FINANCIAL SUMMARY
FY2008

Third Quarter(April 1, 2007 through December 31, 2007)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

This report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking
statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota
Industries Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All suchprojections and forward-looking statements are based on management’s assumptions and beliefs derived from the information
available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries and its
Group companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Therefore, it is advised that you should not rely solely upon these projections andforward-looking statements in making your investment decisions. You should also be aware that certain risks and uncertainties
could cause the actual results of Toyota Industries Corporation and its Group companies to differ materially from any
projections or forward-looking statements 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.

January 31, 2008

FY2008 Third Quarter Consolidated Financial Results (April 1, 2007 - December 31, 2007)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Code number: 6201) (URL: http://www.toyota-industries.com/ )Representative person: Tetsuro Toyoda, President(Tel. +81-(0)566-22-2511)
Contact person: Toshifumi Ogawa, General Manager of Accounting Department

1. Financial highlights for FY2008 Third Quarter (April 1, 2007 - December 31, 2007)(1) Consolidated financial results(% : change from the same period of previous year)

Net sales
FY2008 Third Quarter
FY2007 Third Quarter

FY2007

Operating income

Million yen%
1,477,361 ( 6.1 )1,392,035 ( 29.9 )
1,878,398

Net income
per share―basic

FY2007 Third Quarter

FY2007

Ordinary income%
73,362 ( 11.2 )65,965 ( 40.9 )89,954

Million yen

Million yen%
107,327 ( 19.6 )
89,721 ( 37.8 )
108,484

Net income%
69,062 ( 34.0 )
51,549 ( 28.1 )59,468Million yen

Net income
per share―diluted

Yen

FY2008 Third Quarter(Amounts less than one million yen are omitted)

Yen

220.98164.40189.88220.87164.23189.66(2) Consolidated financial position
Total assets

Total net assets

Million yen

FY2008 Third Quarter
FY2007 Third Quarter

FY2007%

Million yen

3,414,892
3,666,724
3,585,857

Equity per share

Equity ratio

1,710,270
1,872,270
1,810,483

48.4
49.5
48.8

Yen

5,271.90
5,816.81
5,612.11

2. Forecasts of consolidated financial results for FY2008 (April 1, 2007 - March 31, 2008)(% : change from the same period of previous year)

Net sales
FY2008Million yen%
2,000,000 ( 6.5 )Operating income

Ordinary income%
95,000 ( 5.6 )Million yen%
120,000 ( 10.6 )Million yen

Net income%
70,000 ( 17.7 )Net income
per share―basic
Yen

Million yen

223.22

3.Others(1) Significant changes in subsidiaries during the period(changes in specific subsidiaries involving changes in the scope of consolidation): None(2) Use of simplified accounting procedures:: None(3) Changes in accounting principles in the most recent fiscal year

: Yes

Starting from the fiscal year under review, the method of depreciation for property, plant and equipment has been changed
following an amendment to the Corporate Tax Law.
* Figures for fiscal 2008 have not been revised from those previously announced on October 31, 2007.
* 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.

-1-

Business Results
During the third quarter of fiscal 2008 (the nine months from April 1 to December 31, 2007), total consolidated net
sales of Toyota Industries amounted to 1,477.3 billion yen, an increase of 85.3 billion yen, or 6%, over the same
period of the previous fiscal year. The following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 715.0 billion yen, an increase of 52.0 billion yen, or 8%, over thesame period. Within this segment, net sales of the Vehicle Business amounted to 365.6 billion yen, an increase of
19.0 billion yen, or 5%, due to a Mark X ZiO production commenced in September 2007, offsetting a decrease insales of the Vitz (Yaris overseas) and RAV4. Net sales of the Engine Business totaled 131.3 billion yen, an increaseof 8.4 billion yen, or 7%, attributable largely to an increase in sales of the KD diesel engine for Toyota Motor
Corporation’s IMV Series. Net sales of the Car Air-Conditioning Compressor Business totaled 191.3 billion yen, an
increase of 21.3 billion yen, or 13%, as a result of solid sales overseas, notably in Europe.
Net sales of the Materials Handling Equipment Segment totaled 577.3 billion yen, a decrease of 3.4 billion yen, or
1%. However, the third quarter of the previous fiscal year included twelve-month results of certain subsidiaries
following a change in their fiscal year-end. Excluding its effects, net sales increased 60.3 billion yen, or 12%. With
regards to lift trucks, both the TOYOTA and BT brands posted increases in total unit sales backed by the European
and other markets, despite a decrease in sales in the United States.
Net sales of the Logistics Segment totaled 87.8 billion yen, an increase of 24.0 billion yen, or 38%, as a result of
Wanbishi Archives Co., Ltd., which provides services of total information management, becoming a wholly owned
subsidiary of Toyota Industries in May 2007.
Net sales of the Textile Machinery Segment totaled 48.7 billion yen, an increase of 6.2 billion yen, or 15%, owing
mainly to continued strong sales of weaving machinery to China.
In terms of profit, Toyota Industries’ ordinary income amounted to 107.3 billion yen, an increase of 17.6 billion yen,or 20%. Although the expenses for depreciation and personnel and price of raw materials increased, ordinary
income rose as a result of an increase in sales in Japan and overseas, enhanced cost-reduction efforts Group-wide
and an increase in dividends income. Net income amounted to 69.0 billion yen, an increase of 17.5 billion yen, or
34%, arising from the posting of proceeds from sales of investment securities as extraordinary gains.
Total assets decreased 171.0 billion yen, to 3,414.8 billion yen as a result of a decrease in market value ofinvestment securities. Net assets amounted to 1,710.2 billion yen, a decrease of 100.2 billion yen.
For fiscal 2008, ending March 31, 2008, Toyota Industries forecasts consolidated net sales of 2,000.0 billion yen,operating income of 95.0 billion yen, ordinary income of 120.0 billion yen and net income of 70.0 billion yen.

Breakdown of Consolidated Net Sales(Million yen)

FY2007 Third Quarter
AmountComponent
ratio

365,690

8.8

131,386

170,032

12.2

23,432

Subtotal

FY2007% changeAmountComponent
ratio

19,062

470,286

%
25.0

8.9

8,387

6.8

167,4078.9

191,357

12.9

21,32512.5

235,478

12.6

1.7

26,566

1.8

3,134

13.4

31,722

1.7

663,09347.6

715,001

48.4

51,9087.8

904,893

48.2

Materials handlingequipment

580,75341.7

577,31139.1(3,442)(0.6)

767,237

40.8

Logistics

63,821

4.6

87,886

5.9

24,06537.7

89,470

4.8

Textilemachinery

42,505

3.1

48,788

3.3

6,283

14.8

58,403

3.1

Others41,861

3.0

48,372

3.3

6,511

15.6

58,392

3.1

Total

1,392,035

100.0 1,477,361

100.0

85,326

6.1

1,878,398

100.0

Car air-conditioning
compressor
Foundry, Electronics
parts and others

122,999

Increase(Decrease)%
5.5

Engine346,628

Component
ratio

Amount%24.8

Automobile
Vehicle%24.9

FY2008 Third Quarter-2-

Consolidated Balance Sheets
FY2007(As of March 31, 2007)(As of December 31, 2007)

568,001

625,448

57,447552,915

Cash and deposits

110,516

114,434

3,918

111,330

Trade notes and accounts
receivable

234,611238,550

3,939

207,148

30,06564,187

34,12245,041

120,737

131,395

10,658115,010Deferred tax assets

17,924

12,397(5,527)

15,392Other current assets

56,93067,38810,45861,350Less−allowance for doubtful
accounts(2,784)(2,905)(121)(2,359)3,017,856

2,789,443(228,413)

3,113,808

Property, plant and equipment

605,922631,650

25,728590,819

Buildings and structures

171,897

188,048

16,151

170,773

Machinery, equipment andvehicles269,769

272,2192,450

262,154

Tools, furniture and fixtures

26,081

29,3073,226

23,568Land

99,117

102,671

3,554

95,298Construction in progress

39,05639,402346

39,023112,816

157,287

44,471

115,243

Goodwill

101,102

144,870

43,768103,522

Software

11,714

12,416702

11,720Investments and other assets

2,299,117

2,000,505(298,612)

2,407,745

Investments in securities

2,226,575

1,916,784(309,791)

2,336,395

8,460

8,250

(210)

8,492

11,60313,091

1,488

11,243

7,435

7,696

261

7,483

45,27454,857

9,583

44,363

(232)

(174)

58

(232)

3,585,857

3,414,892(170,965)

3,666,724

FY2008 Third Quarter

Increase(Decrease)

FY2007 Third Quarter(As of December 31, 2006)

AssetsCurrent assets

Marketable securities
Inventories

Fixed assets

Intangible assets

Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and otherassetsLess−allowance for doubtful
accounts
Total assets-3-

(Million yen)

FY2007(As of March 31, 2007)(As of December 31, 2007)

558,405

566,075

7,670

502,193

205,168

203,094(2,074)

188,906

Short-term bank loans

37,10362,91425,811

47,166

Commercial paper

33,76035,2001,440

34,620Current portion of bonds

60,00050,000(10,000)

30,000

Other payables

37,80824,881(12,927)

30,493

Accrued expenses

77,69877,313(385)

71,615

Accrued income taxes

25,854

16,615(9,239)16,719Deposits received from
employees

22,02025,106

3,086

23,832

Deferred tax liabilities

3,162

2,238

(924)

3,469

Other current liabilities

55,82968,71012,881

55,370Long-term liabilities

1,216,969

1,138,546(78,423)

1,292,260

Bonds

250,761

231,495(19,266)

281,070

Long-term debt

141,567

188,082

46,515140,273

Deferred tax liabilities

751,764

641,257(110,507)

799,203

Allowance for retirement benefits

45,48247,396

1,914

44,828Other long-term liabilities

27,39330,3132,920

26,884

Total liabilities

1,775,374

1,704,621(70,753)

1,794,454

Shareholders’ equity

540,696

600,022

59,326

532,717

Common stock

80,46280,462-80,462

Capital surplus

105,055

106,194

1,139

105,089

Retained earnings

402,431455,439

53,008394,516

Treasury stock at cost

(47,253)(42,074)

5,179(47,350)

1,210,704

1,053,190(157,514)

1,282,385

1,157,793

993,235(164,558)

1,227,068

(0)

(96)

(96)

(90)

52,91260,052

7,140

55,406

202

549

347

126

58,87856,508(2,370)57,040Total net assets

1,810,483

1,710,270(100,213)

1,872,270

Total liabilities andnet assets

3,585,857

3,414,892(170,965)

3,666,724

FY2008 Third Quarter

Increase(Decrease)

FY2007 Third Quarter(As of December 31, 2006)

Liabilities
Current liabilities
Trade notes and accounts payable

Net assets

Valuation and translation
adjustments
Net unrealized gains or losses
on other securities
Deferred gains or losses onhedgesForeign currencytranslation adjustments
Subscription rights to shares
Minority interest inconsolidated subsidiaries-4-Consolidated Statements of Income(Million yen)

FY2007 Third Quarter( April 1,2006 December 31, 2006 )FY2008 Third Quarter( April 1,2007 December 31, 2007 )Net sales

1,392,035

1,477,361

85,326

1,878,398

Cost of sales

1,177,177

1,239,849

62,672

1,586,781

Gross profit

214,857

237,51122,654

291,616

Selling, general andadministrative expenses

148,892

164,148

15,256201,662

Operating income

65,96573,362

7,397

89,954Non-operating income

47,43857,633

10,19550,882

Interest income

12,037

10,921(1,116)

13,760

Dividends income

27,44334,763

7,320

27,547

Other non-operating income

7,957

11,948

3,991

9,575

Non-operating expenses

23,682

23,669(13)

32,352

14,61914,769150

17,855

9,063

8,899

(164)

14,49789,721

107,327

17,606

108,484

Extraordinary gains

-

5,864

5,864

4,305

Proceeds from sales ofinvestment securities

-

5,864

5,864

4,305

i
t
t
iti
Extraordinary losses

-

-

-

4,390

-

-

-

4,390

Income before incometaxes

89,721

113,191

23,470108,399

Income taxes

33,11237,9604,848

41,540

5,058

6,168

1,110

7,390

51,54969,062

17,51359,468Interest expenses
Other non-operating expenses
Ordinary income

Losses of discontinuing productionof designated electronics parts

Minority interest inconsolidated subsidiaries
Net income-5-

FY2007

Increase(Decrease)( April 1,2006 March 31, 2007 )Segment Information
1.Business segment information(1)FY2007 Third Quarter (April 1, 2006 - December 31, 2006)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

663,093580,753

63,82142,50541,861

1,392,035-

1,392,035(2) Intersegment transactions

15,499

396

5,376

4

16,41537,692(37,692)-

Total

678,592

581,150

69,19842,50958,277

1,429,727(37,692) 1,392,035

Operating expenses

655,941

543,760

68,092

41,53954,491

1,363,825(37,756) 1,326,069

Operating income

22,651

37,389

1,105

970

3,785

65,902

Net sales

63(2)FY2008 Third Quarter (April 1, 2007 - December 31, 2007)

65,965(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

715,001

577,31187,88648,78848,372

1,477,361-

1,477,361(2) Intersegment transactions

19,048

1,885

5,951

0

16,37643,262(43,262)-

Total

734,050

579,196

93,837

48,78964,749

1,520,623(43,262) 1,477,361

Operating expenses

703,721547,607

91,05745,65659,501

1,447,545(43,547) 1,403,998

Operating income

30,32831,589

2,779

3,132

5,247

73,077

Net sales

284

73,362

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, collection and delivery of cash and management of sales proceeds,
total information management
Textile machinery ………………Air-jet looms, water-jet looms, ring spinning frames
Others ……………………………Semiconductor package substrates(3)FY2007 (April 1, 2006 - March 31, 2007)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

904,893

767,237

89,47058,40358,392

1,878,398-

1,878,398(2) Intersegment transactions

21,134

805

7,275

5

21,85551,077(51,077)-

Total

926,028

768,042

96,74658,40980,2481,929,475(51,077) 1,878,398

Operating expenses

892,435

720,840

94,96557,32773,9201,839,490(51,046) 1,788,443

Operating income

33,592

47,201

1,780

1,081

6,328

89,984

Net sales

-6-

(30)

89,954

2.Geographical segment information(1)FY2007 Third Quarter (April 1, 2006 - December 31, 2006)
North
Japan
America
Net sales(1) Outside customer sales
902,521
222,775(2) Intersegment transactions
87,954
1,531
Total
990,476
224,307
Operating expenses
940,455
218,583
Operating income
50,0205,723(2) FY2008 Third Quarter (April 1, 2007 - December 31, 2007)
North
Japan
America
Net sales(1) Outside customer sales
986,775
204,174(2) Intersegment transactions
99,645
1,547
Total
1,086,421
205,721
Operating expenses
1,024,925
201,588
Operating income
61,496
4,133(Million yen)

EuropeOthersTotal

Eliminations Consolidated

233,40333,335

1,392,035-

1,392,035

4,976

3,849

98,312(98,312)-238,380

37,184

1,490,347(98,312)

1,392,035

229,817

34,856

1,423,712(97,643)

1,326,069

8,562

2,327

66,635(669)

65,965(Million yen)

EuropeOthersTotal

Eliminations Consolidated

239,444

46,965

1,477,361-

1,477,361

5,502

5,631

112,326(112,326)-

244,947

52,597

1,589,688(112,326)

1,477,361

239,821

48,7781,515,112(111,114)

1,403,998

5,126

3,819

74,575(1,212)73,362(3) FY2007 (April 1, 2006 - March 31, 2007)(Million yen)

Japan

North
America

Europe(1) Outside customer sales

1,232,131

287,316

312,051(2) Intersegment transactions
Total

121,338

2,712

7,152

5,573

136,776(136,776)-

1,353,470

290,029

319,204

52,471

2,015,175(136,776)

1,878,398

Operating expenses

1,284,500

284,095

307,91249,364

1,925,872(137,428)

1,788,443

Operating income

68,9705,934

11,292

3,106

89,302651

89,954

OthersTotal

Eliminations Consolidated

1,878,398-

Net sales-7-

46,897

1,878,398

3.Overseas sales(1)FY2007 Third Quarter (April 1, 2006 - December 31, 2006)

Overseas sales(Million yen)

North America

EuropeOthersTotal

223,474

259,320

111,377

594,172

Consolidated sales
Ratio of overseas sales to consolidated sales

1,392,035
16.1%

18.6%

8.0%

(2) FY2008 Third Quarter (April 1, 2007 - December 31, 2007)

Overseas sales(Million yen)

North America

EuropeOthersTotal

204,385

273,567

139,413617,366

Consolidated sales
Ratio of overseas sales to consolidated sales

1,477,361
13.8%

18.5%

9.5%

(3) FY2007 (April 1, 2006 - March 31, 2007)

Overseas sales

41.8%(Million yen)

North America

EuropeOthersTotal

287,957

347,617156,338

791,913

Consolidated sales
Ratio of overseas sales to consolidated sales

42.7%

1,878,398
15.3%

-8-

18.5%

8.4%

42.2%

January 31, 2008
TOYOTA INDUSTRIES CORPORATIONFINANCIAL SUMMARY for FY2008 Third Quarter (April 1, 2007 - December 31, 2007)
1. Consolidated financial results(Billion yen, %)FY2007 3rd Quarter FY2008 3rd Quarter
April 06 - December 06

Net sales
Operating income
Ordinary income

100.0%
4.7%
6.4%

Net income

3.7%

\/US$

Exchange rate\/EuroInvestments in tangible assets
Investments in overseas
Depreciation

1,392.0
65.9
89.7
51.5
116
148
89.5
21.3
54.4

April 07 - December 07
100.0%
5.0%
7.3%
4.7%

1,477.3
73.3
107.3
69.0
117
163
74.9
18.1
60.7

Change%Amount

85.3
7.4
17.6
17.5
1
15
(14.6)(3.2)
6.3

FY2008 Forecast

ChangeApril 07 - March 08%

6.1

100.0%

11.2

4.8%

19.6

6.0%

34.0

3.5%

(16.3)(14.7)
11.6

2,000.0
95.0
120.0
70.0
115
159
120.0
20.0
90.0

6.5
5.6
10.6
17.7

(7.0)
(24.0)
20.9(As of Mar.31,2007)

3,585.8
1,810.4
48.8%
162 companies
21 companies

Total assets
Total net assets
Equity ratio
Consolidated subsidiaries
Affiliates applied the equity method

3,414.8(171.0)1,710.2(100.2)48.4%
161 companies (1) company
15 companies (6) companies

−
−
−
−
−

(4.8)
(5.5)

Note: Starting from FY2006, Toyota Industries Sweden (formerly BT Industries) Group, which constitutes our network of subsidiaries, changed its fiscal year-end from December (Jan. - Dec.) to
March (Jan. - next Mar.). As a result, the table above includes the results of the Toyota Industries Sweden Group from January to December 2006. Excluding the effects of changes in fiscal yearend (Jan. - Mar. 2006), net sales, operating income, ordinary income and net income increased 149.0 billion yen (11.2%), 9.3 billion yen (14.6%), 20.3 billion yen (23.4%) and 18.7 billion yen(37.3%), respectively.

2. Breakdown of consolidated net sales(Billion yen, %)FY2007 3rd Quarter FY2008 3rd Quarter
VehicleEngine24.9%

Car air-conditioning compressor
Foundry, electronics and other

12.2%

8.8%

Automobile total
Materials handling equipment

1.7%
47.6%
41.7%

※

Logistics
Textile machinery
Others
Total

4.6%
3.1%
3.0%
100.0%

346.6
122.9
170.0
23.4
663.0
580.7
63.8
42.5
41.8
1,392.0

24.8%
8.9%
12.9%
1.8%
48.4%
39.1%
5.9%
3.3%
3.3%
100.0%

365.6
131.3
191.3
26.5
715.0
577.3
87.8
48.7
48.3
1,477.3

Change
19.0
8.4
21.3
3.1
52.0
(3.4)
24.0
6.2
6.5
85.3

%

FY2008 Forecast

5.5

24.7%

6.8

8.9%

12.5

12.8%

13.4

1.7%

7.8

48.1%

(0.6)

39.8%

37.7

5.8%

14.8

3.2%

15.6

3.1%

6.1

100.0%

493.0
178.0
257.0
34.0
962.0
795.0
116.0
65.0
62.0
2,000.0

%

4.8
6.3
9.1
7.2
6.3
3.6
29.7
11.3
6.2
6.5

※ Excluding the effects of changes in subsidiaries' fiscal year-end, net sales of the Materials Handling Equipment Segment increased 60.3 billion yen (11.7%).

3. Unit sales(Thousand Units)

FY2007
FY2008Change3rd Quarter 3rd Quarter

FY2008 Change

Vitz (Yaris)

138

134

(4)

186

4

RAV4

122

115

(7)

157

(11)

Mark X ZiO

-

19

19

25

25

Vehicle

260

268

8

368

18

Engine

359

379

20

512

23

Car air-conditioning
compressor

14,88016,4501,570

22,0401,580

Materials handlingequipment ※

164
<142>

150

(14)
<8>

205

(10)
<12>

7.7

7.5

(0.2)

10.1

(0.5)

Air-jet looms※ Figures in < > show unit sales excluding the effects of changes in subsidiaries' fiscal year-end

English translation from the original Japanese-language document

4. Changes in ordinary income(Billion yen)

Cost reduction
Sales volume increase
Exchange gain
Non-operating income increase

13.5
12.0
2.5
11.0

Increase total
Depreciation
Labor cost
Raw material cost
Expenses and others
Impact of change in subsidiaries' fiscal year

39.0
6.3
4.5
2.0
5.9
2.7

Decrease total

21.4

Total increase in ordinary income

17.6

Note: Toyota Industries posted extraordinary income (proceeds from sales of investment
securities) of 5.8 billion yen during the third quarter of fiscal 2008.