Eleven-Year Summary
Toyota Industries CorporationYears ended March 31
The figures in this table are unaudited.

(Consolidated)
Millions of yen

2003

2002

2001

2000

¥1,069,219¥ 980,163¥ 767,383¥625,773

Operating income

52,47846,33047,304

28,867

Ordinary income

51,37547,86644,525

27,162

For The YearNet sales

Income before income taxes

43,67047,86638,22027,162

Net income

21,93427,311

22,637

13,686¥ 451,594¥ 396,470¥ 298,794¥191,992

59,15455,17446,45442,752

Overseas sales
Depreciation and amortization
Capital expenditures

87,55988,320127,273

44,746

Research and development expenses

29,70529,98526,19624,062Per share of common stock (yen, U.S. dollars):
Net income — basic

¥

70.19

¥

87.28

¥

75.90

¥

48.32

Net income — diluted

62.90

78.26

67.77

43.18

Shareholders’ equity

2,522.52

2,809.54

3,036.77

1,116.62

22.00

19.00

17.00

16.00

¥1,650,391¥1,770,401¥1,869,642¥685,914

738,868

878,812951,298

316,293

Cash dividends
At Year-End
Total assets
Shareholders’ equity
Common stock

68,04768,02268,01940,178

Number of shares outstanding (excluding treasury stock)292,777

312,796313,260

283,260

Cash FlowsNet cash provided by operating activities¥ 103,183

Net cash used in investing activities¥(95,121)

78,413¥ 68,058(106,711)

81,078¥(155,871)(67,187)

Net cash provided by (used in) financing activities

57,776

1,225

94,47227,500Cash and cash equivalents at end of year

136,929

71,12095,297

77,332Return on equity (ROE) (%)

2.7

3.0

3.6

4.4

Return on assets (ROA) (%)

1.3

1.5

1.8

2.1

Indices

Return on sales (ROS) (%)

2.1

2.8

2.9

2.2

Debt/equity ratio (%)

55.6

35.9

30.7

60.5

Interest coverage (times)

6.7

EBITDA (millions of yen, thousands of U.S. dollars)
Number of employees at year-end¥

95,47225,0305.8¥

97,54023,056

¥

9.1

14.5

79,921¥ 64,681

21,11813,132

Notes: 1. US dollar amounts have been translated from yen, for convenience only, at the rate of ¥120.20 = US$1, the approximate exchange rate on March 31, 2003.
2. Main changes in accounting standards and methods during the above periods are as follows. These changes have not been applied to the financial statements presented
prior to each year retroactively.
(1) Effective beginning the year ended March 31, 2003, the new accounting standards for net income per share have been applied. Details are described in Notes toConsolidated Financial Statements.
(2) Effective beginning the year ended March 31, 2001, the new accounting standards for retirement benefits, financial instrument and foreign currency transactions havebeen applied. Details are described in Notes to Consolidated Financial Statements.
(3) Effective beginning the year ended March 31, 2000, Toyota Industries Corporation (the “Company”) has used annual average exchange rate instead of the year-end ratein order to present the operating results more precisely as significance of the overseas consolidated subsidiaries had been increasing and their revenue and expenses
were incurred throughout the fiscal years. The Company also has adopted tax effect accounting due to the amendment of the accounting standards for income taxes.
Deferred tax assets have been newly recognized in current assets, and investments and other assets. Deferred tax liabilities have been recognized in current andlong-term liabilities.

38

TOYOTA INDUSTRIES CORPORATIONANNUAL REPORT 2003

(Consolidated)(Non–Consolidated)(Consolidated)Thousands ofU.S. dollars

Millions of yen

1999

1998

1997

1996

1995

1994

1993

2003

¥558,876¥572,698¥530,851¥476,084¥457,565¥467,246¥542,310$ 8,895,333

24,81432,72932,67519,926

16,796

13,11024,273

436,589

23,172

33,202

31,157

21,56016,775

14,53024,318427,413

23,172

33,202

31,157

21,56016,775

14,53024,318363,311

10,391

20,491

17,931

13,54910,638

10,73015,378

182,479¥178,737¥150,417¥116,738¥119,358¥ 99,835¥ 88,049¥104,333$ 3,757,022

34,38027,95828,04327,24026,35927,11630,093492,130

60,46862,00735,40829,62927,583

26,64033,311

728,444

23,231

23,112

19,691

18,77017,633

17,43916,000247,130

72.33¥ 63.55

¥

36.30

¥

¥

48.03

¥

37.72

¥

38.05

¥

54.53

$

0.58

32.62

63.48

55.20

47.13

37.10

37.41

53.44

0.52

1,063.05

1,056.81

996.18947.04905.89881.52857.06

20.99

16.00

16.00

16.0013.00

13.00

13.00

13.00

0.18

¥617,071¥593,004¥556,291¥454,503¥427,206¥402,929¥412,166$13,730,374

301,158

304,097

281,154

267,145

255,536

248,583

241,686

6,146,988
566,115

40,17840,13331,45831,322

31,321

31,24531,245283,296287,752

282,233

282,083

282,082

281,994

281,994¥ 44,133¥ 50,952¥ 51,327

N/A

N/A

N/A

N/A

(96,222)(26,897)(74,968)

N/A

N/A

N/A

N/A

$858,427(791,356)

24,368(12,918)

69,081

N/A

N/A

N/A

N/A

480,665

49,95574,30362,322

N/A

N/A

N/A

N/A

1,139,176

3.4

7.0

6.5

5.2

4.2

4.4

6.5

1.7

3.6

3.6

3.1

2.5

2.6

3.8

1.9

3.6

3.4

2.8

2.3

2.3

2.8

51.6

37.5

46.0

20.4

20.2

19.2

19.7

16.4

17.6

13.0

8.7

6.4

6.1

9.4

¥ 51,033¥ 55,212¥ 55,548¥ 44,830¥ 41,502¥ 38,031¥ 50,711

12,797

11,23910,73810,806

10,452

9,670

9,270

$

794,276(4) Effective beginning the year ended March 31, 1999, the Company has presented consolidated financial statements as follows: In the consolidated statements of income,enterprise taxes, which had been included in selling, general and administrative expenses up to and including the previous year, have been included in income taxes.
Amortization of goodwill, which had been classified as a deductible item from income before income taxes until the previous year, has been included in selling, generaland administrative expenses. Equity in earnings/losses of affiliates, which had been added to or deducted from income before income taxes until the previous years, hasbeen included in non-operating income or expenses.
(5) Effective beginning the year ended March 31, 1995, consolidated financial statements have been presented on a consolidated basis. The data for the years ended
March 31, 1994 and 1993 are non-consolidated basis.
3. Net income per share, ROE and ROA are computed based on the average number of shares, shareholders’ equity and total assets, respectively, for each year.
4. Debt/equity ratio = Interest-bearing debt / Shareholders’ equity
5. Interest coverage = (Operating income + Interest and dividends income) / Interest expenses
6. EBITDA = Income before income taxes + Interest expenses - Interest and dividends income + Depreciation and amortization

TOYOTA INDUSTRIES CORPORATIONANNUAL REPORT 2003

39