FINANCIAL SUMMARY
FY2004 First Quarter(April 1, 2003 through June 30, 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 the words “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions should be understood in this context.
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
this summary and are not guarantees of future performance. These projections and forward-looking statements are subject to change
without notice, and Toyota Industries Corporation and its Group companies will not necessarily inform you of such changes.
Therefore, it is advised that you should not rely solely upon these projections and forward-looking statements in making yourinvestment 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 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 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.

July 31, 2003

Consolidated Financial Results for FY2004 First Quarter (April 2003 - June 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 FY2004 First Quarter (April 1, 2003 - June 30, 2003)
As Toyota Industries started disclosing its quarterly figures from this fiscal year, comparative figures for the previous fiscal year are not available.
(Amounts less than one million yen are omitted.)(1) Consolidated financial results
Operating income

Net sales
Million yen

Ordinary income

Million yen

Million yen

FY2004First Quarter

279,153

13,673

18,878FY2003

1,069,218

52,47751,375

Net income

Net income pershare - basicNet income pershare - diluted

Million yen

Yen

Yen

FY2004First Quarter

10,238

34.97

31.41

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

FY2004First Quarter

1,809,421

822,47945.5

2,809.23

FY2003

1,650,391

738,86744.8

2,522.52(3) Scope of consolidation and equity method
Consolidated subsidiaries: 128 companies
Unconsolidated subsidiaries accounted for under the equity method: 2 companies
Affiliates accounted for under the equity method: 17 companies(4) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 10 companies
Equity method: (increase) 2 companies, (decrease) 1 company

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

Ordinary income
Million yen

Net income
Million yen

Million yen

FY2004Semi-annual

540,000

27,00016,000FY2004

1,100,000

57,00034,000

Reference: (Forecast) Net income per share - basic (annual): 116.13 yen* Figures for fiscal 2004 have not been revised from those previously announced on April 24, 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
During the first quarter of fiscal 2004 (the three months from April 1 through June 30, 2003), total
consolidated net sales of Toyota Industries amounted to 279.1 billion yen. The following is a review ofoperations for the major business segments.
Net sales of the Automobile Segment totaled 147.6 billion yen. Within this segment, net sales of theVehicle Business totaled 68.1 billion yen. This was because in addition to the Vitz (Yaris in Europe) andRAV4, Toyota Industries started production of the Corolla Sedan for North America in January 2003. Net
sales of the Engine Business totaled 26.0 billion yen, reflecting the steady demand for gasoline engines.
Net sales of the Car Air-Conditioning Compressor Business totaled 49.6 billion yen as a result of vigorous
sales promotion activities targeting car manufacturers in the U.S. and Europe.
Net sales of the Materials Handling Equipment Segment totaled 101.9 billion yen, reflecting aggressive
sales promotion activities both in Japan and overseas. In May 2003, Toyota Industries acquired a majority
stake in Aichi Corporation, with which Toyota Industries previously entered into a comprehensive
agreement on capital and business collaboration in 2002. In China, local production of forklift trucks
commenced in April 2003 at Toyota Industry (Kunshan) Co., Ltd. Toyota Material Handling (Shanghai) Co.,
Ltd., a local sales subsidiary, also started operations in June 2003.
Net sales of the Textile Machinery Segment totaled 13.8 billion yen, due mainly to strong sales of air-jet
looms in China.
Ordinary income amounted to 18.8 billion yen as a result of enhanced sales promotion andcost-reduction activities as well as improved productivity. Net income totaled 10.2 billion yen.
For fiscal 2004, ending March 31, 2004, Toyota Industries forecasts consolidated net sales of 1,100.0
billion yen and net income of 34.0 billion yen.

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

FY2004 First Quarter
April 1, 2003 June 30, 2003
Component ratio
Amount%(Automobile)

FY2003
April 1, 2002 March 31, 2003
Component ratio
Amount%()Vehicle68,131

24.4

281,927

26.4

Engine26,043

9.3

117,669

11.0

Car air-conditioning compressor

49,61617.8

177,914

16.6

Foundry and others

3,810

1.4

17,948

1.7

Subtotal

147,60252.9

595,459

55.7

Materials handling equipment

101,90236.5

373,007

34.9

Textile machinery

13,854

5.0

48,740

4.6

Others

15,793

5.6

52,0104.8

Total

279,153

100.0

1,069,218

100.0-1-Consolidated Balance Sheets
FY2004 First Quarter(As of June 30, 2003)

FY2003(As of March 31, 2003)

Increase(Decrease)392,156

371,807

20,349Cash and deposits

79,221

87,840(8,619)Trade notes and accounts receivable

131,288

119,047

12,241Marketable securities

52,82852,78048

Inventories

80,737

69,14011,597

Deferred tax assets

17,231

14,072

3,159

Other current assets

33,01630,924

2,092

Less - allowance for doubtful accounts(2,168)(1,998)(170)

1,417,265

1,278,583

138,682

380,443

362,193

18,250

Buildings and structures

122,978118,448

4,530

Machinery, equipment and vehicles

163,424

157,733

5,691

Tools, furniture and fixtures

16,301

16,006295

Land66,35256,254

10,098Construction in progress

11,385

13,749(2,364)

96,38896,773(385)

Software

9,479

9,195

284

Goodwill

86,90987,577(668)

940,433

819,616

120,817

Investments in securities

879,983

762,026

117,957

Long-term loans

10,253

10,521(268)

Long-term prepaid expenses

14,79415,081(287)

Deferred tax assets

2,814

2,862

(48)

Other investments and other assets

32,86229,370

3,492(275)

(247)

(28)

1,809,421

1,650,391

159,030

AssetsCurrent assets

Fixed assets
Property, plant and equipment

Intangible assets

Investments and other assets

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

FY2004 First Quarter(As of June 30, 2003)

FY2003(As of March 31, 2003)

Increase(Decrease)404,289

393,365

10,924

Trade notes and accounts payable

125,325

117,424

7,901

Short-term bank loans

76,76178,052(1,291)

Current portion of bonds

20,00020,000-Current portion of convertible bonds

75,69075,692(2)

Other payables

15,94817,406(1,458)

Accrued expenses

53,91242,027

11,885

Accrued income taxes

8,062

14,143(6,081)

Deposits received from employees

17,495

19,234(1,739)Deferred tax liabilities

1,164

1,191

(27)

Other current liabilities

9,929

8,193

1,736

Long-term liabilities

548,744494,164

54,580

Bonds

200,300

200,300-Long-term debt

41,14536,576

4,569

Deferred tax liabilities

260,688

212,355

48,333

Allowance for retirement benefits

32,133

34,100(1,967)

Other long-term liabilities

14,477

10,832

3,645

953,034

887,530

65,50433,90723,993

9,914

Common stock

68,04768,046

1

Capital surplus

89,36589,364

1

Retained earnings

275,191

269,380

5,811

Net unrealized gains onother securities
Foreign currencytranslation adjustments

404,174

331,667

72,50722,184

16,8905,294Treasury stock at cost

(36,484)(36,483)(1)

Total shareholders’ equity

822,479

738,867

83,612

Total liabilities andshareholders’ equity

1,809,421

1,650,391

159,030

Liabilities
Current liabilities

Total liabilities
Minority interest inconsolidated subsidiaries
Shareholders’ equity-3-

Consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)

FY2004 First Quarter
April 1, 2003 June 30, 2003()

(FY2003
April 1, 2002 March 31, 2003)

Net sales

279,153

1,069,218

Cost of sales

234,661

899,702

Gross profit

44,491

169,516

Selling, general andadministrative expenses

30,817

117,038

Operating income

13,67352,477

Non-operating income

10,241

26,335Interest income

2,1918,985

Dividends income

5,151

8,888

Other non-operating income

2,899

8,461

Non-operating expenses

5,036

27,438Interest expenses

2,724

10,522Other non-operating expenses

2,312

16,91518,87851,375

621

-

621

-

1,851

7,705

Revalued loss of investment securities

-

4,298

Loss on disposal of property, plant andequipment

-

3,407

Provision for retirement and severance
benefits for directors and corporate
auditors

1,851-

17,64843,6696,674

20,815735

919

10,23821,933

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

Income before income taxes
Income taxes
Minority interest inconsolidated subsidiaries
Net income-4-

Segment Information
1.Business segment information(1)FY2004 First Quarter (April 1, 2003 - June 30, 2003)
Materials
Automobile
handling
equipment(Million yen; amounts less than one million yen are omitted.)

Textilemachinery

OthersTotal

Eliminations Consolidated

Net sales(1) Outside customer sales

147,602

101,90213,854

15,793

279,153-279,153(2) Intersegment transactions

3,608

88

1

3,009

6,709(6,709)-Total151,211

101,990

13,85618,803285,862(6,709)279,153

Operating expenses

143,190

98,083

13,41017,538272,222(6,742)

265,479

Operating income

8,021

3,907

446

1,264

13,63933

13,673(2)FY2003 (April 1, 2002 - March 31, 2003)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery

OthersTotal

Net 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)FY2004 First Quarter (April 1, 2003 - June 30, 2003)(Million yen; amounts less than one million yen are omitted.)

JapanNorth
America

EuropeOthersTotal

Net sales(1) Outside customer sales

186,929

51,99339,1381,091

279,153-279,153(2) Intersegment transactions

18,871

266

1,707

317

21,162(21,162)-Total205,800

52,25940,845

1,409

300,315(21,162)

279,153

Operating expenses

195,486

49,79339,9701,374

286,624(21,145)

265,479

Operating income

10,314

2,466

874

35

13,690(17)

13,673(2)FY2003 (April 1, 2002 - March 31, 2003)

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

JapanNorth
America

EuropeOthersTotal

Net sales(1) Outside customer sales

733,869

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)FY2004 First Quarter (April 1, 2003 - June 30, 2003)(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

51,529EuropeOthers

Total

50,93322,388124,852

Consolidated sales
Ratio of overseas sales to consolidated sales

279,153
18.5%(2)FY2003 (April 1, 2002 - March 31, 2003)

Overseas sales

18.2%

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

44.7%

1,069,218
18.0%

-6-

17.0%

7.3%

42.3%