FINANCIAL SUMMARY
FY2009 First Quarter(April 1, 2008 through June 30, 2008)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

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

July 30, 2008

FY2009 First Quarter Consolidated Financial Results (April 1, 2008 - June 30, 2008)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Code number: 6201) (URL: http://www.toyota-industries.com/ )Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person: Tetsuro Toyoda, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)

1. Financial Highlights for FY2009 First Quarter (April 1, 2008 - June 30, 2008)(Amounts less than one million yen are omitted)(1) Consolidated financial results(% : change from the same period of previous year)

Net sales

Operating income

Million yen

FY2009First Quarter
FY2008First Quarter

FY2009First Quarter
FY2008First Quarter%

Million yen

Ordinary income%

Million yen

Net income%

Million yen%

469,180(-)

12,818(-)

31,741(-)

21,127(-486,477(

3.1 )

26,781(

18.1 )

43,696(17.5 )

30,596(37.3 )Net income
per share―basic

Net income
per share―diluted

Yen

Yen

67.81

67.80

98.04

97.89

)

(2) Consolidated financial position
Total assets

Total net assets

Million yen

Equity ratio

Equity per share%

Million yen

Yen

FY2009First Quarter

3,171,544

1,505,789

45.6

4,646.36

FY20082,965,585

1,453,996

47.1

4,483.32

Notes: Equity capital: FY2009 First Quarter: 1,447,748 million yen, FY2008: 1,396,955 million yen

2. Cash dividends
Annual cash dividends per share
Second Quarter
Third Quarter
Year-end

First Quarter
Yen

Yen

Yen

Yen

Yen

FY2008

-

28

-

32

60

FY2009

-

-

-

-

-

FY2009(Forecast)

-

30

-

30

60

Notes: Changes in the projected cash dividends in this quarter : No
3. Forecasts of Consolidated Financial Results for FY2009 (April 1, 2008 - March 31, 2009)(% : change from the same period of previous year)

Net sales

Operating income%

Million yen

Ordinary income%

Million yen%

Million yen

Net income
per share―basic

Net income%

Million yen

Yen

FY2009 Second
Quarter(accm)

1,000,000 (-)

25,000()

42,000()

24,000

(

)

77.02

FY20092,000,000 (0.0 )65,000( -32.9 )97,000( -23.3 )53,000( -34.1 )170.10--Notes: Changes in the forecasts of conslidated Financial results in this quarter : Yes-1--

4.Others(1) Changes in major subsidiaries : None
(2) Application of simplified accounting methods and special accounting methods
for the preparation of quarterly consolidated financial statements : Yes
Please see page 5 for details on changes in accounting policies in"【Qualitative Information・Financial Statements】 4.Others ".
(3) Changes in accounting principles, procedures and method of presentation of quarterly consolidated financial
statements(changes made in significant items that form the basis of preparation of quarterly consolidated
financial statements)① Changes arising from revision of accounting policies : Yes② Changes other than ① : None
Please see page 5 for details on changes in accounting policies in"【Qualitative Information・Financial Statements】 4.Others ".
(4) Issued and outstanding capital stock
1. Number of shares outstanding at end of each period:
FY2009 First Quarter −325,840,640 shares, FY2008 −325,840,640 shares
2. Number of treasury stock outstanding at end of each period:
FY2009 First Quarter −14,253,307 shares, FY2008 −14,251,070 shares
3. Average number of shares outstanding for each period:
FY2009 First Quarter −311,588,156 shares, FY2008 First Quarter −312,076,117 shares※ Explanation regarding the proper use of performance forecasts and other special items(Performance forecasts）
All projections are based on the information available to management at the time of producing this reportand are not guarantees of future performance. Certain risks and uncertainties could cause the actual resultsof Toyota Industries to differ materially from any projections discussed in this report.
(Application of accounting standards for quarterly consolidated financial statements)
Effective from the fiscal year beginning April 1, 2008, Toyota Industries applied Financial AccountingStandard No. 12 “ Accounting Standards for Quarterly Financial Reporting ” issued by the AccountingStandards Board of Japan and its Implementation Guidance No. 14 “Guidance on Accounting Standards for
Quarterly Financial Reporting ” issued by the Accounting Standards Board of Japan. The quarterly
consolidated financial statements have been prepared in accordance with the quarterly financial reportsystem.

(Reference) Forecasts of non-consolidated Financial Results for FY2009 (April 1, 2008 - March 31, 2009)(% : change from the same period of previous year)

Net sales

Operating income%

Million yen)

10,000(--3.9 )

22,000(Million yen

FY2009 Second
Quarter(accm)

580,000(-

FY20091,170,000(%

Million yen)

28,000(--56.3 )

53,000(Net income
per share―basic
Yen

FY2009 Second
Quarter(accm)

67.40

FY2009128.37

Ordinary income-2-

Net income%

Million yen%)

21,000(--31.0 )

40,000(-29.5 ))

【Qualitative Information・Financial Statements】
1. Qualitative Information Regarding Consolidated Business Results
During the first quarter of fiscal 2009 (the three months from April 1 to June 30, 2008), theJapanese economy began to slow down as corporate earnings worsened on the back of weak
exports and private-sector capital investment as a result of soaring crude oil, steel and other raw
material prices and stagnation of the U.S. economy. Stagnant consumer spending amid thedeteriorating employment situation further aggravated harsh economic conditions. Overseas,
economic deceleration became more widespread with disruption in financial markets stemmingfrom the subprime loan debacle.
In this difficult operating environment, total consolidated net sales of Toyota Industries amounted
to 469.1 billion yen, a decrease of 17.3 billion yen, or 4%, from the same period of the previous
fiscal year.
The following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 225.9 billion yen, a decrease of 10.9 billion yen, or5%. Within this segment, net sales of the Vehicle Business amounted to 111.2 billion yen, adecrease of 6.2 billion yen, or 5%, due mainly to a decrease in sales of the RAV4 for the overseas
markets, offsetting an increase in sales of the Vitz (Yaris overseas) in Japan. Net sales of theEngine Business totaled 46.6 billion yen, an increase of 2.6 billion yen, or 6%. Despite a decreasein sales of AD diesel engines fitted in the RAV4 for Europe, sales of KD diesel engines for Toyota
Motor Corporation’s Innovative International Multi-Purpose Vehicle (IMV) Series as well as VD
diesel engines installed in the Land Cruiser increased. Net sales of the Car Air-Conditioning
Compressor Business totaled 58.3 billion yen, a decrease of 8.8 billion yen, or 13%, as a result of adecrease in sales in North America.
Net sales of the Materials Handling Equipment Segment totaled 183.7 billion yen, a decrease of
6.7 billion yen, or 3%, as a result of exchange rate fluctuations. Total unit sales of lift trucks, amainstay product of this segment, remained at the same level for both the TOYOTA and BT brands
due to an increase in Europe and BRICs markets being offset by a decrease in North America.
Net sales of the Logistics Segment amounted to 30.4 billion yen, an increase of 1.1 billion yen, or
4%, as a result of solid sales by the automotive parts transportation business.
Net sales of the Textile Machinery Segment totaled 16.4 billion yen, an increase of 2.2 billion yen,or 15%, owing mainly to strong sales of air-jet looms primarily to China.
In terms of overall profit, consolidated ordinary income amounted to 31.7 billion yen, a decreaseof 11.9 billion yen, or 27%. Despite the favorable effect of cost reduction efforts and an increase individends income, ordinary income fell as a result of a decrease in sales in Japan and overseas,
rises in raw materials and parts cost, increases in depreciation expenses and labor cost as well as
exchange rate fluctuations. Net income amounted to 21.1 billion yen, a decrease of 9.4 billion yen,or 31%.

2. Qualitative Information Regarding Consolidated Financial Condition
Total assets increased 206.0 billion yen to 3,171.5 billion yen as a result of a revision inaccounting policies and an increase in market value of investment securities. Net assets amounted
to 1,505.7 billion yen, an increase of 51.8 billion yen.

-3-

3.

Qualitative Information Regarding Forecast for the FY 2009

In fiscal 2009, ending March 31, 2009, uncertainties persist in view of prolonged stagnation of
the U.S. economy, further rises in raw materials costs and fluctuations in exchange rates and stock
markets.
Amid this challenging operating environment, Toyota Industries recognizes that the times havechanged, and accordingly, we will strive to actively improve the earnings structure in all phases fromdevelopment to sales through outside-the-box thinking and to strengthen the management platform.
In addition, we will put more efforts toward global sales promotion activities to compensate for the
likely decrease in the North American market. In particular, the Materials Handling Equipment
Segment will focus on strengthening the sales and service networks in fast-growing emerging
markets and Europe.
Toyota Industries forecasts consolidated net sales of 2,000.0 billion yen as a result of decreases
in unit sales by the Automobile and Textile Machinery segments, operating income of 65.0 billion
yen, ordinary income of 97.0 billion yen and net income of 53.0 billion yen.
Our projections are based on exchange rates of ¥105.0 = US$1 and ¥160.0 = €1.

Notes: Value and rate of changes comparing to FY2008 First Quarter are not reviewed by Auditor.

-4-4. Others(1) Changes in major subsidiaries : None
(2) Application of simplified accounting methods and special accounting methods for the
preparation of quarterly consolidated financial statements
1. Inventory valuation
In calculating inventories as of the end of the first quarter of the fiscal year under review,actual calculation of inventories has been omitted, being replaced with a determination of
inventory using a rational calculation method based on actual inventory at the end of theprevious fiscal year.
Furthermore, reductions in the book value of inventories have only been made in cases
where there have been clear reductions in potential earnings. In such cases, the book value
has been written down on an estimated net basis.
2. Calculation of fixed asset depreciation
Depreciation expenses for fixed assets depreciated by the declining-balance method havebeen calculated by allocating depreciation expenses related to the fiscal year under review by
their remaining terms.
3. Calculation of income taxes, deferred tax assets and deferred tax liabilities
The inclusion of additions and subtractions and tax deduction items in the calculation ofincome tax payments has been limited to significant items.
When there has been no marked change in the business environment or temporary
fluctuations since the end of the previous fiscal year, the potential recovery of deferred tax
assets is determined based on the business performance forecasts of the previous fiscal year
and tax planning methods.

(3) Changes in the accounting principles, procedures and method of presentation of quarterly
consolidated financial statements
1. Application of Accounting Standards for Quarterly Financial Reporting
Effective from the fiscal year beginning April 1, 2008, Toyota Industries applied Financial
Accounting Standard No. 12 “Accounting Standards for Quarterly Financial Reporting” issued
on March 14, 2007 by the Accounting Standards Board of Japan and its Implementation
Guidance No. 14 “Guidance on Accounting Standards for Quarterly Financial Reporting”
issued on March 14, 2007 by the Accounting Standards Board of Japan. The quarterly
consolidated financial statements have been prepared in accordance with the quarterly
financial report system.
2. Application of Accounting Standards for Measurement of Inventories
Effective from the fiscal year beginning April 1, 2008, Toyota Industries applied Financial
Accounting Standard No. 9 “Accounting Standards for Measurement of Inventories” issued on
July 5, 2006 by the Accounting Standards Board of Japan. Based on these standards, Toyota
Industries has changed its inventory valuation method from the cost method to the net selling
value (writing down book value on loss of earning power) method.

3. Application of Practical Solutions for Unification of Accounting Policies Applied to Foreign
Subsidiaries for Consolidated Financial Statements
Effective from the fiscal year beginning April 1, 2008, Toyota Industries applied Practical
Issues Task Force No. 18 “Practical Solutions for Unification of Accounting Policies Applied toForeign Subsidiaries for Consolidated Financial Statements” issued on May 17, 2006 by the
Accounting Standards Board of Japan.
4. Application of Accounting Standards for Lease Transactions
Effective from the fiscal year beginning April 1, 2008, Toyota Industries made an early
application of Financial Accounting Standard No. 13 “Accounting Standards for Lease
Transactions” issued on June 17, 1993 (final revision on March 30, 2007) by the AccountingStandards Board of Japan and its Implementation Guidance No. 16 “Guidance on AccountingStandards for Lease Transactions” issued on January 18, 1994 (final revision on March 30,2007) by the Accounting Standards Board of Japan.

-5-5. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets

AssetsCurrent assets
Cash and deposits
Trade Notes and accounts receivable
Short-term investments
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Land
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
SoftwareTotal intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets-6-

FY2009 First Quarter(As of June 30, 2008)(Million yen)
FY2008(As of March 31, 2008)

100,992
229,960
69,746
65,58937,80832,551
27,02357,753(2,578)618,847

115,557
244,035
40,621
57,95935,87330,79918,86054,391(2,486)595,612190,142
307,557
29,689109,355
37,093
673,838

188,776
266,347
28,145
107,727
31,849622,847

138,116
12,707150,824

137,163
12,522
149,685

1,560,083
7,941
9,410
150,776(178)
1,728,033
2,552,696
3,171,544

1,513,779
8,056
8,578
67,202(177)
1,597,439
2,369,972
2,965,585

Liabilities
Current liabilities
Trade notes and accounts payable
Short-term loans payable
Commercial papers
Current portion of bonds
Accounts payable-other
Income taxes payable
Deferred tax liabilities
Provision for directors' bonuses
Other current liabilities
Total current liabilities
Long-term liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Provision for retirement benefits
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total valuation and translation
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets-7-

FY2009 First Quarter(As of June 30, 2008)(Million yen)
FY2008(As of March 31, 2008)

201,00264,30235,68034,28627,961
15,83447
200
184,309563,624

214,084
52,32633,70020,00030,38927,137
1,881
626
157,894
538,041

217,198
182,107508,642
45,697
148,484
1,102,130
1,665,754

230,766
185,513482,787
47,102
27,376
973,547
1,511,588

80,462
106,184475,248(50,652)
611,243

80,462
106,184
466,780(50,644)602,783

780,280(203)
56,427
836,504
841
57,1991,505,789
3,171,544

752,553140
41,477794,171695
56,345
1,453,996
2,965,585

(2) Quarterly Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Other non-operating expenses
Total non-operating expenses
Ordinary income
Income before income taxes and minority
Income taxes-current
Income taxes-deferred
Total income taxes
Minority interests in income
Net income-8-(Million yen)
FY2009 First Quarter(April 1, 2008 June 30, 2008)
469,180
398,957
70,222
57,404
12,8182,392
20,0682,214
24,675
3,331
2,421
5,752
31,741
31,741
11,999(2,108)
9,890
723
21,127

(3) Note on premise of going concern : None
(4) Segment Information
1.

Business segment information
FY2009 First Quarter (April 1, 2008 - June 30, 2008)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery(1) Outside customer sales

225,908

183,757

30,455(2) Intersegment transactions

6,133

216

232,0424,883

Eliminations Consolidated

OthersTotal

16,43912,619469,180

-

1,980

0

4,411

12,742(12,742)-

183,974

32,435

16,44017,030481,923(12,742)

469,180

6,210

569

1,132

(23)

12,772

46

12,818Net sales

Total
Operating income

469,180

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors, electronics parts
Materials handling equipment ...Counterbalanced forklifts, warehouse equipment, automated storage and retrieval system, aerial work
platforms
Logistics …………………………Transportation services, Collection and delivery of cash and management of sales proceeds services,
Secure storage, management, collection and delivery of corporate documents services
Textile machinery ………………Air jet looms, water jet looms, ring spinning frames
Others ……………………………Semiconductor package substrates

2. Geographical segment information
FY2009 First Quarter (April 1, 2008 - June 30, 2008)
North
Japan
EuropeAmerica
Net sales(1) Outside customer sales
312,455
56,60784,716(2) Intersegment transactions
28,965
458
1,940
Total
341,42157,06686,656
Operating income

9,297

150

1,812

(Million yen)

OthersEliminations Consolidated

Total

15,401
1,843

469,180
33,207(33,207)469,180-

17,244502,388(33,207)469,180

1,141

12,402416

12,818

3. Overseas sales
FY2009 First Quarter (April 1, 2008 - June 30, 2008)
North America
Ⅰ Overseas sales

56,459(Million yen)

Europe95,367

Others47,970

Ⅱ Consolidated sales
Ⅲ Ratio of overseas sales to consolidated sales

Total
199,797
469,180

12.1%

20.3%

10.2%

42.6%

(5) Note on significant changes in the amount of shareholders’ equity
During the first quarter of fiscal 2009 (the three months from April 1 to June 30, 2008), theCompany paid dividends in the amount of 9,970 million yen from retained earnings. In addition,effective the fiscal year beginning April 1, 2008, Toyota Industries applied Practical Issues Task Force
No. 18 “Practical Solutions for Unification of Accounting Policies Applied to Foreign Subsidiaries for
Consolidated Financial Statements” issued on May 17, 2006 by the Accounting Standards Board ofJapan and made the necessary revisions to its consolidated accounting methods.

-9-【Reference】 Financial Statements in FY2008 First Quarter(1) Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Other non-operating expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Income before income taxes and minority
Income taxes-current
Income taxes-deferred
Total income taxes
Minority interests in income
Net income- 10 -(Million yen)
FY2008 First Quarter(April 1, 2007 June 30, 2007)
486,477
405,80280,67553,893
26,781
3,472
17,865
2,741
24,078
4,759
2,403
7,163
43,696
5,863
5,863
49,56019,010(2,253)
16,7562,207
30,596

(2) Segment Information
1. Business segment information
FY2008 First Quarter (April 1, 2007 - June 30, 2007)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery(1) Outside customer sales

236,813

190,417

29,316(2) Intersegment transactions

5,524

269

Total

242,338

Operating income

11,679Eliminations Consolidated

OthersTotal

14,265

15,664486,477

-

1,982

0

5,200

12,976(12,976)-

190,686

31,29914,265

20,865499,454(12,976)

486,477

12,459

560

498

1,480

26,677104

26,781

Net sales
486,477

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors, electronics parts
Materials handling equipment ...Counterbalanced forklifts, warehouse equipment, automated storage and retrieval system, aerial work
platforms
Logistics …………………………Transportation services, collection and delivery of cash and management of sales proceeds services,
secure storage, management, collection and delivery of corporate documents services
Textile machinery ………………Air jet looms, water jet looms, ring spinning frames
Others ……………………………Semiconductor package substrates

2. Geographical segment information
FY2008 First Quarter (April 1, 2007 - June 30, 2007)
Japan

North
America(Million yen)

EuropeOthersEliminations Consolidated

Total

Net sales(1) Outside customer sales(2) Intersegment transactions

315,651
33,34974,112
1,342

81,634
2,086

15,0791,755

486,477
38,533(38,533)

486,477-

Total

349,000

75,454

83,72016,835525,011(38,533)

486,477

Operating income

20,444

3,055

2,187

1,219

26,907(125)

26,781

3. Overseas sales
FY2008 First Quarter (April 1, 2007 - June 30, 2007)
North America
Ⅰ Overseas sales

75,051(Million yen)

Europe92,468Others41,161

Ⅱ Consolidated sales
Ⅲ Ratio of overseas sales to consolidated sales

Total
208,681
486,477

15.4%- 11 -

19.0%

8.5%

42.9%