FINANCIAL SUMMARY
FY2008 Semiannual(April 1, 2007 through September 30, 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. The use of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking
statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota
Industries Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All suchprojections and forward-looking statements are based on management’s assumptions and beliefs derived from the information
available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries and its
Group companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Therefore, it is advised that you should not rely solely upon these projections andforward-looking statements in making your investment decisions. You should also be aware that certain risks and uncertainties
could cause the actual results of Toyota Industries Corporation and its Group companies to differ materially from any
projections or forward-looking statements discussed in this report. These risks and uncertainties include, but are not limited to,the following : 1) reliance on a small number of customers, 2) product development capabilities, 3) intellectual property rights,
4) product defects, 5) price competition, 6) reliance on suppliers of raw materials and components, 7) environmental
regulations, 8) success or failure of strategic alliances with other companies, 9) exchange rate fluctuations, 10) share pricefluctuations, 11) effects of disasters, power blackouts and other incidents, 12) latent risks associated with international
activities and 13) retirement benefit liabilities.

October 31, 2007

FY2008 Semiannual Consolidated Financial Results (April 1, 2007 - September 30, 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
Contact person: Toshifumi Ogawa, Managing Officer and General Manager of Accounting Department(Tel. +81-(0)566-22-2511)
The expected date of dividends payment: November 26,2007

1. Financial highlights for FY2008 Semiannual (April 1, 2007 - September 30, 2007)(1) Consolidated financial results
Net sales

Operating income

million yen%
955,760 ( 4.7 )913,085 ( 30.6 )1,878,398

FY2008 Semiannual
FY2007 Semiannual

FY2007(Amounts less than one million yen are omitted)(% : change from the same period of previous year)

Ordinary income%
46,960 ( 17.3 )40,051 ( 25.0 )89,954%63,260 ( 18.3 )53,482 ( 28.6 )
108,484

million yen

Net income
per share―basic

Net income%
40,309 ( 33.2 )30,268 ( 21.0 )59,468million yen

million yen

Net income
per share―diluted

Yen

Yen

128.97129.0796.21
FY2007 Semiannual
96.30
189.66189.88FY2007
Notes: Equity in net income of affiliates: FY2008 semiannual: 1,252 million yen, FY2007 semiannual: 461 million yen
Notes: Equity in net income of affiliates: FY2007 annual: 317 million yen

FY2008 Semiannual(2) Consolidated financial position
Total net assts

Total assets

Equity ratio

Equity per share

Million yen
Million yen%
3,556,826
48.3
1,777,545
48.4
FY2007 Semiannual
3,242,357
1,624,752
1,810,483
3,585,857
48.8
FY2007
Notes: Equity capital: FY2008 semiannual: 1,717,716 million yen, FY2007 semiannual: 1,570,376 million yen
Notes: Equity capital: FY2007 annual: 1,751,401 million yen

Yen5,496.01
5,032.84
5,612.11

FY2008 Semiannual(3) Consolidated cash flows
Cash flows frominvesting activities

Cash flows fromoperating activities
Million yen

FY2008 Semiannual
FY2007 Semiannual

FY2007

Cash flows fromfinancing activities

Million yen

86,89584,897
177,467△ 103,309△ 97,411△ 164,446

Cash and cash equivalents
at the end of period

Million yen

42,449△ 18,435△ 19,749

Million yen

134,870
82,689108,569

2. Cash dividends
Annual cash dividends per share
InterimYear-end
Yen

FY2007
FY2008FY2008 (Forecast)

22
28
-

Yen

28
28

Yen

50
56

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

Net sales%
2,000,000 ( 6.5 )million yen

FY2008Operating income

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

million yen-1-

Net income%
70,000 ( 17.7 )million yen

Net income
per share―basic
Yen

223.97

4.Others(1)Changes in significant subsidiaries : None
(2) Changes in standards, procedures and presentations regarding presentation of consolidated financial statements① Changes arising from revision of accounting policies : None
② Changes other than ① : Yes
Please see page 13 for details on changes in accounting policies in "Basis of Presenting Consolidated Financial Statements".
(3) Issued and outstanding capital stock①Number of shares outstanding at end of each period:
FY2008 semiannual−325,840,640 shares, FY2007 semiannual−325,840,640 shares, FY2007 annual−325,840,640 shares②Number of treasury stock outstanding at end of each period:
FY2008 semiannual−13,301,621 shares, FY2007 semiannual−13,815,004 shares, FY2007 annual−13,765,165 shares③Average number of shares outstanding for each period:
FY2008 semiannual−312,307,051 shares, FY2007 semiannual−314,316,718 shares, FY2007 annual−313,191,120 shares(Reference) FY2008 Semiannual Non-consolidated Financial Results
1. Non-consolidated financial highlights for FY2008 Semiannual (April 1, 2007 - September 30, 2007)(% : change from the same period of previous year)(1) Non-consolidated financial results
Net sales

Operating income%
574,924 ( 6.5 )million yen

FY2008 Semiannual
FY2007 Semiannual

FY2007

540,061 ( 24.2 )
1,135,668

Ordinary income

million yen%
24,655 ( 46.3 )million yen%
40,925 ( 39.7 )

16,857 ( △1.8 )39,29429,301 ( 16.3 )58,013

Net income%
32,008 ( 56.0 )20,519 ( 16.6 )40,242

million yen

Net income
per share―basic
Yen

FY2008 Semiannual
FY2007 Semiannual

FY2007102.4965.28
128.49(2) Non-consolidated financial position
Total assets

Total net assts

Equity ratio

Million yen
Million yen%
2,978,944
1,587,178
53.3
FY2007 Semiannual
2,750,759
1,472,247
53.5
3,048,062
1,637,020
53.7
FY2007
Notes: Equity capital: FY2008 semiannual: 1,586,776 million yen, FY2007 semiannual: 1,472,196 million yen
Notes: Equity capital: FY2007 annual: 1,636,817 million yen

FY2008 Semiannual

Equity per shareYen

5,077.05
4,718.19
5,244.94

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

Net sales

Operating income%
1,200,000 ( 5.7 )million yen

FY2008%46,000 ( 17.1 )million yen

Net income
per share―basic
Yen

FY2008163.18-2-

Ordinary income%
70,000 ( 20.7 )million yen

Net income%
51,000 ( 26.7 )million yen

Business Results and Financial Position
1. Business Results and Financial Position
During the first half of fiscal 2008 (the six months ended September 30, 2007), the Japanese
economy continued on a steady path to recovery as private-sector capital investment continued toincrease amid solid corporate earnings. Consumer spending picked up momentum as well on theback of improved employment conditions. Overseas, despite signs of deceleration in the U.S.
economy, the overall economic outlook remained positive, with the European economy remaining
solidly on track and the economies in China and India sustaining a high level of growth.
In this operating environment, Toyota Industries posted total consolidated net sales of 955.7
billion yen, an increase of 42.7 billion yen, or 5%, compared with the first half of fiscal 2007 (the six
months ended September 30, 2006). The following is a review of operations for the major businesssegments.
Net sales of the Automobile Segment totaled 458.9 billion yen, an increase of 27.9 billion yen, or
6%, over the first half of fiscal 2007.
Within this segment, net sales of the Vehicle Business totaled 228.2 billion yen, an increase of 5.9
billion yen, or 3%, over the first half of fiscal 2007. This was attributable to an increase in sales of
the RAV4 and a contribution made by the Mark X ZiO, for which production commenced in
September 2007, offsetting a decrease in sales of the Vitz (Yaris overseas) in Japan.
Net sales of the Engine Business totaled 85.0 billion yen, an increase of 4.9 billion yen, or 6%,
over the first half of fiscal 2007. This increase was due largely to an increase in sales of KD diesel
engines for Toyota Motor Corporation’s (TMC) Innovative International Multi-Purpose Vehicle (IMV)
Project.
Net sales of the Car Air-Conditioning Compressor Business totaled 128.7 billion yen, an increaseof 15.6 billion yen, or 14%, over the first half of fiscal 2007. A slight decrease in sales in Japan wasoffset by an increase in sales overseas.
Net sales of the Materials Handling Equipment Segment totaled 377.3 billion yen, a decrease of
10.9 billion yen, or 3%, from the first half of fiscal 2007. Excluding the effects of changes in certain
subsidiaries’ fiscal year-end during the first half of fiscal 2007, however, net sales increased by 51.7
billion yen, or 16%. With regards to lift trucks, both the TOYOTA and BT brands posted increases intotal unit sales backed by the robust European market. We also strove to enhance our sales
network. Meanwhile, sales of aerial work platforms were strong, bolstered by replacement demand
from the electricity and telecommunications industries.
Net sales of the Logistics Segment totaled 57.9 billion yen, an increase of 18.1 billion yen, or 45%,over the first half of fiscal 2007. In May 2007, we raised our equity stake in Wanbishi Archives Co.,
Ltd., which provides services of total information management, to 100%, making it a wholly owned
subsidiary.
Net sales of the Textile Machinery Segment totaled 30.7 billion yen, an increase of 3.3 billion yen,or 12%, from the first half of fiscal 2007. This increase was attributable mainly to continued strong
sales of weaving machinery to China.
During the first half of fiscal 2008, ordinary income amounted to 63.2 billion yen, an increase of
9.8 billion yen, or 18%, over the first half of fiscal 2007. Despite the effects of a rise in raw materials
costs, as well as increases in depreciation and personnel expenses, this increase was largely
achieved due to an increase in net sales worldwide, cost-reduction efforts throughout the Group,favorable effects of exchange rate fluctuations and an increase in dividends income. Net income
amounted to 40.3 billion yen, an increase of 10.1 billion yen, or 33%, over the first half of fiscal
2007.
Total assets stood at 3,556.8 billion yen, a decrease of 29.0 billion yen from fiscal 2007, due
primarily to a negative effect of fair value of investment securities. Net assets amounted to 1,777.5
billion yen, a decrease of 32.9 billion yen from fiscal 2007.
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Cash flows from operating activities increased by 86.8 billion yen during the first half of fiscal
2008, due mainly to income before income taxes in the amount of 69.1 billion yen. Net cash
provided by operating activities thus increased by 2.0 billion yen from 84.8 billion yen in the first halfof fiscal 2007. Cash flows from investing activities resulted in a decrease in cash of 103.3 billion yen
during the first half of fiscal 2008, attributable primarily to payments for purchases of property, plantand equipment totaling 73.6 billion yen. Net cash used in investing activities increased by 5.9 billion
yen from 97.4 billion yen in the first half of fiscal 2007. Cash flows from financing activities resulted
in an increase in cash of 42.4 billion yen during the first half of fiscal 2008, due mainly to anincrease in proceeds from long-term loans in the amount of 40.7 billion yen. Net cash provided byfinancing activities totaled 60.8 billion yen compared with net cash used in financing activities of
18.4 billion yen in the first half of fiscal 2007. After translation adjustments, cash and cash
equivalents as of September 30, 2007 stood at 134.8 billion yen, an increase of 52.2 billion yen, or63%, over the first half of fiscal 2007.

2. Distribution of Profits
Toyota Industries Corporation will distribute an interim cash dividend of 28 yen per commonshare, an increase of 6 yen per common share over the first half of fiscal 2007.

3. Forecast for the Fiscal Year Ending March 31, 2008
Toyota Industries expects the global economy to continue expanding. Uncertainties persist,however, regarding fluctuations in oil prices and the direction of the global economy, including the
U.S. economy.
We are determined to heighten the comprehensive capabilities of the Toyota Industries Groupthrough the development of appealing new products matched to customer needs with anunwavering emphasis on quality, as well as the enhancement of sales, service and cost-reduction
activities.
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 andnet income of 70.0 billion yen. We have made upward revisions to previous forecasts inconsideration of business results during the first half of fiscal 2008 as well as increases in unit sales
and a review of the projected exchange rate.
Our projections are based on an exchange rate of ¥115.0 = US$1 and ¥159.0 = 1 euro.

Overview of Associated Companies“Business Organization (Business Information)” and “Overview of Associated Companies” areomitted since there are no significant changes from the latest financial statements (submitted onJune 21, 2007).

-4-

Management Policy

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

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

(2)

Toyota Industries is respectful of the people, culture and traditions of eachcountry and region in which it operates. It also works to promote economic
growth and prosperity in those countries and regions.

(3)

Toyota Industries believes that economic growth and conservation of the naturalenvironment are compatible. It strives to offer products and services that areclean, safe and of high quality.

(4)

Toyota Industries conducts intensive product research and forward-looking
development activities to create new value for its customers.

(5)

Toyota Industries nurtures the inventiveness and other abilities of its employees.
It seeks to create a climate of cooperation, so that both employees and theCompany can realize their full potential.

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

-5-

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

-6-

Consolidated Balance Sheets
Increase(Decrease)

FY2007 Semiannual(As of September 30, 2006)

FY2007(As of March 31, 2007)

FY2008 Semiannual(As of September 30, 2007)

568,001

600,531

32,530508,170

Cash and deposits

110,516

127,024

16,50886,787

Trade notes and accounts
receivable

234,611230,795(3,816)208,136

30,06540,145

10,08025,021

120,737

129,103

8,366

117,597

Deferred tax assets

17,924

16,234(1,690)18,667

Other current assets

56,93060,1333,203

54,502Less－allowance for doubtful
accounts(2,784)(2,904)(120)(2,542)

3,017,856

2,956,294(61,562)2,734,187

Property, plant and equipment

605,922629,694

23,772581,758

Buildings and structures

171,897

186,782

14,885

168,709

Machinery, equipment andvehicles269,769

274,659

4,890

257,969

Tools, furniture and fixtures

26,081

29,496

3,415

23,191

Land

99,117

101,7712,654

96,005Construction in progress

39,05636,983(2,073)35,882

112,816

160,756

47,940113,151

Goodwill

101,102149,256

48,154

101,024

Software

11,714

11,500(214)

12,126

Investments and other assets

2,299,117

2,165,843(133,274)

2,039,277

Investments in securities

2,226,575

2,081,174(145,401)

1,969,324

8,460

8,589

129

8,210

11,603

15,315

3,712

10,969

7,435

7,746

311

7,623

45,27453,184

7,910

43,377

(232)

(166)

66

(229)

3,585,857

3,556,826(29,031)

3,242,357

651,653

693,31241,659620,382

2. Liabilities for guarantees

5,128

6,445

1,317

5,328

3. Allowance for retirement and severance
benefits for directors and corporate auditors( included in allowance for retirement benefits)

4,717

4,875

158

4,254

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
Notes: 1. Accumulated depreciation of property, plantand equipment-7-

(Million yen)

Increase(Decrease)

FY2007 Semiannual(As of September 30, 2006)

FY2007(As of March 31, 2007)

FY2008 Semiannual(As of September 30, 2007)

558,405

582,557

24,152466,938

205,168

198,984(6,184)

189,836

Short-term bank loans

37,10352,22615,12353,662

Commercial paper

33,76034,573813

32,400Current portion of bonds

60,00080,00020,000-

Other payables

37,80828,710(9,098)26,537

Accrued expenses

77,69880,002

2,304

75,504

Accrued income taxes

25,85423,436(2,418)17,520

Deposits received from
employees

22,02022,697677

21,574

Deferred tax liabilities

3,162

3,077

(85)

3,749

Other current liabilities

55,82958,8483,019

46,153Long-term liabilities

1,216,969

1,196,722(20,247)

1,150,667

Bonds

250,761

231,422(19,339)

284,567

Long-term debt

141,567

188,238

46,671

142,471

Deferred tax liabilities

751,764

701,370(50,394)

654,420

Allowance for retirement benefits

45,482

46,932

1,450

44,708Other long-term liabilities

27,39328,7581,365

24,498

Total liabilities

1,775,374

1,779,280

3,906

1,617,605

Shareholders’ equity

540,696

573,50332,807518,340

Common stock

80,46280,462-80,462

Capital surplus

105,055

104,987(68)

105,116

Retained earnings

402,431433,730

31,299380,167

Treasury stock at cost

(47,253)(45,677)

1,576(47,405)

1,210,704

1,144,212(66,492)

1,052,035

1,157,793

1,082,846(74,947)

1,006,330

(0)

(9)

(9)

(147)

52,912

61,3758,463

45,852

202

402

200

50

58,87859,427549

54,325

Total net assets

1,810,483

1,777,545(32,938)

1,624,752

Total liabilities andnet assets

3,585,857

3,556,826(29,031)

3,242,357

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 on
HedgesForeign currencytranslation adjustments
Subscription rights to shares
Minority interest inconsolidated subsidiaries-8-Consolidated Statements of Income(Million yen)

FY2007 Semiannual

FY2008 Semiannual

April 1,2006 April 1,2007 ( September
30,2006 ) ( September 30,2007 )FY2007

Increase(Decrease)(

April 1,2006 March 31,2007)

Net sales

913,085955,760

42,675

1,878,398

Cost of sales

770,487

800,91230,425

1,586,781

Gross profit

142,597

154,848

12,251

291,616

Selling, general andadministrative expenses

102,546

107,887

5,341

201,662

Operating income

40,051

46,9606,909

89,954Non-operating income

28,96831,3942,426

50,882

Interest income

8,539

7,351

(1,188)13,760

Dividends income

14,353

18,252

3,899

27,547

Other non-operating income

6,074

5,790

(284)

9,575

Non-operating expenses

15,537

15,094(443)

32,352

Interest expenses

9,942

9,772

(170)

17,855

Other non-operating expenses

5,595

5,321

(274)

14,49753,482

63,260

9,778

108,484

Extraordinary gains

-

5,863

5,863

4,305

Proceeds from sales ofinvestment securities

-

5,863

5,863

4,305

i
t
t
iti
Extraordinary losses

-

-

-

4,390

-

-

-

4,390

Income before incometaxes

53,482

69,124

15,642

108,399

Income taxes-current

20,661

24,112

3,451

43,750

Income taxes-deferred

(331)

842

1,173

(2,209)Minority interest inconsolidated subsidiaries

2,883

3,859

976

7,390

30,26840,30910,041

59,468

Ordinary income

Losses of discontinuing productionof designated electronics parts

Net income-9-Consolidated Statement of Changes in Total net assets

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

Balance at March 31,2006

Commonstock

CapitalsurplusRetainedearnings

80,462

105,665

358,385

Valuation and translation adjustments

Net
unrealized
Total
Treasurygains orshareholders’
stock at costlosses onequityothersecurities(14,363)

Foreigncurrencytranslation
adjustments

Deferred
gains orlosses on
Hedges

530,150 1,047,190-

Subscription Minority interest
Totalrights to in consolidated
valuation
subsidiaries
sharesandtranslation
adjustments

33,886 1,081,077-

Total net
assets49,270 1,660,498

Change during interim accounting period
Surplus dividend(6,386)(6,386)(6,386)

(427)

(427)

(427)

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

Net income for the period

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

2,432

1,882

1,882

Bonuses to directors and corporate auditors

Repurchase of treasury stock
Exercise of stock options(549)

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

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

11,965(29,042)

50

5,054

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

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

11,965(29,042)

50

5,054

80,462

105,116

380,167(47,405)

518,340 1,006,330(147)

45,852 1,052,035

50

54,325 1,624,752

FY2008 Semiannual (April 1, 2007 - September 30, 2007)(Million yen)
Shareholders’ equity

Balance at March 31,2007

Commonstock

CapitalsurplusRetainedearnings

80,462

105,055

402,431

Valuation and translation adjustments

Net
unrealized
Total
gains orTreasuryshareholders’losses on
stock at costequityothersecurities(47,253)

540,696 1,157,793

Deferred
gains orlosses on
Hedges(0)Foreigncurrencytranslation
adjustments

Subscription Minority interest
Totalrights to in consolidated
valuation
subsidiaries
sharesandtranslation
adjustments

52,912 1,210,704

202

Total net
assets

58,878 1,810,483

Change during interim accounting period
Surplus dividend
Decrease due to increase in consolidated
subsidiaries
Decrease due to decrease in consolidated
subsidiaries
Increase due to decrease in affiliates accounted
for under the equity method
Net income for the period(8,738)(8,738)(8,738)(1,316)(1,316)(1,316)

(77)

(77)

(77)

1,121

1,121

1,121

40,30940,30940,309

(41)

(41)

(41)

1,617

1,550

1,550

Repurchase of treasury stock
Exercise of stock options(67)

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

Balance at September 30,2007

-

(67)

31,298

1,575

80,462

104,987433,730(45,677)(74,946)

(8)

8,462

(66,492)199

548(65,744)(74,946)

(8)

8,462

(66,492)

199

548(32,937)

573,503 1,082,846(9)61,375 1,144,212

402

32,807- 10 -

59,427 1,777,545

Consolidated Statement of Changes in Total net assets

FY2007 (April 1, 2006 - March 31, 2007)(Million yen)
Shareholders’ equity

Balance at March 31,2006

Commonstock

CapitalsurplusRetainedearnings

80,462

105,665

358,385

Valuation and translation adjustments

Net
unrealized
Total
Treasurygains orshareholders’
stock at costlosses onequityothersecurities(14,363)530,150 1,047,190

Foreigncurrencytranslation
adjustments

Deferred
gains orlosses on
Hedges-Subscription Minority interest
Totalrights to in consolidated
valuation
subsidiaries
sharesandtranslation
adjustments

33,886 1,081,077-

Total net
assets49,270 1,660,498

Change during accounting period
Surplus dividend
Bonuses to directors and corporate auditors
Decrease due to increase in affiliates accounted
for under the equity method
Decrease due to decrease in consolidated
subsidiaries
Net income for the period(13,250)(13,250)(13,250)

(427)

(427)

(427)

(1,673)(1,673)(1,673)

(71)

(71)

(71)

59,46859,46859,468(35,524)(35,524)(35,524)

2,634

2,024

2,024

Repurchase of treasury stock
Exercise of stock options(610)

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

Balance at March 31,2007

110,602(0)

19,026

129,627

202

9,607

139,438
149,984-(610)

44,045(32,889)

10,546110,602(0)

19,026

129,627

202

9,607

80,462

105,055

402,431(47,253)

540,696 1,157,793(0)

52,912 1,210,704

202

58,878 1,810,483- 11 -

Consolidated Statements of Cash Flows(Million yen)(

FY2007

FY2008

April 1, 2006 September 30, 2006

April 1, 2007 September 30, 2007

) ()

Increase(Decrease)

FY2007
April 1, 2006 ( March
31, 2007 )Cash flows from operating activities

84,89786,895

1,998

177,467

Income before income taxes and minority interests

53,482

69,124

15,642

108,399

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

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

57,500(101)(25,604)
9,772(1,252)
10,820(5,772)(10,635)(4,936)
98,91325,564(9,533)(28,048)

6,088
194(2,711)(170)(791)
13,584
3,861(14,033)(12,345)
9,318
2,691
336
(10,347)

106,060(250)(41,307)17,855(317)(25,836)(9,221)
15,022
17,238
187,642
41,294(17,777)(33,692)

Cash flows from investing activities(97,411)(103,309)(5,898)(164,446)

Payments for purchases of property, plant andequipment(87,721)(73,640)

14,081(155,550)

Proceeds from sales of property, plant andequipment

4,048

8,641

4,593

7,624

Payments for purchases of investment securities
Proceeds from sales of investment securities(9,254)2,713(1,308)
6,566

7,946
3,853

(17,604)
8,419

Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation(1,939)(36,929)(34,990)(1,939)Proceeds from sales of subsidiaries' stock
resulting in change in scope of consolidation

-

424

424

-

(1,989)643(3,912)(1,205)945(6,804)784
302(2,892)(3,172)
4,490(6,714)

Cash flows from financing activities(18,435)

42,449(60,884)

Increase (decrease) in short-term loans
Increase (decrease) in commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuances of bonds
Repayments of bonds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net

9,399
38,337(12,631)(15,948)(35,473)(6,386)
(767)
5,036

9,537
(876)
40,703
(844)
(629)
(41)
(8,738)(1,136)
4,475

138
(876)
2,366
11,787
15,31935,432(2,352)
(369)
(561)

(19,749)(12,434)
40,004(14,020)
25,107(15,980)(35,524)(13,250)(1,039)7,388

Translation adjustments of cash and cash
equivalents

1,042

265

(777)

2,700

Net increase (decrease) in cash and cash
equivalents(29,906)

26,301

56,207(4,027)

Cash and cash equivalents
at beginning of period

112,596

108,569(4,027)

112,596

82,689134,870

52,181

108,569

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
57,66894,735Marketable securities
25,02140,13537,067
15,11478,50330,065

Payments for loans madeProceeds from collections of loans
Others, net

Cash and cash equivalents at end of period- 12 -

Basis of Presenting Consolidated Financial Statements

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

Aichi Corporation Group (2 companies),Toyota Industry (Kunshan) Co., Ltd.,
Toyota Material Handling (Shanghai) Co., Ltd., Toyota Industry Automotive Parts (Kunshan) Co., Ltd.,TD Automotive Compressor Kunshan, Co., Ltd., Toyota Industries Trading & Logistics (China) Co., Ltd.

2. Changes in Accounting Policies(Changes in Accounting Methods)
Change in depreciation method for property, plant and equipment
During the first half of fiscal 2008, Toyota Industries changed the depreciation method for property, plant and equipmentin accordance with the revised Corporate Tax Law of Japan.

Items other than the above are omitted since there are no significant changes from the latest semiannual financial
statements (submitted on December 22, 2006).
(Omission of disclosures)
Information on lease transactions, derivative transactions and stock options is omitted since the need to disclose suchinformation is not deemed significant.

- 13 -

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

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

431,024

388,270

39,89827,49526,396

913,085-

913,085(2) Intersegment transactions

9,972

310

3,435

2

11,33325,054(25,054)-

Total

440,997

388,581

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

Operating expenses

427,234

365,782

42,781

26,93935,431

898,169(25,135)

873,033

Operating income

13,762

22,799

552

557

2,297

39,97081

40,051

Net sales(2)FY2008 Semiannual (April 1, 2007 - September 30, 2007)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

458,962

377,333

57,96230,78830,714

955,760-

955,760(2) Intersegment transactions

11,843

1,759

3,899

0

11,08728,590(28,590)-

Total

470,806

379,093

61,86130,78841,802

984,351(28,590)955,760

Operating expenses

451,949

357,155

59,88029,42939,156

937,570(28,770)

908,800

Operating income

18,857

21,937

1,981

1,359

2,646

46,781

179

46,960Net sales

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors, foundry,
electronics parts
Materials handling equipment ...Counterbalanced lift trucks, warehouse equipment, automated storage and retrieval systems,
aerial work platforms
Logistics …………………………Transportation services, 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- 14 -(30)

89,954

2.Geographical segment information(1)FY2007 Semiannual (April 1, 2006 - September 30, 2006)
North
Japan
America
Net sales(1) Outside customer sales
579,171
154,771(2) Intersegment transactions
58,800952
Total
637,972
155,724
Operating expenses
607,832
151,459
Operating income
30,1394,265(2) FY2008 Semiannual (April 1, 2007 - September 30, 2007)
North
Japan
America
Net sales(1) Outside customer sales
634,339
139,198(2) Intersegment transactions
66,240972
Total
700,579
140,170
Operating expenses
600,925
136,883
Operating income
39,654
3,287(Million yen)

EuropeOthersTotal

Eliminations Consolidated

157,743

21,397913,085-

913,085

3,436

2,341

65,530(65,530)-

161,179

23,739978,615(65,530)

913,085

157,105

22,306

938,704(65,670)873,033

4,073

1,433

39,911

140

40,051(Million yen)

EuropeOthersTotal

Eliminations Consolidated

151,838

30,384

955,760-

955,760

3,310

3,804

74,328(74,328)-

155,148

34,1891,030,088(74,328)

955,760

151,975

31,839981,623(72,823)

908,800

3,173

2,350

48,465(1,504)46,960(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- 15 -

46,897

1,878,398

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

North America

155,408

Overseas sales

Europe174,548

Others

71,182

17.0%

Ratio of overseas sales to consolidated sales

19.1%

7.8%

(2)FY2008 Semiannual (April 1, 2007 - September 30, 2007)

139,958

Europe174,112

Others

88,939

14.7%

18.2%

9.3%

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

403,01042.2%(Million yen)

North America
287,957

Europe347,617

Others156,338

Consolidated sales
Ratio of overseas sales to consolidated sales

Total

955,760

Consolidated sales

Overseas sales

43.9%(Million yen)

North America

Ratio of overseas sales to consolidated sales

401,138
913,085

Consolidated sales

Overseas sales

Total

Total
791,913
1,878,398

15.3%- 16 -

18.5%

8.4%

42.2%

Breakdown of Consolidated Net Sales(Million yen)

FY2007 Semiannual

FY2008 Semiannual

April 1, 2006 ( September
30, 2006 )April 1, 2007 ( September
30, 2007 )AmountAmountAutomobile

Ratio
%

Increase(Decrease)

FY2007% Change

Ratio(

April 1, 2006 –March 31, 2007

Amount
%

%

)

Ratio
%

Vehicle222,32624.3

228,284

23.9

5,958

2.7

470,286

25.0

Engine80,1448.8

85,033

8.9

4,889

6.1

167,407

8.9

Car air-conditioning
compressor

113,185

12.4

128,715

13.5

15,53013.7

235,478

12.6

Foundry, Electronics
parts and others

15,368

1.7

16,929

1.7

1,561

10.2

31,722

1.7

Subtotal

431,02447.2

458,96248.0

27,938

6.5

904,893

48.2

Materials handlingequipment

388,27042.5

377,333

39.5(10,937)(2.8)

767,237

40.8

Logistics

39,898

4.4

57,962

6.1

18,06445.3

89,470

4.8

Textile machinery

27,4953.0

30,788

3.2

3,293

12.0

58,403

3.1

Others26,396

2.9

30,714

3.2

4,318

16.4

58,392

3.1

Total

913,085100.0

955,760

100.0

42,675

4.7

1,878,398

100.0- 17 -

Non-consolidated Balance Sheets(

FY2007

FY2008 Semiannual

As ofMarch 31, 2007

As of
September 30, 2007)()

FY2007 Semiannual

Increase(Decrease)

As of( September
30, 2006 )(Assets)
266,151

284,623

18,472

231,948

43,79354,553

10,76015,701

637

568

(69)

792

110,207

107,763(2,444)

105,052

30,065

40,135

10,07025,021Finished goods

2,667

3,549

882

2,309

Raw materials

374

379

5

314

Work in process

22,44824,525

2,077

26,821

6,155

6,316

161

6,091

Prepaid expenses

428

205

(223)

430

Deferred tax assets

11,0599,585(1,474)

11,56038,32837,054(1,274)37,866

Current assets
Cash and deposits
Trade notes receivable
Trade accounts receivable
Marketable securities

Supplies

Other current assets
Less - allowance for doubtful
accounts
Fixed assets

(14)

(14)

0

(14)

2,781,910

2,694,321(87,589)

2,518,810

Property, plant and equipment

330,924

329,146(1,778)328,407

Buildings

84,06091,385

7,325

83,033Structures

11,304

11,172(132)

11,613

136,816

135,257(1,559)136,365

1,459

1,538

79

1,610

Tools, furniture and fixture

11,91012,486576

12,418Land

62,74863,289541

59,884

Construction in progress

22,62514,017(8,608)23,482Intangible assets

7,689

6,567

(1,122)

8,233

Software

7,689

6,567

(1,122)

8,233

Investments and other assets

2,443,296

2,358,606(84,690)

2,182,168

Investments in securities
Investments in subsidiaries andaffiliates
Long-term loans

2,166,649

2,043,347(123,302)

1,908,148

251,429

287,963

36,534

249,769

13,871

15,606

1,735

12,132Long-term prepaid expenses

7,364

7,572

208

7,585

Other investments and other assets

4,054

4,175

121

4,602

(58)

15

(71)

3,048,062

2,978,944(69,118)

2,750,759

4 1 9 , 4 5 4

4 3 8 , 3 8 5

1 8 , 9 3 1

4 0 4 , 6 5 8

6 9 , 0 9 3

7 3 , 2 4 2

4 , 1 4 9

6 1 , 0 0 8

3 , 7 6 0

3 , 9 2 7

1 6 7

3 , 4 4 3

Machinery and equipment
Vehicles and delivery equipment

Less - allowance for doubtful
accounts
Total assets
Notes : 1. Accumulated depreciation ofproperty, plant and equipment
2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors( included in allowance for retirement benefits)(73)- 18 -

(Million yen)(
(Liabilities)
Current liabilities
Trade notes payable
Trade accounts payable
Current portion of bonds
Other payables
Accrued expenses
Accrued income taxes
Advance received
Deposits received
Deposits received from employees
Other current liabilities

FY2007

FY2008 Semiannual

As ofMarch 31, 2007

As of
September 30, 2007

) ()

FY2007 Semiannual

Increase(Decrease)

As of( September
30, 2006 )

298,409
1,382
136,427
60,00012,86035,20010,732480
19,49921,736
88
1,112,632
224,990
115,000
749,517
21,632
1,491
1,411,041

313,435
1,360
130,072
80,0008,894
33,084
12,495751
24,121
22,351302
1,078,330
204,990150,000
699,628
22,193
1,517
1,391,765

15,026(22)(6,355)20,000(3,966)(2,116)
1,763
271
4,622
615
214
(34,302)(20,000)
35,000(49,889)561
26(19,276)

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

480,375
80,462
105,033
101,766
3,267
342,132
17,004
325,128869

505,154
80,462
104,966
101,766
3,199
365,403
17,004
348,398763

24,779(67)(68)
23,271
23,270(106)

467,426
80,462
105,094
101,766
3,328
329,274
17,004
312,270
867

249

245

(4)

252

General reserves

220,000

250,000

30,000220,000

Unappropriated retained
earnings at end of period

104,009

97,389(6,620)91,150(47,253)(45,677)

1,576(47,405)

1,156,441

1,081,621(74,820)

1,004,770

1,156,445

1,081,633(74,812)1,004,919

(12)

(9)

(149)

202

402

200

50

1,637,020

1,587,178(49,842)

1,472,247

3,048,062

2,978,944(69,118)

2,750,759

Long-term liabilities
Bonds
Long term loan
Deferred tax liabilities
Allowance for retirement benefits
Other long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity
Common stock
Capital surplus
Capital reserve
Other capital reserve
Retained earnings
Legal reserve
General reserves
Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets

Treasury stock at cost
Valuation and translation
adjustments
Net unrealized gains or losses onother securities
Deferred gains or losses
on Hedges
Subscription rights to shares
Total net assets
Total liabilities andnet assets(3)- 19 -

Non-consolidated Statements of Income(Million yen)

FY2007 Semiannual

FY2008 Semiannual

April 1, 2006 September 30, 2006

April 1, 2007 September 30, 2007

(

) (

)

Increase(Decrease)

FY2007(

April 1, 2006 March 31, 2007)

540,061

574,924

34,863

1,135,668

490,716

516,778

26,062

1,030,527

32,48733,4901,003

65,846

Operating income

16,857

24,655

7,798

39,294Non-operating income

18,92821,924

2,996

33,747

15,814

20,3194,505

29,397

Other non-operating income

3,113

1,604

(1,509)4,349

Non-operating expenses

6,483

5,654

(829)

15,027

Interest expenses

2,784

3,268

484

5,819

Other non-operating expenses

3,698

2,385

(1,313)9,208

29,30140,925

11,62458,013Extraordinary gains

-

5,863

5,863

4,305

Proceeds from sales ofinvestment securities

-

5,863

5,863

4,305

Extraordinary losses

-

-

-

4,390

-

-

-

4,390

29,301

46,78817,48757,928

Income taxes－current

8,543

13,525

4,982

18,605

Income taxes－deferred

239

1,254

1,015

(919)

20,51932,008

11,48940,242

Net sales
Cost of sales
Selling, general andadministrative expenses

Interest income and dividends income

Ordinary income

Losses of discontinuing productionof designated electronics parts

Income before income taxes

Net income- 20 -

Non-consolidated Statement of Changes in Total net assets

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

Capital surplus

General reserves
Commonstock

Balance at March 31,2006

80,462

Capitalreserve

101,766

Other capitalreserve

Total
capitalsurplusLegalreserve

3,877

105,643

17,004

Reserve forReserve for reduction of
acquisition
specialdepreciation cost of fixed
assets679

263

UnappropriatedGeneralreserves

retainedearnings at
end ofperiod200,000

97,49420,000(20,430)

Total
TreasuryTotalshareholders’
stock
at
cost
retained
equityearnings

315,442(14,363)

487,184

Change during interim accounting period
Provision for reserve

430

Reversal of reserve

(242)

(10)

253

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

(301)

(301)

(301)

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

(549)

(549)

(549)

(549)

3,328

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

2,432

1,882

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

Balance at September 30,2006

80,462

101,766

-

187

(10)

20,000(6,344)

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

17,004867

252

220,000

91,150329,274(47,405)

467,426

Valuation and translation adjustments

Balance at March 31,2006

Net
unrealized
gains orlosses onothersecurities

Deferred
gains orlosses on
Hedges

1,045,586-

Total
Subscription
valuationrights toandsharestranslation
adjustments
1,045,586-

Total net
assets1,532,771

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

Bonuses to directors and corporate auditors(301)

Net income for the period

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

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

Balance at September 30,2006

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

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

50 1,472,247- 21 -

Non-consolidated Statement of Changes in Total net assets

FY2008 Semiannual (April 1, 2007 - September 30, 2007)(Million yen)
Shareholders’ equity
Retained earnings

Capital surplus

General reserves
Commonstock

Balance at March 31,2007

80,462

Capitalreserve

101,766

Other capitalreserve

Total
capitalsurplusLegalreserve

3,267

105,033

17,004

Reserve forReserve for reduction of
acquisition
specialdepreciation cost of fixed
assets869

249

UnappropriatedGeneralreserves

retainedearnings at
end ofperiod220,000

104,009

30,000(30,000)

Total
TreasuryTotalshareholders’
stock
at
cost
retained
equityearnings

342,132(47,253)

480,375

Change during interim accounting period
Provision for reserve
Reversal of reserve

(105)

(3)

108

Surplus dividend(8,738)(8,738)(8,738)Net income for the period

32,00832,00832,008

Repurchase of treasury stock
Exercise of stock options

(67)

(67)

(67)

(67)

3,199

104,966

(41)

(41)

1,617

1,550

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

Balance at September 30,2007

80,462

101,766

-

(105)

(3)

30,000(6,620)23,270

1,575

24,77917,004763

245

250,000

97,389365,403(45,677)

505,154

Valuation and translation adjustments
Net
unrealized
gains orlosses onothersecurities
Balance at March 31,2007

1,156,445

Deferred
gains orlosses on
Hedges

Total
Subscription
valuationrights toandsharestranslation
adjustments(3) 1,156,441

Total net
assets202 1,637,020

Change during interim accounting period
Provision for reserve
Reversal of reserve
Surplus dividend(8,738)Net income for the period

32,008

Repurchase of treasury stock(41)

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

Balance at September 30,2007

1,550(74,811)(8)(74,819)

199(74,620)(74,811)(8)(74,819)

199(49,841)

1,081,633(12) 1,081,621

402 1,587,178- 22 -

Non-consolidated Statement of Changes in Total net assets

FY2007 (April 1, 2006 - March 31, 2007)(Million yen)
Shareholders’ equity
Retained earnings

Capital surplus

General reserves
Commonstock

Balance at March 31,2006

80,462

Capitalreserve

101,766

Other capitalreserve

Total
capitalsurplusLegalreserve

3,877

105,643

17,004

Reserve forReserve for reduction of
acquisition
specialdepreciation cost of fixed
assets679

263

UnappropriatedGeneralreserves

retainedearnings at
end ofperiod200,000

97,49420,000(20,533)

Total
TreasuryTotalshareholders’
stock
at
cost
retained
equityearnings

315,442(14,363)

487,184

Change during accounting period
Provision for reserve

533

Reversal of reserve

(344)

(14)

358

Surplus dividend
Bonuses to directors and corporate auditors
Net income for the period(13,250)(13,250)(13,250)

(301)

(301)

(301)

40,24240,24240,242

Repurchase of treasury stock
Exercise of stock options

(610)

(610)

(610)

(610)

3,267

105,033(35,524)(35,524)

2,634

2,024

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

Balance at March 31,2007

80,462

101,766

-

189

(14)

20,0006,515

26,690(32,889)(6,809)17,004869

249

220,000

104,009342,132(47,253)

480,375

Valuation and translation adjustments

Balance at March 31,2006

Net
unrealized
gains orlosses onothersecurities

Deferred
gains orlosses on
Hedges

1,045,586-

Total
Subscription
valuationrights toandsharestranslation
adjustments
1,045,586-

Total net
assets1,532,771

Change during accounting period
Provision for reserve
Reversal of reserve
Surplus dividend(13,250)

Bonuses to directors and corporate auditors(301)

Net income for the period

40,242

Repurchase of treasury stock(35,524)

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

Balance at March 31,2007

2,024
110,858(3)

110,855

202

111,057

110,858(3)

110,855202

104,248

1,156,445(3) 1,156,441

202 1,637,020- 23 -

October 31, 2007
TOYOTA INDUSTRIES CORPORATIONFINANCIAL SUMMARY for FY2008 Semiannual (April 1, 2007 - Sep. 30, 2007)
1. Consolidated financial results(Billion yen, %)FY2007 Semiannual FY2008 Semiannual
April 06 - Sep. 06

Net sales
Operating income

100.0%

Ordinary income
Net income

5.9%

4.4%

3.3%

Dividends per share
Payout ratio <Consolidated><Non-consolidated>\/US$

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

913.0
40.0
53.4
30.2
¥22
22.8%
33.7%
115
146
65.5
15.9
35.3

April 07 - Sep. 07
100.0%
4.9%
6.6%
4.2%

955.7
46.9
63.2
40.3
¥28
21.7%
27.3%
119
162
50.6
12.1
38.7

Change%Amount

42.7
6.9
9.8
10.1
¥6

4
16
(14.9)(3.8)
3.4

FY2008 Forecast

Change%April 07 - March 08

4.7

100.0%

17.3

4.8%

18.3

6.0%

33.2

3.5%

(22.8)(23.7)
9.4

2,000.0
95.0
120.0
70.0
\56
25.0%
34.3%
115
159
120.0
16.0
90.0

6.5
5.6
10.6
17.7

(7.0)
(39.2)
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

3,556.8(29.0)
1,777.5(32.9)
48.3%
165 companies 3 companies
17 companies (4) companies

−
−
−
−
−

(0.8)
(1.8)

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 September 2006. Excluding the effects of changes in fiscal
year-end (Jan. - Mar. 2006), net sales, operating income, ordinary income and net income increased 105.3 billion yen (12.4%), 8.8 billion yen (23.1%), 12.5 billion yen (24.5%) and 11.3 billion
yen (38.8%), respectively.

2. Breakdown of consolidated net sales(Billion yen, %)FY2007 Semiannual FY2008 Semiannual
VehicleEngineCar air-conditioning compressor
Foundry, electronics and other
Automobile total
Materials handling equipment

24.3%
8.8%
12.4%
1.7%
47.2%
42.5%

※

Logistics
Textile machinery

4.4%

Others
Total

2.9%

3.0%

100.0%

222.3
80.1
113.1
15.3
431.0
388.2
39.8
27.4
26.3
913.0

23.9%
8.9%
13.5%
1.7%
48.0%
39.5%
6.1%
3.2%
3.2%
100.0%

228.2
85.0
128.7
16.9
458.9
377.3
57.9
30.7
30.7
955.7

Change
5.9
4.9
15.6
1.6
27.9
(10.9)
18.1
3.3
4.4
42.7

%

FY2008 Forecast

2.7

24.8%

6.1

8.6%

13.7

12.9%

10.2

1.7%

6.5

48.0%

(2.8)

40.0%

45.3

5.8%

12.0

3.1%

16.4

3.1%

4.7

100.0%

%

495.0
173.0
258.0
34.0
960.0
800.0
116.0
62.0
62.0
2,000.0

5.3
3.3
9.6
7.2
6.1
4.3
29.7
6.2
6.2
6.5

※ Excluding the effects of changes in subsidiaries' fiscal year-end, net sales of the Materials Handling Equipment Segment increased 51.7 billion yen (15.9%).

3. Unit sales(Thousand Units)

FY2007
FY2008ChangeSemiannual Semiannual

FY2008ChangeForecast

Vitz (Yaris)

89

83

(6)

183

1

RAV4

78

84

6

138

(30)

Mark X Zio

-

2

2

45

45

Vehicle

167

169

2

366

16

Engine

231

248

17

498

9

Car air-conditioning
compressor

9,860

10,9601,100

22,3001,850

Materials handling※equipment

112
<90>

95

(17)
<5>

206

(9)
<13>

5.1

4.9

(0.2)

9.6

(1.0)

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

9.5
7.5
2.7
3.7

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

23.4
3.4
2.7
1.3
3.5
2.7

Decrease total

13.6

Total increase in ordinary income

9.8

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

Non-consolidated Financial Highlights
1. Non-consolidated financial results(Billion yen, %)FY2007 Semiannual FY2008 Semiannual
April 06 - Sep. 06

April 07 - Sep. 07

ChangeAmount

FY2008 Forecast%

April 07 - March 08

Change%100.0%

540.0

100.0%

574.9

34.9

6.5

100.0%

1,200.0

5.7

Operating income

3.1%

16.8

4.3%

24.6

7.8

46.3

3.8%

46.0

17.1

Ordinary income

5.4%

29.3

7.1%

40.9

11.6

39.7

5.8%

70.0

20.7

Net income

3.8%

20.5

5.6%

32.0

11.5

56.0

4.3%

51.0

26.7

Net sales

Investments in tangible assets

37.4

21.6

(15.8)(42.1)

65.0

(7.6)

Depreciation

21.2

22.6

1.4

7.0

52.0

14.3

2. Non-consolidated balance sheets(Billion yen)

Assets
FY2007

FY2008

As of Mar. 31, 07

As of Sep. 30, 07

266.1
43.7
110.8
30.0
31.6
49.8

284.6
54.5
108.3
40.1
34.7
46.8

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

2,781.9330.9
7.6
2,443.2

Liabilities and Net assets
FY2007
FY2008Change2,694.3
329.1
6.5
2,358.6

18.5 Current liabilities
10.8 Accounts payable(2.5) Others
10.1
3.1 Long-term liabilities(3.0) Bonds
Deferred tax liabilities
Total liabilities(87.6)
Shareholders'equity(1.8)(1.1) Common stock(84.6) Capital surplus
Retained earnings
Treasury stock at cost
Valuation and translation adjustments

Total

3,048.0

2,978.9

Subscription rights to shares
Total net assets
Total(69.1)

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

As of Sep. 30, 07

298.4
137.8
160.5

313.4
131.4
182.0

15.0
(6.4)
21.5

1,112.6224.9
887.6
1,411.0
480.3
80.4
105.0
342.1
(47.2)
1,156.4
0.2
1,637.0
3,048.0

1,078.3
204.9
873.3
1,391.7
505.1
80.4
104.9
365.4
(45.6)
1,081.6
0.4
1,587.1
2,978.9(34.3)(20.0)(14.3)(19.3)
24.8
(0.1)
23.3
1.6
(74.8)
0.2(49.9)(69.1)

Four-Year Summary and Forecast

Semiannual(Billion yen)
FY2004

ChangeAs of Mar. 31, 07

FY2005

FY2006

FY2007

FY2008

569.5
27.0
30.1
17.0

607.0
30.0
38.8
23.9

699.0
32.0
41.5
25.0

913.0
40.0
53.4
30.2

955.7
46.9
63.2
40.3

365.9
17.7
19.8
12.3

386.3
18.9
23.8
15.9

434.9
17.1
25.1
17.5

540.0
16.8
29.3
20.5

574.9
24.6
40.9
32.0

\ 12

\ 13

\ 18

\ 22

\ 28

20.6%
28.5%

17.3%
25.9%

23.0%
32.6%

22.8%
33.7%

21.7%
27.3%

English translation from the original Japanese-language document

Annual(Billion yen)
FY2004<Consolidated>
Net sales
1,164.3
Operating income
52.6
58.9
Ordinary income
Net income
33.6<Non-consolidated>
Net sales
749.6
Operating income
31.3
Ordinary income
34.7
Net income
21.1<Cash dividends>
Dividends per share\ 24
Payout ratio
Consolidated
22.2%
Non-consolidated
35.5%

FY2005

FY2006

FY2007

FY20081,241.5
53.1
70.9
43.3

1,505.9
64.0
80.6
47.0

1,878.3
89.9
108.4
59.4

2,000.0
95.0
120.0
70.0

784.3
30.0
39.7
26.3

950.7
32.8
43.0
30.4

1,135.6
39.2
58.0
40.2

1,200.0
46.0
70.0
51.0

\ 32

\ 38

\ 50

\ 56

23.7%
39.1%

26.0%
40.3%

26.3%
38.9%

25.0%
34.3%