FINANCIAL SUMMARY
FY2004 Third Quarter
Financial Results for the Nine Months
Ended December 31, 2003

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 andits 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.

February 3, 2004

Consolidated Financial Results for the Nine Months Ended December 31, 2003
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)

1. Financial Highlights for the Nine Months Ended December 31, 2003
As Toyota Industries started disclosing its quarterly figures from this fiscal year, comparative figures for the previous fiscal year are not available.

(1) Consolidated financial results(Amounts less than one million yen are omitted.)

Net sales

Operating income
Million yen

Ordinary income

Million yen

Million yen

Nine months ended
December 31,2003

857,620

40,077

48,615

FY2003

1,069,218

52,47751,375

Net income

Net income pershare - basic

Net income pershare - diluted

Million yen

Yen

Yen

Nine months ended
December 31,2003

28,512

93.74

86.78

FY2003

21,933

70.19

62.90

(2) Consolidated financial position
Total assets

Shareholders’ equity

Million yen

Ratio ofShareholders’ equity

Million yen

Shareholders’ equity
per share%

Yen

Nine months ended
December 31,2003

1,901,675

969,504

51.0

3,005.70

FY2003

1,650,391

738,86744.8

2,522.52(3) Scope of consolidation and equity method
Consolidated subsidiaries: 138 companies
Unconsolidated subsidiaries accounted for under the equity method: 1 company
Affiliates accounted for under the equity method: 19 companies(4) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 20 companies
Equity method: (increase) 3 companies, (decrease) 1 company

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

Ordinary income
Million yen

FY2004

1,150,000

Net income
Million yen

58,000Million yen

34,000

Reference: (Forecast) Net income per share - basic (annual): 105.41 yen* Figures for fiscal 2004 have not been revised from those previously announced on October 28, 2003.
* All projections are based on the information available to management at the time of producing this report and are not guarantees of future performance.
Certain risks and uncertainties could cause the actual results of Toyota Industries to differ materially from any projections discussed in this report.

Business Results
By the end of the third quarter of fiscal 2004 (the nine months from April 1 to December 31, 2003),
total consolidated net sales of Toyota Industries amounted to 857.6 billion yen. The following is a reviewof operations for the major business segments.
Net sales of the Automobile Segment totaled 442.3 billion yen. Within this segment, net sales of theVehicle Business totaled 204.0 billion yen, due largely to strong sales of the Corolla Sedan for North
America, for which production commenced in January 2003. Net sales of the Engine Business totaled
78.8 billion yen, reflected by the fact that a certain volume of CD-type diesel engines are now shipped as
parts, thus decreasing the overall production of the engine as a complete product. Net sales of the Car
Air-Conditioning Compressor Business totaled 146.8 billion yen, attributable mainly to vigorous sales
activities targeting car manufacturers around the world.
Net sales of the Materials Handling Equipment Segment totaled 325.5 billion yen, due primarily toaggressive sales promotion activities for major customers in Japan and overseas. Strong sales of theGENEO-E, a three-wheel electric counterbalanced forklift truck, as well as the consolidation of Aichi
Corporation, which became one of our subsidiaries in May 2003, also contributed to consolidated results.
Net sales of the Textile Machinery Segment totaled 37.4 billion yen, due mainly to strong sales ofair-jet looms in China.
During this period, Toyota Industries’ ordinary income amounted to 48.6 billion yen. This increasereflected expanded sales, improved productivity and enhanced cost-reduction efforts group-wide. Net
income amounted to 28.5 billion yen.
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.

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

Nine months ended December 31,2003
April 1, 2003 December 31, 2003
Component ratio
Amount%(Automobile)

FY2003
April 1, 2002 March 31, 2003
Component ratio
Amount%()Vehicle204,05923.8

281,927

26.4

Engine78,864

9.2

117,669

11.0

Car air-conditioning compressor

146,869

17.1

177,914

16.6

Foundry and others

12,5601.5

17,948

1.7

Subtotal

442,35351.6

595,459

55.7

Materials handling equipment

325,51338.0

373,007

34.9

Textile machinery

37,456

4.4

48,740

4.6

Others52,296

6.0

52,0104.8

Total

857,620100.0

1,069,218

100.0-1-Consolidated Balance SheetsFY2004 Third Quarter(As of December 31, 2003)

FY2003(As of March 31, 2003)

Increase(Decrease)

Assets
340,731371,807(31,076)

Cash and deposits

53,21587,840(34,625)

Trade notes and accounts receivable

133,644

119,047

14,597

Marketable securities

20,11452,780(32,666)

Inventories

76,64069,1407,500

Deferred tax assets

11,792

14,072(2,280)

Other current assets

47,48830,924

16,564

Less - allowance for doubtful accounts(2,165)(1,998)(167)

1,560,944

1,278,583

282,361

381,766

362,193

19,573

Buildings and structures123,720

118,448

5,272

Machinery, equipment and vehicles

160,901

157,733

3,168

Tools, furniture and fixtures

15,64416,006

(362)

Land

69,03256,254

12,778Construction in progress

12,467

13,749(1,282)

99,37596,773

2,602

Software

11,349

9,195

2,154

Goodwill

88,026

87,577449

1,079,801

819,616

260,185

1,020,725

762,026

258,699

Long-term loans

9,525

10,521(996)

Long-term prepaid expenses

14,22415,081(857)

Deferred tax assets

3,715

2,862

853

Other investments and other assets

31,842

29,3702,472(231)

(247)

16

1,901,675

1,650,391

251,284

Current assets

Fixed assets
Property, plant and equipment

Intangible assets

Investments and other assets
Investments in securities

Less - allowance for doubtful accounts
Total assets-2-(Million yen; amounts less than one million yen are omitted.)

FY2004 Third Quarter(As of December 31, 2003)

FY2003(As of March 31, 2003)

Increase(Decrease)

Liabilities
301,594

393,365(91,771)

Trade notes and accounts payable

124,120

117,424

6,696

Short-term bank loans

70,83878,052(7,214)

Commercial paper

5,000-

5,000

Current portion of bonds-

20,000(20,000)

Current portion of convertible bonds-

75,692(75,692)

Other payables

13,171

17,406(4,235)

Accrued expenses

45,97642,027

3,949

Accrued income taxes

6,641

14,143(7,502)

Deposits received from employees

21,21819,234

1,984

Deferred tax liabilities

1,910

1,191

719

Other current liabilities

12,717

8,193

4,524

Long-term liabilities

595,811494,164

101,647

Bonds

200,300

200,300-Long-term debt

32,632

36,576(3,944)

Deferred tax liabilities

311,366

212,355

99,011

Allowance for retirement benefits

34,415

34,100315

Other long-term liabilities

17,096

10,832

6,264

897,405

887,530

9,875

34,76523,993

10,772

Common stock

80,462

68,046

12,416

Capital surplus

105,742

89,364

16,378Retained earnings

289,561

269,380

20,181

480,819

331,667

149,152

19,712

16,8902,822(6,795)(36,483)

29,688

Total shareholders’ equity

969,504

738,867

230,637

Total liabilities andshareholders’ equity

1,901,675

1,650,391

251,284

Current liabilities

Total liabilities
Minority interest inconsolidated subsidiaries
Shareholders’ equity

Net unrealized gains onother securities
Foreign currencytranslation adjustments
Treasury stock at cost-3-Consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)

Nine months ended December 31,2003
April 1, 2003 December 31,2003()(FY2003
April 1, 2002 March 31, 2003)

Net sales

857,620

1,069,218

Cost of sales

720,317899,702

Gross profit

137,303

169,516

Selling, general andadministrative expenses

97,225

117,038

Operating income40,077

52,477

Non-operating income

25,827

26,335Interest income

6,214

8,985

Dividends income

10,921

8,888

Other non-operating income

8,691

8,461

Non-operating expenses

17,28927,438Interest expenses

7,349

10,522Other non-operating expenses

9,940

16,915

48,61551,375

621

-

621

-

1,851

7,705

Provision for retirement and severance
benefits for directors and corporate
auditors

1,851-

Revalued loss of investment securities

-

4,298

Loss on disposal of property, plant andequipment

-

3,407

Income before income taxes

47,38543,669

Income taxes

16,144

20,8152,727

919

28,512

21,933

Ordinary income
Extraordinary gains
Gains from transition of benefit plan into
defined contribution pension plan
Extraordinary losses

Minority interest inconsolidated subsidiaries
Net income-4-Segment Information
1.Business segment information(1)Nine months ended December 31,2003(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery

OthersTotal

Net sales(1) Outside customer sales

442,353

325,51337,45652,296857,620-857,620(2) Intersegment transactions

11,751412

10

10,06022,234(22,234)-

Total

454,104

325,926

37,46662,357879,855(22,234)

857,620

Operating expenses

433,339

311,487

37,19957,707

839,733(22,190)

817,543

Operating income

20,764

14,439267

4,650

40,121(44)

40,077(2)FY2003 (April 1, 2002 - March 31, 2003)

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

Automobile

Materials
handling
equipment

Textilemachinery

OthersTotalNet sales(1) Outside customer sales

595,459

373,007

48,74052,0101,069,218-

1,069,218(2) Intersegment transactions

15,52389

513,07828,697(28,697)-Total

610,983

373,097

48,74565,089

1,097,915(28,697)

1,069,218

Operating expenses

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

Eliminations Consolidated

2.Geographical segment information(1) Nine months ended December 31,2003(Million yen; amounts less than one million yen are omitted.)

JapanNorthAmericaEurope

OthersTotal

Net sales(1) Outside customer sales

581,506

146,043

122,123

7,947

857,620-857,620(2) Intersegment transactions

63,209

683

4,360

1,166

69,419(69,419)-Total644,716

146,726

126,483

9,113

927,039(69,419)

857,620

Operating expenses

609,487

142,075

124,4128,971

884,946(67,403)

817,543

Operating income

35,228

4,651

2,071

141

42,093(2,015)40,077(2)FY2003 (April 1, 2002 - March 31, 2003)

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

JapanNorthAmericaEuropeOthers

Total

Net sales(1) Outside customer sales733,869

192,385

139,5143,449

1,069,218-

1,069,218(2) Intersegment transactions

78,517

1,411

4,899

1,033

85,862(85,862)-Total

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)

52,477-5-

Eliminations Consolidated

3.Overseas sales(1) Nine months ended December 31,2003

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

North AmericaEurope

OthersTotal

144,462

155,345

68,366368,174

Consolidated sales
Ratio of overseas sales to consolidated sales

857,62016.8%(2)FY2003 (April 1, 2002 - March 31, 2003)

Overseas sales

18.1%

8.0%

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

North America

EuropeOthersTotal

192,421

181,347

77,825451,593

Consolidated sales
Ratio of overseas sales to consolidated sales

42.9%

1,069,218
18.0%

-6-

17.0%

7.3%

42.2%