FY2009 2nd Quarter
Financial Results

October 31, 2008

Current Status of Global Economy
Fund supply exceeding the real economy
Excessive funds flowing into speculation
Speculation creates bubbles in the market• Crude oil•Metals• Grains• Housing, etc.

Sub-prime issue
Risk calculation made impossible

Financial crisis

Contraction of credits

1/ 19

Effects
Effects onon Real
Real Economy
EconomyGDP Growth

Private-Sector Capital Investment(％)

12

Source: Cabinet Office of Japan andU.S. Commerce Dept.
Percent Change from Preceding

Period, at Annual Rate10864U.S.A.

20Japan-2-4
1Q/’07

2Q

3Q

4Q

1Q/’082Q(％)

141210864
20-2-4

Source: Cabinet Office of Japan

Percent Change from Preceding
Period, at Annual Rate

China

U.S.A.

EurozoneJapan

1Q/’072Q

3Q

4Q

G7 agreement (Oct. 10)G20 statement (Oct. 11)

Financial market
Stock market

Injection of public funds
announced by respective
governments

Worries persist
over growth
turning further
downward

Real economy

1Q/’082Q

Normalization
within 2 years
expected

Normalization
within 5 years
expected•U.K., Germany, France, U.S.A., etc.

2/ 19

Trend in Lift Truck Market
Lift
Lift Truck
Truck Market
Market inin thethe U.S.A.
U.S.A.

Source: ITA, AAMA

Large trucks (thousand units)

Lift trucks (thousand units)

Lift truck market (left)
Large truck market (right)

250

300

250

200

200
TICO assumption

150

150
100
100

6 years

5 years

6 years

6 years

50

50

00’87

’90

’93

’96

’99

’02

’05

’08

’11

’14

z Lift truck sales expected to increase over the long term in step with rises inpopulation and logistics volumez The past market cycles were 5-6 years; unit sales declined up to 30% for 1-2years after the peak.

3/ 19

Lift
Lift Truck
Truck Market
Market inin EuropeEurope

Source: FEM、WITS（thousand units）

500

5 years

6 years

6 years

400
TICO assumption

300
6 years
200

100

0
’90

’93

’96

’99

’02

’05

’08

’11

’14

z European market expanding to include former Eastern Europe andRussia
z The past market cycles were 5-6 years; declines after the peak tended
to be small.

4/ 19

Lift
Lift Truck
Truck Market
Market inin Japan
Japan

Source: JIVA（thousand units）

200

150

4 years

6 years

5 years

6 years

100

TICO assumption

500’87

’90

’93

’96

’99

’02

’05

’08

’11

’14

z The past market cycles were 4-6 years.
z Sales have remained at the same level.

5/ 19

Current Status of the Automobile Market
Unit
Unit Sales
Sales ofof Passenger
Passenger Vehicles
Vehiclesyear-on-year

20JapanAnnounced restructuring of North American
production (Jun. 10)

U.S.A.

Re-examined sales plans (Aug. 28)

Europe(million cars)

11

10010-109-20
0-30
Jan. 08 Feb.

Mar.

Apr.

May.

Jun.

Jul.

Aug.

Sep.

Source: JAMA, AAMA, ACEA

Declines become more pronounced

Revision

30

Original plan（％）

TOYOTATOYOTA Sales
Sales PlanPlan’09’08(year)(Toyota Business Strategy Meeting on Aug. 28)

TOYOTA made downward revisionof its sales targets

Challenging business environment for our
automobile-related businesses
6/ 19

Once Again Forge Solid Footing
We are in the middle of a storm…
which is expected to last for 2 more years

Do not try to escape the storm.

The times havechanged.
Start with a clean slatewith outside-the-box
thinkingDo what needs to be done
sincerely, steadfastly and earnestly
earnestly..
Be sensitive to a variety ofinformation and wait foropportunities.

7/ 19

Nurture Emerging Growth Potentials
 Accumulate technologies by engaging in entire automotive business such as vehicles,
engines and components (car air-conditioning compressors and car electronics)
 Technologies and know-how regarding electric motors accumulated through thedevelopment of electric lift trucks

Element Technologies
WeightReduction
VehicleAutomobileEngine

Car electronics

Compressor

Materials
Handling
Equipment

Heat Control(Heat release, cooling,combustion)

◎○◎◎

◎◎◎◎

○◎

Recharge/power supply

EnergyManagement

EnergyConservation

Manufacturing○○○◎◎◎◎◎◎◎◎◎◎

◎

◎◎◎

◎

Strive to combine element technologies
8/ 19

Toward GrowthMarket
Trend

Automobile

Combiningelementtechnologies

Environment

Materials Handling
Equipment

Electricpowered

TextileMachinery• Hybrid
vehicles• Plug-in
hybridvehicles• Electricvehicles• Fuel-cellvehiclesClean diesel
engines

Increases in
consumption oftextiles in step withpopulation growth

Toward GrowthTechnological proposal, development andmanufacturing aimed at the achievement of“sustainable mobility”
z Lighter weight for automotive bodies andcomponents
z Heat control for the vehicle as a wholez Recharge/power supply as an integrated systemz Serialization of clean diesel engines

Leading the market by exploiting the strengths as theglobal No.1 manufacturerz Development and serialization of advanced key

componentsz Accurate understanding of customer needs andits feedback to our products and solutions

Making inroads into new markets(Central Asian countries, India,etc)
z Promoting excellent productivity, operability and textile

quality of air-jet looms

9/ 19

Business Results

Financial Results (FY2009 2nd Quarter) Decreases in sales and profits as a result of drasticchanges in external environment(Billion yen)
ChangeChange (%)

FY2008 2Q

FY2009 2Q

Net Sales

955.7

928.4

▲27.3

Operating
Income46.9

22.9▲24.0 ▲51.1%

Ordinary
Income63.2

40.3▲22.9 ▲36.3%

Net
Income40.3

23.5▲16.8 ▲41.7%▲2.9%

10/ 19

Net Sales by Segment

FY2009 2nd Quarter Financial Results Decreases in net sales in all segments
except Logistics segment(Billion yen)
5,000
500.0

FY08 2Q
955.7

458.9 (▲ 13.5）
445.4(▲ 5.5）377.3 371.8

4,000400.0

3,000300.0

VehicleFY09 2Q
928.4(▲ 27.3)
EngineCompressor

228.2 221.4
2,000200.0

3,000300.0

85.0

1,000100.0

2,000200.00

128.7113.7

FY08 FY09
2Q 2Q（+ 1.5）1,000
100.0090.8

57.9 59.4

FY08 2Q FY09 2Q
Automobile

Materials
Handling
Equipment

Logistics（▲ 6.3）（▲ 3.4）30.7 24.4

30.7 27.3

TextileMachineryOthers

11/ 19Operating Income by Segment FY2009 2nd Quarter Financial Results Sharply decreases in profit in Automobile andMaterials handling equipment segment(Billion yen)

25

FY08 2Q
46.9

21.920(▲ 24.0)

FY09 2Q
22.9

18.8（▲ 9.8）

1512.110(▲11.5）

7.35（▲ 0.5）

1.90

FY08 2Q FY09 2QAutomobile

Materials
HandlingEquipment

1.4Logistics

1.3（▲ 0.5）

0.8

TextileMachinery

2.6 （▲ 1.7）
0.9

Others12/ 19Change in Ordinary Income FY2009 2nd Quarter Financial Results
Year-on-year Comparison (FY08 2Q and FY09 2Q)+ 11.0+ 1.1▲11.0(Billion yen)

▲2.8▲2.840.3

Expenses and others

Labor cost

Exchange Rates

FY09 2Q→ 106yen→ 163yen▲3.4
Depreciation

FY08 2Q

FY08 2Q
119yen162yen▲4.8Raw material cost

USD
EUR

(YoY ▲ 22.9 billion yen)

▲10.2
Sales volume Decrease

Cost reduction

Non-operating income Increase

63.2

FY09 2Q

13/ 19

Earnings Forecasts (FY2009)
 Decreases in sales and profits as a result of further
contraction of the market(Billion yen)（End of 1Q）

FY2008FY2009ChangeChange (%)▲180.5▲9.0%（2,000.0）

Net Sales
Operating
IncomeOrdinary
IncomeNet
Income2,000.5

1,820.0（65.0）

96.8

40.0▲56.8 ▲58.7%

70.0▲56.4 ▲44.7%

40.0▲40.4 ▲50.3%（97.0）

126.4（53.0）

80.4

14/ 19Changes in unit sales from the sales plan at the beginning of the year In accordance with the declining market,
revise sales plan downward
Vehicle(Thousand units)

400

Engine(Thousand units)

600

360

580

340

Compressor(Thousand units)

23,00022,000560

320

21,000515
21,000300

20,000500

19,0000

Initial year
targetEnd of 1Q(Thousand units)

220

Most-recent
forecast

0

Initial year
targetMaterials Handling
Equipment
213

213

End of 1Q

Most-recent
forecast

End of 1Q

Most-recent
forecast

7,500
5,700

210
6,000

4,700

194

200

4,000

190
0

Initial year
targetAir Jet Loom（Units）

8,000

0

Initial year
targetEnd of 1Q

Most-recent
forecast

0 Initial year
targetEnd of 1Q

Most-recent
forecast

15/ 19

Net Sales by Segment(Billion yen)

1,000.0

FY2009 Forecast

FY08 ( ▲ 180.5)
2,000.5

969.2 (▲ 99.2）

FY09 Forecast
1,820.0870.0783.1 （▲ 53.1）
730.0

800.0

Vehicle600
500

Engine500.1Compressor

425.0

400253.5

300

600.0

178.7 185.0

200220.0

1000400.0

FY08 FY09
Forecast（+ 7.5）

200.0

117.5 125.0

66.2 （▲ 26.2） 64.2（ ▲ 9.2）
40.0
55.0

0.0

FY08 FY09
Automobile

Materials
Handling
Equipment

Logistics

TextileMachineryOthers

16/ 19Change in Ordinary Income

FY2009 Forecast

Year-on-year Comparison (FY08 and FY09)+ 23.0Non-operating income Increase(Billion yen)

126.4

▲7.3
▲5.0
▲5.0
70.0
Expenses andothers

Labor cost

Depreciation

FY09103yen
149yen▲10.0

Exchange Rates→→(YoY ▲ 56.4 billion yen)

Raw material cost

FY08
114yen162yen▲20.0
Sales volume Decrease

Cost reduction
USDEUR

FY08▲32.5+ 0.4

FY09

17/ 19Capital Expenditures and Depreciation(Billion yen)
140120

130.1

129.0

111.3

104.2
74.4

80

64.4
51.2

40
20005/3

06/3

07/3

100.0
91.0

83.7

Depreciation

60

Capital expenditure

10009/3 Forecast

08/3(Billion yen)
50

45.5

Breakdown of capital expenditures

4030

27.0 27.9

25.7

24.0

21.0
2026.4

30.5

30.3

11.7

11.0

100

23.0

21.0

4.4 3.8
07/3 08/3 09/3 Forecast
Compressor Vehicle/Engine

Material
Handling
Equipment

Foundry/
Electronics

Others18/ 19Cash dividends per share
46.7％

Consolidated payout ratio
2 3 .72 6 .02 6 .323.3

60 yen

60

28
20

19

1305/31806/32207/32808/330

30

Interim

32

Dividends per share

32

38

Year-end50

09/3 Forecast

19/ 19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 tobe taken as historical fact. Projections and forward-looking statements are based on thecurrent expectations and estimates of Toyota Industries and its Group companies. Allsuchprojections

andforward-lookingstatements

arebasedon

management’s

assumptions and beliefs derived from the information available to it at the time ofproducing this report and are not guarantees of future performance. You should also beaware that certain risks and uncertainties could cause the actual results of Toyota
Industries and its Group companies to differ materially from any projections or forwardlooking statements appearing in this report. These risks 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.