FINANCIAL SUMMARY
FY2004 Semiannual(April 1, 2003 through September 30, 2003)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

This report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking
statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota
Industries Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All suchprojections and forward-looking statements are based on management’s assumptions and beliefs derived from the information
available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries and its
Group companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Therefore, it is advised that you should not rely solely upon these projections andforward-looking statements in making your investment decisions. You should also be aware that certain risks and uncertainties
could cause the actual results of Toyota Industries Corporation and its Group companies to differ materially from any
projections or forward-looking statements discussed in this report. These risks and uncertainties include, but are not limited to,the following: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 in higher costs and/or sales restrictionsiii) Currency exchange rate fluctuations, notably involving yen, U.S. dollars, Asian currencies and the euro—thecurrencies 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 havesubstantial holdingsv) The ability of Toyota Industries Corporation and its Group companies to maintain their strength in many productdevelopment and geographical areas, through such means as new product development and launches in highly
competitive markets characterized by continual new product introductions, rapid technological advances andfluctuations 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 theirfacilities or those of key suppliers; and the discovery of defects in their products resulting in delays in new
product launches, recall campaigns, increased warranty costs or litigation.

October 28, 2003

Semiannual Consolidated Financial Results for FY2004
TOYOTA INDUSTRIES CORPORATION( URL http://www.toyota-industries.com/ )Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201)
Representative person: Tadashi Ishikawa, President
Location of the head office: Aichi prefecture, Japan
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 consolidated semiannual financial results for FY2004: October 28, 2003
US GAAP: Not used

1. Financial Highlights for FY2004 Semiannual (April 1 – September 30, 2003)(1) Consolidated financial results
Net sales((Amounts less than one million yen are omitted.)% change fromprevious year

Million yen

FY2004 Semiannual
FY2003 Semiannual
FY2003 Annual

569,587
520,489
1,069,218
Net income((%

Million yen

9.4 )
8.7 )

27,01825,21452,477

17,095
13,614
21,933((%

Million yen

7.2 )
3.3 )

30,16826,90551,375%((12.1 )
1.0 )Net income
per share−diluted%((change fromyear )) Ordinary income ( %previous

Net income
per share−basic

change fromyear )( %previous

Million yen

FY2004 Semiannual
FY2003 Semiannual
FY2003 Annual) Operating income (% change fromprevious year

Yen

25.6 )- 10.0 )

Yen

58.12
43.57
70.19

51.65
39.27
62.90

Notes: 1. Equity in net earnings (loss) of affiliates: FY2004 semiannual−246 million yen, FY2003 semiannual−(1,790) million yen
FY2003 annual−(4,633) million yen
Notes: 2. Average number of shares outstanding for each period
FY2004 semiannual−294,145,958 shares , FY2003 semiannual−312,497,068 shares , FY2003 annual−307,813,094 shares
Notes: 3. Changes in accounting policies: No change(2)Consolidated financial position
Total assets
Million yen

FY2004 Semiannual
FY2003 Semiannual
FY2003 Annual

Ratio ofshareholders’ equity

Shareholders’ equity

1,900,974
1,692,294
1,650,391

Million yen

Shareholders’ equity
per share%

939,865
823,013738,867

Yen

49.4
48.6
44.8

2,888.92
2,639.45
2,522.52

Note: Number of shares outstanding at the end of each period
FY2004 semiannual−325,334,171 shares, FY2003 semiannual−311,812,441 shares, FY2003 annual−292,777,198 shares(3)Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2004 Semiannual
FY2003 Semiannual
FY2003 Annual

32,34342,355
103,183

Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of period

Million yen(36,418)(42,845)(95,120)

Million yen(56,780)
7,678
57,77572,886
77,285
136,929(4) Scope of consolidation and equity method
Consolidated subsidiaries: 132 companies, Unconsolidated subsidiaries accounted for under the equity method: 1 company
Affiliates accounted for under the equity method: 18 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 14companies
Affiliate accounted for under the equity method : (increase) 2 companies(decrease) 1 company

2. Forecast of Consolidated Financial Results for FY2004 (April 1, 2003 - March 31, 2004)
Net sales
Million yen

FY2004 Annual

1,150,000

Reference: (Forecast) Net income per share−basic (annual): 104.51 yen

Ordinary income
Million yen

58,000Net income
Million yen

34,000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 133 subsidiaries and 27 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

Overseas companies(Sales, other subsidiaries and affiliates)

Overseascompanies(Manufacturing subsidiaries)

BT Industries Group (72 companies)(Sales subsidiary)

Michigan AutomotiveCompressor, Inc.

Toyota Material Handling USA, Inc.

Toyoda Textile
Machinery, Inc.

TD Deutsche
Klimakompressor GmbH

Toyota-Lift of Los Angeles, Inc.

(Manufacturing subsidiary)

ACTIS Manufacturing Ltd., LLC

Toyota Industries Corporation Australia(5 companies)(Manufacturing subsidiary)

Toyota Industry(Kunshan)Co., Ltd.

Toyota Truck Norge Group (4 companies)

Kirloskar Toyoda Textile
Machinery Ltd.

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)(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 subsidiaries)(Sales subsidiaries)(Manufacturing subsidiary)(Manufacturing subsidiary)

ALTEX Co., Ltd.

TOYOTA L&F Tokyo Co., Ltd.

TIBC Corporation

Izumi Machine Mfg. Co.,
Ltd.

Logistics Planning Tokyo Co., Ltd.

Kawamoto System
Corporation

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

(Manufacturing subsidiary)

TOYOTA L&F Keiji Co., Ltd.

Hara Corporation

TOYOTA L&F Shizuoka Co., Ltd.

(Manufacturing affiliate)

ST Liquid Crystal
Display Corp.

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

SKE Inc.

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 reserves to improve the competitiveness of its products,
augment production capacity in Japan and overseas, as well as expand into new fields ofbusiness and strengthen its corporate constitution in securing future profits for its shareholders.
It will also use reserves 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.

-2-

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
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 and electronic substrates for IC chipsets.
For the medium term, 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 deems it highly important to establish and maintain an organization that canquickly and flexibly respond to changes in the management climate together with a fair,shareholder-oriented management system to promote greater management transparency andcarry out effective corporate governance.
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 Corporation
seeks to establish a responsive and efficient management as well as effective internal control
system.
In June 2002, the Ordinary General Meeting of Shareholders approved the appointment of
one additional external auditor, bringing the total number to five auditors. Further, Toyota
Industries has newly established the Audit Office with dedicated staff, enhancing the auditing
function for overseeing the performance of its directors.
The Company has strengthened supervision of each division and an 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 higher awareness of ethical issues.
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.

-3-

Business Results and Financial Position
1. Overview of Business Results
During the first half of fiscal 2004 (the six months ended September 30, 2003), the Japanese
economy showed signs of recovery, with exports picking up, private-sector capital investment
increasing and consumer spending emerging from sluggishness. Overseas, although the U.S.
economy stayed on a path to recovery, the European economy remained weak.
Against this background, total consolidated net sales of Toyota Industries amounted to 569.5
billion yen, an increase of 49.1 billion yen, or 9%, compared with the first half of fiscal 2003. The
following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 296.1 billion yen, an increase of 4.9 billion yen, or
2%, over the first half of fiscal 2003. Within this segment, net sales of the Vehicle Business totaled
135.4 billion yen, about the same as for the first half of fiscal 2003. Sales of the Corolla Sedan for
North America, for which production commenced in January 2003, were offset by a decrease insales of the RAV4 and Vitz (Yaris in Europe). Net sales of the Engine Business totaled 52.2 billion
yen, a decrease of 6.2 billion yen, or 11%, from the first half of fiscal 2003. This was because adecrease in sales of FZ-type and E-type gasoline engines outweighed an increase in sales ofAZ-type gasoline engines, for which production commenced in August 2002. Sales of CD-type
diesel engines also decreased. Net sales of the Car Air-Conditioning Compressor Businessincreased both in Japan and overseas, totaling 100.7 billion yen, an increase of 13.0 billion yen, or15%, compared with the same period of fiscal 2003. While vehicles fitted with our air-conditioning
compressors were in good demand, we continued to undertake vigorous sales activities targetingcar manufacturers around the world. In August, we started shipments of electric car air-conditioning
compressors for the new Prius hybrid car to respond to heightened concern for the environment.
Net sales of the Materials Handling Equipment Segment totaled 216.3 billion yen, an increase of
35.3 billion yen, or 20%, over the first half of fiscal 2003, due mainly to aggressive sales promotion
activities for fleet-purchase contracts in and outside Japan. Strong sales of the GENEO-E, athree-wheel electric counterbalanced forklift truck introduced into the Japanese, U.S. and European
markets, as well as the consolidation of Aichi Corporation, which became one of our subsidiaries in
May 2003, also contributed to our consolidated results. In April 2003, Toyota Industry (Kunshan) Co.,
Ltd. commenced local production of forklift trucks in China, while Toyota Material Handling(Shanghai) Co., Ltd. started sales operations in June. We also established Toyota Industries
Corporation Australia Pty Limited in Sydney, which started operations in July this year, with a viewto expanding sales of forklift trucks and other materials handling equipment in the local market.
Net sales of the Textile Machinery Segment totaled 23.8 billion yen, an increase of 1.0 billion yen,or 4%, over the first half of fiscal 2003, due mainly to strong sales of air-jet looms in China.
In the first half of fiscal 2004, Toyota Industries’ ordinary income amounted to 30.1 billion yen, an
increase of 3.2 billion yen, or 12%, over the same period of fiscal 2003. This increase reflected
expanded sales, improvement in productivity and enhanced cost-reduction efforts group-wide. Net
income amounted to 17.0 billion yen, an increase of 3.4 billion yen, or 26%, over the same period of
fiscal 2003.
Toyota Industries’ Board of Directors voted to distribute an interim cash dividend of 12 yen percommon share, an increase of 2 yen over the first half of fiscal 2003.

-4-

2. Cash Flows
Cash flows from operating activities amounted to 32.3 billion yen in the first half of fiscal 2004,
mainly due to 28.9 billion yen of income before income taxes and minority interest in consolidated
subsidiaries. Net cash provided by operating activities decreased by 10.0 billion yen from the same
period of fiscal 2003. Cash flows from investing activities amounted to 36.4 billion yen, an increaseof 6.4 billion yen over the same period of fiscal 2003. Payment for acquisition of property, plant andequipment was 29.7 billion yen in the first half of fiscal 2004. Net cash used in financing activities
was 56.7 billion yen, a decrease of 64.3 billion yen from 7.6 billion yen in net cash provided byfinancing activities in the same period of fiscal 2003. Proceeds from issuance of commercial paper
in an amount of 30.0 billion yen were offset by payments for redemption of corporate bonds andpayments to the convertible bond redemption fund in amounts of 31.6 billion yen and 56.6 billion
yen, respectively.
After translation adjustments, cash and cash equivalents as of September 30, 2003 stood at 72.8
billion yen, a decrease of 64.1 billion yen, or 47%, from the end of fiscal 2003.
To achieve efficient global fund utilization, we established Toyota Industries Finance International
AB in Mjölby, Sweden, in May 2003, which is charged with centrally managing the funds of our
European subsidiaries. Toyota Industries Corporation in Japan and Toyota Industries North America,
Inc. in the U.S. undertake similar responsibilities, enabling integrated fund management in eachgeographic area.

3. Forecast for the Fiscal Year Ending March 31, 2004
Toyota Industries expects the Japanese economy to continue recovering. However, uncertainties
persist about the direction of the U.S. economy and fluctuations of exchange rates.
For fiscal 2004, ending March 31, 2004, Toyota Industries forecasts consolidated net sales of
1,150.0 billion yen and ordinary income of 58.0 billion yen. We are determined to develop new
products that are of high quality and accommodate customer needs, as well as enhance sales,
service and cost-reduction activities group-wide. Our projections are based on an exchange rate of¥112.0=US$1.

-5-

Consolidated Balance Sheets
FY2003

FY2004as of
as of( September
30, 2003 ) ( March 31, 2003 )FY2003

Increase(Decrease)(Septemberas 30,of 2002 )(Assets)
395,043

371,80723,236

312,833

73,007

87,840(14,833)

58,234

138,666

119,047

19,619119,541

114

52,780(52,666)

27,715Inventories

77,993

69,1408,853

66,773

Deferred tax assets

13,262

14,072(810)

12,657

Other current assets
Less - allowance for doubtful
accounts

94,23330,92463,30929,703(2,233)(1,998)(235)(1,791)

1,505,931

1,278,583

227,348

1,379,460

Property, plant and equipment

381,854362,193

19,661

352,220

Buildings and structures

121,768

118,448

3,320

112,762

Machinery, equipment and vehicles

162,247

157,733

4,514

153,881

Tools, furniture and fixtures

16,05416,00648

15,539Land

66,431

56,254

10,17754,160Construction in progress

15,352

13,7491,603

15,875

101,365

96,773

4,592

94,015

Software10,339

9,195

1,144

7,596

Goodwill

91,026

87,5773,449

86,4181,022,711

819,616

203,095

933,224

961,689

762,026

199,663876,337

9,905

10,521(616)

10,205

13,85815,081(1,223)

14,507

3,481

2,862

619

2,825

34,002

29,370

4,632

29,580

(226)

(247)

21

(232)

1,900,974

1,650,391

250,583

1,692,294

498,227

465,151

33,076462,195

38,065
506,469

42,995
20,547,253(4,930)(20,040,784)

38,041
1,512,010

4,311

2,737

1,574

2,536

Current assets
Cash and deposits
Trade notes and accounts receivable
Marketable securities

Fixed assets

Intangible assets

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

(Yen in millions; amounts less than one million yen are omitted.)(

FY2004

FY2003

as of
September 30, 2003

as ofMarch 31, 2003

) ()

FY2003

Increase(Decrease)

as of( September
30, 2002 )(Liabilities)
352,319

393,365(41,046)

377,193

124,712

117,424

7,288

111,741

Short-term loans

94,592

78,052

16,54070,775

Commercial paper

30,000-30,000-Current portion of bonds-

20,000(20,000)

20,000Current portion of convertible bonds-

75,692(75,692)

75,692Other payables

15,651

17,406(1,755)

19,180Accrued expenses

49,18242,027

7,155

38,222

Accrued income taxes

6,089

14,143(8,054)

12,207

19,287

19,23453

19,039Deferred tax liabilities

1,911

1,191

720

963

Other current liabilities

10,889

8,193

2,696

9,370

Long-term liabilities

575,057

494,164

80,893

469,390

200,300

200,300-

120,300

35,18736,576(1,389)35,989288,999

212,355

76,644271,111

Allowance for retirement benefits

34,00034,100(100)

32,663

Other long-term liabilities

16,57010,832

5,738

9,325

Total liabilities

927,377

887,530

39,847

846,584

33,731

23,993

9,738

22,696

Common stock

80,462

68,046

12,416

68,046

Capital surplus

105,742

89,364

16,37889,364Retained earnings
Net unrealized gain onother securities
Translation adjustments

282,048

269,380

12,668264,180

447,192

331,667

115,525

392,594

25,32016,8908,430

11,969(900)(36,483)

35,583(3,142)

Total shareholders’ equity

939,865

738,867

200,998

823,013

Total liabilities andshareholders’ equity

1,900,974

1,650,391

250,583

1,692,294

Current liabilities
Trade notes and accounts payable

Deposits received from employees

Bonds
Long-term loans
Deferred tax liabilities

Minority interest inconsolidated subsidiaries(Shareholders’ equity)

Treasury stock at cost-7-Consolidated Statements of Income(Yen in millions; amounts less than one million yen are omitted.)

FY2004

FY2003

April 1, 2003 April 1, 2002 ( September
30, 2003） ( September 30, 2002）

FY2003

Increase(Decrease)

April 1, 2002 ( March
31, 2003 ）Net sales

569,587

520,489

49,0981,069,218

Cost of sales

478,575

436,790

41,785

899,702

Gross profit

91,012

83,6997,313

169,516

Selling, general andadministrative expenses

63,99358,485

5,508

117,038

Operating income

27,01825,214

1,804

52,477

Non-operating income

16,044

13,7702,274

26,335Interest income

4,172

4,667

(495)

8,985

Dividends income

5,604

4,423

1,181

8,888

Other non-operating income

6,267

4,679

1,588

8,461

Non-operating expenses

12,895

12,079816

27,438Interest expenses

4,969

5,262

(293)

10,522Other non-operating expenses

7,925

6,816

1,109

16,91530,16826,905

3,263

51,375

621

-

621

-

621

-

621

-

1,851

1,534

317

7,705

Provision for retirement and severance
benefits for directors and corporate
auditors

1,851

-

1,851

-

Revalued loss of investment securities

-

-

-

4,298

Loss on disposal of property, plantand equipment

-

1,534

(1,534)

3,407

Income before income taxes
and minority interest inconsolidated subsidiaries

28,93825,3703,568

43,669

Income taxes - current

8,503

14,466(5,963)28,120

Income taxes - deferred

1,652(3,355)

5,007(7,304)

Minority interest inconsolidated subsidiaries

1,686

644

1,042

919

17,095

13,614

3,481

21,933

Ordinary income
Extraordinary gains
Gain on transfer to a defined
contribution pension plan
Extraordinary losses

Net income-8-Consolidated Statements of Retained Earnings(Yen in millions; amounts less than one million yen are omitted.)

FY2004

FY2003

April 1, 2003 April 1, 2002 ( September
30, 2003） ( September 30, 2002）

FY2003

Increase(Decrease)

April 1, 2002 ( March
31, 2003 ）(Capital surplus)
Capital surplus
at beginning of period

89,36489,32638

89,326

Increase in capital surplus

16,37738

16,33938

Issuance of equity due to conversionof convertible bonds

12,41424

12,39024

Gain on disposal of treasury stock

3,962

13

3,949

13

105,742

89,364

16,37889,364

269,380

253,975

15,405

253,975

Increase in retained earnings

17,095

13,614

3,481

21,933

Net income for the period

17,095

13,614

3,481

21,933

Decrease in retained earnings

4,428

3,409

1,019

6,528

3,513

3,127

386

6,246

Bonuses to directors andcorporate auditors

290

281

9

282

Change in subsidiaries’ year-ends

624

-

624

-

282,048

264,180

17,868269,380

Capital surplus at end of period(Retained earnings)
Retained earnings
at beginning of period

Cash dividends

Retained earnings at end of period-9-Consolidated Statements of Cash Flows(Yen in millions; amounts less than one million yen are omitted.)

FY2004

FY2003

April 1, 2003 September 30, 2003
32,343

April 1, 2002 September 30, 2002
42,35528,938

Increase(Decrease)

FY2003(10,012)April 1, 2002 March 31, 2003
103,183

25,3703,568

43,66930,562(32)(9,777)
4,969(246)(3,988)
1,258(4,359)(2,105)45,2199,433(5,081)(17,227)

26,84736(9,090)5,262
1,790(9,596)
2,265
(803)
8,521
50,6049,519(5,857)(11,909)

3,715
(68)
(687)
(293)
(2,036)
5,608(1,007)(3,556)(10,626)(5,385)(86)
776(5,318)59,154219(17,874)
10,522
4,633(7,406)
1,252
5,431
20,417
120,020
17,982(10,944)(23,875)(36,418)(42,845)

6,427(95,120)(43)(1,661)

1,618(1,664)

2,702

3,038

(336)

8,447

(29,752)(43,927)

14,175(86,703)

1,749

451

1,298

749

(10,074)
2,198(11,335)
9,748

1,261
(7,550)(21,896)
9,792

2,293

1,132

1,161

944

(2,526)
2,702(943)(4,724)(1,488)2,412(1,215)(1,038)290(943)(3,509)(1,664)
2,931(6,056)(56,780)
9,658
30,0001,334(5,726)(31,677)(56,670)(11)(3,510)
(252)
74

7,678
(795)
21,420(8,337)(1,854)(3,127)(193)
566(64,458)
10,45330,000(20,086)
2,611(31,677)(56,670)
1,843
(383)
(59)
(492)

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

576

(1,021)

1,597

(28)

(60,279)

6,166(66,445)

65,809136,929

71,11965,81071,119Net decrease in cash and cash equivalents
due to change in subsidiaries’ year-ends(3,763)-(3,763)-

Cash and cash equivalents at end of period

72,886

77,285(4,399)136,929

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
72,81957,216
Marketable securities
66
20,06915,603(20,003)86,85650,072(
Cash flows from operating activities
Income before income taxes and minority
interest in consolidated subsidiaries
Depreciation and amortization(Decrease) increase in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in (earnings) loss of affiliates
Increase in receivables
Decrease in inventories(Decrease) increase in payables
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Cash flows from investing activities
Payments for purchases of marketablesecurities
Proceeds from sales of marketable securities
Payments for purchases of property, plant andequipment
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
Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Others, net
Cash flows from financing activities
Increase (decrease) in short-term loans
Proceeds from issuance of 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
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net
Translation adjustments of cash and cash
equivalents
Net (decrease) increasein cash and cash equivalents
Cash and cash equivalents
at beginning of period) (‑ 10 ‑)()

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

Consolidated
subsidiaries

132

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, Incorporated, Nishina Industrial Co., Ltd.,
Suzaka Nishina Industrial Co., Ltd., ALTRAN Corporation, 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., Tokai System Institute Corp., Shine’s Inc., *Toyota Industries Sweden AB,
BT Industries Group (63 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 Corporation Australia (5 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

18

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

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

14

Aichi Corporation Group (6 companies), ALTRAN Corporation,
Toyota Industries Finance International AB, Toyota Industries Corporation Australia (5 companies),
Toyota Material Handling (Shanghai) Co., Ltd(Decrease)0
Affiliates accounted for the equity method
Companies(Increase)(Decrease)2
1

Aichi Corporation Group (2 companies)
Aichi Corporation

3. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than September 30. The details are given below.
June 30

Toyota Industries Sweden AB, BT Industries Group (63 companies),
Toyota Industries Finance International AB, Toyota Industry (Kunshan) Co., Ltd.,
Toyota Material Handling (Shanghai) Co., Ltd- 11 -

(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 June 30 to September 30. The details are given below.
TIBC Corporation, Sun River Co., Ltd., Izumi Machine Mfg. Co., Ltd., Mino Tokyu Co., Ltd.,
Toyoda High System, Incorporated, 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 valueb. Inventories

Other securities without market value…. 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
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. 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.

- 12 -

Segment Information
1.Business segments(1)FY2004 Semiannual (April 1, 2003 - September 30, 2003)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
296,183
216,330( 2 )Inter-segment sales and
7,434
192
transfers
Total
303,618
216,523
Operating expenses
288,901
207,671
Operating income
14,7168,851(2)FY2003 Semiannual (April 1, 2002 - September 30, 2002)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
291,218
181,021( 2 )Inter-segment sales and7,504
55
transfers
Total
298,723
181,077
Operating expenses
283,441
173,500
Operating income
15,282
7,576(Yen in millions; amounts less than one million yen are omitted.)

Textilemachinery

Total

Eliminations Consolidated

23,82433,248569,587-

569,587

7

6,803

14,437(14,437)-

23,831
23,427404

40,05136,935
3,116

584,025
556,936
27,088(14,437)(14,367)(70)

569,587
542,568
27,018(Yen in millions ; amounts less than one million yen are omitted.)

Textilemachinery

OthersTotal

Eliminations Consolidated

22,80025,449520,489-

520,489

5

5,517

13,083(13,083)-

22,805
22,102703

30,966
29,382
1,584

533,572
508,426
25,146(13,083)(13,151)67

520,489495,275
25,214(3)FY2003 (April 1, 2002 - March 31, 2003)

Net sales( 1 )Sales to external customers( 2 )Inter-segment sales andtransfers
Total
Operating expenses
Operating income

Others(Yen in millions; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery595,459

373,007

48,74015,52389

610,983
580,875
30,107373,097356,922
16,174

Total

Eliminations Consolidated

52,0101,069,218-

1,069,218

5

13,07828,697(28,697)-

48,74546,4362,308

65,08961,177
3,912

1,097,915
1,045,412
52,503(28,697)(28,671)(25)

1,069,218
1,016,740
52,477

Others.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 forklift trucks, warehouse trucks, skid steer loaders, truck mount aerial work platforms
Textile machinery ………………Ring spinning frames, air-jet looms, water-jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, casting machines- 13 -

2.Geographical segments(1) FY2004 Semiannual (April 1, 2003 - September 30, 2003)
North
Japan
America
Net sales
383,452
100,332(1) Sales to external customers(2) Inter-segment sales and40,705569
transfers
Total
424,158
100,902
Operating expenses
399,971
97,523Operating income
24,1863,378(2)FY2003 Semiannual (April 1, 2002 – September 30, 2002)
North
Japan
America
Net sales
356,599
94,762(1) Sales to external customers(2) Inter-segment sales and39,074724
transfers
Total
395,674
95,487
Operating expenses
374,084
92,579Operating income
21,5902,907(Yen in millions; amounts less than one million yen are omitted.)

EuropeTotal

Eliminations Consolidated

81,525

4,277

569,587-

569,587

3,031

735

45,042(45,042)-

84,556
83,075
1,480

5,012
4,918
93

614,629
585,490
29,139(45,042)(42,921)(2,120)569,587
542,568
27,018(Yen in millions; amounts less than one million yen are omitted.)

EuropeOthersTotal

Eliminations Consolidated

67,738

1,387

520,489-

520,489

2,136

614

42,550(42,550)-

69,87569,049
826

2,002
2,138
(136)

563,040
537,852
25,187(42,550)(42,577)26

520,489495,275
25,214(3)FY2003 (April 1, 2002 - March 31, 2003)(Yen in millions; amounts less than one million yen are omitted.)

Japan

North
America

Europe733,869

192,385

139,51478,517

1,411

812,387

Operating expenses
Operating income

Net sales(1) Sales to external customers(2) Inter-segment sales andtransfers
Total

OthersTotal

Eliminations Consolidated

3,449

1,069,218-

1,069,218

4,899

1,033

85,862(85,862)-

193,796

144,413

4,483

1,155,080(85,862)

1,069,218

767,341

187,597

142,468

4,559

1,101,966(85,225)

1,016,740

45,045

6,199

1,945

(75)

53,114(636)

52,477- 14 -

Others3.Overseas sales(1)FY2004 Semiannual (April 1, 2003 – September 30, 2003)(Yen in millions; amounts less than one million yen are omitted.)

North America

99,875

Overseas sales

Europe104,435

Others43,363

17.5%

Ratio of overseas sales to consolidated sales(2)FY2003 Semiannual (April 1, 2002 - September 30, 2002)

18.3%

7.6%

95,227

Europe86,322Others37,60018.3%(3)FY2003 (April 1, 2002 - March 31, 2003)

219,149

16.6%

7.2%

42.1%

(Yen in millions; 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

Total

520,489

Consolidated sales

Overseas sales

43.5%(Yen in millions; amounts less than one million yen are omitted.)

North America

Ratio of overseas sales to consolidated sales

247,675
569,587

Consolidated sales

Overseas sales

Total

Total
451,593
1,069,218

18.0%- 15 -

17.0%

7.3%

42.2%

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

FY2004

FY2003

April 1, 2003 September 30, 2003

April 1, 2002 September 30, 2002

AmountAutomobile

)

Ratio
%

(

Amount)Increase(Decrease)

Ratio
%

FY2003% Change(

April 1, 2002 –March 31, 2003

Amount
%

)

Ratio
%

Vehicle135,470

23.8

136,296

26.2

(826)

(0.6)

281,927

26.4

Engine52,285

9.2

58,495

11.2(6,210)(10.6)

117,669

11.0

Car air-conditioning
compressor

100,75417.7

87,74816.9

13,00614.8

177,914

16.6

Foundry andothers

7,673

1.3

8,677

1.7

(1,004)(11.6)

17,948

1.7

Subtotal

296,18352.0

291,218

56.0

4,965

1.7

595,459

55.7

Materials
handling
equipment

216,33038.0

181,02134.8

35,30919.5

373,007

34.9

Textilemachinery

23,8244.2

22,800

4.4

1,024

4.5

48,740

4.6

Others33,2485.8

25,449

4.8

7,799

30.6

52,0104.8

Total

569,587

100.0

520,489

100.0

49,0989.4

1,069,218

100.0- 16 -

October 28, 2003

Semiannual Non-consolidated Financial Results for FY2004
TOYOTA INDUSTRIES CORPORATION(URL http://www.toyota-industries.com/ )Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201)
Location of the head office: Aichi prefecture, 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 non-consolidated semiannual financial results for FY2004: October 28, 2003
Provision for interim cash dividends: Provision exists.
Date of starting actual payment of interim cash dividends: November 26, 2003
Number of shares in unit share system: 100 shares

1. Financial Highlights for FY2004 Semiannual (April 1 – September 30, 2003)(1) Non-consolidated financial results(Amounts less than one million yen are omitted.)

Million yen

FY2004 Semiannual
FY2003 Semiannual
FY2003 Annual

365,908
364,682
747,637
Net income%((

12,376
13,12920,118change fromyear )( %previous

Million yen

0.3 )10.3 )

17,783
19,332
39,410%((change fromyear )( %previous

Million yen- 8.0 )
0.3 )

%

(
(

Ordinary
income19,813
22,66742,321%((- 12.6 )4.8 )Net income
per share - basic

change fromyear )( %previous

Million yen

FY2004 Semiannual
FY2003 Semiannual
FY2003 Annual

Operatingincomechange fromyear )( %previous

Net sales

Yen- 5.7 )
-3.9 )

42.07
42.01
64.63

Notes: 1. Average number of shares issued each year
FY2004 Semiannual−294,150,025 shares, FY2003 Semiannual−312,517,027 shares, FY2003 Annual−.307,823,074 shares
Notes: 2. Changes in accounting policies: No change(2) Cash dividends
Interim cash dividends
per share

Cash dividends
per share

Yen

FY2004Semiannual
FY2003 Semiannual
FY2003 Annual

Yen

12
10
−

−
−
22

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2004 Semiannual
FY2003 Semiannual
FY2003 Annual

1,624,935
1,476,986
1,420,342

Ratio ofshareholders’ equity

Million yen

Shareholders’ equity
per share%

906,297
808,475
718,041

Yen

55.8
54.7
50.6

2,785.71
2,592.83
2,451.75

Note: 1. Number of shares outstanding at the end of period
FY2004 Semiannual−325,338,411 shares, FY2003 Semiannual−311,812,441 shares, FY2003 Annual− 292,777,198 shares
2. Number of treasury stock at the end of period
FY2004 Semiannual−502,229 shares, FY2003 Semiannual−1,512,010 shares, FY2003 Annual−20,547,253 shares

2. Forecast of Non-consolidated Financial Results for FY2004 (April 1, 2003 - March 31, 2004)
Net sales
Million yen

FY2004 Annual

740,000

Ordinary income
Million yen

38,000Net income
Million yen

24,000

Reference: (Forecast) Net income per share−basic (annual): 73.77 yen- 17 -

Annual cash dividends per share
Year end
Yen

12

Yen

24

Non-consolidated Balance Sheets
FY2003

FY2004as of
as of( September
30, 2003 ) ( March 31, 2003 )FY2003

Increase(Decrease)

as of( September
30, 2002 )(Assets)
Current assets

237,196

240,991(3,795)

188,589

53,75760,188(6,431)

30,957

Trade notes receivable

1,236

3,059

(1,823)5,245

Trade accounts receivable

71,72968,4183,311

69,388-52,708(52,708)

27,643Finished goods

2,344

3,347

(1 , 0 0 3 )2,224

Raw materials

212

141

71

154

Work in process

16,926

15,648

1,278

15,568

3,808

3,919

(1 1 1 )3,532

Prepaid expenses

510

198

312

333

Deferred tax assets

9,042

10,807(1 , 7 6 5 )9,647

77,63022,62255,00823,965

66(71)

Cash and deposits

Marketable securities

Supplies

Other current assets
Less - allowance for doubtful
accounts
Fixed assets

1,387,739

1,179,351

208,388

1,288,396

Property, plant and equipment

226,959

225,472

1,487

223,497

Buildings

69,17070,847(1 , 6 7 7 )68,550

Structures

7,385

7,363

22

7,144

93,24094,359(1 , 1 1 9 )97,612

Vehicles and delivery equipment

1,123

1,208

(85)

1,239

Tools, furniture and fixture

9,306

9,682

(3 7 6 )

9,496

Land

35,88335,279604

33,701

Construction in progress

10,849

6,730

4,119

5,753

Intangible assets

8,157

7,937

220

6,746

Software

8,157

7,937

220

6,746

1,152,621

945,941

206,680

1,058,152

Investments in securities

972,585

776,387

196,198

888,194

Investments in subsidiaries

151,802142,3229,480

143,550

Long-term loans

10,817

10,887(70)

11,239Long-term prepaid expenses

11,307

11,804(4 9 7 )10,323

6,175

4,621

1,554

4,999

(67)

(82)

15

(155)

1,624,935

1,420,342

204,593

1,476,986

3 4 6 , 4 9 1

3 4 0 , 3 1 5

6 , 1 7 6

3 4 2 , 1 7 7

2 8 , 9 7 9

3 6 , 6 1 7( 7 , 6 3 8 )

3 2 , 1 1 8

3 , 8 4 6

2 , 3 2 1

1 , 5 2 5

2 , 1 8 3

Machinery and equipment

Investments and other assets

Other investments and other assets

Less - allowance for doubtful
accounts
Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors

(2)

(68)

( included in allowance for retirement benefits)- 18 -

(Yen in millions; amounts less than one million yen are omitted.)((Liabilities)
Current liabilities
Trade notes payable
Trade accounts payable
Short-term loans
Commercial paper
Current portion of bonds
Current portion of convertible bonds
Other payables
Accrued expenses
Accrued income taxes
Advance received
Deposits received
Deposits received from
employees
Long-term liabilities
Bonds
Long term loan
Deferred tax liabilities

FY2004

FY2003

as of
September 30, 2003

as ofMarch 31, 2003

) ()

FY2003

Increase(Decrease)

as of( September
30, 2002 )

191,794
5,794
79,64018,00030,00012,086
22,945
2,139
104
1,873

250,849
5,724
82,85420,00075,692
13,702
22,697
9,866
106
1,270

(59,055)70(3 , 2 1 4 )18,00030,000(20,000)(75,692)(1 , 6 1 6 )
248(7 , 7 2 7 )
(2 )
603

239,190
6,593
76,42220,00075,692
10,27021,144
8,993
133
1,205

19,20818,935273

18,734

526,843
200,000
20,000284,491

451,452
200,000
20,000207,829

75,391
76,662

429,320
120,000
20,000266,514

18,836

22,372(3 , 5 3 6 )21,720

Other long-term liabilities
Total liabilities

3,515
718,637

1,250
702,301

2,265
16,336

1,085
668,510(Shareholders’ equity)
Common stock
Capital surplus
Capital reserve
Other capital reserve
Gain on disposal of treasury stock

80,462
105,707
101,766
3,941
3,941

68,04689,35189,351-

12,416
16,356
12,415
3,941
3,941

68,04689,35189,351-

274,138
17,004
180,714572

265,499
17,004
180,557
409

8,639
157
163

261,628
17,004
180,557
409

142

147

(5 )

147

180,000

180,000-

180,000

76,41967,937

8,482

64,066

Allowance for retirement benefits

Retained earnings
Legal reserve
General reserves
Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets
General reserves
Unappropriated retained
earnings at end of period<12,376><20,118><(7,742)><13,129>

Net unrealized gainon other securities
Treasury stock
Total shareholders’ equity

446,881

331,626

115,255

392,590(892)
906,297(36,483)
718,041

35,591
188,256(3,142)
808,475

Total liabilities andshareholders’ equity

1,624,935

204,593

1,476,986<Included net income for period>- 19 -

1,420,342

Non-consolidated Statements of Income(Yen in millions; amounts less than one million yen are omitted.)

FY2004

FY2003

April 1, 2003 April 1, 2002 ( September
30, 2003 ） ( September 30, 2002 ）FY2003

Increase(Decrease)

April 1, 2002 ( March
31, 2003 ）(Ordinary profits and losses)
Operating revenue and expenses
Operating revenue

365,908

364,682

1,226

747,637

365,908

364,682

1,226

747,637

Operating expenses

348,124

345,350

2,774

708,227

Cost of sales
Selling, general andadministrative expenses
Operating income

321,295

320,249

1,046

656,063

26,82825,1001,728

52,164

17,783

19,332(1,549)39,410

8,623

8,210

413

14,768Interest and dividends income

6,116

5,027

1,089

9,575

Other non-operating income

2,506

3,183

(677)

5,193

6,593

4,874

1,719

11,857

Interest expenses

1,843

1,560

283

3,424

Other non-operating expenses

4,749

3,314

1,435

8.433

19,813

22,667(2,854)42,321

621

-

621

-

621

-

621

-

1,851

1,534

317

8,882

1,851

-

1,851

-

-

-

-

5,474

-

1,534

(1,534)

3,407

18,583

21,132(2,549)33,438

Income taxes - current

3,979

10,706(6,727)20,015

Income taxes - deferred

2,228(2,703)

4,931(6,695)

Net income

12,376

13,129(753)

20,118Unappropriated retained earnings
brought forward

64,04350,936

13,10750,936

-

-

-

3,118

76,41964,066

12,35367,937

Net sales

Non-operating income and expenses
Non-operating income

Non-operating expenses

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 andcorporate auditors
Revalued loss of investment securities
Loss on disposal of property, plantand equipment
Income before income taxes

Interim cash dividends

Unappropriated retained
earnings at end of period- 20 -