, materials handling equipment, textile machinery and also in logistics solutions business. The
associated companies’ positions in the businesses and relation to the business segments are shown below.
Customers (Toyota Motor Corporation, etc.)(Domestic manufacturing
companies)

Izumi Machine Mfg.
Co., Ltd.

(Domestic sales companies)

Aichi Corporation GroupTOYOTA L&F Tokyo Co., Ltd.

Tokyu Co., Ltd.

OthersTokaiseiki Co.,Ltd.

(Overseas sales companies)

OthersToyota Industries Sweden Group(Overseas manufacturing
companies)

Toyota Material Handling USA, Inc.

Michigan AutomotiveCompressor, Inc.

Toyota Industrial Equipment Europe Group(Domestic othercompanies)(Overseas sales
companies)(Domestic manufacturing
companies)

Asahi Security Co., Ltd.

Toyota Textile
Machinery Europe
Group

TIBC Corporation

Taikoh Transportation
Co., Ltd.
Wanbishi Archives
Co., Ltd.

OthersOthersFuji Logistics Co., Ltd.*
OthersOthersTD AutomotiveCompressor Georgia,
LLC.
TD Deutsche
Klimakompressor GmbH.
Toyota Motor Industries
Poland Sp.zo.o.*Others(Domestic manufacturing
companies)

Aichi Corporation Group
Others(Overseas manufacturing
companies)

Toyota Industries Sweden
Group
Toyota Industrial Equipment
Mfg., Inc.

(Overseas manufacturing
company)

Toyota Industrial Equipment,
S. A.

Kirloskar Toyoda Textile
Machinery Ltd.

OthersAutomobile

Logistics

Materials handling equipment

Textile machinery

Toyota Industries Corporation(Other companies)
Toyota Industries Europe AB, Toyota Industries Finance International AB, Toyota Industries North America, Inc., Others*Affiliates accounted for under the equity method-7-

OthersConsolidated Balance Sheets
FY2007(As of March 31, 2007)

FY2008(As of March 31, 2008)

Increase(Decrease)568,001

595,61227,611

Cash and deposits

110,516

115,557

5,041

Trade notes and accounts receivable

234,611

244,035

9,424

30,06540,621

10,556

120,737

124,633

3,896

Deferred tax assets

17,924

18,860936

Other current assets

56,93054,391(2,539)Less−allowance for doubtful
accounts(2,784)(2,486)298

3,017,856

2,369,972(647,884)

Property, plant and equipment

605,922622,847

16,925

Buildings and structures

171,897

188,776

16,879Machinery, equipment and vehicles

269,769

266,347(3,422)Tools, furniture and fixtures

26,081

28,145

2,064

Land

99,117

107,727

8,610

Construction in progress

39,056

31,849(7,207)

112,816

149,685

36,869Goodwill

101,102

137,163

36,061

Software

11,714

12,522808

2,299,117

1,597,439(701,678)

2,226,575

1,513,779(712,796)

8,460

8,056

(404)

11,603

16,574

4,971

7,435

8,578

1,143

45,27450,628

5,354

(232)

(177)

55

3,585,857

2,965,585(620,272)

6 5 1 , 6 5 3

7 0 3 , 8 7 9

5 2 , 2 2 6

5 , 1 2 87 2 6(4,402)4 , 7 1 7

5 , 2 7 6

5 5 9

AssetsCurrent assets

Marketable securities
Inventories

Fixed assets

Intangible assets

Investments and other assets
Investments in securities
Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and other assets
Less−allowance for doubtful
accounts
Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)-8-

(Million yen)

FY2007(As of March 31, 2007)

FY2008(As of March 31, 2008)

Increase(Decrease)558,405

538,041(20,364)

205,168

214,084

8,916

Short-term bank loans

37,10352,326

15,223

Commercial paper

33,76033,700(60)

Current portion of bonds

60,00020,000(40,000)

Other payables

37,80830,389(7,419)Accrued expenses

77,69879,241

1,543

Accrued income taxes

25,854

27,137

1,283

Deposits received from employees

22,02022,632

612

Deferred tax liabilities

3,162

1,881

(1,281)Other current liabilities

55,82956,647818

Long-term liabilities

1,216,969

973,547(243,422)

Bonds

250,761

230,766(19,995)

Long-term debt

141,567

185,51343,946

Deferred tax liabilities

751,764

482,787(268,977)

Allowance for retirement benefits

45,482

47,102

1,620

Other long-term liabilities

27,39327,376(17)

1,775,374

1,511,588(263,786)

Shareholders’ equity

540,696602,783

62,087

Common stock

80,46280,462-

Capital surplus

105,055

106,184

1,129

Retained earnings

402,431466,780

64,349Treasury stock at cost

(47,253)(50,644)(3,391)

1,210,704

794,171(416,533)

1,157,793

752,553(405,240)

(0)

140

140

52,912

41,477(11,435)

202

695

493

Minority interest inconsolidated subsidiaries

58,87856,345(2,533)

Total net assets

1,810,483

1,453,996(356,487)

Total liabilities andnet assets

3,585,857

2,965,585(620,272)

Liabilities
Current liabilities
Trade notes and accounts payable

Total liabilities
Net assets

Valuation and translation
adjustments
Net unrealized gains or losses
on other securities
Deferred gains or losses on Hedges
Foreign currencytranslation adjustments
Subscription rights to shares-9-Consolidated Statements of Income(Million yen)(

FY2007
April 1, 2006 March 31, 2007

) (FY2008
April 1, 2007 March 31, 2008)

Increase(Decrease)

Net sales

1,878,398

2,000,536

122,138

Cost of sales

1,586,781

1,678,493

91,712Gross profit

291,616

322,043

30,427

Selling, general andadministrative expenses

201,662

225,189

23,527

Operating income

89,95496,853

6,899

Non-operating income

50,88264,916

14,034

Interest income

13,76014,737

977

Dividends income

27,54734,8507,303

Other non-operating income

9,575

15,328

5,753

Non-operating expenses

32,35235,281

2,929

Interest expenses

17,855

19,453

1,598

Other non-operating expenses

14,497

15,8281,331

108,484

126,488

18,004

4,305

5,866

1,561

4,305

5,866

1,561

4,390

-

(4,390)4,390-(4,390)108,399

132,355

23,956

Income taxes−current

43,75047,057

3,307

Income taxes−deferred(2,209)(2,528)(319)

Minority interest inconsolidated subsidiaries

7,390

7,365

(25)

Net income

59,46880,46020,992

Note: R&D expenses( included in selling, general andadministrative expenses and manufacturing cost)

3 4 , 5 4 8

3 6 , 7 5 0

2 , 2 0 2

Ordinary income
Extraordinary gains
Proceeds from sales of investment
securities
Extraordinary losses
Losses of discontinuing production ofdesignated electronics parts
Income before income taxes- 10 -

Consolidated Statement of Changes in Total net assets

FY2007 (April 1, 2006 - March 31, 2007)(Million yen)
Valuation and translation adjustments

Shareholders’ equity

Balance at March 31,2006

Commonstock

CapitalsurplusRetainedearnings

80,462

105,665

358,385

Total

Treasuryshareholders’
stock at costequity(14,363)Net
unrealized
gains orlosses onothersecurities

Deferred
gains orlosses on
Hedges

530,150 1,047,190

Foreigncurrencytranslation
adjustments

-

Total
valuationandtranslation
adjustments

Subscription Minority interestrights toshares33,886 1,081,077

in consolidated

subsidiaries-

Total net
assets49,270 1,660,498

Change during accounting period
Surplus dividend
Bonuses to directors and corporate auditors
Decrease due to increase in affiliates accounted
for under the equity method
Decrease due to decrease in consolidated
subsidiaries
Net income for the period(13,250)(13,250)(13,250)

(427)

(427)

(427)

(1,673)(1,673)(1,673)

(71)

(71)

(71)

59,46859,46859,468(35,524)(35,524)(35,524)

2,634

2,024

2,024

Repurchase of treasury stock
Exercise of stock options(610)

Change to items other than shareholders' equity
during interim accounting period
Total change during accounting period

Balance at March 31,2007

110,602(0)

19,026

129,627

202

9,607

139,438

149,984-(610)

44,045(32,889)

10,546110,602(0)

19,026

129,627

202

9,607

80,462

105,055

402,431(47,253)

540,696 1,157,793(0)

52,912 1,210,704

202

58,878 1,810,483

FY2008 (April 1, 2007 - March 31, 2008)(Million yen)
Shareholders’ equity

Balance at March 31,2007

Commonstock

CapitalsurplusRetainedearnings

80,462

105,055

402,431

Valuation and translation adjustments
Net
unrealized
gains orlosses onothersecurities

Deferred
gains orlosses on
Hedges

540,696 1,157,793

(0)

Total
Treasuryshareholders’
stock at costequity(47,253)

Foreigncurrencytranslation
adjustments

Totalvaluationandtranslation
adjustments

52,912 1,210,704

Subscription Minority interestrights toshares202

in consolidated

subsidiaries

Total net
assets

58,878 1,810,483

Change during accounting period
Surplus dividend(17,489)(17,489)(17,489)

Decrease due to increase in consolidated
subsidiaries(1,316)(1,316)(1,316)

Decrease due to decrease in consolidated
subsidiaries

(77)

(77)

(77)

Increase due to decrease in affiliates accounted
for under the equity method

2,771

2,771

2,771

Net income for the period

80,46080,46080,460(8,728)(8,728)(8,728)

5,337

6,466

6,466

Repurchase of treasury stock
Exercise of stock options

1,128

Change to items other than shareholders' equity
during interim accounting period
Total change during accounting period

Balance at March 31,2008(405,239)

140(11,434)(416,533)

493(2,532)(418,573)(356,486)

-

1,128

64,349(3,390)62,087(405,239)

140(11,434)(416,533)

493(2,532)80,462

106,184

466,780(50,644)602,783

752,553140

41,477794,171695

56,345 1,453,996- 11 -

Consolidated Statements of Cash Flows(Million yen)(

FY2007

FY2008

April 1, 2006 March 31, 2007

April 1, 2007 March 31, 2008)(

Increase(Decrease))

Cash flows from operating activities
Income before income taxes and minority interest inconsolidated subsidiaries

177,467

188,805

11,338108,399

132,355

23,956

Depreciation and amortization

106,060(250)

119,905

13,845(115)(41,307)17,855(49,588)(317)(25,836)(2,749)(9,221)
15,022(7,490)

Increase (decrease) in allowance for doubtful
Interest and dividends income
Interest expenses
Equity in net earnings of affiliates(Increase) decrease in receivables(Increase) decrease in inventories
Increase (decrease) in payables(365)
19,453(6,623)7,568(8,281)
1,598(2,432)
19,213
1,731(7,454)

17,238
187,642

205,687

Interest paid

41,294(17,777)(19,318)

8,212(1,541)

Income taxes paid

(33,692)(47,069)(13,377)

Cash flows from investing activities(164,446)(138,789)

25,657

Payments for purchases of property, plant andequipment(155,550)(135,561)

19,9897,624

15,546

7,832(17,604)
8,419(1,568)Proceeds from sales of investment securities

26,551

16,03618,132

Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation(1,939)(36,929)(34,990)

424

424

Payments for loans made(2,320)852

Proceeds from collections of loans(3,172)
4,490

3,059

(1,431)Others, net(6,714)(7,901)(1,187)

Cash flows from financing activities(19,749)(33,992)(14,243)

Increase (decrease) in short-term loans(12,434)
40,004(14,020)

7,115
51,662

19,54911,6583,810

Others, net
SubtotalInterest and dividends received

Proceeds from sales of property, plant andequipment
Payments for purchases of investment securities

Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of bonds
Repayments of bonds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net

25,107(15,980)(35,524)(13,250)(1,039)7,388(6,777)49,506(10,210)(24,015)
18,045

5,252(25,107)(44,020)
26,796(4,239)(555)(2,136)(60,000)(8,728)(17,489)(1,594)

Translation adjustments of cash and cash equivalents

2,700(3,309)(6,009)Net increase (decrease) in cash and cash equivalents(4,027)

12,714

16,741

Cash and cash equivalents at beginning of period

112,596

108,569(4,027)

Cash and cash equivalents at end of period

108,569

121,284

12,71580,672
40,611

2,169
10,546

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
Marketable securities

78,50330,065- 12 -

Basis of Presenting Consolidated Financial Statements

1. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than March 31. The details are given below.
December 31

Aichi Corporation Group (2 companies),Toyota Industry (Kunshan) Co., Ltd.,
Toyota Material Handling (Shanghai) Co., Ltd., Toyota Industry Automotive Parts (Kunshan) Co., Ltd.,TD Automotive Compressor Kunshan, Co., Ltd., Toyota Industries Trading & Logistics (China) Co., Ltd.

2. Changes in accounting policies(Changes in accounting methods)
Effective April 1, 2007, Toyota Industries changed the depreciation method for property, plant and equipment that were acquired
on and after April 1, 2007 in accordance with the revised Corporate Tax Law of Japan.

(Additional information)
In accordance with the revised Corporate Tax Law of Japan, depreciable property, plant and equipment purchased before April 1,
2007 will continue to be depreciated under pre-revised rules until the residual value of depreciable tangible assets reaches 5% of theacquisition cost. Thereafter, the difference between the amount equivalent to 5% of the acquisition cost and the memorandum value
will be depreciated evenly over five years.

3. Changes in method of presentation
Domestic certificates of deposit, which had been included in “Cash and deposit” in the previous fiscal year, have been accounted
for as a component of “Securities” starting from the fiscal year under review in accordance with amendments to the Practical
Guidance of Accounting for Financial Instruments (Accounting Committee Report No.14 issued by The Japanese Institute of Certified
Public Accountants, last amended on July 4, 2007), the Notes Regarding the Implementation of the Regulation for Terminology,
Forms and Preparation of Consolidated Financial Statements (last amended on October 2, 2007) and Q&As Regarding Financial
Instruments Accounting (issued by The Japanese Institute of Certified Public Accountants, last amended on November 6, 2007).

Items other than the above are omitted since there are no significant changes from the latest financial statements(submitted on June 21, 2007).
(Omission of disclosures)
Information on lease transactions, derivative transactions and stock options is omitted since the need to disclose suchinformation is not deemed significant.

- 13 -

Segment Information
1.Business segment information(1)FY2007 (April 1, 2006 - March 31, 2007)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery(1) Outside customer sales

904,893

767,237

89,470(2) Intersegment transactions

21,134805

Total

926,028

Operating expenses

OthersTotal

Eliminations Consolidated

58,40358,392

1,878,398-

1,878,398

7,275

5

21,85551,077(51,077)-

768,042

96,74658,40980,2481,929,475(51,077) 1,878,398

892,435

720,840

94,96557,32773,9201,839,490(51,046) 1,788,443

Operating income

33,592

47,201

1,780

1,081

6,328

89,984(30)

89,954

Assets444,564593,607

132,857

17,034

113,156

1,301,220

2,284,637

3,585,857

Depreciation and amortization

53,557

41,947

4,178

1,087

5,288

106,060-

106,060

Capital expenditures

74,967

67,152

5,863

1,472

17,049166,505-

166,505

Net sales(2)FY2008 (April 1, 2007 - March 31, 2008)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery(1) Outside customer sales

969,226

783,173

117,591(2) Intersegment transactions

26,026

3,415

Total

995,252

Operating expenses

OthersTotal

Eliminations Consolidated

66,26464,2802,000,536-

2,000,536

7,942

7

21,386

58,777(58,777)-

786,589

125,533

66,271

85,666

2,059,313(58,777) 2,000,536

953,734

746,747

121,303

61,97478,958

1,962,718(59,035) 1,903,682

Operating income

41,51839,841

4,230

4,297

6,708

96,595258

96,853

Assets434,952

601,299

187,064

17,811

81,342

1,322,470

1,643,115

2,965,585

Depreciation and amortization

57,98746,609

9,012

1,310

4,985

119,905-

119,905

Capital expenditures

50,14568,945

15,067

1,869

6,130

142,158-

142,158

Net sales

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors, electronics parts
Materials handling equipment ...Counterbalanced forklifts, warehouse equipment, automated storage and retrieval system, aerial work
platforms
Logistics …………………………Transportation services, collection and delivery of cash and management of sales proceeds
Textile machinery ………………Air jet looms, water jet looms, ring spinning frames
Others ……………………………Semiconductor package substrates
3. Assets included in the "Eliminations" are mainly cash and deposits, marketable securities and investments in securities of Toyota
Industries Corporation.

- 14 -

2.Geographical segment information(1)FY2007 (April 1, 2006 - March 31, 2007)(Million yen)

Japan

North
America

Europe(1) Outside customer sales(2) Intersegment transactions
Total

1,232,131
121,338
1,353,470

287,316
2,712
290,029

312,051
7,152
319,204

46,897
5,573
52,471

1,878,398
136,776
2,015,175(136,776)(136,776)

1,878,398
1,878,398

Operating expenses

1,284,500

284,095

307,91249,364

1,925,872(137,428)

1,788,443

Operating income

68,9705,934

11,292

3,106

89,302651

89,954

Assets887,351

196,769

337,866

66,1481,438,135

2,097,722

3,585,857

Japan

North
America

Europe(1) Outside customer sales(2) Intersegment transactions
Total

1,343,041
132,206
1,475,248

265,571
2,185
267,756

327,7857,821
335,60764,137
7,630
71,7682,000,536
149,843
2,150,380(149,843)(149,843)

2,000,536
2,000,536

Operating expenses

1,393,225

264,232

327,674

66,633

2,051,766(148,083)

1,903,682

Operating income

82,022

3,524

7,933

5,134

98,613(1,760)96,853

Assets906,548

165,525

356,570

71,8821,500,526

1,465,058

2,965,585

OthersEliminations Consolidated

Total

Net sales(2)FY2008 (April 1, 2007 - March 31, 2008)(Million yen)

OthersEliminations Consolidated

Total

Net sales

3.Overseas sales(1)FY2007 (April 1, 2006 - March 31, 2007)(Million yen)

North America
Overseas sales

287,957

Europe347,617

Others156,338

Consolidated sales
Ratio of overseas sales to consolidated sales

15.3%

18.5%

8.4%

42.2%
(Million yen)

North America
265,942Europe373,374

Others190,539

Consolidated sales
Ratio of overseas sales to consolidated sales

791,913
1,878,398(2)FY2008 (April 1, 2007 - March 31, 2008)

Overseas sales

Total

Total
829,855
2,000,536

13.3%- 15 -

18.7%

9.5%

41.5%

Breakdown of Consolidated Net Sales(Million yen)

FY2007(

FY2008

April 1, 2006 March 31, 2007
Amount)Component
ratio%

April 1, 2007 March 31, 2008(

Amount)Increase(Decrease)

Component
ratio%% Change%

Automobile
Vehicle470,28625.0

500,141

25.0

29,855

6.3

Engine167,4078.9

178,705

8.9

11,298

6.7

Car air-conditioning
compressor

235,47812.6

253,50712.7

18,029

7.7Foundry, Electronics
parts and others

31,722

1.7

36,872

1.9

5,150

16.2

Subtotal

904,89348.2

969,226

48.5

64,333

7.1

Materials handlingequipment

767,23740.8

783,173

39.1

15,936

2.1

Logistics

89,470

4.8

117,591

5.9

28,121

31.4

Textile machinery

58,403

3.1

66,264

3.3

7,861

13.5

Others58,392

3.1

64,280

3.2

5,888

10.1

Total

1,878,398

100.0

2,000,536

100.0

122,138

6.5- 16 -

Non-consolidated Balance Sheets(Million yen; amounts less than one million yen are omitted.)

FY2007(As of March 31, 2007)

FY2008(As of March 31, 2008)

Increase(Decrease)2 6 6 , 1 5 1

2 7 7 , 4 4 0

1 1 , 2 8 9

4 3 , 7 9 3
6 3 7
1 1 0 , 2 0 7
3 0 , 0 6 5
2 , 6 6 7
3 7 4
2 2 , 4 4 8
6 , 1 5 5
4 2 8
1 1 , 0 5 9
3 8 , 3 2 8

4 2 , 9 0 0
8 8
1 1 4 , 0 8 5
4 0 , 6 1 1
4 , 7 3 4
3 7 0
2 1 , 0 9 3
6 , 4 2 5
3 4 6
1 0 , 0 9 8
3 6 , 7 4 1( 8 9 3 )( 5 4 9 )3 , 8 7 8
1 0 , 5 4 6
2 , 0 6 7
( 4 )
( 1 , 3 5 5 )2 7 0( 8 2 )
( 9 6 1 )( 1 , 5 8 7 )( 1 4 )

( 5 7 )

( 4 3 )

2 , 7 8 1 , 9 1 0

2 , 1 2 6 , 1 4 4( 6 5 5 , 7 6 6 )Property, plant and equipment

3 3 0 , 9 2 4

3 2 1 , 1 9 3( 9 , 7 3 1 )Buildings
Structures
Machinery and equipment
Vehicles and delivery equipment
Tools, furniture and fixtures
Land
Construction in progress

8 4 , 0 6 0
1 1 , 3 0 4
1 3 6 , 8 1 6
1 , 4 5 9
1 1 , 9 1 0
6 2 , 7 4 8
2 2 , 6 2 5

9 0 , 7 8 2
1 1 , 0 8 5
1 2 6 , 5 2 0
1 , 5 1 7
1 1 , 2 6 5
6 5 , 3 0 6
1 4 , 7 1 5

6 , 7 2 2
( 2 1 9 )( 1 0 , 2 9 6 )5 8( 6 4 5 )2 , 5 5 8
( 7 , 9 1 0 )Intangible assets

7 , 6 8 9

6 , 5 4 4

( 1 , 1 4 5 )Software

7 , 6 8 9

6 , 5 4 4

( 1 , 1 4 5 )Investments and other assets

2 , 4 4 3 , 2 9 6

1 , 7 9 8 , 4 0 6( 6 4 4 , 8 9 0 )Investments in securities
Stocks of subsidiaries and affiliates
Investments in capital
Investments in capital of subsidiaries
and affiliates
Long-term loans
Long-term prepaid expenses
OthersLess−allowance for doubtful
accounts

6 5 5 , 1 7 7
1 , 7 4 0 , 7 2 7
2 , 1 3 6

5 0 8 , 0 4 9
1 , 2 3 8 , 6 1 3
2 , 1 2 9

( 1 4 7 , 1 2 8 )( 5 0 2 , 1 1 4 )( 7 )

2 2 , 1 7 4

2 1 , 4 5 0( 7 2 4 )1 3 , 8 7 1
7 , 3 6 4
1 , 9 1 8

1 9 , 4 4 5
6 , 9 6 0
1 , 8 1 8

5 , 5 7 4
( 4 0 4 )( 1 0 0 )Total assets

3 , 0 4 8 , 0 6 2

2 , 4 0 3 , 5 8 4

4 1 9 , 4 5 4

4 4 3 , 7 5 0

2 4 , 2 9 6

6 9 , 0 9 3

6 7 , 1 7 7( 1 , 9 1 6 )

3 , 7 6 0

4 , 2 6 4

AssetsCurrent assets
Cash and deposits
Trade notes receivable
Trade accounts receivable
Marketable securities
Finished goods
Raw materials
Work in process
Supplies
Prepaid expenses
Deferred tax assets
OthersLess−allowance for doubtful
accounts
Fixed assets

Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)( 7 3 )

- 17 -( 6 0 )1 3
( 6 4 4 , 4 7 8 )5 0 4

(Million yen)

FY2007(As of March 31, 2007)

FY2008(As of March 31, 2008)

2 9 8 , 4 0 9
1 , 3 8 2
1 3 6 , 4 2 7
6 0 , 0 0 0
1 2 , 8 6 0
3 5 , 2 0 0
1 0 , 7 3 2
4 8 0
1 9 , 4 9 9
2 1 , 7 3 6
8 8
1 , 1 1 2 , 6 3 2
2 2 4 , 9 9 0
1 1 5 , 0 0 0
7 4 9 , 5 1 7
2 1 , 6 3 2
1 , 4 9 1
1 , 4 1 1 , 0 4 1

2 7 3 , 2 7 6
9 3 9
1 3 9 , 1 6 7
2 0 , 0 0 0
1 2 , 5 8 5
3 5 , 4 9 8
1 4 , 8 5 7
7 9 8
2 6 , 6 6 8
2 2 , 3 5 9
4 0 0
8 6 0 , 3 4 5
2 0 4 , 9 9 1
1 5 0 , 0 0 0
4 8 1 , 0 2 4
2 2 , 7 6 9
1 , 5 6 0
1 , 1 3 3 , 6 2 2

Shareholders’ equity

4 8 0 , 3 7 5

5 1 7 , 3 2 8

3 6 , 9 5 3

Common stock
Capital surplus
Capital reserve
Other capital reserve
Retained earnings

8 0 , 4 6 2
1 0 5 , 0 3 3
1 0 1 , 7 6 6
3 , 2 6 7
3 4 2 , 1 3 2

8 0 , 4 6 2
1 0 6 , 1 6 2
1 0 1 , 7 6 6
4 , 3 6 9
3 8 1 , 3 4 7

1 , 1 2 9
1 , 1 2 9
3 9 , 2 1 5

Legal reserve
General reserve
Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets

1 7 , 0 0 4
3 2 5 , 1 2 8
8 6 9

1 7 , 0 0 4
3 6 4 , 3 4 2
7 0 8

3 9 , 2 1 4( 1 6 1 )

2 4 9

2 4 2

( 7 )

General reserves
Unappropriated retained earnings
at end of year
Treasury stock at cost

2 2 0 , 0 0 0

2 5 0 , 0 0 0

3 0 , 0 0 0

1 0 4 , 0 0 9

1 1 3 , 3 9 1

9 . 3 8 2

( 4 7 , 2 5 3 )( 5 0 , 6 4 4 )( 3 , 3 9 1 )

1 , 1 5 6 , 4 4 1

7 5 1 , 9 3 7( 4 0 4 , 5 0 4 )

1 , 1 5 6 , 4 4 5

7 5 1 , 7 9 8( 4 0 4 , 6 4 7 )

( 3 )

1 3 9

1 4 2

2 0 2

6 9 5

4 9 3

Total net assets

1 , 6 3 7 , 0 2 0

1 , 2 6 9 , 9 6 2( 3 6 7 , 0 5 8 )Total liabilities andnet assets

3 , 0 4 8 , 0 6 2

2 , 4 0 3 , 5 8 4( 6 4 4 , 4 7 8 )Liabilities
Current liabilities
Trade notes payable
Trade accounts payable
Current portion of binds
Other payables
Accrued expenses
Accrued income taxes
Advance received
Deposits received
Deposits received from employees
OthersLong-term liabilities
Bonds
Long-term loans
Deferred tax liabilities
Allowance for retirement benefits
OthersTotal liabilities
Net assets

Valuation and translation
adjustments
Net unrealized gains or losses onother securities
Deferred gains or losses
on Hedges
Subscription rights to shares- 18 -

Increase(Decrease)( 2 5 , 1 3 3 )( 4 4 3 )2 , 7 4 0
( 4 0 , 0 0 0 )( 2 7 5 )2 9 8
4 , 1 2 53 1 8
7 , 1 6 9
6 2 3
3 1 2
( 2 5 2 , 2 8 7 )( 1 9 , 9 9 9 )
3 5 , 0 0 0( 2 6 8 , 4 9 3 )
1 , 1 3 7
6 9
( 2 7 7 , 4 1 9 )Non-consolidated Statements of Income(Million yen)(

FY2007
April 1, 2006 March 31, 2007)(

FY2008
April 1, 2007 March 31, 2008)

Increase(Decrease)

Net sales

1,135,668

1,217,526

81,858

Cost of sales
Selling, general andadministrative expenses
Operating income

1,030,527

1,096,824

66,297

65,84670,343

4,497

39,29450,358

11,06433,747

42,6898,942

29,39737,743

8,346

Other non-operating income

4,349

4,946

597

Non-operating expenses

15,027

16,191

1,164Interest expenses

5,819

6,581

762

Other non-operating expenses

9,208

9,609

401

58,01376,857

18,844

4,305

5,863

1,558

4,305

5,863

1,558

4,390

-

(4,390)4,390-(4,390)

Income before income taxes

57,92882,72024,792

Income taxes−current

18,60525,004

6,399

Income taxes−deferred

(919)

1,012

1,931

40,24256,703

16,461Non-operating income
Interest income and dividends income

Ordinary income
Extraordinary gains
Proceeds from sales of investment
securities
Extraordinary losses
Losses of discontinuing productionof designated electronics parts

Net income- 19 -

Non-consolidated Statement of Changes in Total net assets

FY2007 (April 1, 2006 - March 31, 2007)(Million yen)
Shareholders’ equity
Retained earnings

Capital surplus

General reserves
Commonstock

Balance at March 31,2006

80,462

Capitalreserve

101,766

Other capital Total capitalreserve
surplus

3,877

105,643

Legal
reserve

17,004

Reserve forReserve for reduction of
acquisition
specialdepreciation cost of fixed
assets679

263

UnappropriatedGeneralreserves

retainedearnings at
end ofperiod200,000

97,49420,000(20,533)

Total
TreasuryTotalshareholders’
stock
at
cost
retained
equityearnings

315,442(14,363)

487,184

Change during accounting period
Provision for reserve

533

Reversal of reserve

(344)

(14)

358

Surplus dividend
Bonuses to directors and corporate auditors
Net income for the period(13,250)(13,250)(13,250)

(301)

(301)

(301)

40,24240,24240,242

Repurchase of treasury stock
Exercise of stock options

(610)

(610)

(610)

(610)

3,267

105,033(35,524)(35,524)

2,634

2,024

Change to items other than shareholders' equity
during accounting period
Total change during accounting period

Balance at March 31,2007

80,462

101,766

-

189

(14)

20,0006,515

26,690(32,889)(6,809)17,004869

249

220,000

104,009342,132(47,253)

480,375

Valuation and translation adjustments

Balance at March 31,2006

Net
unrealized
gains orlosses onothersecurities

Deferred
gains orlosses on
Hedges

1,045,586-

Total
Subscription
valuationrights toandsharestranslation
adjustments
1,045,586-

Total net
assets1,532,771

Change during accounting period
Provision for reserve
Reversal of reserve
Surplus dividend(13,250)

Bonuses to directors and corporate auditors(301)

Net income for the period

40,242

Repurchase of treasury stock(35,524)

Exercise of stock options
Change to items other than shareholders' equity
during accounting period
Total change during accounting period

Balance at March 31,2007

2,024
110,858(3)

110,855

202

111,057

110,858(3)

110,855202

104,248

1,156,445(3) 1,156,441

202 1,637,020- 20 -

FY2008 (April 1, 2007 - March 31, 2008)(Million yen)
Shareholders’ equity
Retained earnings

Capital surplus

General reserves
Commonstock

Balance at March 31,2007

80,462

Capitalreserve

101,766

Other capital Total capitalreserve
surplus

3,267

105,033

Legalreserve

17,004

Reserve forReserve for reduction of
acquisition
specialdepreciation cost of fixed
assets869

249

UnappropriatedGeneralreserves

retainedearnings at
end ofperiod220,000

104,009

30,000(30,050)

Total
TreasuryTotalshareholders’
stock
at
cost
retained
equityearnings

342,132(47,253)

480,375

Change during accounting period
Provision for reserve

50

Reversal of reserve

(210)

(6)

217

Surplus dividend(17,489)(17,489)(17,489)

Net income for the period

56,70356,70356,703

Repurchase of treasury stock
Exercise of stock options(8,728)(8,728)

5,337

6,466

1,128

1,128

1,128

1,128

-

(160)

(6)

30,0009,381

39,214(3,390)36,592

4,396

106,162

17,004708

242

250,000

113,391

381,347(50,644)517,328

Change to items other than shareholders' equity
during accounting period
Total change during accounting period

Balance at March 31,2008

80,462

101,766

Valuation and translation adjustments
Net
unrealized
gains orlosses onothersecurities
Balance at March 31,2007

1,156,445

Deferred
gains orlosses on
Hedges

Total
Subscription
valuationrights toandsharestranslation
adjustments(3) 1,156,441

Total net
assets202 1,637,020

Change during accounting period
Provision for reserve
Reversal of reserve
Surplus dividend(17,489)

Net income for the period

56,703

Repurchase of treasury stock(8,728)Exercise of stock options

6,466

Change to items other than shareholders' equity
during accounting period(404,646)

143(404,503)

493(404,010)

Total change during accounting period(404,646)

143(404,503)

493(367,057)

Balance at March 31,2008

751,798139

751,937

695 1,269,962- 21 -

April 25, 2008
TOYOTA INDUSTRIES CORPORATIONFINANCIAL SUMMARY for FY2008 (April 1, 2007 - Mar. 31, 2008)
1. Consolidated financial results(Billion yen, %)FY2007

FY2008

April 06 - March 07

April 07 - March 08

1,878.3
89.9
5.8%
108.4
3.2%
59.4
¥50
26.3%
38.9%
117
150
129.0
26.3
74.4
3,585.8
1,810.4
48.8%
162 companies
21 companies

Net sales
Operating income
Ordinary income
Net income
Dividends per share
Payout ratio <Consolidated><Non-consolidated>\/US$
Exchange rate\/EuroInvestments in tangible assets
Investments in overseas
Depreciation
Total assets
Total net assets
Equity ratio
Consolidated subsidiaries
Affiliates applied the equity method

Change%Amount2,000.5
122.2
96.8
6.9
6.3%
126.4
18.0
4.0%
80.4
21.0
¥60
¥10
23.3%
33.1%
114
(3)
162
12
104.2
(24.8)
24.2
(2.1)
83.7
9.3
2,965.5(620.3)
1,453.9(356.5)47.1%
163 companies 1 companies
15 companies (6) company

FY2009 Forecast

Change%April 08 - March 09

100.0%

100.0%

6.5

100.0%

4.8%

4.8%

7.7

3.8%

16.6

5.2%

35.3

2.9%

(19.2)(7.7)
12.5(17.3)(19.7)

2,050.0
77.0
107.0
59.0
\60
31.7%
42.5%
100
155
110.0
22.0
93.0
−
−
−
−
−

2.5
(20.5)(15.4)(26.7)

5.6
(9.4)
11.1

Note: Starting from FY2006, Toyota Industries Sweden (formerly BT Industries) Group, which constitutes our network of subsidiaries, changed its fiscal year-end from December (Jan. - Dec.) to March(Jan. - next Mar.). As a result, the table above includes the results of the Toyota Industries Sweden Group from January to December 2006. Excluding the effects of changes in fiscal year-end (Jan. - Mar.
2006), net sales, operating income, ordinary income and net income increased 186.9 billion yen (10.3%), 8.8 billion yen (10.1%), 20.7 billion yen (19.7%) and 22.2 billion yen (38.2%), respectively.

2. Breakdown of consolidated net sales(Billion yen, %)FY2007
VehicleEngineCar air-conditioning compressor
Foundry, electronics and other
Automobile total
Materials handling equipment ※Logistics
Textile machinery
Others
Total

24.7%
8.8%
12.6%
1.7%
48.2%
40.8%
4.8%
3.1%
3.1%
100.0%

FY2008

470.2
167.4
235.4
31.7
904.8
767.2
89.4
58.4
58.3
1,878.3

25.0%
8.9%
12.7%
1.9%
48.5%
39.1%
5.9%
3.3%
3.2%
100.0%

500.1
178.7
253.5
36.8
969.2
783.1
117.5
66.2
64.2
2,000.5

Change
29.9
11.3
18.1
5.1
64.4
15.9
28.1
7.8
5.9
122.2

%

FY2009 Forecast

6.3

23.9%

6.7

9.8%

7.7

11.7%

16.2

2.0%

7.1

47.4%

2.1

41.0%

31.4

6.3%

13.5

2.4%

10.1

2.9%

6.5

100.0%

490.0
200.0
240.0
40.0
970.0
840.0
130.0
50.0
60.0
2,050.0

%

(2.0)
11.9
(5.3)
8.5
0.1
7.3
10.6
(24.5)(6.7)
2.5※ Excluding the effects of changes in subsidiaries' fiscal year, net sales of the Materials Handling Equipment Segment increased 80.6 billion yen (11.5%)

3. Unit sales(Thousand Units)

FY2007

FY2008ChangeFY2009ChangeVitz (Yaris)

182

186

4

181

(5)

RAV4

168

158

(10)

152

(6)

Mark X Zio

0

24

24

27

3

Vehicle

350

368

18

360

(8)

Engine

489

511

22

580

69

Car air-conditioning
compressor

20,46021,8601,400

22,000140

Materials handlingequipment ※Air-Jet looms

215
<193>
10.6

203

(12)
< 10>
(0.5)

213

10

7.5

(2.6)

10.1

※ Figures in < > show unit sales except the effects of changes in subsidiaries' fiscal year

English translation from the original Japanese-language document

4. Changes in ordinary income(Billion yen)

Cost improvement
Sales volume increase
Exchange gain
Non-operating income increase

20.0
18.5
0.4
11.9

Increase total
Depreciation
Raw material cost
Labor cost
Expenses and others
Impact of change in subsidiaries' fiscal year

50.8
9.3
6.8
6.4
7.6
2.7

Decrease total

32.8

Total increase in ordinary income

18.0

Note: Toyota Industries posted extraordinary income (proceeds from sales of investment
securities) of 5.8 billion yen for fiscal 2008.

Non-consolidated Financial Highlights
1. Non-consolidated financial results(Billion yen, %)FY2007

FY2008

April 06 - March 07

April 07 - March 08

ChangeAmount

FY2009 Forecast%

April 08 - March 09

Change%1,135.6

100.0%

1,217.5

81.9

7.2

100.0%

1,220.0

0.2

3.5%

39.2

4.1%

50.3

11.1

28.2

2.7%

33.0

(34.5)

Ordinary income

5.1%

58.0

6.3%

76.8

18.8

32.5

5.1%

62.0

(19.3)Net income

3.5%

40.2

4.7%

56.7

16.5

40.9

3.6%

44.0

(22.4)Net sales

100.0%

Operating income

Investments in tangible assets

70.3

42.8

(27.5)(39.2)

55.0

28.5

Depreciation

45.4

49.1

3.7

8.0

52.0

5.9

2. Non-consolidated balance sheets

Current assets
Cash and deposits
Accounts receivable
Marketable securities
Inventories
OthersFixed assets
Tangible assets
Intangible assets
Investments and others(Billion yen)

Assets
FY2007

FY2008

As of Mar. 31, 07

As of Mar. 31, 08

266.1
43.7
110.8
30.0
31.6
49.8

277.4
42.9
114.1
40.6
32.6
47.1

2,781.9330.9
7.6
2,443.2

2,126.1
321.1
6.5
1,798.4

Liabilities and Net assets
FY2007
FY2008Change11.3 Current liabilities(0.8) Accounts payable
3.3 Others
10.6
1.0 Long-term liabilities(2.7) Bonds
Deferred tax liabilities
Total liabilities(655.8)(9.8) Shareholders' equity(1.1) Common stock(644.8) Capital surplus
Retained earnings
Treasury stock at cost
Valuation and translation adjustmen

Total

3,048.0

2,403.5

Subscription rights to shares
Total net assets
Total(644.5)Four-Year Summary and Forecast

Annual<Consolidated>
Net sales
Operating income
Ordinary income
Net income<Non-consolidated>
Net sales
Operating income
Ordinary income
Net income<Cash dividends>
Dividends per share
Payout ratio
Consolidated
Non-consolidated(Billion yen)
FY2005

FY2006

FY2007

FY2008FY20091,241.5
53.1
70.9
43.3

1,505.9
64.0
80.6
47.0

1,878.3
89.9
108.4
59.4

2,005.0
96.8
126.4
80.4

2,050.0
77.0
107.0
59.0

784.3
30.0
39.7
26.3

950.7
32.8
43.0
30.4

1,135.6
39.2
58.0
40.2

1,217.5
50.3
76.8
56.7

1,220.0
33.0
62.0
44.0

\ 32

\ 38

\ 50

\ 60

\ 60

23.7%
39.1%

26.0%
40.3%

26.3%
38.9%

23.3%
33.1%

31.7%
42.5%

English translation from the original Japanese-language document

ChangeAs of Mar. 31, 07

As of Mar. 31, 08

298.4
137.8
160.5

273.2
140.1
133.1

(25.2)
2.3(27.4)

1,112.6224.9
887.6
1,411.0
480.3
80.4
105.0
342.1
(47.2)
1,156.4
0.2
1,637.0
3,048.0

860.3
204.9
655.3
1,133.6
517.3
80.4
106.1
381.3
(50.6)
751.9
0.6
1,269.9
2,403.5(252.3)(20.0)(232.3)(277.4)
37.0
1.1
39.2
(3.4)
(404.5)0.4(367.1)(644.5)