FINANCIAL SUMMARY
FY2005 First Quarter(April 1, 2004 through June 30, 2004)

English translation from the original Japanese-language document

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

July 29, 2004

Consolidated Financial Results for FY2005 First Quarter (April 1, 2004 - June 30, 2004)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) (URL http://www.toyota-industries.com/)
Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person: Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0) 566-22-2511)

1. Financial Highlights for FY2005 First Quarter (April 1, 2004 - June 30, 2004)(Amounts less than one million yen are omitted.)(1) Consolidated financial resultschange from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2005First Quarter
FY2004First Quarter
FY2004%

Million yen

%

(

6.9

)

15,877(16.1)

24,198(28.2)

279,153(-)

13,673(-)

18,878(-)

52,631Million yen

58,970Net income pershare−basic

change fromyear )( %previous

Net income

FY2004

Million yen

298,286

1,164,378

FY2005First Quarter
FY2004First Quarter%

Net income pershare−diluted

%

Yen

Yen

15,427

(

50.7

)

48.57

48.53

10,238

(

-

)

34.97

31.41

108.04101.9733,623(2) Consolidated financial position
Total assets

Shareholders’ equity

Million yen

Ratio of
Shareholders’ equity

Million yen

Shareholders’ equity
per share%

Yen

FY2005 First Quarter
FY2004 First Quarter

2,149,623
1,809,421

1,095,283
822,47951.0
45.5

3,447.94
2,809.23

FY20042,011,995

1,016,763

50.5

3,199.69(3) Scope of consolidation and equity method
Consolidated subsidiaries: 141 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) 3 companies, (decrease) 2 companies
Equity method: No change

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

Ordinary income
Million yen

FY2005 Semi-annual
FY2005570,000
1,150,000

Net income
Million yen

29,00060,000Million yen

16,00034,000

Reference: (Forecast) Net income per share - basic (annual): 107.03 yen* Figures for fiscal 2005 have not been revised from those previously announced on April 27, 2004.
* 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 2005, ending March 31, 2005, total consolidated net sales of Toyota
Industries amounted to 298.2 billion yen, an increase of 19.1 billion yen, or 7%, over the same period of
the previous fiscal year. The following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 154.6 billion yen, an increase of 7.0 billion yen, or 5%,
over the same period. Within this segment, net sales of the Vehicle Business amounted to 69.5 billion yen,
an increase of 1.4 billion yen, or 2%. This was because strong sales of the RAV4 (for overseas) and Vitz
outweighed a decrease in sales of the Corolla Sedan for North America. Net sales of the Engine Businesstotaled 27.9 billion yen, an increase of 1.9 billion yen, or 7%. Although sales of UZ-type and FZ-type
gasoline engines decreased, sales of CD-type and HZ-type diesel engines as well as knockdown parts
increased. Net sales of the Car Air-Conditioning Compressor Business totaled 51.5 billion yen, an
increase of 1.9 billion yen, or 4%, attributable mainly to solid sales to Toyota Motor Corporation andGeneral Motors Corporation.
Net sales of the Materials Handling Equipment Segment totaled 115.1 billion yen, an increase of 13.2
billion yen, or 13%. Economic recoveries in both domestic and overseas markets, combined with vigorous
sales activities, contributed to strong sales by TOYOTA Material Handling Company and BT Industries AB,
one of our subsidiaries.
Net sales of the Textile Machinery Segment totaled 9.7 billion yen, a decrease of 4.1 billion yen, or30%, as large orders for air-jet looms received in fiscal 2003 from China were completed during fiscal
2004.
During the first three months of fiscal 2005, Toyota Industries’ ordinary income amounted to 24.1 billion
yen, an increase of 5.3 billion yen, or 28%. This increase reflected increases in both domestic andoverseas sales, enhanced cost-reduction efforts group-wide and improvements in such non-operating
income as dividends income and earnings from equity-method affiliates. Net income amounted to 15.4
billion yen, an increase of 5.2 billion yen, or 51%.
For fiscal 2005, Toyota Industries forecasts consolidated net sales of 1,150.0 billion yen, ordinary
income of 60.0 billion yen and net income of 34.0 billion yen.

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

FY2005 First Quarter
AmountComponent
ratio

68,131

9.4

26,04351,593

17.3

5,560

Subtotal
Materials handlingequipment

FY2004% changeAmountComponent
ratio

1,382

280,484

%
24.1

9.3

1,913

7.3

107,357

9.2

49,616

17.8

1,977

4.0

198,398

17.1

1.8

3,810

1.4

1,750

45.9

17,623

1.5

154,624

51.8

147,602

52.9

7,022

4.8

603,86251.9

115,104

38.6

101,90236.5

13,20213.0

443,443

38.1

Textile machinery

9,764

3.3

13,8545.0(4,090)(29.5)

45,968

3.9

Others

18,793

6.3

15,793

5.6

3,000

19.0

71,103

6.1

Total

298,286

100.0

279,153

100.0

19,1336.9

1,164,378

100.0

Car air-conditioning
compressor
Foundry, Electronics
parts and others

27,956

Increase(Decrease)%
2.0

Engine69,513Component
ratio

Amount%24.4

Automobile
Vehicle%23.3

FY2004 First Quarter-1-Consolidated Balance Sheets
FY2005 First Quarter(As of June 30, 2004)

FY2004(As of March 31, 2004)

Increase(Decrease)

FY2004 First Quarter(As of June 30, 2003)

354,976

349,914

5,062

392,156

54,68957,375(2,686)

79,221

142,056

144,575(2,519)131,288

Marketable securities

20,066

20,0642

52,828Inventories

83,527

77,574

5,953

80,737

Deferred tax assets

20,542

17,533

3,009

17,231Other current assets

36,38335,1281,255

33,016Less−allowance for doubtful
accounts(2,289)(2,337)48(2,168)AssetsCurrent assets
Cash and deposits
Trade notes and accounts
receivable

1,794,647

1,662,080

132,567

1,417,265

Property, plant and equipment

396,314389,396

6,918

380,443

Buildings and structures

128,653

124,4224,231

122,978

Machinery, equipment andvehicles

163,988

160,787

3,201

163,424

Tools, furniture and fixtures

15,604

15,56539

16,301Land

72,05371,786267

66,352

Construction in progress

16,013

16,834(821)

11,38594,19299,856(5,664)

96,388

Software11,705

11,993

(288)

9,479

Goodwill

82,48787,862(5,375)86,909Investments and other assets

1,304,140

1,172,828

131,312940,433

Investments in securities

1,241,758

1,112,776

128,982879,983

9,938

9,756

182

10,253

12,512

13,553(1,041)

14,794

5,851

3,537

2,314

2,814

34,33033,453877

32,8620(275)

137,628

1,809,421

Fixed assets

Intangible assets

Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and otherassetsLess−allowance for doubtful
accounts
Total assets(250)
2,149,623(250)
2,011,995-2-

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

FY2005 First Quarter(As of June 30, 2004)

FY2004(As of March 31, 2004)

Increase(Decrease)

FY2004 First Quarter(As of June 30, 2003)

322,911326,337(3,426)404,289

Trade notes and accounts
payable129,639

129,821(182)

125,325

Short-term bank loans

69,64970,441(792)

76,761

Commercial paper

5,000

15,000(10,000)

-

-

-

-

20,000Liabilities
Current liabilities

Current portion of bonds
Current portion of convertible
bonds
Other payables

-

-

-

75,69019,411

19,067344

15,948

Accrued expenses

58,40051,586

6,814

53,912

Accrued income taxes

10,339

8,845

1,494

8,062

Deposits received from
employees

17,663

19,496(1,833)

17,495

Deferred tax liabilities

2,624

2,742

(118)

1,164

Other current liabilities

10,182

9,335

847

9,929

Long-term liabilities

695,482

633,968

61,514

548,744

Bonds

200,300

200,300-

200,300

Long-term debt

38,38435,224

3,160

41,145

Deferred tax liabilities

397,009346,335

50,674

260,688

Allowance for retirement benefits

41,71734,264

7,453

32,133

Other long-term liabilities

18,07017,843

227

14,477

Total liabilities

1,018,393

960,305

58,088953,034

Minority interest inconsolidated subsidiaries
Shareholders’ equity

35,94634,926

1,020

33,907

Common stock

80,46280,462-

68,047

Capital surplus

105,743

105,743-

89,365Retained earnings

301,536

294,672

6,864

275,191

Net unrealized gains onother securities

610,457

534,078

76,379404,174

Foreign currencytranslation adjustments

15,066

19,782(4,716)22,184

Treasury stock at cost

(17,982)(17,975)(7)(36,484)

Total shareholders’ equity

1,095,283

1,016,763

78,520822,479

Total liabilities andshareholders’ equity

2,149,623

2,011,995

137,628

1,809,421-3-

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

Increase(Decrease)

FY2005 First Quarter

FY2004 First Quarter

Net sales

298,286

279,153

19,133

1,164,378

Cost of sales

247,545

234,661

12,884

978,458

Gross profit

50,74044,491

6,249

185,919

Selling, general andadministrative expenses

34,86330,817

4,046

133,288

Operating income

15,877

13,673

2,204

52,631Non-operating income

12,545

10,241

2,304

30,183

Interest income

1,874

2,191

(317)

8,174

Dividends income

6,954

5,151

1,803

10,997

Other non-operating income

3,715

2,899

816

11,010Non-operating expenses

4,224

5,036

(812)

23,843

Interest expenses

2,251

2,724

(473)

9,755

Other non-operating expenses

1,973

2,312

(339)

14,087

24,19818,878

5,320

58,970

-

621

(621)

621

-

621

(621)

621

-

1,851

(1,851)

1,851

-

1,851

(1,851)

1,851

24,19817,6486,550

57,740

Income taxes

7,592

6,674

918

20,746

Minority interest inconsolidated subsidiaries

1,178

735

443

3,370

15,427

10,2385,189

33,623

Ordinary income
Extraordinary gains
Gains from transition of benefit
plan into defined contribution
Extraordinary losses
Provision for retirement andseverance benefits for directors
Income before income
taxes

Net income-4-

FY2004

Segment Information
1.Business segment information(1)FY2005 First Quarter(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

154,624

115,104

9,764(2) Intersegment transactions

4,077

21

Total

158,702

Operating expenses
Operating income

Total

Eliminations Consolidated

18,793

298,286-

298,286

3

3,873

7,976

(7,976)-

115,125

9,768

22,666306,262(7,976)298,286

149,892

110,195

9,868

20,313

290,269(7,861)

282,408

8,810

4,930

(100)

2,352

15,992(115)

15,877

Others

Net sales(2)FY2004 First Quarter(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

147,602

101,90213,854(2) Intersegment transactions

3,608

88

Total

151,211

Operating expenses
Operating income

Total

Eliminations Consolidated

15,793

279,153-

279,153

1

3,009

6,709

(6,709)-101,990

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

143,190

98,083

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

265,479

8,021

3,907

446

1,264

13,63933

13,673

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

603,862

443,443

45,968(2) Intersegment transactions

15,698

138

Total

619,561

Operating expenses
Operating income

Others

Net sales(3)FY2004(Million yen; amounts less than one million yen are omitted.)

Total

Eliminations Consolidated

71,103

1,164,378-

1,164,378

15

14,131

29,984(29,984)-

443,582

45,98485,234

1,194,363(29,984)

1,164,378

592,030

424,233

45,884

79,484

1,141,633(29,885)

1,111,747

27,53019,348100

5,750

52,729(98)

52,631Others

Net sales

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors
Materials handling equipment …Counterbalanced forklifts, warehouse equipment, skid steer loaders, 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, transportation services-5-2.Geographical segment information(1)FY2005 First Quarter(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

EuropeOthersTotal

Eliminations Consolidated

Net sales(1) Outside customer sales(2) Intersegment transactions
Total

194,148
23,890218,038

52,099228
52,32846,0181,455
47,473

6,019
612
6,631

298,286
26,186324,472(26,186)(26,186)

298,286
298,286

Operating expenses

205,301

50,64345,751

6,829

308,525(26,116)

282,408

Operating income

12,737

1,685

1,722

(198)

15,947(70)

15,877(2)FY2004 First Quarter(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

EuropeOthersTotal

Eliminations Consolidated

Net sales(1) Outside customer sales(2) Intersegment transactions
Total

186,929
18,871205,800

51,993266
52,25939,138
1,707
40,845

1,091
317
1,409

279,153
21,162
300,315(21,162)(21,162)

279,153
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(3)FY2004(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

Europe(1) Outside customer sales(2) Intersegment transactions
Total

785,253
87,271
872,524

198,752
1,113
199,866

167,511
5,895
173,407

12,8601,630
14,4901,164,378
95,9101,260,289(95,910)(95,910)

1,164,378
1,164,378

Operating expenses

826,696

193,745

170,262

14,622

1,205,326(93,579)

1,111,747

Operating income

45,828

6,121

3,145

(131)

54,962(2,331)

52,631OthersTotal

Eliminations Consolidated

Net sales-6-

3.Overseas sales(1)FY2005 First Quarter

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

North America

EuropeOthersTotal

51,58055,15323,721

130,455

Consolidated sales
Ratio of overseas sales to consolidated sales

298,28617.3%(2)FY2004 First Quarter

8.0%

51,529EuropeOthersTotal

50,93322,388124,852

Consolidated sales
Ratio of overseas sales to consolidated sales

279,153
18.5%(3)FY2004

Overseas sales

18.2%

8.0%

44.7%

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

North America

EuropeOthersTotal

196,860

211,081

89,415497,356

Consolidated sales
Ratio of overseas sales to consolidated sales

43.7%(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

18.5%

1,164,378
16.9%

-7-

18.1%

7.7%

42.7%