FY2022
Financial Results
May 10, 2022
Ｆ

I. Financial Summary
1. Points of financial resultsＦ

2. Financial results for FY2022
3. Financial forecast for FY2023

1/39

Points of Financial Results for FY2022
1. Net sales and profits increased from FY2021
due to automotive and forklift trucks market recoveryＦ

2. Dividends for FY2022 is ¥170, ¥20 increase from FY2021
Dividends plan for FY2023 is ¥180, ¥10 increase from FY2022

3. Increases in net sales and profits are expected for the
FY2023 forecast
2/39Performance <FY2022>(Billion yen)

FY2021

FY2022

Change2,118.3

2,705.1

586.8

27.7%

Operating profit

118.1

159.0

40.9

34.6%

Profit before income taxes

184.0

246.1

62.1

33.8%

Profit attributable toowners of the parent

136.7

180.3

43.6

31.9%

Earnings per share¥440.28¥580.73¥140.45-

Net sales

Dividends per share[Year end]

¥150 Ｆ
[¥80]

¥170
[¥90]

¥20
[¥10]

[-]

Payout ratio

34.1%

29.3%

-

-

¥/US$

¥106

¥112

¥6

-

¥/Euro

¥124

¥131

¥7

-

- Net sales and profits increased due to unit sales increases in Engine/Car Air-conditioning
compressor/Forklift trucks, etc. while hit by material supply delays, production cutbacks at
automakers and costs increase including raw materials and logistics
3/39

Segment Information <FY2022>
Net sales [Operating profit](Billion yen)

FY2021

FY2022

ChangeVehicleEngine

88.3
139.9

83.4
267.6

(4.9)
127.7

(5.6%)
91.2%

Car Air-Conditioning
Compressor

301.6

356.1

54.5

18.1%

Electronics Parts
and others

61.6

85.5

23.9

38.6%

Automobile

591.6
[4.7]

792.8
[33.0]

201.2[28.3]

34.0%

Materials Handling
Equipment

1,431.4[109.9]1,789.4[113.6]

358.0
[3.7]

25.0%

Textile Machinery

40.8[(1.1)]

69.2
[5.5]

[6.6]

Others

54.3
[4.4]

53.7
[7.1]

(0.6)
[2.7]

(1.1%)

Total

2,118.3[118.1]

2,705.1[159.0]586.8[40.9]

27.7%

Ｆ 69.4%
28.4

Unit sales(Thousand units)
FY2021

FY2022

Change

323

308

(15)

DieselGasoline

362
403

430
374

68
(29)

Engine

765

804

39

27,51028,7501,240

Materials Handling
Equipment

250

282

32

Air-jet loom

4.7

7.3

2.6

Vehicle（RAV4)Car AirConditioning
Compressor

Vehicle : Net sales decreased due to unit sales decrease of RAV4 in both Japan and overseas.
Engine : Net sales increased due to unit sales increase of diesel engines such as GD-type
Car Air-Conditioning Compressor : Net sales increased due mainly to unit sales increase in North America.
Materials Handling Equipment :Net sales and profit increased due to increase of both forklift trucks and logistics solution business

4/39

Changes in Operating Profit
Year-on-year comparison (FY2021 and FY2022)
Operating profit ¥40.9 billion increase (¥118.1 to ¥159.0 billion)

+14.0

+15.0
+92.1

(50.2)

Cost reduction
Impact ofexchange rate
fluctuations(Billion yen)

(10.1)
Increase in
raw material
costs

Increase inlabor costs(3.1)
Increase indepreciation

118.1(16.8)

159.0

Increase in
expenses andothersIncrease in sales

FY2021+121.1(80.2)FY2022- YoY profit increased due mainly to increase in sales despite of increase in raw material
and labor costs as well as others including logistics costs
5/39Performance <FY2022>(Billion yen)

FY2021

FY2022

ChangeInvestments intangible assets

113.3

134.8

21.5

19.0%

Depreciation

91.0 Ｆ

94.1

3.1

3.4%

- Investments in tangible assets increased overall due to increase in
Car Air-Conditioning Compressor, Electronics Parts and others including
battery and Materials Handling Equipment business segment

6/39

Performance <FY2022>(Billion yen)

As of March
31, 2021

As of March
31, 2022

Total assets

6,503.9

7,627.1

1,123.2

17.3%

Total equity

3,322.5

4,021.9

699.4

21.1%

¥10,422.64
Ｆ¥12,653.04¥2,230.40

-

49.8%

51.5%

-

-

256

258

2

-

Equity attributable toowners of the parent
per share
Percentage of equity
attributable to owners of theparentConsolidated subsidiaries

Change- Total assets increased because market value of investment securities
increased
7/39

Performance <FY2023 Forecast>(Billion yen)

FY2022

FY2023

Change2,705.1

3,100.0

394.9

14.6%

Operating profit

159.0

170.0

11.0

6.9%

Profit before income taxes

246.1

250.0

3.9

1.6%

Profit attributable toowners of the present

180.3

185.0

4.7

2.6%

Net sales

Ｆ

Earnings per share¥580.73¥595.85¥15.12-

Dividends per share[Year-end]

¥170
[¥90]

¥180
[¥90]

¥10
[-]

-

Payout ratio

29.3%

30.2%

-

-

¥/US$

¥112

¥120

¥8

-

¥/Euro

¥131

¥130

(¥1)

-

8/39

Segment Information <FY2023 Forecast>
Net sales [Operating profit](Billion yen)

FY2022

FY2023

83.4
267.6

90.0
315.0

6.6
47.4

7.8%
17.7%

356.1

423.0

66.9

18.8%

85.5

127.0

41.5

48.5%

Automobile

792.8[33.0]

955.0

162.2

Materials Handling
Equipment

1,789.4[113.6]2,012.0

Textile Machinery

69.2
[5.5]

68.0

Others

53.7
[7.1]

65.0

Total

2,705.1[159.0]3,100.0[170.0]

VehicleEngineCar Air-Conditioning
Compressor
Electronics partsand others

Unit sales

Change

222.6
(1.2)
11.3
394.9
[11.0]Ｆ(Thousand units)
FY2022

FY2023

Change

308

320

12

DieselGasoline

430
374

452
484

22
110

Engine

804

936

132

28,75031,0002,250

Materials Handling
Equipment

282

349

67

Air-jet loom

7.3

6.0

(1.3)

Vehicle（RAV4)

20.5%
12.4%(1.8%)
21.0%

Car AirConditioning
Compressor

14.6%

9/39

Changes in Operating Profit
Year-on-year comparison (FY2022 full year and FY2023 full year forecast)
Operating profit: ¥11.0 billion increase (from ¥159.0 billion to ¥170.0 billion)

+89.0

+14.0
Cost reduction

Increase in sales+113.0(Billion yen)

(74.0)

Impact ofexchange rate
fluctuations(8.0)
Increase in
raw material
costs

159.0

FY2022+10.0

Increase inlabor costs(102.0)(20.0)
170.0
Increase in
expenses andothers

FY2023

10/39

Performance <FY2023 Forecast>(Billion yen)

FY2022

FY2023

ChangeInvestments in tangible
assets

134.8

150.0

15.2

11.2%

Depreciation

94.1

94.0

(0.1)

(0.2%)

Ｆ

11/39

II. Our Business Initiatives
Materials Handling
Equipment
Ｆ

Automobile

12/39

Materials Handling Equipment
１．Shipment suspension of some models of engine-powered lift trucks in
the United States
 Some models of engine-powered lift trucks manufactured
at the US plant Suspension of the shipment from January, 2021 and suspension of the
production from June, 2021 due to delays in obtaining U.S. engine
emissions certification
Ｆ・ The application process required for the certification is well underway.
Keep the negotiation with EPA to obtain the certification
・ Aim to resume shipping through a sincere responseto the authorities
・ Disclose relevant information promptly if any mattersrequiring disclosure arise
13/39

Materials Handling Equipment
2. Business Environment
・Demand recovery from the global COVID-19 pandemic recession
・Although e-commerce market growth drives increase of new demand, the future
is uncertain along with growing concerns of geopolitical risks and inflation.
・Increasing needs for Mechanization and Automation due mainly to labor
shortages in developed countries, labor cost increasing in emerging countries
and the establishment of social distancing
World GDP*1(US$ trillion)（US$ billion）

World e-commerce market*2

Ｆ7,000

110
100
90
80
70
60
50
40
30
20
10
0

6,000
5,000
4,000
3,000

2,000
1,000
17

18

19

20

21

*1： IMF, World Economic Outlook, April 2022

22 (CY)

0
17

18

19

20

21

22

(CY)

*2: Produced by Toyota Industries based on “International Economic Research Project(Market Research on Electronic Commerce) Report on Construction of Integrated
Economic Growth Strategy Inside and Outside in the first year of Reiwa”,
Japan’s Ministry of Economy, Trade and Industry (2020)

14/39

Materials Handling Equipment
3. Sales and Forecast (1/2)

・Order market in 2021 exceeded two
million for the first time including
pent-up demand from the pandemic

Lift trucks
Net sales breakdown・Moderate market growth is expected
in 2022 against drastically increased
2021

New
truck
Value
Chain

Approx. 80%

・Steady increase for our sales units
along with strong demand
Ｆ

Order market units

Our sales units（Thousand)（Thousand)

2,334 2,200
2,000

1,501

400

1,634

300

349
278

250

282

200

1,000

100
0

0
19

20
Results

21

22

25
Forecast

(CY)

20

21
Results

22

23

26

(FY)

Forecast

15/39

Materials Handling Equipment
3. Sales and Forecast (2/2)
Logistics solutions

・Stable order intake with increasingneeds for automation andmanpower saving

Net sales breakdown

Approx. 20%

・Strong order increase especially inretail, distribution, e-commerce andfood industries
Ｆ

Our order intake amount(Billion)

Our Sales amount(Billion)

600

600

500
400

414.6

466.9

500

347.0

300

300

200

200

100

100

0
20

405.0

400

21
Result22

23

26
Forecast

(FY)

256.9

294.7

0
20

21
Result

22

23

26

(FY)

Forecast

16/39

Materials Handling Equipment
4. Major Activities for Electrification (1/3)
・Composition of Electric lift trucks are increasing globally
・The ratio of global electric truck lifts in 2021 : approx. 70%
G LO B A L

J A PA N

69%

EUROPE
80%

82%

56%

87%

55%

53
%

63%

60%

CHINA
56%

60%

64%

73%

Ｆ

32%
21%

NORTH
AMERICA2011 2015 2021

2011 2015 2021

2011 2015 2021

2011 2015 2021

OTHER
2011 2015 2021
55%
43%

46%

2011 2015 2021

17/39

Materials Handling Equipment
4. Major Activities for Electrification (2/3)■Expansion of electric trucks lineup for Carbon Neutrality
・Further expand lineups of Li-ion battery lift trucks with such advantages as
shorter charging time, maintenance-free battery, etc.
・Develop the high power electric system which is applicable to quick charging
system・Develop/Launch large-sized electric and FC lift trucks
Ｆ

18/39

Materials Handling Equipment
4. Major Activities for Electrification (3/3)■ New electric tow tractor■ New FC lift trucks

・Actualize the same performance asengine types like towing capacity,
speed and gradability by loading highefficient motor and drive unit
・High-capacity battery contributes tolonger continuous operation

・Installed 2nd generation MIRAI FCEV cell・Halve the FC system cost bysimplifying
・Double fuel cell life expectancy

Electric tow tractor (3TE25)

Ｆ

Under developing to launch in FY2023

New FC lift truck

Contribute to Carbon Neutrality through replacing ICE types
for electric types and popularizing hydrogen
19/39

Materials Handling Equipment
5. Major Activities for Logistics Solution Business (1/2)■ Industry composition of order intake
・ Increase in e-commerce and warehousing including apparel and food・ Baggage Handling decline by small population flow due to the pandemic(FY2021)¥ 414.6 billion
Others¥ 466.9 billion
OthersＦ

Parcel,Express Service

Baggage
Handling(FY2022)

Break down of orderintake by industry

Parcel,Express Service
E-commerce,
Warehousing

Baggage
Handling

E-commerce,
Warehousing

20/39

Materials Handling Equipment
5. Major Activities for Logistics Solution Business (2/2)■ Collaboration between Vanderlande and TICO・ZOZO, Inc., an operator of the fashion shopping site “ZOZOTOWN”
ordered “Pocket Sorter”TM , a hanging high-speed sorting system.
・Developed by Vanderlande and highly regarded as the latest logistics
automation system. ZOZO is the first customers in Japan for this system.
Ｆ“Pocket Sorter” TM , a hanging high-speed sorting system

21/39

Materials Handling Equipment【 Topic 】

6. Acquires “viastore”, a Germany-Based Logistics System Integrator (1/4)■ viastore Overview
1. Establishment: 1889

2. Head Office: Stuttgart, Germany＜Bases＞■ Europe : 6 basesin 5 countries

3. Number of employees : 602 (as of Dec. 31, 2021)
4. Shareholder: Cetus GmbH (holding company)

5. Business activities: Integration of logistic systems

6. Solution Lineups
in-house products

Germany (2 bases),
Spain, France, Russia,
Czech Republic■ Americas : 3 basesin 3 countries
U.S.A., Mexico,
Brazilviastore head officeＦpurchased products

Process

Transport

Storage

Picking

SoftwareSolution

Conveyor,
AGV*1

Logistics
automation

RobotsWCS *2,
Warehousesystem*1: Automated Guided Vehicle *2: Warehouse Control System

Highly regarded especially in Europe
for its world-wide costumer base and ability to provide solutions
22/39

Materials Handling Equipment【 Topic 】

6. Acquires “viastore”, a Germany-Based Logistics System Integrator (2/4)■ Classification of the warehouse logistics
10

Integrate and control whole process optimally with software
Conveyor987Automatic
warehouse

Large scale
Warehouse logistics
Solution market

Automatic
guided FL

6

High ability
Warehouse

Automatic
guided vehicle

Ｆ

5

Control several process with software

4
Middle/small scale
Warehouse logistics
Solution market

32
1

Forklift trucks surrounding
Solution Market
0 Image of market
classification
2

Customertrend

Automate an individual process(defined by TICO)

Establish the structure to provide solution to meet forklift trucks
customer’s automation needs
23/39

Materials Handling Equipment【 Topic 】

6. Acquires “viastore”, a Germany-Based Logistics System Integrator (3/4)■ Solution provision structure in each market
Country/Area

Japan

MarketNorth America

EuropeLarge scale
Warehouse logistics
Solution market

Ｆ（
Middle/small scale
Warehouse logistics
Solution market＋）

Forklift trucks
surrounding
Solution Market

Establish a solution provision structure in major markets
by the acquisition of viastore
24/39

Materials Handling Equipment【 Topic 】

6. Acquires “viastore”, a Germany-Based Logistics System Integrator (4/4)■ Expected synergies with our group companies
1. Collaboration with TMHE(*)*: Toyota Material Handling Europe

2. Mutual product provision
with Vanderlande

European headquarters for materials handlingequipment business

Utilize wide TMHE sales and service networks

1) viastore
6 bases in 5 countries2) TMHE
350+ bases in 40+ countries

Ｆ
Bucket type
Automatic warehouse

Pallet type
Automatic warehouse

Shuttle type
Automatic warehouse

Picking Robots

25/39

Ⅱ．Our Business Initiatives
Materials Handling
Equipment
Ｆ

Automobile

26/39

Car Air-Conditioning Compressor
1. Our Compressor Sales and Forecast

・Despite growing uncertainty due to geopolitical risks and inflation
concerns, sales units increased in FY2022, mainly for electric driven type
(Thousand units)

Japan

North America

5,580 5,650 5,700

8,670

Global
31,00028,750Ｆ

27,510
3,660

5,000

7,700
Electric driven type21

22

23 （FY）

23,75023,30021

22（Forecast）

Europe23,8508,130

10,0006,520 6,560 6,700

23 （FY）（Forecast）

China and Others
7,280

7,870

8,600

Engine driven type21

22

23 （FY）（Forecast）

21

22

23 （FY）（Forecast）

21

22

23

（FY）

（Forecast）

27/39

Car Air-Conditioning Compressor
2. Expansion of Electric Driven Type・Automakers are accelerating the shift to electrification in response torising carbon-neutral momentum and tightening environmental
regulations in each country
・Expand sales of electric driven type, mainly for high-end vehicles（Thousand units）

40,000（Thousand units）

Electrified Vehicle Market

Our Sales Forecast(Electric Driven Type)

20,000* Survey by Toyota Industries CorporationＦ

30,000Acceleration of the target “FY26
Over 10 million”

BEV

20,000BEV

10,00010,000

HEV・
PHEV

HEV・
PHEV
0

0
21

22

23

（Forecast）

26（Forecast）

（FY）

21

22

23
（Forecast）

26（Forecast）

（FY）

28/39

Car Air-Conditioning Compressor
3. Diversified Needs of Automakers and Our Initiatives (1/3)■Initiatives for higher voltage and larger capacity of electric driven type
Voltage

Capacity

Low voltage

High voltage

240V-470V

800V

Cooling of car interior
Higher voltage～34 CC

HEV・PHEV
Larger capacity

41 CC～

Quick charge

BEV

Cooling and heating of car interior& Cooling such devices as batteries
29/39

Car Air-Conditioning Compressor
3. Diversified Needs of Automakers and Our Initiatives (2/3)■Expanding role of electric driven type compressors
BEV

HEV・PHEV

Cooling

Cooling

Electric
driven typecompressor

Quick charge

Heat pump heating

Heating with engine
waste heat

Electric
driven typecompressor

Requiredtechnologies

Needs ofautomakers
Heating solutions（Longer operating hours）

Cooling such devices
as batteries

Cooling such devices
as batteries

The roles ofcompressors
expanded to include
heating function andequipment cooling

Durability for long-time
operation
Technology which realizes
batteries/components
cooling as well as air
conditioning of car interior
Low electromagnetic noise
during quick charging

30/39

Car Air-Conditioning Compressor
3. Diversified Needs of Automakers and Our Initiatives (3/3)■Our initiatives

Technologies requiredfor BEVs

Durability for long-time
operation

Our initiatives with leveraging strengths
Improve product competitiveness by leveraging
experience gained from mounting electric compressors
on BEVs ahead of competitors
・Rapid structural optimization by simulation
・Unique material evaluation technology to improve
component strength

Technology which realizes Developed large capacity typebatteries/components
・40% better in cooling capability due to increased
cooling as well as air
capacity and higher speed
conditioning of car interior
Low electromagnetic
noise during quick
charging

Lower electromagnetic noise by improving the inverter
performance
・Low electromagnetic noise achieved by patented
technology in cooperation with the Electronics Division,
which possesses a wide range of elemental technologies
31/39

Our products supporting Toyota's new BEV "bZ4X″
Installed in Toyota’s New “bZ4X” Battery Electric Vehicle
DC-AC inverter

Electric compressor

Newly developed

Ｆ
Compact size and light weight achievedby integration
23％
smaller in size

17％
lighter in weight

Newly developed unit that integrates
on-board charger and DC-DC converter
32/39

BatteryNew production line to be launched at Ishihama Plant
・Started production of Bipolar Nickel-Metal Hydride Battery
for the new Aqua (Prius C), at Kyowa Plant
・New production line to be launched at the Ishihama Plant in FY2023
to accommodate an expand the number of car models equippedwith our batteries

Ｆ

Ishihama Plant （Aichi prefecture）
33/39

TopicTechnology of the Year 2022
1st and 2nd place （Motor Fan illustrated vol.186）
Bipolar Nickel-Metal HydrideBattery for the new Aqua (Prius C),
Toyota Motor Corporation

２位

New V6 Diesel Turbo Engine
for the new Land Cruiser 300,
Toyota Motor Corporation

Ｆ● Expert comments● Expert comments「I was honestly impressed that there was still a way toadvance the nickel-metal hydride battery, which wasthought to be an old technology.」「The V-bank exhaust system, 2-way twin turbo, PCCI, andother new technologies were comprehensively introduced
and integrated into the engine for the Land Cruiser 300.」「The company was highly evaluated for its commercialization of
the bipolar type, which has long been considered for practical use,
and its potential for development into lithium-ion batteries.」「While many automakers around the world are accelerating
the shift to electrification, Toyota's strength in still investingdevelopment resources in ICEs.」

34/39

Ｆ
III. Carbon Neutrality
Initiatives

35/39

Environment
1. Initiatives to reduce CO2 emissions (Production)
Basic concepts
Steady CO2 reduction

activities• Energy saving【Reduction of CO2 Emissions (Production)】
CO2
emissions
By the courseof nature• Private solar power
generation• Introducing newtechnology▲50%Electricity＋

Renewable energy･Renewable power
procurement･Private solar power
generation
Introducing
new technology

Complementary activities• Renewable power
procurement• Purchase of energy
conservation certificates

Heat(Fuel)

2014

Energy saving
・Innovative technology
・Daily improvement

2031

Aim to accelerate 2051
carbon neutrality

Use of hydrogenand ammonia,
CO2 capture etc.

CO2 emissions on track to be halved by 2031
by thorough energy saving, use of renewable energy, etc.
36/39

Environment
1. Initiatives to reduce CO2 emissions (Production)【Renewable power】 Example of activities
The plant of the car air-conditioning compressor“Air conditioning system using renewable energy heat” demonstration test
(A part of the NEDO-subsidized project)

Geothermal heat that provides stable heat all year roundSolar thermal with high energy conversion efficiency

Air conditioning system using renewable energy heatFirst system in Japan to utilize both to
reduce CO2 emissions from air conditioning

Solar heat collector

CO2 emissions are expected to be reduced by approximately 40%
compared to conventional models
Expand the use of renewable energy based on the knowledge accumulated
through the demonstration
37/39

Environment
1. Initiatives to reduce CO2 emissions (Products)
Net sales target for electrification-related products set at 70%+ in FY2031

Materials Handling Equipment

Automobile“Contribution toelectrification”
Electric tow tractor
On-board
charger

Bipolar NickelMetal HydrideBattery

Electric compressor“Contribution to theconstruction ofa hydrogen society”

Electric lift truck

FC lift truck

FC module

Oxygen-supplying air
compressor for FCEVs

Hydrogen circulation
pump for FCEVs

Reduce CO2 emissions throughout the lifecycle of productsby leveraging the strengths of both businesses
38/39

Environment
2. Biodiversity Conservation Initiatives
Aggressive activities centered on the neighborhoods of our company's bases
Habitat creation
BiotopeFox habitat expansion
Animal path

Participation in tree-planting events（China）

Mangrove planting（Indonesia）

Conservation of rare bird species
BirdpiaJapan

Distribution of seedlings at
environmental awareness activities（Brazil）

Overseas

Restore ecological impact through collaborative efforts with local communities
39/39

Cautionary Statement with Respect to
Forward-Looking Statements
This presentation contains projections of business results as well as statements regarding business plans,
forecasts, strategies, and other forward-looking statements that are not to be taken as historical fact.
Projections and forward-looking statements are based on the current expectations and estimates ofToyota Industries and its Group companies. All such projections and forward-looking statements are basedon management’s assumptions and beliefs derived from the information available to it at the time of
producing this report and are not guarantees of future performance. You should also be aware thatcertain risks and uncertainties could cause the actual results of Toyota Industries and its Group companies

to differ materially from any projections or forward-looking statements appearing in this report. Theserisks and uncertainties include, but are not limited to, the following: 1) economic trends, 2) various
competitive pressures, 3) changes in relevant laws and regulations, and 4) fluctuations in exchange rates.