Annual Report 2007
For the year ended March 31, 2007

MESSAGE FROM THE CHAIRMAN AND THE PRESIDENT
It is our pleasure to report to you on JTEKT's business performance for the fiscal year ended
March 31, 2007.
Concerning the state of Japan's economy during this period, although the effect of such negative
factors as increased raw material prices was felt, the economy continued to display moderate
strength as a result of increased private-sector capital expenditures, an expanding employment
environment, and other positive factors.
Regarding economies around the world, Asian economies led by China maintained a highgrowth rate, the U.S. economy displayed firmness despite the failure of personal consumption to
grow as expected, and European economies proceeded strongly in the direction of recovery.
Given such a business climate, the JTEKT Group endeavored during this period to construct a
production structure with improved efficiency and further strengthen its quality control and sales
structures.
As a result of these and other efforts, consolidated sales of 1,025,298 million yen were achieved,
an increase of 300,948 million yen, or 41.5 percent, over the previous year's result. Concerning
profit, rising raw material prices and other unfavorable factors were offset by increased sales,
resulting in consolidated operating income of 64,630 million yen, an increase of 20,005 million
yen, or 44.8 percent, over the previous term. Consolidated net income rose to 44,900 million yen,
an increase of 17,614 million yen, or 64.6 percent, over the previous term.
An end-of-term dividend of 10 yen per share was issued, bringing the total dividend for the year
to 19 yen per share (the interim dividend was 9 yen per share), an increase of 4 yen per share fromthe previous term.
The JTEKT Group will continue striving to strengthen its quality control structure, develop
new products that foresee market needs, and solidify its base of profitability through the effective
use of management resources in order to meet the expectations of customers and others.
We hope for the continued support and cooperation of our shareholders.
August 2007

Chairman
Takaya Yamada

President
Motohiko Yokoyama

Contents

Message from the Chairman and the President

1

Consolidated Statement of Income and Retained Earnings

9

Consolidated Financial Highlights

2

Consolidated Statement of Cash Flows10

Business Domains

3

Nonconsolidated Balance Sheet

11

Topics4

Nonconsolidated Statement of Income

13

Global Network / Domestic Network

5

Company Profile

14

Consolidated Balance Sheet

71

Consolidated Financial Highlights

Consolidated sales

Consolidated operating income(unit: billions of yen)(unit: billions of yen)

44

64

1,025
60

1,000

Consolidated net income(unit: billions of yen)

40

900
50

800

44

724

700
600

30

27

40

570
30

500

30

20

16

400
20

300

10
200

10

100
0

〜3/05

〜3/06

〜3/07

0

〜3/05

〜3/06

〜3/07

0

〜3/05

〜3/06

〜3/07
Koyo Seiko

Note: JTEKT's 〜3/06 results are a combination of the results of Koyo Seiko (the surviving legal entity)from April through December 2005 and JTEKT's results from January through March 2006.

JTEKT

Reference data
A simple combination of the results of Koyo Seiko and Toyoda Machine Works is shown below.
Consolidated sales

Consolidated operating income(unit: billions of yen)

941
900
800

600

40

35

297

721

700

(unit: billions of yen)

60
60

814

Consolidated net income(unit: billions of yen)

50
243

43

216

22
30

12

40

23

13
500
30
400

29

20

300
505

570

644

20

10

12

37
30

200

23
10

4

21

100
0

7

7

16

7
〜3/04

〜3/05

〜3/06

0

〜3/04

〜3/05

〜3/06

Note: Each company's results for 〜3/06 are a combination of its results from April through December 2005
and its attributable portion of JTEKT's results from January through March 2006.

0

〜3/04

〜3/05

〜3/06

Toyoda Machine Works
Koyo Seiko

2

Business Domains
Three axes and four product fields compose the structureof JTEKT. The horizontal axis represents systemizationthat will apply to a wide range of industrial fields, and inparticular the systemization of steering products andAim to create
advanced technology

driveline components. Supporting that axis is thetechnology "deep plowing" axis, representing further
cultivation of fundamental technology in the fields ofbearings, a basic element of all mechanical products, andAdvanced technology
development axis

machine tools, the means by which products are
manufactured. Extending to an equal extent in the
upward direction is the advanced technology
development axis. Through utilizing the synergy createdbetween these three axes and four product fields, JTEKT
will pursue new possibilities and provide customers withthe best in intelligent motion technology.

Systemization axis

Steering
products

Driveline
components

Systemization axis

Systemization
Product combination

Systemization
Product combination
Technology deep plowing axis

Bearings

Machinetools

Fundamental technology

Main Products
Steering systems

Column type electric
power steering system

Electronically controlled
variable gear ratio
steering

Electronicallycontrolled hydraulicpower steering

Power steering pump

Driveline components
Propeller shafts

Couplings

Torsens

Driveshafts

General-purpose
bearings

Automotive bearings(hub unit with built-in
sensor)Machine tool bearings

Steel mill bearings

Grinding machines

Machining centers

Special-purpose
machines

High-precision machine
tools

Bearings

Machine tools

3

TOPICS

Aiming to be a "monozukuri" company
friendly to the global environment

Realization of "eco-factories"
Provision of energy/resource-saving recyclable products

JTEKT products contributing to
the global environmental
High-efficiency JTEKT Involute Chain for CVTs
Currently there is a strong trend among automakers
to adopt continually variable transmissions (CVT) as ameans of improving vehicle fuel economy. Whileboth metal belts and chains are used in current CVTs,
JTEKT, utilizing its wealth of bearing element
technology and based on an exclusive license
agreement with Dutch company Gear Chain
Industrial B.V., has developed the JTEKT Involute
Chain, which possesses higher efficiency than existing
metal belts and lower noise than existing chains.

FeaturesIn the 10/15 fuel efficiency
measurement mode, a 4%~5%
fuel efficiency improvement isachieved (in-house calculation).
Application in high torque ranges,
which are difficult for current
products to handle, is possible.
This will enable CVT application
on a greater range of vehicles andcontribute to energy and resource
conservation.

Rack direct-drive electric power steering with integrated electronically controlled
variable gear ratio mechanism

Received Automotive Component Award at
4th Monozukuri Component Awards
CeremonyThis system, installed on Toyota Motor Corporation's
Lexus LS and representing world-leading steering
technology, comprises an electronically controlled
mechanism that changes the gear ratio integrated ina one-piece structure with a rack direct-drive typeelectric power steering system having world top-class
output. The variable gear ratio mechanism changes
the steering gear ratio in accordance with vehicle
speed so that the tires turn relatively much inresponse to turning at slow speeds or in stationary
condition and relatively little in response to turning athigh vehicle speeds, which improves driving stability.

Features
The high output of this systemenables application on large
vehicles up to the 5-liter class, andas vehicles equipped with electric
power steering achieve 3%~5%better fuel efficiency than thoseusing hydraulic power steering, it
contributes significantly to energy
conservation as well as to driving
safety.

Low friction torque (LFT-III) tapered roller bearing
receives Minister of Economy, Trade and Industry Award
FeaturesThis bearing, which has 80% less rotational torque loss thanconventional tapered roller bearings, received the Minister of
Economy, Trade and Industry Award at the 2006 EnergyConserving Machinery Awards in recognition of its significant
energy-savings benefit.

4Global Network / Domestic Network
Global Network
EuropeRegional headquarters●●●

3

R&D centers●●

2

Steering plants

●●●●●

5

Driveline component plants ●●2

Bearing plants

2●●

Sales bases / service centers ●●●●●●●●●

Sales for the region
200
180
160
140
120
100
80
60
40
20
0

9

Total

23

(unit: billions of yen)

188
123

136

142

149

Asia/Oceania, etc. (excluding Japan)

〜3/03

〜3/04

〜3/05

〜3/06

〜3/07

Regional headquarters●●

2

R&D centers●●

2

Steering plants

●●●●●
●●●●

9

Driveline component plants ●1

Bearing plants

●●●●●
●●●

8

●●

2

Machine tool plants
JTEKT AUTOMOTIVE DIJONSAINT-ETIENNE S.A.S.

JTEKT TORSEN
EUROPE S.A.

KOYO BEARINGS(EUROPE) LTD.

TOYODA MITSUIEUROPE GMBH

Sales bases / service centers ●●●●●●●●●KOYO STEERING(THAILAND) CO., LTD.

9

Total

33

JTEKT AUTOMOTIVE(THAILAND) CO., LTD.

Domestic Network

5

Osaka head office

Nagoya head office

No.5-8, Minamisemba 3-chome,
Chuo-ku, Osaka, 542-8502
Tel. 06-6271-8451

No.7-1, Meieki 4-chome, Nakamura-ku,
Nagoya, Aichi Pref., 450-8515, Japan
Tel. 052-527-1900

North America
Regional headquarters●

1

R&D centers●●

2

Steering plants

●●●●

4

Driveline component plants ●1

Bearing plants●

1

Sales bases / service centers●●●●

4 TotalSales for the region(unit: billions of yen)

154

160
140
120

107

100

Sales for the region
90
80
70
60
50
40
30
20
10
0

80
60
40

(unit: billions of yen)

13

81
43

52

20

87

0
〜3/03

〜3/04

〜3/05

〜3/06

〜3/07

61

23

〜3/03

39

30

〜3/04

〜3/05

DALIAN KOYO WAZHOUAUTOMOBILE BEARING CO., LTD.

〜3/06

〜3/07

TOYODA KOKI DO BRASIL
INDUSTRIA E COMERCIO DE
MAQUINAS, LTDA.

JTEKT AUTOMOTIVE TENNESSEEMORRISTOWN, INC.

KOYO CORPORATION OF U.S.A.
[MANUFACTURING DIV.]

Research & development centers

Sales & Marketing Headquarters

PlantsNo.333, Toichi-cho, Kashihara,
Nara Pref., 634-8555
Tel. 0744-29-7040

No.5-8, Minamisemba 3-chome,
Chuo-ku, Osaka, 542-8502
Tel. 06-6245-6087

Kokubu Plant
Kariya Plant
Tokushima Plant
Okazaki Plant
Tokyo Plant
Kagawa Plant
Nara Plant
Higashikariya Plant
Toyohashi Plant
Tadomisaki Plant
Hanazono Plant
Kameyama Plant

No.24-1, Kokubu Higanjo-cho,Kashiwara, Osaka, 582-8588

Steering System Operations
Headquarters

No.1, Asahi-machi 1-chome, Kariya,
Aichi Pref., 448-8652

Bearing & Driveline Business
Operations Headquarters
Technical centers
Chubu Technical Center
No.1, Kotobuki-cho 1-chome, Toyota,
Aichi Pref., 471-0834
Tel. 0565-28-3811
Toubu Technical Center
No.18-2, Shiroyama 1-chome,
Midori-ku, Yokohama,
Kanagawa Pref., 226-0006
Tel. 045-929-2191

Machine Tool & Mechatronics
Headquarters

JTEKT AUTOMOTIVE TENNESSEEVONORE CO.

Branch offices,business offices
Tokyo Branch Office
Higashinihon Branch Office
Kitakanto Branch OfficeHamamatsu Branch Office
Toyota Branch Office I
Toyota Branch Office II
Nagoya Branch OfficeKansai Branch Office
Nishinihon Branch Office
Tohoku Business Office
Utsunomiya Business Office

Mito Business Office
Chiba Business Office
Okazaki Business Office
Kobe Business Office
Okayama Business Office
Kyushu Business Office

Machine Tool & Mechatronics
Headquarters
Customer CenterTokyo Sales Office
Saitama Sales OfficeGunma Sales Office
Sales Sect. for Middle Japan
Hamamatsu Sales Office
Hokuriku Sales officeOsaka Sales Office
Hiroshima Sales Office
Fukuoka Sales Office

Major related companies
KOYO MACHINE INDUSTRIES CO., LTD.
TOYOOKI KOGYO CO., LTD.
KOYO SEALING TECHNO CO., LTD.
CNK CO., LTD.
KOYO THERMO SYSTEMS CO., LTD.
KOYO ELECTRONICS INDUSTRIES CO., LTD.
KOYO SALES, LTD.
DAIBEA CO., LTD.
UTSUNOMIYA KIKI CO., LTD.
HOUKO CO., LTD.
TOYODA VAN MOPPES LTD.

Distribution centers
Kansai Distribution Center
Kawai Distribution Center
Chubu Distribution Center
Kanto Distribution Center
Nishikanto Distribution Center

6

Financial data

Consolidated Balance Sheet
March 31, 2007ASSETS

Thousands of
U.S. dollars
2007

Millions of yen
2007

Current assets:
Cash
Time deposits
Short-term investments
Notes and accounts receivable:
Trade
Unconsolidated subsidiaries and affiliates
Other
Allowance for doubtful accounts
Inventories
Deferred tax assets
Other current assets
Total current assets
Investments and advances:
Investments in securities
Investments in and advances to unconsolidated
subsidiaries and affiliates
Property, plant and equipment:
Buildings and structures
Machinery and equipment
Accumulated depreciation
Land
Construction in progress
Deferred tax assets
Other assets
Total assets￥ 72,146
1,029
25＄ 611,147
8,716
208

227,309
12,97020,464
260,743(1,647)
259,096
123,752
21,171
7,120
484,339

1,925,532
109,868
173,356
2,208,756(13,954)
2,194,802
1,048,301
179,340
60,313
4,102,827

64,540546,716

26,517
91,057

224,630
771,346

196,155
682,759
878,914(614,734)
264,180
52,78919,952336,921
11,06621,926￥ 945,309

1,661,625
5,783,642
7,445,267(5,207,406)
2,237,861
447,178
169,0112,854,050
93,743
185,732＄ 8,007,698

As of March 31, 2007, JTEKT had 91 consolidated subsidiaries and 11 affiliates accounted for by the equity method.
The main ones of each type are shown below.
(Consolidated subsidiaries)
KOYO MACHINE INDUSTRIES CO., LTD.
TOYOOKI KOGYO CO., LTD.
KOYO SEALING TECHNO CO., LTD.
CNK CO., LTD.
KOYO THERMO SYSTEMS CO., LTD.
KOYO ELECTRONICS INDUSTRIES CO., LTD.
KOYO SALES, LTD.
DAIBEA CO., LTD.
UTSUNOMIYA KIKI CO., LTD.
HOUKO CO., LTD.
TOYODA VAN MOPPES LTD.
JTEKT AUTOMOTIVE TENNESSEEMORRISTOWN, INC.

7

(Affiliates accounted for by the equity method)
JTEKT AUTOMOTIVE TENNESSEEVONORE CO.
JTEKT AUTOMOTIVE LYON S.A.S.
JTEKT AUTOMOTIVE DIJON SAINT-ETIENNE
S.A.S.
JTEKT AUTOMOTIVE VIRGINIA, INC.
KOYO STEERING (THAILAND) CO., LTD.
JTEKT AUTOMOTIVE (THAILAND) CO., LTD.
KOYO CORPORATION OF U.S.A.
KOYO BEARINGS (EUROPE) LTD.
KOYO ROMANIA S.A.
TOYODA MACHINERY USA CORP.

FUJIKIKO CO., LTD.
MITSUI SEIKI KOGYO CO., LTD.

LIABILITIES AND NET ASSETS
Current liabilities:
Short-term loans
Current portion of long-term debt
Notes and accounts payable:
Trade
Unconsolidated subsidiaries and affiliates
Construction
Other

Income tax payable
Accrued expenses
Other current liabilities
Total current liabilities
Long-term debt
Accrued indemnities from retirement benefit plan
Accrued severance indemnities for members of the board of directors
and corporate auditors
Deferred tax liabilities
Other liabilities
Total liabilities

Millions of yen
2007

Thousands of
U.S. dollars
2007￥ 67,833
26,682＄ 574,609
226,025

198,546
13,22816,805
18,073
246,652

1,681,881
112,053
142,361
153,094
2,089,389

15,63636,392
18,617
411,812

132,453
308,273
157,704
3,488,453

98,26567,545

832,397
572,175

2,281
2,527
1,033
583,463

19,32021,407
8,751
4,942,503

Net assets:
Shareholders' equity:
Common stock:
Authorized - 1,200,000 thousand shares
36,296
Issued - 320,136 thousand shares
98,944
Capital surplus
181,803
Retained earnings(330)
Less: Treasury shares
Evaluation and conversion difference:
26,601
Unrealized gain on other securities
3,100
Translation adjustments on foreign currency financial statements
15,432
Minority interests in consolidated subsidiaries
361,846
Total net assets￥ 945,309
Total liabilities and net assets

307,459
838,152
1,540,056(2,797)225,337
26,262
130,726
3,065,195＄ 8,007,698

Conversion rate: ￥ 118.05 per U.S. dollar

8Financial data

Consolidated Statement of Income and Retained Earnings
For the year ended March 31, 2007
Millions of yen
2007

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Other income (expenses):
Interest and dividend income
Interest expense
Foreign currency exchange gain, net
Gain on sales or disposal of property,
plant and equipment, net
Equity in earnings of unconsolidated
subsidiaries and affiliates
Other, net

Income before income taxes and items listed below
Income taxes:
Current
Deferred
Minority interests in net income of
consolidated subsidiaries
Net income
Consolidated retained earnings:
Balance at beginning of the year
Net decrease due to thechange in scope of consolidation
Cash dividends
Bonuses to directors and corporate auditors
Balance at end of the year
Per share:
Net income
Cash dividends
Weighted average number of common shares
outstanding (thousands)

9

Thousands of
U.S. dollars
2007￥1,025,298
844,444
180,854
116,224
64,630＄8,685,282
7,153,273
1,532,009
984,527
547,482

2,342(3,809)1,575

19,836(32,266)
13,339

764

6,475

977
(3,394)(1,545)8,275(28,750)(13,091)

63,085534,391

23,650(7,526)200,334(63,753)(2,061)44,900(17,460)
380,350

144,244

1,221,893(1,070)(5,748)(522)￥181,804(9,068)(48,695)(4,424)＄1,540,056

Yen

U.S. dollars￥ 140.51
19.00＄ 1.190.16

320,136

320,136

Consolidated Statement of Cash Flows
For the year ended March 31, 2007
Millions of yen
2007

Cash flows from operating activities:
Income before income taxes
Depreciation and amortization
Equity in earnings of unconsolidated subsidiaries
and affiliates
Notes and accounts receivable
Inventories
Notes and accounts payable
Bonuses to directors and corporate auditors
Payment of income taxes
Other, net
Net cash provided by operating activities

Thousands of
U.S. dollars
2007￥ 63,085
44,093＄ 534,391
373,515(977)(11,220)(2,151)
24,566(590)(23,761)
3,984
97,029(8,275)(95,048)(18,223)
208,096(5,000)(201,278)
33,754
821,932

Cash flows from investing activities:
Increase in time deposits
Increase in marketable securities
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Increase in investments in securities
Decrease in loans receivable
Other, net
Net cash used in investing activities

(328)
(3)
(59,685)
4,904
(878)
238
(1,697)(57,449)(2,781)(25)(505,591)
41,539(7,440)2,016(14,369)(486,651)

Cash flows from financing activities:
Decrease in short-term loans
Decrease in long-term debt
Cash dividends
Other, net
Net cash used in financing activities(4,063)(8,686)(6,224)(41)(19,014)(34,419)(73,577)(52,722)(348)(161,066)

Exchange difference of cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Net increase due to the change in scope of consolidation
Cash and cash equivalents at end of the year

1,810
22,37649,548222￥ 72,146

15,334
189,549
419,7211,877＄ 611,147

10

Financial data

Nonconsolidated Balance Sheet
March 31, 2007ASSETS

Millions of yen
2007

Current assets:
Cash
Notes and accounts receivable:
Trade
Subsidiaries and affiliates
Other
Allowance for doubtful accounts

Inventories
Deferred tax assets
Other current assets
Total current assets
Investments and advances:
Investments in securities
Investments in and advances to subsidiaries and affiliates
Property, plant and equipment:
Buildings and structures
Machinery and equipment
Accumulated depreciation
Land
Construction in progress
Deferred tax assets
Other assets
Total assets

11

Thousands of
U.S. dollars
2007￥ 40,032＄ 339,110

90,233
107,754
8,872
206,859(57)
206,802764,363912,779
75,155
1,752,297(483)
1,751,814

41,9308,541
1,623
298,928

355,193
72,352
13,7452,532,214

38,307
159,596
197,903

324,494
1,351,939
1,676,433

111,688378,907490,595(368,500)
122,095
39,008
9,514
170,617
1,190
15,134￥ 683,772

946,109
3,209,716
4,155,825(3,121,563)
1,034,262
330,434
80,596
1,445,292
10,082
128,200＄ 5,792,221

LIABILITIES AND NET ASSETS
Current liabilities:
Short-term loans
Current portion of long-term debt
Notes and accounts payable:
Trade
Subsidiaries and affiliates
Construction
Other

Income tax payable
Accrued expenses
Other current liabilities
Total current liabilities
Long-term debt
Accrued indemnities from retirement benefit plan
Accrued severance indemnities for members of the board of directors
and corporate auditors
Total liabilities
Net assets:
Shareholders' equity:
Common stock:
Authorized - 1,200,000 thousand shares
Issued - 320,136 thousand shares
Capital surplus
Retained earnings
Less: Treasury shares
Evaluation and conversion difference:
Unrealized gain on other securities
Total net assets
Total liabilities and net assets

Millions of yen
2007

Thousands of
U.S. dollars
2007￥28, 750
20,788＄243,541
176,095

111,382
46,042
18,701
6,027
182,152

943,519
390,017
158,416
51,056
1,543,008

9,640
16,004
9,268
266,60281,658135,567
78,514
2,258,383

76,401
49,119647,192
416,090746
392,868

6,317
3,327,982

36,296
98,937130,531(302)

307,459
838,092
1,105,722(2,557)25,442
290,904￥683,772

215,5232,464,239＄ 5,792,221

Conversion rate: ￥ 118.05 per U.S. dollar

12Financial data

Nonconsolidated Statement of Income
For the year ended March 31, 2007
Millions of yen
2007

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Other income (expenses):
Interest and dividend income
Interest expense
Foreign currency exchange gain, net
Gain on sales or disposal of property,
plant and equipment, net
Other, net
Income before income taxes
Income taxes:
Current
Deferred
Net income

Thousands of
U.S. dollars
2007￥ 634,895
549,736
85,15952,07633,083＄ 5,378,191
4,656,810
721,381441,136
280,245

4,196(1,015)984

35,544(8,600)
8,335

2,264
(7,400)(971)
32,112

19,180(62,684)(8,225)
272,020

13,900699￥ 17,513

117,747
5,918＄ 148,355

Yen

U.S. dollars

Per share:
Net income
Cash dividends￥ 54.80
19.00＄ 0.460.16

Weighted average number of common shares
outstanding (thousands)

320,136

320,13613

Company Profile
ProfileCompany nameHead office locations

Nagoya head office
No.7-1, Meieki 4-chome, Nakamura-ku, Nagoya, Aichi Pref., 450-8515, Japan
Osaka head office
No.5-8, Minamisemba 3-chome, Chuo-ku, Osaka, 542-8502, Japan
Manufacture and sale of steering systems, driveline components,
Main businessbearings, machine tools, etc.
36 billion yen
CapitalConsolidated: 1,025 billion yen
Sales
Nonconsolidated: 634 billion yen
Number of employees Consolidated: 31,355
Nonconsolidated: 9,919

Members of the Board and Officers
Directors
ChairmanVice Chairman
President
Executive Vice President
Senior Executive Director
Senior Executive Director
Senior Executive Director
Executive Director
Executive Director
Executive Director
Executive Director
Executive Director
Executive Director
Director

Corporate auditors
Takaya Yamada
Kohshi Yoshida
Motohiko Yokoyama
Toshikatsu Taniguchi
Taisuke Senoo
Masakazu Nagai
Nobuyoshi Hisada
Shuji Miyawaki
Tetsuo Inui
Takaaki Suzuki
Kazuro Kajiwara
Hitoshi Akahane
Hiroshi Itoh
Takeshi Uchiyamada

Corporate Auditor
Corporate Auditor
Corporate Auditor
Corporate Auditor
Corporate Auditor

Takuo Sugiyama
Kazuo Takeda
Kiyohiko Yamazaki
Koichi Fukaya
Kyoji Sasazu

Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer

Managing officers
Executive Managing Officer
Executive Managing Officer
Executive Managing Officer
Executive Managing Officer
Executive Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer

Managing Officer

Takao Yoneda
Ryutaro Abe
Toshihiko Daido
Jiro Nakano
Hitoshi Shimatani
Kenji Sasaki
Hideo Kuwabara
Masaji Yamamoto
Toshio Hirokawa

Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer

Shareholder Information as of March 2007
1. Number of authorized shares: 1,200,000
Number of issued shares: 320,136
2. Number of shareholders: 24,764
3. Major (top 10) shareholders
Shareholder
Toyota Motor Corporation
Japan Trustee Services Bank, Ltd.
Denso Corporation
The Master Trust Bank of Japan, Ltd.
Nippon Life Insurance Company
Toyota Industries Corporation
Resona Bank, Ltd.
The Sumitomo Trust and Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
Toyota Tsusho Corporation

Hiroshi Fujii
Masakazu Isaka
Hiroyuki Kaijima
Tetsuro Shibukawa
Ryuichi Kakui
Yoshio Sakai
Tomizou Nakaya
Masayuki Kitamura
Osamu Natsume
Hisashi Matsumoto
Hisami Takagi
Kiyohiro Iritani
Noriya Murase
Motoyasu Nakamura
Naoyasu Sugimoto(share quantities in units of 1,000)

4. Breakdown of shareholders (100% = total issued shares)

No. of shares
72,435
17,86817,611
17,486
12,361
7,493
6,749
6,729
6,366
5,649

Securities companies
9,139(2.9%)

Self-owned shares
220(0.1%)

Individuals
26,388(8.2%)

Foreign companies
54,799(17.1%)

Japanese companies
120,174(37.5%)

Financial organizations
109,414(34.2%)

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