FINANCIAL SUMMARY
FY2007 Semiannual(April 1, 2006 through September 30, 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. The use of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking
statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota
Industries Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All suchprojections and forward-looking statements are based on management’s assumptions and beliefs derived from the information
available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries and its
Group companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Therefore, it is advised that you should not rely solely upon these projections andforward-looking statements in making your investment decisions. You should also be aware that certain risks and uncertainties
could cause the actual results of Toyota Industries Corporation and its Group companies to differ materially from any
projections or forward-looking statements discussed in this report. These risks and uncertainties include, but are not limited to,the following : 1) reliance on a small number of customers, 2) product development capabilities, 3) intellectual property rights,
4) product defects, 5) price competition, 6) reliance on suppliers of raw materials and components, 7) environmental
regulations, 8) success or failure of strategic alliances with other companies, 9) exchange rate fluctuations, 10) share pricefluctuations, 11) effects of disasters, power blackouts and other incidents, 12) latent risks associated with international
activities and 13) retirement benefit liabilities.

October 31, 2006

FY2007 Semiannual Consolidated Financial Results
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Code number: 6201) ( URL http://www.toyota-industries.com/ )Representative person: Tetsuro Toyoda, President
Location of the head office: Aichi prefecture, Japan
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for FY2007 semiannual consolidated financial results: October 31, 2006
Name of parent company: Toyota Motor Corporation (Code number:7203 ) Parent company’s shareholding: 24.8%
US GAAP: Not used

1. Financial Highlights for FY2007 Semiannual (April 1, 2006 – September 30, 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

FY2007 Semiannual
FY2006 Semiannual
FY2006 Annual

913,085
699,028
1,505,955
Net income((

Million yen

40,051
32,05164,040((%Million yen

25.0 )
6.5 )

53,482
41,57780,635

Net income
per share－basic

change fromyear )( %previous

Million yen

FY2007 Semiannual
FY2006 Semiannual
FY2006 Annual%

30.6 )
15.1 )((

28.6 )
6.9 )Net income
per share－diluted%

30,26825,00847,077

%

(
(

Yen

21.0 )
4.4 )

Yen

96.30
78.41
146.1696.21
78.38
146.02

Notes: 1. Equity in net earnings (loss) of affiliates: FY2007 semiannual－461 million yen, FY2006 semiannual－1,267 million yen
FY2006 annual－3,593 million yen
Notes: 2. Average number of shares outstanding for each period: FY2007 semiannual－314,316,718 shares, FY2006 semiannual－318,937,523 shares,
FY2006 annual－319,125,005 shares
Notes: 3. Changes in accounting policies: No change.

(2)Consolidated financial position
Total assets

Total net assets

Million yen

FY2007 Semiannual
FY2006 Semiannual
FY2006 Annual

Equity ratio

Million yen

3,242,357
2,682,651
3,245,341

1,624,752
1,326,134
1,611,227

Equity per share
%

Yen

48.4
49.4
49.6

5,032.84
4,153.23
5,044.45

Note: Number of shares outstanding at the end of each period: FY2007 semiannual－312,025,636 shares, FY2006 semiannual－319,302,325 shares,
FY2006 annual－319,320,446 shares(3)Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2007 Semiannual
FY2006 Semiannual
FY2006 Annual

84,89758,759131,784

Cash flows fromfinancing activities

Million yen( 97,411)(114,771)(205,013)

Cash and cash equivalents
at the end of period

Million yen( 18,435)
30,187
85,172Million yen

82,68973,793
112,596(4) Scope of consolidation and equity method
Consolidated subsidiaries: 159 companies
Unconsolidated subsidiaries accounted for under the equity method: 0 company
Affiliates accounted for under the equity method: 21 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 7 companies (decrease) 1 company
Affiliate accounted for under the equity method: (increase) 1 company (decrease) 2 companies

2. Forecast of Consolidated Financial Results for FY2007 (April 1, 2006 - March 31, 2007)
Net sales
Operating income
Ordinary income
Million yen

FY2007 Annual

1,800,000

Million yen

76,000Million yen

95,000Net income
Million yen

53,000

Reference: (Forecast) Net income per share－basic (annual): 169.86 yen* 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.

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 159 subsidiaries and 33 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
Group
Wanbishi Archives
Co., Ltd.*

Toyota Industrial Equipment Europe Group

OthersST Liquid Crystal
Display Corp.*
ST Mobile Display
Corp.*

Fuji Logistics Co., Ltd.*

OthersOthersOthersTD 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 Private 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.

-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 September 30, 2006)
Percentage of Stock exchanges on which shares issued byvoting rights the parent company are listed
held by parent
company(％)
Toyota Motor
The relevant
24.81
Tokyo Stock Exchange, First Section
Corporation
other company(0.24)
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
FY2007 (April 1, 2006 - September 30, 2006)
Details of affiliation
Transaction
Transaction Category
Year-end
detailsamountbalance
Concurrent post of Business(¥millions)(¥ millions)directors
affiliation
Concurrent posts: 3 Sale of products Sale of
315,184
Accounts
36,556
Employmentof the Automobile automobiles
receivabletransfers: 7
Segment
and engines*1
Accounts
44,609Purchase of 228,572
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
During the first half of fiscal 2007 (the six months ended September 30, 2006), the Japanese
economy continued on a steady path to recovery as private-sector capital investment increased on
the back of solid corporate earnings. Consumer spending slowly improved as well. Overseas, theoverall economic outlook remained positive, with the U.S. and European economies expanding andthe Chinese economy sustaining a high level of growth.
In this operating environment, Toyota Industries posted total consolidated net sales of 913.0
billion yen, an increase of 214.0 billion yen, or 31%, compared with the first half of fiscal 2006 (thesix months ended September 30, 2005). The following is a review of operations for the major
business segments.
Net sales of the Automobile Segment totaled 431.0 billion yen, an increase of 93.3 billion yen, or28%, over the first half of fiscal 2006.
Within this segment, net sales of the Vehicle Business totaled 222.3 billion yen, an increase of
67.6 billion yen, or 44%, over the first half of fiscal 2006. Sales of the RAV4, which underwent amodel change in November 2005, were strong in both the U.S. and European markets. Overseas,
sales of the Vitz (Yaris overseas) also increased.
Net sales of the Engine Business totaled 80.1 billion yen, an increase of 14.7 billion yen, or 23%,
over the first half of fiscal 2006. This increase was due largely to increases in sales of KD diesel
engines for Toyota Motor Corporation’s (TMC) Innovative International Multi-Purpose Vehicle (IMV)
Project, as well as AD diesel engines fitted in the RAV4 for Europe.
Net sales of the Car Air-Conditioning Compressor Business totaled 113.1 billion yen, an increaseof 8.1 billion yen, or 8%, over the first half of fiscal 2006. Although sales in Japan and North America
were approximately the same level as for the first half of fiscal 2006, sales in the European andChinese market increased. In April 2006, TD Automotive Compressor Kunshan, Co., Ltd., which
was established as a joint venture to meet expanding demand in China, started production of
fuel-efficient variable-displacement car air-conditioning compressors.
Net sales of the Materials Handling Equipment Segment totaled 388.2 billion yen, an increase of
106.7 billion yen, or 38%, over the first half of fiscal 2006. This increase was a result of robust sales
overall on the back of strong global economy. During the period, Toyota Industries strove toenhance its global sales network and implemented vigorous sales promotion activities. The effect ofa change in the fiscal year-end of the BT Industries Group comprising Toyota Industries subsidiaries,
along with strong sales of Aichi Corporation, also contributed to the increase. In September 2006,
Toyota Industries commenced sales of its flagship model 1- to 3.5-ton internal combustion lift trucks(sold as GENEO in Japan and 8-Series overseas), which underwent a full model change. In aneffort to provide even greater product value, Toyota Industries developed the new lift truck featuring
higher levels of performance in the areas of safety, environmental features and ease of operation.
Net sales of the Logistics Segment totaled 39.8 billion yen, an increase of 9.2 billion yen, or 30%,
over the first half of fiscal 2006. Toyota Industries focused on expanding the Logistics Solutions
Business to reduce customers’ logistics costs.
Net sales of the Textile Machinery Segment totaled 27.4 billion yen, an increase of 3.4 billion yen,or 14%, from the first half of fiscal 2006. This increase was attributable mainly to strong sales of
air-jet looms, our flagship product. Sales of spinning machinery were approximately the same levelas for the first half of fiscal 2006.

-5-During the first half of fiscal 2007, ordinary income amounted to 53.4 billion yen, an increase of
11.9 billion yen, or 29%, over the first half of fiscal 2006. Despite the effects of a rise in raw
materials costs and increases in depreciation and personnel expenses, this increase was largely
achieved due to an increase in net sales, cost-reduction activities and an increase in non-operating
income.
Cash flows from operating activities increased by 84.8 billion yen during the first half of fiscal
2007, due mainly to income before income taxes in an amount of 53.4 billion yen. Net cash provided
by operating activities increased by 26.1 billion yen from 58.7 billion yen in the first half of fiscal
2006. Cash flows from investing activities resulted in a decrease in cash of 97.4 billion yen during
the first half of fiscal 2007, attributable primarily to payments for purchases of property, plant andequipment totaling 87.7 billion yen. Net cash used in investing activities decreased by 17.3 billion
yen from 114.7 billion yen in the first half of fiscal 2006. Cash flows from financing activities resulted
in a decrease in cash of 18.4 billion yen during the first half of fiscal 2007, due mainly to payments
for repurchase of treasury stock in an amount of 35.4 billion yen. Net cash used in financing
activities totaled 48.5 billion yen compared with net cash provided by financing activities of 30.1
billion yen in the first half of fiscal 2006.
After translation adjustments, cash and cash equivalents as of September 30, 2006 stood at 82.6
billion yen, an increase of 8.9 billion yen, or 12%, over the first half of fiscal 2006.

2. Distribution of Profits

Toyota Industries Corporation will distribute an interim cash dividend of 22 yen per commonshare, an increase of 4 yen per common share over the first half of fiscal 2006.

3. Forecast for the Fiscal Year Ending March 31, 2007
Toyota Industries expects the global economy to continue expanding. Uncertainties persist,however, regarding fluctuations in oil prices and the direction of the U.S. economy.
For fiscal 2007, ending March 31, 2007, Toyota Industries forecasts consolidated net sales of
1,800.0 billion yen, operating income of 76.0 billion yen, ordinary income of 95.0 billion yen and net
income of 53.0 billion yen. We are determined to heighten the comprehensive capabilities of the
Toyota Industries Group through the development of appealing new products matched to customer
needs with an unwavering emphasis on quality, as well as the enhancement of sales, service andcost-reduction 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 September 30, 2006.

Principal Customers

Toyota Industries’ automobile and engine products are sold primarily to TMC. During the first halfof fiscal 2007, net sales to TMC accounted for 34.5% of consolidated net sales. Therefore, TMC’s
vehicle sales could have an impact on Toyota Industries’ business results. As of September 30,
2006, TMC held 24.8% 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-6-

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.
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.

-7-

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. Consequently, in businesses that Toyota Industries manufactures products inJapan for export, the strengthening of the yen against other currencies reduces the relative pricecompetitiveness of Toyota Industries’ products on a global basis. Such currency trends could havean adverse impact on Toyota Industries’ financial condition and business results.

Share Price Fluctuations
Toyota Industries held marketable securities, and therefore bears the risk of price fluctuation ofthese shares. Based on fair market value of these shares at the end of this period, Toyota Industries
had unrealized gains. However, unrealized gains on marketable securities could worsen depending
on future share price movements. Additionally, a fall in share prices could reduce the value ofpension 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

FY2007As of
As of( September
30, 2006 ) ( March 31, 2006 )FY2006

Increase(Decrease)

As of( September
30, 2005 )(Assets)
508,170

509,266(1,096)

438,719

86,787

94,474(7,687)89,766208,136

200,690

7,446

181,764

25,02145,002(19,981)

10,057

117,597

104,534

13,06396,360

Deferred tax assets

18,66718,096571

15,942Other current assets
Less - allowance for doubtful
accounts

54,502

49,133

5,369

47,077(2,542)(2,665)123(2,248)2,734,187

2,736,074(1,887)2,243,931

Property, plant and equipment

581,758

526,154

55,604

496,835

Buildings and structures

168,709155,168

13,541

144,990

Machinery, equipment and vehicles

257,969

240,467

17,502

214,067

Tools, furniture and fixtures

23,191

22,310881

20,052Land

96,00587,213

8,792

83,003

Construction in progress

35,882

20,994

14,88834,721

113,151

109,968

3,183

108,141

Goodwill

101,024

97,485

3,539

95,318

Software12,126

12,483(357)

12,8232,039,277

2,099,951(60,674)

1,638,954

1,969,324

2,031,863(62,539)

1,572,060

8,210

8,591

(381)

9,018

10,96911,358(389)

11,966

7,623

6,842

781

6,513

43,377

41,532

1,845

39,608

(229)

(237)

8

(212)

3,242,357

3,245,341(2,984)2,682,651

620,382585,995

34,387561,735

5,485
13,815,004
Shares

2,723
6,520,194
shares

2,762
7,294,810
shares

4,004
6,538,315
Shares

4,254

5,443

(1,189)4,927

Current 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
Notes: 3. Number of shares of treasury stock
Notes: 4. Allowance for retirement and severance
benefits for directors and corporate auditors( included in allowance for retirement benefits)-9-

(Million yen)(

FY2007

FY2006

As of
September 30, 2006

As ofMarch 31, 2006

) ()

FY2006

Increase(Decrease)

As of( September
30, 2005 )(Liabilities)
466,938

446,118

20,820419,659

189,836

182,595

7,241

159,589

Short-term loans

53,662

38,92814,73429,976

Commercial paper

32,40029,6802,720

50,876-15,000(15,000)

15,000

Other payables

26,53730,620(4,083)24,725

Accrued expenses

75,50467,674

7,830

62,361

Accrued income taxes

17,52013,625

3,895

10,445

Deposits received from employees

21,574

20,914660

20,704

Deferred tax liabilities

3,749

3,857

(108)

3,759

Other current liabilities

46,15343,221

2,932

42,220Long-term liabilities

1,150,667

1,138,724

11,943893,007

Bonds

284,567

283,831736

220,394

Long-term loans

142,471

106,267

36,204

98,826

Deferred tax liabilities

654,420

681,503(27,083)

511,529

Allowance for retirement benefits

44,70846,535(1,827)

44,130

Other long-term liabilities

24,49820,585

3,913

18,125

Total liabilities

1,617,605

1,584,842

32,763

1,312,667-

49,270(49,270)

43,849

Shareholders’ equity

518,340

530,150(11,810)

513,817

Common stock

80,46280,462-80,462

Capital surplus

105,116

105,665(549)

105,669

Retained earnings

380,167

358,385

21,782342,075

Treasury stock at cost

(47,405)(14,363)(33,042)(14,389)

1,052,035

1,081,077(29,042)

812,316

1,006,330

1,047,190(40,860)

788,774

(147)

-

(147)

-

45,85233,886

11,96623,542

50

-

50

-

54,325-54,325-

Total net assets

1,624,752

1,611,227

13,525

1,326,134

Total liabilities andnet assets

3,242,357

3,245,341(2,984)2,682,651

Current liabilities
Trade notes and accounts payable

Current portion of bonds

Minority interests inconsolidated subsidiaries(Net assets)

Valuation and translation
adjustments
Net unrealized gains or losses onother securities
Deferred gains or losses
on Hedges
Foreign currencytranslation adjustments
Subscription rights to shares
Minority interest inconsolidated subsidiaries- 10 -

Consolidated Statements of Income(Million yen)(

FY2007

FY2006

April 1, 2006 September 30, 2006

April 1, 2005 September 30, 2005

) ()

Increase(Decrease)

FY2006
April 1, 2005 ( March
31, 2006 )Net sales

913,085

699,028

214,057

1,505,955

Cost of sales

770,487

586,753

183,734

1,276,499

Gross profit

142,597

112,274

30,323

229,456

Selling, general andadministrative expenses

102,546

80,22322,323

165,416

Operating income

40,051

32,051

8,000

64,040Non-operating income

28,96821,834

7,134

43,854

Interest income

8,539

4,406

4,133

9,113

Dividends income

14,353

10,687

3,666

20,090

Other non-operating income

6,074

6,739

(665)

14,649Non-operating expenses

15,537

12,3083,229

27,259Interest expenses

9,942

5,258

4,684

11,955

Other non-operating expenses

5,595

7,049

(1,454)15,303

Ordinary income

53,482

41,577

11,90580,635

Income before income taxes
and minority interests

53,482

41,577

11,90580,635

Income taxes – current

20,661

11,827

8,834

30,446

Income taxes – deferred

(331)

2,204

(2,535)(2,137)

Minority interests inconsolidated subsidiaries

2,883

2,536

347

5,249

30,26825,0085,260

47,077

Net income- 11 -

Consolidated Statement of Changes in Total net assets

FY2007 (April 1, 2006 - September 30, 2006)(Million yen)
Shareholders’ equity

Balance at March 31,2006

Commonstock

CapitalsurplusRetainedearnings

80,462

105,665

358,385

Valuation and translation adjustments

Net
unrealized
gains orTreasuryshareholders’losses on
stock at costequityothersecurities
Total(14,363)

Foreigncurrencytranslation
adjustments

Deferred
gains orlosses on
Hedges

530,150 1,047,190

-

Total
valuationandtranslation
adjustments

Subscription Minority interestrights toshares33,886 1,081,077

in consolidated
subsidiaries-

Total net
assets49,270 1,660,498

Change during interim accounting period

Surplus dividend(6,386)(6,386)(6,386)

(427)

(427)

(427)

Decrease due to increase in affiliates accounted
for under the equity method(1,673)(1,673)(1,673)

Net income for the period

30,26830,26830,268(35,473)(35,473)(35,473)

2,432

1,882

1,882

Bonuses to directors and corporate auditors

Repurchase of treasury stock

Exercise of stock options(549)

Change to items other than shareholders' equity
during interim accounting period
Total change during interim accounting period

Balance at September 30,2006(40,860)(147)

11,965(29,042)

50

5,054

(23,936)(35,746)-(549)

21,781(33,041)(11,809)(40,860)(147)

11,965(29,042)

50

5,054

80,462

105,116

380,167(47,405)

518,340 1,006,330(147)

45,852 1,052,035

50

54,325 1,624,752

Consolidated Statements of Retained Earnings(Million yen)
FY2006

FY2006(Capital surplus)
Capital surplus at beginning of period
Increase in capital surplus
Gain on disposal of treasury stock
Decrease in capital surplus
Capital surplus at end of period(Retained earnings)
Retained earnings at beginning of period
Increase in retained earnings
Net income for the period
Decrease in retained earnings
Cash dividends
Bonuses to directors and corporate auditors
Decrease due to increase in affiliates accounted for under the equity method

Retained earnings at end of period- 12 -

April 1, 2005 -April 1, 2005 -September 30, 2005

March 31, 2006

105,600
68
68
105,669

105,600
65
65
105,665

325,330
25,00825,008
8,263
6,046
395
1,821
342,075

325,330
47,07747,077
14,021
11,793406
1,821
358,385

Consolidated Statements of Cash Flows(Million yen)(

FY2007

FY2006

April 1, 2006 September 30, 2006

April 1, 2005 September 30, 2005

) ()

Increase(Decrease)

FY2006
April 1, 2005 ( March
31, 2006 )Cash flows from operating activities

84,89758,75926,138

131,784

Income before income taxes and minority interests

53,482

41,577

11,90580,635

Depreciation and amortization
Increase (decrease) in allowance for doubtful
t dividends income
Interest andInterest expenses
Equity in earnings of affiliates(Increase) decrease in receivables(Increase) decrease in inventories
Increase (decrease) in payables
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid

51,412(295)(22,893)
9,942
(461)
(2,764)(9,633)
3,398
7,409
89,59522,873(9,869)(17,701)

39,1697(15,094)
5,258(1,267)(11,695)(3,737)(479)
9,274
63,01415,090(5,278)(14,067)

12,243(302)(7,799)
4,684
806
8,931
(5,896)
3,877(1,865)
26,581
7,783(4,591)(3,634)87,287101(29,204)
11,955(3,593)(27,435)(9,227)
21,376
12,161
144,055
29,236(11,009)(30,498)

Cash flows from investing activities(97,411)(114,771)

17,360(205,013)

Payments for purchases of property, plant andequipment(87,721)(95,546)

7,825(161,504)

Proceeds from sales of property, plant andequipment

4,048

3,976

72

8,415

Payments for purchases of investment securities
Proceeds from sales of investment securities(9,254)
2,713(21,375)
2,153

12,121560(47,726)
2,045

Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation(1,939)-(1,939)-Payments for loans madeProceeds from collections of loans
Others, net(1,989)643(3,912)(2,393)
1,055(2,641)404(412)(1,271)(2,256)
3,264(7,250)Cash flows from financing activities(18,435)

30,187(48,622)85,172

Increase (decrease) in short-term loans
Increase (decrease) in commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuances of bonds
Repayments of bonds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net(9,399)38,337(12,631)(15,948)(35,473)(6,386)
(767)
5,036

(29,942)
52,30328,413(2,531)
5,692(20,300)(22)(6,041)
(616)
3,232

39,341(52,303)
9,924(10,100)(5,692)
4,352(35,451)
(345)
(151)
1,804

(22,902)
29,52038,824(3,365)68,730(20,300)(52)(11,784)
(854)
7,357

Translation adjustments of cash and cash
equivalents

1,042

(918)

1,960

117

Net increase (decrease) in cash and cash
equivalents(29,906)(26,742)(3,164)

12,060Cash and cash equivalents
at beginning of period

112,596

100,535

12,061

100,535

82,68973,793

8,896

112,596

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
57,66863,793Marketable securities
25,021
10,000- 13 -(6,125)15,021

67,59345,002

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

Consolidated
subsidiaries

159

Tokyu Co., Ltd., Tokaiseiki Co., Ltd., Izumi Machine Mfg. Co., Ltd., TIBC Corporation,
TOYOTA L&F Tokyo Co., Ltd., Taikoh transportation Co., Ltd., Aichi Corporation,
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

21

ST Liquid Crystal Display Corp., Fuji Logistics Co., Ltd., Wanbishi Archives Co., Ltd.,ST Mobile Display Corp.,
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)7

Aichi Corporation Group (2 companies), Mail & e Business Logistics Service Co., Ltd.,BT Industries Group (2 companies),
Toyota Industries Corporation Australia Group (1 company),
Toyota Gabelstapler Deutschland Group(1 company)(Decrease)1

BT Industries Group (1 company)

Affiliates accounted for under the equity method
Companies(Increase)

1

ST Mobile Display Corp.

(Decrease)2

Aichi Corporation Group (2 companies)

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

Aichi Corporation Group (1 company),Toyota Industry (Kunshan) Co., Ltd.,
Toyota Material Handling (Shanghai) Co., Ltd., Toyota Industry Automotive Parts (Kunshan) Co., Ltd.,TD Automotive Compressor Kunshan, Co., Ltd., Toyota Industries Trading & Logistics (China) Co., Ltd.

(2) This financial summary was prepared using the interim results of Toyota Industries’ consolidated subsidiaries. Starting fromthe fiscal year ending March 31, 2007, however, some of the consolidated subsidiaries have changed their interim closing
date from June 30 to September 30. The details are given below.
Toyota Industries Sweden AB, BT Industries Group (66 companies),
Toyota Industries Finance International AB- 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 intangible assets is computed by the straight-line method.
(3) Significant allowancesa. Allowance for doubtful accounts is estimated by such means as using the percentage of historical experiences in credit
losses for ordinary receivables and by examining the feasibility of collection individually for receivables that seem to beuncollectible.
b. For the purpose of preparation for future payments of employees' retirement benefits, allowance for retirement benefits isrecorded at the amount incurred based on projected benefit obligations and pension assets at the end of period. Provision
for retirement and severance benefits for directors and corporate auditors are recorded at the amounts required at the endof period by a internal rule describing the retirement benefits for directors and corporate auditors.
(4) Accounting for significant lease transactions
Financing leases other than those that are deemed to transfer the ownership of the leased properties to lessees aremainly accounted for by the method similar to that applicable to ordinary operating leases.
(5) Hedge accounting method
Mainly the deferral method of hedge accounting is applied. In case of foreign currency forward contracts, the hedged items
are translated at contracted forward rate if certain conditions are met. In this period, interest rate swap contracts are used
for hedging risk of change in interest rate relating loans. Foreign exchange forward contracts and foreign currency option
contracts are also used for hedging risk of change in foreign exchange rate relating to foreign currency transactions.
(6) Other significant accounting policies for preparing consolidated financial statements
The consumption tax : computed based on the net-of-tax method

5. Scope of cash and cash equivalents on the consolidated statements of cash flows
Cash and cash equivalents on the consolidated statements of cash flows include cash on hand, bank deposits to be withdrawn
at any time and short-term investments with original maturities of three months or less, that are readily convertible to known
amounts of cash and are so near maturity that they present insignificant risk of changes in fair value.

- 15 -

6. Changes in Accounting Policies(1) Accounting Standard for Directors’ Bonuses
Effective April 1, 2006, Toyota Industries has applied the Accounting Standard for Directors’ Bonuses (Corporate
Accounting Standard No. 4 issued on November 29, 2005) to the consolidated financial statements.
(2) Accounting Standard for Presentation of Net Assets in the Balance Sheet
Effective April 1, 2006, Toyota Industries has applied the Accounting Standard for Presentation of Net Assets in the
Balance Sheet (Corporate Accounting Standard No. 5 issued on December 9, 2005) and the Guidance on AccountingStandard for Presentation of Net Assets in the Balance Sheet (Guidelines for the Application of Corporate AccountingStandards No. 8 issued on December 9, 2005) to the consolidated financial statements. In accordance with the changes,
the previous components under Shareholders’ Equity and Minority Interests in Consolidated Subsidiaries have beencombined into Net Assets, which have been further broken down into Shareholders’ Equity, Valuation and Translation
Adjustments, Subscription Rights to Shares and Minority Interests.
(3) Accounting Standard for Presentation of Share-based Payment
Effective April 1, 2006, Toyota Industries has applied the Accounting Standard for Share-based Payment (Corporate
Accounting Standard No. 8 issued on December 27, 2005) and the Guidance on Accounting Standard for Share-based
Payment (Guidelines for the Application of Corporate Accounting Standard No. 11 issued on May 31, 2006) to theconsolidated financial statements.

- 16 -

Segment Information
1.Business segment information(1)FY2007 Semiannual (April 1, 2006 - September 30, 2006)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

431,024

388,270

39,89827,49526,396

913,085-

913,085(2) Intersegment transactions

9,972

310

3,435

2

11,33325,054(25,054)-

Total

440,997

388,581

43,33327,49737,729938,139(25,054)913,085

Operating expenses

427,234

365,782

42,781

26,93935,431

898,169(25,135)

873,033

Operating income

13,762

22,799

552

557

2,297

39,97081

40,051

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, foundry, electronics
parts
Materials handling equipment ...Counterbalanced lift trucks, warehouse equipment, automated storage and retrieval systems, aerial work
platforms
Logistics …………………………Transportation services, logistics planning, operation of distribution centers, collection and delivery ofcash and management of sales proceeds
Textile machinery ……………… Air jet looms, water jet looms, ring spinning frames
Others ……………………………Semiconductor package substrates(2)FY2006 Semiannual (April 1, 2005 - September 30, 2005)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

337,751

281,597

30,61524,09424,968699,028-

699,028(2) Intersegment transactions

10,195

137

2,786

10

8,823

21,953(21,953)-

Total

347,946

281,735

33,402

24,10433,792

720,981(21,953)

699,028

Operating expenses

336,528

263,415

32,87423,91331,673

688,406(21,429)

666,976

Operating income

11,41818,319

528

191

2,118

32,575(523)

32,051

Net sales(3)FY2006 (April 1, 2005 - March 31, 2006)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

746,795

595,236

65,14549,78948,9881,505,955-

1,505,955(2) Intersegment transactions

20,768

482

6,355

22

20,851

48,480(48,480)-

Total

767,564595,718

71,50049,811

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

Operating expenses

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

Net sales- 17 -(73)

64,0402.Geographical segment information(1)FY2007 Semiannual (April 1, 2006 - September 30, 2006)
North
Japan
America
Net sales(1) Outside customer sales
579,171
154,771(2) Intersegment transactions
58,800952
Total
637,972
155,724
Operating expenses
607,832
151,459
Operating income
30,1394,265(2) FY2006 Semiannual (April 1, 2005 - September 30, 2005)
North
Japan
America
Net sales(1) Outside customer sales
461,876
119,484(2) Intersegment transactions
53,537742
Total
515,413120,227
Operating expenses
490,894
116,133
Operating income
24,5194,093(Million yen)

EuropeOthersTotal

Eliminations Consolidated

157,743

21,397913,085-

913,085

3,436

2,341

65,530(65,530)-

161,179

23,739978,615(65,530)

913,085

157,105

22,306

938,704(65,670)873,033

4,073

1,433

39,911

140

40,051(Million yen)

EuropeOthersTotal

Eliminations Consolidated

102,181

15,485

699,028-

699,028

4,183

1,749

60,213(60,213)-106,365

17,235759,242(60,213)

699,028

103,235

16,631

726,895(59,918)

666,976

3,129

604

32,346(295)

32,051(3) FY2006 (April 1, 2005 - March 31, 2006)(Million yen)

Japan

North
America

Europe(1) Outside customer sales

1,009,368

246,129

216,230(2) Intersegment transactions
Total

112,543

2,056

5,689

3,998

124,288(124,288)-

1,121,912

248,186

221,919

38,226

1,630,243(124,288)

1,505,955

Operating expenses

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)64,040

OthersTotal

Eliminations Consolidated

1,505,955-

Net sales- 18 -

34,227

1,505,955

3.Overseas sales(1)FY2007 Semiannual (April 1, 2006 – September 30, 2006)(Million yen)

North America

155,408

Overseas sales

Europe174,548

Others

71,182

17.0%

Ratio of overseas sales to consolidated sales

19.1%

7.8%

(2)FY2006 Semiannual (April 1, 2005 - September 30, 2005)

118,995

Europe119,210

Others

58,833

17.0%

17.1%

8.4%

(3)FY2006 (April 1, 2005 - March 31, 2006)

297,039

42.5%(Million yen)

North America
247,957

Europe249,237

Others123,751

Consolidated sales
Ratio of overseas sales to consolidated sales

Total

699,028

Consolidated sales

Overseas sales

43.9%(Million yen)

North America

Ratio of overseas sales to consolidated sales

401,138
913,085

Consolidated sales

Overseas sales

Total

Total
620,946
1,505,955

16.5%- 19 -

16.5%

8.2%

41.2%

Breakdown of Consolidated Net Sales(Million yen)

FY2007

FY2006

April 1, 2006 ( September
30, 2006 )April 1, 2005 ( September
30, 2005 )AmountAmountAutomobile

Ratio
%

Increase(Decrease)

FY2006% Change

Ratio(

April 1, 2005 –March 31, 2006

Amount
%

%

)

Ratio
%

Vehicle222,326

24.3

154,701

22.1

67,62543.7

372,092

24.7

Engine80,1448.8

65,4149.4

14,73022.5

132,382

8.8

Car air-conditioning
compressor

113,18512.4

105,000

15.0

8,185

7.8

215,983

14.3

Foundry, Electronics
parts and others

15,368

1.7

12,635

1.8

2,733

21.6

26,337

1.8

Subtotal

431,02447.2

337,751

48.3

93,273

27.6

746,795

49.6

Materials handlingequipment

388,27042.5

281,59740.3

106,67337.9

595,236

39.5

Logistics

39,8984.4

30,615

4.4

9,283

30.3

65,145

4.3

Textile machinery

27,495

3.0

24,094

3.4

3,401

14.1

49,789

3.3

Others26,396

2.9

24,968

3.6

1,428

5.7

48,9883.3

Total

913,085100.0

699,028100.0

214,057

30.6

1,505,955

100.0- 20 -

October 31, 2006

FY2007 Semiannual Non-consolidated Financial Results
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Code number: 6201) (URL http://www.toyota-industries.com/ )Representative person: Tetsuro Toyoda, President
Location of the head office: Aichi prefecture, Japan
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for FY2007 semiannual non-consolidated financial results: October 31, 2006
Date of starting actual payment of interim cash dividends: November 27, 2006
Number of shares in unit share system: 100 shares

1. Financial Highlights for FY2007 Semiannual (April 1, 2006 - September 30, 2006)(Amounts less than one million yen are omitted.)(1) Non-consolidated financial results
Operating
Ordinary% change from% change from% change from
Net sales
previous year
previous year
previous year
incomeincome()

Million yen

FY2007 Semiannual
FY2006 Semiannual
FY2006 Annual

540,061434,957
950,746
Net income%((

16,857
17,17232,865%(()

Million yen- 1.8 )
- 9.4 )%(((

29,301
25,18443,050%((16.3 )
5.8 )Net income
per share - basic

change fromyear )( %previous

20,51917,59330,427)

Million yen

24.2 )
12.6 )

Million yen

FY2007 Semiannual
FY2006 Semiannual
FY2006 Annual(Yen

16.6 )
10.3 )

65.28
55.16
94.40

Notes: 1. Average number of shares issued each year
FY2007 Semiannual－314,316,718 shares, FY2006 Semiannual－318,937,523 shares, FY2006 Annual－319,125,005 shares
Notes2. Changes in accounting policies: No change(2) Non-consolidated financial position
Total assets
Million yen

FY2007 Semiannual
FY2006 Semiannual
FY2006 Annual

Equity ratio

Total net assets
Million yen

2,750,759
2,332,538
2,829,272

1,472,247
1,267,713
1,532,771

Equity per share
%

53.5
54.3
54.2

Yen

4,718.19
3,970.26
4,799.16

Note: 1. Number of shares outstanding at the end of period
FY2007 Semiannual－312,025,636 shares, FY2006 Semiannual－319,302,325 shares, FY2006 Annual－319,320,446 shares
2. Number of treasury stock at the end of period
FY2007 Semiannual－13,815,004 shares, FY2006 Semiannual－6,538,315 shares, FY2006 Annual－6,520,194 shares

2. Forecast of Non-consolidated Financial Results for FY2007 (April 1, 2006 - March 31, 2007)
Net sales

Operating income

Million yen

FY2007 Annual

Ordinary income

Million yen

1,100,000

34,000Million yen

52,0003. Cash dividends
Annual cash dividends per share
InterimYear-end
Yen

18
22
－

Yen

20
－
23

- 21 -Yen

38
45

Million yen

36,000

Reference: (Forecast) Net income per share－basic (annual): 115.38 yen

FY2006 Annual
FY2007 Annual (Actual)
FY2007 Annual (Forecast)

Net income

Non-consolidated Balance Sheets(

FY2007

FY2006

As of
September 30, 2006

As ofMarch 31, 2006)()

FY2006

Increase(Decrease)

As of( September
30, 2005 )(Assets)
Current assets

231,948

268,957(37,009)236,592

15,701

33,660(17,959)

46,811

792

815

(23)

414

105,052

104,011

1,041

104,058

25,02145,002(19,981)

10,000Finished goods

2,309

2,982

(673)

2,322

Raw materials

314

357

(43)

277

Work in process

26,821

25,064

1,757

21,554

6,091

5,975

116

5,180

Prepaid expenses

430

328

102

334

Deferred tax assets

11,56011,502

58

9,939

37,86639,269(1,403)35,712

Cash and deposits
Trade notes receivable
Trade accounts receivable
Marketable securities

Supplies

Other current assets
Less - allowance for doubtful
accounts
Fixed assets

(14)

(14)

0

(13)

2,518,810

2,560,315(41,505)

2,095,946

Property, plant and equipment

328,407

313,166

15,241

301,144

Buildings

83,03385,406(2,373)82,518Structures

11,613

11,58627

10,594

136,365

133,602

2,763

123,777

1,610

1,685

(75)

1,346

Tools, furniture and fixture

12,41812,391

27

11,823

Land

59,88454,072

5,812

50,402

Construction in progress

23,482

14,421

9,061

20,683

Intangible assets

8,233

8,944

(711)

9,405

Software

8,233

8,944

(711)

9,405

Investments and other assets

2,182,168

2,238,204(56,036)

1,785,395

Investments in securities
Investments in subsidiaries andaffiliates
Long-term loans

1,908,148

1,969,017(60,869)

1,538,034

249,769

245,270

4,499

221,938

12,132

11,236896

11,908Long-term prepaid expenses

7,585

8,153

(568)

9,136

Other investments and other assets

4,602

4,609

(7)

4,459

(71)

(82)

11

(81)

2,750,759

2,829,272(78,513)

2,332,538

4 0 4 , 6 5 8

3 8 9 , 2 9 8

1 5 , 3 6 0

3 7 8 , 9 8 5

6 1 , 0 0 8

5 5 , 4 9 3

5 , 5 1 5

3 7 , 7 5 9

3 , 4 4 3

4 , 6 2 0

( 1 , 1 7 7 )

4 , 3 3 1

Machinery and equipment
Vehicles and delivery equipment

Less - allowance for doubtful
accounts
Total assets
Notes : 1. Accumulated depreciation ofproperty, plant and equipment
2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors( included in allowance for retirement benefits)- 22 -

(Million yen)(
(Liabilities)
Current liabilities
Trade notes payable
Trade accounts payable
Commercial paper
Current portion of bonds
Other payables
Accrued expenses
Accrued income taxes
Advance received
Deposits received
Deposits received from employees
Other current liabilities
Long-term liabilities
Bonds
Long term loan
Deferred tax liabilities
Allowance for retirement benefits
Other long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity
Common stock
Capital surplus
Capital reserve
Other capital reserve
Gain on disposal of treasury stock
Retained earnings
Legal reserve
General reserves
Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets
General reserves
Unappropriated retained
earnings at end of period

Treasury stock at cost
Valuation and translation
adjustments
Net unrealized gains or losses onother securities
Deferred gains or losses
on Hedges
Subscription rights to shares
Total net assets
Total liabilities andnet assets

FY2007

FY2006

As of
September 30, 2006

As ofMarch 31, 2006

) ()

Increase(Decrease)

FY2006
As of( September
30, 2005 )

225,398
1,196
127,801
15,46434,644
7,633
949
15,954
21,433320
1,053,113
265,000
115,000
650,481
21,232
1,399
1,278,512

238,214742
128,188
15,00021,102
32,7604,238
1,749
13,48620,805141
1,058,287
265,000
92,500677,282
22,194
1,311
1,296,501(12,816)454(387)(15,000)(5,638)
1,884
3,395
(800)
2,468
628
179
(5,174)22,500(26,801)(962)
88(17,989)

237,724
1,577
109,41225,00015,00017,39330,143
4,144
706
13,47920,606
260
827,100
215,000
82,500507,168
21,172
1,258
1,064,824

467,426
80,462
105,094
101,766
3,328
3,328
329,274

487,184
80,462
105,643
101,766
3,877
3,877
315,442(19,758)
(549)
(549)
(549)
13,832

480,076
80,462
105,647
101,766
3,880
3,880
308,355

17,004
312,270867

17,004298,437679

13,833
188

17,004
291,351
679

252

263

(11)

263

220,000

200,000

20,000200,000

91,15097,494(6,344)90,407(47,405)(14,363)(33,042)(14,389)

1,004,770

1,045,586(40,816)

787,637

1,004,919

1,045,586(40,667)

787,637

(149)

-

(149)

-

50
1,472,247

1,532,771

50(60,524)

1,267,713

2,750,759

2,829,272(78,513)

2,332,538- 23 -

Non-consolidated Statements of Income(Million yen)(

FY2007

FY2006

April 1, 2006 September 30, 2006

April 1, 2005 September 30, 2005

) ()

Increase(Decrease)

FY2006(

April 1, 2005 March 31, 2006

540,061434,957

105,104

950,746

490,716

387,204

103,512855,241

32,48730,581

1,906

62,638Operating income

16,857

17,172(315)

32,865Non-operating income

18,92815,492

3,436

27,921

15,814

11,852

3,962

21,537

Other non-operating income

3,113

3,639

(526)

6,383

Non-operating expenses

6,483

7,480

(997)

17,736

Interest expenses

2,784

2,240

544

4,863

Other non-operating expenses

3,698

5,240

(1,542)

12,872

Ordinary income

29,301

25,184

4,117

43,050

Income before income taxes

29,301

25,184

4,117

43,050

Income taxes－current

8,543

4,374

4,169

12,106

Income taxes－deferred

239

3,216

(2,977)517

20,51917,5932,926

30,427

Net sales
Cost of sales
Selling, general andadministrative expenses

Interest income and dividends income

Net income- 24 -)

Non-consolidated Statement of Changes in Total net assets

FY2007 (April 1, 2006 - September 30, 2006)(Million yen)
Shareholders’ equity
Retained earnings

Capital surplus

General reserves
Commonstock

Balance at March 31,2006

80,462

Capitalreserve

101,766

Other capital Total capitalreserve
surplus

3,877

105,643

Legal
reserve

17,004

Reserve forReserve for reduction of
acquisition
specialdepreciation cost of fixed
assets679

263

UnappropriatedGeneralreserves

retainedearnings at
end ofperiod200,000

97,49420,000(20,430)

Total
retainedearnings

315,442

Total

Treasuryshareholders’
stock at costequity(14,363)

487,184

Change during interim accounting period
Provision for reserve

430

Reversal of reserve

(242)

(10)

253

Surplus dividend
Bonuses to directors and corporate auditors
Net income for the period(6,386)(6,386)(6,386)

(301)

(301)

(301)

20,51920,51920,519Repurchase of treasury stock
Exercise of stock options

(549)

(549)

(549)

(549)

3,328

105,094(35,473)(35,473)

2,432

1,882

Change to items other than shareholders' equity
during interim accounting period
Total change during interim accounting period

Balance at September 30,2006

80,462

101,766

-

187

(10)

20,000(6,344)

13,832(33,041)(19,758)

17,004867

252

220,000

91,150329,274(47,405)

467,426

Valuation and translation adjustments

Balance at March 31,2006

Net
unrealized
gains orlosses onothersecurities

Deferred
gains orlosses on
Hedges

1,045,586-

Total
Subscription
valuationrights toandsharestranslation
adjustments
1,045,586-

Total net
assets1,532,771

Change during interim accounting period
Provision for reserve
Reversal of reserve
Surplus dividend(6,386)

Bonuses to directors and corporate auditors(301)

Net income for the period

20,519Repurchase of treasury stock(35,473)

Exercise of stock options
Change to items other than shareholders' equity
during interim accounting period
Total change during interim accounting period

Balance at September 30,2006

1,882(40,666)(149)(40,816)50(40,765)(40,666)(149)(40,816)50(60,524)

1,004,919(149) 1,004,770

50 1,472,247- 25 -

October 31, 2006
TOYOTA INDUSTRIES CORPORATIONFINANCIAL SUMMARY for FY2007 Semiannual (April 1, 2006 - Sep 30, 2006)
1. Consolidated financial results

Net sales
Operating income
Ordinary income
Net income
Dividends per share
Payout ratio <Consolidated><Non-consolidated>\/US$
Exchange rate\/EuroTotal assets
Total net assets
Equity ratio
Investments in tangible assets
Investments in overseas
Depreciation
Consolidated subsidiaries
Affiliates applied the equity method(Billion yen, %)FY2007 Semiannual

FY2006 Semiannual

April 06 - September 06

April 05 - September 05

913.0
40.0
5.9%
53.4
3.3%
30.2
¥22
22.8%
33.7%
115
146
3,242.3
1,624.7
48.4%
65.5
15.9
35.3
159 c ompanies
21 c ompanies

Change%Amount

699.0
214.0
32.0
8.0
5.9%
41.5
11.9
3.6%
25.0
5.2
¥18
¥4
23.0%
32.6%
109
6
136
10
2,682.6
559.7
1,326.1
298.6
49.4%
68.2
(2.7)
11.8
4.1
28.6
6.7
149 c ompanies 10 c ompanies
21 c ompanies−

FY2007 Forecast

Change%April 06 - March 07

100.0%

100.0%

30.6

100.0%

4.4%

4.6%

25.0

4.2%

28.6

5.3%

21.0

2.9%

20.9
22.5
(4.0)
34.7
23.5

1,800.0
76.0
95.0
53.0
\45
26.5%
39.0%
115
145
−
−
−
130.0
26.0
75.0
−
−

19.5
18.7
17.8
12.6

(0.1)
0.6
16.4

Note: Starting from FY2006, the BT Industries Group, which constitutes our network of subsidiaries, changed its fiscal year-end from December (Jan. - Dec.) to March (Jan. - next Mar.). As aresult, the table above includes the BT Industries Group's results from January to September 2006. Excluding the effects of changes in fiscal year (Jan. - Mar.), net sales amounted to 850.4
billion yen (up 151.4 billion yen, or 21.7%), operating income totaled 38.1 billion yen (up 6.1 billion yen, or 19.0%), ordinary income was 50.7 billion yen (up 9.2 billion yen, or 22.2%) and net
income totaled 29.0 billion yen (up 4.0 billion yen, or 16.1%).

2. Breakdown of consolidated net sales(Billion yen, %)FY2007 Semiannual
VehicleEngineCar air-conditioning compressor
Foundry, electronics and other
Automobile total
Materials handling equipment ※Logistics
Textile machinery
OthersTotal

FY2006 Semiannual

222.3
80.1
113.1
15.3
431.0
388.2
39.8
27.4
26.3
913.0

24.3%
8.8%
12.4%
1.7%
47.2%
42.5%
4.4%
3.0%
2.9%
100.0%

22.1%
9.4%
15.0%
1.8%
48.3%
40.3%
4.4%
3.4%
3.6%
100.0%

154.7
65.4
105.0
12.6
337.7
281.5
30.6
24.0
24.9
699.0

Change
67.6
14.7
8.1
2.7
93.3
106.7
9.2
3.4
1.4
214.0

%

FY2007 Forecast

43.7

25.6%

22.5

8.9%

7.8

12.8%

21.6

1.9%

27.6

49.2%

37.9

40.0%

30.3

5.0%

14.1

3.0%

5.7

2.8%

30.6

100.0%

460.0
160.0
230.0
35.0
885.0
720.0
90.0
55.0
50.0
1,800.0

%

23.6
20.9
6.5
32.9
18.5
21.0
38.2
10.5
2.1
19.5

※ Excluding the effects of changes in subsidiaries' fiscal year, net sales of the Materials Handling Equipment Segment was 325.6 billion yen (up 44.1 billion yen, or 15.7%)

3. Unit sales(Thousand Units)

FY2007Semi

FY2006
Semi

ChangeVitz (Yaris)

89

86

3

182

(7)

RAV4

78

40

38

168

60

Vehicle

167

126

41

350

53

Engine

231

172

59

494

132

55

92

(37)

88

(78)

9,860

9,310

550

20,300

1,190

112

93

19

216

32

CKD
Car air-conditioning
compressor
Materials handlingequipment ※FY2007 Change※ Excluding the effects of changes in subsidiaries' fiscal year, units sales
amounted to 90 thousand units. (down 3 thousand units)

English translation from the original Japanese-language document

4. Changes in ordinary income(Billion yen)

Sales volume increase
Cost reduction
Exchange gain
Impact of change in subsidiaries' fiscal year
Non-operating income increase

10.5
10.4
2.8
1.9
3.9

Increase total
Depreciation
Raw material cost
Labor cost
Expenses and others

29.5
6.7
5.4
3.0
2.5

Decrease total

17.6

Total increase in ordinary income

11.9

Non-consolidated Financial Highlights
1. Non-consolidated financial results(Billion yen, %)FY2007 Semiannual FY2006 Semiannual
April 06 - September 06 April 05 - September 05

ChangeAmount

FY2007 Forecast%

April 06 - March 07

Change%540.0

100.0%

434.9

105.1

24.2

100.0%

1,100.0

15.7

3.1%

16.8

3.9%

17.1

(0.3)

(1.8)

3.1%

34.0

3.5

Ordinary income

5.4%

29.3

5.8%

25.1

4.2

16.3

4.7%

52.0

20.8

Net income

3.8%

20.5

4.0%

17.5

3.0

16.6

3.3%

36.0

18.3

Net sales

100.0%

Operating income

Investments in tangible assets

37.4

44.2

(6.8)

(15.4)

72.0(12.0)

Depreciation

21.2

18.2

3.0

16.0

47.0

13.3

1,672.0

1,310.5

361.5

27.6

−

Unrealized gain on other securities

2. Non-consolidated balance sheets(Billion yen)

Assets
FY2007

FY2006

As of Sep. 30, 06

As of Mar. 31, 06

231.9
15.7
105.8
25.0
35.5
49.8

268.9
33.6
104.8
45.0
34.3
51.0

Current assets
Cash and deposits
Accounts receivable
Marketable securities
Inventories
OthersFixed assets
Tangible assets
Intangible assets
Investments and others

2,518.8328.4
8.2
2,182.1

Liabilities and Net assets
FY2007
FY2006

Change2,560.3313.1
8.9
2,238.2(37.0) Current liabilities(17.9) Accounts payable
1.0 Others(20.0)
1.2 Long-term liabilities(1.2) Bonds
Deferred tax liabilities
Total liabilities(41.5)
15.3 Shareholders' equity(0.7) Common stock(56.1) Capital surplus
Retained earnings
Treasury stock at cost
Valuation and translation adjustments

2,750.7

Total

2,829.2

Subscription rights to shares
Total net assets
Total(78.5)

Five-Year Summary<Consolidated>
Net sales
Operating income
Ordinary income
Net income<Non-consolidated>
Net sales
Operating income
Ordinary income
Net income<Cash dividends>
Dividends per share
Payout ratio
Consolidated
Non-consolidated

As of Mar. 31, 06

225.3
128.9
96.4

238.2
128.9
109.2

(12.9)
0.0(12.8)

1,053.1
265.0
788.1
1,278.5
467.4
80.4
105.0
329.2
(47.4)
1,004.7
0.0
1,472.2
2,750.7

1,058.2
265.0
793.2
1,296.5
487.1
80.4
105.6
315.4
(14.3)
1,045.5
1,532.7
2,829.2

(5.1)
(5.1)
(18.0)(19.7)(0.6)
13.8(33.1)(40.8)
0.0(60.5)(78.5)

Four-Year Summary and Forecast

Semiannual(Billion yen)
FY2003

ChangeAs of Sep. 30, 06

FY2004

FY2005

FY2006

FY2007

520.4
25.2
26.9
13.6

569.5
27.0
30.1
17.0

607.0
30.0
38.8
23.9

699.0
32.0
41.5
25.0

913.0
40.0
53.4
30.2

364.6
19.3
22.6
13.1

365.9
17.7
19.8
12.3

386.3
18.9
23.8
15.9

434.9
17.1
25.1
17.5

540.0
16.8
29.3
20.5

\ 10

\ 12

\ 13

\ 18

\ 22

23.0%
23.8%

20.6%
28.5%

17.3%
25.9%

23.0%
32.6%

22.8%
33.7%

English translation from the original Japanese-language document

Annual(Billion yen)
FY2003<Consolidated>
Net sales
1,069.2
Operating income
52.4
51.3
Ordinary income
Net income
21.9<Non-consolidated>
Net sales
747.6
Operating income
39.4
Ordinary income
42.3
Net income
20.1<Cash dividends>
Dividends per share\ 22
Payout ratio
Consolidated
31.3%
Non-consolidated
34.0%

FY2004

FY2005

FY2006

FY2007

1,164.3
52.6
58.9
33.6

1,241.5
53.1
70.9
43.3

1,505.9
64.0
80.6
47.0

1,800.0
76.0
95.0
53.0

749.6
31.3
34.7
21.1

784.3
30.0
39.7
26.3

950.7
32.8
43.0
30.4

1,100.0
34.0
52.0
36.0

\ 24

\ 32

\ 38

\ 45

22.2%
35.5%

23.7%
39.1%

26.0%
40.3%

26.5%
39.0%