SEMIANNUALREPORT 2006

For the Six Months Ended September 30, 2005

Profile

Founded in 1926 by Japan’s “master of invention,” Sakichi Toyoda, tomanufacture and sell automatic looms, Toyota Industries Corporation has
subsequently expanded the scope of its business domains to include textile
machinery, automobile-related businesses, materials handling equipment, andmore recently, electronics and logistics solutions. In tandem with carrying out
strategically positioned global business activities encompassing production
bases in Japan, Europe, North America, China and India, Toyota Industries
operates a sales network, primarily in its Materials Handling Equipment andTextile Machinery segments, that spans the globe.

Definition of Terms“Fiscal 2006” refers to the fiscal year ending March 31, 2006, and other fiscal years are referred to in a corresponding
manner. All references to the “Company” herein are to Toyota Industries Corporation, and references to “Toyota Industries”
or “Toyota Industries Group” herein are to the Company and its 149 consolidated subsidiaries.

Cautionary Statement with Respect to Forward-Looking Statements
This semiannual report contains projections and other forward-looking statements that involve risks and uncertainties.
The use of the words “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 andestimates of Toyota Industries Corporation and its Group companies regarding their plans, outlook, strategies and results forthe future. All such projections and forward-looking statements are based on management’s assumptions and beliefs
derived from the information available to it at the time of producing this 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 thatyou should not rely solely upon these projections and forward-looking statements in making your investment decisions.
You should also be aware that certain risks and uncertainties could cause the actual results of Toyota Industries Corporationand 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) relianceon suppliers of raw materials and components, (7) environmental regulations, (8) success or failure of strategic allianceswith other companies, (9) exchange rate fluctuations, (10) share price fluctuations, (11) effects of disasters, power blackouts
and other incidents, (12) latent risks associated with international activities and (13) retirement benefit liabilities.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

Consolidated Financial Highlights
Toyota Industries Corporation
Six months ended September 30, 2005 and 2004 (unaudited)Thousands of
U.S. dollars

Millions of yen
September 30

September 30

2005

2004

% change2005¥ 699,028¥ 607,064

15.1 %$ 6,175,705

For the Six-Month Period
Net sales
Operating income

32,05130,0996.5

283,161

Ordinary income

41,57738,8906.9

367,320

Net income

25,00823,945

4.4

220,938

Depreciation and amortization

39,16932,70819.8

346,047

Capital expenditures

81,367

48,67967.2

718,853

Research and development expenses

15,163

14,2046.8

133,961

Net income — basic

78.41

75.31

4.1

0.69

Net income — diluted

78.38

75.28

4.1

0.69

Cash dividends

18.00

13.00

38.5

0.16

Total assets¥2,682,651¥2,173,329

23.4 %$23,700,424

Shareholders’ equity

1,326,135

1,098,216

20.8

11,716,008

32,10028,410Per share of common stock (in yen or U.S. dollars):

At the End of Six-Month Period

Number of employees (persons)Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥113.19 = US$1, the exchange rate on September 30, 2005.

Net Sales

Net Income

Total Assets

Shareholders’ Equity(¥ Billion)(¥ Billion)(¥ Billion)(¥ Billion)

1,400

50

3,000

1,400

2,500

1,200

1,200
40
1,000

1,000

2,000
30

800

800
1,500

600

600

20
1,000

400
10

200
0
FY

04
First Half

05

06

0

400

500

FY

04

05

06

0

200
FY

04

05

06

0

FY

04

05

06

Full Year

Note: Hereafter, the fiscal year ending March 31, 2006 is referred to as fiscal 2006 and other fiscal years are referred to in a corresponding manner.

Contents
Consolidated Financial Highlights...............................................1
Letter to Shareholders ..................................................................2
Topics.............................................................................................7
Management’s Discussion and Analysisof Financial Condition and Results of Operations..................8
Consolidated Balance Sheets...................................................10
Consolidated Statements of Income .......................................12

Consolidated Statements of Shareholders’ Equity .................13
Consolidated Statements of Cash Flows..................................14
Notes to Consolidated Financial Statements...........................15
Directors and Corporate Auditors.............................................23
Corporate Data .........................................................................24
Investor Information................................................... Back CoverTOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

1

Letter to Shareholders

Tadashi Ishikawa

Tetsuro Toyoda

ChairmanPresident

Dear Shareholders:
We are pleased to report that Toyota Industries achieved
excellent results for the six months ended September 30,
2005 (the “term”), as highlighted by all-time-high interim
consolidated net sales and profits. In addition to this brisk
performance, we also instituted medium- and long-term
measures to lay the foundation for sustaining our growthwell into the future.

Record-High Business Results
During the term, the Japanese economy maintained
a modest recovery driven by expansion in exports
and private-sector capital investment. Overseas, theU.S. economy was robust and the European economy
achieved mild growth.
Despite the effects of rising raw materials prices,
Toyota Industries continued to record excellent results,
by capitalizing on the supportive economic climate,continuing the steady execution of optimal businessstrategies that seek to maximize the competitive strengthsof each business and implementing company-wide costcutting activities. Toyota Industries recorded consolidated
net sales of ¥699.0 billion during the term, an increase

2

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006of 15.1% over the six months ended September 30, 2004
(the “previous term”). Despite higher raw materials prices
and a rise in depreciation and personnel expenses,
consolidated operating income increased 6.5% to ¥32.1
billion. Consolidated ordinary income increased 6.9% to¥41.6 billion and consolidated net income increased 4.4%
to ¥25.0 billion. All of these amounts represent all-timehighs for Toyota Industries.
As an especially notable accomplishment, we haveattained record-high net sales, operating income andordinary income for six consecutive years despite lessthan-ideal economic conditions in Japan. Additionally,
consolidated net income has reached a record high forthree straight years. We believe that these solid results
offer substantial proof that our management strategies
are clearly on target.

All Segments Maintain Strong
Performances
All segments continued to achieve strong results, asevidenced by across-the-board sales increases overthe previous term. Excellent results in terms of operating

income were also achieved despite decreases recordedin the Automobile and Others segments. A summary ofoperating results by business segment follows. It should be
noted that from the current fiscal year (ending March 31,
2006), logistics-related businesses, previously included in
the Others Segment, have been reclassified separately as
the Logistics Segment.
Note: While segment net sales figures do not include intersegment
transactions, segment operating income figures include operating
income arising from intersegment transactions.

Automobile Segment
The Automobile Segment, comprising vehicles(automobile assembly), engines, car air-conditioning
compressors and other businesses (including foundry partsand electronic components for automobiles), is Toyota
Industries’ largest business segment and generates 48.3%
of consolidated net sales.
Net sales increased 9.4% over the previous term to¥337.8 billion, buoyed by higher sales of vehicles, engines
and car air-conditioning compressors. Operating income
decreased 24.8% to ¥11.4 billion. A summary of eachof the principal businesses making up the Automobile
Segment follows.

Vehicle Business
The Vehicle Business produces the Vitz (Yaris in Europe)and the RAV4 (for Europe and North America) underconsignment from Toyota Motor Corporation (TMC).
The Vehicle Business posted a 10,000-unit increase inproduction over the previous term to 125,600 vehicles,
reflecting increased production of the mainstay model
Vitz (for Japan), which underwent a model change inFebruary 2005, along with higher production volume of
the Vitz (Yaris) and RAV4 for overseas markets.
Net sales of the Vehicle Business increased 11.0% overthe previous term to ¥154.7 billion.

Engine Business
The Engine Business primarily produces diesel engines andgasoline engines for TMC vehicles and lift trucks. Engines
for lift trucks are supplied to TOYOTA Material Handling
Company (TMHC), our in-house company, and arerecorded as internal sales (intersegment transactions).
Overall production of engines, excluding those for lift
trucks, increased 13,000 units over the previous term to172,000 units, due mainly to higher production of diesel
engines, including the AD diesel engine fitted on the
Avensis for the European market and the KD diesel engine.
Internal sales (intersegment transactions) of gasoline
engines and diesel engines to TMHC increased 2,000 units

from the previous term to 32,000 units.
Net sales of the Engine Business, excludingintersegment transactions, amounted to ¥65.4 billion, an
increase of 15.8% over the previous term.

Car Air-Conditioning Compressor Business
The car air-conditioning compressors developed andproduced by Toyota Industries are sold to the world’s
major auto manufacturers through DENSO Corporation.
In Japan, sales of car air-conditioning compressors were
2.6 million units, the same level as in the previous term.
Overseas sales of car air-conditioning compressors
increased 132,000 units to 6.7 million units, resulting in
an increase in total sales volume of car air-conditioning
compressors by 133,000 units to 9.3 million units.
Net sales of the Car Air-Conditioning Compressor
Business increased 3.7% over the previous term to ¥105.0
billion.

Materials Handling Equipment Segment
The Materials Handling Equipment Segment manufacturesand sells various types of logistics-use equipment
centering on lift trucks, automated storage and retrieval
systems and automatic guided vehicle systems, inaddition to such special-purpose vehicles as aerial work
platforms.
Net sales by the Materials Handling Equipment
Segment increased 17.4% over the previous term to ¥281.6
billion. Operating income amounted to ¥18.3 billion, an
increase of 52.1% over the previous term.
TMHC and the BT Industries Group both achievedlarge increases in sales volumes over the previous term,
mirroring favorable market environments worldwide.
Sales by Aichi Corporation, which manufactures and sells
aerial work platforms, increased 17.3% to ¥20.7 billion.
The increase in net sales, coupled with the elimination ofwaste and the enhancement of operational efficiency,
allowed Aichi to record operating income of ¥2.2 billion,
a 61.2% increase; ordinary income of ¥2.3 billion, a 58.0%
increase; and net income of ¥2.6 billion, a 50.4% increaseover the previous term.

Logistics Segment
The Logistics Segment was newly established in thecurrent fiscal year (ending March 31, 2006), integrating thelogistics-related businesses (logistics solutions and logistics
transportation businesses) that were previously includedin the Others Segment. Because this is a new segment, netcomparisons with the previous term’s results cannot be
made. During the term, the Logistics Segment posted net
sales of ¥30.6 billion, attributable in part to Asahi Security

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 20063

Letter to Shareholders

Co., Ltd., which was acquired in March 2005. Asahi
Security provides comprehensive cash management
outsourcing, including cash collection and delivery, cash
proceeds management and equipment security. Other
factors underlying the increase in sales were higher
sales of the logistics solutions business, which handles allphases of customers’ logistics and enhances their entire
supply chain management, as well as improved resultsof the Taikoh Transportation Group, which is involved intransportation and other logistics businesses. Operating
income of the Logistics Segment as a whole amounted to¥0.5 billion.

and is accounted for by the equity method in Toyota
Industries’ consolidated financial results. Therefore, its sales
and operating income (or loss) are not included in the
results for this segment.

Noteworthy Initiatives Undertaken
during the Term
Toyota Industries implemented a host of forward-looking
strategic initiatives during the term. The following are a
few that warrant special mention.

Contributing to TMC’s Global Strategy
Textile Machinery Segment
The Textile Machinery Segment manufactures and sells
spinning-related machinery centering on ring spinning
frames and weaving-related machinery such as airjet looms. Toyota Industries is one of the world’s leading
manufacturers of air-jet looms and spinning machinery.
Net sales of the Textile Machinery Segment increased
8.2% over the previous term to ¥24.1 billion. Operating
income amounted to ¥0.2 billion, an improvementcompared with the operating loss of ¥0.1 billion in theprevious term, due mainly to an increase in sales ofspinning machinery.
Sales of air-jet looms increased slightly over theprevious term to 4,000 units. Higher sales in India
compensated for a decrease in sales in China, ourprimary market. The sales volume for ring spinning frames
increased by approximately 63,000 spindles over theprevious term to 323,000 spindles, owing largely to anincrease in sales of our Indian subsidiary.

Others Segment
The Others Segment is made up primarily of new
businesses that Toyota Industries has entered in recent
years. This segment is still comparatively small in scale, but
it includes strategic businesses that we believe will drive
our future growth. One core business is TIBC Corporation,
established in 1998 as a joint venture with Ibiden Co., Ltd.
to manufacture semiconductor package substrates.
Because we separated our logistics-related businesses
from the Others Segment into the Logistics Segment,
net comparisons with the previous term’s results cannot
be made. During the term, net sales amounted to ¥25.0
billion, and operating income totaled ¥2.1 billion.
ST Liquid Crystal Display Corp. (STLCD), which wasestablished in 1997 as a 50-50 joint venture with Sony
Corporation to manufacture low-temperature polysilicon
TFT-LCD panels, also represents a main pillar of ourElectronics Business. STLCD is not a consolidated subsidiary

4

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

In March 2005, Toyota Industries initiated productionof 2.2-liter direct-injection AD diesel engines for theEuropean market at the Hekinan Plant in Japan and at
Toyota Motor Industries Poland Sp.zo.o. (TMIP)*, a joint
venture in Europe with TMC. This engine is fitted in the
Avensis that TMC produces in the United Kingdom. Further,
the engine is slated to be installed in the Corolla that
TMC plans to assemble in Europe. The proportion of diesel
engine vehicles in Europe is increasing in line with theidea that diesel engines are considered more ecological.
In addressing this trend, it is essential that TMC strengthen
its lineup of diesel engine vehicles as it strives to raise its
presence in the European market. Toyota Industries will
work to contribute to TMC’s European strategy throughthe joint development of diesel engines with TMC as wellas the production of these engines.
In June 2005, the Higashichita Plant started producing
2.5-liter and 3.0-liter direct-injection KD diesel engines for
TMC’s Innovative International Multi-Purpose Vehicle (IMV)
Project. This project aims to establish a globally optimal
production and supply structure by reciprocally supplying
assembled vehicles as well as main components of pickup
trucks and multi-purpose vehicles among manufacturingbases in Asia, Argentina and South Africa. Whilecontributing to TMC’s overseas strategy, Toyota Industries
continues to undertake initiatives for further expanding its
own business.
* Toyota Industries’ stake in TMIP is 40%. Toyota Industries is chiefly
responsible for production operations at TMIP.

Establishment of
Car Air-Conditioning Compressor
Production Base in China
In May 2005, Toyota Industries established TD AutomotiveCompressor Kunshan, Co. Ltd. (TACK) in Kunshan, China,
a joint venture with DENSO, Toyota Tsusho Corporation
and Toyota Industry Automotive Parts (Kunshan) Co., Ltd.
Serving as our second car air-conditioning compressor

production base in China, TACK is scheduled to begin
producing variable-displacement compressors, which
offer outstanding fuel efficiency, in April 2006. Yantai
Shougang DENSO Co., Ltd. (YSD, in which Toyota Industries
holds a 15% stake), a joint venture established in 1994 with
DENSO, Toyota Tsusho and China’s Shougang Corporation,
will also begin producing variable-displacement
compressors in April 2006, in addition to its current fixeddisplacement compressors. YSD will supply compressors tousers in northern China while TACK will supply compressors
to car makers in the southern part of the country.

accordingly, carries out group-wide quality-improvement
activities. Besides comprehensive employee quality
education, these activities include the establishment of
ambitious quality targets in each division. The director
overseeing product quality and division managers (oran in-house company president), as well as President
Tetsuro Toyoda and other top executives, make on-site
inspections to check the quality-improvement activities
and confirm progress in reaching quality targets.

Establishment of
Toyota Material Handling Group

Although we expect the global economic recovery tosustain its momentum during the second half of fiscal
2006, concerns about exchange rate fluctuations andrising global prices for raw materials persist. Within thisclimate, Toyota Industries will continue to channel its
efforts toward developing new products that accurately
match customer needs, promoting sales expansion
activities centered on our core businesses and carryingout active initiatives to improve quality. Additionally, we willcontinue with our cost-reduction activities, proceed with
global business development, and attempt to enhance
management efficiency and bolster our managementfoundation while simultaneously securing profitability.
For fiscal 2006, we anticipate that an increase in net
sales and a decrease in costs will absorb the effects ofsuch cost-push factors as increases in raw materials prices
and depreciation expenses. We forecast consolidated
net sales of ¥1.5 trillion (initial forecast of ¥1.45 trillion),
an increase of 20.8% over the previous fiscal year;
consolidated ordinary income of ¥77.0 billion (initial
forecast of ¥75.0 billion), an increase of 8.6% over theprevious fiscal year; and consolidated net income of¥45.0 billion (same as initial forecast), an increase of 3.8%
over the previous fiscal year. Our forecast assumes an
exchange rate of ¥110 = US$1.

In July 2005, Toyota Material Handling Group (TMHG)
was established to realize our goal of becoming the“undisputed No. 1” in the global lift truck market bysolidifying the Materials Handling Equipment Segment’s
current global No. 1 share. The new organization is tasked
with facilitating the further integration of the operationsof TMHC and the BT Industries Group and maximizing
synergies. In the past, TMHC and the BT Industries Groupmade steady progress by mutually supplying each other’sbrand products, sharing sales and production know-how,exchanging personnel and jointly procuring parts. Throughthe strategic reorganization, TMHC and the BT Industries
Group aim to create further synergies.

Quality-Control andCost-Reduction Activities
Toyota Industries is aware that lowering costs while raising
its ability to provide products and services of superb
quality are extremely crucial for attaining competitive
superiority. Driven by this recognition, each division
undertakes cost-reduction projects and promotes
organized and well-planned cost-reduction initiatives.
Our cost-reduction activities not only include bolstering
our ongoing value engineering (VE) and value analysis(VA) activities, but also extend to a diverse range ofother spheres such as optimized global procurementof materials. At our head office, we are promoting
comprehensive activities to cut fixed costs through better
operational efficiency and other such measures.
Our initiatives for constantly elevating quality are
indispensable for providing products and services thatsatisfy our customers. We realize that in a worst-casescenario any serious quality-related problem could
threaten a company’s future existence. Acting on thisawareness, Toyota Industries has designated “thoroughquality assurance” and “maintenance and improvementof quality” as priority management policies, andBusiness Outlook for Fiscal 2006

Note: The financial projections set forth above are based upon anumber of assumptions and estimates that, while presented withnumerical specificity and considered reasonable by us when taken
as a whole, are inherently subject to significant economic, business,competitive, regulatory and operational uncertainties, contingencies
and risks, many of which are beyond our control. Financial projections
are necessarily speculative in nature, and it can be expected that
one or more of the assumptions underlying the projections will prove
not to be valid, and unanticipated events and circumstances arelikely to occur. Actual results will vary from the financial projections
and those variations may be material. Consequently, this report should
not be regarded as a representation by us or any other person thatthe financial projections will be achieved. Current rapidly changing
market trends in the global economy make it particularly difficult at
present to predict product demand and other related matters.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

5

Letter to Shareholders

Medium-Term Growth Scenario¥140 billion

Over ¥2 trillion
77.0

Consolidated Ordinary Income

Electronics

70.9(¥ Billion)

Logistics
58.9
47.8

Consolidated
Net Sales

980.2

Materials Handling Equipment

51.3
1,069.2

1,500.0
1,164.4

1,241.5¥1 trillion in Materials
Handling Equipment
and Logistics
businesses

Car Air-Conditioning Compressor
Car Electronics(¥ Billion)¥1 trillion in
automobile-related
businesses

Vehicle/Engine
Textile Machinery, etc.
FY

02

03

04

05

06

Forecast

08

Formulation of New Medium-Term
Management Plan
In October 2005, Toyota Industries formulated a new
five-year medium-term management plan to be
implemented from April 1, 2006 through March 31, 2011.
The plan’s overriding goal is to achieve consolidated net
sales exceeding ¥2.0 trillion and annual consolidated
ordinary income of ¥140.0 billion in fiscal 2011, ending
March 31, 2011. To reach these targets, Toyota Industries
will augment the capabilities of workplaces through thecultivation of its human resources, pursue the highest
levels of quality, develop cutting-edge technologies,
strengthen its value chain and develop into a company
with overwhelmingly dominant businesses. In executing
this plan, we intend to make capital investments ofaround ¥500.0 billion over the five-year period ending
March 31, 2011.

Increasing Corporate Value

11

Targetfor successfully developing our overseas operations.
Concurrently, we will build more-efficient management
systems and fortify competitiveness by undertaking
strategic businesse operations.
Seeking to earn the trust of society as a good
corporate citizen, Toyota Industries remains committed
to actively promoting environmental protection andsocial contribution activities and will continue to takea proactive approach to compliance and corporate
governance.
In closing, we ask our shareholders for their continued
support and guidance.

December 2005

Tadashi Ishikawa
Chairman

The management team of Toyota Industries—yourcompany—regards its most important mission as
expanding corporate value, which we believe hinges onenhancing our medium- to long-term earnings power.
As we strive to fulfill our mission, we will actively promote
initiatives to nurture personnel who are well honed in
the Toyota Production System—the wellspring of ourcompetitiveness—as well as global-minded staff essential

6

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

Tetsuro Toyoda
President

T

O

P

I

C

S

This section highlights Toyota Industries’ activities from April to early November of 2005.

Fuel-Cell Lift Trucks
Exhibited at CeMAT

Lift Truck Showroom Opened in
the United States

Toyota Industries exhibited the
TOYOTA FCHV-F lift truck at CeMAT
2005, an international trade fair
for intralogistics held in Hannover,Germany, from October 11 to 15,
2005. The product incorporates a fuel-cell hybrid system for lift
trucks that was independently developed by Toyota Industries,
a first among lift truck manufacturers.
Although a few technical issues must still be resolved in
preparation for commercialization and widespread use, fuelcell-powered lift trucks require minimal time for fuel refilling andenable a sharp reduction in maintenance activities such asbattery recharging, water refilling and battery changing thatare necessary for electric lift trucks. In addition, the fuel-cellhybrid system ensures a constant power supply, thereby
enhancing operational efficiency as compared to batteries,
which experience reduced voltage output due to discharge.

In August 2005, Toyota Material Handling USA, Inc., anindustrial vehicles sales subsidiary, opened the National
Customer Center (NCC) adjacent to Toyota Industrial
Equipment Mfg. Inc. in Columbus, Indiana. This showroom
displays a full lineup of Toyota lift trucks and gives visitors
hands-on experience with our products. NCC featuresa demonstration area for presentations matched tothe materials handling needs of each customer and fordemonstrations of equipment that are best suited to avariety of logistics
sites. In the training
area, comprehensive
training courses areprovided for dealer
sales and service
staff.

Leading-Edge Energy Conservation andEnvironmental Technologies Exhibited atthe 39th Tokyo Motor Show

Toyota Industries Exhibits
Products at ITMA Asia 2005

Toyota Industries exhibited various products at the 39th Tokyo
Motor Show held from October 22 to November 6, 2005
at Makuhari Messe on the outskirts of Tokyo. Based on thetheme “Promoting Advances in Environmental Performanceand Supporting Comfortable Lifestyles,” we introduced ourenvironmentally conscious technologies for automobiles aswell as other products
and technologies
designed to enhance
the convenience andcomfort of people’s
lifestyles.

Toyota Industries marked its debut at ITMA Asia 2005, an
Asian international exhibition of textile machinery heldin Singapore from October 17 to 21, 2005. Held for thesecond time, the hugely successful ITMA Asia featured
exhibitions from over 800 companies, mainly from Europe
and Asia.
Toyota Industries exhibited and demonstrated textile
machinery equippedwith cutting-edge
technologies, suchas the JAT710 air-jet
loom and theRX240NEW-EST ring
spinning frame.

Fourth Environmental Action Plan Formulated
In October 2005, Toyota Industries devised its Fourth
Environmental Action Plan to be implemented from
April 2006 through March 2011.
Under the Fourth Environmental Action Plan, we
have selected four themes closely related to the Toyota
Industries Group’s business activities from among the manyenvironmental issues likely to be emphasized in the future.
Specifically, these include preventing global warming,

improving resource productivity, responding toenvironmental risks and undertaking consolidated
management. For each theme, we have established
implementation items and target values in terms of
products and production.
We are currently executing the Third Environmental
Action Plan, which concludes in fiscal 2006, and remainon course to achieve the targets of this plan.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

7

Management’s Discussion and Analysis of Financial Condition
and Results of Operations

The following Management’s Discussion and Analysis ofFinancial Condition and Results of Operations is based on
information known to management as of November 30,
2005. It includes forward-looking statements concerning
the expected future performance of Toyota Industries.
Please refer to “Cautionary Statement with Respect to
Forward-Looking Statements” at the beginning of thissemiannual report, which pertains to the report as awhole. All numbers are unaudited.

Results of Operations
Net Sales
During the six months ended September 30, 2005 (the“term”), the Japanese economy achieved a mild
recovery, reflecting growth in private-sector capital
investment spurred by improved corporate earnings aswell as a pickup in consumer spending. Overseas, theoverall economy moved onto a recovery track, as the
U.S. economy continued its expansion and the European
economy strengthened further, while in Asia the Chinese
economy maintained a high growth rate.
Amid this operating environment, Toyota Industries
posted interim consolidated net sales of ¥699.0 billion, an
increase of ¥92.0 billion, or 15%, compared with the six
months ended September 30, 2004 (the “previous term”).
At the profit level, despite price increases for raw materials
and rises in depreciation and personnel expenses, Toyota
Industries recorded an increase in ordinary income of¥2.7 billion, or 7%, over the previous term to ¥41.6 billion.
This increase was achieved due largely to an increase in
net sales, the promotion of Group-wide cost-reduction
activities and growth in non-operating income. Interim
net income amounted to ¥25.0 billion, an increase of ¥1.1
billion, or 4%, from the previous term.
Business results by geographical segment were as
follows.
Note: Net sales for each geographical segment do not include
intersegment transactions.

Japan
Net sales amounted to ¥461.9 billion, an increase of ¥63.4
billion, or 16%, over the previous term. Operating income
totaled ¥24.5 billion, a decrease of ¥0.5 billion, or 2%. The
increase in net sales was due mainly to higher unit salesof vehicles and materials handling equipment. Operating
income decreased as a result of increases in prices for
raw materials and higher depreciation and personnel
expenses.

8

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

North America
Net sales totaled ¥119.5 billion, an increase of ¥14.0
billion, or 13%, over the previous term. Operating income
was ¥4.1 billion, an increase of ¥0.3 billion, or 9%. These
increases were due to higher unit sales by materials
handling equipment-manufacturing subsidiaries.

EuropeNet sales amounted to ¥102.2 billion, an increase of ¥12.1
billion, or 13%, over the previous term. Operating income
totaled ¥3.1 billion, an increase of ¥0.6 billion, or 25%. These
increases reflected higher unit sales by materials handlingequipment-manufacturing subsidiaries.

Others
Net sales totaled ¥15.5 billion, an increase of ¥2.5 billion, or20%, over the previous term. Operating income was ¥0.6
billion, an increase of ¥0.7 billion over the previous term.
Note: Please refer to “Letter to Shareholders” for results by businesssegment.

Cost of Sales and Selling, General and
Administrative Expenses
Cost of sales for the term totaled ¥586.8 billion, an
increase of ¥80.9 billion, or 16.0%, over the previous term.
Selling, general and administrative expenses totaled¥80.2 billion, an increase of ¥9.2 billion, or 12.9%, over theprevious term.

Non-Operating Income and Expenses
Non-operating income was ¥21.8 billion, an increase of¥2.9 billion, or 15.3%, over the previous term. This increase
resulted mainly from an increase in dividends from Toyota
Motor Corporation (TMC).
Non-operating expenses increased ¥2.2 billion, or
21.4%, to ¥12.3 billion.

Income Taxes
Net of current and deferred income taxes for the term
totaled ¥14.0 billion, an increase of ¥1.8 billion, or 14.5%,
over the previous term.

Minority Interests in Consolidated
Subsidiaries
Minority interests in consolidated subsidiaries increased¥0.3 billion, or 11.2% over the previous term, to ¥2.5 billion,
reflecting the increase in net income of consolidated
subsidiaries.

Net Income
Net income for the term was ¥25.0 billion, an increase of¥1.1 billion, or 4.4%, over the previous term. Net income
per share (EPS) was ¥78.41, compared with ¥75.31 for theprevious term, and diluted net income per share was¥78.38, compared with ¥75.28 for the previous term.

Financial Position
Total assets at the end of the term stood at ¥2,682.7 billion,
an increase of ¥355.8 billion, or 15.3%, over the previous
fiscal year ended March 31, 2005 (“fiscal 2005”).
Current assets were ¥438.7 billion, a decrease of ¥24.3
billion, or 5.2%, from fiscal 2005, due mainly to a decreasein cash and cash equivalents.
Net property, plant and equipment was ¥496.8 billion,
an increase of ¥39.8 billion, or 8.7%, over fiscal 2005.
Intangible assets decreased ¥8.8 billion, or 7.5%, to ¥108.1
billion, due to a decrease in goodwill.
Investments and other assets increased ¥349.2 billion,
or 27.1%, to ¥1,639.0 billion. This increase was primarily
the result of a rise in the market prices of shares ofToyota Group companies, including TMC, held by Toyota
Industries.
Current liabilities stood at ¥419.7 billion, a decrease of¥1.9 billion, or 0.4%, over fiscal 2005.
Long-term liabilities were ¥893.0 billion, an increaseof ¥144.4 billion, or 19.3%, over fiscal 2005. Deferred tax
liabilities increased ¥129.7 billion as a result of the increasein the market value of investment securities.
Minority interests in consolidated subsidiaries increased¥2.9 billion, or 7.2%, over fiscal 2005 to ¥43.8 billion.
Shareholders’ equity stood at ¥1,326.1 billion, an
increase of ¥210.4 billion, or 18.9%, over fiscal 2005. Net
unrealized gains on other securities increased ¥197.6
billion.
The ratio of shareholders’ equity to total assets was
49.4%.

¥59.8 billion from ¥55.0 billion in the previous term. Cashflows from financing activities resulted in a ¥30.2 billion
increase, due primarily to an increase in commercial
paper of ¥52.3 billion. Net cash provided by financing
activities increased ¥20.8 billion from ¥9.4 billion in theprevious term. After translation adjustments, cash andcash equivalents as of September 30, 2005 amounted to¥73.8 billion, a decrease of ¥3.0 billion, or 4%, from the endof the first half of fiscal 2005.

Dividend Policy
The Company regards the benefit of shareholders as oneof its most important management policies. Based on
this stance, we will strive to strengthen Toyota Industries’
corporate constitution, promote proactive businessdevelopment and raise its corporate value.
The Company’s dividend policy aims to meet the
expectations of shareholders while giving fullconsideration to business performance, capital demand,the dividend payout ratio on a consolidated basis andother factors. The Company intends to use retained
earnings to improve the competitiveness of its products,
augment production capacity in Japan and overseas, aswell as expand into new fields of business and strengthen
its corporate constitution in order to secure future profits
for its shareholders. It will also use retained earnings torepurchase treasury stock.
The Board of Directors of the Company voted to
distribute an interim cash dividend of ¥18.0 per share, anincrease of ¥5.0 per share over fiscal 2005.

Cash Flows
Cash flows from operating activities increased ¥58.8
billion during the term, due mainly to income before
income taxes and minority interests of ¥41.6 billion.
Net cash provided by operating activities increased¥13.6 billion from ¥45.2 billion in the previous term. Cashflows from investing activities resulted in a ¥114.8 billion
decrease in cash during the term, due mainly to ¥95.5
billion in payments for purchases of property, plant andequipment. Net cash used in investing activities increased

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

9

Consolidated Balance Sheets
Toyota Industries Corporation
As of September 30 and March 31, 2005, and September 30, 2004 (unaudited)Thousands of
U.S. dollars (Note 1)

Millions of yen
September 30

March 31

September 30

September 30

2005

2005

2004

2005

ASSETS
Current assets:
Cash and cash equivalents
Trade notes and accounts receivable (Note 3)
Short-term investments (Note 7)¥

73,793¥ 100,536 ¥

76,828

181,764

173,459

150,569$

651,939
1,605,831

172

199

139

1,519

Inventories

96,361

94,02486,525

851,321

Deferred tax assets

15,942

20,37919,879140,843

Other current assets

72,93576,72937,524644,359

Less — allowance for doubtful accounts(2,248)(2,352)(2,365)(19,860)

438,719

462,974

369,099

3,875,952

Buildings and structures (Note 3)

144,991

132,419

129,127

1,280,952

Machinery, equipment and vehicles (Note 3)

214,068

185,425

170,712

1,891,227

Tools, furniture and fixtures

20,052

18,83415,806

177,153

Land (Note 3)

83,00378,65972,290733,307

Construction in progress

34,722

41,742

22,036

306,759

Total property, plant and equipment

496,836

457,079

409,971

4,389,398

Total current assets
Fixed assets:
Property, plant and equipment:

Intangible assets:
Software12,824

12,411

12,156113,297

Goodwill

95,318104,561

83,769842,106

Total intangible assets

108,142

116,972

95,925955,403

Investments and other assets:
1,543,487

1,198,337

1,211,168

13,636,249

Investments in unconsolidated subsidiaries and affiliated companies

Investments in securities (Notes 3 and 7)

35,31031,06328,805

311,953

Long-term loans

9,019

9,804

9,625

79,680Long-term prepaid expenses

11,966

13,21913,726

105,716

Deferred tax assets

6,513

7,234

6,075

57,541Other investments and other assets

32,87230,473

29,202

290,414

(213)

(331)

(267)

(1,882)

1,638,954

1,289,799

1,298,334

14,479,671

2,243,932

1,863,850

1,804,230

19,824,472¥2,682,651¥2,326,824 ¥2,173,329$23,700,424

Less — allowance for doubtful accounts

Total investments and other assets
Total fixed assets
Total assets
The accompanying notes are an integral part of these financial statements.

10

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

Thousands of
U.S. dollars (Note 1)

Millions of yen
September 30

March 31

September 30

September 30

2005

2005

2004

2005

¥ 159,590¥ 160,231¥ 134,553$ 1,409,930

Short-term bank loans (Note 3)

29,97759,94575,672

264,838

Commercial paper

50,876–15,000449,474

Current portion of bonds (Note 3)

15,00020,30020,300132,521

Other payables

24,72545,462

18,573

218,438

Accrued expenses

62,36259,357

55,116550,950

Accrued income taxes

10,445

15,297

13,551

92,278Deposits received from employees

20,70420,055

19,862

182,914

Deferred tax liabilities

3,760

4,067

3,145

33,218Other current liabilities (Note 3)

42,221

36,826

10,476

373,010

Total current liabilities

419,660

421,540

366,248

3,707,571

Bonds

220,394

230,000

180,000

1,947,116

Long-term debt (Note 3)

98,82773,492

41,389873,107

Deferred tax liabilities

511,530

381,787

388,322

4,519,216

Allowance for retirement benefits

44,13044,463

42,486

389,875

Other long-term liabilities

18,126

18,891

18,448160,138

LIABILITIES, MINORITY INTERESTS AND SHAREHOLDERS’ EQUITYCurrent liabilities:
Trade notes and accounts payable

Long-term liabilities:

Total long-term liabilities

893,007748,633

670,6457,889,452

1,312,667

1,170,173

1,036,893

11,597,023

43,84940,904

38,220387,393

80,46380,46380,463710,867

Capital surplus

105,669

105,601

105,621933,554

Retained earnings

342,075

325,331

310,055

3,022,131

Net unrealized gains on other securities

788,774

591,218

598,869

6,968,584

Foreign currency translation adjustments

23,54329,861

19,967

207,995

Treasury stock at cost — 6,538,315 shares as of September 30, 2005

(14,389)(16,727)(16,759)(127,123)

Total shareholders’ equity

1,326,135

1,115,747

1,098,216

11,716,008

Total liabilities, minority interests and shareholders’ equity¥2,682,651¥2,326,824¥2,173,329$23,700,424

Total liabilities
Minority interests in consolidated subsidiaries
Shareholders’ equity:
Common stock:
Authorized — 1,091,245,000 shares
Issued—325,840,640 shares as of September 30, 2005
325,840,640 shares as of March 31, 2005
325,840,640 shares as of September 30, 2004

7,603,825 shares as of March 31, 2005
7,620,759 shares as of September 30, 2004

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200611

Consolidated Statements of Income
Toyota Industries Corporation
For the six months ended September 30, 2005 and 2004 (unaudited)

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

Net sales

2005¥699,028

2004¥607,064

2005$6,175,705

Cost of sales

586,754505,9035,183,797

112,274

101,161

991,908

80,22371,062

708,747

32,05130,099283,161

Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Interest income

4,407

3,935

38,935

Dividends income

10,688

7,061

94,425

Other non-operating income

6,740

7,937

59,546

Interest expenses(5,259)(4,590)(46,462)

Other non-operating expenses(7,050)(5,552)(62,285)

41,57738,890367,320

Non-operating expenses:

Ordinary income
Extraordinary losses:
Impairment loss of fixed assets (Note 5)

–

(414)

–

41,57738,476367,320

Income taxes — current

11,82815,483

104,497

Income taxes — deferred

2,204(3,233)

19,472

Income before income taxes and minority interests

Minority interests in consolidated subsidiaries
Net income

2,537

2,281

22,413¥ 25,008¥ 23,945$ 220,938

Yen¥78.41¥75.31$0.69

Net income per share — diluted

78.38

75.28

0.69

Cash dividends per share

18.00

13.00

0.16

The accompanying notes are an integral part of these financial statements.

12

U.S. dollars

Net income per share — basic

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

Consolidated Statements of Shareholders’ Equity
Toyota Industries Corporation
For the six months ended September 30, 2005 and 2004 (unaudited)

Millions of yen
Numberof shares(Thousands)

Balance at March 31, 2004

Commonstock

CapitalsurplusRetainedearnings

Net unrealized
gains on othersecurities

Translation
adjustments

Treasurystock
at cost325,841¥80,463¥105,743¥294,672¥534,079¥19,783¥ (17,976)

Net income

–

–

–

23,945–––

Cash dividends

–

–

–

(3,812)–––

Bonuses to directors and corporate auditors

–

–

–

(331)

–

–

–

Net unrealized gains on other securities

–

–

–

–

64,790––Foreign currency translation adjustments

–

–

–

–

–

184

–

Repurchase of treasury stock

–

–

–

–

–

–

(17)

Exercise of stock options

–

–

(122)

–

–

–

1,234

Effect of adoption of a new accounting standard

–

–

–

(4,419)–––Balance at September 30, 2004

325,841

80,463

105,621

310,055

598,869

19,967(16,759)

Balance at March 31, 2005

325,841

80,463

105,601

325,331591,218

29,861(16,727)

Net income

–

–

–

25,008–––Cash dividends

–

–

–

(6,046)–––

Bonuses to directors and corporate auditors

–

–

–

(396)

–

–

–

Net unrealized gains on other securities

–

–

–

–

197,556––

Foreign currency translation adjustments

–

–

–

–

–

(6,318)–for retirement benefits by foreign subsidiaries

Repurchase of treasury stock

–

–

–

–

–

–

(21)

Exercise of stock options

–

–

68

–

–

–

2,359

Decrease due to increase in affiliates

–

–

–

(1,822)–––

325,841¥80,463¥105,669¥342,075¥788,774¥23,543¥(14,389)

accounted for under the equity method
Balance at September 30, 2005

Thousands of U.S. dollars (Note 1)
Commonstock

CapitalsurplusRetainedearnings

Net unrealized
gains on othersecurities

Translation
adjustments

Treasurystock
at cost$710,867$932,953$2,874,203$5,223,235$263,813$(147,778)

Net income––

220,938–––

Cash dividends––(53,415)–––

Bonuses to directors and corporate auditors––(3,498)–––Net unrealized gains on other securities

–

–

–

1,745,349––

Foreign currency translation adjustments

–

–

–

–

(55,818)–

Repurchase of treasury stock

–

–

–

–

–

(186)

Exercise of stock options

–

601

–

–

–

20,841

Decrease due to increase in affiliates––(16,097)–––$710,867$933,554$3,022,131$6,968,584$207,995$(127,123)

Balance at March 31, 2005

accounted for under the equity method
Balance at September 30, 2005

The accompanying notes are an integral part of these financial statements.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200613

Consolidated Statements of Cash Flows
Toyota Industries Corporation
For the six months ended September 30, 2005 and 2004 (unaudited)

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2005

2004

2005

¥ 41,577¥38,476$ 367,320

39,16932,708346,047

Impairment loss of fixed assets

–

414

–

Increase (decrease) in allowance for doubtful accounts

8

24

71
(133,360)

Cash flows from operating activities:
Income before income taxes and minority interests
Adjustments to reconcile income before income taxes and minority interests
to net cash provided by operating activities:
Depreciation and amortization(15,095)(10,996)

Interest expenses

Interest and dividends income

5,259

4,590

46,462Equity in net earnings of affiliates(1,267)(4,211)(11,194)(Increase) decrease in receivables(11,695)(5,296)(103,322)(Increase) decrease in inventories(3,737)(8,527)(33,015)

Increase (decrease) in payables

(480)

3,705

(4,241)Others, net

9,275(1,400)81,942

Subtotal

63,01449,487556,710

Interest and dividends income received

15,091

11,026

133,324

Interest expenses paid

(5,278)(4,557)(46,629)

Income taxes paid

(14,068)(10,757)(124,287)

58,75945,199519,118(95,547)(45,870)(844,129)

Net cash provided by operating activities
Cash flows from investing activities:
Payments for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment

3,977

986

35,136(21,376)(9,030)(188,851)

Proceeds from sales of investment securities

2,154

1,101

19,030

Payments for loans made(2,393)(840)(21,142)

Payments for purchases of investment securities

Proceeds from collections of loans

1,056

1,943

9,329

Other, net(2,642)(3,256)(23,341)(114,771)(54,966)(1,013,968)(264,538)

Net cash used in investing activities
Cash flows from financing activities:
Increase (decrease) in short-term loans(29,943)

5,740

Increase (decrease) in commercial paper

52,304–

462,090

Proceeds from long-term loans

28,414

7,773

251,029

Repayments of long-term loans(2,531)(2,140)(22,361)

Proceeds from issuances of bonds

5,692

–

50,287(20,300)–(179,344)

Repayments of bonds
Payments for purchase of treasury stocks
Cash dividends paid

(17)

(194)

(3,813)(53,379)

Cash dividends paid for minority shareholders

(616)

(486)

(5,442)Other, net

3,232

2,365

28,554
266,702

Net cash provided by (used in) financing activities

30,1889,422

Translation adjustments of cash and cash equivalents

(919)

(39)

(8,119)Net increase (decrease) in cash and cash equivalents(26,743)(384)(236,267)

Cash and cash equivalents at beginning of period

100,536

77,212888,206

Cash and cash equivalents at end of period¥ 73,793¥76,828$ 651,939

The accompanying notes are an integral part of these financial statements.

14

(22)
(6,042)TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

Notes to Consolidated Financial Statements

1. Basis of presenting consolidated financial statements:
The accompanying interim consolidated financial statements
have been prepared based on the accounts maintainedby Toyota Industries Corporation (the “Company”), and its
consolidated subsidiaries (together, hereinafter referred to as“Toyota Industries”) in accordance with the provisions set forthin the Commercial Code of Japan and the Securities andExchange Law, and in conformity with accounting principles
generally accepted in Japan, which are different in certain
respects from the application and disclosure requirements ofInternational Financial Reporting Standards.
Certain items presented in the interim consolidated

financial statements submitted to the Director of Kanto
Finance Bureau in Japan have been reclassified in theseaccounts for the convenience of readers outside Japan.
Amounts in U.S. dollars are included solely for theconvenience of readers outside Japan. The rate of¥113.19 = US$1, the rate of exchange prevailing at September
30, 2005, has been used in translation. The inclusion of suchamounts are not intended to imply that the Japanese yen
actually represent, or have been or could be converted into,
equivalent amounts in U.S. dollars at this rate or any otherrates.

2. Summary of significant accounting policies:(1) Consolidation
The interim consolidated financial statements include
the accounts of the Company and its 149 subsidiaries (43domestic subsidiaries and 106 overseas subsidiaries, which
are listed on pages 24 and 25) as of September 30, 2005 and142 subsidiaries (41 domestic subsidiaries and 101 overseas
subsidiaries) as of September 30, 2004.
For the six-month period ended September 30, 2005, four
subsidiaries were newly added to the scope of consolidationand one company was excluded from the scope of
consolidation because of merger and acquisition.
For the six-month period ended September 30, 2004, four
subsidiaries were newly added to the scope of consolidationand two companies were excluded from the scope of
consolidation because of merger and acquisition.
The interim periods of certain subsidiaries are different fromthe interim period of the Company. Since the difference is
not more than three months, the Company is using thosesubsidiaries’ statements for their interim periods, making
adjustments for significant transactions that materially affectthe financial position or results of operations.
All significant intercompany transactions, balances
and unrealized profits within Toyota Industries have been
eliminated.
A full portion of the assets and liabilities of the acquired
subsidiaries is stated at fair value as of the date of acquisitionof control.

(2) Investments in unconsolidated subsidiaries andaffiliates
Investments in 21 affiliates as of September 30, 2005 andinvestments in one unconsolidated subsidiary and 19 affiliates
as of September 30, 2004 are accounted for by the equity
method of accounting.
Investments in unconsolidated subsidiaries and affiliates
not accounted for by the equity method are stated at cost

due to their insignificant effect on the consolidated financial
statements.
The major affiliates accounted for by the equity method
are listed on page 25.

(3) Translation of foreign currencies
Foreign currency denominated receivables and payables aretranslated into Japanese yen at the year-end exchange rates
and the resulting transaction gains or losses are included inincome statements.
All asset and liability accounts of foreign subsidiaries
and affiliates are translated into Japanese yen at year-end
exchange rates and all revenue and expense accounts aretranslated at prevailing fiscal average rates.

(4) Cash and cash equivalents
Cash and cash equivalents include all highly liquid
investments, generally 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 ofchanges in value because of changes in interest rates.

(5) Marketable securities and investment in securities
Toyota Industries classifies securities into four categories
by purpose of holding: trading securities, held-to-maturity
securities, other securities and investments in unconsolidated
subsidiaries and affiliates. Toyota Industries did not havetrading securities or held-to-maturity securities as of
September 30, 2005 and 2004.
Other securities with readily determinable fair values
are stated at fair value based on market prices at the endof the year. Unrealized gains and losses are included in“Net unrealized gains on other securities” as a separate
component of shareholders’ equity. Cost of sales of suchsecurities is determined by the moving-average method.
Other securities without readily determinable fair values

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200615

Notes to Consolidated Financial Statements

are stated at cost, as determined by the moving-averagemethod.
Investments in unconsolidated subsidiaries and affiliates areaccounted for by the equity method (see Note 2 (2)).

(6) Inventories
Inventories are stated mainly at cost determined by themoving-average method.

(12) Allowance for retirement benefits
Toyota Industries accrues an amount which is considered to
be incurred in the period based on the estimated projected
benefit obligations and estimated pension assets at the end of
the period. To provide for the retirement benefits for directors
and corporate auditors, an amount which is calculated at theend of the period as required by an internal rule describing
the retirement benefits for directors and corporate auditors is
accrued.

(7) Property, plant and equipment, and depreciation
Property, plant and equipment are stated at cost.
Depreciation expenses of property, plant and equipment
are computed mainly by the declining-balance method
for the Company and Japanese subsidiaries and by thestraight-line method for overseas subsidiaries.
Significant renewals and additions are capitalized at cost.
Repair and maintenance are charged to income as incurred.
Accumulated depreciation as of September 30, 2005
and 2004 was ¥561,736 million (US$4,962,771 thousand) and¥527,408 million, respectively.

(8) Intangible assets and amortization
Amortization of intangible assets is computed using thestraight-line method. Software costs for internal use areamortized by the straight-line method over their expected
useful lives (mainly five years).
Goodwill, if material, is amortized principally over less than
20 years on a straight-line basis, while immaterial goodwill ischarged to income as incurred.

(9) Impairment loss of fixed assets
Calculation of the impairment of fixed assets is based onreasonable and supportable assumptions and projectionof the grouping of assets and recoverable value, with due
consideration for the specific condition of each company.
The recoverable amount of assets is calculated based on net
selling price.

(10) Allowances for doubtful accounts
Toyota Industries adopted the policy of providing anallowance for doubtful accounts in an amount sufficient tocover possible losses on collection by estimating individuallyuncollectible amounts and applying to the remaining
accounts a percentage determined by certain factors suchas historical collection experiences.

(11) Deferred charges
Stock issuance costs and bond issuance costs are expensed
as incurred.

16

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006(13) Lease transactions
Finance leases other than those that are deemed to transfer
the ownership of the leased assets to lessees are accounted
for mainly by a method similar to that applicable to ordinary
operating leases.

(14) Consumption tax
The consumption tax under the Japanese Consumption Tax
Law withheld by Toyota Industries on sales of goods is notincluded in the amount of net sales in the accompanying
consolidated statements of income, and the consumption
tax paid by Toyota Industries under the law on purchasesof goods and services, and expenses is not included in therelated amount.

(15) Hedge accounting(a) Method of hedge accounting
Mainly the deferral method of hedge accounting is applied.
In the case of foreign currency forward contracts and foreign
currency option contracts, the hedged items are translated
at contracted forward rates if certain conditions are met.
(b) Hedging instruments and hedged items
Hedging
instruments:
Derivatives instruments (interest rate swaps,
foreign currency forwards and foreign
currency option contracts)
Hedged items: Risk of change in interest rate on borrowings
and risk of change in forward exchange rateon transactions denominated in foreign
currencies (assets and liabilities, andforecasted transactions)(c) Hedging policy
Hedging transactions are executed and controlled based on
Toyota Industries’ internal rule and Toyota Industries is hedging
interest rate risks and foreign currency risks. Toyota Industries’
hedging activities are reported periodically to a director
responsible for accounting.

(d) Method used to measure hedge effectivenessHedge effectiveness is measured by comparing
accumulated changes in market prices of hedged items andhedging instruments or accumulated changes in estimatedcash flows from the inception of the hedge to the date ofmeasurements performed. Currently it is considered that there
are high correlations between them.
(e) Others
Due to the fact that counterparties to Toyota Industries
represent major financial institutions which have highcreditworthiness, Toyota Industries believes that the overall
credit risk related to its financial instruments is insignificant.

(16) Appropriation of retained earnings
In the accompanying consolidated statements ofshareholders’ equity, the approved amount during therelevant fiscal year is reflected for the appropriation ofretained earnings of consolidated subsidiaries. In Japan, thepayment of bonuses to directors and corporate auditors ismade out of retained earnings through an appropriation,
instead of being charged to income for the year.

3. Assets pledged as collateral(1) Assets pledged as collateral as of September 30, 2005 and 2004 are as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

¥41,655¥35,860$368,009

Land

2,840

7,461

25,091

Buildings and structures

2,133

4,678

18,844

Trade notes and accounts receivable

467

365

4,126

Machinery, equipment and vehicles

438

651

3,870

Other

–

233

–

Total

¥47,533¥49,248$419,940

Investments in securities(2) Secured liabilities as of September 30, 2005 and 2004 are as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

Other current liabilities¥20,707¥19,795$182,940

Short-term bank loans

390

4,879

3,446

1,195

2,395

10,557Long-term debt
Current portion of bonds
Total

–

300

–

¥22,292¥27,369$196,943

4. Contingent liabilities
Toyota Industries is contingently liable for guarantees as of September 30, 2005 and 2004 as follows:
Thousands of
U.S. dollars

Millions of yen

2005
Guarantees given by the Company

¥ 400

2004
¥

2005
–

$ 3,534

Guarantees given by consolidated subsidiaries

845

9,417

7,465

Guarantee forwards given by the Company

2,759

3,149

24,375TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200617

Notes to Consolidated Financial Statements

5. Impairment loss of fixed assets
Thousands of
U.S. dollars

Millions of yen

RegionItems

Details of fixed assets

Hyogo

One idle property

Building

¥–

¥ 28

$–

Land

–

338

–

KagawaOne idle property

2005

2004

Land

Total

2005

–

48

–

¥–

¥414

$–

6. Leases(1) Finance leases (as a lessee) which do not transfer ownership of leased properties to lessees(a) Pro forma information regarding the leased properties such as acquisition cost and accumulated depreciation, which are notreflected in the accompanying consolidated balance sheets under finance leases as of September 30, 2005 and 2004 is as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

Buildings and structures:
Acquisition cost equivalents¥–

Accumulated depreciation equivalents

¥

5

$

–

–

5

–

–

0

–

Acquisition cost equivalents

13,313

9,495

117,617

Accumulated depreciation equivalents

6,548

4,693

57,850

6,765

4,802

59,767

Acquisition cost equivalents

11,823

4,895

104,452

Accumulated depreciation equivalents

6,122

3,213

54,086

Buildings and structures net balance equivalents
Machinery and equipment:

Machinery and equipment net balance equivalents
Others:Others net balance equivalents
Total net leased properties

5,701

1,682

50,366¥12,466¥6,484$110,133

Acquisition cost equivalents include the imputed interest expense portion because the percentage which is computed by
dividing future minimum lease payments by total balance of property, plant and equipment at interim period ends is immaterial.
(b) Pro forma information regarding future minimum lease payments as of September 30, 2005 and 2004 is as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

Due within 1 year

¥ 3,986¥1,559Due after 1 year

8,744

4,925

77,251¥12,730¥6,484$112,466

Total$ 35,215

Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease payments for the six-month periods ended September 30, 2005 and 2004 are as follows:
Millions of yen

Thousands of
U.S. dollars

2005¥2,345$20,717

2004

1,493

–

Pro forma depreciation expenses, which are not reflected in the accompanying interim consolidated statements of income,are computed mainly by the straight-line method, which assumes zero residual value and leasing term to be useful lives for thesix-month periods ended September 30, 2005 and 2004, and are equivalent to the amount of total lease payments of the above.

18

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

(2) Finance leases (as a lessor) which do not transfer ownership of leased properties to lessees(a) Information regarding leased properties such as acquisition cost and accumulated depreciation under finance leases as of
September 30, 2005 and 2004 is as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

Machinery and equipment:
Acquisition cost

¥9,256¥8,288

Accumulated depreciation

5,069

4,643

44,783¥4,187¥3,645$36,991

Total net leased properties$81,774(b) Pro forma information regarding future minimum lease income as of September 30, 2005 and 2004 is as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

Due within 1 year

¥1,756¥1,831

Due after 1 year

3,213

2,584

$15,514
28,386

Total¥4,969¥4,415$43,900

Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease receipts and depreciation for the six-month periods ended September 30, 2005 and 2004 are as follows:
Thousands of
U.S. dollars

Millions of yen

2005
Total lease payments to be received

2004

2005

¥1,227¥1,177$10,840

901

827

7,960

Depreciation expenses(3) Operating leases (as a lessee)
Pro forma future lease payments under operating leases as of September 30, 2005 and 2004 are as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

Due within 1 year

¥ 4,835¥ 3,190$ 42,716

Due after 1 year

16,35912,936

144,527

Total¥21,194¥16,126$187,243(4) Operating leases (as a lessor)
Pro forma information regarding future minimum rentals under operating leases as of September 30, 2005 and 2004 is as follows:
Thousands of
U.S. dollars

Millions of yen

2005

2004

2005

Due within 1 year

¥ 8,457¥ 4,510$ 74,715

Due after 1 year

14,7708,510

130,489

Total¥23,227¥13,020$205,204

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

19

Notes to Consolidated Financial Statements

7. Marketable securities(1) As of September 30, 2005(a) Other securities with readily determinable fair value are as follows:
Thousands of U.S. dollars

Millions of yen
Acquisition cost Carrying amount

Stocks¥211,010¥1,524,647

Difference

Acquisition cost Carrying amount¥1,313,637$1,864,211$13,469,803

Difference$11,605,592

Bonds
Government and municipal bonds, etc.
Total

0

0

–

0

0

–

¥211,010¥1,524,647¥1,313,637$1,864,211$13,469,803$11,605,592(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value)
without readily determinable fair value are as follows:
Carrying amountThousands of
U.S. dollars

Millions of yen

Other securities:
Domestic unlisted stocks excluding over-the-counter stocks¥18,897$166,949

Money management funds

10,00088,347(2) As of September 30, 2004(a) Other securities with readily determinable fair value are as follows:
Millions of yen
Acquisition cost Carrying amount

StocksDifference¥187,422¥1,184,676¥997,254

Government and municipal bonds, etc.

0

0

–

Other bonds

1

1

–

¥187,423¥1,184,677¥997,254

Bonds

Total

(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value)
without readily determinable fair value are as follows:
Carrying amountMillions of yen

Other securities:
Domestic unlisted stocks excluding over-the-counter stocks¥26,492

Money management funds

20,0208. Derivative instruments
Notes relating to derivative instruments are omitted, since Toyota Industries has not used derivative instruments for other thanhedging.

20

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

9. Segment information(1) Business segments

Sales:
Automobile
Outside customer sales
Intersegment transactions
Materials handling equipment
Outside customer sales
Intersegment transactions
Logistics
Outside customer sales
Intersegment transactions
Textile machinery
Outside customer sales
Intersegment transactions
Others
Outside customer sales
Intersegment transactions
Subtotal
Elimination of intersegment transactions
Total
Operating costs and expenses:
Automobile
Materials handling equipment
Logistics
Textile machinery
OthersElimination of intersegment transactions
Total
Operating income (loss):
Automobile
Materials handling equipment
Logistics
Textile machinery
OthersElimination of intersegment transactions
Total

Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2005

2005

2004

¥337,752
10,195347,947¥308,667
8,814
317,481$2,983,939
90,0703,074,009

281,598137
281,735

239,91064
239,974

2,487,835
1,210
2,489,045

30,616
2,786
33,402–––

270,483
24,614
295,097

24,094
11
24,10522,273
10
22,283

212,86397
212,960

24,968
8,824
33,792
720,981(21,953)¥699,028

36,214
9,684
45,898625,636(18,572)¥607,064

220,585
77,957
298,542
6,369,653(193,948)$6,175,705¥336,528
263,416
32,87423,914
31,674(21,429)¥666,977¥302,291
227,932–
22,42442,559(18,241)¥576,965$2,973,125
2,327,202
290,432
211,273
279,831(189,319)$5,892,544¥ 11,419
18,319
528
191
2,118
(524)
¥ 32,051¥ 15,190
12,042
–
(141)
3,339
(331)
¥ 30,099$ 100,884
161,843
4,665
1,687
18,711(4,629)$ 283,161

Main products of each segment are as follows:
Automobile......................................... Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors
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 of cash and management of sales proceeds
Textile machinery............................... Ring spinning frames, air-jet looms, water-jet looms
Others.................................................. Semiconductor package substrates

Changes in business segments
The logistics-related business, which was included in the Others Segment until the previous fiscal year, has been separated anddeclared independently as the Logistics Segment starting from this fiscal year. Sales of the Logistics Segment for the six months
ended September 30, 2004 were ¥17,540 million, and an operating loss of ¥75 million was recorded.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200621

Notes to Consolidated Financial Statements(2) Geographical segments

Sales:
Japan
Outside customer sales
Intersegment transactions
North America
Outside customer sales
Intersegment transactions
EuropeOutside customer sales
Intersegment transactions
Others
Outside customer sales
Intersegment transactions
Subtotal
Elimination of intersegment transactions
Total
Operating costs and expenses:
Japan
North America
EuropeOthersElimination of intersegment transactions
Total
Operating income (loss):Japan
North America
EuropeOthersElimination of intersegment transactions
Total

Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2005

2004

2005

¥461,877
53,537515,414¥398,524
48,300446,824$4,080,546
472,983
4,553,529

119,484743
120,227

105,517467
105,984

1,055,606
6,564
1,062,170

102,181
4,184
106,365

90,067
3,619
93,686

902,739
36,964
939,703

15,486
1,750
17,236759,242(60,214)¥699,028

12,956
1,390
14,346
660,840(53,776)¥607,064

136,814
15,461
152,275
6,707,677(531,972)$6,175,705¥490,894
116,134
103,236
16,631(59,918)¥666,977¥421,829
102,216
91,173
14,410(52,663)¥576,965$4,336,903
1,026,009
912,059
146,930(529,357)$5,892,544¥ 24,520
4,093
3,129
605
(296)
¥ 32,051¥ 24,995
3,768
2,513
(64)
(1,113)¥ 30,099$ 216,626
36,161
27,644
5,345(2,615)$ 283,161

Significant countries belonging to each segment are as follows:
North America ..........................................U.S.A., Canada
Europe .......................................................Sweden, France, Germany
Others ........................................................Australia, China, Brazil

10. Subsequent event
On November 21, 2005, the Company issued bonds without collateral in the principle amount of ¥50.0 billion. The Company
intends to use the proceeds from the bond issue for the redemption of matured corporate bonds as well as for capital investment.

22

14th series of bonds without collateral

15th series of bonds without collateral

Total amount of issue
Maturity date
Interest rate

Total amount of issue
Maturity date
Interest rate

¥20.0 billion
December 20, 2010
1.01%

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

¥30.0 billion
September 18, 2015
1.66%

Directors and Corporate Auditors(As of September 30, 2005)

Board of Directors

ChairmanTadashi Ishikawa*Vice Chairman

Vice Chairman

Shozo Nakayama*

Koichiro Noguchi*

President

Tetsuro Toyoda*

Executive Vice President
Norio Sato*

Senior Managing Directors

Tatsuo Matsuura*
Shigetaka Yoshida*
Masafumi Kato*
Yasuharu Toyoda*

Executive Vice President
Shiro Endo*

Executive Vice President
Kazuhiko Takeuchi*

Managing Directors

Yutaka Murodono
Kazunori Yoshida
Shoji Shimo
Ryoji Inoue
Kosaku Yamada
Kimpei Mitsuya

Honorary Chairman

Yoshitoshi Toyoda

Executive Vice President
Shinjiro Kamimura*

Directors

Tatsuro Toyoda
Kenji Takenaka
Hirofumi Tsuji
Yukio Yamakita
Takaki Ogawa
Kazue Sasaki
Toshiyuki Sekimori
Hirotaka Morishita
Shinya Furukawa
Hironori Ito
Akira Onishi* Representative Director

Corporate Auditors
Standing Corporate Auditors

Shigetaka Mitomo
Masanori Ito

Corporate Auditors

Kosuke Ikebuchi
Masaaki Furukawa
Takeshi Uchiyamada

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200623

Corporate Data
(As of September 30, 2005)

Consolidated Subsidiaries
Location

Capital(thousands in the local currency)Japan
Aichi Corporation Group (4 companies) *1
TIBC Corporation
Asahi Security Co., Ltd.
TOYOTA L&F Tokyo Co., Ltd.
Logistics Planning Tokyo Co., Ltd.
Altex Co., Ltd.
Sun River Co., Ltd.
Izumi Machine Mfg. Co., Ltd.
TOYOTA L&F Keiji Co., Ltd.
Tokyu Co., Ltd.
Mino Tokyu Co., Ltd.
Advanced Logistics Solutions Co., Ltd.
Teion Shokuhin Ryutsu Inc.
Toyoda High System, Incorporated
Nishina Industrial Co., Ltd.
Suzaka Nishina Industrial Co., Ltd.
ALTRAN Corporation
KTL Co., Ltd.
TF Logistics Co., Ltd.
Tokaiseiki Co., Ltd.
Taikoh Transportation Group (5 companies) *2

EquityOwnership

–
Aichi
Tokyo
Tokyo
Tokyo
Shizuoka
Osaka
Aichi
Kyoto
Aichi
Gifu
Aichi
Tokyo
Aichi
NaganoNagano
Aichi
Tokyo
Tokyo
Shizuoka–¥3,250,000¥516,360¥350,000¥10,000¥200,000¥150,000¥150,000¥140,000¥135,000¥18,000¥100,000¥55,000¥100,000¥100,000¥50,000¥100,000¥100,000¥100,000¥98,000–
60.0%
100.0%
100.0%
100.0%
75.0%
100.0%
68.8%
75.0%
63.3%
93.4%
100.0%
60.0%
90.0%
69.2%
96.8%
60.0%
50.5%
51.0%
92.1%

SKE Inc.
SK Maintenance Co., Ltd.
Unica Co., Ltd.
Iwama Loom Works, Ltd.
Kawamoto System Corporation
Nagao Kogyo Co., Ltd.
TOYOTA L&F Shizuoka Co., Ltd.
Hara Corporation
Sun Valley Inc.

–
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Shizuoka
Gifu
Aichi

–
¥80,000¥50,000¥50,000¥49,920¥47,000¥31,000¥30,000¥23,193¥22,500–
100.0%
70.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%Sun Valley CVS Takaramachi Inc.
Mizuho Industry Co., Ltd.
Sun Staff, Inc.
ALT Logistics Co., Ltd.

Aichi
Aichi
Aichi
Aichi

¥3,000¥20,000¥20,000¥20,000

100.0%
93.8%
100.0%
60.0%

Shine’s Inc.
Toyota Industries Well Support Corporation

Aichi
Aichi

¥10,000¥10,000

100.0%
100.0%*1 Aichi Corporation Group comprises Aichi Corporation, its four subsidiaries and two affiliates. Aichi Corporation is headquartered in Saitama Prefecture and capitalized at ¥10,425
million. Toyota Industries Corporation holds 51.0% of the outstanding shares of Aichi Corporation.
*2 Taikoh Transportation Group comprises Taikoh Transportation Co., Ltd. and its four subsidiaries. Taikoh Transportaion Co., Ltd. is headquartered in Aichi Prefecture and capitalized at¥83,985 thousand. Toyota Industries Corporation holds 50.2% of the outstanding shares of Taikoh Transportation Co., Ltd.
*3 Toyota Industries Sweden AB is a holding company which holds a 100% share of BT Industries AB and Toyota Industries Finance International AB.
*4 BT Industries Group comprises BT Industries AB, its 62 subsidiaries and 16 affiliates. BT Industries AB is headquartered in Mjölby, Sweden and capitalized at SEK560 million.
*5 Toyota Industries North America, Inc. is a holding company that exercises control over Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA Inc., ACTIS Manufacturing,
Ltd. LLC, Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc., Toyota Industries Personnel Service of America, Inc. and TD Automotive Compressor Georgia, LLC.
*6 Toyota Industries Corporation Australia Group comprises Toyota Industries Corporation Australia Pty Limited and its nine subsidiaries. Toyota Industries Corporation Australia
Pty Limited is headquartered in Sydney, Australia, and capitalized at A$62.8 million. Toyota Industries Corporation holds 100.0% of the outstanding shares of Toyota Industries
Corporation Australia Pty Limited.
Note: ¥−Japanese yen; SEK−Swedish krona; US$−U.S. dollar; EUR−Euro; INR−Indian rupee; NOK−Norwegian krone; DKK−Danish krone; GBP−British pound; A$−Australian dollar;
BRL - Brazilian real; CHF - Swiss franc; PLN−Polish zloty

24

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

Location

Outside Japan
Toyota Industries Sweden AB *3
BT Industries Group *3*4 (63 companies)
Toyota Industries Finance International AB *3
Michigan Automotive Compressor, Inc.
Toyota Industries North America, Inc. *5
Toyota Industrial Equipment Mfg., Inc. *5
TD Automotive Compressor Georgia, LLC *5
Toyota Material Handling USA, Inc. *5
ACTIS Manufacturing, Ltd. LLC *5
Toyoda Textile Machinery, Inc. *5
Toyota-Lift of Los Angeles, Inc. *5
Toyota Industries Personnel Service of America, Inc. *5
Aichi U.S.A. Inc. *1
Toyota Industry (Kunshan) Co., Ltd.
Toyota Industry Automotive Parts (Kunshan) Co., Ltd.
TD Automotive Compressor Kunshan Co., Ltd.
Toyota Material Handling (Shanghai) Co., Ltd.
Toyota Industries Trading & Logistics (China) Co., Ltd.
Kirloskar Toyoda Textile Machinery Private Limited
TD Deutsche Klimakompressor GmbH
Toyota Gabelstapler Deutschland GmbH
Toyota Industrial Equipment, S.A.
Toyota Industrial Equipment Europe, S.A.R.L.
Toyota Material Handling Belgium SA/NV
Toyota Carrelli Elevatori Italia S.r.l.
Toyota Truck Norge AS
Toyota Truckutleie Norge AS
Toyota Truck Danmark A/S
Toyota Truckudlejning Danmark A/S
Toyota Industrial Equipment (UK) Limited
Toyota Industrial Equipment (Northern) Limited
Toyota Textile Machinery Europe, AG
Toyota Maquinas Texteis do Brasil Ltda.
Toyota Industries Mercosur Ltda.
Toyota Industries Corporation Australia Group *6 (10 companies)

CapitalMjölby, Sweden–
Mjölby, Sweden
Parma, Michigan, U.S.A.
Elk Grove Village, Illinois, U.S.A.
Columbus, Indiana, U.S.A.
Pendergrass, Georgia, U.S.A.
Irvine, California, U.S.A.
Grapevine, Texas, U.S.A.
Charlotte, North Carolina, U.S.A.
Santa Fe Springs, California, U.S.A.
Elk Grove Village, Illinois, U.S.A.
Rockford, Illinois, U.S.A.
Kunshan, Jiangsu, China
Kunshan, Jiangsu, China
Kunshan, Jiangsu, China
Shanghai, China
Shanghai, China
Bangalore, Karnataka, India
Straßgräbchen, Germany
Duisburg, Germany
Ancenis, France
Ancenis, France/Brussels, Belgium
Temse, Belgium
Bologna, Italy
Trondheim, Norway
Trondheim, Norway
Vejle, Denmark
Vejle, Denmark
Castleford, West Yorkshire, U.K.
Castleford, West Yorkshire, U.K.
Zurich, SwitzerlandSão Paulo, Brazil
São Paulo, Brazil–(thousands in the local currency)

EquityOwnership

SEK6,652,977–
SEK25,000
US$146,000
US$37,900
US$60,000
US$27,000
US$12,500
US$2,000
US$1,300
US$1,500
US$100–
US$23,000
US$12,500
US$6,600
US$1,000
US$1,000
INR2,426,200
EUR20,452
EUR720EUR9,000
EUR75
EUR2,000
EUR3,249
NOK110,000
NOK100
DKK10,000
DKK500
GBP48
GBP1,243
CHF3,000
US$200
BRL26,510–

100.0%–
100.0%
60.0%
100.0%
100.0%
65.0%
100.0%
60.0%
100.0%
100.0%
100.0%
–
70.0%
60.0%
59.8%
70.0%
100.0%
95.1%
65.0%
100.0%
60.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%–

CapitalEquityOwnership

Affiliates Accounted for by the Equity Method
Location(thousands in the local currency)Japan
ST Liquid Crystal Display Corp.
Fuji Logistics Co., Ltd.
Aichi Corporation Group (1 company) *1
Outside JapanBT Industries Group *4 (16 companies)
Aichi Corporation Group (1 company) *1
Toyota Motor Industries Poland Sp.zo.o.

Aichi
Tokyo
–

¥23,000,000¥2,979,675
–

50.0%
26.0%
–

–
–
Jelcz-Laskowice, Poland––
PLN500,000

–
–
40.0%

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2006

25

Investor Information(As of September 30, 2005)

Corporate Head OfficeTransfer Agent (As of October 1, 2005)

TOYOTA INDUSTRIES CORPORATION
2-1, Toyoda-cho, Kariya-shi, Aichi-ken
448-8671, Japan
Telephone: +81-(0)566-22-2511
Facsimile: +81-(0)566-27-5650

Mitsubishi UFJ Trust and Banking Corporation
1-4-5, Marunouchi, Chiyoda-ku, Tokyo-to
100-8212, Japan
Telephone: +81-(0)3-3212-1211

Major Shareholders
Date of Establishment% ofvoting rights

November 18, 1926

Common Stock
No par value
Authorized: 1,091,245,000 shares
Issued :325,840,640 shares

Stock Exchange Listings
Tokyo, Osaka and Nagoya (Ticker Code: 6201)

Number of Shareholders
17,726

Toyota Motor Corporation
DENSO Corporation

24.02
9.30

The Master Trust Bank of Japan, Ltd.
Third Avenue Fund-Custodial Trust Company

6.34
4.29

Bank of Bermuda Limited, Hamilton
Towa Real Estate Co., Ltd.
Japan Trustee Services Bank, Ltd.
Toyota Tsusho Corporation
Nippon Life Insurance Company
Aishin Seiki Co., Ltd.

2.69
2.41
2.24
2.17
2.11
2.06

Independent Accountants
ChuoAoyama PricewaterhouseCoopers
3-28-12, Meieki, Nakamura-ku, Nagoya-shi,
Aichi-ken 450-8565, Japan

Common Stock Price Range (Tokyo Stock Exchange)

1st quarter2nd quarter3rd quarter
4th quarter

FY2006High
Low

FY2005High
Low

FY2004High
Low

FY2003High
Low

FY2002HighLow¥3,2503,990––¥2,700
2,645
2,605
3,180

¥1,988
2,235
2,325
2,530

¥2,165
2,005
1,909
1,820

¥2,770
2,620
2,165
2,210

¥2,7803,010––¥2,235
2,285
2,320
2,465

¥1,686
1,922
1,951
2,190

¥1,862
1,770
1,732
1,725

¥2,355
1,845
1,766
1,823

Publications
Our Corporate Brochure and Social & Environmental Report are available in both English and Japanese upon
written request to the Public Affairs Department at our Corporate Head Office.

Web Site
Updated information is published regularly on our Web site. (www.toyota-industries.com)

Further Information
For further information, please write to the Investor Relations Office at our Corporate Head Office.

2-1, Toyoda-cho, Kariya-shi, Aichi-ken 448-8671, Japan
Telephone: +81-(0)566-22-2511 Facsimile: +81-(0)566-27-5650
www.toyota-industries.com

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