SEMIANNUALREPORT2004
For the Six Months Ended September 30, 2003

Profile
What is now Toyota Industries Corporation was founded in 1926 as Toyoda Automatic Loom Works,
Ltd. by the renowned Japanese inventor Sakichi Toyoda to manufacture automatic looms. The
enterprise proceeded over the years to diversify into such fields as automobiles, forklift trucks,
electronics, and logistics solutions. In line with its strategy of globalization, Toyota Industries now has
production facilities in Europe, North America, and other regions.
The business universe of Toyota Industries consists of four segments: Automobile, which
comprises the vehicle (automobile assembly), engine, and car air-conditioning compressor businesses;
Materials Handling Equipment, which specializes in forklift trucks and warehouse equipment; Textile
Machinery, which covers the spinning and weaving machinery businesses; and Others, which includes
electronics and other businesses. Each of these segments already has or is building a secure footing in
its particular fields.
Developing technological and market synergies among our various businesses to produce added
value, we aim to achieve a conglomerate premium so that the worth of Toyota Industries as a wholeadds up to more than the sum of its parts.

Cautionary Statement with Respect to Forward-Looking Statements
This semiannual report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of the words “expect,”“anticipate,” “estimate,” “forecast,” “plan,” and similar expressions is intended to identify such forward-looking statements. Projections and forward-looking
statements are based on the current expectations and estimates of Toyota Industries Corporation and its Group companies regarding their plans, outlook,strategies, and results for the future. All such projections and forward-looking statements are based on management’s assumptions and beliefs derived fromthe 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 and forward-looking statements in making your investment decisions. You should
also be aware that certain risks and uncertainties could cause the actual results of Toyota Industries Corporation and its Group companies to differ materiallyfrom any projections or forward-looking statements discussed in this report. These risks and uncertainties include, but are not limited to, the following:i) Domestic and overseas economic conditions, particularly levels of consumer spending, demand for our products, and private sector capital expenditureii) Adverse changes in laws and regulations, such as trade restrictions and tariffs, or stricter safety or emissions regulations, resulting in higher costs and/or
sales restrictionsiii) Currency exchange rate fluctuations, notably involving yen, U.S. dollars, Asian currencies, and the euro—the currencies in which Toyota Industries
Corporation and its Group companies have holdings and use to conduct their international businessiv) Fluctuations in market prices of securities in which Toyota Industries Corporation and its Group companies have substantial holdingsv) The ability of Toyota Industries Corporation and its Group companies to maintain their strength in many product development and geographical areas,through such means as new product development and launches in highly competitive markets characterized by continual new product introductions, rapid
technological advances, and fluctuations in demandvi) Effects of natural disasters, terrorist activities, war or political instability in the markets Toyota Industries Corporation and its Group companies servevii) Factors such as greater price competition in Asia, North America, and Europe resulting from industry overcapacity or other factors; higher fuel prices or
shortages of fuel; labor or other constraints on the ability of Toyota Industries Corporation and its Group companies to restructure their business; work
stoppages at their facilities or those of key suppliers; and the discovery of defects in their products resulting in delays in new product launches, recall
campaigns, increased warranty costs or litigationviii) Political, economic and social conditions in Japan, the United States and elsewhere, including the relevant governments’ specific policies with respect toeconomic growth, inflation, taxation, currency convertibility, imports and sources of supplies, and the availability of credit, particularly to the extent suchcurrent or future conditions and policies affect the automobile, materials handling equipment, textile machinery, and electronics industries and markets inJapan, the United States, and elsewhere.

Consolidated Financial Highlights
Toyota Industries Corporation
Six months ended September 30, 2003 and 2002 (unaudited)Thousands of
U.S. dollars

Millions of yen
September 30

September 30

2003

2002

2003

% change

For The Six Months
Net sales¥ 569,588¥ 520,489

Operating income

27,01925,2147.2

9.4 %$ 5,119,892
242,867

Ordinary income

30,16926,90512.1

271,182

Income before income taxes

28,93825,37014.1

260,117

Net income

17,096

13,614

25.6

153,672

Depreciation and amortization

30,562

26,847

13.8

274,715

Capital expenditures

39,72040,080(0.9)

357,034

Research and development expenses

14,782

14,626

1.1

132,872

58.12

43.57

33.4

0.52

Per share of common stock (in yen or U.S. dollars):
Net income — basic
Net income — diluted

51.65

39.27

31.5

0.46

Cash dividends

12.00

10.00

20.0

0.11

¥1,900,975¥1,692,295

12.3 %$17,087,416

Shareholders’ equity

939,866

823,01414.2

8,448,234

Number of employees

26,94424,877

8.3

At The Six Months’ End
Total assets

Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥111.25 = US$1, the exchange rate on September 30, 2003.

Net Sales

Net Income

Total Assets

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

1,200

30

2,000

1,000

1,000

800

1,500
20

800

600
1,000

600

400
10

400

500

200

200
0
FY

02
First Half

03

04

0
FY

02

03

04

0
FY

02

03

04

0
FY

02

03

04

Year

Note: Hereafter, the fiscal year ended March 31, 2004 is referred to as fiscal 2004 and other fiscal years are referred to in a corresponding manner.

Contents
Consolidated Financial Highlights ................................................. 1
Letter to Shareholders .................................................................. 2
Topics ............................................................................................ 5
Management’s Discussion and Analysisof Financial Condition and Results of Operations ..................... 6
Consolidated Balance Sheets ..................................................... 10
Consolidated Statements of Income .......................................... 12
Consolidated Statements of Shareholders’ Equity ..................... 13

Consolidated Statements of Cash Flows .................................... 14
Notes to Consolidated Financial Statements .............................. 15
Certificate by Executive Vice President
in Charge of Accounting and Finance ...................................... 23
Directors and Corporate Auditors ............................................... 23
Corporate Data ............................................................................ 24
Investor Information ...................................................... Back CoverTOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 20041

Letter to Shareholders

Akira Yokoi

Tadashi Ishikawa

ChairmanPresident

Dear Shareholders:
Excellent Performance for the Term
The results of Toyota Industries Corporation and its
subsidiaries (“Toyota Industries”) for the six months ended
September 30, 2003 (the “term”) can be summarized in asingle word: Excellent. We achieved a record high forearnings performance. Consolidated net sales totaled ¥569.6
billion, an increase of 9.4% compared with the six months
ended September 30, 2002 (the “previous term”).
Consolidated operating income was ¥27.0 billion, an increaseof 7.2% over the previous term. Consolidated ordinary
income amounted to ¥30.2 billion, an increase of 12.1% overthe previous term. Consolidated net income was ¥17.1
billion, an increase of 25.6% over the previous term.
The business environment during the term turned out tobe somewhat better than expected. Although it was
anticipated that the world economy would be affected
adversely by the armed intervention in Iraq and SARS (severe
acute respiratory syndrome), the U.S. economy appeared to

2

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

be on its way to recovery and the Chinese economy
continued to expand. The Japanese economy also showedsigns of an upturn, with increased private sector capital
investment and improved corporate profitability.
In addition, we succeeded in implementing a clearly
defined strategy that exploited our competitive strengths ineach of our business segments and in making further
significant cost reductions.

All Business Segments in Good ShapeAll of Toyota Industries’ business segments saw their net
sales improve over the previous term. However, the level ofoperating income varied slightly by business segment,
although most segments maintained stable incomes.
Note: Segment net sales figures do not include intersegment transactions.
However, segment operating income figures do include operating
income arising from intersegment transactions.

Automobile Segment
Net sales were ¥296.2 billion for the term, up 1.7% over theprevious term, and accounted for 52.0% of Toyota Industries’
total net sales for the term. Although sales of vehicles andengines decreased, sales of car air-conditioning compressors
increased. Operating income, on the other hand, at ¥14.7
billion for the term was down 3.7% from the previous term.

Materials Handling Equipment Segment
Net sales for the term totaled ¥216.3 billion, up 19.5% overthe previous term. This increase was due mainly to aggressive
sales promotion activities for major customers in and outside
Japan by TOYOTA Material Handling Company (“TMHC”) as
well as the consolidation of Aichi Corporation (“Aichi”), which
was included in our network of subsidiaries in May 2003.
Operating income was ¥8.9 billion for the term, up 16.8%
over the previous term.

Textile Machinery Segment
Net sales amounted to ¥23.8 billion for the term, up 4.5%
over the previous term. Operating income was ¥0.4 billion for
the term, down 42.5% from the previous term. This decrease
was due largely to a rise in the purchase prices of some parts
and a decrease in sales of more profitable machinery, notably
roving frames.

Others Segment
Net sales totaled ¥33.2 billion for the term, up 30.6% over theprevious term, due mainly to an increase in sales of TIBC
Corporation. Operating income totaled ¥3.1 billion for theterm, up 96.7% over the previous term.

Achievements during the Term
Consolidation of Aichi Corporation
In May 2002, following the conclusion of a comprehensive
agreement on capital and business collaboration between
Toyota Industries and Aichi, Toyota Industries acquired 34% of
Aichi’s outstanding shares. We also obtained a warrant thatwould raise our holding to 51%. In May 2003, we exercised thewarrant, incorporating Aichi into our network of subsidiaries.
Aichi’s consolidated net sales for the term totaled ¥18.8
billion, up 20.1% over the previous term. Ordinary income
was ¥1.0 billion, compared with an ordinary loss of ¥0.6 billion
for the previous term, and net income was ¥1.0 billion,
compared with a net loss of ¥0.8 billion for the previous term.
We believe that Aichi’s remarkable change for the better wasa result of the structural and fundamental reform we haveactively supported. Also, in October 2003, a stricter waste
emissions regulation was enacted covering major
metropolitan areas in Japan (parts of the Kanto, Tokai, andKansai areas). This regulation forbids trucks and dieselpowered vehicles that do not meet the specified emissions

standard from taking compulsory car inspections. This led to asurge in sales of Aichi’s special-purpose vehicles to replacethose sub-standard vehicles.

Global Fund Management
In June 2003, Toyota Industries Finance International AB(“TIFI”), our finance subsidiary established in Sweden,
assumed fund-raising operations for all of our overseas
subsidiaries and began centrally managing the funds of our
European subsidiaries.
Toyota Industries itself commenced centralized fundmanagement of its domestic subsidiaries also in June 2003. In
North America, Toyota Industries North America, Inc. has
been centrally managing the funds of our North American
subsidiaries since February 2001.
Through these measures, we aim to achieve more
efficient fund-raising and fund management on a global,
consolidated basis.

Making Inroads into
the Logistics Solutions BusinessToyota Industries started full-fledged operations in the
Logistics Solutions Business, responding to increasing market
needs for streamlined logistics operations in Japan. This is anarea in which we can take advantage of our long-standing
experience in production and sales of materials handlingequipment such as forklift trucks and automated storage andretrieval systems, as well as our production know-how asdemonstrated in the Toyota Production System (“TPS”).
We signed contracts with a number of wholesalers andmanufacturers for the management of distribution centers in
the Tokyo metropolitan and Chubu (Central Japan) areas
during the term. To strengthen our position in this area, weare forging alliances with other logistics operators andpreparing for our entry into the third party logistics business,
which encompasses thorough evaluation of clients’ logistics
operations, making improvement proposals, and undertaking
across-the-board logistics operations. As part of the alliancewith logistics operators, in February 2003, we concluded anagreement on business collaboration with Trancom Co., Ltd.
(“Trancom”), which possesses advanced information systems
and proven distribution center management capability. In April
2003, Toyota Industries and Trancom established ALTRAN
Corporation, a joint company to undertake logistics solutions
business.

Reinforcement of Sales Network
in China and Australia
In anticipation of expanding demand in China, TMHC
constructed a new forklift truck assembly plant within thepremises of Toyota Industry (Kunshan) Co., Ltd., which isengaged in the production of foundry parts in Kunshan,
Jiangsu Province. TMHC began local production of 1-3 ton
internal combustion counterbalanced forklift trucks, top-sellers
in the country, in April 2003.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 20043

Letter to Shareholders
management base, and securing higher profitability.
For fiscal 2004 in full, we forecast the following:
Consolidated net sales of ¥1,150.0 billion, up 7.6% over fiscal
2003 and representing a ¥50.0 billion increase over our
forecast at the beginning of fiscal 2004; ordinary income of¥58.0 billion, up 12.9% over fiscal 2003 and representing a¥1.0 billion increase over our forecast at the beginning of fiscal
2004; and net income of ¥34.0 billion, up 55.0% over fiscal
2003, the same as our forecast at the beginning of fiscal 2004.

Tadashi Ishikawa
President

In May 2003, we established Toyota Material Handling(Shanghai) Co., Ltd. jointly with Toyota Tsusho Corporation as
a distributor of forklift trucks in China. The new company,
which started operations in June 2003, will take the initiativein forging a strong sales network through the enhancement of
its dealer network.
In June 2003, Toyota Industries established Toyota
Industries Corporation Australia Pty Limited (“TICA”) in
Sydney as a new distributor, with a view to expanding sales offorklift trucks and other materials handling equipment in thelocal market. TICA started operations in July 2003 after taking
over the materials handling equipment sales operations of
Toyota Motor Corporation Australia Ltd., which was
responsible for sales of TOYOTA-brand materials handlingequipment in the country. TICA undertakes on sales andmarketing activities specifically for materials handlingequipment, allowing more agile management and swifter
decision-making.

Business Outlook for Fiscal 2004
Although the economies of Japan and the U.S. show signs ofan upswing, the overall business environment does not allow
optimism, due to an accelerating appreciation of the yen,anxiety over deflation, and uncertainties in the Middle East.
We expect that in the second half of fiscal 2004, ending
March 31, 2004, Toyota Industries will continue to facechallenging economic conditions.
Even so, we are confident that our long-standing policy ofdiversification will pay off in such circumstances, in that even
if some of our businesses experience difficulties, otherbusinesses will perform well, so allowing Toyota Industries tocontinue on the path to stable and sustainable growth.
Meanwhile, we will seek to ensure that our products andservices are attuned to customer needs, and continue with
our quality improvement and cost-reduction activities. Our
strategy will also include promoting global businesses,
improving management efficiency, strengthening our

Note: The financial projections set forth above are based upon a number ofassumptions and estimates that, while presented with numerical
specificity and considered reasonable by us when taken as a whole, areinherently subject to significant economic, business, competitive,
regulatory, and operational uncertainties, contingencies and risks, manyof which are beyond our control. Financial projections are necessarily
speculative in nature, and it can be expected that one or more of theassumptions underlying the projections will prove not to be valid, andunanticipated events and circumstances are likely to occur. Actual
results will vary from the financial projections and those variations may
be material. Consequently, this report should not be regarded as arepresentation by us or any other person that the financial projections
will be achieved. Current market trends in the global economy make itparticularly difficult to predict product demand and other related
matters.

Looking towards the Future
The most important aspect of our corporate mission is toincrease shareholder value. We consistently aim to enhance
corporate performance by improving medium- to long-term
profitability, implementing ambitious strategies with specificgoals in each business area, familiarizing more employeeswith TPS—an essential source of our competitiveness—andlaying down efficient management systems.
Concurrently, as a responsible corporate citizen, weemphasize activities to protect the natural environment andfulfill our other social responsibilities.
We thank all of our stakeholders, including shareholders,customers, suppliers, local communities, and employees, fortheir support. As we look to secure further growth inshareholder value, we respectfully request a continuation of
the support we have enjoyed to date.
December 2003

Akira Yokoi
ChairmanTadashi Ishikawa
President

4

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

Topics
In this section, we review the highlights of Toyota Industries’ activities from April to October 2003.

NEW PRODUCTS
Production Start-Up of Two-Way
Compressors

Commercialization of Electrically-Driven Car
Air-Conditioning Compressors for Hybrid Cars

Toyota Industries developed jointlywith DENSO Corporation(“DENSO”) and started productionof a two-way compressor with abuilt-in motor, to be used for air
conditioners of hybrid cars. This
compressor is driven alternately by
Two-Way Compressor
an engine during driving and by abuilt-in motor during engine stop,achieving a balance between fuel efficiency and comfort when the
car air-conditioner is turned on. It is installed in Toyota Motor
Corporation’s (“TMC’s”) Estima Hybrid, which was re-introduced
to the market in July 2003 after a minor change, and Alphard
Hybrid, which was launched in the same month.

We also developed jointly with DENSO and started production of anelectrically-driven car air-conditioning compressor for hybrid cars.
Unlike conventional compressors that are belt-driven by the engine,
this compressor is driven by a built-in motor. As a result, the airconditioner remains on even when the engine is turned off, ensuring
both interior comfort and fuel economy for idling stop vehicles suchas hybrid cars.
The optimized shape of the scroll andother innovations allow the electricallydriven compressor to improve thecompression efficiency of the refrigerant
and minimize energy loss for optimum
performance. It is installed in the new
Prius, which was introduced to theElectrically-Driven Compressor
ES18market by TMC in September 2003.

EXHIBITIONSElectronics Devices Showcased at
CEATEC JAPAN 2003
From October 7 to 11, 2003, CEATEC JAPAN 2003, one of Asia’s
largest electronics exhibition dedicated to communications,information, and imaging technologies, was held at the Makuhari
Messe on the outskirts of Tokyo.

We displayed the following at the show: A white organic lightemitting diode (“OLED”) back light for LCD panels and an OLED
display, both of which take advantage of our proprietary OLED
technology; a chipset conforming to the high-speed wireless LAN(“WLAN”) standard IEEE802.11g; an ultracompact, low-cost radio tuner module thatcombines the main functions of a radio on asingle chip utilizing full CMOS RF IC technology,
and others.

Energy-Efficient, Environment-Friendly
Technology Displayed at
Tokyo Motor Show 2003
We displayed a selection of our advanced auto technologies at the37th Tokyo Motor Show, held from October 22 to November 5, 2003
at the Makuhari Messe. Under our show theme of “Environmental
technologies and key technologies -- supporting motor vehicle
evolution,” we displayed
products and technologies
designed to bring superior
levels of comfort to vehicle
occupants, including
environmentally soundtechnologies and electronics.
These included thefollowing: Various types of car
air-conditioning compressors,
such as an electrically-driven
compressor, a two-way compressor with a built-in motor (both ofwhich are installed in hybrid cars) and a CO2 refrigerant compressor(for fuel-cell hybrid vehicles); a diverse array of electronics parts suchas an OLED display, a wireless LAN device, and an ultra-compact
radio tuner module; and a variety of parts developed specifically forfuel-cell hybrid vehicles.

Radio Tuner

WLAN Access Point

WLAN CF Card Module

WLAN Chipset

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

5

Management’s Discussion and Analysisof Financial Condition and Results of Operations
The following Management’s Discussion and Analysis ofFinancial Condition and Results of Operations is based on
information known to management as of November 30,
2003. It includes forward-looking statements concerning the
expected future performance of Toyota Industries
Corporation. Please refer to “Cautionary Statement with
Respect to Forward-Looking Statements” at the beginningof this semiannual report, which pertains to the report as awhole.

Results of Operations
Net Sales
In the six months ended September 30, 2003 (the “term”),
the Japanese economy showed signs of recovery, with
exports picking up, private sector capital investment
increasing, and consumer spending rising. Overseas, although
the U.S. economy stayed on a path to recovery, the European
economy remained weak.
Against this background, Toyota Industries’ total
consolidated net sales amounted to ¥569.6 billion, up ¥49.1
billion, or 9.4%, compared with the six months ended
September 30, 2002 (the “previous term”).

Operating Performance by Business Segment
Net sales for each business segment do not include
intersegment transactions. However, segment operating
income figures do include operating income arising fromintersegment transactions.

Automobile Segment
This segment consists of vehicle (automobile assembly),
engine, car air-conditioning compressor, and other businesses(including foundry parts and electronics components forautomobiles).
Net sales were ¥296.2 billion for the term, up 1.7% overthe previous term, and accounted for 52.0% of Toyota
Industries’ total net sales for the term. Although sales ofvehicles and engines decreased, sales of car air-conditioning
compressors increased. Operating income was ¥14.7 billion
for the term, down 3.7% from the previous term.

Vehicle Business (Automobile Assembly Business)
During the term, we assembled three models underconsignment from Toyota Motor Corporation (“TMC”): Vitz
(Yaris in Europe), RAV4 compact sport utility vehicle, andCorolla Sedan for North America. Sales of the Vitz (Yaris), ourmainstay vehicle, decreased as a result of intensifiedcompetition in the domestic small car market, while the bB
Open Deck and the Sprinter Carib (Corolla Wagon overseas)
were discontinued in March 2003 and July 2002, respectively.
However, the start of production of the Corolla Sedan for
North America in January 2003 contributed to an increase in

6

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

unit sales of the business. Total Vehicle Business unit
production for the term was 114,300, an increase of 4,800
over the previous term.
Net sales of the Vehicle Business amounted to ¥135.5
billion for the term, down 0.6% from the previous term, due
mainly to a decreased production ratio of a more expensivemodel.

Engine BusinessWe mainly produce gasoline and diesel engines for TMC
vehicles and for our own line of forklift trucks. Engines forforklift trucks are supplied to TOYOTA Material Handling
Company (“TMHC”), our in-house company, and are thus
recorded as intersegment transactions.
For the term, gasoline engine production totaled 94,800
units, an increase of 8,400 units over the previous term.
Production of the 2AZ gasoline engine, which started inAugust 2002, made up for a decrease in production of the 5E
and 1FZ gasoline engines.
Production of diesel engines for the term totaled 85,500, a
decrease of 21,700 units from the previous term. As a resultof TMC’s commencement in Europe of assembling andinstalling the 1CD 2000cc direct injection turbo diesel engine
with common rail fuel system directly into their vehicles, acertain volume of engine units is now shipped as parts, thus
decreasing the overall production of the engine as a complete
product.
Total engine production amounted to 180,300 units for theterm, a decrease of 13,300 units from the previous term.
Excluding intersegment sales (i.e., engines for forklift
trucks supplied to TMHC), sales of gasoline engines totaled
81,400 units for the term, an increase of 9,200 units over theprevious term, and sales of diesel engines totaled 75,300
units for the term, a decrease of 22,700 units from theprevious term. On the same basis, total engine sales
amounted to 156,700 units for the term, a decrease of 13,500
units from the previous term.
Net sales excluding intersegment sales totaled ¥52.3
billion for the term, down 10.6% from the previous term.

Car Air-Conditioning Compressor BusinessCar air-conditioning compressors developed andmanufactured by Toyota Industries are marketed to leading
auto manufacturers worldwide through DENSO Corporation(“DENSO”).
In Japan, we sold 2.7 million units in the term, a slightincrease over the previous term. Overseas, we sold 6.1
million units in the term, an increase of 1.0 million units overthe previous term. Sales of cars installed with our car airconditioning compressors were strong in the U.S., while
vigorous sales activities in Europe resulted in expanded sales
there. Total unit sales amounted to 8.8 million units for theterm, an increase of 1.0 million units over the previous term.
Net sales totaled ¥100.8 billion for the term, up 14.8%
over the previous term.

Materials Handling Equipment Segment

Others Segment

Our Materials Handling Equipment Segment manufacturesand sells forklift trucks, warehouse trucks, automated storage
and retrieval systems, automatic guided vehicle systems, andspecial-purpose vehicles.
Net sales for the term totaled ¥216.3 billion, up 19.5%
over the previous term. Operating income was ¥8.9 billion for
the term, up 16.8% over the previous term.
TMHC’s aggressive sales promotion activities for major
customers in and outside Japan as well as strong sales of the
GENEO-E (7FBE overseas), a three-wheel electriccounterbalanced forklift truck introduced into the Japanese,
U.S., European, and other markets, significantly contributed
to an increase in sales for this segment on a consolidated
basis.
BT Industries’ sales in Europe for the term (January toJune 2003) remained at approximately the same level as forthe previous term (January to June 2002). However, as aresult of an appreciation of the Swedish krona against the U.S.
dollar, sales in North America registered a 9% decrease whensales of their U.S. subsidiaries were translated into the
Swedish krona (disregarding the currency effect, sales
increased 6%). This led total sales of BT Industries todecrease 3% from the previous term (disregarding thecurrency effect, sales increased 4%). The Swedish krona also
strengthened against the yen, increasing sales of the Material
Handling Equipment Segment on a consolidated basis.
In May 2003, we incorporated Aichi Corporation (“Aichi”)
into our network of subsidiaries, which also contributed to anincrease in sales of this segment.

The Others Segment comprises businesses that we enteredcomparatively recently. Although our operations in these fields
are still relatively limited, this segment contains some of ourstrategic businesses with good growth potential. A corebusiness in this segment is TIBC Corporation (“TIBC”), a joint
venture with Ibiden Co., Ltd. established in 1998. TIBC
manufactures ball grid array (BGA) plastic package substrates
and flexible printed circuit (FPC) substrates. This segment also
includes the Logistics Solutions Business, the manufactureand sales of press dies and production equipment, and othersmaller businesses.
Net sales of the Others Segment totaled ¥33.2 billion for
the term, up 30.6% over the previous term, due mainly tostrong sales of high-performance package substrates
manufactured by TIBC. Operating income totaled ¥3.1 billion
for the term, up 96.7% over the previous term.
ST Liquid Crystal Display Corp. (“ST-LCD”) is notconsolidated but accounted for by the equity method in
Toyota Industries’ consolidated financial results.
Consequently, its operating income (loss) is not included in
the operating income (loss) for this segment. However,
ST-LCD, a joint venture that we established with Sony
Corporation in 1997, is considered as another core businesswithin this segment. Sales of ST-LCD for the term significantly
increased, due largely to strong sales of its low-temperaturepolysilicon TFT-LCDs for incorporation in digital still cameras
and domestic-use mobile phones.

Textile Machinery Segment

Net sales for each geographical segment do not include
intersegment transactions.

Our Textile Machinery Segment manufactures and sells
spinning-related machinery, including ring spinning frames,
and weaving-related machinery such as air-jet looms. Toyota
Industries is a world leader in the air-jet loom and spinningmachinery fields.
Net sales of the Textile Machinery Segment amounted to¥23.8 billion for the term, up 4.5% over the previous term.
Operating income was ¥0.4 billion for the term, down 42.5%
from the previous term. This decrease was due largely to arise in the purchase prices of some parts and a decrease insales of more profitable machinery, notably roving frames.
Sales of air-jet looms, our mainstay product, continued
strong, especially in China, totaling more than 4,500 units, justabout the same level as for the previous term. On the other
hand, sales of water-jet looms totaled 750 units, a decrease of
100 units from the previous term. Sales of ring spinning
frames totaled 222,000 spindles, an increase of 78,000
spindles. Although sales decreased in Pakistan and Thailand,
they increased in Vietnam. An increase in local sales by our
subsidiary in India also contributed.

Sales by Geographical Segment

Japan
Net sales totaled ¥383.5 billion for the term, up ¥26.9 billion,
or 7.5%, over the previous term. This increase was due
mainly to increased sales of our products in the Materials
Handling Equipment Segment and the consolidation of Aichi.

North America
Net sales totaled ¥100.3 billion for the term, up ¥5.6 billion, or
5.9%, over the previous term, due mainly to an increase inunit sales of the Materials Handling Equipment Segment.

EuropeNet sales totaled ¥81.5 billion for the term, up ¥13.8 billion,
or 20.4%, over the previous term. This increase reflected
increases in sales of our products in the Materials Handling
Equipment Segment and car air-conditioning compressors.

Others
Net sales totaled ¥4.3 billion for the term, up ¥2.9 billion, or
208.4%, over the previous term. This increase was due
largely to the consolidation of sales of an Australian subsidiary,
which commenced operations in July 2003.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

7

Cost of Sales and Selling, General and
Administrative Expenses
Cost of sales for the term totaled ¥478.6 billion, up ¥41.8
billion, or 9.6%, over the previous term.
Selling, general and administrative (SGA) expenses totaled¥64.0 billion for the term, up ¥5.5 billion, or 9.4%, over theprevious term. This increase was due to the consolidation of
Aichi and an increase in unit sales of materials handlingequipment.
Research and development expenses, included in SGA
and manufacturing costs, totaled ¥14.8 billion for the term, up¥0.2 billion. By principal segment, research and development
expenses were ¥7.6 billion for the Automobile Segment, ¥5.2
billion for the Materials Handling Equipment Segment, and¥0.6 billion for the Textile Machinery Segment.

Operating Income
Operating income for the term was ¥27.0 billion, up ¥1.8
billion over the previous term. However, operating income
margin decreased from 4.8% to 4.7%.

Non-Operating Income and Expenses
Interest and dividend income was ¥9.8 billion for the term, up¥0.7 billion, or 7.5%, over the previous term. Interest
expenses were ¥5.0 billion for the term, down ¥0.3 billion, or
5.6%.
The net of non-operating income less non-operating
expenses was net income of ¥3.1 billion for the term, anincrease of ¥1.5 billion, reflecting mainly improved profits ofaffiliates.

Ordinary Income
Ordinary income for the term was ¥30.2 billion, up ¥3.3
billion over the previous term. Ordinary income marginincreased from 5.2% to 5.3%.

Extraordinary Gains and Losses
An extraordinary gain of ¥0.6 billion was posted for the term
as a gain on transfer to a defined contribution pension plan.
An extraordinary loss of ¥1.9 billion was recognized as a resultof provision for retirement and severance benefits for
directors and corporate auditors.

Income before Income Taxes
Due to the factors summarized above, income before
income taxes for the term was ¥28.9 billion, up ¥3.6 billion
over the previous term.

8

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

Income Taxes
Current and deferred income taxes, net for the term totaled¥10.2 billion, down ¥1.0 billion, or 8.6%, from the previous
term.
Minority interest in consolidated subsidiaries increased¥1.0 billion to ¥1.7 billion.

Net Income
Net income for the term was ¥17.1 billion, up ¥3.5 billion, or
25.6%, over the previous term. Net income per share was¥58.12, compared with ¥43.57 for the previous term, anddiluted net income per share was ¥51.65, compared with
¥39.27 for the previous term.

Financial Position
Cash and cash equivalents at the end of the term stood at¥72.9 billion, down ¥64.0 billion from cash and cash
equivalents as of March 31, 2003 (end of the previous fiscal
year). This decrease was due largely to a decrease of ¥56.7
billion for the temporary payments to convertible bondredemption funds in preparation for the redemption of thesecond series of unsecured convertible bonds.
Trade notes and accounts receivable and inventories
increased ¥19.6 billion and ¥8.9 billion, respectively, duelargely to the consolidation of Aichi.
Other current assets increased ¥63.3 billion, due mainly tothe payments to convertible bond redemption funds
mentioned above.
Net property, plant and equipment was ¥381.9 billion at
the end of the term, up ¥19.7 billion over the previous fiscal
year. The consolidation of Aichi and an increase in capital
investment were partly offset by depreciation.
Intangible assets stood at ¥101.4 billion at the end of theterm, up ¥4.6 billion over the previous fiscal year. An increasein goodwill was affected by mergers and acquisitions, and a
depreciation of the yen against European currencies.
Investments and other assets stood at ¥1,022.7 billion at
the end of the term, up ¥203.1 billion over the previous fiscal
year, due mainly to an increase in the carrying amount ofinvestment securities of TMC and DENSO that we hold. The
accounting standards in Japan stipulate that net unrealized
gains on other securities be recognized after tax adjustment
as a separate component of shareholders’ equity instead ofposted to income.
Trade notes and accounts payable increased ¥7.3 billion
for the term, due mainly to the consolidation of Aichi.
Total borrowings and loans stood at ¥360.1 billion at theend of the term, down ¥50.5 billion from the end of theprevious fiscal year. Short-term loans were ¥124.6 billion, up

¥46.5 billion, due primarily to issuance of commercial paper inan amount of ¥30.0 billion. Long-term loans were ¥235.5
billion at the end of the term, down ¥97.1 billion from the endof the previous fiscal year, as a result of the arrival of due
dates for unsecured corporate bonds and unsecured
convertible bonds in amounts of ¥20.0 billion and ¥75.7 billion,
respectively.
Long-term liabilities stood at ¥575.1 billion, an increase of¥80.9 billion over the end of the previous fiscal year, due
mainly to an increase of ¥76.6 billion in deferred tax liabilities
as a result of tax adjustment for net unrealized gains on othersecurities.
Minority interest in consolidated subsidiaries increased¥9.7 billion to ¥33.7 billion at the end of the term, due mainly
to the consolidation of Aichi.
Shareholders’ equity was ¥939.9 billion at the end of theterm, up ¥201.0 billion over the end of the previous fiscal year.
Common stock was ¥80.5 billion, up ¥12.4 billion, as aresult of issuance of 12,516,189 new shares following a
conversion of convertible bonds into stock. The number ofshares issued at the end of the term was 325,840,640.
Net unrealized gains on other securities increased ¥115.5
billion, due largely to an increase in the carrying amount ofinvestment securities of TMC and DENSO that we hold.
Treasury stock at cost is excluded from shareholders’equity. Due to a conversion of convertible bonds into stock,
our treasury stock decreased 20,040,784 shares. As a result,the amount of treasury stock was ¥0.9 billion, down ¥35.6
billion. The ratio of shareholders’ equity to total assets
increased from 44.8% to 49.4%.

Basic Policy on the Distribution of Profits
Toyota Industries Corporation’s dividend policy is based on
maintaining stable dividends while giving full consideration tobusiness performance, the dividend payout ratio and otherfactors as it makes every effort to meet the expectations ofshareholders.
Toyota Industries Corporation will use reserves to improvethe competitiveness of its products, and augment production
capacity in Japan and overseas, as well as to expand into newfields of business and strengthen its corporate constitution insecuring future profits for its shareholders. It will also use
reserves to repurchase its own shares.
The Board of Directors of Toyota Industries Corporation
voted to distribute an interim cash dividend of ¥12.0 per
common share, an increase of ¥2.0 over the previous term.

Forecast for the Fiscal Year Ending
March 31, 2004
Toyota Industries expects the Japanese economy to continue
recovering. However, uncertainties persist about thefluctuations in exchange rates.
For fiscal 2004, ending March 31, 2004, Toyota Industries
forecasts consolidated net sales of ¥1,150.0 billion andordinary income of ¥58.0 billion. We are determined todevelop new products that are of high quality andaccommodate customer needs, as well as enhance sales,
service and cost-reduction activities group-wide. Our
projections are based on an exchange rate of ¥112.0=US$1.

Cash FlowsNet cash provided by operating activities amounted to ¥32.3
billion during the term, due mainly to ¥28.9 billion of income
before income taxes. Net cash provided by operating activities
decreased ¥10.0 billion from the previous term. Net cashused in investing activities amounted to ¥36.4 billion, down
¥6.4 billion from the previous term. Payment for acquisition ofproperty, plant and equipment was ¥29.8 billion. Net cashused in financing activities during the term was ¥56.8 billion,
or decreased ¥64.5 billion from ¥7.7 billion in net cash
provided by financing activities in the previous term. Proceedsfrom issuance of commercial paper in an amount of ¥30.0
billion were offset by payments for redemption of corporate
bonds and payments to the convertible bond redemption fundin amounts of ¥31.7 billion and ¥56.7 billion, respectively.
After translation adjustments, cash and cash equivalents
as of September 30, 2003 stood at ¥72.9 billion, down ¥64.0
billion, or 46.8%, from the end of the previous fiscal year.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

9

Consolidated Balance Sheets
Toyota Industries Corporation
As of September 30 and March 31, 2003, and September 30, 2002 (unaudited)Thousands of
U.S. dollars (Note 1)

Millions of yen
September 30

March 31

September 30

September 30

2003

2003

2002

2003

ASSETS
Current assets:
Cash and cash equivalents (Note 2(3))
Trade notes and accounts receivable
Short-term investments (Notes 2(4) and 6)
Inventories (Note 2(5))¥

72,886¥ 136,929¥

77,286$655,155

138,666

119,048

119,542

1,246,436

236

3,692

8,664

2,121

77,993

69,141

66,773701,061

Deferred tax assets

13,262

14,072

12,657

119,209

Other current assets

94,23430,92529,703

847,047

Less — allowance for doubtful accounts (Note 2(8))(2,233)(1,999)(1,791)(20,072)

395,044

371,808

312,834

3,550,957

Buildings and structures

121,769

118,449

112,762

1,094,553

Machinery, equipment and vehicles

162,247

157,733

153,882

1,458,400

Tools, furniture and fixtures

16,05516,007

15,540144,315

Land

66,431

56,25554,161

597,133

Construction in progress

15,352

13,74915,875

137,995

Total property, plant and equipment

381,854362,193352,220

3,432,396

Software

10,340

9,195

7,597

92,944

Goodwill

91,026

87,57886,419818,211

Total intangible assets

101,366

96,773

94,016911,155

Investments in securities (Notes 2(4) and 6)

948,368

745,909858,6128,524,656

Unconsolidated subsidiaries and affiliated companies

15,736

16,431

17,725

141,447

Long-term loans

9,905

10,522

10,20689,034Long-term prepaid expenses

13,85915,082

14,507

124,575

Deferred tax assets

3,481

2,863

2,826

31,290

Other investments and other assets

31,58829,05729,581

283,937

(226)

(247)

(232)

(2,031)

Total current assets
Fixed assets:
Property, plant and equipment (Note 2(6)):

Intangible assets (Note2(7)):

Investments and other assets:

Less — allowance for doubtful accounts (Note 2(8))

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

10

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

1,022,711

819,617933,225

9,192,908

1,505,931

1,278,583

1,379,461

13,536,459¥1,900,975¥1,650,391¥1,692,295$17,087,416

Thousands of
U.S. dollars (Note 1)

Millions of yen
September 30

March 31

September 30

September 30

2003

2003

2002

2003

¥ 124,713¥ 117,424¥ 111,741$ 1,121,016

Short-term loans

94,59378,053

166,467

850,274

Commercial paper

30,000––269,663–

20,000––

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

Current portion of bonds–

75,692––Other payables

Current portion of convertible bonds

15,652

17,40619,181

140,692

Accrued expenses

49,18342,02738,223442,094

Accrued income taxes

6,089

14,144

12,20854,733

Deposits received from employees

19,28819,234

19,039173,375

Deferred tax liabilities

1,912

1,192

964

17,187

Other current liabilities

10,889

8,193

9,370

97,878

Total current liabilities

352,319

393,365

377,193

3,166,912

Bonds

200,300

200,300–

1,800,449

Long-term debt

35,18836,577156,290316,297

Long-term liabilities:

Deferred tax liabilities

288,999

212,355

271,1122,597,744

Allowance for retirement benefits

34,00034,10032,664

305,618

Other long-term liabilities

16,571

10,833

9,325

148,953

Total long-term liabilities

575,058

494,165

469,391

5,169,061

Total liabilities

927,377

887,530

846,584

8,335,973

Minority interest in consolidated subsidiaries

33,732

23,993

22,697303,20980,46368,04768,047723,263

Capital surplus

105,742

89,36589,365

950,490

Retained earnings

282,049

269,381

264,180

2,535,272

Net unrealized gains on other securities (Notes 2(4) and 6)

447,192

331,668

392,595

4,019,703

Translation adjustments

25,32016,89011,970227,596(900)(36,483)(3,143)(8,090)939,866

738,868

823,0148,448,234¥1,900,975¥1,650,391¥1,692,295$17,087,416

Shareholders’ equity:
Common stock:
Authorized — 1,091,245,000 shares
Issued—325,840,640 shares as of September 30, 2003
313,324,451 shares as of March 31, 2003
313,324,451 shares as of September 30, 2002

Treasury stock at cost —506,469 shares as of September 30, 2003
20,547,253 shares as of March 31, 2003
1,512,010 shares as of September 30, 2002

Total shareholders’ equity
Total liabilities and shareholders’ equity

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200411

Consolidated Statements of Income
Toyota Industries Corporation
For the six months ended September 30, 2003 and 2002 (unaudited)

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2003

2002

2003

Net sales¥569,588¥520,489$5,119,892

Cost of sales

478,576

436,790

4,301,807

91,012

83,699818,085

63,99358,485575,218

27,01925,214

242,867Interest income

4,173

4,667

37,510

Dividends income

5,604

4,424

50,373

Other non-operating income

6,268

4,679

56,342(4,970)(5,263)(44,674)

Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Non-operating expenses:
Interest expenses
Other non-operating expenses
Ordinary income(7,925)(6,816)(71,236)

30,16926,905271,182

621

–

5,582

(1,852)–(16,647)–(1,535)–Extraordinary gains:
Gain on transfer to a defined contribution pension plan
Extraordinary losses:
Provision for retirement and serverance benefits for directors and corporate auditors
Loss on disposal of property, plant and equipment

28,93825,370260,117

Income taxes – current

Income before income taxes

8,504

14,46776,440

Income taxes – deferred

1,652(3,355)

14,850Minority interest in consolidated subsidiaries
Net income

1,686

644

15,155¥ 17,096¥ 13,614$ 153,672

Yen

Net income per share — basic¥58.12¥43.57$0.52

Net income per share — diluted

51.65

39.27

0.46

Cash dividends per share

12.00

10.00

0.11

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

12

U.S. dollars

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

Consolidated Statements of Shareholders’ Equity
Toyota Industries Corporation
For the six months ended September 30, 2003 and 2002 (unaudited)
Millions of yen
Numberof shares(Thousands)

Balance at March 31, 2002
Net income

313,299

Commonstock

Net unrealized
gains on othersecurities

Translation
adjustments¥253,975¥456,415¥12,361¥ (1,288)–

13,614–––

CapitalsurplusRetainedearnings¥68,022 ¥ 89,327––

Treasurystock
at costCash dividends

–

–

–

(3,128)–––Bonuses to directors and corporate auditors

–

–

–

(281)

–

–

–

Net unrealized gains on other securities

–

–

–

–

(63,820)––

Foreign currency translation adjustments

–

–

–

–

–

(391)

–

Conversions of convertible bonds

25

25

25

–

–

–

–

Other

–

–

13

–

–

–

(1,855)

Balance at September 30, 2002

313,324

68,04789,365

264,180

392,595

11,970(3,143)

Balance at March 31, 2003

313,324

68,04789,365

269,381

331,668

16,890(36,483)

Net income

–

–

–

17,096–––

Cash dividends

–

–

–

(3,513)–––

Bonuses to directors and corporate auditors

–

–

–

(290)

–

–

–

Net unrealized gains on other securities

–

–

–

–

115,524––

Foreign currency translation adjustments

–

–

–

–

–

8,430

–

12,517

12,416

12,416

–

–

–

–

–

3,961

(625)

–

–

¥80,463 ¥105,742¥282,049¥447,192¥25,320

Conversions of convertible bonds
Other
Balance at September 30, 2003–
325,841

35,583¥(900)

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

Balance at March 31, 2003

Capitalsurplus

Net unrealized
gains on othersecurities

Retainedearnings$611,659 $803,281$2,421,403

Translation
adjustments

Treasurystock
at cost$2,981,285 $151,821 $(327,937)

Net income––

153,672–––

Cash dividends––(31,578)–––

Bonuses to directors and corporate auditors––(2,607)–––Net unrealized gains on other securities

–

–

–

1,038,418––

Foreign currency translation adjustments

–

–

–

–

75,775–

111,604

111,604

–

–

–

–

–

35,605(5,618)––319,847$723,263 $950,490$2,535,272

Conversions of convertible bonds
Other
Balance at September 30, 2003

$4,019,703 $227,596 $(8,090)

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

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

13

Consolidated Statements of Cash Flows
Toyota Industries Corporation
For the six months ended September 30, 2003 and 2002 (unaudited)Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2003

2002

2003

¥ 28,938¥ 25,370$ 260,117

30,562(33)(9,777)
4,970(247)(3,988)
1,258(4,360)(2,104)

26,84737(9,091)5,263
1,791(9,596)
2,266
(803)
8,520

274,715(297)(87,883)
44,674(2,220)(35,847)
11,308(39,191)(18,913)

SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid

45,2199,433(5,082)(17,227)

50,6049,519(5,857)(11,910)

406,463
84,791(45,681)(154,849)

Net cash provided by operating activities

32,34342,356

290,724

Cash flows from investing activities:
Payments for purchases of marketable securities
Proceeds from sales of marketable securities
Payments for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for purchases of investment securities
Proceeds from sales of investment securities
Payments for acquisition of subsidiaries’ stock resulting in change in scope of consolidation
Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Other, net

(44)
2,703
(29,752)
1,749(10,075)
2,199
2,294
(2,526)
2,702(944)(4,724)(1,662)
3,038(43,927)452(11,335)
9,748
1,133
(1,489)2,412–(1,216)(396)
24,297(267,434)
15,721(90,562)
19,766
20,620(22,706)
24,288(8,485)(42,462)

Net cash used in investing activities(36,418)(42,846)(327,353)

Cash flows from financing activities:
Increase (decrease) in short-term loans
Proceeds from issuance of commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Repayments of bonds
Payments to convertible bond redemption funds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Other, net

9,658
30,0001,335(5,726)(31,677)(56,670)(12)(3,510)
(253)
74

(796)
–
21,421(8,337)––(1,855)(3,127)(194)
566

86,813
269,663
12,000(51,470)(284,737)(509,393)(108)(31,551)(2,274)666

Net cash (used in) provided by financing activities

Cash flows from operating activities:
Income before income taxes
Adjustments to reconcile income before income taxes to net cash provided
by operating activities:
Depreciation and amortization(Decrease) increase in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in net (earnings) loss of affiliates
Increase in receivables
Decrease in inventories
Decrease in payables
Others, net(56,781)

7,678(510,391)

Translation adjustments of cash and cash equivalents

577(1,022)

5,187

Net (decrease) increase in cash and cash equivalents(60,279)

6,166(541,833)

Cash and cash equivalents at beginning of period

136,929

71,1201,230,822(3,764)–(33,834)¥ 72,886¥ 77,286$ 655,155

Net decrease in cash and cash equivalents due to change in subsidiaries’ year-ends
Cash and cash equivalents at end of period
The accompanying notes are an integral part of these financial statements.

14

Millions of yen

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

Notes to Consolidated Financial Statements
1. Basis of presenting interim consolidated financial statements
The accompanying interim consolidated financial statements
have been prepared based on the accounts maintained by
Toyota Industries Corporation (the “Company”) and its
consolidated subsidiaries (together, hereinafter referred to as“Toyota Industries”) in accordance with the provisions set
forth in the Japanese Commercial Code and the Securities andExchange Law, and in conformity with accounting principles
and practices generally accepted in Japan, which are different
in certain respects from the application and disclosure
requirements of International Accounting Standards.
Certain items presented in the interim consolidated
financial statements submitted to the Director of Kanto
Finance Bureau in Japan have been reclassified in theseaccounts for the convenience of readers outside Japan.
The interim consolidated financial statements are notintended to present the consolidated financial position, resultsof operations and cash flows in accordance with accounting
principles and practices generally accepted in countries andjurisdictions other than Japan.
Amounts in U.S. dollars are included solely for theconvenience of readers outside Japan. The rate of ¥111.25=
US$1, the approximate rate of exchange prevailing at
September 30, 2003, has been used in translation. The
inclusion of such amounts are not intended to imply that theJapanese yen have been or could be readily converted, realized
or settled in U.S. dollars at this rate or any other rates.

2. Summary of significant accounting policies(1) Consolidation
The interim consolidated financial statements include theaccounts of the Company and its 132 subsidiaries(40 domestic subsidiaries and 92 overseas subsidiaries, which
are listed on pages 24 and 25) as of September 30, 2003 and118 subsidiaries (32 domestic subsidiaries and 86 overseas
subsidiaries) as of September 30, 2002. The unconsolidated
subsidiaries are excluded from consolidation because such
subsidiaries would have no material effect on the consolidated
financial statements of Toyota Industries, or Toyota Industries’
owning a majority of such subsidiaries’ shares is temporary.
For the six-month period ended September 30, 2003,
14 subsidiaries were newly added to the scope of
consolidation. One unconsolidated subsidiary is excluded fromthe scope of consolidation because majority ownership of thissubsidiary is temporary.
For the six-month period ended September 30, 2002,

seven subsidiaries were newly added to the scope of
consolidation. Two unconsolidated subsidiaries are excluded
from the scope of consolidation because majority ownership of
those two subsidiaries is temporary.
The interim periods of certain subsidiaries are different
from the interim period of the Company. Since the difference
is not more than three months, the Company is using thosesubsidiaries’ statements for their interim periods, making
adjustments for significant transactions that materially affectthe financial position or results of operations.
All significant intercompany transactions, balances andunrealized profits among Toyota Industries have been
eliminated.
A full portion of the assets and liabilities of the acquired
subsidiaries is stated at fair value as of the date of acquisitionof control.

(2) Investments in unconsolidated subsidiaries and affiliates
Investments in one unconsolidated subsidiary and 18 affiliates
as of September 30, 2003 and Investments in two
unconsolidated subsidiaries and 18 affiliates as of September
30, 2002 are accounted for by the equity method of accounting.
Investments in unconsolidated subsidiaries and affiliates

not accounted for by the equity method are stated at cost due
to their insignificant effect on the consolidated financial
statements.
The major affiliates accounted for by the equity method arelisted on page 25.

(3) Cash and cash equivalents
Cash and cash equivalents include all highly liquid investments,
generally with original maturities of three months or less, thatare readily convertible to known amounts of cash and are sonear maturity that they present insignificant risk of changes invalue because of changes in interest rates.

(4) Marketable securities and investments in securities
Toyota Industries classifies securities into four categories bypurpose of holding: trading securities, held-to-maturity
securities, other securities, and investments in unconsolidated
subsidiaries and affiliates. Toyota Industries did not havetrading securities or held-to-maturity securities as of
September 30, 2003 and 2002, respectively. Other securities
with fair values are stated at fair value based on market prices
at interim period end. Unrealized gains and losses are included

in net unrealized gains on other securities as a separate
component of shareholders’ equity. Cost of sales of suchsecurities is determined by the moving average method. Other
securities without fair values are stated at cost, as determinedby the moving average method.
Investments in unconsolidated subsidiaries and affiliates
are accounted for by the equity method (see Note 2 (2) above).

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200415

(5) Inventories
Inventories are stated mainly at cost determined by the moving average method.

(6) Property, plant and equipment, and depreciation
Property, plant and equipment are stated at cost. Depreciation
expenses of property, plant and equipment are computed
mainly by the declining-balance method for the Company andJapanese subsidiaries and by the straight-line method forforeign subsidiaries. Significant renewals and additions arecapitalized at cost. Repair and maintenance are charged toincome as incurred. Accumulated depreciation as of
September 30, 2003 and 2002 was ¥498,227 million($4,478,445 thousand) and ¥462,196 million, respectively.

(7) Intangible assets and amortization
Amortization of intangible assets is computed using thestraight-line method. Software costs for internal use areamortized by the straight-line method over their expected
useful lives (mainly five years).

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

(8) Allowances for doubtful accounts
Toyota Industries adopted the policy of providing an allowancefor doubtful accounts in an amount sufficient to cover possible
losses on collection by estimating individually uncollectible

amounts and applying to the remaining accounts a percentage
determined by certain factors such as historical collection
experiences.

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

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

(11) Lease transactions
Finance leases other than those that are deemed to transfer
the ownership of the leased assets to lessees are accounted

for mainly by a method similar to that applicable to ordinary
operating leases.

(12) Consumption tax
The consumption tax under the Japanese Consumption Tax
Law withheld by Toyota Industries on sales of goods is notincluded in the amount of net sales in the accompanying
interim consolidated statements of income, and theconsumption tax paid by Toyota Industries under the law onpurchases of goods and services, and expenses are notincluded in the related amount.

(13) Hedge accounting(a) Method of hedge accounting(c) Hedging policy

Mainly the deferral method of hedge accounting is applied. Incase of foreign currency forward contracts and foreign
currency option contracts, the hedged items are translated atcontracted forward rates if certain conditions are met.

Hedging transactions are executed and controlled based on
Toyota Industries’ internal rule. Toyota Industries is hedging
interest rate risks and foreign currency risks. Toyota Industries’
hedging activities are reported periodically to a director
responsible for accounting.

(b) Hedging instruments and hedged items
Hedging
instruments:

Hedged items:

16(d) Method used to measure hedge effectiveness
Derivative instruments (interest rate swaps,
foreign currency forwards and foreign
currency options)
Risk of change in interest rate on borrowings
and risk of change in forward exchange rateon transactions denominated in foreign
currencies (monetary assets and liabilities,
marketable securities and forecasted
transactions)

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

Hedge effectiveness is measured by comparing accumulatedchanges in market price of hedged items and hedging
instruments or accumulated changes in estimated cash flows
from the inception of the hedge to the date of measurements
performed. Currently it is considered that there are highcorrelations between them.

(e) Others
Due to the fact that counterparties to Toyota Industries
represent major financial institutions which have highcreditworthiness, Toyota Industries believes that the overall
credit risk related to its financial instruments is insignificant.

(14) Appropriation of retained earnings
In the accompanying interim consolidated statements ofshareholders’ equity, the approved amount during the relevant
fiscal year is reflected for the appropriation of retained earningsof consolidated subsidiaries. In Japan, the payment of bonuses

to directors and corporate auditors is made out of retained
earnings through an appropriation, instead of being charged tothe income for the period.

3. Assets pledged as collateral(1) Assets pledged as collateral as of September 30, 2003 and 2002 are as follows:
Thousands of
U.S. dollars

Millions of yen

2003

2002

2003

Investments in securities
Property, plant and equipment (other)
Machinery, equipment and vehicles
Trade notes and accounts receivable
Other¥29,804
12,099560
211
439¥25,080
8,874
560
482
42

$267,901
108,755
5,034
1,897
3,946

Total

¥43,113¥35,038$387,533(2) Secured liabilities as of September 30, 2003 and 2002 are as follows:
Thousands of
U.S. dollars

Millions of yen

2003

2002

2003

Other current liabilities
Short-term bank loans
Long-term debt
Bonds

¥19,209
8,159
2,249
300

¥18,735
7,266
5,588
300

$172,665
73,33920,216
2,697

Total

¥29,917¥31,889$268,917

4. Contingent liabilities
Toyota Industries is contingently liable for guarantees as of September 30, 2003 and 2002 as follows:
Thousands of
U.S. dollars

Millions of yen

Guarantees given by the Company
Guarantees given by consolidated subsidiaries
Guarantee forwards given by the Company
Guarantees given by consolidated subsidiaries as of
September 30, 2003 and 2002 consist of 463,416 thousand of

2003

2002

2003

¥25,500
9,086
3,479

¥28,356
5,923
3,761

$229,213
81,672
31,272

Swedish krona and 455,290 thousand of Swedish krona,
respectively.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

17

5. Leases(1) Finance leases (as a lessee) which do not transfer ownership of leased properties to lessees(a) Pro forma information regarding leased properties such as acquisition cost equivalents and accumulated depreciation equivalents
under finance leases as of September 30, 2003 and 2002 is as follows:
Thousands of
U.S. dollars

Millions of yen

2003

2002

2003

Machinery and equipment:
Acquisition cost equivalents
Accumulated depreciation equivalents¥9,347
4,184¥7,721
2,409$84,018
37,609Machinery and equipment interim period end balance equivalents

5,163

5,312

46,409Tools, furniture and fixtures:
Acquisition cost equivalents
Accumulated depreciation equivalents

5,910
3,299

5,410
2,608

53,12429,654Tools, furniture and fixtures interim period end balance equivalents

2,611

2,802

23,470Total net leased properties¥7,774¥8,114$69,879

Acquisition cost equivalents include the imputed interest
expense portion because the percentage which is computedby dividing future minimum lease payments by total balance ofproperty, plant and equipment, etc., at interim period ends is
immaterial.

(b) Pro forma information regarding future minimum lease payments as of September 30, 2003 and 2002 is as follows:
Thousands of
U.S. dollars

Millions of yen

2003

2002

2003

Due within 1 year
Due after 1 year

¥2,6445,130¥2,2705,844$23,766
46,113

Total¥7,774¥8,114$69,879

Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease payments for the six-month periods ended September 30, 2003 and 2002 are as follows:
Millions of yen

2003
2002

¥1,536
1,272

Pro forma depreciation expenses, which are not reflected in
the accompanying interim consolidated statements of income,are computed mainly by the straight-line method whichassumes zero residual value and leasing term to be useful lives

Thousands of
U.S. dollars$13,807–

for the six-month periods ended September 30, 2003 and2002, and are equivalent to the amount of total lease
payments of the above.

(2) Finance leases (as a lessor) which do not transfer ownership of leased properties to lessees(a) Information regarding leased properties such as acquisition cost and accumulated depreciation under finance leases as of
September 30, 2003 and 2002 is as follows:
Thousands of
U.S. dollars

Millions of yen

18

2003

2002

2003

Machinery and equipment:
Acquisition cost
Accumulated depreciation¥7,5504,561¥7,238
4,088$67,865
40,998

Total net leased properties¥2,989¥3,150$26,867

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

(b) Pro forma information regarding future minimum lease payments as of September 30, 2003 and 2002 is as follows:
Thousands of
U.S. dollars

Millions of yen

2003

2002

2003

Due within 1 year
Due after 1 year

¥1,8992,686¥1,9152,709$17,069
24,144Total¥4,585¥4,624$41,213

Future minimum lease payments under finance leases include the imputed interest income portion.
(c) Total lease receipts for the six-month periods ended September 30, 2003 and 2002 are as follows:
Millions of yen

2003
2002

¥1,087
1,018

Thousands of
U.S. dollars$9,771–(d) Depreciation for the six-month periods ended September 30, 2003 and 2002 are as follows:
Millions of yen

2003
2002

¥846
751

Thousands of
U.S. dollars$7,604–(3) Operating leases (as a lessee)
Pro forma future lease payments under operating leases as of September 30, 2003 and 2002 are as follows:
Thousands of
U.S. dollars

Millions of yen

2003

2002

2003

Due within 1 year
Due after 1 year

¥ 3,050
14,322¥ 2,271
8,904$ 27,416
128,737

Total¥17,372¥11,175$156,153(4) Operating leases (as a lessor)
Pro forma future minimum rentals under operating leases as of September 30, 2003 and 2002 are as follows:
Thousands of
U.S. dollars

Millions of yen

2003

2002

2003

Due within 1 year
Due after 1 year

¥ 6,156
10,979¥ 4,186
7,631$ 55,335
98,687

Total¥17,135¥11,817$154,022

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

19

6. Marketable securities(1) As of September 30, 2003(a) Other securities with readily determinable fair value are as follows:
Millions of yen
Acquisition cost

Carrying amount

Stocks
Bonds
Government and municipal bonds, etc.
Other bonds¥187,291¥930,939

Difference¥743,648

0
1

0
1

–
–

Total

¥187,292¥930,940¥743,648

Thousands of U.S. dollars
Acquisition cost

Carrying amount

Difference

Stocks
Bonds
Government and municipal bonds, etc.
Other bonds$1,683,515$8,367,991$6,684,476

0
9

0
9

–
–

Total

$1,683,524$8,368,000$6,684,476(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) without
readily determinable fair value are as follows:
Millions of yen

Held-to-maturity securities
Other securities
Domestic unlisted stocks excluding over-the-counter stocks
Money management fund¥–
17,476
67

Thousands of
U.S. dollars$–
157,088602(2) As of September 30, 2002(a) Other securities with readily determinable fair value are as follows:
Millions of yen
Acquisition cost

Carrying amount

Stocks
Bonds
Government and municipal bonds, etc.
Corporate bonds
Other bonds
Other¥174,418¥842,825

Difference¥668,407

0
7,644
3
470

0
7,640
3
650

–
(4)
–
180

Total

¥182,535¥851,118¥668,583(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) notpracticable to be stated at fair value as of September 30, 2002 are as follows:
Millions of yen

Held-to-maturity securities
Other securities
Domestic unlisted stocks excluding over-the-counter stocks
Money management fundForeign unlisted bonds

20

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004¥–

15,137
20,072–

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

8. Segment information(1) Business segments
Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2003

2002

2003

¥296,184
7,435¥291,218
7,505$2,662,329
66,831

303,619

298,723

2,729,160

216,331192

181,02156

1,944,548
1,726

216,523

181,077

1,946,274

23,824
7

22,801
5

214,148
63

23,83122,806214,21133,2496,803

25,4495,518

298,867
61,15140,05230,967360,018584,025(14,437)

533,573(13,084)

5,249,663(129,771)

Total¥569,588¥520,489$5,119,892

Operating costs and expenses:
Automobile
Materials handling equipment
Textile machinery
OthersElimination of intersegment transactions¥288,902
207,671
23,42736,936(14,367)¥283,441
173,500
22,10329,383(13,152)$2,596,872
1,866,706
210,580
332,009(129,142)

Total¥542,569¥495,275$4,877,025

Operating income (loss):
Automobile
Materials handling equipment
Textile machinery
OthersElimination of intersegment transactions¥ 14,717
8,852
404
3,116
(70)

¥ 15,282
7,577
703
1,584
68

$ 132,288
79,5683,631
28,009
(629)

Total

¥ 27,019¥ 25,214$ 242,867

Sales:
Automobile
Outside customer sales
Intersegment transactions
Materials handling equipment
Outside customer sales
Intersegment transactions
Textile machinery
Outside customer sales
Intersegment transactions
Others
Outside customer sales
Intersegment transactions

Subtotal
Elimination of intersegment transactions

Main products of each segment are as follows:
Automobile ............................................ Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors
Materials handling equipment ............... Counterbalanced forklifts, warehouse trucks, skid steer loaders, automated storage and retrieval systems, automatic guided vehicles,
special-purpose vehicle
Textile machinery ................................... Ring spinning frames, air-jet looms, water-jet looms
Others ................................................... Ball grid array plastic package substrates for IC chipsets, casting machines

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200421

(2) Geographical segments
Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2003

2002

2003

¥383,452
40,706¥356,600
39,074$3,446,759
365,897424,158

395,674

3,812,656

100,333
569

94,762725

901,870
5,115

100,902

95,487

906,985

81,526
3,031

67,7392,137

732,818
27,24584,557

69,876760,063

4,277
736

1,388
615

38,445
6,616

5,013

2,003

45,061

614,630(45,042)563,040(42,551)

5,524,765(404,873)

Total¥569,588¥520,489$5,119,892

Operating costs and expenses:
Japan
North America
EuropeOthersElimination of intersegment transactions¥399,972
97,523
83,076
4,919(42,921)¥374,084
92,58069,0492,139(42,577)$3,595,254
876,611746,751
44,216(385,807)

Total¥542,569¥495,275$4,877,025

Operating income (loss):Japan
North America
EuropeOthersElimination of intersegment transactions¥ 24,186
3,379
1,481
94
(2,121)¥ 21,590
2,907
827
(136)
26

$ 217,402
30,374
13,312845(19,066)

Total¥ 27,019¥ 25,214$ 242,867

Sales:
Japan
Outside customer sales
Intersegment transactions
North America
Outside customer sales
Intersegment transactions
EuropeOutside customer sales
Intersegment transactions
Others
Outside customer sales
Intersegment transactions

Subtotal
Elimination of intersegment transactions

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

22

Millions of yen

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

Certificate by Executive Vice President in Charge of Accounting and FinanceI, being Executive Vice President in charge of Accounting and Finance, do hereby certify, to myknowledge, that the accompanying consolidated balance sheets and the related consolidated
statements of income, shareholders’ equity and cash flows present fairly, in all material respects, theconsolidated financial position of Toyota Industries Corporation and its consolidated subsidiaries as of
September 30, 2003, and the consolidated results of their operations and cash flows for the six
months then ended, in conformity with accounting principles generally accepted in Japan.
December 19, 2003

Koichiro Noguchi
Executive Vice President
Toyota Industries Corporation

Directors and Corporate Auditors (As of September 30, 2003)
Board of Directors
ChairmanManaging Directors

Akira Yokoi*

President
Tadashi Ishikawa*Executive Vice Presidents

Directors

Iwao Katayama

Tatsuro Toyoda

Shigetaka Yoshida

Kimpei Mitsuya

Masafumi Kato

Hiroya Kono

Yasuharu Toyoda

Kazunori Yoshida

Honorary Chairman

Kenji Takenaka
Kosaku Yamada

Shozo Nakayama*

Yoshitoshi Toyoda

Koichiro Noguchi*

Satoshi Kaseda
Shoji Shimo

Tetsuro Toyoda*

Yutaka Murodono

Senior Managing Directors

Ryoji Inoue

Shiro Endo*

Hirofumi Tsuji

Kazuhiko Takeuchi*

Yukio Yamakita

Norio Sato*

Takaki Ogawa

Masazumi Konishi*

Kazue Sasaki

Shinjiro Kamimura*
Tatsuo Matsuura**Representative Director

Corporate Auditors
Standing Corporate Auditors

Corporate Auditors

Shigetaka Mitomo

Iwao Isomura

Masanori Itoh

Kosuke Shiramizu
Hiroshi Makino

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200423

Corporate Data (As of September 30, 2003)
Plants and Offices (Parent Company)
Main Products

Kariya Plant
Takahama Plant
Nagakusa Plant
Kyowa Plant
Obu Plant
Hekinan Plant
Higashichita Plant
Higashiura Plant
Head Office and Others
Total

Number of
Employees

Textile machinery, car air-conditioning compressors
Forklift trucks, materials handling systems
Automobiles
Electronics components, manufacturing equipment, press dies
Parts for car air-conditioning compressors
Engines
Foundry parts
Parts for car air-conditioning compressors
–

1,691
1,456
2,162
946
451
1,430
380
64
1,346
9,926

Land Area(1,000 m2)

171
329
271
159
156
271
332
244
602
2,535

Consolidated Subsidiaries
Location

Capital(thousands of the local currency)Japan
Aichi Corporation Group *1 (5 companies)
TIBC Corporation
TOYOTA L&F Tokyo Co., Ltd.
Logistics Planning Tokyo Co., Ltd.
Altex Co., Ltd.
Sun River Co., Ltd.
Izumi Machine Mfg. Co., Ltd.
TOYOTA L&F Keiji Co., Ltd.
Tokyu Co., Ltd.
Mino Tokyu Co., Ltd.
Advanced Logistics Solutions Co., Ltd.
ALTRAN Corporation
Teion Shokuhin Ryutsu Inc.
Toyoda High System, Incorporated
Nishina Industrial Co., Ltd.
Suzaka Nishina Industrial Co., Ltd.
Tokaiseiki Co., Ltd.
Logistec Co., Ltd.
Taikoh Transportation Group *2 (5 companies)
SKE Inc.
SK Maintenance Inc.
Iwama Loom Works, Ltd.
Kawamoto System Corporation
Arti Inc.
TOYOTA L&F Shizuoka Co., Ltd.
Hara Corporation
Mizuho Industry Co., Ltd.
Sun Valley Inc.
Sun Staff, Inc.
Tokai System Institute Corp.
Shine’s Inc.

24

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2004

–
Aichi
Tokyo
Tokyo
Shizuoka
Osaka
Aichi
Kyoto
Aichi
Gifu
Aichi
Aichi
Tokyo
Aichi
NaganoNaganoShizuoka
Aichi
–
Aichi
Aichi
Aichi
Aichi
Aichi
Shizuoka
Gifu
Aichi
Aichi
Aichi
Aichi
Aichi

–
¥3,250,000¥350,000¥10,000¥200,000¥150,000¥150,000¥140,000¥135,000¥18,000¥100,000¥100,000¥55,000¥100,000¥100,000¥50,000¥98,000¥90,000–¥78,500¥50,000¥49,920¥47,000¥30,000¥30,000¥23,193¥20,000¥20,000¥20,000¥10,000¥10,000

EquityOwnership

–
60.0%
90.0%
100.0%
75.0%
100.0%
60.7%
65.0%
63.3%
93.4%
100.0%
60.0%
60.0%
90.0%
69.2%
96.8%
92.1%
100.0%–
100.0%
70.0%
100.0%
100.0%
100.0%
90.0%
73.2%
93.8%
100.0%
100.0%
100.0%
100.0%

Location

CapitalOutside Japan
Toyota Industries Sweden AB *3
Mjölby, Sweden
BT Industries Group *3*4 (63 companies)–
Toyota Industries Finance International AB *3
Mjölby, Sweden
Michigan Automotive Compressor, Inc.
Parma, Michigan, U.S.A.
Toyota Industries North America, Inc. *5
Schaumburg, Illinois, U.S.A.
Toyota Industrial Equipment Mfg., Inc. *5
Columbus, Indiana, U.S.A.
Toyota Material Handling USA, Inc. *5
Irvine, California, U.S.A.
ACTIS Manufacturing, Ltd. LLC *5
Grapevine, Texas, U.S.A.
Toyota-Lift of Los Angeles, Inc. *5
Santa Fe Springs, California, U.S.A.
Toyoda Textile Machinery, Inc. *5Charlotte, North Carolina, U.S.A.
Toyota Industries Personnel Service of America, Inc.*5 Schaumburg, Illinois, U.S.A.
Aichi U.S.A. Inc. *1
Rockford, Illinois, U.S.A.
TD Deutsche Klimakompressor GmbH
Straßgräbchen, Germany
Kirloskar Toyoda Textile Machinery Limited
Bangalore, Karnataka, India
Toyota Industry (Kunshan) Co., Ltd.
Kunshan, Jiangsu, China
Toyota Material Handling (Shanghai) Co., Ltd.
Shanghai, China
Toyota Truck Norge AS
Trondheim, Norway
Toyota Truckutleie Norge AS
Trondheim, Norway
Toyota Truck Danmark A/S
Vejle, Denmark
Toyota Truckudlejning Danmark A/S
Vejle, Denmark
Toyota Industrial Equipment, S.A.
Ancenis, France
Toyota Gabelstapler Deutschland GmbH
Duisburg, Germany
Toyota Industrial Equipment (UK) Limited
Castleford, West Yorkshire, U.K.
Toyota Industrial Equipment (Northern) Limited
Castleford, West Yorkshire, U.K.
Toyota Industrial Equipment Europe, S.A.R.L.
Ancenis, France
Toyota Carrelli Elevatori Italia S.r.l.
Bologna, Italy
Toyota Industries Corporation Australia Group *6 (5 companies) –(thousands of the local currency)

EquityOwnership

SEK6,652,977–
SEK100,000
US$146,000
US$37,900
US$60,000
US$12,500
US$2,000
US$1,500
US$1,300
US$100
US$100EUR20,452
Rs2,116,200
US$16,000
US$1,000
NOK110,000
NOK100
DKK9,000
DKK500EUR9,000
EUR720
GBP48
GBP1,243
EUR75
EUR3,249–

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

CapitalEquityOwnership

Unconsolidated Subsidiary Accounted for by the Equity Method
Location(thousands of the local currency)

Outside JapanBT Industries Group *4 (1 company *7)

–

–

–

Affiliates Accounted for by the Equity Method
Location

Capital(thousands of the local currency)Japan
ST Liquid Crystal Display Corp.
P.S.M Corporation *1
Outside JapanBT Industries Group *4 (15 companies)
Hangzhou Aichi Engineering Vehicles Co., Ltd. *1

Aichi
Gunma
–
Hangzhou, China

EquityOwnership¥50,000,000¥40,000

50.0%
49.0%

–
US$7,100–
50.0%*1 Aichi Corporation Group comprises Aichi Corporation, its five subsidiaries and two affiliates. Aichi Corporation is headquartered in Aichi and capitalized at ¥10,425 million.
Toyota Industries Corporation holds 51.0% of the outstanding shares of Aichi Corporation.
*2 Taikoh Transportation Group comprises Taikoh Transportation Co., Ltd. and its four subsidiaries.Taikoh Transportation Co., Ltd. is headquartered in Aichi and capitalized at ¥83,985 thousand.
Toyota Industries Corporation holds 50.2% of the outstanding shares of Taikoh Transportation Co., Ltd.
*3 Toyota Industries Sweden AB is a holding company which holds a 100.0% share of BT Industries AB and Toyota Industries Finance International AB.
*4 BT Industries Group is composed of 79 subsidiaries and affiliates and is centered on the holding company BT Industries AB (headquartered in Mjölby, Sweden, capitalized at SEK560 million).
*5 Toyota Industries North America, Inc. is a holding company that exercises control over Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc., ACTIS Manufacturing, Ltd,
LLC, Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc. and Toyota Industries Personnel Service of America, Inc.
*6 Toyota Industries Corporation Australia Group comprises Toyota Industries Corporation Australia Pty Limited and its four subsidiaries. Toyota Industries Corporation Australia Pty Limited isheadquartered in Sydney, Australia and capitalized at A$12 million. Toyota Industries Corporation holds 100.0% of the outstanding shares of Toyota Industries Corporation Australia Pty Limited.
*7 BT Industries AB temporarily holds more than a 50% share of the capital of one subsidiary.
Note: ¥–Japanese yen; SEK–Swedish krona; US$–U.S. dollar; EUR–Euro; Rs–Indian rupee; NOK–Norwegian krone; DKK–Danish krone; GBP–British pound; A$–Australian dollar

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200425

Investor Information (As of September 30, 2003)
Corporate Head OfficeTransfer Agent

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

UFJ Trust Bank Limited
1-4-3, Marunouchi, Chiyoda-ku, Tokyo-to
100-0005, Japan
Telephone: +81-(0)3-3287-2211

Major Shareholders
Date of Establishment% ofVoting rights

November 18, 1926
Toyota Motor Corporation
DENSO Corporation
The Master Trust Bank of Japan, Ltd.
Japan Trustee Services Bank, Ltd.
Custodial Trust Company
Towa Real Estate Co, Ltd.
Nippon Life Insurance Company
Aisin Seiki Co., Ltd.
Toyota Tsusho Corporation
Sumitomo Mitsui Banking Corporation

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

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

Number of Shareholders

23.57
9.12
6.39
2.81
2.81
2.37
2.07
2.02
1.94
1.79

18,208

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

Common Stock Price Range (Tokyo Stock Exchange)

1st quarter2nd quarter3rd quarter
4th quarter

FY2004High
Low

FY2003High
Low

FY2002High
Low

FY2001High
Low

FY2000High
Low¥1,9882,235––¥2,165
2,005
1,909
1,820

¥2,770
2,620
2,165
2,210

¥2,435
2,580
2,305
2,575

¥2,350
2,170
2,250
2,320

¥1,686
1,922––¥1,862
1,770
1,732
1,725

¥2,355
1,845
1,766
1,823

¥1,950
1,980
1,922
2,100

¥2,050
1,761
1,880
1,870

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

Internet Home Page
Updated information is published regularly on our Web site. (http://www.toyota-industries.com/)

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

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

This semiannual report is printed on recycled paper using
soy ink to minimize the impact on the environment.
Printed in Japan