FINANCIAL RESULTS
FY2023 Second Quarter(April 1, 2022 through September 30, 2022)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements
This report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of thewords "expect," "anticipate," "estimate," "forecast," "plan" and similar expressions is intended to identify such forwardlooking statements. Projections and forward-looking statements are based on the current expectations and estimates ofToyota 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 fromthe information available to it at the time of producing this report 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 report. These risks anduncertainties include, but are not limited to, the following: 1) reliance on a small number of customers, 2) productdevelopment capabilities, 3) intellectual property rights, 4) product defects, 5) price competition, 6) reliance on suppliers of
raw materials and components, 7) environmental regulations, 8) success or failure of strategic alliances with othercompanies, 9) exchange rate fluctuations, 10) share price fluctuations, 11) effects of disasters, power blackouts and otherincidents, 12) latent risks associated with international activities and 13) retirement benefit liabilities.

October 28, 2022

FY2023 Second Quarter Consolidated Financial Results<IFRS>(April 1, 2022 - September 30, 2022)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo and Nagoya (Code number: 6201) (URL: https://www.toyota-industries.com/ )Representative person: Akira Onishi, President, Member of the Board
Contact person: Akihiro Oiwa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
The expected date of submission of the quarterly report (Japanese only): November 11, 2022
The expected date of dividends payment: November 25, 2022
Additional documents to supplement financial results: Yes
Quarterly IR presentation: Yes (For analysts and professional investors)(Amounts less than one million yen are omitted)
1. Financial Highlights for FY2023 Second Quarter (April 1, 2022 - September 30, 2022)(1) Consolidated Financial Results(% : changes from the same period of the previous fiscal year)
Net sales

Profit before
income taxes

Operating profit

Million yen%

Million yen%

ProfitMillion yen%

Million yen%

FY2023
SecondQuarter

1,602,496

27.1

92,010(2.5)

144,958

5.2

108,101

3.1

FY2022
SecondQuarter

1,260,842

31.7

94,367212.5

137,801

111.3

104,895

108.7

Profit attributable toowners of the parent
Million yen

Comprehensive
income%Earnings
per share－basic

Million yen%

Earnings
per share－diluted
Yen

Yen

FY2023
SecondQuarter

106,888

3.4(155,401)－

344.27344.27

FY2022
SecondQuarter

103,386114.9

363,17368.1

332.99332.99Equity attributable toowners of the parent

Ratio of equity attributableto owners of the parent
to total assets(2) Consolidated Financial Position

Total assets
Million yen

FY2023
SecondQuarter
FY2022

Total equity
Million yen

Million yen%

7,676,773

3,836,256

3,740,022

48.7

7,627,120

4,021,967

3,928,513

51.5

2. Cash Dividends

Annual cash dividends per share
1st
Quarter

2nd
QuarterYen

FY2022
FY2023－－3rd
Quarter

4th
Quarter

Yen

80.00
90.00

FY2023(Forecast)Yen

FY Total
Yen

Yen

－

90.00

170.00－90.00

180.00(Note) Changes in the forecasted cash dividends in this quarter : No
3. Forecasts of Consolidated Financial Results for FY2023 (April 1, 2022 - March 31, 2023)(% : changes from the previous fiscal year)
Net sales
Million yen

FY20233,100,000

Profit before
income taxes

Operating profit%

14.6

Million yen

170,000%

6.9

Million yen

250,000

Profit attributable toowners of the parent%

1.6

Million yen

185,000

Earnings
per share－basic

%

2.6

Yen

595.85(Note) Changes in the forecasts of consolidated financial results in this quarter : No
4. Others(1) Changes in major subsidiaries (specified subsidiaries that changed the scope of consolidation) : No
(2) Changes in accounting policies and accounting estimates(i) Changes in accounting policies required by IFRS : No(ii) Changes other than (i) : No(iii) Changes in accounting estimates : No
(3) Issued and outstanding capital stock(i) Number of shares outstanding at end of each period (including treasury stock):
FY2023 Second Quarter －325,840,640 shares, FY2022 －325,840,640 shares(ii) Number of treasury stock outstanding at end of each period:
FY2023 Second Quarter －15,361,086 shares, FY2022 －15,360,786 shares(iii) Average number of shares outstanding for each period (accumulated):
FY2023 Second Quarter －310,479,678 shares, FY2022 Second Quarter －310,480,993 shares* These quarterly financial results are not subject to quarterly review procedure by certified public accountants or auditing
firms.
* Explanation regarding the proper use of performance forecasts and other special items- All projections are based on the information currently available to management and certain assumptions deemed
reasonable by Toyota Industries, and are not guarantees of future performance. Actual results could differ from thoseprojections due to uncertainties including economic conditions and exchange rate fluctuations.
- Our projections are based on exchange rates of 137 yen to the U.S. dollar and 137 yen to the euro for FY2023.
- Please see page 3 on attached documents for details on performance forecasts in "Explanation for Forecast for
FY2023".

Attached documents－Contents

1. Explanation for Quarterly Financial Results ................................................................................................

2(1) Explanation for Business Results .....................................................................................................................

2(2) Explanation for Financial Condition ..................................................................................................................

3(3) Explanation for Forecast for FY2023 ................................................................................................................

3

2. Condensed Quarterly Consolidated Financial Statements and Main Notes .......................................

4(1) Condensed Quarterly Consolidated Financial Position ....................................................................................

4(2) Condensed Quarterly Consolidated Statement of Profit or Loss andCondensed Quarterly Consolidated Statement of Comprehensive Income .....................................................
(3) Condensed Quarterly Consolidated Statement of Changes in Equity ..............................................................

68(4) Note on Condensed Quarterly Consolidated Financial Statements .................................................................

10(Note on Premise of Going Concern) ................................................................................................................

10(Note on Significant Changes in the Amount of Shareholders' Equity) .............................................................

10(Segment Information) .......................................................................................................................................

11

―1―

1. Explanation for Quarterly Financial Results(1) Explanation for Business Results
During the second quarter of FY2023 (the six months from April 1 to September 30, 2022), total consolidated net
sales of Toyota Industries amounted to 1,602.4 billion yen, an increase of 341.6 billion yen, or 27%, from the same
period of the previous fiscal year. The following is a review of operations for the business segments.
Net sales of the Automobile Segment totaled 454.6 billion yen, an increase of 94.3 billion yen, or 26%, from the same
period of the previous fiscal year.
Within this segment, net sales of the Vehicle Business totaled 40.5 billion yen, a decrease of 1.6 billion yen, or 4%,
due to a decrease in sales of the Toyota RAV4 both for Japan and abroad.
Net sales of the Engine Business totaled 158.4 billion yen, an increase of 46.0 billion yen, or 41%, resulting mainly
from an increase in sales of diesel engines.
Net sales of the Car Air-Conditioning Compressor Business totaled 207.2 billion yen, an increase of 40.7 billion yen,or 24%. Sales increased in each region, especially in North America.
Net sales of the Electronics Parts and Others Business totaled 48.4 billion yen, an increase of 9.2 billion yen, or 23%,
attributable primarily to an increase in sales of DC-DC converters.
Net sales of the Materials Handling Equipment Segment totaled 1,083.0 billion yen, an increase of 239.3 billion yen,or 28%. Sales of lift trucks, a mainstay product of this segment, increased primarily in North America.
Net sales of the Textile Machinery Segment totaled 40.1 billion yen, an increase of 9.8 billion yen, or 33%. This is
attributable primarily to an increase in sales of weaving machines and yarn quality measurement instruments.
In terms of overall profit, despite an increase in sales, the impact of exchange rate fluctuations and further advancesin cost reduction efforts throughout the Toyota Industries Group, mainly owing to an increase in raw material costs, anincrease in labor costs and an increase in expenses and others, including logistic costs, Toyota Industries posted
consolidated operating profit of 92.0 billion yen, a decrease of 2.3 billion yen, or 2%, from the same period of theprevious fiscal year. Profit before income taxes totaled 144.9 billion yen, an increase of 7.1 billion yen, or 5% and profit
attributable to owners of the parent amounted to 106.8 billion yen, an increase of 3.5 billion yen, or 3%.

―2―

(2) Explanation for Financial Condition
Assets amounted to 7,676.7 billion yen, an increase of 49.6 billion yen from the end of the previous fiscal year, mainly
due to an increase in trade receivables and other receivables. Liabilities amounted to 3,840.5 billion yen, an increase of
235.4 billion yen from the end of the previous fiscal year, mainly owing to an increase in corporate bonds and loans.
Equity amounted to 3,836.2 billion yen, a decrease of 185.7 billion yen from the end of the previous fiscal year.

(3) Explanation for Forecast for FY2023
Toyota Industries forecasts consolidated net sales of 3,100.0 billion yen, operating profit of 170.0 billion yen, profit
before income taxes of 250.0 billion yen and profit attributable to owners of the parent of 185.0 billion yen. Our
projections are based on exchange rates of 137 yen to the U.S. dollar and 137 yen to the euro for FY2023.

―3―

2. Condensed Quarterly Consolidated Financial Statements and Main Notes(1) Condensed Quarterly Consolidated Financial Position(Millions of yen)
FY2022(As of March 31, 2022)
AssetsCurrent assets
Cash and cash equivalents
Time deposits with deposit terms ofover three months
Trade receivables and other receivables
Other financial assets
Inventories
Income tax receivables
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Goodwill and intangible assets
Trade receivables and other receivables
Investments accounted for by the equity method
Other financial assets
Net defined benefit assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets―4―

FY2023 Second Quarter(As of September 30, 2022)

247,085

365,158

328,674

248,999

1,121,491
12,672433,961
28,906
83,0342,255,827

1,342,334
23,707539,326
28,35585,096
2,632,979

1,134,074
395,882
2,334
21,337
3,734,97837,40839,9085,368
5,371,292
7,627,120

1,234,729
470,067
1,705
24,2443,226,199
38,34039,838
8,668
5,043,794
7,676,773

(Millions of yen)
FY2022(As of March 31, 2022)
Liabilities and Equity
Liabilities
Current liabilities
Trade payables and other payables
Corporate bonds and loans
Other financial liabilities
Accrued income taxes
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Corporate bonds and loans
Other financial liabilities
Net defined benefit liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityShare of equity attributable to owners of the parent
Capital stock
Capital surplus
Retained earnings
Treasury stock
Other components of shareholders' equity
Total share of equity attributable to owners of the parent
Non-controlling interests
Total equity
Total liabilities and equity―5―

FY2023 Second Quarter(As of September 30, 2022)

745,553
468,504
82,90927,281
15,41533,0581,372,721

762,757
705,949
95,35830,203
17,42037,0091,648,697

922,011
95,237
91,677
11,809
1,078,641
33,0542,232,430
3,605,152

1,021,787
104,133
92,11012,789921,493
39,5052,191,819
3,840,517

80,462
102,388
1,514,657(59,339)2,290,343
3,928,513
93,4544,021,967
7,627,120

80,462
102,447
1,595,127(59,341)
2,021,326
3,740,022
96,234
3,836,256
7,676,773

(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly
Consolidated Statement of Comprehensive Income
Condensed Quarterly Consolidated Statement of Profit or Loss
(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Operating profit
Financial income
Financial expenses
Share of profit (loss) of investments accounted forby the equity method
Profit before income taxes
Income taxes
ProfitProfit attributable to:
Owners of the parent
Non-controlling interests

Earnings per share
Earnings per share－basic (yen)Earnings per share－diluted (yen)―6―

FY2022 Second Quarter(April 1, 2021
- September 30, 2021)

FY2023 Second Quarter(April 1, 2022
- September 30, 2022)

1,260,842(963,378)
297,464(210,940)
13,048(5,204)
94,36744,569(3,523)

1,602,496(1,240,342)
362,153(277,428)
12,586(5,302)
92,01056,674(5,422)

2,388

1,696

137,801(32,906)
104,895

144,958(36,857)
108,101

103,386
1,509

106,8881,213

332.99332.99344.27344.27

Condensed Quarterly Consolidated Statement of Comprehensive Income(Millions of yen)

ProfitOther comprehensive income:Items not to be reclassified into profit or loss
Net changes in revaluation of FVTOCI financial assets
Remeasurements of defined benefit plans
Other comprehensive income of affiliates accounted forby the equity method
Total items not to be reclassified into profit or loss
Items that can be reclassified into profit or loss
Translation adjustments of foreign operations
Cash flow hedges
Other comprehensive income of affiliates accounted forby the equity method
Total items that can be reclassified into profit or loss
Total other comprehensive income
Comprehensive income
Total comprehensive income attributable to:
Owners of the parent
Non-controlling interests―7―

FY2022 Second Quarter(April 1, 2021
- September 30, 2021)

FY2023 Second Quarter(April 1, 2022
- September 30, 2022)

104,895

108,101

251,877
550(371,725)
1,551

12

(11)

252,440(370,184)

5,566
192

103,089
2,571

77

1,020

5,836
258,277
363,173

106,681(263,502)(155,401)

361,081
2,091(160,604)
5,203

(3) Condensed Quarterly Consolidated Statement of Changes in Equity(Millions of yen)
Share of equity attributable to owners of the parent

Capitalstock

Balance as of April 1, 2021

CapitalsurplusRetainedearnings

Other components ofshareholders' equity
Net changes in
Remeasurements
revaluation ofof defined benefit
FVTOCI financial
plans
assetsTreasurystock－

80,462

102,307

1,369,775(59,321)

1,779,685

Profit－－103,386－－－

Other comprehensive income

－

－

－

－

251,803558－－

103,386－

251,803

558

Repurchase of treasury stock

－

－

－

(10)

－

－

Disposal of treasury stock

－

0

－

0

－

－

Dividends
Changes in ownership interest of
subsidiaries
Changes in non-controlling interests as aresult of change in scope of consolidation
Reclassified into retained earnings－－(24,838)

－

－

－

－

(20)

－

－

－

－

－

－

－

－

－

－

－

－

562

－

(4)

(558)

Other increases (decreases)

－

－

－

－

－

－

Total transactions with owners

－

(19)

(24,276)

(10)

(4)

(558)

Balance as of September 30, 2021

80,462102,287

1,448,885(59,332)

2,031,485－

Balance as of April 1, 2022－

Total comprehensive income

80,462

102,388

1,514,657(59,339)

2,245,347

Profit－－106,888－－－

Other comprehensive income

－

－

－

－

(371,680)

1,521

－

－

106,888－(371,680)

1,521

Repurchase of treasury stock

－

－

－

(2)

－

－

Disposal of treasury stock

－

－

－

－

－

－

Dividends
Changes in ownership interest of
subsidiaries
Changes in non-controlling interests as aresult of change in scope of consolidation
Reclassified into retained earnings－－(27,943)

－

－

－

－

58

－

－

－

－

－

－

－

－

－

－

－

－

1,524

－

(2)

(1,521)Other increases (decreases)

－

－

－

－

－

－

Total transactions with owners－

58(26,419)(2)(2)(1,521)80,462

102,447

1,595,127(59,341)

1,873,663－

Total comprehensive income

Balance as of September 30, 2022

―8―

(Millions of yen)
Share of equity attributable to owners of the parent
Other components of shareholders' equity
Translation
adjustmentsof foreign
operations
Balance as of April 1, 2021

Cash flow
hedges

Total

Total

Non-controllinginterests

Total equity(39,082)2,211

1,742,814

3,236,038

86,511

3,322,550－－－

103,386

1,509

104,895

5,140

192

257,695

257,695

582

258,277

5,140

192

257,695

361,081

2,091

363,173

Repurchase of treasury stock

－

－

－

(10)

－

(10)

Disposal of treasury stock

－

－

－

0

－

0

Dividends
Changes in ownership interest of
subsidiaries
Changes in non-controlling interests as aresult of change in scope of consolidation
Reclassified into retained earnings

－

－

－

(24,838)(1,555)(26,394)

－

－

－

(20)

26

6

－

－

－

－

－

－

－

－

(562)

－

－

－

Other increases (decreases)

－

－

－

－

－

－

Total transactions with owners

－

－

(562)

(24,869)(1,529)(26,399)

Balance as of September 30, 2021

(33,941)

2,403

1,999,947

3,572,251

87,072

3,659,324

Balance as of April 1, 2022

41,6573,338

2,290,343

3,928,513

93,4544,021,967－－－

106,8881,213

108,101

100,094

2,571(267,492)(267,492)

3,989(263,502)

100,094

2,571(267,492)(160,604)

5,203(155,401)

Repurchase of treasury stock

－

－

－

(2)

－

(2)

Disposal of treasury stock

－

－

－

－

－

－

Dividends
Changes in ownership interest of
subsidiaries
Changes in non-controlling interests as aresult of change in scope of consolidation
Reclassified into retained earnings

－

－

－

(27,943)(1,749)(29,692)

－

－

－

58

(674)

(615)

－

－

－

－

－

－

－

－

(1,524)－－－

Other increases (decreases)

－

－

－

－

－

－

Total transactions with owners－－(1,524)(27,886)(2,423)(30,310)

141,752

5,909

2,021,326

3,740,022

96,234

3,836,256

ProfitOther comprehensive income
Total comprehensive income

ProfitOther comprehensive income
Total comprehensive income

Balance as of September 30, 2022―9―

(4) Note on Condensed Quarterly Consolidated Financial Statements(Note on Premise of Going Concern) : No
(Note on Significant Changes in the Amount of Shareholders' Equity)
During the second quarter of FY2023, Toyota Industries paid dividends of 27,943 million yen from retained earnings.

― 10 ―

(Segment Information）
FY2022 Second Quarter (April 1, 2021 - September 30, 2021)(Millions of yen)

Sales
Outside customer
sales
Inter-segment sales
and transfers
Total
Segment profit (loss)

Automobile

Materials
Handling
Equipment

TextileMachinery

360,378

843,703

30,321

26,4391,260,842－

1,260,842

13,896

171

137

13,644

27,849(27,849)－374,275

843,875

30,45840,083

1,288,692(27,849)

1,260,842

14,88273,520

2,328

3,694

94,425(58)

94,367

Others

Total

Adjustments Consolidated

Financial income

44,569Financial expenses(3,523)

Share of profit (loss) ofinvestments accounted
for by the equity
methodProfit before income
taxes(Notes)2,388

137,801

1. "Others" represents businesses not included in the reporting segments.
2. (58) million yen included in "Adjustments" for "Segment profit (loss)" is mainly inter-segment transactions.
3. "Segment profit (loss)" reconciles to operating profit disclosed in the condensed quarterly consolidated
statement of profit or loss.

FY2023 Second Quarter (April 1, 2022 - September 30, 2022)(Millions of yen)

Sales
Outside customer
sales
Inter-segment sales
and transfers
Total
Segment profit (loss)
Financial income
Financial expenses
Share of profit (loss) ofinvestments accounted
for by the equity
methodProfit before income
taxes(Notes)Automobile

Materials
Handling
Equipment

TextileMachinery454,638

1,083,014

40,175

24,667

1,602,496－

1,602,496

17,809184

137

15,94334,074(34,074)－

472,447
14,087

1,083,198
70,93940,313
4,457

40,6102,360

1,636,570
91,844(34,074)165

1,602,496
92,01056,674(5,422)Others

Total

Adjustments Consolidated

1,696

144,958

1. "Others" represents businesses not included in the reporting segments.
2. 165 million yen included in "Adjustments" for "Segment profit (loss)" is mainly inter-segment transactions.
3. "Segment profit (loss)" reconciles to operating profit disclosed in the condensed quarterly consolidated
statement of profit or loss.

― 11 ―