FINANCIAL SUMMARY
FY2004(April 1, 2003 through March 31, 2004)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements
This Financial summary contains projections and other forward-looking statements that involve risks and uncertainties. Our uses of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking statements.
Projections and forward-looking statements are based on the current expectations and estimates of Toyota Industries Corporation and
its Group companies regarding their plans, outlook, strategies and results for the future. All such projections and forward-looking
statements are based on management’s assumptions and beliefs derived from the information available to it at the time of producing thissummary and are not guarantees of future performance. Toyota Industries Corporation and its Group companies undertake no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Therefore,
it is advised that you should not rely solely upon these projections and forward-looking statements in making your investment decisions.
You should also be aware that certain risks and uncertainties could cause the actual results of Toyota Industries Corporation and its
Group companies to differ materially from any projections or forward-looking statements discussed in this summary. These risks anduncertainties include, but are not limited to, the following:i) Domestic and overseas economic conditions, particularly levels of consumer spending, demand for our products and private sector
capital expenditureii) Adverse changes in laws and regulations, such as trade restrictions and tariffs, or stricter safety or emissions regulations, resulting inhigher costs and/or sales restrictionsiii) Currency exchange rate fluctuations, notably involving yen, U.S. dollars, Asian currencies and the euro — the currencies in which
Toyota Industries Corporation and its Group companies have holdings and use to conduct their international businessiv) Fluctuations in market prices of securities in which Toyota Industries Corporation and its Group companies have substantial holdingsv) The ability of Toyota Industries Corporation and its Group companies to maintain their strength in many product development andgeographical areas, through such means as new product development and launches in highly competitive markets characterized bycontinual new product introductions, rapid technological advances and fluctuations in demandvi) Effects of natural disasters, terrorist activities, war or political instability in the markets Toyota Industries Corporation and its Group
companies servevii) Factors such as greater price competition in Asia, North America and Europe resulting from industry overcapacity or other factors;
higher fuel prices or shortages of fuel; labor or other constraints on the ability of Toyota Industries Corporation and its Group
companies to restructure their business; work stoppages at their facilities or those of key suppliers; and the discovery of defects in theirproducts resulting in delays in new product launches, recall campaigns, increased warranty costs or litigation.
viii) Political, economic and social conditions in Japan, the United States and elsewhere, including the relevant governments’ specificpolicies with respect to economic growth, inflation, taxation, currency convertibility, imports and sources of supplies, and theavailability of credit, particularly to the extent such current or future conditions and policies affect the automobile, materials handlingequipment, textile machinery, and electronics industries and markets in Japan, the United States, and elsewhere.

April 27, 2004

Consolidated Financial Results for FY2004 (April 1,2003 - March 31,2004)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) ( URL http://www.toyota-industries.com/ )Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person : Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for FY2004 consolidated financial results: April 27, 2004
US GAAP: Not Used

1. Financial Highlights for FY2004 (April 1, 2003 - March 31, 2004)(1) Consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2004
FY2003

1,164,378
1,069,218
Net income

8.9
9.1

(
(

Million yen))

52,63152,477

Net income perchange fromyear )( %previous
share－basic

Million yen

FY2004
FY2003%%33,623 (21,933 (

53.3
-19.7

0.3
13.3

(
(

Net income pershare－diluted

YenMillion yen))

58,97051,375101.97
62.90

%

(
(

14.8
7.3

Returnon equity

Ordinary
incomeon assets

Ordinary
incomeon sales

%

%

%

Yen

108.04
70.19

)
)

%

3.8
2.7

3.2
3.0

)
)

5.1
4.8

Notes: 1. Equity in net income of affiliates: FY2004−1,842 million yen,FY2003−(4,633) million yen
Notes: 2. Average number of shares outstanding in each year (consolidated) : FY2004−308,144,183 shares, FY2003−307,813,094 shares
Notes: 3. Changes in accounting policies: No change(2) Consolidated financial position
Total assets
Million yen

FY2004
FY2003

Ratio ofshareholders’ equity

Shareholders’ equity

2,011,995
1,650,391

Million yen

Shareholders’ equity
per share%

1,016,763
738,867

Yen

50.5
44.8

3,199.69
2,522.52

Note: Number of shares outstanding at end of each year (consolidated) : FY2004−317,665,682 shares, FY2003−292,777,198 shares(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2004
FY200392,406103,183

Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of year

Million yen(92,667)(95,120)(56,015)
57,775

Million yen

77,212
136,929(4) Scope of consolidation and equity method
Consolidated subsidiaries: 140companies
Unconsolidated subsidiaries accounted for under the equity method: 1 company
Affiliates accounted for under the equity method: 19 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 22 companies
Equity method: (increase) 4 companies, (decrease) 2 companies

2. Forecasts of Consolidated Financial Results for FY2005 (April 1, 2004 - March 31, 2005)
Net sales

Ordinary income
Million yen

FY2005semi-annual
FY2005

Million yen

Net income
Million yen

570,000

29,00016,0001,150,000

60,00034,000

Reference: (Forecast) Net income per share－basic (annual): 107.03yenOverview of Associated Companies
Toyota Industries Corporation and its associated companies (Toyota Motor Corporation which has Toyota Industries Corporation
as an affiliate, Toyota Industries Corporation’s 141 subsidiaries and 29 affiliates) are engaged mainly in manufacture and sales ofautomobiles and related products, materials handling equipment, textile machinery and others. The associated companies’ positionsin the businesses and relation to the business segments are shown below
Customers (Toyota Motor Corporation, etc.)
Overseascompanies(Manufacturing subsidiaries)

Michigan AutomotiveCompressor, Inc.
TD Deutsche
Klimakompressor GmbHACTIS Manufacturing Ltd., LLC(Manufacturing subsidiary)

Toyota Industry(Kunshan)Co., Ltd.

Overseas companies(Sales, other subsidiaries and affiliates)
BT Industries Group (75 companies)
Toyota Material Handling USA, Inc.
Toyota-Lift of Los Angeles, Inc.
Toyota Truck Norge Group (4 companies)
Toyota Industries Mercosur Ltda.
Toyota Industries Corporation Australia
Group (8 companies)
Toyota Material Handling (Shanghai) Co., Ltd
Toyota Gabelstapler Deutschland GmbH
Toyota Industrial Equipment (UK) Group(2 Companies)
Toyota Industrial Equipment Europe
Group (2 Companies)
Aichi Corporation Group (1 company)

Overseascompanies(Sales subsidiary)

Toyoda Textile
Machinery, Inc.
(Manufacturing subsidiary)

Kirloskar Toyoda Textile
Machinery Ltd.

(Manufacturing subsidiaries and affiliates)
BT Industries Group (7 companies)
Toyota Industrial Equipment Mfg., Inc.
Toyota Industrial Equipment, S.A.
North Vernon Industry Corp.
Aichi Corporation Group (1 company)

Domestic
companies

Domestic
companies

Domestic
companies

Domestic
companies(Manufacturing subsidiary)(Manufacturing subsidiary)

Kawamoto System
Corporation

TIBC Corporation

Logistics Planning Tokyo Co., Ltd.
TOYOTA L&F Keiji Co., Ltd.

(Manufacturing subsidiary)

Tokyu Co., Ltd.

TOYOTA L&F Shizuoka Co., Ltd.

Hara Corporation

Tokaiseiki Co., Ltd.

Aichi Corporation Group (1 company)(Manufacturing subsidiary)(Manufacturing subsidiaries and affiliates)

SKE Inc.

(Manufacturing subsidiaries)

ALTEX Co., Ltd.
Izumi Machine Mfg. Co.,Ltd.

Iwama Loom Works, Ltd.
Mizuho Industry Co., Ltd.

(Sales subsidiaries)

TOYOTA L&F Tokyo Co., Ltd.

(Manufacturing affiliate)

ST Liquid Crystal
Display Corp.

Aichi Corporation Group(4 companies)(Manufacturing subsidiaries)

Nishina Industrial Co., Ltd.
Suzaka Nishina Industrial Co., Ltd.
Mino Tokyu Co., Ltd.

Automobile

Materials handling equipment
Toyota Industries Corporation-1-

Textile machinery

OthersManagement Policy
1. Basic Management Policy
The basic management policies of Toyota Industries Corporation and its Group companies(“Toyota Industries”) are as follows:(1)

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

(2)

Toyota Industries is respectful of the people, culture and tradition of each country
and region in which it operates. It also works to promote economic growth andprosperity in those countries and regions.

(3)

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

(4)

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

(5)

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

2. Basic Policy on the Distribution of Profits
Toyota Industries Corporation’s dividend policy is based on maintaining stable dividends
while giving full consideration to business performance, the dividend payout ratio and otherfactors as it makes every effort to meet the expectations of shareholders.
Toyota Industries Corporation will use retained earnings to improve the competitiveness of its
products, augment production capacity in Japan and overseas, as well as expand into new fieldsof business and strengthen its corporate constitution in securing future profits for its
shareholders. It will also use retained earnings to repurchase treasury stock.

3. Medium- to Long-Term Management Strategies
In the medium to long term, Toyota Industries seeks to increase profitability and strengthen its
management base. The Group seeks to grow by placing a high priority on research anddevelopment, thereby enabling the Group to bring to market leading-edge products andservices.
For Toyota Industries, it is a top priority to develop safe, environmentally friendly products,
which are of high quality and satisfy changing customer needs. Toyota Industries is also
determined to maintain and enhance its position as a leader in its respective business fields
through vigorous sales efforts, superior service, cost reduction activities and constantenhancement of quality throughout all its operations.
Within the Automobile Segment, the Vehicle Business will strive to enhance productionengineering technologies and product development capabilities to deliver outstanding customer
satisfaction through its assembly of TOYOTA-brand cars for customers. The Engine Businesswill strive to expand its business scope by strengthening production and development
capabilities and playing a greater role in production of diesel engines for the Toyota Group. Also
within the Automobile Segment, the Car Air-Conditioning Compressor Business will solidify its
global number one position through advanced technologies and superior cost competitiveness.
The Materials Handling Equipment Segment will collaborate with TOYOTA Material Handling
Company and the BT Industries Group to enhance its business by expanding its product lineup,bolstering marketing activities and providing global customers with optimal solutions that will-2-

lower their materials handling costs.
The Textile Machinery Segment will continue to produce a high-quality range of weaving andspinning machinery.
Toyota Industries will also strengthen the range and scope of its Electronics Business,
including low-temperature polysilicon TFT-LCD panels, electronic substrates for IC chipsets andpower electronics parts for automobiles.
For fiscal 2005, Toyota Industries aims to achieve consolidated sales of 1.2 trillion yen,enhance profitability and improve capital efficiency.

4. Basic Stance toward Corporate Governance and Measures for Implementation
Toyota Industries Corporation deems it highly important to make corporate governancefunction effectively for the purpose of management efficiency and corporate soundness. To thisend, we aim to establish an organizational structure that can quickly and flexibly respond tochanges in the management environment, as well as a fair management system with anemphasis on shareholders.
Toyota Industries’ Board of Directors holds a meeting every month to decide subjects ofmaterial importance and supervise business operations. The Company has also instituted theManagement Committee and the Business Operation Committee. The Management Committee
deliberates upon company-wide strategies while the Business Operation Committee deliberates
upon strategies in each business segment. Through these bodies, Toyota Industries seeks toestablish a responsive and efficient management as well as an effective internal control system.
At Toyota Industries, we have adopted the “Statutory Auditors / Board of Statutory Auditors”
structure. In order to enhance this system, another outside corporate auditor was selected andapproved at the Ordinary General Meeting of Shareholders held in June 2002, bringing the total
number of corporate auditors to five. We have also set up the Corporate Auditors Office withfull-time staff to strengthen auditing of the execution of the directors’ duties.
The Company has strengthened the supervision of each division and the internal auditing
structure, and regularly holds meetings of the Code of Conduct Council to ensure that it adheres
fully to the letter of the law and conducts its management and business affairs based on its basic
management policies. Toyota Industries will continue to endeavor to promote its businessactivities with a higher awareness of ethical issues. Moreover, in September 2003, we set up a
corporate ethics hotline. Outside lawyers field queries from employees about fraudulent orunethical conduct. This hotline was set up for early detection and quick handling of importantcompliance-related irregularities.
Toyota Industries established a department dedicated to investor relations activities topromote better management transparency. Through such efforts, the Company will continue toensure a high level of corporate accountability to shareholders and stakeholders.
With these measures, Toyota Industries strives to secure further growth, prosperity and profit.
We intend to meet the high expectations of our stakeholders, notably shareholders andcustomers, and sincerely carry out our social responsibilities.

-3-

Business Results and Financial Position
1. Overview of Business results
In fiscal 2004 (ended March 31, 2004), the Japanese economy finally shifted toward steadyrecovery. A strong export performance was accompanied by an increase in private-sector capital
investment, and consumer spending emerged from sluggishness. Overseas, the economic
outlook was better, with a strong U.S. economy and the European economy picking up.
In this operating environment, Toyota Industries Corporation made efforts to strengthen its
corporate structure by developing new products to realize greater customer satisfaction,
aggressively conducting sales promotions and executing a company-wide program to reduce
costs. As a result, total consolidated net sales of Toyota Industries amounted to 1,164.3 billion
yen, an increase of 95.1 billion yen, or 9%, over fiscal 2003. The following is a review ofoperations for the major business segments.
Net sales of the Automobile Segment totaled 603.8 billion yen, a slight improvement overfiscal 2003, with a marginal change in sales both in the domestic and overseas markets. Within
this segment, net sales of the Vehicle Business totaled 280.4 billion yen, approximately thesame level as fiscal 2003. Sales of Vitz, our mainstay vehicle, remained at the same level as forfiscal 2003. While sales of the Corolla Sedan for North America, for which productioncommenced in January 2003, were strong, sales of the RAV4 decreased. Net sales of theEngine Business totaled 107.3 billion yen, a decrease of 10.3 billion yen, or 9%, from fiscal 2003.
An increase in sales of the AZ-type gasoline engine, which is fitted in the Estima, was offset by adecrease in sales of the UZ-type and FZ-type gasoline engines that are incorporated into theLand Cruiser. The decrease in sales was also affected by the fact that a certain volume ofCD-type diesel engines for Europe are now shipped as parts, thus decreasing the overall
production of the engine as a complete product. Toyota Motor Industries Poland Sp.zo.o., which
was jointly established with Toyota Motor Corporation (“TMC”) to manufacture diesel engines, isslated to begin operations in January 2005. Net sales of the Car Air-Conditioning Compressor
Business totaled 198.3 billion yen, an increase of 20.4 billion yen, or 12%, over fiscal 2003.
Sales in both domestic and overseas markets increased, attributable mainly to robust sales ofvehicles fitted with our car air-conditioning compressors and an expanded range of automobiles
installed with our products. Aiming for cumulative sales of 20 million units in the global market in2005, we are proceeding with vigorous sales activities targeting car manufacturers around theworld. We have also enhanced our product lineup, including the fuel-efficient rotary valve-type
compressor, which was introduced into the market in August 2003, as well as the ES-type
electrically driven car air-conditioning compressors for hybrid cars, which have been shipped to
TMC since August 2003 for installation in the new Prius.
Net sales of the Materials Handling Equipment Segment totaled 443.4 billion yen, an
increase of 70.4 billion yen, or 19%, over fiscal 2003, due primarily to strong sales in Japan led
by a brisk private-sector capital expenditure. Sales increases in Europe and the U.S. also
contributed to consolidated results. We developed new products attuned to customer needs,
and conducted aggressive sales promotion activities in cooperation with our distributors. As aresult, we sold 82,000 Toyota-brand forklift trucks and 59,000 BT-brand forklift trucks worldwide.
We achieved a 42.6% share in the Japanese forklift truck market for fiscal 2004. Although
exports of forklift trucks for North America and Europe decreased as a result of transferringproduction to respective local subsidiaries, exports to Asia and Oceania dramatically increased.
In fiscal 2004, we augmented our sales and production structures globally. In Japan, Aichi
Corporation became one of our subsidiaries in May 2003, and since then we have supported
them with cost-reduction activities. Together with this and good demand for its products, Aichi’s
performance is on its way to steady recovery. In China, Toyota Industry (Kunshan) Co., Ltd.
commenced local production of forklift trucks in April 2003, while Toyota Material Handling(Shanghai) Co., Ltd. began sales operations in June. Moreover, we established Toyota
Industries Corporation Australia Pty Limited in Sydney in June 2003, and Toyota Industries
Merco Sur S.A. in São Paulo, Brazil, in January 2004, in view of expanding sales in respective-4-

markets.
Net sales of the Textile Machinery Segment totaled 45.9 billion yen, a decrease of 2.8 billion
yen, or 6%, from fiscal 2003. This was because delivery for a large order from the previous fiscal
year for air-jet looms to Wujiang, Jiangsu province, China, was only completed during fiscal
2004, although sales of air-jet looms to Pakistan and ring spinning frames to Vietnam increased.
In China, one of our core markets for air-jet looms, previously strong sales have subsided since
the end of 2003, due mainly to financial belt-tightening against economic overheating. Althoughsales of spinning-related machinery and weaving-related machinery showed signs of recovery inIndia and Pakistan, sales in other Asian markets remained sluggish.
During fiscal 2004, Toyota Industries’ ordinary income amounted to 58.9 billion yen, an
increase of 7.6 billion yen, or 15%, over fiscal 2003. This increase was due largely to increases
in income of our subsidiaries in and outside Japan, as well as a bounce-back in performance by
ST Liquid Crystal Display Corp., which was established as a joint venture with Sony Corporation.
Net income amounted to 33.6 billion yen, an increase of 11.7 billion yen, or 53%, over fiscal
2003.
Cash flows from operating activities resulted in an increase in cash by 92.4 billion yen in
fiscal 2004, due largely to income before income taxes in an amount of 57.7 billion yen. Net
cash provided by operating activities decreased by 10.7 billion yen from 103.1 billion yen in
fiscal 2003. Cash flows from investing activities resulted in a decrease in cash by 92.6 billion
yen in fiscal 2004, attributable primarily to payments for acquisition of fixed assets amounting to78.2 billion yen. Net cash used in investing activities decreased by 2.5 billion yen from 95.1
billion yen in fiscal 2003. Cash flows from financing activities resulted in a decrease in cash by
56.0 billion yen in fiscal 2004, due mainly to repayments of bonds to an amount of 31.6 billion
yen. Net cash used in financing activities increased 113.7 billion yen from 57.7 billion yen in net
cash provided by financing activities in fiscal 2003.
After translation adjustments, cash and cash equivalents as of March 31, 2004 stood at 77.2
billion yen, a decrease of 59.7 billion yen, or 44%, from fiscal 2003.

2. Distribution of Profits for FY2004
Including the interim cash dividend of 12.0 yen per common share paid in November 2003,
and a year-end cash dividend of 12 yen per common share, Toyota Industries Corporation
declares that total cash dividends for fiscal 2004 will be 24 yen per common share, an increaseof 2 yen per common share over fiscal 2003.

3. Forecast for the Fiscal Year Ending March 31, 2005
Toyota Industries expects the Japanese economy to continue recovering. However,uncertainties persist regarding the fluctuations of exchange rates and the prices of raw materials,
notably steel. The global economy may also be affected by both the U.S. economy, where apresidential election is scheduled for November, and the overheating Chinese economy.
For fiscal 2005, ending March 31, 2005, Toyota Industries forecasts consolidated net sales of
1,150.0 billion yen, ordinary income of 60.0 billion yen and net income of 34.0 billion yen. We
are determined to develop and market new products that are of high quality and attuned tocustomer needs, as well as enhance sales, service and cost-reduction activities group-wide.
Our projections are based on an exchange rate of ¥105.0=US$1.

-5-

Consolidated Balance Sheets
FY2004(As of March 31, 2004)

FY2003(As of March 31, 2003)

Increase(Decrease)349,914

371,807(21,893)

57,37587,840(30,465)

144,575

119,047

25,528Marketable securities

20,06452,780(32,716)

Inventories

77,574

69,1408,434

Deferred tax assets

17,533

14,072

3,461

Other current assets

35,12830,924

4,204

Less䋭allowance for doubtful
accounts(2,337)(1,998)(339)

1,662,080

1,278,583

383,497

Property, plant and equipment

389,396

362,193

27,203

Buildings and structures

124,422

118,448

5,974

Machinery, equipment and vehicles

160,787

157,733

3,054

Tools, furniture and fixtures

15,56516,006

(441)

Land

71,78656,254

15,532

Construction in progress

16,834

13,7493,085

99,856

96,773

3,083

Software11,993

9,195

2,798

Goodwill

87,862

87,577285

1,172,828

819,616353,212

1,112,776

762,026

350,750

9,756

10,521(765)

13,55315,081(1,528)

3,537

2,862

675

33,45329,370

4,083

(250)

(247)

(3)

2,011,995

1,650,391

361,604

5 0 9 , 3 7 8

4 6 5 , 1 5 1

4 4 , 2 2 7

2 4 , 5 9 4

4 2 , 9 9 5( 1 8 , 4 0 1 )

8 , 1 7 4 , 9 5 8shares

2 0 , 5 4 7 , 2 5 3shares

( 1 2 , 3 7 2 , 2 9 5 )sharess

4 , 6 0 0

2 , 7 3 7

AssetsCurrent assets
Cash and deposits
Trade notes and accounts receivable

Fixed assets

Intangible assets

Investments and other assets
Investments in securities
Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and other assets
Less䋭allowance for doubtful
accounts
Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees.3. Number of shares of treasury stock
4. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)-6-

1 , 8 6 3

(Million yen; amounts less than one million yen are omitted.)

FY2004r(As of March 31, 2004)

FY2003(As of March 31, 2003)

Increase(Decrease)

Liabilities
326,337

393,365(67,028)

Trade notes and accounts payable

129,821

117,424

12,397

Short-term bank loans

70,44178,052(7,611)

Commercial paper

15,000-15,000Current portion of bonds-

20,000(20,000)

Current portion of convertible bonds-

75,692(75,692)

Other payables

19,067

17,406

1,661

Accrued expenses

51,58642,027

9,559

Accrued income taxes

8,845

14,143(5,298)Deposits received from employees

19,496

19,234

262

Deferred tax liabilities

2,742

1,191

1,551

Other current liabilities

9,335

8,193

1,142

Long-term liabilities

633,968

494,164

139,804

Bonds

200,300

200,300-

Long-term debt

35,22436,576(1,352)

Deferred tax liabilities

346,335

212,355

133,980

Allowance for retirement benefits

34,264

34,100164

Other long-term liabilities

17,843

10,832

7,011

960,305

887,530

72,77534,92623,993

10,933

Common stock

80,462

68,046

12,416

Capital surplus

105,743

89,364

16,379Retained earnings

294,672

269,380

25,292Net unrealized gains onother securities

534,078

331,667

202,411

Foreign currencytranslation adjustments

19,782

16,8902,892

Treasury stock at cost

(17,975)(36,483)

18,508

Total shareholders’ equity

1,016,763

738,867

277,896

Total liabilities andshareholders’ equity

2,011,995

1,650,391

361,604

Current liabilities

Total liabilities
Minority interest inconsolidated subsidiaries
Shareholders’ equity- 웘 -Consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)(

FY2004
April 1, 2003 March 31, 2004

) (FY2003
April 1, 2002 March 31, 2003)

Increase(Decrease)

1,164,378

1,069,218

95,160

Cost of sales

978,458

899,70278,756Gross profit

185,919

169,516

16,403

Selling, general andadministrative expenses

133,288

117,038

16,250Operating income

52,63152,477154

Non-operating income

30,183

26,335

3,848Interest income

8,174

8,985

(811)

Dividends income

10,997

8,888

2,109

Other non-operating income

11,010

8,461

2,549

Non-operating expenses

23,84327,438(3,595)

9,755

10,522(767)

14,087

16,915(2,828)58,97051,375

7,595

621

-

621

621

-

621

1,851

7,705

(5,854)

Provision for retirement and severance
benefits for directors and corporate

1,851

-

1,851

Revalued loss of investment securities

-

4,298

(4,298)Loss on disposal of property, plant andequipment

-

3,407

(3,407)

Income before income taxes

57,74043,66914,071

Income taxes䋭current

23,96728,120(4,153)

Income taxes䋭deferred(3,220)(7,304)

4,084

Minority interest inconsolidated subsidiaries

3,370

919

2,451

Net income

33,623

21,933

11,690Note: R&D expenses( included in selling, general andadministrative expenses and manufacturing cost)

2 9 , 5 6 2

2 9 , 7 0 5

Net salesInterest expenses
Other non-operating expenses
Ordinary income
Extraordinary gains
Gains from transition of benefit plan into
defined contribution pension plan
Extraordinary losses-8-( 1 4 3 )Consolidated Statements of Shareholder’s Equity(Million yen; amounts less than one million yen are omitted.)(

FY2004
April 1, 2003 March 31, 2004

) (FY2003
April 1, 2002 March 31, 2003)

Increase(Decrease)(Capital surplus)
Capital surplus
at beginning of year

89,36489,32638

Increase in capital surplus

16,37838

16,34012,41424

12,390

3,963

13

3,950

-

-

-

105,743

89,364

16,379269,380

253,975

15,40533,623

21,933

11,69033,623

21,933

11,690

8,332

6,528

1,804

7,417

6,246

1,171

Bonuses to directors andcorporate auditors

290

282

8

Change in subsidiaries’ year-ends

624

-

624

294,672

269,380

25,292Issuance of equity due to conversion of
convertible bonds
Gain on disposal of treasury stock
Decrease in capital surplus
Capital surplus at end of year
(Retained earnings)
Retained earnings
at beginning of year
Increase in retained earnings
Net income
Decrease in retained earnings
Cash dividends

Retained earnings at end of year-9-Consolidated Statements of Cash Flows(Million yen; amounts less than one million yen are omitted.)(
Cash flows from operating activities
Income before income taxes and minority interestin consolidated subsidiaries
Depreciation and amortization
Increase in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in net (earnings) loss of affiliates
Increase in receivables
Decrease in inventories
Increase in payables
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Cash flows from investing activities
Payments for purchases of marketable securities
securities
Proceeds from sales of marketable securities
Payments for purchases of property, plant andequipment

Increase

FY2004

FY2003

April 1, 2003 March 31, 2004

April 1, 2002 March 31, 2003

) ()

92,406103,183(10,777)

57,74043,66914,071

65,351
45(19,172)
9,755(1,842)(11,050)
750
2,630
9,741
113,951
18,900(9,845)(30,600)

59,154219(17,874)
10,522
4,633(7,406)
1,252
5,431
20,417
120,020
17,982(10,944)(23,875)

6,197
(174)
(1,298)(767)(6,475)(3,644)(502)(2,801)(10,676)(6,069)918
1,099(6,725)(92,667)(95,120)

2,453

(101)

(1,664)

1,563

3,874

8,447

(4,573)(78,267)(86,703)

8,436

Proceeds from sales of property, plant andequipment
Payments for purchases of investment securities
Proceeds from sales of investment securities
Payments for acquisition of subsidiaries' stock
Resulting in change in scope of consolidation

3,200

749

2,451

(14,301)
2,614(21,896)
9,792

7,595
(7,178)

1,215

944

271

Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Others, net(4,977)
5,447(960)(10,411)(1,664)
2,931(6,056)(3,313)2,516(960)(4,355)

Cash flows from financing activities
Increase (decrease) in short-term loans
Increase in commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of bonds
Repayments of bonds
Payments to convertible bond redemption funds
Proceeds from convertible bond redemption funds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net
Translation adjustments of cash and cash
equivalents(56,015)(10,958)
15,0004,522(8,529)(31,677)(56,670)
56,670(17,094)(7,413)(252)
389

57,775
5,886
21,797(9,808)79,690(35,195)(6,244)
(194)
1,844

(113,790)(16,844)
15,000(17,275)
1,279(79,690)(31,677)(56,670)
56,67018,101(1,169)(58)(1,455)

322

(28)

350

(55,953)

65,809(121,762)

136,929

71,11965,810(3,763)-(3,763)

77,212

136,929(59,717)86,85650,072(29,663)(30,054)

Net (decrease) increasein cash and cash equivalents
Cash and cash equivalents
at beginning of period
Net decrease in cash and cash equivalents
due to change in subsidiaries’ year-ends
Cash and cash equivalents at end of period

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
57,193Marketable securities
20,018- 10 -

Basis of Presenting Consolidated Financial Statements
1. Scope of consolidation and equity method(1) Scope of consolidation
Companies

Consolidated
subsidiaries

140

Unconsolidated
subsidiaries

1

Aichi Corporation Group (6 companies), TIBC Corporation, 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., Teionshokuhin Ryutsu Inc.,
Toyoda High System, Inc., Nishina Industrial Co., Ltd., Suzaka Nishina Industrial Co., Ltd.,ALTRAN Corporation, KTL Co., Ltd., Tokaiseiki Co., Ltd., Logistec Co., Ltd.,
Taikoh transportation Group (5 companies), SKE Inc., SK Maintenance Inc.,
Iwama Loom Works, Ltd., Kawamoto System Corporation, Arti Inc.,TOYOTA L&F Shizuoka Co., Ltd., Hara Corporation, Mizuho Industry Co., Ltd., Sun Valley Inc.,Sun Staff, Inc., ALT Logistics Co., Ltd., Tokai System Institute Corp., Shine’s Inc.,TOYOTA INDUSTRIES WELL SUPPORT CORPORATION,*Toyota Industries Sweden AB, BT Industries Group (64 companies),
Toyota Industries Finance International AB,
Michigan Automotive Compressor, Inc., Kirloskar Toyoda Textile Machinery Ltd.,
Toyota Industries North America, Inc., 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., TD Deutsche Klimakompressor GmbH,
Toyota Industry (Kunshan) Co., Ltd., Toyota Truck Norge Group (4 companies),
Toyota Industrial Equipment, S.A., Toyota Industries Mercosur Ltda.,
Toyota Industries Corporation Australia (8 companies),
Toyota Material Handling (Shanghai) Co., Ltd, Toyota Gabelstapler Deutschland GmbH,
Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)(* Toyoda International Sweden AB changed its name to Toyota Industries Sweden AB in May 2003.)
BT Industries Group (1 company)(2) Scope of equity method
Companies

Unconsolidated
subsidiaries

1

BT Industries Group (1 company)

Affiliates

19

Aichi Corporation Group (2 companies), ST Liquid Crystal Display Corp.,
FUJI LOGISTICS CO., LTD., BT Industries Group (15 companies)

2. Changes in scope of consolidation and equity method
Consolidated subsidiaries
Companies(Increase)22(Decrease)0

Aichi Corporation Group (6 companies), ALTRAN Corporation,
KTL Co., Ltd., ALT Logistics Co., Ltd.,TOYOTA INDUSTRIES WELL SUPPORT CORPORATION,
BT Industries Group (1 company), Toyota Industries Finance International AB,
Toyota Industries Mercosur Ltda., Toyota Industries Corporation Australia (8 companies),
Toyota Material Handling (Shanghai) Co., Ltd

Affiliates accounted for the equity method- 11 -

Companies(Increase)4(Decrease)2

Aichi Corporation Group (2 companies) , FUJI LOGISTICS CO., LTD.,
BT Industries Group (1 company)
Aichi Corporation, BT Industries Group (1 company)

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

Toyota Industries Sweden AB, BT Industries Group (64 companies),
Toyota Industries Finance International AB, Toyota Industry (Kunshan) Co., Ltd.,
Toyota Material Handling (Shanghai) Co., Ltd(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.
Some consolidated subsidiaries change its closing date from December 31 to March 30. The details are given below.
TIBC Corporation, Sun River Co., Ltd., Izumi Machine Mfg. Co., Ltd., Mino Tokyu Co., Ltd.,
Toyoda High System, Inc., Logistec Co., Ltd., Taikoh Transportation group (1 company), SKE Inc., SK
Maintenance Inc., Kawamoto System Corporation, Arti Inc., Hara Corporation, Mizuho Industry Co., Ltd.,Sun Valley Inc., Sun Staff, Inc., Tokai System Institute Corp., Shine’s Inc.,
Michigan Automotive Compressor, Inc., Kirloskar Toyoda Textile Machinery Ltd.,
Toyota Industries North America, Inc., 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.,TD Deutsche Klimakompressor GmbH, Toyota Truck Norge Group (4 companies),
Toyota Industrial Equipment, S.A., Toyota Gabelstapler Deutschland GmbH,
Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)

4. Significant accounting policies(1) Valuation of significant assets
a. Marketable securities
Other securities with market value

Other securities without market valueb. Inventories…. Fair value method using market price at the end of period(Unrealized gains and losses are recorded as a portionof shareholders’ equity. Sales cost of marketablesecurities is determined by the moving averagemethod.)…. At cost determined by the moving average method…. Mainly at cost determined by the moving average method(2) Depreciation and amortization
Depreciation expenses of property, plant and equipment are computed mainly by the declining-balance method.
Amortization of software (intangible assets) is computed by the straight-line method.
(3) Significant allowancesa. Allowance for doubtful accounts is estimated by such means as using the percentage of historical experiences in credit
losses for ordinary receivables and by examining the feasibility of collection individually for receivables that seem to beuncollectible.
b. For the purpose of preparation for future payments of employees' retirement benefits, allowance for retirement benefits isrecorded at the amount incurred based on projected benefit obligations and pension assets at the end of period. Provision
for retirement and severance benefits for directors and corporate auditors are recorded at the amounts required at the endof period by a internal rule describing the retirement benefits for directors and corporate auditors.
(4) Accounting for significant lease transactions
Financing leases other than those that are deemed to transfer the ownership of the leased properties to lessees aremainly accounted for by the method similar to that applicable to ordinary operating leases.
(5) Hedge accounting method- 12 -

Mainly the deferral method of hedge accounting is applied. In case of foreign currency forward contracts, the hedged items
are translated at contracted forward rate if certain conditions are met. In this period, interest rate swap contracts are used
for hedging risk of change in interest rate relating loans. Foreign exchange forward contracts and foreign currency option
contracts are also used for hedging risk of change in foreign exchange rate relating to foreign currency transactions.
(6) Other significant accounting policies for preparing consolidated financial statements
The consumption tax : computed based on the net-of-tax method

5. Valuation of assets and liabilities of consolidated subsidiaries
A full portion of the assets and liabilities of the acquired subsidiaries is stated at fair value as of the date of acquisition ofcontrol.

6. Amotization of goodwill
Goodwill is amortized on a straight-line basis over a period generally not exceeding 20 years, except for insignificant goodwill
which is charged to income as incurred.

7. Appropriation of retained earnings
The approved amount during the relevant fiscal year is reflected in the consolidated statements of retained earnings.

8. Scope of cash and cash equivalents on the consolidated statements of cash flows
Cash and cash equivalents on the consolidated statements of cash flows include cash on hand, bank deposits to be withdrawn
at any time and short-term investments with original maturities of three months or less that are readily convertible to known
amounts of cash and are so near maturity that they present insignificant risk of changes in fair value.

- 13 -

Segment Information
1.Business segment information(1)FY2004 (April 1, 2003 - March 31, 2004)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

603,862

443,443

45,968(2) Intersegment transactions

15,698

138

Total

619,561

Operating expenses

Total

Eliminations Consolidated

71,103

1,164,378-

1,164,378

15

14,131

29,984(29,984)-

443,582

45,98485,234

1,194,363(29,984)

1,164,378

592,030

424,233

45,884

79,484

1,141,633(29,885)

1,111,747

Operating income

27,53019,348100

5,750

52,729(98)

52,631

Assets338,246

406,384

24,743

100,626

870,000

1,141,994

2,011,995

Depreciation and amortization

35,79323,537931

5,442

65,705(353)

65,351

Capital expenditures

48,79332,204

1,203

7,748

89,950(441)

89,508Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

595,459

373,007

48,740(2) Intersegment transactions

15,52389

Total

610,983

Operating expenses

Others

Net sales(2)FY2003 (April 1, 2002 - March 31, 2003)(Million yen; amounts less than one million yen are omitted.)

Total

Eliminations Consolidated

52,0101,069,218-

1,069,218

5

13,07828,697(28,697)-

373,097

48,74565,089

1,097,915(28,697)

1,069,218

580,875

356,922

46,436

61,177

1,045,412(28,671)

1,016,740

Operating income

30,107

16,174

2,308

3,912

52,503(25)

52,477

Assets328,370

337,453

30,921

51,839748,584

901,806

1,650,391

Depreciation and amortization

34,15620,800

1,006

3,486

59,451(296)

59,154

Capital expenditures

49,37924,3502,164

12,06787,962(403)

87,559Others

Net sales

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors
Materials handling equipment …Counterbalanced forklifts, warehouse equipment, skid steer loaders
Textile machinery ………………Ring spinning frames, air jet looms, water jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, casting machines
3. Assets included in the "Eliminations" are mainly cash and deposits, marketable securities and investments in securities of Toyota Industries
Corporation.

- 14 -

2.Geographical segment information(1)FY2004 (April 1, 2003 - March 31, 2004)(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

Europe(1) Outside customer sales

785,253

198,752

167,511(2) Intersegment transactions
Total

87,271

1,113

872,524

Operating expenses

Total

Eliminations Consolidated

12,8601,164,378-

1,164,378

5,895

1,630

95,910(95,910)-

199,866

173,407

14,4901,260,289(95,910)

1,164,378

826,696

193,745

170,262

14,622

1,205,326(93,579)

1,111,747

Operating income

45,828

6,121

3,145

(131)

54,962(2,331)

52,631

Assets643,180

136,829

238,388

22,081

1,040,479

971,515

2,011,995

Japan

North
America

Europe(1) Outside customer sales

733,869

192,385

139,5143,449

1,069,218-

1,069,218(2) Intersegment transactions
Total

78,517

1,411

4,899

1,033

85,862(85,862)-

812,387

193,796

144,413

4,483

1,155,080(85,862)

1,069,218

Operating expenses

767,341

187,597

142,468

4,559

1,101,966(85,225)

1,016,740

Operating income

45,045

6,199

1,945

(75)

53,114(636)

52,477

Assets554,033

144,739

223,4459,758

931,977

718,4131,650,391

Others

Net sales(2)FY2003 (April 1, 2002 - March 31, 2003)(Million yen; amounts less than one million yen are omitted.)

OthersEliminations Consolidated

Total

Net sales

Notes: Assets included in the "Eliminations " are mainly cash and deposits, marketable securities and investments in securities of Toyota Industries

Corporation.

3.Overseas sales(1)FY2004 (April 1, 2003 - March 31, 2004)(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

196,860

Europe211,081

Others89,415

Consolidated sales
Ratio of overseas sales to consolidated sales

16.9%

18.1%

7.7%

42.7%

(Million yen; amounts less than one million yen are omitted.)

North America
192,421

Europe181,347

Others77,825

Consolidated sales
Ratio of overseas sales to consolidated sales

497,356
1,164,378(2)FY2003 (April 1, 2002 - March 31, 2003)

Overseas sales

Total

Total
451,593
1,069,218

18.0%- 15 -

17.0%

7.3%

42.2%

Breakdown of Consolidated Net Sales(Million yen; amounts less than one million yen are omitted.)

FY2004(

FY2003

April 1, 2003 March 31, 2004
Amount)(Component

ratio

April 1, 2002 March 31, 2003
Amount%)Increase(Decrease)% Change

Component

ratio

%

%

Automobile
Vehicle280,48424.1

281,92726.4(1,143)(0.5)

Engine107,357

9.2

117,669

11.0(10,312)(8.8)

Car air-conditioning
compressor

198,398

17.1

177,914

16.6

20,484

11.5

Foundry and others

17,623

1.5

17,948

1.7

(325)

(1.8)

Subtotal

603,86251.9

595,459

55.7

8,403

1.4

Materials handlingequipment

443,44338.1

373,00734.9

70,436

18.9

Textile machinery

45,968

3.9

48,7404.6(2,772)(5.7)

Others71,103

6.1

52,0104.8

19,09336.7

1,164,378

100.0

1,069,218

100.0

95,160

8.9

Total- 16 -

April 27, 2004

Non-consolidated Financial Results for FY2004 (April 2003 - March 2004)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) ) ( URL http://www.toyota-industries.com/ )Representative person : Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for non-consolidated financial results for FY2004: April 27, 2004
Date of the Ordinary General Meeting of Shareholders: June 22, 2004
Provision for interim cash dividends: Provision exists.
Share trading unit: 100 shares

1. Financial Highlights for FY2004 (April 1, 2003 - March 31, 2004)(1) Non-consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

749,616
747,637

FY2004
FY2003

Net income
FY2004
FY2003

0.3
7.8

(
(

%

Million yen))

31,334
39,410Net income perchange fromyear )( %previous
share－basic

Million yen%

21,103 (20,118 (4.9 )-19.6 )((%

Million yen))

34,70542,321-20.5
4.2

Net income pershare－diluted

Yen

)
)

Returnon equity

Ordinary
incomeon assets

Ordinary
incomeon sales

%

%

%

Yen

67.69
64.63

%

-18.0
5.4

(
(

63.90
57.96

2.5
2.5

2.2
2.8

4.6
5.7

Notes: 1. Average number of shares outstanding each year: FY2004−308,146,251 shares , FY2003−307,823,074 shares
Notes: 2. Changes in accounting policies: No change
Notes(2) Cash dividends
Total amountof annual
cash dividends

Annual cash dividends per share
InterimYen

FY2004
FY2003Year-end
Yen

24.00
22.00

Million yen

Yen

12.00
10.00

12.00
12.00

Total amount
Dividend payoutof dividends
on shareholders’ratio
equity
%

7,716
6,631

%

35.5
34.0

0.8
0.9

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2004
FY2003

1,735,323
1,420,342

Shareholders’ equity ratio

Million yen

Shareholders’ equity
per share%

980,533
718,041

Yen

56.5
50.6

3,085.91
2,451.75

Note: 1.Number of shares outstanding at end of each year: FY2004−317,665,682 shares, FY2003−292,777,198 shares
Note: 2.Number of treasury stock: FY2004−8,174,958 shares, FY2003−20,547,253 shares

2. Forecasts of non-consolidated Financial Results for FY2005 (April 1, 2004 - March 31, 2005)
Net sales
Million yen

FY2005semi-annual
FY2005

Ordinary income

Net income

Million yen

Annual cash dividends per share
InterimYear-end

Million yen

Yen

Yen

Yen

360,000

17,00011,000

12.00

-

-

720,000

35,00022,000

-

12.00

24.00

Reference: (Forecast) Net income per share－basic (annual): 69.26 yen- 17 -

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

FY2004(As of March 31, 2004)

FY2003(As of March 31, 2003)

Increase(Decrease)1 8 7 , 1 8 9

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

2 9 , 3 3 0

6 0 , 1 8 8( 3 0 , 8 5 8 )

7 9 4

3 , 0 5 9

( 2 , 2 6 5 )Trade accounts receivable

7 6 , 2 7 1

6 8 , 4 1 8

7 , 8 5 3Marketable securities

2 0 , 0 0 2

5 2 , 7 0 8( 3 2 , 7 0 6 )Finished goods

2 , 6 8 5

3 , 3 4 7

( 6 6 2 )Raw materials

3 5 2

1 4 1

2 1 1

Work in process

1 8 , 0 8 9

1 5 , 6 4 8

2 , 4 4 1

4 , 0 1 1

3 , 9 1 9

9 2

Prepaid expenses

1 7 3

1 9 8

( 2 5 )

Deferred tax assets

1 3 , 0 3 5

1 0 , 8 0 7

2 , 2 2 8

Other current assets
Less䋭allowance for doubtful
accounts

2 2 , 4 4 4

2 2 , 6 2 2( 1 7 8 )( 2 )( 6 8 )

6 6

1 , 5 4 8 , 1 3 3

1 , 1 7 9 , 3 5 1

3 6 8 , 7 8 2

2 3 4 , 0 5 9

2 2 5 , 4 7 2

8 , 5 8 7

Buildings

7 2 , 5 8 0

7 0 , 8 4 7

1 , 7 3 3Structures

7 , 7 6 5

7 , 3 6 3

4 0 2

9 2 , 9 4 2

9 4 , 3 5 9( 1 , 4 1 7 )Vehicles and delivery equipment

1 , 1 3 3

1 , 2 0 8

( 7 5 )

Tools, furniture and fixtures

8 , 7 8 5

9 , 6 8 2

( 8 9 7 )Land

4 0 , 5 6 7

3 5 , 2 7 9

5 , 2 8 8Construction in progress

1 0 , 2 8 4

6 , 7 3 0

3 , 5 5 4

9 , 4 4 3

7 , 9 3 7

1 , 5 0 6

9 , 4 4 3

7 , 9 3 7

1 , 5 0 6

Investments and other assets

1 , 3 0 4 , 6 3 0

9 4 5 , 9 4 1

3 5 8 , 6 8 9Investments in securities

1 , 1 2 1 , 1 1 7

7 7 6 , 3 8 7

3 4 4 , 7 3 0

1 5 3 , 3 0 9

1 4 2 , 3 2 2

1 0 , 9 8 7Long-term loans

1 0 , 4 1 0

1 0 , 8 8 7( 4 7 7 )Long-term prepaid expenses

1 0 , 7 5 4

1 1 , 8 0 4( 1 , 0 5 0 )9 , 1 3 4

4 , 6 2 1

4 , 5 1 3

( 9 5 )

( 8 2 )

( 1 3 )

1 , 7 3 5 , 3 2 3

1 , 4 2 0 , 3 4 2

3 1 4 , 9 8 1

3 5 4 , 4 8 6

3 4 0 , 3 1 5

1 4 , 1 7 1

1 4 , 5 6 4

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

4 , 1 1 5

2 , 3 2 1

1 , 7 9 4

AssetsCurrent assets
Cash and deposits
Trade notes receivable

Supplies

Fixed assets
Property, plant and equipment

Machinery and equipment

Intangible assets
SoftwareInvestments in subsidiaries

Other investments and other assets
Less䋭allowance for doubtful
accounts
Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)- 18 -

(Million yen; amounts less than one million yen are omitted.)

FY2004(As of March 31, 2004)

FY2003(As of March 31, 2003)

Liabilities
Current liabilities
Trade notes payable

1 7 0 , 1 1 4
2 , 4 7 8

2 5 0 , 8 4 9
5 , 7 2 4

( 8 0 , 7 3 5 )( 3 , 2 4 6 )Trade accounts payable

8 7 , 1 5 6

8 2 , 8 5 4

4 , 3 0 2

Commercial paper

1 5 , 0 0 0-

1 5 , 0 0 0

Current portion of binds-

2 0 , 0 0 0( 2 0 , 0 0 0 )Current portion of convertible bonds-

7 5 , 6 9 2( 7 5 , 6 9 2 )Other payables

1 3 , 6 6 1

1 3 , 7 0 2( 4 1 )

Accrued expenses

2 6 , 2 9 6

2 2 , 6 9 7

3 , 5 9 9

Accrued income taxes

4 , 0 2 7

9 , 8 6 6

( 5 , 8 3 9 )Advance received

5 3

1 0 6

( 5 3 )

Deposits received

2 , 0 1 7

1 , 2 7 0

7 4 7

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

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

4 8 7
1 3 3 , 2 2 2-

2 0 , 0 0 0

2 0 , 0 0 0-

3 4 1 , 7 2 7

2 0 7 , 8 2 9

1 3 3 , 8 9 8Allowance for retirement benefits

1 9 , 4 2 7

2 2 , 3 7 2( 2 , 9 4 5 )Other long-term liabilities
Total liabilities
Shareholders’ equity
Common stock
Capital surplus
Capital reserve
Other capital reserve
Gain on disposal of treasury stock
Retained earnings
Legal reserve
General reserve

3 , 5 1 9
7 5 4 , 7 8 9

1 , 2 5 0
7 0 2 , 3 0 1

2 , 2 6 9
5 2 , 4 8 8

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

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

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

5 7 2

4 0 9

1 6 3

1 4 2

1 4 7

( 5 )

1 8 0 , 0 0 0

1 8 0 , 0 0 0-

8 1 , 2 4 3

6 7 , 9 3 7

1 3 , 3 0 6< 2 1 , 1 0 3 >< 2 0 , 1 1 8 >< 9 8 5 >5 3 3 , 3 7 7

3 3 1 , 6 2 6

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

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

1 , 7 3 5 , 3 2 3

1 , 4 2 0 , 3 4 2

3 1 4 , 9 8 1

Deposits received from employees
Long-term liabilities
Bonds
Long-term loans
Deferred tax liabilities

Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets
General reserves
Unappropriated retained earnings
at end of year
<Included net income for year>
Net unrealized gainon other securities
Treasury stock at cost
Total shareholders’ equity
Total liabilities andshareholders’ equity- 19 -

Increase(Decrease)Non-consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)(

FY2004
April 1, 2003 March 31, 2004

) (FY2003
April 1, 2002 March 31, 2003)

Increase(Decrease)

Ordinary profits and losses
Operating revenue and expenses
7 4 9 , 6 1 6

7 4 7 , 6 3 7

1 , 9 7 9

7 4 9 , 6 1 6

7 4 7 , 6 3 7

1 , 9 7 9

Operating expenses

7 1 8 , 2 8 2

7 0 8 , 2 2 7

1 0 , 0 5 5

Cost of sales
Selling, general andadministrative expenses
Operating income

6 6 3 , 2 5 8

6 5 6 , 0 6 3

7 , 1 9 5

5 5 , 0 2 4

5 2 , 1 6 4

2 , 8 6 0

3 1 , 3 3 4

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

1 5 , 8 7 7

1 4 , 7 6 8

1 , 1 0 9

1 1 , 6 3 4

9 , 5 7 5

2 , 0 5 9

Other non-operating income

4 , 2 4 3

5 , 1 9 3

( 9 5 0 )Non-operating expenses

1 2 , 5 0 6

1 1 , 8 5 7

6 4 9Interest expenses

3 , 5 7 5

3 , 4 2 4

1 5 1

Other non-operating expenses

8 , 9 3 0

8 , 4 3 3

4 9 7

3 4 , 7 0 5

4 2 , 3 2 1( 7 , 6 1 6 )

621

-

621

621

-

621

1 , 8 5 1

8 , 8 8 2

( 7 , 0 3 1 )

1 , 8 5 1--

5 , 4 7 4

( 5 , 4 7 4 )-

3 , 4 0 7

( 3 , 4 0 7 )Income before income taxes

3 3 , 4 7 5

3 3 , 4 3 8

3 7Income taxes䋭current

1 5 , 5 6 0

2 0 , 0 1 5( 4 , 4 5 5 )Income taxes䋭deferred( 3 , 1 8 8 )( 6 , 6 9 5 )

3 , 5 0 7

Net income
Unappropriated retained earnings
brought forward

2 1 , 1 0 3

2 0 , 1 1 8

9 8 5

6 4 , 0 4 3

5 0 , 9 3 6

1 3 , 1 0 7

3 , 9 0 4

3 , 1 1 87 8 6

8 1 , 2 4 3

6 7 , 9 3 7

1 3 , 3 0 6

Operating revenue
Net sales

Non-operating income
and expenses
Non-operating income
Interest income and dividends income

Ordinary income(Extraordinary gains and losses)
Extraordinary gains
Gain on transfer to a defined
contribution pension plan
Extraordinary losses
Provision for retirement andseverance benefit for director
and corporate auditors
Revalued loss of investment securities
Loss on disposal of property, plantand equipment

Interim cash dividends
Unappropriated retained
earnings at end of year

- 20 -

1 , 8 5 1

Proposed Appropriation of Non-consolidated Retained Earnings(Million yen; amounts less than one million yen are omitted.)

FY2004
Unappropriated retained earnings
at end of year
Reversal of reserve for special
depreciation
Reversal of reserve for reduction of
acquisition cost of fixed assets

Increase(Decrease)

FY20038 1 , 2 4 3

6 7 , 9 3 7

1 3 , 3 0 6

9 6

6 5

3 1

8

8

0

8 1 , 3 4 7

6 8 , 0 1 1

1 3 , 3 3 6

3 , 8 1 1
< 12.00 yen per share>
2 2 0

3 , 5 1 3
< 12.00 yen per share>
2 0 0

2 9 8

Bonuses to corporate auditors

2 6

2 3

3

Reserve for special depreciation

2 3 4

2 2 7

7

-

3

( 3 )

7 7 , 0 5 5

6 4 , 0 4 3

1 3 , 0 1 2

Total
The above will be appropriated as follows:
Cash dividends
Bonuses to directors

Reserve for reduction of
acquisition cost of fixed assets
Unappropriated retained earnings
to be carried forward

2 0

Note: On November 26, 2003, an interim cash dividend of 12.00 yen per share, or a total of 3,904 million yen was paid.

- 21 -

Changes in Members of the Board of Directors and Corporate Auditors
1. New Candidates for the Board of Corporate Auditors

Kosuke Ikebuchi
Masaaki Furukawa(Current Title)(Vice chairman, Toyota Motor Corporation)(President, Toyota Tsusyo Corporation)

2. Retiring Member of the Board of Corporate Auditors(Current Title)
Hiroshi Makino(Corporate Auditor)

3. Planned change in the Titles of the Members of the Board of Directors
Executive Vice President
Norio Sato

(Current Title)(Senior Managing Director, Member of the Board)

Senior Managing Director
Iwao Katayama(Current Title)(Managing Director, Member of the Board)- 22 -