Financial Highlights
Toyoda Automatic Loom Works, Ltd. and its consolidated subsidiaries
The six months ended September 30, 2000 and 1999

Thousands of
U.S. dollars

Millions of yen

2000

1999

% change

2000¥344,230
21,485
7,952
19,624
26,214
11,743¥291,187
11,712
4,933
19,396
27,051
10,892

18.2%
83.4
61.2
1.2
(3.1)
7.8

$3,187,313
198,932
73,633
181,704
242,725
108,732¥28.0725.29
8.00¥17.41
15.63
8.00

61.2
61.8
.–

¥1,781,882
873,349¥667,368
309,805167.0%
181.9

FOR THE SIX MONTHS
Net sales
Operating income
Net income
Depreciation and amortization of intangibles
Capital expenditures
Research and development expenses
Per share of common stock (in yen or U.S.dollars):
Net income—primary
Net income—diluted
Cash dividends

$0.26
0.23
0.07

AT THE SIX MONTHS’ END
Total assets
Shareholders’ equity$16,498,904
8,086,567

Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥108.00 = U.S.$1, the exchange rate on September 30, 2000.

Net Sales

Net Income(¥ Billion)(¥ Billion)

800

15

Total Assets

Shareholders’ Equity(¥ Billion)(¥ Billion)

2,000

1,000

800
600

1,500
10
600

400

1,000
400
5

200

500
200

0

0

FY 99

00
First Half

01

FY 99

0

0

00

01

FY 99

00

01

FY 99

00

01

Year

씰Contents
To Our Shareholders ................................................................................1
Topics ......................................................................................................4Management's Discussion and Analysis ...................................................6
Consolidated Balance Sheets...................................................................8
Consolidated Statements of Income.......................................................10
Consolidated Statements of Shareholders’ Equity ..................................11

Consolidated Statements of Cash Flows ................................................12
Notes to Consolidated Financial Statements ..........................................13
Report of Independent Public Accountants ............................................16
Board of Directors and Corporate Auditors ............................................17
Subsidiaries and Affiliates .......................................................................17
Investor Information..................................................................Back Cover

Cautionary Statement with Respect to Forward-Looking Statements
This semiannual report contains forward-looking statements which are not based on already recorded events, such as plans, strategies, resolutions, and estimates regarding the futurebusiness performance of Toyoda Automatic Loom Works, Ltd. (TOYODA). These statements reflect the opinions of TOYODA’s management, which are based upon presently available
information. Therefore, readers should not place undue reliance on these projections. Actual business results are contingent upon a variety of risks and unknown factors that may significantly influence final results. Risks and unknown factors that may influence final results for TOYODA’s operations include, but are not limited to, the economic circumstances surrounding
TOYODA’s businesses, various competitive pressures, relevant laws and regulations, and changes in exchange rates.

To Our Shareholders

Our Millennium Year Begins with
Outstanding Performance
At Toyoda Automatic Loom Works, Ltd. (TOYODA), strong
financial performance marked the first half of the fiscal
year ending March 31, 2001 (April 1, 2000 – September
30, 2000).
TOYODA’s sales and profits during the first half of the
fiscal year increased substantially over the same periodof the previous year. Consolidated net sales rose 18.2%,
to ¥344.2 billion (U.S.$3,187.3 million), the highest sales
recorded in our corporate history for an interim period.
Consolidated operating income jumped 83.4%, to ¥21.5
billion (U.S.$198.9 million), the highest such operating
income ever recorded. Consolidated net income climbed
61.2%, to ¥8.0 billion (U.S.$73.6 million).

Akira Yokoi
Vice Chairman

Tadashi Ishikawa
President

Chisei Isogai
ChairmanIn the first half of the fiscal year, the Japanese
economy showed some indications of recovery. The

Automobile Segment

U.S. economy remained strong, the European economy

TOYODA’s automobile-related business includes automobile

expanded steadily, and in Asia economic recovery wasassembly and the production of engines, car air-conditioning

unmistakably on track. While these favorable global

compressors, and other related components. The Automobile

economic conditions certainly helped our business

Segment boasts the largest sales at TOYODA and makes

expand, optimization strategies in each of our diversified

up 66.5% of our net sales on a consolidated basis. Sales in theoperations and cost reduction measures across theAutomobile Segment rose 15.9% over the same period asboard were the keys to the double-digit increases ina year earlier, to ¥228.8 billion (U.S.$2,118.4 million).

sales and profits in the first half of the fiscal year쎲 Vehicle Business (Automobile Assembly Business)compared with the same period a year ago. TOYODA’s

We currently assemble two vehicle models in the Toyota

strategies and its commitment to meeting sales andlineup, the Vitz (Yaris in Europe) and the Sprinter Carib

profit targets in every business area combined to yield(Corolla Wagon outside Japan), which we produce on behalf

extremely positive results during this period.

of Toyota Motor Corporation (Toyota). High demand for the
popular Vitz (Yaris), which Toyota positioned as a globally

씰Strong Performance in Every Business Segment

strategic small car, continued in its second year, and ourFrom automobile assembly, forklift production, and textile

total production of the two models amounted to 144,976

machinery manufacture to our electronics business, all ofunits during this period, up 34,337 units from the same

TOYODA’s diversified endeavors recorded increases in sales

period of the previous year. Sales in automobile assemblyover the comparable period of the previous fiscal year. An

were ¥102.3 billion (U.S.$947.6 million), a 27.0% increase

overview of the first half of the fiscal year divided by coreover the corresponding period in the previous year.

business segments is as follows:쎲 Engine Business
TOYODA produces gasoline and diesel engines for Toyota
vehicles as well as for our own line of forklifts. The production
TOYODA AUTOMATIC LOOM WORKS, LTD.

1

of 2,000cc-class C-type diesel engines and 2,000cc-class

22,793 units, an increase of 3,126 units from the previous

S-type gasoline engines dropped during the period underperiod’s sales, due primarily to strong demand in the North

review, and total production fell to 164,525 units, 14,349

American and European markets. In the Japanese market,

units fewer than were produced in this period a year earlier.

TOYODA’s sales rose to 12,790 units, 1,237 units more than

However, high-value engine production increased, includingin the same period of the prior year. The popularity of thethe 1CD-type common rail 2,000cc turbo-diesel, and the

GENEO-B (7FB in overseas markets) electric-powered

2UZ-type gasoline engines that were a new order fromcounterbalanced forklift contributed to the increase in sales

Toyota. As a result, sales amounted to ¥46.8 billion

in Japan, as customers became more environmentally aware(U.S.$433.3 million), a 2.3% increase over the previous

and began to choose such environmentally friendly products

comparable period.

as the emission-free GENEO-B. The resurgence in Japan’s쎲 Car Air-Conditioning Compressor Businessdemand for forklifts, spurred by increasing capital investment

Car air-conditioning compressors developed andin the private sector, also helped boost our sales.

manufactured by TOYODA are marketed to the world’s

TOYODA’s forklift business during the first half of the fiscal

leading auto manufacturers throughyear was marked by strategic business

DENSO Corporation. Sales and earn-consolidation with other companies toings in our compressor business during

enhance our product lineup and betterthe first half of this fiscal year wereserve our customers around the world.

strong, with new orders placed andIn order to solidify our global presence

steady sales of automobiles worldwide.

in the materials handling equipment

We shipped 2,265 thousand compres-business beyond our mainstay lineup

sors within Japan, 244 thousand unitsof counterbalanced forklifts, wemore than the same period a year ago.

acquired 97% of all the outstanding

Together with overseas sales of 3,886

shares of BT Industries AB (BTthousand units, a 682 thousand-unit

Industries) of Sweden for 7.4 billion

increase from the first half of the previ-

Swedish kronas (U.S.$759.3 million*)ous year, TOYODA’s total global sales
amounted to 6,151 thousand units, overin June 2000. TOYODA’s and BT
Tadashi Ishikawa, President

Industries’ products complement each

926 thousand units more than were sold in the same period

other, enabling us to expand our product lines and position

last year. The value of these sales came to ¥69.1 billion

ourselves as a comprehensive materials handling solutions(U.S.$639.7 million), up 11.8% over this period a year earlier.

provider on a global basis. In July 2000, we reached anagreement with Toyota to strengthen the forklift and materials

Materials Handling Equipment Segment

handling systems businesses of both companies. Toyota’s

The Materials Handling Equipment Segment encompasses

sales and marketing operations for forklifts and materials

the production of forklifts and automated storage and retrieval

handling systems will be integrated into our operations insystems, as well as automatic guided vehicle systems. Forklift

April 2001.

sales accounted for about 96% of total sales in this segment.

* U.S. dollar amounts are translated from Swedish Krona (SEK) at theDuring this six-month period, sales in materials handlingrate of SEK9.69=U.S.$1, for convenience only.

equipment totaled ¥82.3 billion (U.S.$761.8 million), an쎲 Materials Handling Systems Businessincrease of 13.0% over the same period of the previous

Our materials handling systems business produces automatedfiscal year.

storage and retrieval systems and automatic guided vehicle

쎲 Forklift Businesssystems for Japanese customers. Sales in materials handling

Forklift sales in Japan and overseas during the period undersystems during this period also increased, a result of renewed

review increased significantly. Overseas sales reacheddemand in Japan, as private-sector capital investment expanded.

2

TOYODA AUTOMATIC LOOM WORKS, LTD.

Textile Machinery Segment

씰Finance

TOYODA has over 70 years’ history as a textile machinery

TOYODA raised funds and capital during the period under

manufacturer. Our main products now are ring spinning

review to finance the acquisition of BT Industries andframes, roving frames, and air and water jet looms. TOYODA

capital investment projects. In July 2000, we issued ¥40.0

is a leading manufacturer in the field of air jet looms andbillion (U.S.$370.2 million) of bonds without collateral inspinning frames.

Japan.

Sales during the first half of the fiscal year jumped 55.9%
over the same period in the previous year, to ¥14.4 billion

In October 2000, we issued 30 million new shares to raise¥55.7 billion (U.S.$515.6 million).

(U.S.$133.3 million).
쎲 Spinning Machinery Business씰Maximizing Shareholder Value

As a result of aggressive sales activities, particularly in Pakistan,

At TOYODA, the most important aspect of our corporate

Indonesia, and Thailand, sales in spinning machinery for the

mission is creating greater shareholder value. By implementing

first half of the fiscal year increased to ¥4.8 billion (U.S.$44.7

bold strategies with specific goals in each business area

million), up 105.4% over the same period a year earlier.

and streamlining operations, we will strive to further improve쎲 Weaving Machinery Businessprofitability and maximize shareholder value. At the same

TOYODA dramatically expanded its sales of air jet looms totime, as a good corporate citizen, we will continue to put

China, Taiwan, Indonesia, and Thailand. Shipment of air jetemphasis on environmental protection activities and thelooms in the first half of this fiscal year rose to 1,983 units,

fulfillment of our social responsibilities.

904 units more than in the previous interim period. In addition,

We thank all of our shareholders, customers, suppliers,

sales of water jet looms totaled 494 units, up 76 units, dueand employees for their support during this six-month period,

mainly to increased sales in South Korea and China. Overall

and we are very pleased to be able to report robust sales andsales in the weaving machinery business were ¥9.6 billion

strong earnings at the outset of the millennium. Focusing(U.S.$88.6 million), a 39.0% increase over the same period

on increasing shareholder value, we will continue to makea year earlier.

our best efforts to meet the expectations of our customers,
employees, business partners, and the communities we serve.

“Others” Segment
TOYODA’s new initiatives in electronics and other businesses include next-generation thin film transistor liquid crystal

December 2000

displays ( TFT-LCDs), ball grid array-type plastic package
boards, and printed circuit boards. TOYODA established ajoint venture with Sony Corporation called ST Liquid Crystal
Display Corp. (ST-LCD)** in 1997 to manufacture lowtemperature polysilicon TFT-LCDs. TIBC Corporation, a joint

Chisei Isogai
Chairmanventure company TOYODA set up in 1998 with Ibiden Co.,
Ltd., is engaged in manufacturing plastic package boards
and printed circuit boards. We have positioned these hightechnology business areas as an important pillar of our

Akira Yokoi
Vice Chairman

future growth strategy.
During the first half of the fiscal year, these new businesses, together with the manufacture of press dies, etc., grew

Tadashi Ishikawa

to ¥18.8 billion (U.S.$173.8 million), an increase of 59.0%

President

from the same period of the previous year.
** ST-LCD is not consolidated but is accounted for under the equity
method in TOYODA’s consolidated financial results.
TOYODA AUTOMATIC LOOM WORKS, LTD.

3

To p i c s

Topics

The half-year period under review marked a time of rapid
progress for TOYODA. We introduce various highlights of thisdynamic period in the following section.
씰TOYODA Acquires the Swedish

씰Materials Handling Equipment

SUVs began at the Hekinan Plant. The

Warehouse Equipment and Forklift

Operations to Be Integrated withengine was originally developed for

Maker BT Industries

ToyotaToyota’s upscale Celsior model (Lexus

In June 2000, we acquired 97% of theLS430). The 2UZ-type gasoline engine

outstanding shares of BT Industries

we manufacture will be used mainly inAB (BT Industries) in Sweden and it

the North American market for the

became our subsidiary. BT Industries

Lexus LX470.

will become one of the key pillars of our
future strategy, as the new subsidiary
TOYODA senior management and their Toyota
Motor Corporation counterparts announce theintegration of materials handling equipment
operations at a press conference.

씰Internet-Compatible TTCS

globally, with an especially strong base

In late July 2000, we reached anof Textile Plants

in the European and U.S. markets.

agreement with Toyota to consolidate

Our Textile Machinery Division has

Since our current strength is as a

the forklift and materials handlingdeveloped and launched sales of the

manufacturer of counterbalanced

systems operations of both companies

Internet-compatible TTCS ( Toyoda

forklifts, this acquisition will enhance

at TOYODA. We now develop andTotal Computer System), which

our product lines and will result inmanufacture these products, while

enhances the efficiency of weaving

maximum synergy in our quest to

Toyota handles sales and marketing.

mills. The system enables real-time

become the world’s leading

In April 2001, we will assume the sales

access to weaving machines anywhere

manufacturer in our industry.

and marketing operations currently

in the world through the Internet andhandled by Toyota. This integration

contributes to efficiency by providing

will accelerate decision making,information on the operating conditions

enhance efficiency, and maximize theof the looms, production volume,

Toyota Group’s materials handlingand quality control.

has a highly competitive edge in thewarehouse equipment business and is
expanding the scale of its operations(Toyoda Total Computer System)
Developed to Enhance Efficiency

equipment operations.
Web browser

Access toremotemachines

씰Production of 4.7-Liter V8
TOYODA President Tadashi Ishikawa (right)
shakes hands with BT Industries CEO Carl-Erik
Ridderstråle (left).

Plant
management
Customer’splant headquarters

TOYODA

2UZ-type Gasoline Engine Starts
Internet

In August 2000, production of a 4.7liter V8 2UZ-type gasoline engine for
Productdelivery

CustomerordersSecurity server(VPN: virtualprivate network)

2UZ-type gasoline engine

Server(Database + Web)Web
browser

Inspection

Preparation
WeavingSizingCustomer’s plant

Internet TTCS: TOYODA’s IT solution for the
textile industry

4

TOYODA AUTOMATIC LOOM WORKS, LTD.

씰TOYODA Exhibits Cutting-Edgepromote environmental protection.

Technologies at Tokyo Motor

To approach environmental issues inShow 2000

a deliberate manner, we proclaimed
our First Environmental Action Planin 1993. In 1996, we implemented
a revised plan (the Second Plan) to

A view of TDDK

include new environmental problems,and in August 2000 we announced

씰Production of Car Air-

our Third Five-Year Environmental

Conditioning Compressors Begins

Action Plan, effective from 2001 to

at Our Subsidiary in Germany

2005. The new plan aims at advancing

The manufacture of car air-conditioning

production technologies that will facili-compressors was launched in Apriltate zero waste emission from plants,

2000 at TD Deutsche Klimakompressor

as well as other specific objectives toGmbH (TDDK), a joint venture withactively promote environmental pro-

DENSO Corporation in Sachsen,

tection. In October 2000, we pub-Germany. We now have threelished our

production bases worldwide as part

Environmentalof our global manufacturing network
The TOYODA booth at the Tokyo Motor Showfor compressors, which also includes

Report 2000,
which summarizes

plants in Japan and the United States.

At the 34th Tokyo Motor Show, held

the steps we have

By situating production facilities as

November 1–4, 2000, at the Makuharitaken to advanceclose as possible to our customers,

Messe in Chiba, we exhibited car

environmental

we are able to answer market needs

air-conditioning compressors, AC

protection.

promptly. Furthermore, the addition

motor drive systems, power electronicof the third production facility helps

parts, and other automobile-related

reduce the risks presented byproducts. Our exhibit theme was씰Issue of 30 Million New Shares

currency fluctuations.

TOYODA’s Environmental
Report 2000

“Dreaming of a Green Earth,” reflecting

We issued 30 million new shares in

In September 2000, a dedication

our desire to contribute to a better

October 2000 to finance the acquisition

ceremony was held to commemorate

environment through advancedof BT Industries and investment in

TDDK’s start of operations.

technologies that facilitate greater

plant and equipment for our car

automotive fuel and combustion

air-conditioning compressor operations.

efficiency.

This issue raised a total of ¥55.7 billion
in funds. To answer the expectations

TDDK President Nobuyuki Araki
gives an address at TDDK’s
opening ceremony.

씰Announcement of the Thirdof our new shareholders, we will

Enviromental Action Plan andmake the utmost effort to maximize

Issue of Environmental Report

corporate value.

One of our operating principles is
to contribute, through our corporate
activities, to the improvement of theNote: Some topics described in this section are
related to subsequent events or events inthe second half of the fiscal year.

environment and society, as well as
provide safe products with superior
quality. In this way, we actively
TOYODA AUTOMATIC LOOM WORKS, LTD.

5

Management’s Discussion and Analysis

The material in this section was derived from information available to TOYODA’s management as of December 22, 2000.
Finance
TOYODA has instituted fundamental financial policies to ensure appropriate funding and liquidity, as well as maintain healthybalance sheets.
In principle, TOYODA meets its capital expenditures and other long-term funding needs through retained earnings andlong-term debt, while using short-term bank loans for operating funds. Long-term debt is raised mainly through bond issues,
including convertible bonds. To partially cover the funds required for the acquisition of BT Industries AB (BT Industries), TOYODA
raised a total of ¥40.0 billion in July 2000 through two issues of bonds without collateral in Japan. Further, in October 2000, toraise funds for the acquisition of BT Industries, as well as for capital expenditures, TOYODA issued 30 million new shares,
raising a total of ¥55.7 billion. The issue of new shares was based upon a management decision, taken from a medium-range
perspective, to ensure TOYODA’s sound financial condition.
Financial Position
As of September 2000, the value of TOYODA’s total assets reached ¥1,781.9 billion, which represented an increase of¥1,096.0 billion over the end of the previous fiscal year (ended March 31, 2000). This resulted from the introduction of new
accounting standards, including those for financial instruments, during the period under review. Shares of the Toyota Group,
including Toyota Motor Corporation, and other investment securities, which had previously been calculated at the historicalcost, were recalculated at current market value as of September 30, 2000. This resulted in an increase of ¥949.8 billion in
the value of securities compared with the end of the previous fiscal year.
Inventories increased ¥17.0 billion over the end of the previous fiscal year, due mainly to the consolidation of BT Industries,
acquired in June 2000, and other factors. Also mainly reflecting the acquisition of BT Industries, property, plant and equipment
increased ¥22.5 billion, to ¥281.2 billion, over the end of the previous fiscal year, while consolidation difference of ¥81.7 billion
was recorded under assets. Current liabilities rose ¥64.0 billion from the end of the previous fiscal year, to ¥209.9 billion, due
mainly to the consolidation of BT Industries, an increase in commercial paper issued to partially fund the acquisition of BT
Industries, and other factors. In conjunction with the equity finance through the issue of new shares in October 2000, the entire¥20.0 billion commercial paper was redeemed in the same month. Long-term liabilities rose ¥477.5 billion from the end of theprevious fiscal year, to ¥680.9 billion, through the adoption of mark-to-market accounting, which resulted in an increase ofdeferred tax liabilities by ¥391.1 billion and an increase of ¥40.0 billion in bonds without collateral. Shareholders’ equity rose
¥557.0 billion from the end of the previous fiscal year, to ¥873.3 billion, as a result of the adoption of mark-to-market
accounting, and other factors.
Cash FlowsNet cash provided by operating activities in the first half of the fiscal year under review amounted to ¥36.1 billion, consisting
chiefly of income before income taxes of ¥13.8 billion and depreciation and amortization of intangibles of ¥19.6 billion. Net cashused in investing activities totaled ¥97.4 billion and was derived mainly from the acquisition of shares of BT Industries. Net cash
provided by financing activities reached ¥56.6 billion and was derived from the issue of commercial paper, bonds without
collateral, and other factors.
As a result of the above activities, cash and cash equivalents at end of six-month period dropped ¥4.7 billion from theprevious fiscal year-end, to ¥72.7 billion.

6

TOYODA AUTOMATIC LOOM WORKS, LTD.

Overview of Performance
Sales
During the period under review, consolidated net sales increased 18.2% over the corresponding period of the previous fiscal
year, to ¥344.2 billion. Sales in all business segments rose over the corresponding period of the previous fiscal year. Sales inJapan increased 18.0% over the corresponding period of the previous fiscal year, to ¥231.0 billion. Overseas sales increased
18.8%, to ¥113.3 billion, while the overseas sales ratio raised from overseas activities rose 0.1 percentage point, to 32.9%. The
acquisition of BT Industries was considered to have taken place at the end of the first half of the current fiscal year, although
TOYODA actually acquired BT Industries in June 2000. Therefore, BT Industries’ financial data are not included in the
consolidated statements of income and are only consolidated in the balance sheets.
Profit and Loss
Cost of sales during the period under review rose 16.3% over the corresponding period of the previous fiscal year, to ¥302.8
billion, while selling, general and administrative expenses rose 3.7%, to ¥19.9 billion. However, operating income increased
83.4% over the corresponding period of the previous fiscal year, to ¥21.5 billion. The cost of sales ratio improved 1.4 percentage
points from the corresponding period of the previous year, to 88.0%. This was achieved through the enhancement of the facility
utilization ratio, stemming from improved productivity and production efficiency, cost reduction, and other factors. Furthermore,
the operating margin during the period under review increased 2.2 percentage points, to 6.2%. Other income during the period
totaled ¥5.5 billion, due mainly to a decrease in income from sales of securities. Additionally, other expenses were reduced ¥2.3
billion, to ¥6.9 billion, due to lower equity in loss of affiliates and other factors. Due to the introduction of the new accounting
standards for retirement benefits during the period under review, the aggregate funding shortfall of ¥19.1 billion was disposed of
as a special loss. In order to compensate for this loss, a special gain of ¥15.1 billion was established through the contribution ofcertain investment securities held by TOYODA to an employee retirement benefit trust.
As a result of the above activities, income before income taxes rose ¥3.1 billion, to ¥13.8 billion.
Further, net income for the period under review rose ¥3.0 billion from the corresponding period of the previous fiscal year,to ¥8.0 billion. Return on sales rose 0.6 percentage point from the corresponding period of the previous fiscal year, to 2.3%.

TOYODA AUTOMATIC LOOM WORKS, LTD.

7

Consolidated Balance Sheets
Toyoda Automatic Loom Works, Ltd. and its consolidated subsidiaries
As of September 30, 2000 and 1999

AssetsCurrent Assets:
Cash and cash equivalents (Notes 2(b) and 4)
Short-term investments (Note 4)
Receivables—trade
Inventories (Note 2(d))
Deferred tax assets
Other
Less—Allowance for doubtful receivables (Note 2(f))

Millions of yen

Thousands of
U.S. dollars (Note 1)

As of September 30

As of September 30

2000

2000

72,656
4,357
87,19547,176
7,133
24,180(1,005)¥ 56,462
10,00764,42930,866
3,890
11,296(281)

241,692

176,669

2,237,891

1,124,035
17,2616,895
1,182
81,73627,874

170,822
17,406
14,513
4,829
–
7,846

10,407,732
159,822
63,846
10,943756,814
258,088

Total Investments and Other Assets

1,258,983

215,416

11,657,245

Property, Plant and Equipment (Note 2(e)):
Land (Note 5)
Buildings and structures (Note 5)
Machinery and equipment
Construction in progress
Less—Accumulated depreciation

37,428
162,650
461,180
11,448(391,499)

36,420150,564
427,780
10,609(353,879)

346,555
1,506,015
4,270,189
106,002(3,624,993)

Net Property, Plant and Equipment

281,207271,4942,603,768

–

3,789

–

¥1,781,882¥667,368$16,498,904

Total Current Assets

Investments and Other Assets:
Investments in securities (Notes 2(c) and 5))
Investments in unconsolidated subsidiaries and affiliates
Long-term loans
Deferred tax assets
Consolidation difference
Other

Translation Adjustment (Note 2(i))
Total Assets
The accompanying notes are integral parts of these statements.

8

TOYODA AUTOMATIC LOOM WORKS, LTD.

¥

1999

$

672,745
40,346807,361
436,818
66,049223,883(9,311)Liabilities and Shareholders’ Equity
Current Liabilities:
Short-term bank loans
Commercial paper
Current portion of long-term debt
Payables—trade
Payables—otherAccrued expenses
Accrued income taxes
Employees’ savings deposits
Other

Millions of yen

Thousands of
U.S. dollars (Note 1)

As of September 30

As of September 30

2000

¥

209,911

133,292

1,943,618

266,233
387,493
23,156–
4,023

181,997
2,024
19,420146
885

2,465,117
3,587,895
214,411–37,251

Total Long-term Liabilities

680,905

204,472

6,304,674

Total Liabilities

890,816

337,764

8,248,292

Minority Interests in Consolidated Subsidiaries (Note 2(i))

17,717

19,799164,045

Shareholders’ Equity:
Common stock, par value ¥50:
Authorized—1,091,245,000 shares
Issued—283,296,225 shares at September 30, 2000 and 1999
Capital surplus
Retained earnings
Unrealized gains on securities (Note 2(c))
Translation adjustment (Note 2(i))
Treasury stock at cost

40,17860,673220,949558,226(6,655)(22)

40,17860,673208,976––(22)

372,024
561,784
2,045,825
5,168,761(61,625)(202)

Total Shareholders’ Equity

873,349

309,805

8,086,567

Total Liabilities and Shareholders’ Equity¥1,781,882¥667,368$16,498,904

Long-term Liabilities:
Long-term debt
Deferred tax liabilities (Note 2(c))
Provision for retirement and severance benefits (Notes 2(g) and 3(b))
Consolidation difference
Other

8,460
–
663
64,91813,85621,157
4,991
17,653
1,594

2000

13,99720,000991
92,934
16,35030,8399,339
17,921
7,540

Total Current Liabilities

¥

1999

$

129,599
185,185
9,177
860,501
151,387
285,550
86,471
165,938
69,810TOYODA AUTOMATIC LOOM WORKS, LTD.

9

Consolidated Statements of Income
Toyoda Automatic Loom Works, Ltd. and its consolidated subsidiaries
For the six months ended September 30, 2000 and 1999

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2000

1999

2000

Net Sales¥344,230¥291,187$3,187,313

Cost of Sales

302,841

260,286

2,804,078

41,38930,901

383,235

19,904

19,189184,30321,485

11,712

198,932

Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net

4,082(1,453)(3,991)

3,575(1,192)(3,409)37,798(13,449)(36,956)

Ordinary Income

20,123

10,686

186,325–

139,630–(176,455)–(21,565)

Gross Profit
Selling, General and Administrative Expenses
Operating Income

Special Gains (Losses):Gain on securities contribution to employee retirement benefit trust(Note 2(g))
15,080
Cumulative effect of change in accounting standards for retirement benefits(Note 2(g))(19,057)
Prior years’ addition to provision for retirement and severance benefits
for directors and corporate auditors (Note 3(b))(2,329)
Income before Income Taxes

13,817

10,686

127,935

Income taxes
Deferred tax benefit
Minority interests in consolidated subsidiaries

9,621(4,149)393

7,281(1,838)310

89,088(38,421)3,635

Net Income
Net Income per Share—Primary (in yen or U.S. dollars)
The accompanying notes are integral parts of these statements.

10

TOYODA AUTOMATIC LOOM WORKS, LTD.

¥

7,952
¥28.07¥4,933¥17.41$

73,633$0.26

Consolidated Statements of Shareholders’ Equity
Toyoda Automatic Loom Works, Ltd. and its consolidated subsidiaries
For the six months ended September 30, 2000 and 1999

Millions of yen

Numberof shares(Thousands)

Commonstock

CapitalsurplusRetainedearnings

Unrealized
gains

Translation
adjustment

283,296¥40,178¥60,673¥200,308¥¥

Balance at March 31, 1999––

Treasury
stock

¥(1)

Increase due to additions of
newly consolidated subsidiaries

–

–

–

701

–

–

–

Prior years’ deferred tax adjustments

–

–

–

5,487

–

–

–

Net income

–

–

–

4,933

–

–

–

Cash dividends paid

–

–

–

(2,266)–––

Bonuses to directors and corporate
auditors

–

–

–

(187)

–

–

–

Other

–

–

–

–

–

–

(21)

Balance at September 30, 1999

283,296

40,17860,673208,976

–

–

(22)

Balance at March 31, 2000

283,296

40,17860,673

215,463

–

–

(21)

Net income

–

–

–

7,952

–

–

–

Cash dividends paid

–

–

–

(2,266)–––

Bonuses to directors and corporate
auditors

–

–

–

(200)

–

–

–

Newly accounted unrealized gains
on securities (Note 2(c))

–

–

–

–

558,226––

Reclassification of translation adjustment(Note 2(i))

–

–

–

–

–

(6,655)

–

Other

–

–

–

–

–

–

(1)

283,296¥40,178¥60,673¥220,949¥558,226¥(6,655)¥(22)

Commonstock

CapitalsurplusTranslation
adjustment

Treasurystock

Balance at September 30, 2000

Thousands of U.S. dollars (Note 1)

Balance at March 31, 2000

Retainedearnings

Unrealized
gains$372,024 $561,784 $1,995,031 $– $–$(198)Net income––

73,633–––

Cash dividends paid––

(20,985)–––

Bonuses to directors and corporate
auditors––(1,854)–––

Newly accounted unrealized gains
on securities (Note 2(c))

–

–

–

5,168,761––

Reclassification of translation adjustment(Note 2(i))

–

–

–

–

(61,625)

–

Other

–

–

–

–

–

(4)

$372,024 $561,784 $2,045,825 $5,168,761 $(61,625)$(202)

Balance at September 30, 2000
The accompanying notes are integral parts of these statements.

TOYODA AUTOMATIC LOOM WORKS, LTD.

11

Consolidated Statements of Cash Flows
Toyoda Automatic Loom Works, Ltd. and its consolidated subsidiaries
For the six months ended September 30, 2000 and 1999

Cash Flows from Operating Activities:
Income before income taxes
Adjustments to reconcile income before income taxes to net cash provided
by operating activities:
Depreciation and amortization of intangibles
Amortization of consolidation difference
Provision for retirement and severance benefits, net of payments
Equity in earnings of affiliates
Income and loss from sales or disposal of property, plant and equipment
Write-downs of securities
Income and loss from sales of securities (including investment securities)
Interest and dividend income
Interest expenses(Increase) decrease in receivables
Increase in inventories
Increase (decrease) in payables
Increase in accrued expenses
Bonuses to directors and corporate auditors paid(including amount transferred to minority interests)
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Payments for purchases of securities
Proceeds from sales of securities
Payments for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for purchases of investment securities
Proceeds from sales of investment securities
Payments for acquisition of subsidiaries’ stock with changes in consolidation
Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Other, net
Net Cash Used in Investing Activities
Cash Flows from Financing Activities:
Increase (decrease) in short-term bank loans
Proceeds from issuances of commercial paper
Repayments of commercial paper
Proceeds from long-term bank loans
Repayments of long-term bank loans
Proceeds from issuances of bonds
Cash dividends paid (including amount transferred to minority interests)
Retirements of shares
Other, net
Net Cash Provided by Financing Activities
Translation Difference in Cash and Cash Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Six-Month Period
Increase in Cash and Cash Equivalents Due to Additions of
Newly Consolidated Subsidiaries
Cash and Cash Equivalents at End of Six-Month Period
The accompanying notes are integral parts of these statements.

12

TOYODA AUTOMATIC LOOM WORKS, LTD.

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2000

1999

2000

¥13,817¥10,686$127,935

19,624
(54)
5,604
1,394
977
5
(40)
(4,082)
1,453
2,749
(501)
(1,332)
2,290

19,396
(19)
(806)
2,790
1,462
624
(2,752)(3,575)
1,192(5,485)
(892)
3,285
2,274

181,704(501)
51,892
12,909
9,047
46
(375)
(37,798)
13,44925,453(4,639)(12,330)
21,204(208)
1,345
43,041(196)
537
28,521(1,928)12,456
398,524

4,097(1,453)(9,593)36,092

3,590(1,192)(6,172)
24,74737,940(13,449)(88,828)
334,187(1,004)2,683(17,057)
382(5,232)
1,099(86,137)(1,690)9,357–
188(97,411)(1,519)3,806(33,307)607(8,767)14–(8,599)1,791(1,499)(311)(47,784)(9,300)24,839(157,933)
3,541(48,446)
10,180(797,560)(15,648)
86,637–
1,736(901,954)(131)
80,000(60,000)826(1,175)39,797(2,681)(1)(2)
56,633
10(4,676)
77,332

842
–
–
1,485
(369)
29,849(2,647)(1)(8)
29,151(232)
5,882
49,955(1,213)
740,741(555,556)
7,650(10,878)
368,490(24,825)(7)(21)
524,38190(43,296)
716,041–¥72,656

625¥56,462–$672,745

Notes to Consolidated Financial Statements

1. Basis of Presenting Consolidated Financial
Statements
The accompanying consolidated financial statements have been
prepared from accounts and records maintained by Toyoda
Automatic Loom Works, Ltd. (the “Company”), and its consolidated
subsidiaries (together, hereinafter referred to as the “Companies”) in
accordance with generally accepted accounting principles in Japan.
Furthermore, these consolidated financial statements have been
prepared based on the consolidated financial statements preparedin accordance with the Japanese Regulations Concerning the
Terminology, Forms and Preparation Methods of the Consolidated
Financial Statements (the “Regulations”). Certain reclassifications of
the accounts in the basic financial statements disclosed in Japan
have been made for presentation in a form which is more familiar toreaders outside Japan. These reclassifications do not affect thevalues of total assets, shareholders’ equity, net sales or net income.
The accompanying financial statements are stated in Japaneseyen, the currency of the country in which the Company is incorporated
and operates. Solely for the convenience of readers outside Japan,
yen amounts as of and for the six months ended September 30,
2000, have been translated into U.S. dollars at the rate of ¥108.00
to U.S.$1, the exchange rate prevailing in Tokyo on September 30,
2000. These translations should not be construed as representations that yen amounts have been, could have been or could be
converted into U.S. dollars.

2. Summary of Significant Accounting Policies(a) Consolidation
The Company had 91 and 29 consolidated subsidiaries as of
September 30, 2000 and 1999, respectively. The number ofconsolidated subsidiaries increased by 62 companies, including 59
in the BT Industries Group, which the Company acquired in June
2000. Since these companies became newly consolidated subsidiaries
during the six months ended September 30, 2000, and the Company
considered their semiannual closing date as the beginning date ofcontrol, they were consolidated only in the balance sheets.
As of September 30, 2000, the Company had four (three for
September 30, 1999) unconsolidated subsidiaries and 19 (10 for
September 30, 1999) affiliates. The equity method is applied to theinvestments in two unconsolidated subsidiaries and 12 affiliates.
Both of the above-mentioned unconsolidated subsidiaries and 10
companies of the above-mentioned 12 affiliates belong to the BT
Industries Group.
(b) Cash and cash equivalents
Cash and cash equivalents include all highly liquid investments,
generally with original maturities of three months or less, that arereadily convertible to known amounts of cash and are so near
maturity that they present insignificant risk of changes in value becauseof changes in interest rates, in accordance with the Regulations.
(c) Securities
Until the fiscal year ended March 31, 2000, securities that werequoted on stock exchanges had been stated mainly at the lower ofcost, as determined by the moving-average method, or market
value. Other securities had been stated at cost, as determined by
the moving-average method.

From the six months ended September 30, 2000, mark-to-market
accounting has been adopted due to the application of the new
accounting standards for financial instruments. Securities have beenclassified as trading securities, held-to-maturity debt securities, equity
investments in subsidiaries and affiliates, and “other securities.” Neither
trading securities nor held-to-maturity debt securities were ownedby the Companies as of September 30, 2000. Equity investments in
subsidiaries and affiliates have been stated at cost. Other securities
have been measured by using the current method based on suchfactors as market price as of the end of the period. The Companies
have adopted a method in which the accumulated difference between
the market value and the historical cost has been recorded as“unrealized gains on securities” under shareholders’ equity at the netof taxes amount. Securities without market prices have been statedat cost, as determined by the moving-average method.
Due to this change, investment securities increased by ¥949,396
million ($8,790,708 thousand), and unrealized gains on securities of¥558,226 million ($5,168,761 thousand) were stated.
(d) Inventories
Inventories are stated mainly at cost determined by the movingaverage method.
(e) Property, plant and equipment, and depreciation
Property, plant and equipment are stated at cost.
Depreciation of property, plant and equipment for the Company
and its domestic subsidiaries and affiliates is computed mainly by
the declining-balance method and, for its overseas subsidiaries andaffiliates, is computed mainly by the straight-line method based on
the estimated useful lives of the assets.
(f) Allowances for doubtful accounts
Until the fiscal year ended March 31, 2000, allowances for doubtful
accounts had been provided mainly at the maximum amountdeductible under the tax laws of Japan.
From the six months ended September 30, 2000, they have been
provided at the uncollectible amounts that are estimated by suchmeans as using the percentage of credit losses for ordinary claims
and by examining the feasibility of collection individually for special
claims that seem to be uncollectible.
(g) Provision for retirement and severance benefits
Until the fiscal year ended March 31, 2000, provision for retirement
and severance benefits had been calculated to state liability at thepresent value, based on the amount which would be required if all
employees voluntarily terminated their employment at the end of
the period, less amounts compensated by the qualified retirement
pension plan, which covered 50 percent of the amount of thebenefits of the retired employees after 20 years of employment.
From the six months ended September 30, 2000, the new
accounting standards for retirement benefits have been applied to
the Companies. Provision for retirement and severance benefits has
been calculated as the amount, accepted as being incurred at theend of the period, based upon the Companies’ projected retirement
benefit obligations and pension assets at the fiscal year-end.

TOYODA AUTOMATIC LOOM WORKS, LTD.

13

According to this change, for the six months ended September
30, 2000, “cumulative effect of change in accounting standards for
retirement benefits” of ¥19,057 million ($176,455 thousand) was
charged to income and recorded as a special loss. For this period,“gain on securities contribution to employee retirement benefit
trust” of ¥15,080 million ($139,630 thousand) was recorded asa special gain.
(h) Lease transactions
Finance leases other than those that are deemed to transfer theownership of the leased assets to lessees are mainly accounted forby a method similar to that applicable to ordinary operating leases.
(i) Translation
Accounts of overseas consolidated subsidiaries and affiliates
accounted for under the equity method have been translated into
Japanese yen as follows:
1. Assets and liabilities have been translated at the prevailing rate ofexchange at the end of the period.
2. Shareholders’ equity has been translated at the rate prevailingwhen equity was acquired or when a change in equity occurred.
3. Revenue and expenses have been translated at the prevailing
periodical average rate, although the rate at the end of the period
had been used until the six months ended September 30, 1999.
See Note 3(a).
The amended accounting standards for foreign currency transactions
have been applied from the six months ended September 30,
2000. No losses resulted from this change.
From the six months ended September 30, 2000, translation
adjustment, which had been listed under assets in the consolidatedbalance sheets until the fiscal year ended March 31, 2000, has beenshifted under shareholders’ equity and included in minority interests inconsolidated subsidiaries due to the amendment of the Regulations.
(j) Consumption tax
Principally, the consumption tax under the Japanese Consumption
Tax Law withheld by the Companies on sales of goods is notincluded in the amount of net sales in the accompanying consolidated
statements of income. The consumption tax borne by the Companies
under the law on purchases of goods and services, and expenses
are not included in the related amount.

3. Change in Accounting(a) From the fiscal year ended March 31, 2000, revenue andexpenses accounts of overseas consolidated subsidiaries, which
had been translated into Japanese yen at rates of the end of theperiod until the six months ended September 30, 1999, have beentranslated at fiscal average rates. This change was made to present
the operating results more precisely as the significance of the overseas
consolidated subsidiaries had been increasing and their revenue
and expenses were incurred throughout the periods.
(b) The Company’s retirement and severance benefits for directors
and corporate auditors had been previously calculated as expenses
at the time they were awarded. However, to rationalize the loss forthe period, these have been changed to payables at the end of theperiod, as per internal rules, from the six months ended September
30, 2000. Further, “prior years’ addition to provision for retirement
and severance benefits for directors and corporate auditors” wascharged to income and recorded as a special loss.

4. Additional Information
Until the six months ended September 30, 1999, consolidated
statements of cash flows had been prepared in conformity with theaccounting principles prescribed by the Company and accepted by
the independent public accountants. However, from the fiscal year
ended March 31, 2000, they have to be prepared in accordancewith newly prescribed rules in the amended Regulations. Pursuant
to the amendment, the consolidated statements of cash flows forthe six months ended September 30, 1999 were restated to makethe figures comparable with those of the six months ended
September 30, 2000.
According to this change, deposits and securities (stocks had
been stated as marketable securities separately) with original
maturities of over three months have been classified as short-term
investments from the fiscal year ended March 31, 2000.

5. Assets Pledged as Collateral
Investment securities, land, buildings and structures at a book valueof ¥34,228 million ($316,927 thousand) were pledged as collateralfor bank loans or employees’ savings deposits or other liabilities asof September 30, 2000.

6. Contingent Liabilities(k) Appropriation of retained earnings
In the accompanying consolidated statements of shareholders’equity, the approved amount during the relevant period is reflected
for the appropriation of retained earnings of consolidated subsidiaries.
(l) Amounts per share
Net income per share is computed based on the average numberof outstanding shares of common stock during the period.
(m) Derivative transactions
Until the fiscal year ended March 31, 2000, the Companies had not
engaged in derivative transactions.
However, from the six months ended September 30, 2000, theCompanies have hedged the foreign currency exchange fluctuation
risk for receivables relating to their exports, principally by forward
exchange contracts.
14

TOYODA AUTOMATIC LOOM WORKS, LTD.

Contingent liabilities amounted to ¥17,199 million ($159,251 thousand)as of September 30, 2000.

7. Subsequent Events(a) On October 11, 2000, the Company issued 30 million shares of
new common stock by resolutions of the Board of Directors held on
September 5 and 19, 2000. As a result, common stock and capitalsurplus both increased by ¥27,840 million ($257,778 thousand).
(b) On November 9, 2000, the Board of Directors of the Company
resolved the payment of an interim cash dividend to shareholders ofrecord as of September 30, 2000, of ¥8.00 ($0.074) per share, or a
total of ¥2,266 million ($20,985 thousand).

8. Segment Information(a) Business segments

Sales:
Automobile
Outside customer sales
Inter-segment transactions
Materials Handling Equipment
Outside customer sales
Inter-segment transactions
Textile Machinery
Outside customer sales
Inter-segment transactions
Others
Outside customer sales
Inter-segment transactions
Subtotal
Elimination of inter-segment transactions

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2000

1999

2000

¥228,789
1,912¥197,356
1,346$2,118,413
17,705

230,701

198,7022,136,118

82,273–72,785–

761,784–

82,27372,785

761,784

14,399–9,238–

133,329–

14,3999,238

133,329

18,7692,104

11,808
1,529

173,787
19,48520,873

13,337

193,272

348,246

294,0623,224,503(4,016)(2,875)(37,190)

Total¥344,230¥291,187$3,187,313

Operating Income (Loss):
Automobile
Materials Handling Equipment
Textile Machinery
OthersElimination of inter-segment transactions¥14,023
6,003
(266)
1,881
(156)

¥11,059
2,952(2,268)(240)
209$129,838
55,586(2,459)17,415(1,448)

Total¥21,485¥11,712$198,932(b) Geographical segments
Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2000

1999

2000

¥287,313
13,624¥241,049
9,201$2,660,301
126,152

300,937

250,250

2,786,453

47,260–42,989–437,593–47,26042,989437,593

9,657
286

7,149
293

89,419
2,649

9,943

7,442

92,068358,140

300,681

3,316,114(13,910)(9,494)(128,801)

Total¥344,230¥291,187$3,187,313

Operating Income:Japan
North America
OthersElimination of inter-segment transactions¥19,253
2,133
330
(231)

¥ 8,152
3,138
195
227

$178,270
19,746
3,057(2,141)

Total¥21,485¥11,712$198,932

Sales:
Japan
Outside customer sales
Inter-segment transactions
North America
Outside customer sales
Inter-segment transactions
Others
Outside customer sales
Inter-segment transactions
Subtotal
Elimination of inter-segment transactions

TOYODA AUTOMATIC LOOM WORKS, LTD.

15

Report of Independent Public Accountants

To the Board of Directors of
Toyoda Automatic Loom Works, Ltd.

We have examined the consolidated balance sheets of Toyoda Automatic Loom Works, Ltd. and its
consolidated subsidiaries as of September 30, 2000 and 1999, and the consolidated statements of income,shareholders’ equity and cash flows for the six months ended September 30, 2000 and 1999, expressed inJapanese yen. Our examinations were made in accordance with generally accepted auditing standards inJapan and, accordingly, included such tests of the accounting records and such other auditing procedures
as we considered necessary in the circumstances.

In our opinion, the aforementioned consolidated financial statements present fairly the financial positionof Toyoda Automatic Loom Works, Ltd. and its consolidated subsidiaries as of September 30, 2000 and
1999, and results of their operations and their cash flows for the six months ended September 30, 2000
and 1999, in conformity with generally accepted accounting principles in Japan applied on a consistentbasis, except in regard to the changes in accounting procedures, with which we concur, described in
Notes 3 and 4 to the consolidated financial statements.

Our examinations also covered the translation of Japanese yen amounts into the United States dollar
amounts included in the consolidated financial statements and, in our opinion, such translation has been
made in conformity with the basis stated in Note 1 to the consolidated financial statements. Such UnitedStates dollar amounts are presented solely for the convenience of readers outside Japan.

ITOH AUDIT CORPORATION

December 22, 2000
Nagoya, Japan

16

TOYODA AUTOMATIC LOOM WORKS, LTD.

Board of Directors and Corporate Auditors(As of September 30, 2000)

씰Board of Directors
Chairman
Chisei Isogai
Vice Chairman
Akira Yokoi
President
Tadashi Ishikawa
Executive Vice Presidents
Takamasa Yoshida
Shozo Nakayama

Senior Managing Directors
Tetsuro Toyoda
Morio Kawamura
Shiro Endo
Kazuhiko Takeuchi
Managing Directors
Shinji Takeuchi
Masazumi Konishi
Shinjiro Kamimura
Tatsuo Matsuura
Honorary Chairman
Yoshitoshi Toyoda

씰Corporate Auditors
Standing Corporate Auditors
Shigetaka Mitomo
Tadashi Komiya

Subsidiaries and Affiliates

Directors
Tatsuro Toyoda
Koshi Iwata
Yoshimitsu Ogihara
Masanori ItohYoshikatsu Mizuno
Seiji Ueda
Yoshiaki Kamiya
Taketoshi Izumi
Akira Imura
Iwao Katayama
Shigetaka Yoshida
Shinichiro Matsuyama
Masafumi Kato
Kimpei Mitsuya
Hiroya Kono

Corporate Auditors
Iwao Isomura
Hiroshi Makino(As of September 30, 2000)

씰Consolidated Subsidiaries
Location

Capital (Thousands of the local currency)

Equity Ownership

TIBC Corporation
Toyoda-Sulzer Mfg., Ltd.
ALTEX Co., Ltd.
Sun River Co., Ltd.
Izumi Machine Mfg. Co., Ltd.
Tokyu Co., Ltd.
Toyoda High System, Inc.
Nishina Industry Co., Ltd.
Tokaiseiki Co., Ltd.
Logistec Co., Ltd.
SKE, Inc.
SK Maintenance, Inc.
Iwama Loom Works, Ltd.
Kawamoto System Corporation
ARTI, Inc.
Hara Corporation
Mizuho Industry Co., Ltd.
Sun Valley, Inc.
Sun Staff, Inc.
Mino Tokyu Co., Ltd.
Shine’s, Inc.
Tokai System Laboratory Co., Ltd.
Esaka Sports Land Co., Ltd.

Aichi
Aichi
Shizuoka
Osaka
Aichi
Aichi
Aichi
NaganoShizuoka
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Gifu
Aichi
Aichi
Aichi
Gifu
Aichi
Aichi
Osaka

¥3,000,000¥500,000¥200,000¥150,000¥150,000¥135,000¥100,000¥100,000¥98,000¥90,000¥78,500¥50,000¥49,920¥47,000¥30,000¥23,193¥20,000¥20,000¥20,000¥18,000¥10,000¥10,000¥10,000

65.0%
51.0%
75.0%
80.9%
59.2%
63.3%
90.0%
50.0%
92.1%
100.0%
100.0%
70.0%
50.0%
100.0%
100.0%
73.2%
93.8%
100.0%
100.0%
93.4%
100.0%
100.0%
100.0%

Overseas
Toyoda International Sweden AB
BT Industries Group* (59 companies)
Michigan Automotive Compressor, Inc.
Toyota Industrial Equipment Mfg., Inc.
Toyoda Textile Machinery, Inc.
Toyota Industrial Equipment S.A.
TD Deutsche Klimakompressor GmbH
Toyota Industry Kunshan Co., Ltd.
Kirloskar Toyoda Textile Machinery, Ltd.
TAL Personnel Service, Inc.

Stockholm, Sweden–
Parma, Michigan, U.S.A.
Columbus, Indiana, U.S.A.
Charlotte, North Carolina, U.S.A.
Ancenis, France
Straßgräbchen, Sachsen, Germany
Kunshan, Jiangsu, China
Bangalore, Karnataka, India
Charlotte, North Carolina, U.S.A.

SEK6,652,977–
U.S.$146,000
U.S.$60,000
U.S.$1,300
EUR9,000
EUR20,452
U.S.$16,000
Rs816,200
U.S.$100

100.0%
–
60.0%
80.0%
100.0%
52.8%
65.0%
70.0%
85.5%
100.0%––¥30,000,000¥83,985

50.0%
46.2%

–

–

Japan

씰Unconsolidated Subsidiaries Accounted for under the Equity Method
Overseas
BT Industries Group* (2 companies**)–씰Affiliates Accounted for under the Equity Method
Japan
ST Liquid Crystal Display Corp.
Taikoh Transportation Co., Ltd.

Aichi
Aichi

Overseas
BT Industries Group* (10 companies)–*BT Industries Group is composed of 71 subsidiaries and affiliates and is centered on the holding company BT Industries AB (headquartered in Mjölby, Sweden, capitalized at
SEK560 million).
**BT Industries AB temporarily holds more than a 50% share of the capital of two subsidiaries.
Note: ¥–Japanese yen; SEK–Swedish krona; U.S.$–U.S. dollar; EUR–Euro; Rs–Indian rupee

TOYODA AUTOMATIC LOOM WORKS, LTD.

17

Investor Information(As of September 30, 2000)

Corporate Head Office
Toyoda Automatic Loom Works, Ltd.
2-1, Toyoda–cho, Kariya–shi, Aichi–ken 448-8671, Japan
Telephone: +81-(0)566-22-2511
Facsimile: +81-(0)566-27-5650

Independent Accountants
ITOH AUDIT CORPORATION
4-7-35, Meieki, Nakamura–ku, Nagoya–shi, Aichi–ken 450-8565, Japan

Transfer Agent
The Toyo Trust and Banking Company, Limited
1-4-3, Marunouchi, Chiyoda–ku, Tokyo 100-0005, Japan
Telephone: +81-(0)3-3287-2211

Date of Establishment
November 18, 1926

Common StockPar value: ¥50
Authorized: 1,091,245,000 shares
Issued: 283,296,225 shares

Major Shareholders% ofOwnership

Toyota Motor Corporation ........................................................................24.67
DENSO Corporation ...................................................................................7.58
The Sakura Bank, Limited...........................................................................4.80
The Tokai Bank, Limited .............................................................................4.47
Nippon Life Insurance Company ................................................................4.16
The Chuo Mitsui Trust and Banking Company, Limited.............................3.85
The Sanwa Bank, Limited...........................................................................3.19
Mitsui Marine and Fire Insurance Co., Ltd. .................................................2.78
Towa Real Estate Co, Ltd. ..........................................................................2.72
The Toyo Trust and Banking Company, Limited ........................................2.02

Securities Traded
Common Stock: Tokyo, Osaka and Nagoya Stock Exchanges(Ticker Code: 6201)

Number of Shareholders
7,952

Common Stock Price Range (Tokyo Stock Exchange)
FY2001
1st quarter2nd quarter3rd quarter
4th quarter

2000

1999

1998

1997

High

Low

High

Low

High

Low

High

Low

High

Low

¥2,4352,580––¥1,9501,980––¥2,350
2,170
2,250
2,320

¥2,050
1,761
1,880
1,870

¥2,455
2,455
2,130
2,195

¥2,170
2,005
1,880
1,941

¥2,820
2,670
2,550
2,520

¥2,040
2,190
2,280
2,190

¥2,250
2,210
2,240
2,170

¥1,970
2,050
2,080
1,970

Publications
Our Corporate Brochure and Environmental Report are available in both English and Japanese upon written request to the Public Affairs Department at our Corporate Head Office.

Internet Home Page
Updated information is published regularly at our website (http://www.toyota-shokki.co.jp/).

Further Information
For further information, please write to the Planning Section of the Accounting and Finance Department or the Corporate Communications Section of the Public Affairs
Department at our Corporate Head Office.

This semiannual report is printed on officiallycertified recycled paper using soy ink tominimize the impact on the environment.

Printed in Japan