Reflections of
Toyota Industries
Toyota Industries does not solely consist of businesses
involved in textile machinery, materials handling equipment,
automobiles, electronics or logistics solutions. As a reflectionof Toyota Industries, these businesses are underpinned by aclear management policy and corporate strategies, fair andstringent corporate governance, an organization capable ofexecuting designated strategies, a long-cultivated history
and an unwavering pursuit of even higher aspirations. The
following section explains these elements, which also
embody the means to realize our slogan, “United We Grow.”

46 Review of Medium-Term Management Vision
50 Research and Development
52 Corporate Governance
54 Environmental and Social Contribution Efforts
57 Toyota Industries’ News
58 Toyota Industries’ History
60 Corporate Organization
61 Directors and Corporate Auditors
62 Corporate Data
64 Locations of Major Subsidiaries outside Japan

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

45

Review of Medium-Term Management Vision (Fiscal 2002-Fiscal 2006)
Review of Medium-Term Management Vision (Fiscal 2002-Fiscal 2006)

Positioning for Future Growth
Guided by our Medium-Term Management Vision, Toyota Industries executes a host of strategic initiatives aimed at achieving
sustainable growth and enhancing corporate value. When we formulated this vision in 2001, we set the highly challenging targets forfiscal 2006, ending March 31, 2006, namely, consolidated net sales exceeding ¥1.2 trillion and consolidated ordinary income of ¥80.0
billion. As we enter the final year, we are pleased to report that the consolidated net sales target has been realized one year aheadof schedule. In terms of targeted ordinary income, however, we are uncertain if we can achieve our goal, chiefly owing to increases
in depreciation expenses and other costs accompanying aggressive, future-oriented capital investment, which exceeded our originalassumptions. Nonetheless, we are exerting our fullest efforts to achieve the ordinary income target, and at the same time, are confident
that through aggressive capital investment and other measures, our growth strategy will begin to bear fruit as we approach our extended
outlook toward 2010 and beyond.
Specific business strategies entailed in the Medium-Term Management Vision ending fiscal 2006 are as follows.

Materials Handling Equipment and Car Air-Conditioning Compressor Businesses: Bolstering
Competitive Dominance and Implementing Global Strategies
Toyota Industries will further solidify its number-one shareof the Japanese market while increasing its leading share of
the global market for materials handling equipment. As primeexamples of tangible achievements, in 2000 Toyota Industries
acquired BT Industries AB (BT Industries), a Swedish
warehouse truck manufacturer, and in 2001 integrated the sales
and marketing functions of Toyota Motor Corporation’s (TMC)
industrial equipment business into our own operations. The
acquisition of BT Industries is progressively yielding synergies,
including the mutual supply of products as well as reciprocaltransfers of production and sales know-how. We expect toreap the benefits of additional synergies following the further
integration of TOYOTA Material Handling Company and the
BT Industries Group through the establishment of the Toyota
Material Handling Group in July 2005.
We also took a major step forward in bolstering our materials
handling operations in May 2003 when Aichi Corporation(Aichi), a leading manufacturer of aerial work platforms,
became a Toyota Industries subsidiary. Since Aichi commands adominant share of the Japanese market for aerial work platforms,
this move helps the Materials Handling Equipment Segment
bolster its product line in sectors other than lift trucks.

Overview of Toyota Industries’ Medium-Term Management Vision
Ordinary
Income80.0(Mid-term target)(¥ Billion)

70.9
75.0

59.0
47.9

(Projection)

51.4
1,450.0(Projection)

1,164.4

1,241.5

Beyond1,200.0(Mid-term target)

1,069.2

Net Sales
980.2(¥ Billion)

Electronics
Logistics solutions
Materials handlimg equipment
Car air-conditioning compressors
Electronic components for hybrid cars
Vehicles/engines
Textile machinery, etc.
FY

46

02

03

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

04

05

06

States and Europe (Germany). We believe the establishmentof production bases in China and North America will further
strengthen this global structure. By positioning manufacturing
operations close to our customers, we are more firmly able toproduce products that reflect market needs, while also reducing
distribution costs and minimizing exchange rate risks. Moreover,
we intend to make further inroads into the European market
and redouble efforts to expand sales in the North American
market, where we foresee stable growth over the
medium and long terms.
The Materials Handling
Equipment Segment and the Car
Air-Conditioning Compressor
Business form the nucleus of
Toyota Industries’ operations
and underpin our efforts toattain the objectives of our
Medium-Term Management
ES18 electric compressor
Vision.

Review of Medium-Term Management Vision (Fiscal 2002-Fiscal 2006)

The Materials
Handling Equipment
Segment is working
hard to maximize
business performanceand expand market
share through thedevelopment and salesof products and services
that meet customer and
GENEO-B (7FB)
market needs.
Toyota Industries is also the world’s leading manufacturerof car air-conditioning compressors. Our approach for further
solidifying this dominant position focuses on continued efforts
to develop attractive new products that meet customer needs
ahead of competitors. In making steady headway regarding
globalization of its business operations, the Car Air-Conditioning
Compressor Business has built a tripolar structure, withproduction bases in the three major markets of Japan, the United

Electronics and Logistics Solutions: Building the Pillars of Our Future Operations
Toyota Industries views its Electronics Business as having
immense potential to fuel growth in the coming years. Our
Electronics Business mainly comprises ST Liquid Crystal
Display Corp. (STLCD), TIBC Corporation (TIBC), theElectronics Division and the New Electronics Sub-Division. The
former two entities are joint ventures with Sony Corporation and
Ibiden Co., Ltd., respectively.
STLCD manufactures small and medium-sized
low-temperature polysilicon
TFT-LCDs for use mainly indigital still and video cameras
and mobile phones. TIBC
is constantly seeking
to efficiently produce
high-performancesemiconductor package
substrates tailored tocustomer needs.
STLCD’s low-temperature
The Electronics Division
polysilicon TFT-LCDsdevelops and manufactures

power electronics components for automobiles, while the New
Electronics Sub-Division is involved with the development
and commercialization of various technologies and products,
including radio tuners, wireless LAN modules and organic
light-emitting diodes.
Through a full-fledged entry into the Logistics Solutions
Business, we are building new business models in logistics
and meeting customer needs for total cost reductions andimprovements in their logistics operations. This is also a field
where we are exploiting our accumulated experience in the
production and sales of materials handling equipment as wellas our production know-how in offering integrated logistics
solutions suited to customer and market needs.
We believe the electronics and logistics solutions markets
offer tremendous medium- to long-term growth potential.
Accordingly, we expect the Electronics and Logistics Solutions
businesses to play a significant role as core operations of the
future. Concurrently, we are proactively pursuing promising
new technologies and businesses to secure stable medium- andlong-term growth.

Vehicle and Engine Businesses: Raising Our Global Presence by Contributing to the Expansion of
the Toyota GroupIn its role as one of the manufacturing bases for the Toyota
Group’s compact and midsize series of cars, Toyota Industries’
Vehicle Business is relentless in improving product quality
and cost efficiency, thereby enhancing the value of TOYOTA
cars. The Vehicle Business also contributes to car productionof the Toyota Group by continually upgrading its production
technologies.
The Engine Business is taking the same resolute approach tocontinuously supporting the enhanced functionality of TOYOTA

vehicles. This dedication is especially evident through its efforts
to develop highly functional diesel engines with outstanding
environment-friendly features in collaboration with TMC.
Meeting needs related to diesel-engine vehicles is especiallycrucial as TMC aims to increase its share in the European
market. Therefore, we established Toyota Motor Industries
Poland Sp.zo.o. jointly with TMC to supply diesel engines to
TMC. Toyota Industries is also expanding the presence of its
automobile-related business as well, for instance, supplying

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

47

Review of Medium-Term Management Vision (Fiscal 2002-Fiscal 2006)

aluminum die cast components for transmissions to TMC’s
Innovative International Multi-Purpose Vehicle (IMV) Projectthrough an Indian subsidiary. We are also trying to conribute to
the development of TMC’s overseas business by strengthening
production of foundry parts andcommencing productionof stamping dies forautomobiles in China.
Toyota Industries’
Vehicle andEngine businesses
focus primarilyon commissioned
Vitz (Yaris)
production for TMC.

We are strengthening our sales link
to TMC through ongoing quality
enhancement and cost-reduction
activities so that TMC entrusts us
with the assembly of, and utilizes
our engines in, a wider range ofmodels.
Toyota Industries’ Vehicle andEngine businesses represent mainstay
2AD diesel engine
businesses that generate stable revenues.
Accordingly, we strive to further solidify
our revenue foundation by implementing strict cost and quality
control measures.

Ongoing Cost-Reduction and Quality-Improvement Measures
Amid fierce price competition amongmarket players, it is essential tointroduce appealing new products andimplement continued cost-reduction
activities to improve our revenue
structure. Accordingly, Toyota
Industries is implementing measures tocontinuously reduce costs throughout
the entire Company by carryingout systematic and well-planned
cost-reduction initiatives. While further
strengthening our continuous value
engineering (VE) and value analysis(VA) activities, our cost-reduction
efforts encompass reduction in general
expenses and activities to raise
efficiency at the Head Office.

Toyota Industries’ top management conducts a quality
inspection at a factory

As a company that engages inmanufacturing, Toyota Industries’
most important mission is providing
excellent-quality products to customers
and ensuring their satisfaction—a prerequisite to compete inglobal markets. Therefore, Toyota
Industries continually pursues
quality-improvement measures that
also include principal suppliers. As
part of these efforts, the President
and other top management regularly
conduct self-initiated on-site checksof manufacturing plants to confirm thestatus of various quality-improvement
activities.

Bolstering Initiatives in Information Technology
Toyota Industries is strategically utilizing information
technology (IT) to enhance corporate competitiveness. We haveintroduced an enterprise resource planning (ERP) program into
our corporate accounting system and three-dimensional CAD
systems in development processes. The utilization of such
IT-driven initiatives has translated into reduced development
times and improved
productivity among
non-manufacturing
departments.
In May 2002,
we opened “e-Lab,”an information
technology
research laboratory
heading up a hostof IT-related R&D
e-Lab, the Toyota Industries Group’s base foractivities. The
information technology

48

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

lab is engaged ina diverse scopeof activities that
include research on
digital simulation
technologies for
shortening productdevelopment times
and shrinking
The machine room oversees the network connecting
lead-times in
Toyota Industries’ bases all over the world
all areas fromdevelopment tomanufacture and shipment. Additionally, e-Lab is working todevelop an optimal network system for joint development ofparts with suppliers, as well as for parts procurement, whilebuilding a network that encompasses the entire Toyota Industries
Group.

Toyota Industries has made steady strides in globalizing its
operations on numerous fronts. For example, we produce lift
trucks and car air-conditioning compressors in North America
and Europe, foundry parts and lift trucks in China and textile
machinery and automobile parts in India. The acquisition of
Sweden’s BT Industries also represents a stronger footing in the

global arena. Driven by our firm conviction that globalization
is essential for expanding business and raising corporate value,
Toyota Industries aims to vigorously pursue globalization by
providing customers worldwide with superior products, procuringhigh-quality, price-competitive parts from worldwide sources andmanufacturing products close to its customers around the world.

Toyota Industries’ Global Manufacturing Bases

Slated to start operations in
December 2005

Lift trucks
Car air-conditioning compressors
Engines
Foundry parts
Manual transmission parts
Automotive stamping dies
Textile machinery

Slated to start operations in
April 2006

Review of Medium-Term Management Vision (Fiscal 2002-Fiscal 2006)

Global Business Development

Nurturing the Capabilities of Employees
The Toyota Production System (TPS) is one of the foremost
sources of competitiveness as well as the most vital expertisefor efficient production. A
chief focus of our efforts
to sharpen competitivenessis to continually hone TPS
and nurture employees
who are well-versed in thesystem. In line with these
efforts, a specialist section
charged with the plannedand organized development
Employees strive to perfect their skills at theTechnical Training Centerof personnel with essential

know-how in TPS
has been established.
Based on its belief thathighly skilled workers
constitute an importantmanagement resource,
Toyota Industries has
built the TechnicalTraining Center to
The Technical Training Center is furnished with
provide various training
machines and devices for practical training
courses targeting
improved skills so that they can put their expertise to use at thefrontline of manufacturing.

Skillfully Utilizing Synergies
Toyota Industries has penetrated new markets and grown its
businesses by promoting technological development based on
the key technologies and acumen accumulated throughout its
long history. At present, Toyota Industries possesses diverse
businesses, each operating with its own core technologies
and markets. Looking ahead, we believe the creation of newtechnologies that serve as the nuclei of new business spheres
and next-generation products leads to the creation of new value
added. In that this is achievable by strategically and organicallycombining the technologies and markets of individual
businesses, Toyota Industries is laying out a structure that will
facilitate cooperation among divisions.

Note: Toyota Industries is formulating a new medium-term management plan (fiscal 2007-2011), for which the details will be finalized in 2005.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

49

Research and Development
Research and Development

Pursuing Research and Development that Raises the Bar for Excellence
Toyota Industries undertakes strategic R&D guided by its founding spirit of “Be ahead of the times through endless creativity,
inquisitiveness and pursuit of improvement.” Our R&D focuses not merely on improving short-term business results but also on
attaining sustained growth in the future. With our businesses spanning a broad spectrum, each of our business divisions has its own
distinctive competencies, core technologies and market characteristics. Innovation and technological advancement is realized throughclose collaboration and synergy among our business divisions and other R&D facilities.

Toyota Industries’ R&D Structure
R&D efforts are divided into product development andimprovements undertaken autonomously by technicaldepartments of each business division, and R&D carriedout chiefly by the New Electronics Sub-Division and the
Research & Development Department. The latter is conducted
separately from business divisions and performed as part of aCompany-wide management strategy.

Instrumental to efficiently developing new products
tailored to customer needs, the technical departments of eachdivision must lead the way in product improvement, technology
development and applied research. For this reason, each division
maintains its own staff of engineers, experiment facilities andresearch laboratories and engages in proactive technology
development efforts guided by product development plans.

New Products Developed and Sold by Toyota Industries in Fiscal 2005
Automobile Segment

50[Car Air-Conditioning Compressors][Engines][Car Electronics]

Externally Controlled
Variable-Displacement
Compressors for BusesElectrically Driven
Air-Conditioning Compressors
for Hybrid Cars

AD Diesel Engines

DC-DC Converter forElectric Power Steeringin Hybrid Cars

Buses are required to realize
lower fuel consumptionin terms of environmental
protection and costs. To
address such needs, Toyota
Industries, together with
DENSO Corporation(DENSO), developed the 7S33,
the world’s first externallycontrolled one-way swash-plate
variable-displacement
compressor for buses, andis supplying the product toleading bus manufacturers
in Japan. We also showcased
these compressors at Toyota
Industries’ booth during theTokyo Motor Show in October
2004.

In collaboration with DENSO,
Toyota Industries developed
and commenced production of
the ES27, an electrically driven
air-conditioning compressor
for the Harrier Hybrid andKluger Hybrid introduced by
Toyota Motor Corporation(TMC) in March 2005. Unlike
conventional compressors thatare belt-driven by the engine,these compressors are driven
by a built-in motor, whichenables the air conditioner
to remain on even when theengine is turned off, thereby
attaining an optimal balance ofcomfort and fuel economy.

In March 2005, productionof 2.2-liter direct-injection
AD diesel engines for
the European market
commenced at Toyota
Industries’ Hekinan Plant
in Japan and at Toyota
Motor Industries Poland
Sp.zo.o., a joint venturewith TMC. Developed
jointly by Toyota Industries
and TMC, the engine isfitted in the Avensis that
TMC produces in the U.K.

Toyota Industries hasdeveloped a compact,
low-cost DC-DC converter
for electric power steering(EPS) in hybrid cars that
down-converts the 288V
high-voltage of the mainbattery to a lower DC
current to supply power
to the 42V EPS. TMC’s
Harrier Hybrid and Kluger
Hybrid are equipped withthis converter.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

Serving as a development base of our information systems,
our “e-Lab” IT research laboratory engages in a variety of R&D
activities that include research on digital simulation technologies
for shortening product development times and shrinking
lead-times from development to production and shipping. The
lab is also involved with developing an optimal network system
for joint development of parts with suppliers as well as for partsprocurement.
In fiscal 2005, R&D expenditures amounted to ¥30.1 billion,up ¥490 million (1.7%) from the previous fiscal year. R&D
expenditures accounted for 2.4% of consolidated net sales, adecrease of 0.1 percentage point. By segment, R&D expenses
were ¥17.2 billion in the Automobile Segment, ¥11.0 billion
in the Materials Handling Equipment Segment, ¥1.0 billion in
the Textile Machinery Segment and ¥830 million in the Others
Segment.

Research and Development

The Research & Development Department is responsible
for basic R&D in materials fields while the New Electronics
Sub-Division spearheads R&D in such electronics fields asradio tuners, wireless LAN modules and organic light-emitting
diodes. We also collaborate with Toyota Central Research &Development Laboratories, Inc., an R&D facility of the Toyota
Group, and other outside R&D institutions.
The Business Planning Department within the Corporate
Center promotes new business development and handles
technology management. The department facilitates lateraltransfers of technologies among different divisions and explores
new technology development themes, thereby playing a keyrole in helping Toyota Industries establish a solid and efficient
corporate R&D structure. Systematic and constant assessmentof potential new products and services is also carried out by
tapping the technological know-how and external networks (bothhuman and information) of each business division.

Materials Handling Equipment Segment
Full Model Changes to Internal Combustion
Counterbalanced Lift Trucks

400W DC-AC Inverter

Toyota Industries added a
400W DC-AC inverter to
its lineup of car-mounted
DC-AC inverters thatconverts a direct current
into an alternate current thatis the same as household
electricity. In September
2004, we began fitting thisinverter on TMC’s Tacoma,
sold in North America. This
inverter supplies up to 400W
to operate household products
and such tools as power drills
and saws.

In August 2004, TOYOTA Material Handling Company
made a full model change on all 14 models of 10to 24-ton internal combustion counterbalanced lift
trucks and began selling these in Japan and designatedcountries* overseas. These lift trucks are fitted with ahigh-power, fuel-efficient and ecological diesel turbo
engine with a common rail direct-injection system.
They also incorporate a host of new functions forenhanced safety and easier vehicle operation, such asa full-floating, air-conditioned cabin that significantly
reduces vibration and noise.
* Available in Algeria, Australia, Indonesia, Malaysia, New Zealand,
the Philippines, Saudi Arabia, Singapore, South Africa, Taiwan,
Thailand and CIS countries. The 15- to 24-ton models areavailable overseas for the first time.

Textile Machinery Segment
RX240NEW/E-Draft Ring Spinning Frame

Production of the RX240NEW/E-draft model, thelatest addition to the lineup of highly acclaimed
RX240NEW ring spinning frames, started in
February 2005. Adopting an electronicallycontrolled draft structure eliminates the need fortroublesome gear changes when changing yarns,
while a user-friendly software program enables
special yarn spinning as a standard function.
Additionally, the strengthened networking
function allows monitoring and remote settingfrom distant locations.

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51

Corporate GovernanceCorporate GovernancePursuing Fairness, Sound Management and Transparency throughOptimal Corporate GovernanceToyota Industries is working to enhance management efficiency by building a management system that facilitates rational
decision-making and responds quickly to changes in the business environment. In parallel, we strive to create fair and soundmanagement, bolster our compliance and improve management transparency through speedy and timely disclosure of accurate
information to shareholders and other stakeholders.

Toyota Industries’ Corporate Governance System

Roles of Corporate Auditors (Board of Corporate Auditors)

Toyota Industries’ Board of Directors, Management Committee
and Business Operation Committee work to ensure prompt
decision-making on matters with a major influence onshareholders’ interests and on crucial issues affecting business
operations. The Board of Directors generally convenes once amonth to discuss and resolve crucial management matters, suchas those necessitated by law. As of June 22, 2005, the Boardof Directors consisted of 30 directors, including one external
director.
The corporate auditors are responsible for undertaking
stringent monitoring of the board members’ execution of duties
by means of attending meetings of the Board of Directors andother important meetings, and express their opinions whennecessary.

Based on Japan’s Commercial Code, Toyota Industries has chosen
to maintain the traditional “Corporate Auditor/Board of Corporate
Auditors” system. With a long history in Japan, a Board of
Corporate Auditors is a body that is completely independent fromthe management of a company and functions in parallel with
the Board of Directors. Toyota Industries believes this auditing
system adequately ensures the proper execution of duties by the
Board of Directors.
As of June 22, 2005, Toyota Industries’ Board of Corporate
Auditors consisted of five corporate auditors, with two standing
corporate auditors and three outside corporate auditors.
Appointed at the Shareholders’ Meeting, the corporate auditors’
primary duties encompass auditing of business operations andfinancial activities. An audit of business operations determines

Corporate Governance StructureWith the exception of matters resolved at the Shareholders’Meeting, the Board of Directors discusses and decides all importantmanagement matters. Toyota Industries has also independently
set up the Management Committee and Business Operation
Committee to increase efficiency and the speed of managementand decision-making as well as facilitate appropriate judgment. By

deliberating on important matters related to Company-wide management
strategies and individual businesses, these bodies facilitate top management
and the Board of Directors in appropriate decision-making. Of those issues
deliberated on by the Management Committee and Business Operation
Committee, crucial issues prescribed in Japan’s Commercial Code are put
forth for discussion by the Board of Directors.

Shareholders’ Meeting
Appointment
Corporate Auditor
ReportingBusiness Reporting

Appointment
Monitoring

President

Monitoring

The Management Committee deliberates on crucial matters related to allareas of management, including Company-wide strategy and allocationof management resources. The Committee consists of directors above the
Executive Vice President level. When the President considers it necessary,
relevant other directors and managers also attend Committee meetings.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

(Board of Corporate Auditors)

Board of Directors

Management
Committee

52

Corporate Auditors

Business Operation
Committee
The Business Operation Committee deliberates on crucial matters related
to each business segment. The President, directors in charge of corporate
planning and directors assigned to oversee divisional operations (division
managers, etc.) attend Committee meetings.

Strengthening and Improving ComplianceToyota Industries recognizes that compliance with the law is
the foundation of good corporate governance. Accordingly, we
have adopted measures designed to assure that all employees
execute their duties fairly and honestly in the light of the law andcorporate ethics.
In 1991, Toyota Industries established the Code of Conduct
Council to ensure appropriate and legal corporate activities.
In 1998, the Council took the initiative to publish a guide for
distribution to all employees. This guide contains specificguidelines on good conduct and compliance with the law.
Chaired by an Executive Vice President and attended by thoseabove the rank of Managing Director and standing corporate
auditors, the Code of Conduct Council convenes on a regularbasis and when deemed necessary. The chief responsibilities of
the Council include monitoring overall corporate activities fromthe standpoint of legal and corporate ethics, checking to ensurethat employee behavior adheres to the guidelines and promoting
educational activities on employee conduct.
In parallel, the Legal Department and Global Human
Resources Department provide employees with educational
programs, while the Audit Office regularly checks on theenforcement of such programs.
Aiming for the early detection and prompt handling of
crucial compliance-related information, in addition to otherreporting channels, Toyota Industries set up a corporate ethics
hotline staffed by outside lawyers.

Basic Philosophy
Toyota Industries bases its basic philosophy on the “Toyoda
Precepts,” which embodies the stance of the Company’s founder
Sakichi Toyoda. In addition, our Five Values clearly express
our action guidelines and ensure that Toyota Industries isoperated in accordance with shared high ethical standards fromtop management down to each and every employee. Toyota
Industries strives to carry out its management activities with akeen recognition of its social corporate responsibilities.

Information Disclosure
As one element of its basic philosophy, Toyota Industries strives
to adhere to the letter and spirit of the law in Japan and overseas,
while conducting its corporate activities in a fair and transparent
manner. In accordance with this philosophy, we disclose relevant
information to provide clear explanations to our shareholders andother investors, thereby raising management transparency. Timely
information is also disclosed to the public through the Investor
Relations section of our Web site and other media channels.

The Toyoda Precepts*
1. Be a contributor to the development and welfare of thecountry by working together, regardless of position, infaithfully fulfilling your duties.
2. Be ahead of the times through endless creativity,
inquisitiveness and pursuit of improvement.
3. Be practical and avoid frivolity.
4. Be kind and generous; strive to create a warm, homelike
atmosphere.
5. Be reverent, and show gratitude for things great and small inthought and deed.

Corporate Governancewhether directors are stringently adhering to ordinances andthe articles of incorporation in the execution of their duties. An
audit of finances involves the oversight of business results and avariety of financial-related activities. In addition, the corporate
auditors have the authority to inspect relevant documents,
make auditing visits to headquarters, business divisions andsubsidiaries, and conduct investigations first-hand. At Toyota
Industries, the Corporate Auditor’s Office with specialist staff
has been set up to facilitate the proper execution of the corporate
auditors’ duties.

* The Toyoda Precepts was assembled in 1935 to commemorate the six-year passing ofcompany founder Sakichi Toyoda. Since then, the precepts have served as the basis of
the thinking and guiding principles of the entire Toyota Group.

Basic Philosophy
The following is a statement of Toyota Industries’ basic
philosophy. This basic philosophy constitutes the expressly
stated beliefs of the management and serves as a guide forcorporate behavior.

Respect for the Law

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

Respect for Others

Toyota Industries is respectful of the people, culture andtraditions of each region and country in which it operates. It
also works to promote economic growth and prosperity in thoseregions and countries.

Respect for the Natural Environment

Toyota Industries believes that economic growth andconservation of the natural environment are compatible. It
strives to offer products and services that are clean, safe and ofhigh quality.

Respect for Customers

Toyota Industries conducts intensive product research andforward-looking development activities to create new value forits customers.

Respect for Employees

Toyota Industries strives to nurture the inventiveness andother abilities of its employees. It seeks to create a climateof cooperation, so that both employees and the Company canrealize their full potential.

Five Values
We also have Five Values that form an action guide for our
employees to enforce our basic philosophy.

Global Perspective

Learning from the best in the world, we aim to become the bestin the world.

Customer FirstWe forge partnerships with our customers and strive to exceed
their expectations.

Welcoming New Challenges

Unbound by convention, we embrace the challenge of creation.

Encouraging Professional Excellence

We develop our strengths, and think and act responsibly.

Encouraging Effective Teamwork

We recognize the human worth of each individual andcollaborate to achieve goals.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

53

Environmental and Social Contribution Efforts
Environmental and Social Contribution Efforts

Fulfilling Our Corporate Social Responsibilities
Toyota Industries recognizes that being a good corporate citizen entails far-reaching responsibilities to the environment as well as tothe local communities in which we operate. Accordingly, we undertake independent environmental activities that include reducing
CO2 emissions and other substances, promoting recycling and obtaining ISO 14001 certification at our facilities. At the same time,
Toyota Industries also believes in giving back to society, and as such, promotes employees’ volunteer efforts and interaction with local
communities. We remain fully committed to fulfilling our corporate social responsibilities that contribute to the betterment of society
both as the basis of our corporate activities and to enable employees to live a more rewarding life.

Environmental Protection Activities
Basic Principle

Corporate Commitment to the Environment

Our basic philosophy states: “Toyota Industries believes that
economic growth and conservation of the natural environment
are compatible. It strives to offer products and services thatare clean, safe and of high quality.” Adhering to this principle,
we recognize that environmental protection is a crucial social
responsibility of all companies and consider it as one of ourforemost management priorities in striving for sustainablegrowth. Accordingly, Toyota Industries has been determinedly
undertaking a broad scope of initiatives aimed at preserving theenvironment.

As part of efforts to address environmental issues, weformulated the Toyota Industries Group Corporate Commitment
to the Environment. Covering the Group’s entire consolidated
operations, this declaration highlights our determination to
fulfill our corporate social responsibilities while bolstering ourenvironmental protection initiatives.

Third Environmental Action Plan
As a means of systematically undertaking numerous activities,
after unveiling our First Environmental Action Plan in 1993 andToyota Industries Group Corporate Commitment to the Environment
Toyota Industries carries out its everyday businessactivities to contribute to global economic development
and enhance the quality of life through its products
and services. In our business activities, we consider
environmental issues throughout the lifecycles of our

products. In aiming for a balance between environmental
protection and economic development, we have designated“sustainable management” as an issue of the highest
priority, as all Toyota Industries employees combine theirefforts to tackle environmental issues.

Global VisionCorporate Commitment

Collaborate with local communities
and global society in addressing
environmental protection.

2. The Toyota Industries Group will develop and provide products
and services with top-level environmental performance.

Harmony

3. The Toyota Industries Group will conduct production activities,
in a manner that takes into account prevention of global
warming, effective applications of energy and resources, andreduction of substances of environmental concern.

Sustainable
Management
Improvement

Improve eco-efficiency for
all our business activities,
products and services.

54

1. The Toyota Industries Group will strive for further reductionof environmental impact, as well as compliance withenvironmental laws and regulations.

Responsibility

Fulfill our social
responsibility ofenvironmental protection.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

4. The Toyota Industries Group will communicate closely witha wide range of stakeholders, including its customers andshareholders, and continually improve its system of “sustainable
management.”
5. The Toyota Industries Group will actively address various
environmental issues in local communities and global society asa good corporate citizen.

Environmental Committee
Chaired by the President

Specialized Subcommittees
Product Technology
Subcommittee

EnergySubcommittee

Pollution Prevention
Subcommittee

Waste Minimization
Subcommittee• Development of environmentfriendly products• Facilitation of productrecycling• Promotion of lifecycle
assessment (LCA) system• Proposal of plans forincreasing energy efficiency
and related activities• Promotion of pollutionprevention activities• Management of hazardous
substances• Management and phase-out ofmaterials that impose a burden
on the environment• Planning and promotion of
reducing and recycling waste

Environmental and Social Contribution Efforts

In-House Organization for Environmental Activities

Plant Environmental Committee(at each plant)

Plant Subcommittees

virtually achieving the objectives under a second plan devisedin 1996, we re-examined the second plan in great detail andsubsequently launched the Third Five-Year Environmental
Action Plan (April 2001 - March 2006) in August 2000. Despite
uncertainties such as the effects of a rapid expansion in ourbusiness that was unforeseen at the time of the revision, Toyota
Industries is nonetheless currently making Group-wide efforts toachieve the objectives of this plan.
Looking at specific numerical targets, by the end of March
2006 we aim to lower the volume of CO2 emissions by 5%compared with fiscal 1991 levels (extending to a 10% reduction
by the end of March 2011 using the same base). By the endof March 2006, we also aim to cut total emissions of PRTR
(pollutant release and transfer register) substances as designatedby the Ministry of the Environment by 50% versus fiscal 1999
levels. With fiscal 2006 being the final year of the plan, we are
now working on a fourth plan, for which the details will beauthorized in October 2005.

Internal Organization for Environmental Activities
As part of its ongoing efforts to adopt an organized andsystematic approach to tackling environmental issues,
Toyota Industries has set up the Environmental Committee,
which is chaired by the President and comprised of four
specialized subcommittees. In accordance with policies andplans determined by the Environmental Committee, the Plant
Environmental Committee and specialized subcommittees areundertaking a host of activities to address issues unique to eachplant.
Toyota Industries considers building an organizationalframework to uniformly and efficiently manage and promote theenvironmental activities carried out by each Group company as
one of its most urgent tasks. To this end, we seek to fulfill our
responsibilities as declared under the Toyota Industries Group
Corporate Commitment to the Environment by continuously
working to find new and better ways of effectively implementing
our global environmental approach.

Complying with International Environmental
Standards
Toyota Industries believes that promoting various environmental
initiatives is contingent on building an environmental
management system based on ISO 14001, the international
standard for environment management systems. That’s why weare proactively obtaining ISO 14001 certification at production
bases in Japan and overseas.

Environmental Accounting
In line with the ever-expanding number of environmental issues,
it becomes increasingly important to make an accurate analysisof the costs and ascertain the effectiveness of environmental
investments in terms of management decision-making andinformation disclosure to investors and shareholders. Although
there are currently no uniform international standards on thescope and definition of environmental costs, the Company
has used guidelines (2002 edition) prescribed by the Japanese
Ministry of the Environment to formulate its own internal
standards for calculating the efficiency and economic
effectiveness of its environmental-protection investments andactivities.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

55

Environmental and Social Contribution Efforts

Social Contribution Activities
Basic Stance
As it works toward sustained corporate growth, Toyota Industries
is attempting to meet its obligation as a good corporate citizen
to contribute to the enrichment of local communities that are
the foundation of its corporate activities and employees’ lives.
Toyota Industries fulfills this responsibility on numerous fronts
by cooperating with local communities to undertake a diversityof social contribution activities. We also proactively support
employees’ volunteer activities.

Supporting Volunteer Activities of Employees
To encourage employees’ volunteer endeavors, the Company
set up the Heartful Club. This organization supports employees’
volunteer efforts by furnishing registered members with anabundance of useful information about volunteering, soliciting
volunteers and encouraging employee participation in suchvolunteer activities as social welfare and environmental
protection events.

Communications on Environmental Protection andSocial Contribution Activities
Toyota Industries publishes the Social & Environmental Report,
which summarizes the initiatives and achievements of ourenvironmental protection and social contribution activities. To
obtain a copy of this report, please see the contact information
listed on the last page of this annual report. The contents of theSocial & Environmental Report, along with the recent details of
our environmental protection and social contribution activities,
are also available on our Web site (www.toyota-industries.com).
Through utilizing such communication tools, Toyota Industries
will proactively continue to disclose information to stakeholders
about the ways in which we fulfill our social responsibilities.

Social & Environmental Reports

Rugby classes for children coached by Toyota Industries’
employees aim to instill young people with the importance of
teamwork and communication.

Sponsoring Social Welfare and Cultural Events
Toyota Industries also provides extensive support for social
welfare and cultural events focused chiefly on regions in
the vicinity of our headquarters and production bases. Our
activities encompass supporting various events for children withdisabilities and children orphaned by traffic accidents, as well as
sponsoring concerts.

www.toyota-industries.com

Toyota Industries holds its annual “Social Welfare
Get-Together Festival,” inviting local residents with disabilities
to its facilities for a day of fun and enjoyment.

56

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

Toyota Industries’ News
Sakichi Toyoda’s Circular Loom Depicted on Postage StampOn March 23, 2005, a commemorative stamp was issued
depicting a circular loom that company founder Sakichi
Toyoda invented in 1906. This stamp was included in theseventh series of “Science and Technology & Heroes andHeroines of Animation.” In
his quest to create an ideal
loom that is more energy
efficient and quieter thanflat looms, as well as
able to weave wider cloth
without seams, Sakichi
invented an innovative
circular loom that wove
cloth in a continuous,
circular motion. He
obtained a patent for thisremarkable achievementin 19 countries around theworld, including the United
Kingdom, the United Statesand France. One of the most
revolutionary inventions in
the modernization of scienceand technology in Japan, thecircular loom was selected
as an apt motif for thetheme of the stamp series.
After almost 100 years since
the invention, we at Toyota
Industries and the Toyota
Group feel immense pridein receiving this honor.

Circular loom displayed at the Toyota
Commemorative Museum of Industry
and Technology

Toyota Industries’ Technology at the Toyota Group Pavilion
for World Expo 2005
From March 25 to September 25, 2005, the 2005 World
Exposition Aichi, Japan is being held under the themeof “Nature’s Wisdom” in Aichi Prefecture, where Toyota
Industries is based. Toyota Industries is participating in theevent through the Toyota Group Pavilion as a member of the
Toyota Group. Centered on the theme of “The Dream, Joy andInspiration of Mobility in the 21st Century,” Toyota showcases
advanced technologies of various Group companies andintroduces the direction of future society by entertaining
humanoid robots. The main “Move Live” show presents
a three-dimensional futuristic opera featuring the i-unit*,

robots and human performers against the backdrop of a giant
360-degree screen projecting dynamic images of society inthe future. Toyota Industries’ guidance technology, cultivatedthrough the development of the automatic guided vehicle
system, was incorporated to enable unmanned operation of
the i-unit.

Low-speed mode

High-speed mode

* The i-unit is a future concept vehicle envisioned by Toyota Motor
Corporation. Made for a single passenger, the i-unit embodies
the concept of “expanding human abilities” and realizes a formof “personal mobility” that seeks to enable greater freedom of
movement. The vehicle has a variable positioning system, featuring
a low-speed mode for moving leisurely among other people in an
upright position and a low center of gravity that ensures stablehandling in high-speed mode.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

57

Toyota Industries’ History
Toyota Industries’ History

Foundation – 1980s
1926

1952

1974

Toyoda Automatic Loom Works, Ltd.
(now Toyota Industries Corporation)
established to manufacture and market
automatic looms invented by Sakichi
Toyoda.

Automobile engine (S-type gasoline
engine) production starts.

6P compressor production starts.

1953
Kyowa Plant starts operations,producing engines and assembling
automobiles.

1955
Vehicle Division set up.

1956
Lift truck production starts.

Founder

Sakichi Toyoda
Sakichi Toyoda was born inShizuoka Prefecture, Japan, in
1867. He became an inventor
while still in his teens anddevoted his life to the study anddevelopment of textile machinery.
Starting with a wooden handloom,

1929
Spinning frame production starts.
Automatic loom patent sold to PlattBrothers & Co., Ltd. of the U.K.

1933
Automobile Division set up.

1934
A-type automobile engine completed.

he subsequently pioneered a new1935

era in textile machinery with

Prototype of Model A1 passenger carcompleted.

inventions that included Japan’s
first power loom, the circular loom

his lifetime and is rememberedworld’s greatest inventors. We
carry on the engineering spirit of
our illustrious founder.

Company unveils Model G1 truckat a new-car-release exhibition in
Shibaura, Tokyo.

1937
Automobile Division separates andbecomes Toyota Motor Co., Ltd. (nowToyota Motor Corporation).

1940
Steel Production Division separates
and becomes Toyoda Steel Works,
Ltd. (now Aichi Steel Corporation).

1944
Obu Plant starts operations, producing
castings.

58

Starlet (automobile) production starts.
Aerial lift equipment production starts.

1980
1981
10P compressor production starts.

1960
Shovel loader production starts.
Car air-conditioning compressor(CC3A type, CC3B type) production
starts.

1963

1982
Production starts on C-type diesel
engines for small passenger cars.
Hekinan Plant starts operations,producing automobile diesel engines.

Dump truck production starts.

1985

Friction welder production starts.

Engine Division separates from
Vehicle Division.

1964

10PA compressor production starts.

1986
Company awarded
the Deming Prize
for quality control
implementation.

Publica (van) and Mini Ace(automobile) production starts.

with pride in Japan as one of theat Toyota Industries are proud to1978

JA air-jet loom production starts.

Nagakusa Plant starts operations,producing small commercial vehicles.

patents and 35 utility models in

Compressor Division separates from
Textile Machinery Division.

P-type gasoline engine production
starts.

1967

Type G. Sakichi was awarded 84

Swash plate compressor technology
licensed to Chrysler and Ford.

1959

J-type diesel engine production starts.

and the Toyoda Automatic Loom

1977

1924

1949

Toyoda Automatic Loom Type G
invented by Sakichi Toyoda.

Company stock listed on Tokyo,
Osaka and Nagoya Stock Exchanges.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

Electric counterbalanced lift truck
production starts.

1968
Open-end spinning machine
production starts.

Deming Prize
X300 series lift truck production
starts.

1987
Sprinter Cielo (exported as the Corolla
Lift Back) production starts.
Electronics Sub-Division set up.

1970
Takahama Plant starts operations,producing industrial vehicles.

1971
Corolla (van) production starts.
Divisional organization system
introduced (3 divisions: Textile
Machinery, Industrial Vehicle, andVehicle).
Toyoda-Sulzer Manufacturing Ltd.
established as a joint venture with
Sulzer Brothers, Ltd. of Switzerland to
produce projectile looms.

1988
Toyota Industrial Equipment Mfg.,
Inc. (TIEM) established in Columbus,
Indiana, U.S., as a joint venture with
Toyota Motor Corporation.
RX100 ring spinning frame production
starts.

1989
Michigan Automotive Compressor,
Inc. (MACI) established in Jackson,
Michigan, U.S., as a joint venture with
DENSO Corporation.

2000s –

1990

1997

Sprinter Carib (automobile;
exported as the Corolla Wagon)
production starts.

Compressor production at Kariya
Plant reaches 100 million units.

Company receives 1990 PM
Excellent Plant Award.

Higashichita Plant starts operations,producing foundry parts.

GENEO-E (7FBE outside Japan)
three-wheel electric counterbalanced
lift truck production starts.

6SE compressor production starts.
ST Liquid Crystal Display Corp.
(STLCD) established as a joint venturewith Sony Corporation.

Toyota Industries’ History

1990s –

1998

1992
Materials Handling System
Division set up.
Production starts on automatedstorage and retrieval systems.

TD Deutsche Klimakompressor
GmbH (TDDK) established inGermany as a joint venture with
DENSO Corporation to produce car
air-conditioning compressors.
GENEO (7FG/D outside Japan)
internal combustion counterbalanced
lift trucks introduced.

JAT600 air-jet loom production
starts.

2001
GENEO-R (7FBR outside Japan)
reach truck production starts.
Company takes over the Industrial
Equipment Sales Division of Toyota
Motor Corporation.
TOYOTA Material Handling
Company established as an in-housecompany.
RAV4 production starts.

1993
RX200 ring spinning frame
production starts.

1994
X500 series internal combustion
counterbalanced lift truck
production starts.
Toyota Industry (Kunshan) Co.,
Ltd. (TIK) established in China asa joint venture with Toyota Tsusho
Corporation and Lioho MachineWorks, Ltd.
R500 reach truck production starts.

TIBC Corporation (TIBC) established
as a joint venture with Ibiden Co., Ltd.
to produce semiconductor package
substrates.

Name changed to Toyota Industries
Corporation.

10S compressor production starts.

1999
Vitz (Yaris in Europe) production
starts.
Company takes over water-jet loom
business from Nissan Texsys Co., Ltd.

1995

1CD diesel engine production starts.

Toyota Industrial Equipment, S.A.
(TIESA) established in France asa joint venture with Toyota Motor
Corporation and Manitou B.F.

GENEO-B (7FB outside Japan)
electric counterbalanced lift trucks
introduced.

7SB compressor production starts.

2000

B500 electric counterbalanced lift
truck production starts.

LW600 series water-jet loom
production starts.

Kirloskar Toyoda Textile
Machinery Private Limited (KTTM)
established in India as a joint
venture with the Kirloskar Group.

BT Industries AB of Sweden, aworld-leading manufacturer of
warehouse trucks, becomes a Toyota
Industries subsidiary.

1996

2002
Advanced Logistics Solutions Co.,
Ltd. (ALSO) established to planoverall logistics operations andoperate distribution centers.
Higashiura Plant starts operations,producing parts for car
air-conditioning compressors.

Toyota Motor Industries Poland
Sp.zo.o. (TMIP) established in Poland
as a joint venture with Toyota Motor
Corporation to produce diesel engines.

Aichi Corporation, a manufacturer of
special-purpose vehicles, becomes a
Toyota Industries subsidiary.

2004
Toyota Industry Automotive
Parts (Kunshan) Co., Ltd. (TIAP)
established in China as a joint venturewith Toyota Tsusho Corporationand Lioho Machine Works, Ltd. to
produce foundry parts.
TD Automotive Compressor
Georgia, LLC (TACG) establishedin the U.S. as a joint venture with
DENSO Corporation to produce car
air-conditioning compressors.

2005
Asahi Security Co., Ltd., which
engages in collection and delivery ofcash, management of sales proceeds
and equipment security, becomes a
subsidiary of Toyota Industries.
Vitz (Yaris) production starts after afull model change.

TD Automotive Compressor Kunshan,Co., Ltd. (TACK) established in
China as a joint venture with DENSO
Corporation and other entities
to produce car air-conditioning
compressors.

2003

JAT610 air-jet loom production
starts.

JAT710 air-jet loom production starts.

2UZ gasoline engine production starts.
RX240 ring spinning frame
production starts.

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

59

Corporate Organization
Corporate Organization

Corporate Auditors(As of July 1, 2005)

Corporate Auditor’s Office

Board ofCorporate Auditors

Corporate Center

Board of Directors

Management
Committee

Corporate Planning Dept.
Corporate Management Dept.
Audit Office
Investor Relations OfficePublic Affairs Dept.
Global Human Resources Dept.
Global Quality Control Dept.
Business Planning Dept.
TMHG Coordination Office
Toyota Sales Dept.
Osaka Office

Mechatronics Systems Dept.
Research & Development Dept.

President

TOYOTA Material Handling Company*

Textile Machinery Division

Compressor Division

Vehicle Division

Engine Division

Electronics Division
Business Support Center
Business Operation
Committee

Legal Dept.
Secretarial Dept.
General Administration Dept.
Technical Training Center
Accounting Dept.
Global IT Dept.
Purchasing Dept.
Safety, Health & Environment Dept.
Operations Management Consulting Dept.
Plant Engineering Dept.
Intellectual Property Dept.
Health Care Administration CenterTokyo Office
Corporate Code of Conduct Committee
Environmental Committee
Export Supervisory Committee
Safety and Health Committee
Stock Option Committee
Production Division Committee
Technology Committee
Personnel Development/General Affairs Committee
Cost/Procurement Management Committee
Investment/Financing Management Committee

60

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

Advanced Logistics Division

Machinery & Tools Sub-Division

New Electronics Sub-Division

Trading & Logistics Sub-Division*TOYOTA Material Handling Company is the name of adivision of Toyota Industries Corporation, not a legallyincorporated entity.

Directors and Corporate Auditors(As of June 22, 2005)

Directors and Corporate Auditors

Board of Directors

ChairmanTadashi Ishikawa*Vice Chairman

Vice Chairman

Shozo Nakayama*

Koichiro Noguchi*

President

Tetsuro Toyoda*

Executive Vice President
Norio Sato*

Senior Managing Directors

Tatsuo Matsuura*
Shigetaka Yoshida*
Masafumi Kato*
Yasuharu Toyoda*

Executive Vice President
Shiro Endo*Managing Directors

Yutaka Murodono
Kazunori Yoshida
Shoji Shimo
Ryoji Inoue
Kosaku Yamada
Kimpei Mitsuya
Honorary Chairman

Yoshitoshi Toyoda

Executive Vice President

Executive Vice President

Kazuhiko Takeuchi*

Shinjiro Kamimura*

Directors

Tatsuro Toyoda
Kenji Takenaka
Hirofumi Tsuji
Yukio Yamakita
Takaki Ogawa
Kazue Sasaki
Toshiyuki Sekimori
Hirotaka Morishita
Shinya Furukawa
Hironori Ito
Akira Onishi* Representative Director

Corporate Auditors
Standing Corporate Auditors

Shigetaka Mitomo
Masanori Ito

Corporate Auditors

Kosuke Ikebuchi
Masaaki Furukawa
Takeshi Uchiyamada

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

61

Corporate Data

(As of March 31, 2005)

Corporate Data

Plants and Offices (Parent Company)
Kariya Plant
Hekinan Plant
Nagakusa Plant
Obu Plant
Kyowa Plant
Takahama Plant
Higashichita Plant
Higashiura Plant
Head Office and Others
Total

Number of
Employees

Land Area

1,751
1,634
2,185
458
1,029
1,464
387
93
1,157
10,158

173
347
301
148
162
333
333
245
780
2,822

(1,000m2)

Consolidated Subsidiaries
Company NameJapan
Aichi Corporation Group (4 companies) *1
TIBC Corporation
Asahi Security Co., Ltd.
TOYOTA L&F Tokyo Co., Ltd.
Logistics Planning Tokyo Co., Ltd.
Altex Co., Ltd.
Sun River Co., Ltd.
Izumi Machine Mfg. Co., Ltd.
TOYOTA L&F Keiji Co., Ltd.
Tokyu Co., Ltd.
Mino Tokyu Co., Ltd.
Advanced Logistics Solutions Co., Ltd.
Teion Shokuhin Ryutsu Inc.
Toyoda High System, Incorporated
Nishina Industrial Co., Ltd.
Suzaka Nishina Industrial Co., Ltd.
ALTRAN Corporation
KTL Co., Ltd.
TF Logistics Co., Ltd.
Tokaiseiki Co., Ltd.
Taikoh Transportation Group (5 companies) *2
SKE Inc.
SK Maintenance Inc.
Unica Co., Ltd.
Iwama Loom Works, Ltd.
Kawamoto System Corporation
Nagao Industry Co., Ltd.
TOYOTA L&F Shizuoka Co., Ltd.
Hara Corporation
Sun Valley Inc.
Sun Valley CVS Takaramachi Inc.
Mizuho Industry Co., Ltd.
Sun Staff, Inc.
ALT Logistics Co., Ltd.
Shine’s Inc.
Toyota Industries Well Support Corporation

62

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

Location in Japan

–
Aichi
Tokyo
Tokyo
Tokyo
Shizuoka
Osaka
Aichi
Kyoto
Aichi
Gifu
Aichi
Tokyo
Aichi
NaganoNagano
Aichi
Tokyo
Tokyo
Shizuoka
–
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Shizuoka
Gifu
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi

Capital(thousands in local currency)–¥3,250,000¥516,360¥350,000¥10,000¥200,000¥150,000¥150,000¥140,000¥135,000¥18,000¥100,000¥55,000¥100,000¥100,000¥50,000¥100,000¥100,000¥100,000¥98,000–¥80,000¥50,000¥50,000¥49,920¥47,000¥31,000¥30,000¥23,193¥22,500¥3,000¥20,000¥20,000¥20,000¥10,000¥10,000

EquityOwnership–
60.0%
100.0%
100.0%
100.0%
75.0%
100.0%
68.8%
75.0%
63.3%
93.4%
100.0%
60.0%
90.0%
69.2%
96.8%
60.0%
50.5%
51.0%
92.1%
–
100.0%
70.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.8%
100.0%
60.0%
100.0%
100.0%

Outside Japan
Toyota Industries Sweden AB *3
BT Industries Group *3*4 (64 companies)
Toyota Industries Finance International AB *3
Michigan Automotive Compressor, Inc.
Toyota Industries North America, Inc. *5
Toyota Industrial Equipment Mfg., Inc. *5
TD Automotive Compressor Georgia, LLC *5
Toyota Material Handling USA, Inc. *5
ACTIS Manufacturing, Ltd. LLC *5
Toyoda Textile Machinery, Inc. *5
Toyota-Lift of Los Angeles, Inc. *5
Toyota Industries Personnel Service of America, Inc. *5
Aichi Corporation Group (1 company) *1
TD Deutsche Klimakompressor GmbH
Kirloskar Toyoda Textile Machinery Private Limited
Toyota Industry (Kunshan) Co., Ltd.
Toyota Material Handling (Shanghai) Co., Ltd.
Toyota Industry Automotive Parts (Kunshan) Co., Ltd.
Toyota Truck Norge AS
Toyota Truckutleie Norge AS
Toyota Truck Danmark A/S
Toyota Truckudlejning Danmark A/S
Toyota Industrial Equipment, S.A.
Toyota Gabelstapler Deutschland GmbH
Toyota Industrial Equipment (UK) Limited
Toyota Industrial Equipment (Northern) Limited
Toyota Industrial Equipment Europe, S.A.R.L.
Toyota Carrelli Elevatori Italia S.r.l.
Toyota Textile Machinery Europe, AG
Toyota Maquinas Texteis do Brasil Ltda.
Toyota Industries Corporation Australia Group *6 (9 companies)
Toyota Industries Mercosur Ltda.

CapitalLocation(thousands in local currency)

Mjölby, Sweden–
Mjölby, Sweden
Parma, Michigan, U.S.A.
Schaumburg, Illinois, U.S.A.
Columbus, Indiana, U.S.A.
Jefferson, Georgia, U.S.A.
Irvine, California, U.S.A.
Grapevine, Texas, U.S.A.
Charlotte, North Carolina, U.S.A.
Santa Fe Springs, California, U.S.A.
Schaumburg, Illinois, U.S.A.
–
Straßgräbchen, Germany
Bangalore, Karnataka, India
Kunshan, Jiangsu, China
Shanghai, China
Kunshan, Jiangsu, China
Trondheim, Norway
Trondheim, Norway
Vejle, Denmark
Vejle, Denmark
Ancenis, France
Duisburg, Germany
Castleford, West Yorkshire, U.K.
Castleford, West Yorkshire, U.K.
Ancenis, France/Brussels, Belgium
Bologna, Italy
Zurich, SwitzerlandSão Paulo, Brazil
Sydney, Australia
São Paulo, Brazil

SEK6,652,977–
SEK25,000
US$146,000
US$37,900
US$60,000
US$27,000
US$12,500
US$2,000
US$1,300
US$1,500
US$100–EUR20,452
Rs2,426,200
US$23,000
US$1,000
US$12,500
NOK110,000
NOK100
DKK9,000
DKK500EUR9,000
EUR720
GBP48
GBP1,243
EUR75
EUR3,249
SFR3,000
US$200–
R$26,510

EquityOwnership

Corporate Data

Company Name

100.0%–
100.0%
60.0%
100.0%
100.0%
65.0%
100.0%
60.0%
100.0%
100.0%
100.0%
–
65.0%
95.1%
70.0%
70.0%
60.0%
100.0%
100.0%
100.0%
100.0%
60.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%–
100.0%

Affiliates Accounted for by the Equity Method
Company NameJapan
ST Liquid Crystal Display Corp.
Fuji Logistics Co., Ltd.
Aichi Corporation Group (1 company) *1
Outside JapanBT Industries Group *4 (16 companies)
Aichi Corporation Group (1 company) *1

Location

Aichi
Tokyo
–
–
–

Capital(thousands in local currency)

EquityOwnership¥23,000,000¥2,979,675
–

50.0%
26.8%
–

–
–

–
–

*1 Aichi Corporation Group comprises Aichi Corporation, its four subsidiaries and two affiliates. Aichi Corporation is headquartered in Saitama Prefecture and capitalized at ¥10,425 million.
Toyota Industries Corporation holds 51.0% of the outstanding shares of Aichi Corporation.
*2 Taikoh Transportation Group comprises Taikoh Transportation Co., Ltd. and its four subsidiaries. Taikoh Transportaion Co., Ltd. is headquartered in Aichi Prefecture and capitalized at ¥83,985 thousand.
Toyota Industries Corporation holds 51.4% of the outstanding shares of Taikoh Transportation Co., Ltd.
*3 Toyota Industries Sweden AB is a holding company which holds a 100.0% of the outstanding shares of BT Industries AB and Toyota Industries Finance International AB.
*4 BT Industries Group comprises BT Industries AB, its 63 subsidiaries and 16 affiliates. BT Industries AB is headquartered in Mjölby, Sweden and capitalized at SEK560 million.
*5 Toyota Industries North America, Inc. is a holding company that exercises control over Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc., ACTIS Manufacturing, Ltd. LLC,
Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc., Toyota Industries Personnel Service of America, Inc. and TD Automotive Compressor Georgia, LLC.
*6 Toyota Industries Corporation Australia Group comprises Toyota Industries Corporation Australia Pty Limited and its eight subsidiaries. Toyota Industries Corporation Australia Pty Limited is headquartered in Sydney,
Australia and capitalized at AUD62.8 million. Toyota Industries Corporation holds 100.0% of the outstanding shares of Toyota Industries Corporation Australia Pty Limited.
Note: ¥−Japanese yen; SEK−Swedish krona; US.$−US. dollar; EUR−Euro; Rs−Indian rupee; NOK−Norwegian krone; DKK−Danish krone; GBP−British pound, AUD−Australian dollar, R$−Brazilian real, SFR−Swiss franc

TOYOTA INDUSTRIES CORPORATION Annual Report 2005

63

Locations of Major Subsidiaries outside Japan(As of March 31, 2005)

Locations of Major Subsidiaries outside Japan12 13 26
17 18
19 20
22 23
1
3

9

5

14 15

2
8
7 6

4

16
15
25

24
21
28 29
30
31

10 11

27

Company Name
North America

16

Toyota Gabelstapler Deutschland GmbH1

Toyota Industries North America, Inc.

17

Toyota Truck Norge AS

2

Toyota Industrial Equipment Mfg., Inc.

18

Toyota Truckutleie Norge AS

3

Toyota Material Handling USA, Inc.

19

Toyota Truck Danmark A/S

4

Toyota-Lift of Los Angeles, Inc.

20

Toyota Truckudlejning Danmark A/S

5

Michigan Automotive Compressor, Inc.

21

Toyota Carrelli Elevatori Italia S.r.l.

6

TD Automotive Compressor Georgia, LLC

22Toyota Industrial Equipment (UK) Limited

7

ACTIS Manufacturing, Ltd. LLC

23Toyota Industrial Equipment (Northern) Limited

8

Toyoda Textile Machinery, Inc.

24

TD Deutsche Klimakompressor GmbH

9

Toyota Industries Personnel Service of America, Inc.

25

Toyota Textile Machinery Europe, AG

South America

26

Toyota Industries Finance International AB

10Toyota Industries Mercosur Ltda.

11

Toyota Maquinas Texteis do Brasil Ltda.

27

Toyota Industries Corporation Australia Pty Limited

Europe28

Toyota Industry (Kunshan) Co., Ltd.

29

Toyota Industry Automotive Parts (Kunshan) Co., Ltd.

30

Toyota Material Handling (Shanghai) Co., Ltd.
Kirloskar Toyoda Textile Machinery Private Limited

12

Toyota Industries Sweden AB*1

Asia & Oceania

13

BT Industries AB

14

Toyota Industrial Equipment, S.A.

31

Toyota Industrial Equipment Europe, S.A.R.L.*2*1 BT Industries AB is a holding company that exercises control of 79 subsidiaries and affiliates(as of December 31, 2004).
*2 Toyota Industrial Equipment Europe’s sales and marketing office is located in Brussels, Belgium.

1564Company NameTOYOTA INDUSTRIES CORPORATION Annual Report 2005