FINANCIAL SUMMARY
FY2006(April 1, 2005 through March 31, 2006)

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 appearing in this report. These risks and uncertainties include, but are not limited to,the following : 1) economic trends, 2) principal customers, 3) product development capabilities, 4) new businesses, 5) productdefects, 6) price competition 7) reliance on suppliers of raw materials and components, 8) alliances with other companies, 9)exchange rate fluctuations, 10) effects of disasters, power blackouts and other incidents, 11) latent risks associated withinternational activities, 12) official restriction, 13) share price fluctuations and 14) retirement benefit liabilities.

April 27, 2006

Consolidated Financial Results for FY2006 (April 1,2005 - March 31,2006)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Code number: 6201) (URL: http://www.toyota-industries.com/ )Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person: Tetsuro Toyoda, 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 FY2006 consolidated financial results: April 27, 2006
Name of parent company: Toyota Motor Corporation (Code number: 7203) Parent company’s shareholding: 24.2%
US GAAP: Not applied

1. Financial Highlights for FY2006 (April 1, 2005 - March 31, 2006)(1) Consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2006
FY2005

1,505,955
1,241,538
Net income

21.3
6.6

(
(

Million yen))

64,04053,120Net income perchange fromyear )( %previous
share－basic

Million yen

FY2006
FY2005%%47,077 (43,357 (

8.6
29.0

20.6
0.9

(
(

Net income pershare－diluted

YenMillion yen))

80,63570,912Returnon equityYen

146.16135.09

)
)

%

13.7
20.3

Ordinary
incomeon assets

Ordinary
incomeon sales%146.02135.03

%

(
(

%

3.5
4.1

)
)

%

2.9
3.3

5.4
5.7

Notes: 1. Equity in net income of affiliates: FY2006－3,593 million yen, FY2005－6,805 million yen
Notes: 2. Average number of shares outstanding in each year (consolidated) : FY2006－319,125,005 shares, FY2005－318,079,149 shares
Notes: 3. Changes in accounting policies: No change(2) Consolidated financial position
Total assets
Million yen

FY2006
FY2005

Ratio ofshareholders’ equity

Shareholders’ equity

3,245,341
2,326,824

Million yen

Shareholders’ equity
per share%

1,611,227
1,115,747

Yen

49.6
48.0

5,044.45
3,504.80

Note: Number of shares outstanding at end of each year (consolidated) : FY2006－319,320,446 shares, FY2005－318,236,815 shares(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2006
FY2005

131,784
100,095

Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of year

Million yen(205,013)(128,230)

85,17250,020Million yen

112,596
100,535(4) Scope of consolidation and equity method
Consolidated subsidiaries: 153 companies
Unconsolidated subsidiaries accounted for under the equity method: 0 companies
Affiliates accounted for under the equity method: 22 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 9 companies, (decrease) 2 companies
Equity method: (increase) 2 companies, (decrease) 0 companies

2. Forecasts of Consolidated Financial Results for FY2007 (April 1, 2006 - March 31, 2007)
Net sales

Ordinary income
Million yen

FY2007semi-annual
FY2007

Million yen

Net income
Million yen

840,000

42,00025,0001,670,000

85,00049,000

Reference: (Forecast) Net income per share－basic (annual): 153.45yen

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 153 subsidiaries and 35 affiliates) are engaged mainly in manufacture and sales ofautomobiles and related products, materials handling equipment, textile machinery and also in logistics solutions business. The
associated companies’ positions in the businesses and relation to the business segments are shown below
Customers (Toyota Motor Corporation, etc.)(Domestic manufacturing
companies)

Izumi Machine Mfg.
Co., Ltd.

(Domestic sales companies)

Aichi Corporation GroupTOYOTA L&F Tokyo Co., Ltd.

Tokyu Co., Ltd.

OthersTokaiseiki Co.,Ltd.

(Overseas sales companies)

OthersBT Industries Group(Overseas manufacturing
companies)

Toyota Material Handling USA, Inc.

Michigan AutomotiveCompressor, Inc.

(Domestic othercompanies)(Overseas sales
companies)(Domestic manufacturing
companies)

Asahi Security Co., Ltd.

Toyota Textile
Machinery Europe
Group

TIBC Corporation

Taikoh transportation
Co., Ltd.
Wanbishi Archives
Co., Ltd.*

Toyota Industrial Equipment Europe Group

OthersST Liquid Crystal
Display Corp.*
OthersFuji Logistics Co., Ltd.*
OthersOthersTD AutomotiveCompressor Georgia,
LLC.
TD Deutsche
Klimakompressor GmbH

.Toyota Motor Industries
Poland Sp.zo.o.*Others(Domestic manufacturing
companies)

Aichi Corporation Group
Others(Overseas manufacturing
companies)

BT Industries Group
Toyota Industrial Equipment
Mfg., Inc.

(Overseas manufacturing
company)

Toyota Industrial Equipment,
S. A.

Kirloskar Toyoda Textile
Machinery Ltd.

OthersAutomobile

Logistics

Materials handling equipment

Textile machinery

Toyota Industries Corporation(Other companies)
Toyota Industries Sweden AB, Toyota Industries Finance International AB, Toyota Industries North America, Inc. Others*Affiliates accounted for under the equity method-1-

OthersManagement Policy

1. Basic Management Policy
The basic management policies of Toyota Industries Corporation and its Group companies(“Toyota Industries”) are upheld as its basic corporate philosophy. We believe putting the following
stated beliefs into viable actions by all employees will lead to greater corporate value.
(1)

Toyota Industries is determined to comply with the letter and the spirit of the law,in Japan and overseas, and to be fair and transparent in all its dealings.

(2)

Toyota Industries is respectful of the people, culture and traditions of eachcountry and region in which it operates. It also works to promote economic
growth and prosperity 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 areclean, 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 theCompany can realize their full potential.

2. Basic Policy on the Distribution of Profits
Toyota Industries regards the benefits of shareholders as one of its most importantmanagement policies. Based on this stance, we will strive to strengthen Toyota Industries’
corporate constitution, promote proactive business development and raise its corporate value.
Toyota Industries’ dividend policy is to meet the expectations of shareholders while giving fullconsideration to business performance, capital demand, dividend payout ratio on a consolidated
basis and other factors.
Toyota Industries will use retained earnings to improve the competitiveness of its products,
augment production capacity in Japan and overseas, as well as expand into new fields of businessand strengthen its corporate constitution in securing future profits for its shareholders. It will also
use retained earnings to repurchase treasury stock.
Changes to the Articles of Incorporation and the quarterly distribution of dividends after the newcorporate law is put into effect are currently under consideration.

-2-

3. Medium- to Long-Term Management Strategies
Rooted in its basic philosophy, Toyota Industries “strives to offer products and services that areclean, safe and of high quality.” We are fully committed to continuing to improve corporate value.
Product quality continues to be a constant priority for the medium to long term. We also remaincommitted to giving considerations to the environment and safety as well as increasing ourcompetitive strengths. Promoting technological advancements and strengthening our value chain
will enable us to develop and offer leading-edge products that anticipate customer needs. Alongwith augmenting global consolidated management and building a business structure that can takeadvantage of the collective strength of Toyota Industries, we will work to enhance team strengthand spirit, and nurture personnel of international caliber who will lead the Toyota Industries Groupto the next level of growth.
Specifically, the Vehicle and Engine businesses will expand their respective scopes of businessby contributing to the global strategy of Toyota Motor Corporation. The Materials Handling
Equipment and Car Air-Conditioning Compressor businesses will strive to solidify the leading
global position while aiming for higher market share and better performance through global
business expansion. The Textile Machinery Business will firmly maintain the world’s top share in
air-jet looms to realize stable business management. The Electronics Business, which includes
power electronics components for hybrid vehicles, and the Logistics Solutions Business will work
toward stabilizing operations to ensure steady growth and develop into future core businesses ofToyota Industries.
Through successful implementation of these measures, Toyota Industries aims for theundisputed No. 1 position and increased corporate value. Through sincere considerations for theenvironment and local communities, we also seek socially harmonious growth.
The new Medium-Term Management Vision, which started from fiscal 2007 (ending March 31,2007), targets consolidated net sales of more than 2 trillion yen and ordinary income of 140.0
billion yen in fiscal 2011 (ending March 31, 2011).

-3-

4．Matters related to the parent company(1) Trade name and other items related to the parent company(As of March 31, 2006)
Percentage of Stock exchanges on which shares issued byvoting rights the parent company are listed
held by parent
company(％)
Toyota Motor
The relevant
24.25
Tokyo Stock Exchange, First Section
Corporation
other company(0.23)
Nagoya Stock Exchange, First Section
when a listed
Osaka Securities Exchange, First Section
company is an
Fukuoka Stock Exchange
affiliatedSapporo Stock Exchange
company of thisNew York Stock Exchange (U.S.)
other company
London Stock Exchange (U.K.)
Notes: The figure shown inside the parenthesis indicates the percentage of indirectly held voting
rights among all voting rights held by the parent company.
Parent company Attributes(2) Matters related to transactions with the parent company
FY2006 (April 1, 2005 - March 31, 2006)
Details of affiliation
Transaction
Transaction Category
Year-end
detailsamountbalance
Concurrent post of Business(¥millions)(¥ millions)directors (names) affiliation
Concurrent posts: 4 Sale of products Sale of
527,020
Accounts
32,611
Employmentof the Automobile automobiles
receivabletransfers: 11
Segment
and engines*1
Accounts
47,637Purchase of 370,566
Payablecomponents
forautomobilesand engines*2
Notes: 1. Transaction conditions and determining policies of transaction conditions*1 Regarding sales of automobiles and engines, the Company presents its desired
prices based on total costs, and settles on prices in a similar manner as for ordinarytransaction conditions upon undertaking price negotiations for each fiscal term.
2* Regarding purchases of components for automobiles and engines, based on theprices presented, the Company settles on prices in a similar manner as for ordinarytransaction conditions upon undertaking price negotiations for each fiscal term.
2. There are no matters in the above-mentioned “details of affiliation” and “transaction
details” that would restrict the Company’s independence. There are no monetary loan
debit and credit relationships or guarantee or warranty relationships.

-4-

Business Results and Financial Position
1. Business Results
In fiscal 2006 (ended March 31, 2006), the Japanese economy was on a solid recovery track.
Private-sector capital investment increased on the back of improved corporate earnings while
consumer spending rose as employment conditions improved. The overall economic outlook wasalso positive overseas, with an expanding U.S. economy and the European economy maintaining
their underlying strengths. In Asia, China continued to grow at a brisk pace.
In this environment, Toyota Industries made efforts to strengthen its corporate structure by
ensuring customer trust through its dedication to quality, the development of appealing new
products, aggressive sales promotions and execution of a Group-wide program to reduce costs.
As a result, total consolidated net sales of Toyota Industries amounted to 1,505.9 billion yen, an
increase of 264.4 billion yen, or 21%, over fiscal 2005 (ended March 31, 2005). The following is areview of operations for the major business segments.
In the automobile industry as a whole, domestic sales were almost the same as in fiscal 2005.
Overseas sales rose over the same period as a result of increases in the Asian and Latin American
markets. Net sales of the Automobile Segment of Toyota Industries totaled 746.7 billion yen, an
increase of 130.5 billion yen, or 21%, over fiscal 2005.
Within this segment, net sales of the Vehicle Business totaled 372.0 billion yen, an increase of
93.2 billion yen, or 33%, over fiscal 2005. Both the Vitz (Yaris in Europe) and the RAV4, which
underwent a full model change, recorded robust sales.
Net sales of the Engine Business totaled 132.3 billion yen, an increase of 19.1 billion yen, or 17%,
over fiscal 2005. We proactively augmented our engine production capacity to accommodate
increased global production of vehicles by Toyota Motor Corporation (“TMC”). This measure in turnled to increases in sales of the KD diesel engine, which commenced production in June 2005, for
Toyota’s IMV Series as well as the AD diesel engine, which is fitted in the RAV4 for Europe.
Net sales of the Car Air-Conditioning Compressor Business totaled 215.9 billion yen, an increaseof 18.0 billion yen, or 9%, over fiscal 2005. While sales in the domestic market were approximately
the same level as for fiscal 2005, overseas sales increased. TD Automotive Compressor Georgia,
LLC, which was established in the U.S. state of Georgia in July 2004, started production of variabledisplacement compressors in December 2005. TD Automotive Compressor Kunshan, Co., Ltd.,
which was established in China in May 2005, also commenced production of car air-conditioning
compressors in April 2006.
In the materials handling equipment industry as a whole, unit sales increased substantially overfiscal 2005. Demand was strong in the Japanese and overseas markets amid a sustained global
economic recovery. Amid this environment, Toyota Industries strengthened its sales network
globally, while promoting vigorous sales promotion activities targeting major clients.
Net sales of the Materials Handling Equipment Segment of Toyota Industries totaled 595.2 billion
yen, an increase of 91.3 billion yen, or 18%, over fiscal 2005. In Japan, unit sales of TOYOTA-brandelectric counterbalanced lift trucks increased significantly in line with a heightened environmental
awareness among domestic companies. As a result, we achieved a 43.4% share in the Japaneselift truck market during January to December 2005, marking the 40th consecutive year that we
maintained a top position in the domestic lift truck industry. Globally, we sold a record 112,000
TOYOTA-brand lift trucks, an increase of 11% over the same period in 2004.
BT-brand posted a strong increase in sales of reach trucks, low-level order picking trucks andother warehouse trucks. Aichi Corporation, one of our subsidiaries and a major manufacturer ofaerial work platforms, recorded a substantial increase in sales over fiscal 2005 on the back of strong
replacement demand from electricity companies and the telecommunications industry.
In July 2005, we established the Toyota Material Handling Group to further strengthen thecooperation and maximize synergies between TOYOTA and BT brands. Under this new framework,
we aim to consolidate our Materials Handling Equipment Business in Europe, North America andJapan to enhance our global market share.
Toyota Industries has entered into the logistics solutions business to reduce customers’ logistics
costs through optimized logistics processes. Net sales of the Logistics Solutions Segment
amounted to 65.1 billion yen in fiscal 2006 due largely to the solid performance of the transportation
business and the contribution made by Asahi Securities Co., Ltd., which is engaged incomprehensive cash management outsourcing services such as cash collection and delivery as
well as cash proceeds management. In January 2006, we aquired the capital stock of Wanbishi
Archives Co., Ltd. to further expand our business domain.
In the textile machinery industry as a whole, the mainstay Chinese market remained strong on-5-

the back of robust demand for capital investment, despite the Chinese government’s
monetary-tightening measures and the safeguards exercised by Europe and the United States tocontain Chinese garment imports. Net sales of the Textile Machinery Segment of Toyota Industries
totaled 49.7 billion yen, an increase of 5.8 billion yen, or 13%, from fiscal 2005 due largely to anincrease in sales of air-jet looms to China and India as well as strong sales of spinning machinery.
During fiscal 2006, Toyota Industries’ ordinary income amounted to 80.6 billion yen, an increaseof 9.7 billion yen, or 14%, over fiscal 2005. Despite the effects of a steep rise in crude oil and steel
prices, as well as increases in depreciation and personnel expenses, this increase was achieved
due largely to an expansion in global sales and Group-wide cost-reduction efforts. Net income
amounted to 47.0 billion yen, an increase of 3.7 billion yen, or 9%, over fiscal 2005.
Cash flows from operating activities increased by 131.7 billion yen in fiscal 2006, due mainly toincome before income taxes in an amount of 80.6 billion yen. Net cash provided by operating
activities increased by 31.7 billion yen from 100.0 billion yen in fiscal 2005. Cash flows frominvesting activities resulted in a decrease in cash by 205.0 billion yen in fiscal 2006, attributableprimarily to payments for acquisition of fixed assets amounting to 161.5 billion yen. Net cash used ininvesting activities increased by 76.8 billion yen from 128.2 billion yen for fiscal 2005. Cash flows
from financing activities resulted in an increase in cash by 85.1 billion yen in fiscal 2006, due mainly
to proceeds from issuance of corporate bonds in an amount of 68.7 billion yen. Net cash provided
by financing activities increased by 35.1 billion yen from 50.0 billion yen in fiscal 2005. Aftertranslation adjustments, cash and cash equivalents as of March 31, 2006 stood at 112.5 billion yen,
an increase of 12.0 billion yen, or 12%, over fiscal 2005.

2. Distribution of Profits for FY2006
Including the interim cash dividend of 18.0 yen per common share paid in November 2005, and a
year-end cash dividend of 20 yen per common share, Toyota Industries declares that total cash
dividends for fiscal 2006 will be 38 yen per common share, an increase of 6 yen per common shareover fiscal 2005.

3. Forecast for the Fiscal Year Ending March 31, 2007
Toyota Industries expects the Japanese economy to continue along a steady path toward
recovery thanks to a favorable ripple effect on consumer spending arising from strong corporate
performance. However uncertainties persist regarding the fluctuations of exchange rates and afurther increase in the prices of crude oil and other raw materials.
For fiscal 2007 (ending March 31, 2007), Toyota Industries forecasts consolidated net sales of
1,670.0 billion yen, ordinary income of 85.0 billion yen and net income of 49.0 billion yen. We aredetermined to heighten the comprehensive capabilities of the Toyota Industries Group as a wholeby placing utmost emphasis on product quality, giving considerations to the environment and safety,
increasing our competitive strengths, promoting technological advancements and strengthening ourvalue chain so that we can develop and market leading-edge products that anticipate customer
needs. We will also further augment global consolidated management and build a businessstructure that can take advantage of the collective strength of Toyota Industries while enhancing
capabilities in the workplace and nurturing personnel of international caliber who will lead Toyota
Industries to the next level of growth. We will further strive to promote adherence to compliance aswell as proactive participation in environmental protection and social contribution activities.
Our projections are based on an exchange rate of ¥115.0 = US$1.

4. Risk Information
The following represent risks that could have a material impact on Toyota Industries’ financial
condition, business results and share prices. The forward-looking statements herein are based on
information known to management as of March 31, 2006.
Principal Customers
Toyota Industries’ automobile and engine products are sold primarily to TMC. In fiscal 2006, net
sales to TMC accounted for 35.0% of consolidated net sales. Therefore, TMC’s vehicle sales could-6-

have an impact on Toyota Industries’ business results. As of March 31, 2006, TMC held 24.2% of
total shares issued.
Product Development Capabilities
Based on the concept of “developing appealing new products,” Toyota Industries proactively
develops new products by utilizing its leading-edge technologies, as it strives to anticipate
increasingly sophisticated and diversifying needs of the market and ensure the satisfaction of its
customers. R&D activities are focused mainly on developing and upgrading products in current
business fields and peripheral sectors. Toyota Industries expects that revenues derived from thesefields will continue to account for a significant portion of total revenues and anticipates that future
growth will be contingent on the development and sales of new products in these fields. Toyota
Industries believes that it can continue to develop appealing new products. However, Toyota
Industries may not be able to forecast market needs and develop and introduce appealing new
products in a timely manner. This could result in lower future growth and have an adverse impact on
Toyota Industries’ financial condition and business results. Such a situation could result from risks
that include no assurance Toyota Industries can allocate sufficient future funds necessary for thedevelopment of appealing new products; no assurance that product sales will be successful, as
forecasts of products supported by the market may not always be accurate; and no assurance that
newly developed products and technologies will always be protected as intellectual property.
Intellectual Property Rights
In undertaking its business activities, Toyota Industries has acquired numerous intellectual
property rights, including those acquired overseas, such as patents related to its products, productdesigns and manufacturing methods. However, not all patents submitted will necessarily be
registered as rights, and these patents could thus be rejected by patent authorities or invalidated bythird parties. Also, a third party could circumvent a patent of Toyota Industries and introduce acompeting product into the market. Moreover, Toyota Industries’ products utilize a wide range oftechnologies. Therefore, Toyota Industries could become a party subject to litigation involving theintellectual property rights of a third party.
Product Defects
Guided by the basic philosophy of “offering products and services that are clean, safe and of highquality,” Toyota Industries makes its utmost efforts to enhance quality. However, Toyota Industries
cannot guarantee all its products will be defect-free and that product recalls will not be made in the
future. Toyota Industries is insured for product liability indemnity. However, Toyota Industries cannot
guarantee that this insurance will sufficiently cover final indemnity amounts incurred. Productdefects that could lead to large-scale recalls and product liability indemnities could result in large
cost burdens and have a significant negative impact on the evaluation of Toyota Industries. It could
also have an adverse effect on Toyota Industries’ financial condition and business results due to adecrease in sales, deterioration of profitability and decrease in share prices of Toyota Industries.
Price Competition
Toyota Industries faces extremely harsh competition in each of the industries in which it conducts
business, including its Automobile and Materials Handling Equipment businesses, which are thecore of Toyota Industries’ earnings foundation. Toyota Industries believes it offers high-value-added
products that are unrivalled in terms of technology, quality and cost. Amid an environment
characterized by intensifying price competition, however, Toyota Industries may be unable tomaintain or increase market share against low-cost competitors or to maintain profitability. This
could have an adverse impact on Toyota Industries’ financial condition and business results.
Reliance on Suppliers of Raw Materials and Components
Toyota Industries’ products rely on various raw materials and components from suppliers outside
the Toyota Industries Group. Toyota Industries has concluded basic business contracts with theseexternal suppliers and assumes it can carry out stable transactions for raw materials andcomponents. However, Toyota Industries has no assurances against future shortages of raw
materials and components, which arise from a global shortage due to tight supply or an unforeseen
accident involving a supplier. Such shortages could have a negative effect on Toyota Industries’
product production and cause an increase in costs, which could have an adverse impact on Toyota
Industries’ financial condition and business results.
-7-

Environmental Regulations
In view of its social responsibilities as a company, Toyota Industries strives to reduce any burden
on the environment resulting from its production processes, as well as strictly adheres to applicable
environmental laws and regulations. However, various environment-related regulations could also
be revised and strengthened in the future. Accordingly, any expenses necessary for continuous
strict adherence to these environmental regulations could result in increased business costs andhave an adverse impact on Toyota Industries’ financial condition and business results.
Alliances with Other Companies
Aiming to expand its businesses, Toyota Industries engages in joint activities with othercompanies through alliances and joint ventures. However, a wildly fluctuating market trend or adisagreement between Toyota Industries and its partners, owing to business, financial or otherreasons, could prevent Toyota Industries from deriving the intended benefits of its alliances.
Exchange Rate Fluctuations
Toyota Industries’ businesses encompass the production and sales of products and the provisionof services worldwide. Generally, the strengthening of the yen against other currencies (especiallyagainst the U.S. dollar and the euro, which account for a significant portion of Toyota Industries’
sales) has an adverse impact on Toyota Industries’ business, while a weakening of the yen has afavorable impact. In the businesses in which Toyota Industries produces products in Japan andexports them to other countries or regions, the strengthening of the yen would reduce Toyota
Industries’ price competitiveness relative to global standards. This could have an adverse impact on
Toyota Industries’ financial condition and business results due to a change in market prices.
Share Price Fluctuations
At the end of fiscal 2006, Toyota Industries held marketable securities valued at approximately¥1,238.3 billion, and therefore bears the risk of price fluctuation of these shares. Based on fairmarket value of these shares at the end of fiscal 2006, Toyota Industries had unrealized gains of¥984.8 billion on these shares. However, unrealized gains on marketable securities could worsen
depending on future share price movements. Additionally, a fall in share prices could reduce thevalue of pension assets, leading to an increase in the pension shortfall.
Effects of Disasters, Power Blackouts and Other Incidents
Toyota Industries carries out regular checks and inspections of its production facilities tominimize the effect of production breakdown. However, there is no assurance Toyota Industries cancompletely prevent or lessen the impact of man-made or natural disasters, including malfunctions of
production facilities, fires at production facilities and power blackouts. For example, the majority of
Toyota Industries’ domestic production facilities and most of its business partners are situated in the
Chubu region. Therefore, a major earthquake such as the Tokai Earthquake, or an incident that
affects other operations, could delay or stop the production or shipment activities. Such prolonged
delays and stoppages could have an adverse impact on Toyota Industries’ financial condition andbusiness results.
Latent Risks Associated with International Activities
Toyota Industries manufactures and sells products and provides services in various countries.
Such unforeseen factors as social chaos, including political disruptions, terrorism and wars, as well
as changes in economic conditions, could have an adverse impact on Toyota Industries’ financial
condition and business results.
Retirement Benefit Liabilities
Toyota Industries’ employee retirement benefit expenses and liabilities are calculated based on
expected rates of return on pension assets as well as assumptions upon making actuarial
calculations that incorporate discount rates and other factors. Therefore, differences between actual
results and assumptions as well as changes in the assumptions could have a significant impact onrecognized expenses and calculated liabilities in future accounting periods.

-8-Consolidated Balance Sheets
FY2006(As of March 31, 2006)

FY2005(As of March 31, 2005)

Increase(Decrease)509,266

462,973

46,293

94,474

84,915

9,559

200,690

173,459

27,23145,00240,056

4,946

104,534

94,024

10,510

Deferred tax assets

18,096

20,379(2,283)

Other current assets

49,13352,491(3,358)Less－allowance for doubtful
accounts(2,665)(2,351)(314)

2,736,074

1,863,850

872,224

Property, plant and equipment

526,154457,078

69,076

Buildings and structures

155,168

132,419

22,749Machinery, equipment and vehicles

240,467

185,424

55,043Tools, furniture and fixtures

22,31018,833

3,477

Land

87,21378,6588,555

Construction in progress

20,994

41,742(20,748)

109,968

116,971(7,003)

Software

12,483

12,41073

Goodwill

97,485

104,561(7,076)2,099,951

1,289,799

810,152

2,031,863

1,222,658

809,205

8,591

9,804

(1,213)

11,35813,218(1,860)

6,842

7,234

(392)

41,532

37,214

4,318

(237)

(330)

93

3,245,341

2,326,824

918,5175 8 5 , 9 9 5

5 4 1 , 3 8 2

4 4 , 6 1 3

2 , 7 2 3

2 9 , 0 5 4( 2 6 , 3 3 1 )

6 , 5 2 0 , 1 9 4
shares

7 , 6 0 3 , 8 2 5shares( 1 , 0 8 3 , 6 3 1 )shares

5 , 4 4 3

5 , 2 3 4

AssetsCurrent assets
Cash and deposits
Trade notes and accounts receivable
Marketable securities
Inventories

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.3. Number of shares of treasury stock
4. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)

-9-

2 0 9

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

FY2006(As of March 31, 2006)

FY2005(As of March 31, 2005)

Increase(Decrease)446,118

421,539

24,579182,595

160,231

22,364

Short-term bank loans

38,92859,945(21,017)

Commercial paper

29,680-29,680Current portion of bonds

15,00020,300(5,300)

Other payables

30,62045,461(14,841)

Accrued expenses

67,67459,356

8,318

Accrued income taxes

13,625

15,297(1,672)

Deposits received from employees

20,91420,054

860

Deferred tax liabilities

3,857

4,066

(209)

Other current liabilities

43,221

36,826

6,395Long-term liabilities

1,138,724

748,633

390,091

Bonds

283,831230,000

53,831Long-term debt

106,267

73,491

32,776

Deferred tax liabilities

681,503381,787299,716

Allowance for retirement benefits

46,53544,462

2,073

Other long-term liabilities

20,58518,891

1,694

1,584,842

1,170,172

414,670

49,27040,904

8,366

Common stock

80,46280,462-

Capital surplus

105,665

105,600

65

Retained earnings

358,385

325,330

33,055Net unrealized gains onother securities

1,047,190

591,218455,972

Foreign currencytranslation adjustments

33,88629,861

4,025

Treasury stock at cost

(14,363)(16,726)

2,363

Total shareholders’ equity

1,611,227

1,115,747

495,480

Total liabilities andshareholders’ equity

3,245,341

2,326,824

918,517

Liabilities
Current liabilities
Trade notes and accounts payable

Total liabilities
Minority interest inconsolidated subsidiaries
Shareholders’ equity- 10 -

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

FY2006
April 1, 2005 March 31, 2006

) (FY2005
April 1, 2004 March 31, 2005)

Increase(Decrease)

Net sales

1,505,955

1,241,538

264,417

Cost of sales

1,276,499

1,041,780

234,719

Gross profit

229,456

199,758

29,698Selling, general andadministrative expenses

165,416

146,638

18,778Operating income

64,04053,12010,920Non-operating income

43,85438,2845,570

Interest income

9,113

8,159

954

Dividends income

20,09013,7606,330

Other non-operating income

14,64916,363(1,714)Non-operating expenses

27,25920,491

6,768Interest expenses

11,955

9,735

2,220

Other non-operating expenses

15,303

10,756

4,547

80,63570,912

9,723

-

558

(558)

-

558

(558)

Income before income taxes

80,63570,353

10,282

Income taxes－current

30,44626,808

3,638

Income taxes－deferred(2,137)(4,557)2,420

Minority interest inconsolidated subsidiaries

5,249

4,744

505

Net income

47,07743,3573,720

Note: R&D expenses( included in selling, general andadministrative expenses and manufacturing cost)

3 1 , 1 6 6

3 0 , 0 5 1

1 , 1 1 5

Ordinary income
Extraordinary losses
Impairment loss of fixed assets- 11 -

Consolidated Statements of Shareholder’s Equity(Million yen; amounts less than one million yen are omitted.)(

FY2006
April 1, 2005 March 31, 2006

) (FY2005
April 1, 2004 March 31, 2005)

Increase(Decrease)(Capital surplus)
Capital surplus
at beginning of year

105,600

105,743

(143)

65

-

65

65

-

65

-

142

(142)

Loss on disposal of treasury stock

-

142

(142)

Capital surplus at end of year

105,665

105,600

65

325,330

294,672

30,65847,07743,3573,720

47,07743,3573,720

14,021

12,6991,322

11,793

7,948

3,845

406

331

75

Net decrease due to minimum pension
liability adjustments of consolidated
subsidiaries

-

4,419

(4,419)Decrease due to increase in affiliates
accounted for under the equity method

1,821

-

1,821

Retained earnings at end of year

358,385

325,330

33,055

Increase in capital surplus
Gain on disposal of treasury stock
Decrease in capital surplus(Retained earnings)
Retained earnings
at beginning of year
Increase in retained earnings
Net income
Decrease in retained earnings
Cash dividends
Bonuses to directors and corporate
auditors- 12 -

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

FY2006

FY2005

April 1, 2005 March 31, 2006

April 1, 2004 March 31, 2005

)

(

)

Increase(Decrease)

Cash flows from operating activities
Income before income taxes and minority interestin consolidated subsidiaries

131,784

100,095

31,68980,63570,353

10,282

Depreciation and amortization

Income taxes paid

87,287101(29,204)
11,955(3,593)(27,435)(9,227)
21,376
12,161
144,055
29,236(11,009)(30,498)

70,213558
371(21,920)
9,735(6,805)(22,923)(12,851)
26,893(4,063)
109,561
21,971(8,710)(22,727)

17,074(558)(270)(7,284)2,220
3,212(4,512)
3,624(5,517)
16,22434,494
7,265(2,299)(7,771)

Cash flows from investing activities(205,013)(128,230)(76,783)

Payments for purchases of property, plant andequipment(161,504)(110,111)(51,393)

8,415

10,043(1,628)Proceeds from sales of investment securities(47,726)
2,045(9,562)
3,299(38,164)(1,254)

Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation-(16,943)

16,943

Others, net(2,256)
3,264(7,250)(2,370)2,783(5,368)114
481(1,882)

Cash flows from financing activities

85,17250,02035,152(22,902)
29,52038,824(3,365)68,730(20,300)(52)(11,784)
(854)
7,357
117
12,060100,535
112,596(13,686)(15,000)
40,785(6,964)50,000(52)(7,948)
(667)
3,554
1,438
23,323
77,212
100,535(9,216)44,520(1,961)
3,599
18,730(20,300)
0(3,836)(187)
3,803(1,321)(11,263)
23,323
12,06160,53040,005

7,063
4,997

Impairment loss of fixed assets
Increase (decrease) in allowance for doubtful
Interest and dividends income
Interest expenses
Equity in net earnings of affiliates(Increase) decrease in receivables(Increase) decrease in inventories
Increase (decrease) in payables
Others, net
SubtotalInterest and dividends received
Interest paid

Proceeds from sales of property, plant andequipment
Payments for purchases of investment securities

Payments for loans madeProceeds from collections of loans

Increase (decrease) in short-term loans
Increase (decrease) in commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of bonds
Repayments of bonds
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 increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
Marketable securities

67,59345,002- 13 -

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

Consolidated
subsidiaries

153

Tokyu Co., Ltd., Tokaiseiki Co., Ltd., Izumi Machine Mfg. Co., Ltd., TIBC Corporation,
TOYOTA L&F Tokyo Co., Ltd., Aichi Corporation, Taikoh transportation Co., Ltd.,
Asahi Security Co., Ltd.,
Toyota Industrial Equipment Mfg., Inc., Toyota Industrial Equipment, S.A.,
Michigan Automotive Compressor, Inc., Toyota Industries Sweden AB,
BT Industries AB, Toyota Industries North America, Inc., Toyota Material Handling USA, Inc.,TD Deutsche Klimakompressor GmbH, Toyota Industrial Equipment Europe, S.A.R.L., Others(2) Scope of equity method
Companies

Affiliates

22

ST Liquid Crystal Display Corp., Aichi Corporation Group (2 companies), Fuji Logistics Co., Ltd.,
Wanbishi Archives Co., Ltd.,BT Industries Group (16 companies), Toyota Motor Industries Poland Sp.zo.o.

2. Changes in scope of consolidation and equity method
Consolidated subsidiaries
Companies(Increase)9

BT Industries Group (3 companies), Toyota Material Handling Europe, S.A.,
Toyota Industries Corporation Australia Group (2 companies),
TD Automotive Compressor Kunshan, Co., Ltd.,
Toyota Industries Trading & Logistics (China) Co., Ltd.,
Toyota Industrial Equipment Europe Group (1 company)(Decrease)2

BT Industries Group (2 companies)

Affiliates accounted for under the equity method
Companies(Increase)2(Decrease)0

Wanbishi Archives Co., Ltd., Toyota Motor Industries Poland Sp.zo.o.

3. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than March 31. The details are given below.
December 31

Toyota Industry (Kunshan) Co., Ltd., Toyota Industries Sweden AB,
BT Industries Group (65 companies), Toyota Industries Finance International AB,
Toyota Material Handling (Shanghai) Co., Ltd., Toyota Industries Automotive Parts (Kunshan) Co., Ltd.,TD Automotive Compressor Kunshan, Co., Ltd.,
Toyota Industries Trading & Logistics (China) Co., Ltd.

(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.

- 14 -

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) Deferred charges
Bond issuance costs are mainly expensed as incurred.
(4) 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.
(5) 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.
(6) 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.
(7) Other significant accounting policies for preparing consolidated financial statements
The consumption tax : computed based on the net-of-tax method

5. Valuation of assets and liabilities of consolidated subsidiaries
A full portion of the assets and liabilities of the acquired subsidiaries is stated at fair value as of the date of acquisition ofcontrol.

6. Amotization of goodwill
Goodwill is amortized on a straight-line basis over a period generally not exceeding 20 years, except for insignificant goodwill
which is charged to income as incurred.

7. Appropriation of retained earnings
The approved amount during the relevant fiscal year is reflected in the consolidated statements of retained earnings.

8. 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.

- 15 -

Segment Information
1.Business segment information(1)FY2006 (April 1, 2005 - March 31, 2006)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery(1) Outside customer sales

746,795

595,236

65,145(2) Intersegment transactions

20,768482

Total

767,564

Operating expenses

OthersTotal

Eliminations Consolidated

49,78948,9881,505,955-

1,505,955

6,355

22

20,851

48,480(48,480)-595,718

71,50049,811

69,8391,554,436(48,480) 1,505,955

747,468

556,950

69,91349,882

66,107

1,490,322(48,407) 1,441,915

Operating income

20,09538,768

1,587

(70)

3,732

64,113(73)

64,040Assets420,204

509,366

106,356

16,516103,083

1,155,527

2,089,813

3,245,341

Depreciation and amortization

48,37030,044

3,309

1,010

4,544

87,278987,287

Capital expenditures

101,897

43,520

4,046

730

8,620

158,81520

158,835

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, automated storage and retrieval system, truck mountaerial work platforms
Logistics …………………………Transportation services, logistics planning, operation of distribution centers, collection and delivery ofcash and management of sales proceeds
Textile machinery ………………Ring spinning frames, air jet looms, water jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets
3. Assets included in the "Eliminations" are mainly cash and deposits, marketable securities and investments in securities of Toyota
Industries Corporation.
4. Changes in business segment
The logistics-related business, which was included in the Others Segment until the previous fiscal year, has been separated and declared
independently as the Logistics Segment starting from this fiscal year (fiscal 2006). In FY2006, the Logistics Segment posted net sales of
37,913 million yen, an operating loss of 650 million yen, assets of 78,951 million yen, depreciation and amortization of 1,323 million yen
and capital expenditures of 2,930 million yen.

(2)FY2005 (April 1, 2004 - March 31, 2005)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

616,200

503,989

43,902(2) Intersegment transactions

18,222

148

Total

634,422

Operating expenses

Total

Eliminations Consolidated

77,446

1,241,538-

1,241,538

24

21,57939,975(39,975)-

504,138

43,92799,025

1,281,514(39,975)

1,241,538

611,659

478,053

44,69893,782

1,228,193(39,775)

1,188,418

Operating income

22,76326,084

(771)

5,243

53,320(200)

53,120Assets407,435

465,831

25,621

148,7121,047,601

1,279,222

2,326,824

Depreciation and amortization

37,07527,015897

5,215

70,204

8

70,213

Capital expenditures

92,692

33,972

1,612

8,222

136,500

5

136,506

Others

Net sales- 16 -

2.Geographical segment information(1)FY2006 (April 1, 2005 - March 31, 2006)(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

Europe(1) Outside customer sales

1,009,368

246,129

216,230(2) Intersegment transactions
Total

112,543

2,056

1,121,912

Operating expenses

Total

Eliminations Consolidated

34,227

1,505,955-

1,505,955

5,689

3,998

124,288(124,288)-

248,186

221,919

38,226

1,630,243(124,288)

1,505,955

1,069,137

241,467

217,370

36,743

1,564,719(122,804)

1,441,915

Operating income

52,775

6,718

4,548

1,482

65,524(1,484)64,040Assets834,716

179,116

278,825

48,2071,340,865

1,904,475

3,245,341

Japan

North
America

Europe(1) Outside customer sales

815,039

212,253

188,668

25,576

1,241,538-

1,241,538(2) Intersegment transactions
Total

99,464

1,125

7,221

2,776

110,588(110,588)-

914,503

213,379

195,890

28,352

1,352,126(110,588)

1,241,538

Operating expenses

870,928207,068

191,20227,712

1,296,911(108,493)

1,188,418

Operating income

43,575

6,311

4,688

639

55,214(2,094)

53,120Assets788,827

151,047

264,274

33,6391,237,789

1,089,034

2,326,824

Others

Net sales(2)FY2005 (April 1, 2004 - March 31, 2005)(Million yen; amounts less than one million yen are omitted.)

OthersEliminations Consolidated

Total

Net sales

Notes: Assets included in the "Eliminations " are mainly cash and deposits, marketable securities and investments in securities of Toyota Industries

Corporation.

3.Overseas sales(1)FY2006 (April 1, 2005 - March 31, 2006)(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

247,957

Europe249,237

Others123,751

Consolidated sales
Ratio of overseas sales to consolidated sales

16.5%

16.5%

8.2%

41.2%

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

North America
208,675

Europe225,409

Others104,917

Consolidated sales
Ratio of overseas sales to consolidated sales

620,946
1,505,955(2)FY2005 (April 1, 2004 - March 31, 2005)

Overseas sales

Total

Total
539,0021,241,538

16.8%- 17 -

18.2%

8.4%

43.4%

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

FY2006(

FY2005

April 1, 2005 March 31, 2006
Amount)April 1, 2004 March 31, 2005(

Component

ratio

Increase(Decrease)% Change

Component

Amountratio%

Automobile)%%

Vehicle372,09224.7

278,841

22.5

93,251

33.4

Engine132,382

8.8

113,295

9.1

19,087

16.8

Car air-conditioning
compressor

215,983

14.3

197,984

15.9

17,9999.1

Foundry, Electronics
parts and others

26,337

1.8

26,079

2.1

258

1.0

Subtotal

746,795

49.6

616,200

49.6

130,595

21.2

Materials handlingequipment

595,23639.5

503,989

40.6

91,24718.1

Logistics

65,145

4.3--

65,145-

Textile machinery

49,7893.3

43,902

3.5

5,887

13.4

Others48,9883.3

77,446

6.3(28,458)(36.7)

Total

1,505,955

100.0

1,241,538

100.0

264,417

21.3

Notes The logistics-related business, which was included in the Others Segment until the previous fiscal year, has been separated
and declared independently as the Logistics Segment starting from this fiscal year (FY 2006). Sales of the Logistics Segment for
FY 2005 were 33,306 million yen.

- 18 -

April 27, 2006

Non-consolidated Financial Results for FY2006 (April 2005 - March 2006)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Code number: 6201) ) ( URL http://www.toyota-industries.com/ )Representative person : Tetsuro Toyoda, 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 financial results for FY2006: April 27, 2006
Date of the Ordinary General Meeting of Shareholders: June 22, 2006
Provision for interim cash dividends: Provision exists.
Share trading unit: 100 shares

1. Financial Highlights for FY2006 (April 1, 2005 - March 31, 2006)(1) Non-consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2006
FY2005

950,746784,399
Net income

FY2006
FY2005

(
(

21.2
4.6

%

Million yen))

32,86530,075

Net income perchange fromyear )( %previous
share－basic

Million yen%

30,427 (26,320 (15.6 )
24.7 )%

Million yen))

43,05039,785

9.3
-4.0

(
(

Net income pershare－diluted

Yen

Returnon equity

Yen

94.40
81.87

%

(
(

Ordinary
incomeon assets

%

94.31
81.83

8.2
14.6

2.3
2.6

)
)

Ordinary
incomeon sales

%

1.8
2.1

%

4.5
5.1

Notes: 1. Average number of shares outstanding each year: FY2006－319,125,005 shares , FY2005－318,087,484 shares
Notes: 2. Changes in accounting policies: No change
Notes(2) Cash dividends
Total amountof annual
cash dividends

Annual cash dividends per share
InterimYen

FY2006
FY2005Year-end
Yen

38
32

Million yen

Yen

18
13

20
19

Total amount
Dividend payoutof dividends
on shareholders’ratio
equity%12,133
10,183

%

40.3
39.1

0.8
1.0

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2006
FY20052,829,272
1,980,211

Shareholders’ equity ratio

Million yen

Shareholders’ equity
per share%

1,532,771
1,056,828

Yen

54.2
53.4

4,799.16
3,320.01

Note: 1.Number of shares outstanding at end of each year: FY2006－319,320,446 shares, FY2005－318,236,815 shares
Note: 2.Number of treasury stock: FY2006－6,520,194 shares, FY2005－7,603,825 shares

2. Forecasts of non-consolidated Financial Results for FY2007 (April 1, 2006 - March 31, 2007)
Net sales
Million yen

FY2007semi-annual
FY2007

Ordinary income

Net income

Million yen

Annual cash dividends per share
InterimYear-end

Million yen

Yen

Yen

Yen

500,000

24,00017,00020--

1,020,000

47,00033,000-20

40Reference: (Forecast) Net income per share－basic (annual): 103.34 yen- 19 -

Non-consolidated Balance Sheets(Million yen; amounts less than one million yen are omitted.)

FY2006(As of March 31, 2006)

FY2005(As of March 31, 2005)

Increase(Decrease)2 6 8 , 9 5 7

2 5 5 , 5 1 3

1 3 , 4 4 4

3 3 , 6 6 0

2 8 , 7 2 1

4 , 9 3 9

8 1 5

7 2 5

9 0

1 0 4 , 0 1 1

9 4 , 0 4 8

9 , 9 6 3

4 5 , 0 0 2

4 0 , 0 0 5

4 , 9 9 7

Finished goods

2 , 9 8 2

1 , 7 2 4

1 , 2 5 8

Raw materials

3 5 7

4 7 2

Work in process

2 5 , 0 6 4

2 1 , 3 1 8

3 , 7 4 6

5 , 9 7 5

4 , 7 3 1

1 , 2 4 4

Prepaid expenses

3 2 8

1 2 4

2 0 4

Deferred tax assets

1 1 , 5 0 2

1 3 , 5 2 6( 2 , 0 2 4 )Other current assets
Less－allowance for doubtful
accounts

3 9 , 2 6 9

5 0 , 1 2 8( 1 0 , 8 5 9 )AssetsCurrent assets
Cash and deposits
Trade notes receivable
Trade accounts receivable
Marketable securities

Supplies( 1 4 )

( 1 4 )

( 1 1 5 )0

2 , 5 6 0 , 3 1 5

1 , 7 2 4 , 6 9 8

8 3 5 , 6 1 7

3 1 3 , 1 6 6

2 7 7 , 9 0 7

3 5 , 2 5 9

Buildings

8 5 , 4 0 6

7 5 , 1 5 8

1 0 , 2 4 8Structures

1 1 , 5 8 6

8 , 9 8 7

2 , 5 9 91 3 3 , 6 0 2

1 0 4 , 0 1 1

2 9 , 5 9 1

1 , 6 8 5

1 , 2 0 0

4 8 5

Tools, furniture and fixtures

1 2 , 3 9 1

1 1 , 1 6 0

1 , 2 3 1Land

5 4 , 0 7 2

4 6 , 0 9 6

7 , 9 7 6

Construction in progress

1 4 , 4 2 1

3 1 , 2 9 1( 1 6 , 8 7 0 )

8 , 9 4 4

9 , 4 0 7

( 4 6 3 )8 , 9 4 4

9 , 4 0 7

( 4 6 3 )Investments and other assets

2 , 2 3 8 , 2 0 4

1 , 4 3 7 , 3 8 3

8 0 0 , 8 2 1

Investments in securities

2 , 0 2 6 , 0 2 3

1 , 2 2 3 , 9 9 5

8 0 2 , 0 2 8

1 8 8 , 0 0 5

1 8 1 , 2 3 1

6 , 7 7 4

1 1 , 2 3 6

1 1 , 8 5 5( 6 1 9 )Long-term prepaid expenses

8 , 1 5 3

1 0 , 0 2 9( 1 , 8 7 6 )Other investments and other assets
Less－allowance for doubtful
accounts

4 , 8 6 8

1 0 , 4 4 2( 5 , 5 7 4 )Fixed assets
Property, plant and equipment

Machinery and equipment
Vehicles and delivery equipment

Intangible assets
SoftwareInvestments in subsidiaries
Long-term loans

Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)( 8 2 )

( 1 7 1 )8 9

2 , 8 2 9 , 2 7 2

1 , 9 8 0 , 2 1 1

8 4 9 , 0 6 1

3 8 9 , 2 9 8

3 6 8 , 9 3 7

2 0 , 3 6 1

5 5 , 4 9 3

2 8 , 3 5 4

2 7 , 1 3 9

4 , 6 2 0

4 , 5 3 28 8- 20 -

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

FY2006(As of March 31, 2006)

FY2005(As of March 31, 2005)

Liabilities
Current liabilities
Trade notes payable

2 3 8 , 2 1 47 4 2

2 3 8 , 5 3 6
9 4 1( 3 2 2 )( 1 9 9 )Trade accounts payable

1 2 8 , 1 8 8

1 1 2 , 5 4 3

1 5 , 6 4 5Current portion of binds

1 5 , 0 0 0

2 0 , 0 0 0( 5 , 0 0 0 )Other payables

2 1 , 1 0 2

3 8 , 6 1 6( 1 7 , 5 1 4 )Accrued expenses

3 2 , 7 6 0

2 9 , 6 1 4

3 , 1 4 6

Accrued income taxes

4 , 2 3 8

8 , 2 2 1

( 3 , 9 8 3 )Advance received

1 , 7 4 9

9 9 9

7 5 0

Deposits received

1 3 , 4 8 6

7 , 3 4 2

6 , 1 4 4

Deposits received from employees

2 0 , 8 0 5

1 9 , 9 6 5

8 4 0

1 4 1
1 , 0 5 8 , 2 8 7
2 6 5 , 0 0 0

2 9 0
6 8 4 , 8 4 6
2 3 0 , 0 0 0( 1 4 9 )3 7 3 , 4 4 1
3 5 , 0 0 0

9 2 , 5 0 0

5 5 , 0 0 0

3 7 , 5 0 0

6 7 7 , 2 8 2

3 7 6 , 6 1 0

3 0 0 , 6 7 2

2 2 , 1 9 4

2 0 , 8 5 6

1 , 3 3 8

1 , 3 1 1
1 , 2 9 6 , 5 0 1

2 , 3 7 8
9 2 3 , 3 8 2( 1 , 0 6 7 )3 7 3 , 1 1 9

8 0 , 4 6 2
1 0 5 , 6 4 3
1 0 1 , 7 6 6
3 , 8 7 7
3 , 8 7 7
3 1 5 , 4 4 2
1 7 , 0 0 4
2 0 0 , 9 4 3

8 0 , 4 6 2
1 0 5 , 5 7 9
1 0 1 , 7 6 6
3 , 8 1 2
3 , 8 1 2
2 9 7 , 0 8 7
1 7 , 0 0 4
1 8 0 , 8 4 4

6 4
6 5
6 5
1 8 , 3 5 5
2 0 , 0 9 9

6 7 9

7 1 1

( 3 2 )

2 6 3

1 3 3

1 3 0

2 0 0 , 0 0 0

1 8 0 , 0 0 0

2 0 , 0 0 0

9 7 , 4 9 4

9 9 , 2 3 8( 1 , 7 4 4 )< 3 0 ,427>< 26,320>< 4 , 1 0 7 >Other current liabilities
Long-term liabilities
Bonds
Long-term loans
Deferred tax liabilities
Allowance for retirement benefits
Other long-term liabilities
Total liabilities
Shareholders’ equity
Common stock
Capital surplus
Capital reserve
Other capital reserve
Gain on disposal of treasury stock
Retained earnings
Legal reserve
General reserve
Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets
General reserves
Unappropriated retained earnings at
end of year
<Included net income for year>
Net unrealized gainon other securities
Treasury stock at cost

1 , 0 4 5 , 5 8 6( 1 4 , 3 6 3 )

5 9 0 , 4 2 6( 1 6 , 7 2 6 )Increase(Decrease)4 5 5 , 1 6 0
2 , 3 6 3

Total shareholders’ equity

1 , 5 3 2 , 7 7 1

1 , 0 5 6 , 8 2 8

4 7 5 , 9 4 3

Total liabilities andshareholders’ equity

2 , 8 2 9 , 2 7 2

1 , 9 8 0 , 2 1 1

8 4 9 , 0 6 1- 21 -

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

FY2006
April 1, 2005 March 31, 2006)(

FY2005
April 1, 2004 March 31, 2005)

Increase(Decrease)

Net sales

950,746784,399

166,347

Cost of sales
Selling, general andadministrative expenses
Operating income

855,241

695,564

159,677

62,6385 8 , 7 5 8

3,880

32,865

3 0 , 0 7 5

2,790

Non-operating income

27,9212 0 , 6 5 3

7,268

21,537

1 4 , 9 3 6

6,601

Other non-operating income

6,383

5 , 7 1 6667

Non-operating expenses

17,736

1 0 , 9 4 3

6,793

4,863

3 , 7 0 0

1,163

12,872

7 , 2 4 2

5,630

43,0503 9 , 7 8 5

3,265

-

1 4 4

(144)

-

1 4 4

(144)

Income before income taxes

43,0503 9 , 6 4 1

3,409

Income taxes－current

12,106

1 6 , 8 0 2(4,696)

Income taxes－deferred517( 3 , 4 8 1 )3,998

30,427

2 6 , 3 2 0

4,107

72,8147 7 , 0 5 5(4,241)

5,747

4 , 1 3 6

1,611

97,4949 9 , 2 3 8(1,744)

Interest income and dividends income

Interest expenses
Other non-operating expenses
Ordinary income
Extraordinary losses
Impairment loss of fixed assets

Net income
Unappropriated retained earnings
brought forward
Interim cash dividends
Unappropriated retained
earnings at end of year

- 22 -

Proposed Appropriation of Non-consolidated Retained Earnings(Million yen; amounts less than one million yen are omitted.)

FY2006
Unappropriated retained earnings
at end of year
Reversal of reserve for special
depreciation
Reversal of reserve for reduction of
acquisition cost of fixed assets

Increase(Decrease)

FY2005

9 7 , 4 9 4

9 9 , 2 3 8( 1 , 7 4 4 )

1 4 1

1 2 8

1 3

7

7

( 0 )

9 7 , 6 4 3

9 9 , 3 7 4( 1 , 7 3 1 )

6 , 3 8 6
< 20.00 yen per share

6 , 0 4 6
< 19.00 yen per share

3 4 0

2 7 0

2 5 0

2 0

Bonuses to corporate auditors

3 1

2 9

2

Reserve for special depreciation

4 3 0

9 6

3 3 4

Reserve for reduction of
acquisition cost of fixed assets

-

1 3 7

( 1 3 7 )2 0 , 0 0 0

2 0 , 0 0 0-

7 0 , 5 2 5

7 2 , 8 1 4

Total
The above will be appropriated as follows:
Cash dividends
Bonuses to directors

General reserves
Unappropriated retained earnings
to be carried forward( 2 , 2 8 9 )

Note: On November 25, 2005, an interim cash dividend of 18.00 yen per share, or a total of 5,747 million yen was paid.

- 23 -

April 27, 2006
TOYOTA INDUSTRIES CORPORATIONFINANCIAL SUMMARY for FY2006

Consolidated Financial Highlights
1. Consolidated financial results(Unit: Billion yen,%)

Net sales
Operating income
Ordinary income
Net income
Dividends per share <Annual/Year end>
Payout ratio <Consolidated><Non-consolidated>\/US$
Exchange rate\/EuroTotal assets
Shareholders' equity
Ratio of shareholders' equity
Investments in tangible assets
Investments in overseas
Depreciation
Consolidated subsidiaries
Affiliates applied the equity method

FY2006

FY2005

April 05 - March 06

April 04 - March 05

100.0%

1,505.9
64.0
5.4%
80.6
3.1%
47.0
\ 38 / \ 20
26.0%
40.3%
113
138
3,245.3
1,611.2
49.6%
130.1
25.8
64.4
153 companies
22 companies

100.0%

4.3%

4.3%
5.7%
3.5%

\ 32

1,241.5
53.1
70.9
43.3
/ \ 19
23.7%
39.1%
108
135
2,326.8
1,115.7
48.0%
111.3
16.0
51.2

Change%Amount

264.4
10.9
9.7
3.7
\6/\1

Forecasts FY2007
April 06 - March 07

21.3

100.0%

20.6

4.1%

13.7

5.1%

8.6

2.9%

\ 40

5
3
918.5
495.5

39.5
44.4

18.8
9.8
13.2

16.9
61.4
25.6

146 companies 7 companies
20 companies 2 companies

Change%1,670.0
68.0
85.0
49.0
/ \ 20
26.1%
38.7%
115
140
－
－
－
120.0
26.0
74.0
－
－

10.9
6.2
5.4
4.1

(7.8)
0.6
14.9

2. Breakdown of consolidated net sales
FY2006
Vehicle24.7%

EngineCar air-conditioning compressor

8.8%

372.0
132.3
215.9
26.3
746.7
595.2
65.1
49.7
48.9
1,505.9

14.3%

Foundry, electronics and other
Automobile total

1.8%
49.6%

Materials handling equipment
Logistics
※1

39.5%

Textile machinery
Others
Total

3.3%

4.3%

3.3%

※2

FY2005100.0%

22.5%
9.1%
15.9%
2.1%
49.6%
40.6%
2.7%
3.5%
3.6%
100.0%

278.8
113.2
197.9
26.0
616.2
503.9
33.3
43.9
44.1
1,241.5

ChangeForecasts FY2007

%

93.2

33.4

23.9%

19.1
18.0

16.8

8.8%

9.1

13.5%

0.3
130.5

1.0

2.0%

21.2

48.2%

91.3
31.8

18.1

41.0%

95.6

4.8%

5.8
4.8
264.4

13.4

3.0%

11.0

3.0%

21.3

100.0%

400.0
147.0
225.0
33.0
805.0
685.0
80.0
50.0
50.0
1,670.0

%

7.5
11.0
4.2
25.3
7.8
15.1
22.8
0.4
2.1
10.9

※1 The logistics-related business, which was included in the Others Segment until the previous fiscal year, has been separated and declared independently as the Logistics Segment.
※2 Ball grid array-type plastic package substrates for IC chipsets and others

3. Unit sales(Thousand Units)

FY2006

FY2005

ChangeFY2007

ChangeVitz (Yaris)

189

140

49

171

(18)

RAV4

108

69

39

139

31

Corolla

-

19

(19)

Vehicle

297

228

69

310

13

Engine

362

319

43

473

111

CKD
Car air-conditioning
compressor
Materials handlingequipment

166

98

68

101

(65)

19,112

18,210

902

20000

888

106

98

8

111

5

-

-

English translation from the original Japanese-language document

4. Changes in ordinary income
Sales volume increase
Cost reduction
Exchange gain
Increase total
Depreciation
Raw material cost
Labor cost
Expenses and others
Non-operating income and expenses(Unit: Billion yen)

23.5
21.0
4.6
49.1
13.2
12.0
6.6
6.4
1.2

Decrease total

39.4

Total increase in ordinary income

9.7

Non-consolidated Financial Highlights
1. Non-consolidated financial results

Net sales(Unit: Billion yen,%)

FY2006

FY2005

April 05 - March 06

April 04 - March 05

100.0%

Operating income

3.5%

Ordinary income

4.5%

Net income

3.2%

Investments in tangible assets
Depreciation

950.7
32.8

100.0%

43.0
30.4
81.8
41.4

5.1%

3.8%

3.4%

1,739.7

Unrealized gain on other securities

ChangeAmountForecasts FY2007
April 06 - March 07

%

784.3
30.0

166.4
2.8

21.2

100.0%

9.3

3.2%

39.7
26.3
78.3
31.9

3.3
4.1
3.5
9.5

8.2

4.6%

15.6

3.2%

982.4

757.3

1,020.0
33.0

7.3
9.2

30.0

47.0
33.0
72.0
47.0

77.1

－

4.5

2. Non-consolidated balance sheets

Fixed assets
Tangible assets
Intangible assets
Investments and others

FY2005

268.9
33.6
104.8
45.0
34.3
51.0

Change

255.5
28.7
94.7
40.0
28.2
63.7

2,560.3313.1
8.9
2,238.2

Liabilities and shareholders' equity
FY2006
FY200513.4 Current liabilities
4.9 Accounts payable
10.1 Others
5.0
6.1 Long-term liabilities(12.7) Bonds
Deferred tax liabilities
Total liabilities
835.7
35.2 Common stock(0.5) Capital surplus
800.9 Retained earnings

1,724.6277.9
9.4
1,437.3

Net unrealized gain on other securities

Total

2,829.2

Treasury stock at cost
Total shareholders' equity
849.0
Total

1,980.2

238.5
113.4
125.0

(0.3)
15.5
(15.8)

1,058.2
265.0
793.2
1,296.5
80.4
105.6
315.4
1,045.5(14.3)
1,532.7
2,829.2

684.8
230.0
454.8
923.3
80.4
105.5
297.0
590.4
(16.7)
1,056.8
1,980.2

373.4
35.0
338.4
373.2
0.1
18.4
455.1
2.4
475.9
849.0

FY2005(Unit: Billion yen)
FY2006
FY2007

1,069.2

1,164.3

1,241.5

1,505.9

1,670.0

52.4

52.6

53.1

64.0

68.0

Ordinary income

51.3

58.9

70.9

80.6

85.0

Net income

21.9

33.6

43.3

47.0

49.0

<Non-consolidated>
Net sales

747.6

749.6

784.3

950.7

1,020.0

Operating income

39.4

31.3

30.0

32.8

33.0

Ordinary income

42.3

34.7

39.7

43.0

47.0

Net income

20.1

21.1

26.3

30.4

33.0

Dividends per share

\ 22

\ 24

\ 32

\ 38

\ 40

Payout ratio
Consolidated
Non-consolidated

31.3%
34.0%

22.2%
35.5%

23.7%
39.1%

26.0%
40.3%

26.1%
38.7%

Change97,494

99,238(1,744)

141

128

13

Operating income

7

7

(0)

97,643

99,374(1,731)

6,386

6,046

340

(\20/share)(\19/share)

270
31
430

250
29
96

20
2
334

<Cash dividends>

-

137

(137)

General reserves

20,00020,000-

Unappropriated retained earnings
to be carried forward

70,52572,814(2,289)Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets

ChangeFY2004

FY2005

Bonuses to directors
Bonuses to corporate auditors

13.3

FY2003

FY2006

Cash dividends(12.0)

238.2
128.9
109.2

(Unit: Million yen)

Total

8.5

Four-Year Summary and Forecast

3. Appropriation of Non-consolidated Retained Earnings

Unappropriated retained earnings
at end of year
Reversal of reserve for special
depreciation
Reversal of reserve for reductionof acquisition cost of fixed assets

0.4(Unit: Billion yen)

Assets
FY2006
Current assets
Cash and deposits
Accounts receivable
Marketable securities
Inventories
OthersChange%English translation from the original Japanese-language document<Consolidated>
Net sales