May 15, 2001

Consolidated Financial Results for FY2001 (April 2000 - March 2001)
TOYODA AUTOMATIC LOOM WORKS, LTD.
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201)
Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Contact: Masanori Itoh, Director, General Manager of Accounting and Finance Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for consolidated financial results for FY2001: Tuesday, May 15, 2001
US GAAP: Not adopted.

1. Consolidated Results for FY2001 (April 1, 2000 - March 31, 2001)(1) Consolidated financial results(

Net sales(Amounts less than one million yen are omitted.)% change fromprevious year

Million yen

FY2001
FY2000767,382625,772
Net income%

Million yen))

47,304
28,867

22.6
12.0

(
(

Net income perchange from( %previous
year )
share－basic

Million yen

FY2001
FY2000) Operating income (%22,637 (13,686 (

65.4
31.7

% change fromprevious year

63.9
16.3

(
(

Net income pershare－diluted

Yen

)
)

change from) Ordinary income ( %previous
year )%

Million yen))

44,52627,162Returnon equity

Yen

75.90
48.32

(
(

63.9
17.2

Ordinary
incomeon assets

Ordinary
incomeon sales

%

67.77
43.18

3.6
4.4

%

%

)
)

%

3.5
4.2

5.8
4.3

Notes: 1. Equity in net loss of affiliates: 972 million yen (5,035 million yen for FY2000)
Notes: 2. Average number of shares issued and outstanding each year (consolidated): FY2001−298,259,654 shares , FY2000−283,259,338 shares
Notes: 3. For the changes in accounting policies: see page 11.
Notes: 4. Effective for FY2001, new accounting standards for retirement benefits and financial instruments and Accounting Standards for Foreign Currency
Transactions (issued on October 22,1999) have been applied.

(2) Consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2001
FY2000Shareholders’ equity ratio

Million yen

1,869,642
685,914

Shareholders’ equity
per share%

951,298
316,293

50.9
46.1

Yen

3,036.77
1,116.62

Note: Number of shares issued and outstanding at end of each year (consolidated): FY2001−313,260,132 shares, FY2000−283,259,789 shares(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2001
FY200078,412
68,057

Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at end of year

Million yen(155,870)( 67,186)

94,472
27,499Million yen

95,296
77,332(4) Scope of consolidation and equity method
Consolidated subsidiaries: 100 companies
Unconsolidated subsidiaries accounted for by the equity method: 2 companies
Affiliates accounted for by the equity method: 17 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 72 companies
Consolidated subsidiaries: (decrease) 1 company
Equity method investees: (increase) 17 companies
Equity method investees: (decrease) -2. Forecasts of Consolidated Results for FY2002 (April 1, 2001 - March 31, 2002)
Net sales

Ordinary income
Million yen

FY2002semi-annual
FY2002Million yen

Net income
Million yen

450,000

24,00013,500920,000

53,00031,000

Reference: Estimated net income per share－basic (annual): 98.96 yenOverview of Associated Companies
Toyoda Automatic Loom Works, Ltd. (“TAL”) and its associated companies (Toyota Motor Corporation (“TMC”), which has TAL as an affiliate,
TAL’s 102 subsidiaries and 23 affiliates) are engaged mainly in manufacture and sales of automobiles and related products, materials
handling equipment, textile machinery and others. The associated companies’ positions in the businesses and relation to the businesssegments are shown below.

Customers (TOYOTA MOTOR CORPORATION, DENSO CORPORATION, etc.)
Overseas companies

Overseas companies

Overseas companies(Manufacturing subsidiaries)(Sales and others subsidiaries
and affiliates)(Sales subsidiary)

Michigan AutomotiveCompressor, Inc.

Toyoda Textile
Machinery, Inc.

Toyota Material HandlingUSA, Inc.

TD Deutsche
Klimakompressor GmbH
Toyota Industry KunshanCo., Ltd.

(Manufacturing subsidiary)

Toyota Gabelstapler
Deutschland GmbH

Kirloskar Toyoda Textile
Machinery Ltd.

BT Industries Group(73 companies)
Toyota Truck Norge Group(4 companies)(Manufacturing subsidiaries andaffiliates)

Toyota Industrial Equipment
Mfg., Inc.
Toyota Industrial Equipment,
S.A.
North Vernon Industry
Corporation

Domestic companies

Domestic companies

Domestic companies

Domestic companies(Manufacturing subsidiaries)(Sales affiliate)(Manufacturing subsidiary)(Manufacturing subsidiary)

TOYODA-SULZER
MANUFACTURING LTD.

TOYOTA L&F TOKYO
Co., Ltd.

KAWAMOTO SYSTEMCORPORATIONTIBC Corporation(Manufacturing subsidiaries)(Manufacturing subsidiary)(Manufacturing affiliate)

Nishina Industrial Co., Ltd.

HARA CORPORATION

ST Liquid Crystal
Display Corp

ALTEX CO., LTD.
IZUMI MACHINE MFG.
CO., LTD.

(Manufacturing subsidiary)

MINO TOKYU CO., LTD.

SKE Inc.

TOKYU CO., LTD.
Tokaiseiki Co., Ltd.
Mi h I d t C

LtdAutomobile

Materials Handling Equipment

Textile Machinery

OthersTOYODA AUTOMATIC LOOM WORKS, LTD.

Cautionary Statement with Respect to Forward-Looking Statements
These consolidated and non-consolidated financial results contain forward-looking statements which are not based on already recorded events, such as plans,
strategies, resolutions, and estimates regarding the future business performance of Toyoda Automatic Loom Works, Ltd. (“TAL”) and its subsidiaries and affiliates(together, “TOYODA”). These statements reflect the opinions of TAL’s management, which are based upon presently available information. Therefore, readers should
not place undue reliance on these projections. Actual business results are contingent upon a variety of risks and unknown factors that may significantly influence final
results. Risks and unknown factors that may influence final results for TOYODA’s operations include, but are not limited to, the economic circumstances surrounding
TOYODA’s businesses, various competitive pressures, relevant laws and regulations, and changes in exchange rates.

-1-Consolidated Balance Sheets(Million yen; amounts less than one million yen are omitted.)

FY2001(As of March 31, 2001)

FY2000(As of March 31, 2000)

301,350

195,289

106,061

100,285

70,03730,248Trade notes and accounts receivable

97,45566,45830,997

Marketable securities

17,636

13,314

4,322

Inventories

52,76330,21422,549Deferred tax assets

8,686

4,556

4,130

Other current assets

25,683

11,096

14,587Less－allowance for doubtful accounts(1,159)(389)(7 7 0 )1,568,291

479,932

1,088,359

294,742

258,705

36,03788,85883,771

5,087

135,405

117,066

18,339Tools, furniture and fixture

14,55013,120

1,430

Land

42,10236,455

5,647

Construction in progress

13,826

8,290

5,536

Intangible fixed assets

87,987

1,522

86,465

Software

1,580

1,522

58

Goodwill

86,407-86,407

Investments and other assets

1,185,561

219,703

965,858

Investments in securities

1,145,176

191,201

953,975

Long-term loans

8,106

14,622(6,516)Long-term prepaid expenses

5,354

1,575

3,779

Deferred tax assets

1,373

5,311

(3,938)Other investments and other assets

25,662

7,044

18,618Less－allowance for doubtful accounts

(112)

(51)

(61)

-

10,693(10,693)

1,869,642

685,9141,183,728

4 0 6 , 8 4 2

3 5 8 , 1 5 3

4 8 , 6 8 9

1 7 , 4 5 7

3 , 3 0 5

1 4 , 1 5 2

9 3 shares

4 3 6 shares( 3 4 3 ) shares

3 6 , 0 0 0 shares

3 6 , 0 0 0 shares

Variance

AssetsCurrent assets
Cash and deposits

Fixed assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles

Translation adjustments
Total assets
Notes: 1. Accumulated depreciation of property,
plant and equipment
Notes: 2. Contingent liabilities
Notes: 3. Number of shares of treasury stock
Notes: 4. Number of shares of treasury stock
owned by consolidated subsidiaries-

Notes: 5. Provision for retirement and severance benefits for directors and corporate auditors of 2,803 million yen is contained in allowance for retirement
benefits in FY2001.

-4-

(Million yen; amounts less than one million yen are omitted.)

FY2001(As of March 31, 2001)

FY2000(As of March 31, 2000)

213,599

145,882

67,717

103,444

78,11325,331

Short-term bank loans

23,192

10,29912,893

Other payables

17,113

10,578

6,535

Accrued expenses

32,21919,593

12,626

Accrued income taxes

12,364

8,020

4,344

Deposits received from employees

18,03017,841

189

Other current liabilities

7,235

1,435

5,800

Long-term liabilities

686,618

203,419

483,199

Straight bonds

140,300

100,300

40,000Convertible bonds

75,74875,748-Long-term bank loans

52,446

5,023

47,423

Deferred tax liabilities

387,547

2,041

385,506-

18,814(18,814)25,534-25,534

-

102

(102)

5,041

1,388

3,653

900,218

349,301

550,917

18,125

20,319(2,194)

Common stock

68,01840,17827,840Capital surplus

88,51260,672

27,840Retained earnings

233,367

215,463

17,904

Net unrealized gains on othersecurities

558,673-558,673

2,746

-

2,746

Treasury stock at cost

(0)

(0)

0

Treasury stock owned bysubsidiaries

(20)

(20)

-

951,298

316,293

635,005

1,869,642

685,9141,183,728

Variance

Liabilities
Current liabilities
Trade notes and accounts payable

Allowance for retirement andseverance benefits
Allowance for retirement benefits
Negative goodwill
Other long-term liabilities
Total liabilities
Minority interest inconsolidated subsidiaries
Shareholders’ equity

Translation adjustments

Total shareholders’ equity
Total liabilities andshareholders’ equity-5-Consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)(

FY2001
April 1, 2000 March 31, 2001

) (FY2000April 1, 1999 March 31, 2000)

Variance

Net sales

767,382625,772

141,610

Cost of sales

663,012557,553

105,459

Gross profit

104,370

68,21836,152

Selling, general and administrative
expenses

57,06539,351

17,714

Operating income

47,304

28,867

18,437

Non-operating income

16,24916,318(69)

Interest income

4,241

900

3,341

Dividends income

6,957

6,863

94

Other non-operating income

5,051

8,553

(3,502)Non-operating expenses

19,02718,023

1,004

6,445

2,531

3,914

12,582

15,491(2,909)Ordinary income

44,52627,162

17,364Extraordinary gains

15,080-15,08015,080-15,08021,386-

21,386

Cumulative effect of change in accounting
standards for retirement benefits

19,057-

19,057

Provision for retirement and severance
benefits for directors and corporate
auditors

2,329

-

2,329

Income before income taxes

38,22027,162

11,058

Income taxes－current

21,161

15,394

5,767

Income taxes－deferred(6,338)(2,811)(3,527)

759

893

(134)

Net income

22,637

13,686

8,951

Note: R&D expenses included in selling, general andadministrative expenses and manufacturingcost

2 6 , 1 9 5

2 4 , 0 6 1

2 , 1 3 4Interest expenses
Other non-operating expenses

Gain on securities contribution toemployee retirement benefit trust
Extraordinary losses

Minority interest in consolidated
subsidiaries-6-Consolidated Statements of Shareholders’ Equity(Million yen; amounts less than one million yen are omitted.)

FY2001(
Balance of retained earnings
at beginning of year

FY2000April 1, 2000 March 31, 2001

) (April 1, 1999 March 31, 2000)

Variance

215,463205,794

9,669

215,463

200,307

15,156

Cumulative effect of the adoption oftax effect accounting

-

5,487

(5,487)

Increase in retained earnings

-

701

(701)

-

701

(701)

4,732

4,719

13

4,532

4,532

0

200

186

14

22,637

13,686

8,951

233,367

215,463

17,904Retained earnings at beginning of year

Increase due to increase in consolidated
subsidiaries
Decrease in retained earnings
Cash dividends
Bonuses to directors and corporate
auditors
Net income
Balance of retained earnings
at end of year-7-Consolidated Statements of Cash Flows(Million yen; amounts less than one million yen are omitted.)(

FY2001
April 1, 2000 March 31, 2001

) (FY2000April 1, 1999 March 31, 2000)

Variance

Cash flows from operating activities

78,412

68,057

10,355

Income before income taxes

38,22027,162

11,058Depreciation and amortization

46,45442,751

3,703

(128)

(35)

(93)

(11,198)(7,764)(3,434)

6,445

2,531

3,914

972

5,035

(4,063)

Decrease in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in net loss of affiliates
Increase in receivables(2,450)(8,427)

5,977

Increase in inventories(3,921)(1,998)(1,923)

Increase in payables

8,177

14,563(6,386)

Others, net

8,914

478

8,436

91,48474,296

17,188

11,212

7,779

3,433

SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid

(6,155)(2,531)(3,624)(18,128)(11,486)(6,642)(155,870)(67,186)(88,684)

Payments for purchases of marketable securities(1,718)(3,506)

1,788

Proceeds from sales of marketable securities
Payments for purchases of property, plant andequipment
Proceeds from sales of property, plant andequipment
Payments for purchases of investment securities

4,322

7,607

(3,285)(55,127)(52,081)(3,046)

2,383

1,147

1,236

(9,667)(16,100)

6,433

Cash flows from investing activities

Proceeds from sales of investment securities
Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation
Payments for loans made

2,107

25

2,082

(86,136)-(86,136)(3,410)(10,502)

7,092

Proceeds from collections of loans

11,266

3,958

7,308

-

(1,498)

1,498

Others, net(19,890)

3,764(23,654)

Cash flows from financing activities

94,472

27,49966,973

Payments for acquisition of business

Increase in short-term bank loans

6,883

1,933

4,950

Proceeds from issuances of commercial paper

80,000-80,000

Redemption of commercial paper(80,000)-(80,000)

Proceeds from long-term bank loans

4,111

1,633

2,478

Repayments of long-term bank loans(6,585)(1,031)(5,554)

Proceeds from issuances of bonds

39,796

29,848

9,948

Proceeds from issuances of common stock

55,228-55,228Cash dividends paid

(4,533)(4,532)

(1)

(420)

(329)

(91)

(8)

(21)

13

949

(1,806)

2,755

17,96426,563(8,599)77,332

49,95527,377

-

813

(813)

95,296

77,332

17,96468,7138,619

12,656
5,308

Cash dividends paid for minority shareholders
Others, net
Translation adjustments of cash and cash
equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents due toincrease in consolidated subsidiaries
Cash and cash equivalents at end of year

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
81,369Marketable securities
13,927-8-

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

Consolidated
subsidiaries

100

Unconsolidated
subsidiaries

2

TIBC Corporation, TOYODA-SULZER MANUFACTURING LTD., ALTEX CO., LTD.,Sun River Co., Ltd., IZUMI MACHINE MFG. CO., LTD., TOKYU CO., LTD.,MINO TOKYU CO., LTD., Toyoda High System, Incorporated, Nishina Industrial Co., Ltd.,
Tokaiseiki Co., Ltd., LOGISTEC CO., LTD., SKE Inc., SK Maintenance Inc.,
Iwama Loom Works, Ltd., KAWAMOTO SYSTEM CORPORATION, ARTI Inc.,
HARA CORPORATION, Mizuho Industry Co., Ltd., Sun Valley Inc., Sun Staff, Inc.,TOKAI SYSTEM INSTITUTE CORP., Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (63 companies),
Toyota Industries North America, Inc., Toyota Industrial Equipment Mfg., Inc.,
Toyoda Textile Machinery, Inc., TAL Personnel Service, Inc., Toyota Material Handling USA, Inc.,
Michigan Automotive Compressor, Inc., TD Deutsche Klimakompressor GmbH,
Kirloskar Toyoda Textile Machinery Ltd., Toyota Industry Kunshan Co., Ltd.,
Toyota Truck Norge Group (4 companies), Toyota Industrial Equipment, S.A.
BT Industries Group (2 companies)(2) Scope of equity method
Companies

Unconsolidated
subsidiaries

2

BT Industries Group (2 companies)

Affiliates

17

ST Liquid Crystal Display Corp., TAIKOH TRANSPORTATION CO., LTD.,
BT Industries Group (15 companies)

2. Changes in scope of consolidation and equity method
Consolidated subsidiaries
Companies (or Company)(Increase)72

ALTEX CO., LTD., Toyoda International Sweden AB, BT Industries Group (63 companies),
Toyota Industries North America, Inc., TAL Personnel Service, Inc.,
Toyota Material Handling USA, Inc., Toyota Truck Norge Group (4 companies)(Decrease)

1

Esaka Sports Land Co., Ltd.

Affiliates accounted for by the equity method
Companies(Increase)(Decrease)17‑

BT Industries Group (17 companies)

3. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than March 31. The details are given below.
December 31 TIBC Corporation, TOYODA-SULZER MANUFACTURING LTD., Sun River Co., Ltd.,IZUMI MACHINE MFG. CO., LTD., Toyoda High System, Incorporated, LOGISTEC CO., LTD., SKE Inc.,SK Maintenance Inc., KAWAMOTO SYSTEM CORPORATION, ARTI Inc., HARA CORPORATION,
Mizuho Industry Co., Ltd., Sun Valley Inc., Sun Staff, Inc., MINO TOKYU CO., LTD.,TOKAI SYSTEM INSTITUTE CORP., Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (63 companies), Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyoda Textile Machinery, Inc., TAL Personnel Service, Inc.,
Toyota Material Handling USA, Inc., Michigan Automotive Compressor, Inc.,TD Deutsche Klimakompressor GmbH, Kirloskar Toyoda Textile Machinery Ltd.,
Toyota Industry Kunshan Co., Ltd., Toyota Truck Norge Group (4 companies), Toyota Industrial Equipment, S.A.

(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.
-9-4. Significant accounting policies(1) Valuation of significant assets
a. Marketable securities
Trading securities
Held-to-maturity securities
Other securities with fair values

b. Inventories

Other securities without fair values…. Not applicable.
…. Not applicable.
…. Fair value method using market price at the end of year
(Unrealized gains and losses are recorded as a
portion of shareholders’ equity. Cost of sales of suchsecurities is determined by the moving averagemethod.)…. At cost determined by the moving average method…. Mainly at cost determined by the moving average method(2) Depreciation and amortization of fixed assets
Depreciation of property, plant and equipment is computed mainly by the declining-balance method. Amortization ofsoftware (intangible assets) is computed by the straight-line method.
(3) Significant allowancesa. Allowance for doubtful accounts is recorded at an amount sufficient to cover possible losses on collection, which are
estimated by examining uncollectible amounts individually for receivables that seem to be uncollectible and by using suchfactors as percentage of historical collection experiences for the remaining receivables.
b. For the purpose of preparation for future payments of employees’ retirement benefits, allowance for retirement benefits isrecorded at the amount which is considered to be incurred in the period based on the estimated benefit obligations andestimated pension assets at the end of year. To provide for the retirement benefits for directors and corporate auditors, anamount which is required at the end of year by an internal rule describing the retirement benefits for directors is accrued.
(4) Translation of assets and liabilities in foreign currencies
For translation of assets and liabilities in foreign currencies, the “Accounting Standards for Foreign Currency Transactions”
is applied.
(5) Accounting for significant lease transactions
Financing leases other than those that are deemed to transfer the ownership of the leased assets to lessees areaccounted for mainly by the method similar to that applicable to ordinary operating leases.
(6) Hedge accounting method
Mainly, effect of change in fair value of derivatives is accounted as deferred assets and liabilities or reflected on underlying
assets and liabilities. In FY2001, foreign currency forward contracts are used for hedging risk of change in foreignexchange rate relating to accounts receivables.
(7) Other significant accounting policies for preparing consolidated financial statements
The consumption tax withheld is not included in the amounts of respective revenue and cost or expense items and arerecorded as assets or liabilities.

5. Valuation of assets and liabilities of consolidated subsidiaries
Assets and liabilities of consolidated subsidiaries are evaluated using fair values at acquisition date.

6. Amortization of goodwill
Goodwill, if material, is amortized principally over less than 20 years on a straight-line basis, while immaterial goodwill ischarged to income as incurred.

7. Appropriation of retained earnings
In the consolidated statements of shareholders’ equity, the approved amount during the relevant fiscal year is reflected for theappropriation of retained earnings of consolidated subsidiaries.

8. Scope of cash and cash equivalents on the consolidated statements of cash flows
Cash and cash equivalents on the consolidated statements of cash flows include cash on hand, bank deposits to be withdrawn
at any time and short-term investments with original maturities of three months or less that are readily convertible to known
amounts of cash and are so near maturity that they present insignificant risk of changes in value.
- 10 -

Change in accounting policies
TAL’s retirement and severance benefits for directors and corporate auditors was previously recorded as expenses at the timethey were awarded. However, in order to make period earnings more appropriate, from FY2001, these expenses are accrued
based on the directors’ retirement benefit rule. Compared to the previous method, “operating income” and “ordinary income”
decreased by 195 million yen and “Income before income taxes” decreased by 2,524 million yen.

Additional Information(Accounting for Retirement Benefits)
Effective for FY2001, the new accounting standards for retirement benefits (“Suggested Report Concerned Establishment of
Accounting Standards for Retirement Benefits” (Business Accounting Deliberation Council; June 16, 1998)) have been applied.
As a result, “operating income” and “ordinary income” decreased by 1,004 million yen and “income before income taxes”
decreased by 4,981 million yen. Also, “cumulative effect of change in accounting standards for retirement benefits” of 19,057
million yen was charged to income and recorded as an extraordinary loss, and “gain on securities contribution to employee
retirement benefit trust” of 15,080 million yen was charged to income and recorded as an extraordinary gain. Allowance forretirement and severance benefits and unamortized prior service cost are included in allowance for retirement benefits.

(Accounting for Financial Instruments)
Effective for FY2001, the new accounting standards for financial instruments (“Suggested Report Concerned Establishment of
Accounting Standards for Financial Instruments” (Business Accounting Deliberation Council; January 22, 1999)) have been
applied. As a result, “ordinary income” and “income before income taxes” increased by 358 million yen. At the beginning of
FY2001, TOYODA reviewed the holding purposes of the securities it owns. Then marketable securities expiring within one
year were classified under current assets as “marketable securities” and the others were classified as “investment in securities”.
As a result, “marketable securities” decreased by 394 million yen and “investment in securities” increased by the same amount.

(Accounting Standards for Foreign Currency Transactions)
Effective for FY2001, the amended accounting standards for foreign currency transactions (“Suggested Report Concerned
Amendment of Accounting Standards for Foreign Currency Transactions” (Business Accounting Deliberation Council; October
22, 1999)) have been applied. Neither profits nor losses are resulted from this change. Effective for FY2001, translation
adjustments, which had been listed under assets in the consolidated balance sheets as of March 31, 2000, has been shifted
under shareholders’ equity and included in minority interest in consolidated subsidiaries due to the amendment of JapaneseRegulations Concerning the Terminology, Forms and Preparation Methods of the Consolidated Financial Statements.

- 11 -

Segment Information
1.Business segments(1)FY2001 (April 1, 2000 - March 31, 2001)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
Handling
Equipment

TextileMachinery457,631

236,501

33,237

4,096

-

Total

461,727

Operating costs and expenses

Total

Elimination
Consolidated
or corporate

40,011

767,382-

767,382

-

4,531

8,628

(8,628)-236,501

33,23744,543776,010(8,628)

767,382

433,202

221,955

33,20240,177

728,538(8,460)720,078

Operating income (loss)

28,525

14,54634

4,365

47,472(168)

47,304

Assets282,503

270,974

25,404

15,487594,370

1,275,271

1,869,642

Depreciation and amortization

31,764

10,766

1,034

3,070

46,635(181)

46,454

Capital expenditures

54,73470,672320

2,311

128,038(765)

127,273

Automobile

Materials
Handling
Equipment

TextileMachinery

423,413

149,084

23,134

3,335

-

Total

426,748

Operating costs and expenses

Others

Net sales(1) Sales to external customers(2) Inter-segment sales and transfers(2)FY2000 (April 1, 1999 - March 31, 2000)(Million yen; amounts less than one million yen are omitted.)

Total

Elimination
Consolidated
or corporate

30,140625,772-

625,772

-

2,613

5,948

(5,948)-149,084

23,13432,753631,721(5,948)625,772

402,319

143,335

26,10632,001

603,762(6,856)596,905

Operating income (loss)

24,4285,749( 2,971)752

27,958908

28,867

Assets266,838

81,342

23,42718,011

389,620

296,293685,914

Depreciation and amortization

31,707

7,750

978

2,397

42,833(82)

42,751

Capital expenditures

33,057

5,426

1,041

5,794

45,320(574)

44,746

Others

Net sales(1) Sales to external customers(2) Inter-segment sales and transfers

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
Materials Handling Equipment … Counterbalanced forklift trucks, warehouse trucks, skid steer loaders, automated storage and retrieval
systems, automatic guided vehicles
Textile Machinery ……………….. Ring spinning frames, air-jet looms, water-jet looms
Others …………………………….. Ball grid array-type plastic package substrates for IC chipsets, casting machines
3. Corporate assets included in “Elimination or corporate” are mainly cash and deposits, marketable securities and investments in securities ofTAL.
4. Effective for FY2001, the new accounting standards for retirement benefits have been applied. Consequently, operating costs and expenses
increased by 720 million yen for “Automobile”, 196 million yen for “Materials Handling Equipment”, 41 million yen for “Textile Machinery” and 45
million yen for “Others”, respectively, and operating income for each segment decreased by the same amount.
5. Effective for FY2001, allowance for retirement and severance benefits for directors and corporate auditors have been recorded. Consequently,
operating costs and expenses increased by 145 million yen for “Automobile”, 37 million yen for “Materials Handling Equipment”, 9 million yen for“Textile Machinery” and 3 million yen for “Others”, respectively, and operating income for each segment decreased by the same amount.
6. Effective for FY2001, the new accounting standards for financial instruments have been applied. Consequently, assets increased by 40 million
yen for “Materials Handling Equipment” and 942,594 million yen for “Elimination or corporate”.

- 12 -

2.Geographical segments(1)FY2001 (April 1, 2000 - March 31, 2001)(Million yen; amounts less than one million yen are omitted.)

Total

Elimination
Consolidated
or corporate

2,113

767,382-

767,382748

477

33,333(33,333)-

123,692

56,574

2,591

800,715(33,333)

767,382

577,380

118,42253,723

2,840

752,367(32,289)

720,078

Operating income (loss)

40,475

5,269

2,851

(248)

48,348(1,043)47,304

Assets

460,474

126,519

158,351

4,987

750,332

1,119,310

1,869,642

Japan

North
America

Japan

North
America(1) Sales to external customers

586,086

123,355

55,826(2) Inter-segment sales and transfers

31,769336

Total

617,856

Operating costs and expenses

EuropeOthers

Net sales(2)FY2000 (April 1, 1999 - March 31, 2000)(Million yen; amounts less than one million yen are omitted.)

OthersTotal

Eliminationor corporate

Consolidated

Net sales(1) Sales to external customers

531,273

79,231

15,267625,772-

625,772(2) Inter-segment sales and transfers

25,309-589

25,898(25,898)-

Total

556,583

79,231

15,857

651,671(25,898)

625,772

Operating costs and expenses

533,987

74,546

15,358623,892(26,986)

596,905

Operating income (loss)

22,595

4,684

499

27,7791,087

28,867

Assets361,459

44,034

17,322422,815

263,098

685,914

Notes: 1. Corporate assets included in “Elimination or corporate” are mainly cash and deposits, marketable securities and investments in securities ofTAL.
2. Effective for FY2001, “Europe” has been separated from “Others” because business there increased in importance.
3. Effective for FY2001, the new accounting standards for retirement benefits have been applied. Consequently, operating costs and expenses of“Japan” increased by 1,004 million and operating income of “Japan” decreased by the same amount.
4. Effective for FY2001, allowance for retirement and severance benefits for directors and corporate auditors have been recorded.
Consequently, operating costs and expenses of “Japan” increased by 195 million yen and operating income of “Japan” decreased by the same
5. Effective for FY2001, the new accounting standards for financial instruments have been applied. Consequently, assets increased by 40 million
yen for “Japan” and 942,594 million yen for “Elimination or corporate”.

3.Overseas sales(1)FY2001 (April 1, 2000 - March 31, 2001)(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

140,161

EuropeOthers102,665

55,96718.2%(2)FY2000 (April 1, 1999 - March 31, 2000)

13.4%

7.3%

90,314

Others101,677

Total
191,992
625,772

Total sales
Ratio of overseas sales to consolidated sales

38.9%(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

298,794
767,382

Total sales
Ratio of overseas sales to consolidated sales

Total

14.4%

16.3%

Note: Effective for FY2001, “Europe” has been separated from “Others” because business there increased in importance.

- 13 -

30.7%

Lease Transactions
1. As a lessee(1) Finance leases 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 under finance leases
as of the end of the years(Million yen; amounts less than one million yen are omitted.)

Acquisition costequivalents

FY2001
Accumulated
depreciationequivalents

Net leased
properties

Acquisition costequivalents

FY2000
Accumulated
depreciationequivalents

Net leased
properties

Machinery, equipment
2,339
909
1,429
2,214
533
1,680
and vehicles
Tools, furniture and
4,660
2,228
2,431
5,506
3,051
2,454
fixture
Total
6,999
3,138
3,861
7,720
3,585
4,134
Note: 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, etc., at year-ends is immaterial.
(b) Pro forma information regarding future minimum lease payments as of the end of the years(Million yen; amounts less than one million yen are omitted.)

FY2001
FY2000Due within 1 year
1,302
1,500
Due after 1 year
2,558
2,634
Total
3,861
4,134
Note: Future minimum lease payments under finance include the imputed interest expenses portion because the percentage which iscomputed by dividing future minimum lease payments by total balance of property, plant and equipment, etc., at year-ends is
immaterial.
(c) Total lease payments and pro forma depreciation expenses for the years(Million yen; amounts less than one million yen are omitted.)

Total lease payments
Pro forma depreciation
expenses

FY2001
1,505

FY2000
1,749

1,505

1,749

(d) Calculation method of pro forma depreciation expenses
Pro forma depreciation expenses are computed mainly by the straight-line method which assumes zero residual value andleasing term to be useful lives for the years, and are equivalent to the amount of total lease payments.
(2) Pro forma future lease payments under operating leases as of the end of the years(Million yen; amounts less than one million yen are omitted.)

Due within 1 year
Due after 1 year
Total

FY2001
5,116
9,542
14,659FY2000203
164368

2. As a lessor(1) Pro forma future lease payments under operating leases as of the end of the years(Million yen; amounts less than one million yen are omitted.)

Due within 1 year
Due after 1 year
Total

FY2001
1,455
7,717
9,172

FY2000-- 15 -

Related Party Transactions
Parent company and main institutional shareholder
Attribution
Other
affiliate

Company
nameAddress

Capital(Million yen)Line ofbusiness

Contents of relation
VotingBalance atTransaction
Concurrently Relation of Contents of amount Accounts end of year
right
Transaction(Million yen)
(Million yen)
(Owned) serving of
directors etc. businesses

Toyota Motor Toyota, 397,049 Manufacturing (Owned) Concurrently Sales ofSales ofCorporation Aichi,
and sales of Direct:
serving:
automobiles, automobiles,
Japan
24.67%
automobiles,
3 directors engines and engines andmaterials
relating parts
materials
Transferred:handlingand others
handling
7 directors equipment
equipment
products
Purchases ofautomobiles’,engines’ andmaterials
handling
equipment’s
parts

425,376Tradeaccounts
receivable

35,483

195,514Tradeaccounts
payable17,937

Payments ofsales costs

3,874

Accruedexpenses

276

Purchases ofshares lessthan one unit

810

Other
payables-- 16 -

Marketable Securities
1. Held-to-maturity securities with fair value
Not applicable.
(Million yen; amounts less than one million yen are omitted.)

2. Other securities with fair value

FY2001(As of March 31, 2001)(1) Stocks(2) Bonds
Government and municipal bonds, etc.
Corporate bonds
Other bonds(3) Other
Total

Acquisition cost
167,371

Carrying amount
1,117,736

Difference
950,364

0
16,1992
720
184,294

0
16,1972
720
1,134,657(1)
950,363

3. Contents and carrying amount of main “securities” not practicable to fair value(excluding securities falling into category 1. above-mentioned)(1) Held-to-maturity securities(2) Other securities
Domestic unlisted stocks excluding over-the-counter stocks
Commercial paper used in repurchase agreements
Bonds used in repurchase agreements
Money management funds
Foreign unlisted bonds

Not applicable.
Million yen

12,643
3,999
1,999
340
310

Fair Value and Other Information of Marketable Securities(Million yen; amounts less than one million yen are omitted.)

FY2000(As of March 31, 2000)
Carrying amount(1) Current:
Stocks
Bonds
Other
Subtotal(2) Non-current
Stocks
Bonds
OthersSubtotal
Total

Fair value

Unrealized gains (losses)

392
2
394

1,255
2
1,258

863
0
863

162,9832,000
50
165,033
165,427

1,323,286
1,996
50
1,325,333
1,326,591

1,160,303(3)01,160,300
1,161,164

Notes: 1.The following methods are used to determine fair value.
Listed securities: mainly closing prices on Tokyo Stock Exchanges
Unlisted bonds: prices after adjustment (interest rate or differences in the remaining period of redemption) made on the standard
quotation prices of over-the-counter standard bonds announced by Japan Securities Dealers’ Association.
2.Book value of the securities excluded from disclosure above
Million yen(Current)
Bonds used in repurchase agreements
3,993
Commercial paper used in repurchase agreements
3,993
Discount bank debenture
3,491
Foreign unlisted bonds
809
Money management funds
632(Non-current)
Domestic unlisted stocks excluding over-the-counter stocks
22,856
Foreign unlisted bonds
3,310- 17 -

Derivative Transaction
Not applicable.

- 18 -

Non-consolidated Balance Sheets(Million yen; amounts less than one million yen are omitted.)

FY2001(As of March 31, 2001)

FY2000(As of March 31, 2000)

Current assets
Cash and deposits
Trade notes receivable
Trade accounts receivable
Marketable securities
Finished goods
Raw materials
Work in process
Supplies
Prepaid expenses
Deferred tax assets
Other receivables
Other current assets
Less－allowance for doubtful accounts
Fixed assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
Vehicles and delivery equipment
Tools, furniture and fixture
Land
Construction in progress
Intangible assets
SoftwareInvestments and other assets
Investments in securities
Investments in subsidiaries
Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and other assets
Less－allowance for doubtful accounts

1 9 6 , 9 1 0
7 9 , 6 5 1
3 , 4 0 7
5 6 , 4 1 9
1 6 , 7 0 1
8 8 1
2 4 6
1 3 , 8 7 4
2 , 3 0 82 2 4
7 , 2 6 0
1 0 , 4 4 3
5 , 7 0 7
( 2 1 7 )1 , 5 0 3 , 6 2 7
2 0 9 , 0 5 5
5 8 , 5 6 0
5 , 9 5 8
9 3 , 7 2 0
9 5 0
8 , 8 4 6
3 0 , 7 1 3
1 0 , 3 0 5
1 , 3 8 4
1 , 3 8 4
1 , 2 9 3 , 1 8 7
1 , 1 5 1 , 5 8 7
1 2 5 , 5 8 7
6 , 7 0 7
3 , 5 7 9
5 , 7 4 6
( 1 9 )

1 6 5 , 5 5 8
5 8 , 6 4 5
2 , 4 1 8
5 6 , 1 4 0
1 2 , 4 3 4
1 , 3 3 8
1 7 6
1 1 , 9 6 8
2 , 2 7 3
1 2 1
4 , 7 3 5
1 0 , 0 0 9
5 , 7 1 3
( 4 1 7 )4 6 3 , 3 2 7
2 0 2 , 5 8 1
6 0 , 0 0 7
6 , 0 5 3
9 3 , 0 5 9
9 1 6
9 , 8 8 7
2 8 , 1 2 9
4 , 5 2 9
1 , 3 6 5
1 , 3 6 5
2 5 9 , 3 8 1
1 9 7 , 8 3 9
3 4 , 2 1 1
1 6 , 0 6 3
1 , 2 9 7
4 , 3 3 5
5 , 6 9 3
( 5 8 )

3 1 , 3 5 2
2 1 , 0 0 6
9 8 9
2 7 9
4 , 2 6 7
( 4 5 7 )
7 0
1 , 9 0 6
3 5
1 0 3
2 , 5 2 5
4 3 4
( 6 )
2 0 0
1 , 0 4 0 , 3 0 0
6 , 4 7 4
( 1 , 4 4 7 )( 9 5 )
6 6 1
3 4
( 1 , 0 4 1 )
2 , 5 8 4
5 , 7 7 6
1 9
1 9
1 , 0 3 3 , 8 0 6
9 5 3 , 7 4 8
9 1 , 3 7 6( 9 , 3 5 6 )2 , 2 8 2
( 4 , 3 3 5 )5 3
3 9

Total assets

1 , 7 0 0 , 5 3 8

6 2 8 , 8 8 6

1 , 0 7 1 , 6 5 2

3 2 1 , 3 6 0
3 , 7 0 0

3 0 3 , 9 8 5
3 , 3 0 5

1 7 , 3 7 5
3 9 5

9 3 shares0

4 3 6 shares0( 3 4 3 ) shares( 0 )3 1 3 , 2 9 6 , 2 2 5 shares2 8 3 , 2 9 6 , 2 2 5 shares

3 0 , 0 0 0 , 0 0 0 shares

Variance

Assets

Notes: 1. Accumulated depreciation of property,
plant and equipment
Notes: 2. Contingent liabilities
Notes: 3. Number of shares of treasury stock
Notes: 3. Amount of treasury stock
Notes: 4. Number of shares issued and outstandingat end of year

Notes: 5. Provision for retirement and severance benefits for directors and corporate auditors of 2,524 million yen is contained in allowance for retirement
benefits in FY2001.

- 20 -

(Million yen; amounts less than one million yen are omitted.)

FY2001(As of March 31, 2001)

FY2000(As of March 31, 2000)

1 3 2 , 9 3 7

1 1 8 , 9 0 7

1 4 , 0 3 0

4 , 4 0 8

3 , 4 5 5

9 5 3

Trade accounts payable

6 6 , 6 5 9

6 4 , 3 9 3

2 , 2 6 6

Other payables

1 5 , 2 0 8

9 , 4 9 2

5 , 7 1 6

Accrued expenses

1 8 , 0 0 3

1 6 , 2 5 0

1 , 7 5 3

Accrued income taxes

1 0 , 3 6 8

7 , 4 7 8

2 , 8 9 0

Advance received

1 1 1

-

1 1 1

Deposits received

5 7 3

4 6 0

1 1 3

1 7 , 6 0 5

1 7 , 3 7 6

2 2 9

6 1 9 , 7 7 5

1 9 2 , 5 7 9

4 2 7 , 1 9 6Straight bonds

1 4 0 , 0 0 0

1 0 0 , 0 0 0

4 0 , 0 0 0

Convertible bonds

7 5 , 7 4 8

7 5 , 7 4 8-

3 8 3 , 6 6 5-

3 8 3 , 6 6 5-

1 6 , 8 1 5( 1 6 , 8 1 5 )

2 0 , 3 4 5-

2 0 , 3 4 5

1 6

1 6

-

7 5 2 , 7 1 3

3 1 1 , 4 8 7

4 4 1 , 2 2 6Common stock

6 8 , 0 1 8

4 0 , 1 7 8

2 7 , 8 4 0

Statutory reserves
Capital surplus

9 8 , 5 5 7

7 0 , 7 1 7

2 7 , 8 4 0

8 8 , 5 1 2

6 0 , 6 7 2

2 7 , 8 4 0

1 0 , 0 4 4

1 0 , 0 4 4-

2 2 2 , 6 1 8

2 0 6 , 5 0 3

1 6 , 1 1 5

6 3

2 0

4 3

1 6 6

1 7 7

( 1 1 )

1 7 0 , 0 0 0

1 7 0 , 0 0 0-

5 2 , 3 8 8

3 6 , 3 0 5

1 6 , 0 8 3< 2 0 , 8 3 1 >< 1 7 , 1 7 0 >< 3 , 6 6 1 >Variance

Liabilities
Current liabilities
Trade notes payable

Deposits received from employees
Long-term liabilities

Deferred tax liabilities
Allowance for retirement andseverance benefits
Allowance for retirement benefits
Other long-term liabilities
Total liabilities
Shareholders’ equity

Legal reserve
Retained earnings
Reserve for special depreciation
Reserve for reduction of acquisition
cost of fixed assets
General reserves
Unappropriated retained earnings at
end of year
<Including net income for year>
Net unrealized gains on othersecurities
Total shareholders’ equity
Total liabilities andshareholders’ equity

5 5 8 , 6 3 1-

5 5 8 , 6 3 1

9 4 7 , 8 2 5

3 1 7 , 3 9 9

6 3 0 , 4 2 6

1 , 7 0 0 , 5 3 8

6 2 8 , 8 8 6

1 , 0 7 1 , 6 5 2- 21 -

Non-consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)(

FY2001
April 1, 2000 March 31, 2001

) (FY2000April 1, 1999 March 31, 2000)

Variance

Ordinary profits and losses
Operating revenue and expenses
5 7 5 , 5 5 8

5 2 1 , 5 0 2

5 4 , 0 5 6

5 7 5 , 5 5 8

5 2 1 , 5 0 2

5 4 , 0 5 6

Operating expenses

5 3 8 , 7 3 7

4 9 8 , 9 9 4

3 9 , 7 4 3

Cost of sales
Selling, general and administrative
expenses
Operating income

5 0 7 , 0 1 1

4 6 9 , 2 7 2

3 7 , 7 3 9

3 1 , 7 2 5

2 9 , 7 2 1

2 , 0 0 4

3 6 , 8 2 1

2 2 , 5 0 8

1 4 , 3 1 3

1 3 , 1 1 1

1 7 , 2 9 4( 4 , 1 8 3 )

5 6 6

5 3 1

3 5

Dividends income

7 , 7 7 9

7 , 7 1 6

6 3

Other non-operating income

4 , 7 6 5

9 , 0 4 6

( 4 , 2 8 1 )Non-operating expenses

1 2 , 8 8 9

1 3 , 6 8 2( 7 9 3 )2 , 8 7 4

2 , 2 6 4

6 1 0

1 0 , 0 1 4

1 1 , 4 1 7( 1 , 4 0 3 )

3 7 , 0 4 3

2 6 , 1 2 0

1 0 , 9 2 3

1 5 , 0 8 0-

1 5 , 0 8 0

1 5 , 0 8 0-

1 5 , 0 8 0

2 0 , 1 7 7-

2 0 , 1 7 7

1 7 , 8 4 8-

1 7 , 8 4 8

2 , 3 2 9-

2 , 3 2 9

3 1 , 9 4 5

2 6 , 1 2 0

5 , 8 2 5

Income taxes－current

1 7 , 0 6 0

1 2 , 6 4 0

4 , 4 2 0

Income taxes－deferred( 5 , 9 4 5 )( 3 , 6 9 0 )( 2 , 2 5 5 )Net income
Unappropriated retained earnings brought
forward
Cumulative adjustments of adoption of new
accounting rule for deferred taxes
Reversal of reserve for special depreciation
due to an adoption of tax effect accounting
Reversal of reserve for reduction of
acquisition cost of fixed assets due toan adoption of tax effect accounting
Interim cash dividend

2 0 , 8 3 1

1 7 , 1 7 0

3 , 6 6 1

3 3 , 8 2 3

1 5 , 8 8 1

1 7 , 9 4 2-

5 , 3 8 0

( 5 , 3 8 0 )-1 4( 1 4 )-1 2 4

( 1 2 4 )2 , 2 6 6

2 , 2 6 60

5 2 , 3 8 8

3 6 , 3 0 5

1 6 , 0 8 3

Operating revenue
Net sales

Non-operating income andexpensesNon-operating income
Interest income

Interest expenses
Other non-operating expenses
Ordinary income
Extraordinary gains and losses
Extraordinary gains
Gain on securities contribution toemployee retirement benefit trust
Extraordinary losses
Cumulative effect of change inaccounting standards for retirement
benefits
Provision for retirement and severance
benefits for directors and corporate
auditors
Income before income taxes

Unappropriated retained earnings
at end of year

- 22 -

Proposed Appropriation of Non-consolidated Retained Earnings(Million yen; amounts less than one million yen are omitted.)

FY2001

FY2000

Variance

5 2 , 3 8 8

3 6 , 3 0 5

1 6 , 0 8 3

1 4

7

7

9

1 0

( 1 )

5 2 , 4 1 2

3 6 , 3 2 3

1 6 , 0 8 9Legal reserve

6 , 9 6 0-

6 , 9 6 0

Cash dividends

2 , 8 1 9

2 , 2 6 6

5 5 3Unappropritated retained earnings
at end of year
Reversal of reserve for special
depreciation
Reversal of reserve for reduction of
acquisition cost of fixed assets
Total
The above will be appropriated as follows:< 9.00 yen per share>
Bonuses to directors< 8.00 yen per share>

1 8 7

1 7 0

1 7

Bonuses to corporate auditors

2 1

1 4

7

Reserve for special depreciation

7 7

4 9

2 8

General reserves

1 0 , 0 0 0-

1 0 , 0 0 0

Unappropritated retained earnings
to be carried forward

3 2 , 3 4 7

3 3 , 8 2 3( 1 , 4 7 6 )

Note: On November 27, 2000, an interim cash dividend of 8.00 yen per share, or a total of 2,266 million yen was paid.

Change in accounting policies
TAL’s retirement and severance benefits for directors and corporate auditors was previously recorded as expenses at the timethey were awarded. However, in order to make period earnings more appropriate, from FY2001, these expenses are accrued
based on the directors’ retirement benefit rule. Compared to the previous method, “operating income” and “ordinary income”
decreased by 195 million yen and “Income before income taxes” decreased by 2,524 million yen.

Additional Information(Accounting for Retirement Benefits)
Effective for FY2001, the new accounting standards for retirement benefits (“Suggested Report Concerned Establishment of
Accounting Standards for Retirement Benefits” (Business Accounting Deliberation Council; June 16, 1998)) have been applied.
As a result, “operating income” and “ordinary income” decreased by 717 million yen and “income before income taxes”
decreased by 3,485 million yen. Also, “cumulative effect of change in accounting standards for retirement benefits” of 17,848
million yen was charged to income and recorded as an extraordinary loss, and “gain on securities contribution to employee
retirement benefit trust” of 15,080 million yen was charged to income and recorded as an extraordinary gain. Allowance forretirement and severance benefits and unamortized prior service cost are included in allowance for retirement benefits.
(Accounting for Financial Instruments)
Effective for FY2001, the new accounting standards for financial instruments (“Suggested Report Concerned Establishment of
Accounting Standards for Financial Instruments” (Business Accounting Deliberation Council; January 22, 1999)) have been
applied. As a result, “ordinary income” and “income before income taxes” increased by 352 million yen. At the beginning of
FY2001, TAL reviewed the holding purposes of the securities it owns. Then marketable securities expiring within one year wereclassified under current assets as “marketable securities” and the others were classified as “investment in securities”. As aresult, “marketable securities” decreased by 356 million yen and “investment in securities” increased by the same amount.
(Accounting Standards for Foreign Currency Transactions)
Effective for FY2001, the amended accounting standards for foreign currency transactions (“Suggested Report Concerned
Amendment of Accounting Standards for Foreign Currency Transactions” (Business Accounting Deliberation Council; October
22, 1999)) have been applied. Neither profits nor losses resulted from this change.

- 23 -