Semiannual Report
For the Six Months Ended Sep. 30, 2006

2007

1926–2006

80th

Anniversary

Consolidated Financial Highlights
Toyota Industries Corporation
Six months ended September 30, 2006 and 2005 (unaudited)Thousands of
U.S. dollars

Millions of yen
September 30

2006

For the Six-Month Period
Net sales
Operating income
Ordinary income
Net income
Depreciation and amortization
Capital expenditures
Research and development expenses
Per share of common stock (in yen or U.S. dollars):
Net income — basic
Net income — diluted
Cash dividends
At the End of Six-Month Period
Total assets
Total net assets
Number of employees

September 30

2005% change¥ 913,085 ¥ 699,028
40,051
32,05153,482
41,57730,26825,00851,412
39,16987,43681,367
17,131
15,163
96.30
96.21
22.00

2006

30.6 % $ 7,744,572
25.0
339,70328.6
453,62221.0
256,72631.3
436,0647.5
741,61213.0
145,301

78.41
78.38
18.00

22.8
22.7
22.2

¥3,242,358 ¥2,682,651
1,624,752 1,326,135
35,12632,100

0.82
0.82
0.19

20.9 % $27,500,916
22.5
13,780,763
9.4

Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥117.9 = US$1, the exchange rate on September 30, 2006.

Net Sales

Operating Income

Net Income

Cash Dividends per Share(¥ Billion)(¥ Billion)(¥ Billion)

(¥)

2,000

80

50

50

1,500

60

40

40

1,000

40

30

30

20

20

500

20

10

10

0

FY

05
First Half

06

07

0

FY

05

06

07

0

FY

05

06

07

0

FY

05

06

07

Full Year

Cautionary Statement with Respect to Forward-Looking Statements
This semiannual report contains projections and other forward-looking statements that involve risks and uncertainties. The 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 theirplans, outlook, strategies and results for the future. All such projections 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 and forward-looking statements in making your investment decisions. You should also be aware that certain risks anduncertainties 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 price fluctuations, (11) effects of disasters,
power blackouts and other incidents, (12) latent risks associated with international activities and (13) retirement benefit liabilities.

Definition of Terms“Fiscal 2007” refers to the fiscal year ending March 31, 2007, and other fiscal years are referred to in a corresponding manner. All references to the “Company” herein are to Toyota Industries Corporation, and references to “Toyota
Industries” or “Toyota Industries Group” herein are to the Company and its 159 consolidated subsidiaries.

Contents
Consolidated Financial Highlights............................................. Inside CoverLetter to Shareholders ................................................................................. 1
Topics ........................................................................................................ 5
Chronicle of Our 80-Year History............................................................... 6
Management’s Discussion and Analysisof Financial Condition and Results of Operations ................................... 8
Consolidated Balance Sheets ..................................................................... 10

Consolidated Statements of Income .......................................................... 12
Consolidated Statements of Shareholders’ Equity ...................................... 12
Consolidated Statements of Cash Flows..................................................... 14
Notes to Consolidated Financial Statements .............................................. 15
Directors, Corporate Auditors and Managing Officers ............................... 23
Corporate Data ........................................................................................ 24
Investor Information................................................................... Back CoverLetter to Shareholders

Tadashi Ishikawa

Tetsuro Toyoda

ChairmanPresident

Celebrating Our 80th Anniversary
On November 18, 2006, Toyota Industries marked a momentous milestone when the Company celebrated the 80th
anniversary of its founding. Our achievements have been made thanks to the loyal patronage of customers, devotionof employees, understanding of local communities and the support of our shareholders, all of whom we wish to
express our deepest appreciation.
Looking back over the past 80 years, there have been numerous turning points. However, throughout thepast eight decades, Toyota Industries has successfully attained business diversification and achieved steady growthby continuously inheriting the “Venture Spirit” and the spirit of the Toyota Production System (TPS) across all
generations of employees.
In realizing our 2010 Vision, “Undisputed No.1 — United We Grow,” which we announced in 2005, as well as
achieving the targets of the Medium-Term Management Plan, our legacy of superior competitiveness on which ouroperations are built is unwavering. Further, all employees are committed to maintaining an awareness of “fundamentals
for further growth” as well as executing each business strategically.

SEMIANNUAL REPORT 20071

Letter to Shareholders

Measures toward Fundamentals for
Further Growth
Looking to the future, we will maintain our utmost efforts
to attain further growth. To realize this objective, we must
firmly focus on the fundamentals for further growth and raise
corporate value. Specifically, the following five fundamentals
are frequently emphasized inside the Company.

reducing CO2 emissions by 5% compared with fiscal 1991
levels and total emission volumes of targeted PRTR (pollutant
release and transfer register) substances by 50% compared withfiscal 1999 levels.
In accordance with the newly announced Fourth
Environmental Action Plan, we will continue to introduce
ecological products into the market and reduce theenvironmental load at every stage of operations fromdevelopment to production, sales and service.

1. Fair and Sincere Corporate Culture
Regarding the first fundamental, a fair and sincere corporate
culture, it goes without saying that thorough enforcement ofcompliance is essential. Toyota Industries regards complianceas more than mere legal compliance. We believe that this also
encompasses sincere respect for cultures and local customs inaccordance with changes in the times. Using every means andopportunity, the importance of compliance and strengtheningof corporate governance structures is emphasized repeatedly to
all employees. Additionally, we have created and issued code of
conduct guidelines and have implemented these throughout
the Group.
Under such guidelines, we have set up the Corporate
Code of Conduct Committee and are employing PDCA
(Plan-Do-Check-Action) processes. With this committee
serving as a main pillar, we are concentrating on further
improving our compliance mechanisms. Through responsible
subcommittees, we undertake compliance audits andinspections for business operations, including domestic andoverseas subsidiaries. This enables us to further raise the levelof our compliance.
We will continue to firmly maintain our fair and sincere
corporate culture.

2. Environmental Management
Today, undertaking environmental initiatives has become a toppriority for corporate management. At Toyota Industries, wehave been building environmental management systems since
1996.
Our Global Environmental Commitment, which istargeted at all consolidated subsidiaries worldwide, is currently
shared by every employee, as we work to attain the goals of ourpublicly announced Environmental Action Plan.
As a prime example of such efforts, we attained all
numerical targets in the seven categories of our five-year Third
Environmental Action Plan in fiscal 2006. This included

2

TOYOTA INDUSTRIES CORPORATION

3. Safety First
Safety is also a very important keyword for us. Regarding
safety first, the Toyota Group adheres to the watchwords “safeoperations is the first step of all operations.” Thoroughly
reinforcing this fundamental is contingent on implementing
on-site safety
inspections ofactual products
by everyone,
includingsenior and top
management,
throughout the
Toyota Industries
On-site inspections by top management
Group.

4. Unwavering Pursuit of Quality and Cost
Reduction
Quality and costs represent the lifeline for monozukuri (literally
meaning “creating things” but it implies a philosophy thatrecognizes the value of the innovative creation of quality
products). All employees must strive to keep quality and cost
foremost in their minds every day. In particular, we are making
our utmost efforts to strengthen initiatives for quality.
There tends to be numerous instances of major quality
problems occurring at the design stage. While the growing
use of 3D CAD has
enhanced convenience,a drawback is that thiswill also result in atendency to forget thefundamentals if we force
young employees todesign using 3D CAD
Drafting training
from the beginningof their careers. As an example of how we go back to thefundamentals, we provide engineers with drafting training,which represents the starting point of design.
Based on TPS and Total Quality Control, we will makehonest, steady and relentless efforts to improve quality, reduce
costs and eliminate waste. Additionally, top management will
make even greater efforts in leading on-site quality and costinspections of actual products.

5. Human Resource Development andEnhancement of Team Strengths
In addition, these four fundamentals are supported by a fifth
pillar, namely people, or in other words, human resources
development and enhancement of team strengths. Toyota
Industries believes the essence of monozukuri is humanresources development. This means that excellent products are
not possible without excellent people.
Human resources
development requiresthat we take measuresin a variety of areas,such as improving
specialized techniquesand management
skills. In addition to
drafting training, weTechnical Training Center
are also implementing
a program that provides on-site workers with thoroughtraining of basic operations at the Technical Training Center.
On the other hand, close communication is crucial forstrengthening our organizational strengths and bringing out
these strengths to the fullest. We are also devoting efforts tofostering a culture in which employees can easily get together
to candidly discuss matters.
At the same time, cultivating personnel to lead thenext generation and augmenting team strengths under astrong leadership are vital themes that will determine thecompetitiveness of the Toyota Industries Group 10 and 20
years down the road.

Aiming to Attain the Medium-Term
Management Plan
In the latter half of 2005, Toyota Industries formulated the
new Medium-Term Management Plan and set our targets ofconsolidated net sales exceeding ¥2,000 billion and ordinary
income of ¥140 billion by fiscal 2011, the fiscal year ending
March 31, 2011.
To attain our targets, we strive to execute strategic
management strongly premised on these five fundamentals
for further growth. In other words, with these fundamentals,
we are confident Toyota Industries can realize medium-term
growth and its targets. Furthermore, we will perpetuate astrong and successive management team by fortifying our
foundations and passing on our spirit to the next generation,in addition to resolutely adhering to monozukuri and soundbusiness operations.

Record-High Business Results
Fiscal 2007 is the first year of the new Medium-Term
Management Plan. We are pleased to report that Toyota
Industries achieved excellent results for the first half offiscal 2007 (the six months ended September 30, 2006), as
highlighted by all-time-high interim consolidated net sales
and profits as well as increases in net sales, operating income
and ordinary income for the seventh consecutive year. These
financial results have put us firmly on track toward attaining
our medium-term targets.
During the first half of fiscal 2007, the Japanese economy
continued on a steady path to recovery as private-sector capital
investment increased on the back of solid corporate earnings.
Consumer spending gradually improved as well. Overseas, theoverall economic outlook remained positive, with the U.S. andEuropean economies expanding and the Chinese economy
sustaining a high level of growth.
In this operating environment, Toyota Industries posted
total consolidated net sales of ¥913.1 billion, an increaseof 31%, compared with the first half of fiscal 2006 (the six
months ended September 30, 2005). Consolidated operating
income increased 25% to ¥40.1 billion. Consolidated ordinary
income increased 29% to ¥53.5 billion, and consolidated net
income increased 21% to ¥30.3 billion. Despite the effects ofa rise in raw materials costs and increases in depreciation andpersonnel expenses, this increase was achieved due largely to anincrease in net sales, cost-reduction activities and an increasein non-operating income. A summary of operating results bybusiness segment follows.
Note: Segment net sales figures do not include intersegment transactions.

SEMIANNUAL REPORT 20073

Letter to Shareholders

Automobile Segment
Net sales of the Automobile Segment totaled ¥431.0 billion,
an increase of ¥93.3 billion, or 28%, over the first half of fiscal
2006.
Within this segment, net
sales of the Vehicle Businesstotaled ¥222.3 billion,
an increase of ¥67.6
billion, or 44%, overthe first half of fiscal
RAV4
2006. Sales of the RAV4,
which underwent a full model change in November 2005,
were strong in both the U.S. and European markets. Overseas,
sales of the Vitz (Yaris overseas) also increased.
Net sales of the Engine Business totaled ¥80.1 billion, an
increase of ¥14.7 billion, or 23%, over the first half of fiscal
2006. This increase was due largely to increases in sales of
KD diesel engines for Toyota Motor Corporation’s (TMC)
Innovative International Multi-Purpose Vehicle (IMV) Project,
as well as AD diesel engines fitted in the RAV4 for Europe.
Net sales of the Car Air-Conditioning Compressor Businesstotaled ¥113.1 billion, an increase of ¥8.1 billion, or 8%, overthe first half of fiscal 2006. Although sales in Japan and North
America were approximately the same level as for the first halfof fiscal 2006, sales in the European and Chinese markets
increased. In April 2006, TD Automotive Compressor Kunshan,Co., Ltd., which was established as a joint venture to meet
expanding demand in China, started production of fuel-efficientvariable-displacement car air-conditioning compressors.

Materials Handling Equipment Segment
Net sales of the Materials Handling Equipment Segment
totaled ¥388.3 billion, an increase of ¥106.7 billion, or
38%, over the first half of fiscal 2006. This increase was a
result of robust sales overall on the back of a strong global
economy. During the period, Toyota Industries strove toenhance its global sales network and implemented vigorous
sales promotion activities. The effect of a change in the fiscal
year-end of the BT Industries Group comprising Toyota
Industries subsidiaries, along with strong sales of Aichi
Corporation, also contributed to the increase. In September
2006, Toyota Industries commenced sales of the new GENEO(8-Series overseas), its mainstay model 1- to 3.5-ton internal
combustion lift trucks, which underwent a full model change.
In an effort to provide even greater product value, Toyota

4

TOYOTA INDUSTRIES CORPORATION

Industries developed the new lift truck featuring higher levelsof performance in the areas of safety, environmental attributesand ease of operation.

Logistics Segment
Net sales of the Logistics Segment totaled ¥39.9 billion, an
increase of ¥9.2 billion, or 30%, over the first half of fiscal
2006. Toyota Industries focused on expanding the Logistics
Solutions Business to reduce customers’ logistics costs.

Textile Machinery Segment
Net sales of the Textile Machinery Segment totaled ¥27.5
billion, an increase of ¥3.4 billion, or 14%, from the first halfof fiscal 2006. This increase was attributable mainly to strong
sales of air-jet looms, our flagship product. Sales of spinningmachinery were approximately the same level as for the firsthalf of fiscal 2006.

Forecast for the Fiscal Year Ending
March 31, 2007
Toyota Industries expects the global economy to continue
expanding. Uncertainties persist, however, regarding
fluctuations in oil prices and the direction of the U.S.
economy. In this operating environment, we will solidify thefundamentals for further growth and take our utmost efforts toachieve our targets for fiscal 2011.
For fiscal 2007, Toyota Industries forecasts consolidated
net sales of ¥1,800.0 billion, operating income of ¥76.0
billion, ordinary income of ¥95.0 billion and net income of¥53.0 billion. Our projections are based on an exchange rate of¥115.0=US$1.
In closing, we ask our shareholders for your continued
understanding and support.
December 2006

Tadashi Ishikawa
Chairman

Tetsuro Toyoda
President

T O P I C S
New GENEO—Setting New Standards for
Safety and Environmental Friendliness
To respond to customers’ needs and ensure satisfaction, the new
GENEO (8-Series overseas) 1- to 3.5-ton internal combustion
lift truck was developed in pursuit of higher levels of safety,
environmental features and ease of use.
Note: In September 2006, Toyota Industries commenced sales of this product series inJapan. They will be introduced gradually to the U.S. and European markets. Please
visit www.toyota8series.com for more information.

Higher Level of Safety• SAS (System of Active Stability)
SAS is an original system developed by Toyota Industries thatrealizes operator safety and greater operating efficiency.
• OPS (Operator Presence Sensing)
OPS prevents operators from driving the lift truck when they’re
not seated in the proper operating position.
• Travel and Load Handling Control (option)
Lift-height and load-sensing features in terms of vehicle speed andpreventing sudden acceleration realize improved travel and load
handling control.

Environmental and Operator Friendliness• Cleaner Exhaust Emissions
The new GENEO realizes reductions in the volume of CO
emissions by 57% and NOx and HC emissions by 99% withoutcompromising power.
• Low Fuel Consumption & Low-Vibration Design
The new GENEO boasts top-level performance with reductions infuel consumption by 15% and vibration by 90%.
High Operability• Small-Diameter Steering Wheel
The small-diameter steering wheel enables operators to easily
maneuver using small movements and thus reduce operator stress.
• Wide Floor Space
Wide floor space ensures operators can work long hours
comfortably without fatigue.

Logis-Tech Tokyo 2006—“Toward a New Future for Logistics Solutions and Lift Trucks”
Toyota Industries exhibited its new GENEO (8-Series overseas) lift truck as
well as a concept model incorporating its hybrid technologies at Logis-Tech
Tokyo 2006, an international material handling, storage and distribution
exhibition held in September 2006. Based on the theme “Logistics
Solutions,” Toyota Industries held a demonstration of actual on-site work
operations featuring its cutting-edge IT technologies as well as automatedstorage and retrieval systems and other systems.
Backed by an extensive product lineup, along with a strong sales andservice network, we remain committed to providing our full support inbuilding optimal logistics environments for our customers.

Hybrid lift trucks
Utilizing the Toyota Group’s
hybrid technologies andcomponents, Toyota
Industries is developing highly
efficient hybrid systems for
lift trucks that offer superiorreliability, durability and cost
performance. We will continue
pursuing the development of
new technologies as we work
toward commercialization.

Automotive Engineering Exposition 2006
In May 2006, Toyota Industries participated in Automotive Engineering Exposition 2006, an exhibitionof automobile technologies held in Yokohama, Japan. At our exhibition booth, we introduced anarray of products and technologies that contribute to a comfortable car environment, including
environment-friendly and electronics
technologies that play key roles in thefurther advancement of automobiles.
Our featured products included
car air-conditioning compressorsthat ranged from fixed-displacement and variable-displacement models to
Variable-displacement
DC-DC converter for
AD engine cylinder
compressors for hybrid vehicles, power electronics products that are essential
compressor
the Prius
block
for hybrid vehicles and engine blocks noted for thinness and strength.
SEMIANNUAL REPORT 2007

5

Chronicle of Our 80-Year History
In November 2006, Toyota Industries celebrated its 80th anniversary. During
the intervening years, Toyota Industries expanded the scope of its business areafrom textile machinery to automobiles, materials handling equipment, electronics
and logistics solutions. Here, we introduce our 80-year history of our business
operations, overseas production and global expansion.

1926

1930s –

1940s –

1950s –

1960s –

Electronics
Production

Materials Handling
Equipment/Logistics

Production of internal combustion
lift trucks commenced.
Automobile Division
set up.

Automobile

Textile Machinery

Automobile Division separates and becomes Toyota Motor Co., Ltd.
(presently Toyota Motor Corporation).
Assembly of automobiles commenced.
Production of engines
Production of car air-conditioning
commenced.
compressors commenced.

Production of spinning machinery commenced.
Production of automatic looms commenced.

Nagakusa
Kyowa Plant commences operation.
Obu Plant commences operation.
Kariya Plant commences operation.

Establishment

Business Diversification

Toyota Industries was established in
1926 in the present-day Kariya, Aichi
Prefecture, to manufacture and sell
automatic looms invented by founder
Sakichi Toyoda. These high-performance
Toyoda Automatic Loomautomatic looms earned widespread
Type G
recognition worldwide, and a patentassignment contract for these looms
was concluded with U.K.-based Platt Brothers & Co., Ltd.
This accelerated the development of domestically produced
automobiles, which had been promoted as a next-generation
business. In 1934, we completed the development of the
A-type engine for passenger cars andthe following year completed the A1
prototype passenger car. In 1937, theAutomobile Division was spun off as
Toyota Motor Co., Ltd. (presently
A1 prototype passenger car
Toyota Motor Corporation).

Toyota Industries commenced
production of engines and assemblyof automobiles at the Kyowa Plant
in 1953. Upon continuous R&D
efforts, Toyota Industries successively
entered new businesses, including the S-type engine assembly line
lift truck business in 1956 and the car
air-conditioning compressor business in 1960. In this manner, wecultivated new fields and diversified and expanded our businesses,
guided by the venture spirit inherited from Sakichi Toyoda.

6

TOYOTA INDUSTRIES CORPORATION

LA-type engine lift truck

CC3-type car air-conditioning
compressor

1970s –1980s –

1990s –
Electronics Business commenced.

Overseas production oflift trucks commenced.

of electric lift trucks commenced.

Materials Handling System Sub-Division set up.

2000s –ST Liquid Crystal Display Corp. jointly established with Sony Corporation to produce TFT-LCDs.
TIBC Corporation jointly established with Ibiden Co., Ltd.
to produce semiconductor package substrates.
Production of electronic components for hybrid vehicles commenced.
Logistics Solutions Business commenced.
Aichi Corporation becomes one of Toyota Industries’ subsidiaries.
Industrial Equipment Sales and Service Division of
Toyota Motor Corporation (TMC) was transferred to Toyota Industries.
BT Industries AB becomes one of Toyota Industries’ subsidiaries.

Overseas production of foundry parts commenced.
Overseas production of car air-conditioning
compressors commenced.

Overseas production of diesel engines
through a joint venture with TMC commenced.

Overseas production of textile machinery commenced.
Production of air-jet looms commenced.

Production of water-jet looms commenced.
Higashiura Plant commences operation.
Higashichita Plant commences operation.

Hekinan Plant commences operation.
Takahama Plant commences operation.
Plant commences operation.

Enhancing Business and Management Foundations

Global Expansion

As we expanded our businesses, we successively constructed new
specialized plants, including the Nagakusa Plant (vehicles), theKariya Plant for car air-conditioning compressors, the Takahama
Plant (lift trucks) and the Hekinan Plant (engines), thereby
responding to expansion in the scale of production. In 1971,
we established an efficient management
control structure with the introduction of
a divisional organization system. In 1982,
we introduced total quality control, thus
establishing a structure for development
and quality assurance while transforming
our corporate constitution. In 1986,
Deming Application
Toyota Industries was awarded the Deming Prize (1986)
Application Prize.

In the late 1980s, along with the globalization of our business,
we strengthened our overseas production structures in eachbusiness following the establishment of lift truck and car
air-conditioning compressor manufacturing subsidiaries in the
United States. In the Materials Handling Equipment Business,
BT Industries AB of Sweden joined the Toyota Industries
Group in 2000, and the Industrial Equipment Sales and Service
Division of Toyota Motor Corporation was transferred to Toyota
Industries in 2001. Through such measures, we are maximizing
synergies under an integrated structure that spans development toproduction and sales.
Carrying out operations globally in each business field andextending our business spheres to encompass electronics, we
continue to further expand our business. We are committed tomaking concerted efforts to further raise our corporate value.
At the end of September 2006, the Toyota Industries Group
comprised 159 consolidated subsidiaries and 21 equity-method
affiliates.

Deming Application Prize
This award is presented to organizations or divisions of organizations
recognized as having achieved remarkable performance improvement throughthe application of total quality management in a designated year.

SEMIANNUAL REPORT 2007

7

Management’s Discussion and Analysis of Financial Condition
and Results of Operations
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations is based on information
known to management as of November 30, 2006. It includes forward-looking statements concerning the expected future
performance of Toyota Industries. Please refer to “Cautionary Statement with Respect to Forward-Looking Statements” at the
beginning of this semiannual report, which pertains to the report as a whole.

Results of Operations
Net Sales
During the first half of fiscal 2007 (the six months ended
September 30, 2006), the Japanese economy achieved a steadyrecovery as private-sector capital investment increased amid solid
corporate earnings, while consumer spending showed a modest
improvement. Overseas economies sustained robust growth, with
the U.S. and European economies continuing to expand and theChinese economy maintaining a high rate of growth.
In this operating environment, Toyota Industries recorded
consolidated net sales of ¥913.1 billion, an increase of ¥214.1
billion, or 31%, compared with the first half of fiscal 2006 (thesix months ended September 30, 2005).
At the profit level, despite price increases for raw materials
and higher depreciation and personnel expenses, Toyota Industries
recorded an increase in ordinary income of ¥11.9 billion, or 29%,
over the previous term to ¥53.5 billion, due to an increase in net
sales in addition to the promotion of Group-wide cost-reduction
activities and higher non-operating income. Interim net income
totaled ¥30.3 billion, an increase of ¥5.3 billion, or 21%, fromthe previous term.
The following is a review of operations by geographicalsegments.
Note: Net sales for each geographical segment do not include intersegment transactions.

Japan
Net sales amounted to ¥579.2 billion, an increase of ¥117.3
billion, or 25%, over the previous term. Operating income
amounted to ¥30.1 billion, an increase of ¥5.6 billion, or 23%.
The increases in net sales and operating income were due to suchfactors as higher unit sales of vehicles and engines.

EuropeNet sales amounted to ¥157.7 billion, an increase of ¥55.6
billion, or 54%, over the previous term. Operating income was¥4.1 billion, an increase of ¥1.0 billion, or 30%. The increase in
net sales was due to such factors as a change in the fiscal year-endof the BT Industries Group.

Others
Net sales totaled ¥21.4 billion, an increase of ¥5.9 billion, or
38%, over the previous term. Operating income amounted
to ¥1.4 billion, an increase of ¥0.8 billion, or 137%, over theprevious term.
Note: Please refer to “Letter to Shareholders” for results by business segment.

Cost of Sales and Selling, General and
Administrative Expenses
Cost of sales for the term totaled ¥770.5 billion, an increase of¥183.7 billion, or 31.3%, over the previous term.
Selling, general and administrative expenses totaled ¥102.5
billion, an increase of ¥22.3 billion, or 27.8%, over the previous
term.

Non-Operating Income and Expenses
Non-operating income was ¥29.0 billion, an increase of ¥7.2
billion, or 32.7%, over the previous term. This increase wasdue primarily to an increase in interest income arising from achange in the fiscal year-end of the BT Industries Group, as wellas an increase in dividends income received from Toyota Motor
Corporation (TMC).
Non-operating expenses increased ¥3.2 billion, or 26.2%, to¥15.5 billion.

Income Taxes
North America
Net sales amounted to ¥154.8 billion, an increase of ¥35.3
billion, or 30%, over the previous term. Operating income
totaled ¥4.3 billion, an increase of ¥0.2 billion, or 4%. The
increase in net sales was due to higher unit sales of materials
handling equipment and a change in the fiscal year-end of the BT
Industries Group comprising Toyota Industries subsidiaries.

8

TOYOTA INDUSTRIES CORPORATIONNet of current and deferred income taxes for the term totaled¥20.3 billion, an increase of ¥6.3 billion, or 44.9%, over theprevious term.

Minority Interests in Consolidated Subsidiaries
Minority interests in consolidated subsidiaries increased ¥0.4
billion, or 13.7%, to ¥2.9 billion, reflecting an increase in net

income of consolidated subsidiaries.

Net Income
Net income for the term was ¥30.3 billion, an increase of ¥5.3
billion, or 21.0%, over the previous term. Net income per share(EPS) was ¥96.30, compared with ¥78.41 for the previous term,and diluted net income per share was ¥96.21, compared with
¥78.38 for the previous term.

Financial Position
Total assets at the end of the term stood at ¥3,242.4 billion, adecrease of ¥2.9 billion, or 0.1%, over the previous fiscal year
ended March 31, 2006 (fiscal 2006).
Current assets were ¥508.2 billion, a decrease of ¥1.1 billion,
or 0.2%, from fiscal 2006, due mainly to a decline in cash andcash equivalents.
Net property, plant and equipment was ¥581.8 billion, an
increase of ¥55.6 billion, or 10.6%, over fiscal 2006.
Intangible assets increased ¥3.2 billion, or 2.9%, to ¥113.2
billion, due to an increase in goodwill.
Investments and other assets decreased ¥60.7 billion, or
2.9%, to ¥2,039.3 billion. This decrease was mainly the result ofa drop in the market prices of shares of Toyota Group companies,
including TMC, held by Toyota Industries.
Current liabilities stood at ¥466.9 billion, an increase of¥20.8 billion, or 4.7%, over fiscal 2006.
Long-term liabilities were ¥1,150.7 billion, an increase of¥12.0 billion, or 1.0%, over fiscal 2006. Deferred tax liabilities
decreased ¥27.1 billion as a result of the fall in market value ofinvestment securities.
Net assets stood at ¥1,624.8 billion, an increase of ¥13.6
billion, or 0.8%, over fiscal 2006. Net unrealized gains on othersecurities decreased ¥40.9 billion.
The equity ratio was 50.1%.

Cash Flows
Cash flows from operating activities amounted to ¥84.9 billion
during the first half of fiscal 2007, due mainly to income before
income taxes in an amount of ¥53.5 billion. Net cash provided
by operating activities thus increased by ¥26.1 billion from ¥58.8
billion in the first half of fiscal 2006. Cash flows from investing
activities resulted in a cash outflow of ¥97.4 billion during thefirst half of fiscal 2007, due mainly to payments for purchases ofproperty, plant and equipment totaling ¥87.7 billion. Net cashused in investing activities decreased by ¥17.4 billion from ¥114.8

billion in the first half of fiscal 2006. Cash flows from financing
activities resulted in a cash outflow of ¥18.4 billion during thefirst half of fiscal 2007, due mainly to payments for purchase oftreasury stock in an amount of ¥35.5 billion. Net cash used infinancing activities decreased by ¥48.6 billion compared with net
cash provided by financing activities of ¥30.2 billion in the firsthalf of fiscal 2006. After translation adjustments, cash and cash
equivalents as of September 30, 2006 amounted to ¥82.7 billion,
an increase of ¥8.9 billion, or 12%, from the end of the first halfof fiscal 2006.

Dividend Policy
The Company regards the benefits of shareholders as one of its
most important management policies. Based on this stance, wewill strive to strengthen Toyota Industries’ corporate constitution,
promote proactive business development and raise its corporate
value.
The Company’s dividend policy is to meet the expectationsof shareholders while giving full consideration to businessperformance, capital demand, the dividend payout ratio on aconsolidated basis and other factors. The Company intends to use
retained earnings to improve the competitiveness of its products,
augment production capacity in Japan and overseas, as well as
expand into new fields of business and strengthen its corporate
constitution in securing future profits for its shareholders. It will
also use retained earnings to repurchase treasury stock.
The Board of Directors of the Company voted to distributean interim cash dividend of ¥22.0 per share, an increase of ¥4.0
per share over the first half of fiscal 2006.

Cash Dividends per Share andConsolidated Payout Ratio
(¥)
60

(%)
30

50

25

40

20

30

15

20

10

10

5

0

FY

04

First Half

05

06

Full Year07

0(Forecast)

Payout Ratio (right)

SEMIANNUAL REPORT 20079

Consolidated Balance Sheets
Toyota Industries Corporation
As of September 30 and March 31, 2006, and September 30, 2005 (unaudited)Thousands of
U.S. dollars (Note 1)

Millions of yen

ASSETS
Current assets:
Cash and cash equivalents
Trade notes and accounts receivable (Note 4)
Short-term investments (Note 7)
Inventories
Deferred tax assets
Other current assets
Less — allowance for doubtful accounts

Total current assets
Fixed assets:
Property, plant and equipment:
Buildings and structures (Note 4)
Machinery, equipment and vehicles (Note 4)
Tools, furniture and fixtures
Land (Note 4)
Construction in progress

Total property, plant and equipment
Intangible assets:
Goodwill
SoftwareTotal intangible assets
Investments and other assets:
Investments in securities (Notes 4 and 7)
Investments in unconsolidated subsidiaries and affiliated companies
Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and other assets
Less — allowance for doubtful accounts

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

10

TOYOTA INDUSTRIES CORPORATION¥

September 30

March 31

September 30

September 30

2006

2006

2005

2006

82,690 ¥ 112,597 ¥ 73,793
208,137
200,690
181,764
72
76
172
117,597
104,534
96,361
18,66818,096
15,942
83,54975,93872,935(2,542)(2,665)(2,248)$701,357
1,765,369
611
997,430
158,338
708,643(21,561)

508,171509,266

438,719

4,310,187

168,710
257,969
23,191
96,00635,883

155,169
240,467
22,311
87,21420,994

144,991
214,068
20,052
83,00334,722

1,430,958
2,188,032
196,702814,300
304,351

581,759

526,155

496,836

4,934,343

101,024
12,127

97,485
12,484

95,31812,824

856,862
102,858

113,151

109,969

108,142959,720

1,975,793 1,543,487
60,97735,3108,592
9,019
11,359
11,9666,842
6,513
36,62632,872(238)(213)

16,234,275
503,901
69,644
93,04564,665333,087(1,951)2,039,277 2,099,951 1,638,954
2,734,187 2,736,075 2,243,932¥3,242,358 ¥3,245,341 ¥2,682,651

17,296,666
23,190,729$27,500,916

1,914,021
59,4108,211
10,9707,624
39,271(230)

Thousands of
U.S. dollars (Note 1)

Millions of yen

Liabilities and net assets
Current liabilities:
Trade notes and accounts payable
Short-term bank loans (Note 4)
Commercial paper
Current portion of bonds (Note 4)
Other payables
Accrued expenses
Accrued income taxes
Deposits received from employees
Deferred tax liabilities
Allowance for bonuses to directors and corporate auditors
Other current liabilities (Note 4)
Total current liabilities
Long-term liabilities:
Bonds
Long-term debt (Note 4)
Deferred tax liabilities
Allowance for retirement benefits
Other long-term liabilities
Total long-term liabilities
Total liabilities
Minority interests in consolidated subsidiaries
Shareholders’ equity:
Common stock:
Authorized — 1,100,000,000 shares
Issued— 325,840,640 shares as of September 30, 2006
325,840,640 shares as of March 31, 2006
325,840,640 shares as of September 30, 2005
Capital surplus
Retained earnings
Treasury stock at cost —13,815,004 shares as of September 30, 2006
6,520,194 shares as of March 31, 2006
6,538,315 shares as of September 30, 2005
Total shareholders’ equity
Valuation and translation adjustments:
Net unrealized gains on other securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Total valuation and translation adjustments
Subscription rights to shares
Minority interests in consolidated subsidiaries
Total net assets
Total liabilities and net assets

September 30

March 31

September 30

September 30

2006

2006

2005

2006

¥ 189,836 ¥ 182,595 ¥ 159,590
53,66338,92929,97732,40029,68050,876–15,00015,00026,53730,62024,72575,50567,67462,362
17,521
13,625
10,445
21,574
20,91520,704
3,750
3,858
3,760
252
–
–
45,901
43,22242,221
466,939446,118
419,660$ 1,610,144
455,157
274,809–
225,080
640,416
148,609
182,986
31,8072,137
389,3223,960,467

284,567
142,472
654,42144,70824,4991,150,667
1,617,606–

283,832
106,268
681,504
46,535
20,586
1,138,725
1,584,843
49,271

220,394
98,827
511,530
44,13018,126
893,007
1,312,667
43,8492,413,630
1,208,414
5,550,644
379,203207,795
9,759,686
13,720,153–

80,46380,46380,463

682,468

105,117
380,167(47,406)

105,665
358,386(14,364)

105,669
342,075(14,389)

891,578
3,224,487(402,087)

518,341

530,150

513,818

4,396,446

1,006,330 1,047,191
788,774(147)––
45,85233,88623,543
1,052,035 1,081,077
812,31751––
54,325––
1,624,752 1,611,227 1,326,135¥3,242,358 ¥3,245,341 ¥2,682,651

8,535,454(1,247)
388,906
8,923,113
432
460,772
13,780,763$27,500,916

SEMIANNUAL REPORT 200711

Consolidated Statements of Income
Toyota Industries Corporation
For the six months ended September 30, 2006 and 2005 (unaudited)

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
Non-operating expenses:
Interest expenses
Other non-operating expenses
Ordinary income
Income before income taxes and minority interests
Income taxes — current
Income taxes — deferred
Minority interests in consolidated subsidiaries
Net income

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2006

2005

2006

¥913,085
770,488
142,597
102,546
40,051¥699,028
586,754
112,274
80,22332,051$7,744,572
6,535,098
1,209,474
869,771339,703

8,540
14,354
6,075

4,407
10,6886,740

72,434
121,747
51,527(9,943)(5,595)53,48253,482
20,661(331)
2,884¥ 30,268(5,259)(7,050)41,577
41,577
11,8282,204
2,537¥ 25,008(84,334)(47,455)
453,622453,622
175,242(2,807)
24,461$ 256,726

Yen

Net income per share — basic
Net income per share — diluted
Cash dividends per share¥96.3096.21
22.00

U.S. dollars¥78.41
78.38
18.00

$0.82
0.82
0.19

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

Consolidated Statements of Shareholders’ Equity
Toyota Industries Corporation
For the six months ended September 30, 2006 and 2005 (unaudited)

Millions of yen

Balance at March 31, 2005
Net income
Cash dividends
Bonuses to directors and corporate auditors
Net unrealized gains on other securities
Foreign currency translation adjustments
Repurchase of treasury stock
Exercise of stock options
Decrease due to increase in affiliates
accounted for under the equity method
Balance at September 30, 2005

12

TOYOTA INDUSTRIES CORPORATION

Commonstock

CapitalsurplusRetainedearnings

Net unrealized
gains on othersecurities

Translation
adjustments

Treasurystock
at cost¥80,463
–
–
–
–
–
–
–
–

¥105,601
–
–
–
–
–
–
68
–

¥325,331
25,008(6,046)
(396)
–
–
–
–
(1,822)¥591,218–––
197,556––––¥29,861––––(6,318)–––¥(16,727)
–
–
–
–
–
(21)
2,359
–

¥80,463¥105,669¥342,075¥788,774¥23,543¥(14,389)

Millions of yen
Shareholders’ equity
Commonstock

Balance at March 31, 2006
Change during interim accounting period
Surplus dividend
Bonuses to directors and corporate auditors
Decrease due to increase in affiliates accounted
for under the equity method
Net income for the period
Repurchase of treasury stock
Exercise of stock options
Change to items other than shareholders’ equity
during interim accounting period
Total change during interim accounting period
Balance at September 30, 2006

CapitalsurplusRetainedearnings

Treasury stock
at costTotal shareholders’equity¥80,463¥105,665¥358,386¥(14,364)¥530,150

–
–
–

–
–
–

(6,387)(427)(1,673)–––(6,387)(427)(1,673)

–
–
–
–

–
–
(548)
–

30,268––––(35,474)
2,432–

30,268(35,474)
1,884––¥80,463(548)¥105,117

21,781¥380,167(33,042)¥(47,406)(11,809)¥518,341

Valuation and translation adjustments

Balance at March 31, 2006
Change during interim accounting period
Surplus dividend
Bonuses to directors and corporate auditors
Decrease due to increase in affiliates accounted
for under the equity method
Net income for the period
Repurchase of treasury stock
Exercise of stock options
Change to items other than shareholders’ equity
during interim accounting period
Total change during interim accounting period
Balance at September 30, 2006

Net unrealized
gains or losses onother securities

Deferred gains
or losses onhedgesForeign currencytranslation
adjustments

Total valuationand translation
adjustments¥1,047,191¥

Subscription
rights tosharesMinority interests
in consolidated
subsidiaries

Total net
assets–¥33,886¥1,081,077¥ –¥49,271¥1,660,498

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–

(6,387)(427)(1,673)–––(40,861)

–
–
–
(147)

–
–
–
11,966–––(29,042)

–
–
–
51

–
–
–
5,054

30,268(35,474)
1,884(23,937)(40,861)¥1,006,330(147)¥(147)

11,966¥45,852(29,042)¥1,052,035

51
¥51

5,054
¥54,325(35,746)¥1,624,752

Thousands of U.S. dollars (Note 1)
Shareholders’ equity

Balance at March 31, 2006
Change during interim accounting period
Surplus dividend
Bonuses to directors and corporate auditors
Decrease due to increase in affiliates accounted
for under the equity method
Net income for the period
Repurchase of treasury stock
Exercise of stock options
Change to items other than shareholders’ equity
during interim accounting period
Total change during interim accounting period
Balance at September 30, 2006

Commonstock

CapitalsurplusRetainedearnings

Treasury stock
at costTotal shareholders’equity$682,468$896,226$3,039,746$(121,833)$4,496,607

–
–
–

–
–
–

(54,173)(3,622)(14,190)–––(54,173)(3,622)(14,190)

–
–
–
–

–
–
(4,648)–

256,726––––(300,882)
20,628–

256,726(300,882)
15,980––$682,468(4,648)$891,578

184,741$3,224,487(280,254)$(402,087)(100,161)$4,396,446

Subscription
rights tosharesMinority interests
in consolidated
subsidiaries

Total net
assetsValuation and translation adjustments

Balance at March 31, 2006
Change during interim accounting period
Surplus dividend
Bonuses to directors and corporate auditors
Decrease due to increase in affiliates accounted
for under the equity method
Net income for the period
Repurchase of treasury stock
Exercise of stock options
Change to items other than shareholders’ equity
during interim accounting period
Total change during interim accounting period
Balance at September 30, 2006

Net unrealized
gains or losses onother securities

Deferred gains
or losses onhedgesForeign currencytranslation
adjustments

Total valuationand translation
adjustments$8,882,027$–$287,413$9,169,440

–
–
–

–
–
–

–
–
–

–
–
–
(346,573)–––(1,247)(346,573)$8,535,454(1,247)$(1,247)$–$417,905$14,083,952

–
–
–

–
–
–

–
–
–

(54,173)(3,622)(14,190)–––
101,493–––(246,327)

–
–
–
432

–
–
–
42,867

256,726(300,882)
15,980(203,028)

101,493$388,906(246,327)$8,923,113

432
$432

42,867$460,772(303,189)$13,780,763

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

SEMIANNUAL REPORT 200713

Consolidated Statements of Cash Flows
Toyota Industries Corporation
For the six months ended September 30, 2006 and 2005 (unaudited)

Cash flows from operating activities:
Income before income taxes and minority interests
Adjustments to reconcile income before income taxes and minority interests
to net cash provided by operating activities:
Depreciation and amortization
Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in net earnings of affiliates(Increase) decrease in receivables(Increase) decrease in inventories
Increase (decrease) in payables
Others, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities:
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
Other, net
Net cash used in investing activities
Cash flows from financing activities:
Increase (decrease) in short-term loans
Increase (decrease) in commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of bonds
Repayments of bonds
Payments for purchase of treasury stock
Cash dividends paid
Cash dividends paid for minority shareholders
Other, net
Net cash provided by (used in) financing activities
Translation adjustments of cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
The accompanying notes are an integral part of these financial statements.

14

TOYOTA INDUSTRIES CORPORATION

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2006

2005

2006

¥ 53,482¥ 41,577$453,622

51,412(296)(22,893)
9,943
(462)
(2,765)(9,634)
3,398
7,410
89,59522,874(9,870)(17,701)
84,89839,1698(15,095)
5,259(1,267)(11,695)(3,737)(480)
9,275
63,01415,091(5,278)(14,068)
58,759436,064(2,511)(194,173)
84,334(3,918)(23,452)(81,713)28,82162,850759,924
194,012(83,715)(150,136)
720,085(87,721)
4,048(9,255)2,713(1,939)(1,989)643(3,912)(97,412)(95,547)
3,977(21,376)
2,154–(2,393)
1,056(2,642)(114,771)(744,029)
34,334(78,499)
23,011(16,446)(16,870)
5,454(33,181)(826,226)

9,399–
38,337(12,632)–(15,948)(35,474)(6,386)(767)
5,036(18,435)
1,042(29,907)
112,597¥ 82,690(29,943)
52,30428,414(2,531)
5,692(20,300)(22)(6,042)(616)
3,232
30,188(919)(26,743)
100,536¥ 73,793

79,720–325,165(107,142)–(135,267)(300,882)(54,164)(6,505)42,714(156,361)
8,838(253,664)
955,021$701,357

Notes to Consolidated Financial Statements
1. Basis of presenting 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 theCommercial Code of Japan and the Securities and Exchange
Law, and in conformity with accounting principles generally
accepted in Japan, which are different in certain respects as tothe application and disclosure requirements of International
Financial Reporting Standards.
Certain items presented in the interim consolidated financial

statements submitted to the Director of the Kanto Finance
Bureau in Japan have been reclassified in these accounts for theconvenience of readers outside Japan.
Amounts in U.S. dollars are included solely for theconvenience of readers outside Japan. The rate of ¥117.90=US$1,
the rate of exchange prevailing at September 30, 2006, hasbeen used in translation. The inclusion of such amounts are notintended to imply that the Japanese yen actually represent, or
have been or could be converted into, equivalent amounts 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 the accountsof the Company and its 159 subsidiaries (45 domestic subsidiaries
and 114 overseas subsidiaries, which are listed on pages 24 and25) as of September 30, 2006 and 149 subsidiaries (43 domestic
subsidiaries and 106 overseas subsidiaries) as of September 30,
2005.
For the six-month period ended September 30, 2006, sevensubsidiaries were newly added to the scope of consolidation and
one company was excluded from the scope of consolidation
because of merger and acquisition.
For the six-month period ended September 30, 2005, four
subsidiaries were newly added to the scope of consolidation and
one company was excluded from the scope of consolidation
because of merger and acquisition.
The interim periods of certain subsidiaries are different fromthe interim period of the Company. Since the difference is not
more than three months, the Company is using those subsidiaries’
statements for their interim periods, making adjustments for
significant transactions that materially affect the financial position
or results of operations.
All significant intercompany transactions, balances andunrealized profits within 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 acquisition ofcontrol.
In the six-month period ended September 30, 2006, Toyota
Industries Sweden AB and its consolidated subsidiaries havedecided to change their fiscal year-end from December 31 toMarch 31. As a result, the Company’s consolidated financial
statements include nine months of their operating results.

(2) Investments in unconsolidated subsidiaries andaffiliates
Investments in 21 affiliates as of September 30, 2006 and 2005 are
accounted for by the equity method of accounting.
Investments in unconsolidated subsidiaries and affiliates notaccounted for by the equity method are stated at cost due to theirinsignificant effect on the consolidated financial statements.
The major affiliates accounted for by the equity method arelisted on page 25.

(3) Translation of foreign currencies
Foreign currency denominated receivables and payables aretranslated into Japanese yen at exchange rates as of September 30,
2006, and the resulting transaction gains or losses are included inincome statements.
All asset and liability accounts of foreign subsidiaries andaffiliates are translated into Japanese yen at exchange rates as of
September 30, 2006 and all revenue and expense accounts aretranslated at prevailing average rates for the period.

(4) 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 so near
maturity that they present insignificant risk of changes in value
because of changes in interest rates.

(5) Marketable securities and investment 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 have trading securities orheld-to-maturity securities as of September 30, 2006 and 2005.
Other securities with readily determinable fair values arestated at fair value based on market prices at the end of the year.
Unrealized gains and losses are included in “Net unrealized gains
on other securities” as a separate component of shareholders’equity. Cost of sales of such securities is determined by themoving-average method. Other securities without readily
determinable fair values are stated at cost, as determined by themoving-average method.
Investments in unconsolidated subsidiaries and affiliates areaccounted for by the equity method (see Note 2 (2)).

SEMIANNUAL REPORT 200715

Notes to Consolidated Financial Statements

Inventories are stated mainly at cost determined by themoving-average method.

auditors, an amount which is calculated at the end of the period as
required by an internal rule describing the retirement benefits for
directors and corporate auditors is accrued.

(7) Property, plant and equipment, and depreciation(14) Lease transactions

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 for overseas
subsidiaries.
Significant renewals and additions are capitalized at cost. Repair
and maintenance are charged to income as incurred.
Accumulated depreciation as of September 30, 2006 and 2005
was ¥620,382 million (US$5,261,936 thousand) and ¥561,736
million, respectively.

Finance leases other than those that are deemed to transfer theownership of the leased assets to lessees are accounted for mainly
by a method similar to that applicable to ordinary operating leases.

(6) Inventories(15) Consumption tax
The consumption tax under the Japanese Consumption Tax Law
withheld by Toyota Industries on sales of goods is not includedin the amount of net sales in the accompanying consolidated
statements of income, and the consumption tax paid by Toyota
Industries under the law on purchases of goods and services, andexpenses is not included in the related amount.

(8) Intangible assets and amortization
Amortization of intangible assets is computed using thestraight-line method. Software costs for internal use are amortizedby 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 is charged
to income as incurred.

(9) Impairment of fixed assets
Calculation of the impairment of fixed assets is based onreasonable and supportable assumptions and projection of thegrouping of assets and recoverable value, with due consideration
for the specific conditions of each company.
The recoverable amount of assets is calculated based on net
selling price.

(16) Hedge accounting(a) Method of hedge accounting
Mainly the deferral method of hedge accounting is applied. In thecase of foreign currency forward contracts and foreign currency
option contracts, the hedged items are translated at contracted
forward rates if certain conditions are met.
(b) Hedging instruments and hedged items
Hedging
instruments: Derivatives instruments (interest rate swaps, foreign
currency forwards and foreign currency option
contracts)
Hedged items: Risk of change in interest rate on borrowings
and risk of change in forward exchange rate ontransactions denominated in foreign currencies(assets and liabilities, and forecasted transactions)(10) Allowances for doubtful accounts
Toyota Industries adopted the policy of providing an allowance for
doubtful accounts in an amount sufficient to cover possible losses
on collection by estimating individually uncollectible amounts andapplying to the remaining accounts a percentage determined bycertain factors such as historical collection experiences.

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

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

(12) Allowance for bonuses to directors andcorporate auditors
Bonuses to directors and corporate auditors are recorded on an
accrual basis with a related change to income.

(13) Allowance for retirement benefits
Toyota Industries accrues an amount which is considered to be
incurred in the period based on the estimated projected benefit
obligations and estimated pension assets at the end of the period.
To provide for the retirement benefits for directors and corporate

16

TOYOTA INDUSTRIES CORPORATION(d) Method used to measure hedge effectivenessHedge effectiveness is measured by comparing accumulatedchanges in market prices of hedged items and hedging instruments
or accumulated changes in estimated cash flows from the inceptionof the hedge to the date of measurements performed. Currently it
is considered that there are high correlations between them.
(e) Others
Due to the fact that counterparties to Toyota Industries represent
major financial institutions which have high creditworthiness,
Toyota Industries believes that the overall credit risk related to its
financial instruments is insignificant.

(17) Appropriation of retained earnings
In the accompanying consolidated statements of shareholders’equity, the approved amount during the relevant fiscal year isreflected for the appropriation of retained earnings of consolidated
subsidiaries. In Japan, the payment of bonuses to directors andcorporate auditors was made out of retained earnings through anappropriation, instead of being charged to income for the year.
Bonuses to directors and corporate auditors are recorded on theaccrual basis with a related change to income.

3. Changes in accounting policies and adoption of new accounting standards
For the six-month period ended September 30, 2006
Accounting Standard for Directors’ Bonus
Effective from the fiscal year beginning April 1, 2006, Toyota
Industries applied Financial Accounting Standard No. 4“Accounting Standard for Directors’ Bonus” issued on November
29, 2005 by the Accounting Standards Board of Japan. As
a result, ordinary income and income before income taxes
and minority interests decreased by ¥252 million (US$2,137
thousand).
Accounting Standards for Presentation of Net Assets in the
Balance Sheet
Effective from the fiscal year beginning April 1, 2006, Toyota
Industries applied Financial Accounting Standard No. 5“Accounting Standards for Presentation of Net Assets in the
Balance Sheet” and its Implementation Guidance No. 8“Guidance on Accounting Standards for Presentation of Net
Assets in the Balance Sheet” issued on December 9, 2005 by the
Accounting Standards Board of Japan. If the previous accounting
policy were to be applied, net assets at September 30, 2006 were
¥1,571 billion.

Accounting Standard for Share-based Payment
Effective from the fiscal year beginning April 1, 2006, Toyota
Industries applied Financial Accounting Standard No. 8“Accounting Standard for Share-based Payment” issued on
December 27, 2005 by the Accounting Standards Board ofJapan, and its Implementation Guidance No. 11 “Guidanceon Accounting Standard for Share-based Payment” issued on
May 31, 2006 by the Accounting Standards Board of Japan. As
a result, ordinary income and income before income taxes andminority interests decreased by ¥50 million (US$424 thousand).
Accounting Standard for Business Combinations
Effective from the fiscal year beginning April 1, 2006, Toyota
Industries applied Financial Accounting Standard for Business
Combinations issued on October 27, 2005 by the BusinessAccounting Council in Japan, and Financial AccountingStandard No. 7 “Accounting Standard for Business Divestitures”
and the related Implementation Guidance No. 10 “Guidance on
Accounting Standard for Business Combinations and AccountingStandard for Business Divestitures” issued on December 27, 2005
by the Accounting Standards Board of Japan.

4. Assets pledged as collateral(1) Assets pledged as collateral as of September 30, 2006 and 2005 are as follows:
Millions of yen

Investments in securities
Property, plant and equipment
Buildings and structures
Trade notes and accounts receivable
Machinery, equipment and vehicles
Total

Thousands of
U.S. dollars

2006

2005

2006

¥52,265
2,365
1,319
–
1,357
¥57,306¥41,655
2,840
2,133
467
438
¥47,533$443,299
20,05911,188–
11,510$486,056(2) Secured liabilities as of September 30, 2006 and 2005 are as follows:
Millions of yen

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

Thousands of
U.S. dollars

2006

2005

2006

¥21,433857
710¥23,000¥20,707390
1,195¥22,292$181,790
7,269
6,022
$195,081

SEMIANNUAL REPORT 200717

Notes to Consolidated Financial Statements

5. Contingent liabilities
Toyota Industries is contingently liable for guarantees as of September 30, 2006 and 2005 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

2006

2005

2006

¥4,200
621
508

¥ 400
845
2,759

$35,623
5,267
4,309

6. Leases(1) Finance leases (as a lessee) which do not transfer ownership of leased properties to lessees(a) Pro forma information regarding the leased properties such as acquisition cost and accumulated depreciation, which are not reflectedin the accompanying consolidated balance sheets under finance leases as of September 30, 2006 and 2005 is as follows:
Thousands of
U.S. dollars

Millions of yen

Machinery and equipment:
Acquisition cost equivalents
Accumulated depreciation equivalents
Machinery and equipment net balance equivalents
Others:Acquisition cost equivalents
Accumulated depreciation equivalents
Others net balance equivalents
Total net leased properties

2006

2005

2006

¥14,956
7,982
6,974

¥13,313
6,548
6,765

$126,853
67,701
59,152

13,301
6,205
7,096¥14,070

11,823
6,122
5,701¥12,466

112,816
52,62960,187$119,339

Acquisition cost equivalents include the imputed interest expense portion because the percentage which is computed by dividing future
minimum lease payments by total balance of property, plant and equipment at year-end is immaterial.
(b) Pro forma information regarding future minimum lease payments as of September 30, 2006 and 2005 is as follows:
Thousands of
U.S. dollars

Millions of yen

Due within one year
Due after one year
Total

2006

2005

2006

¥ 4,326
9,744¥14,070¥ 3,986
8,744¥12,730$ 36,692
82,646$119,338

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, 2006 and 2005 are as follows:
Millions of yen

2006
2005

¥2,866
2,345

Thousands of
U.S. dollars$24,309–

Pro forma depreciation expenses, which are not reflected in the accompanying interim consolidated statements of income, are computed
mainly by the straight-line method, which assumes zero residual value and leasing term to be useful lives for the six-month periods ended
September 30, 2006 and 2005, and are equivalent to the amount of total lease payments of the above.

18

TOYOTA INDUSTRIES CORPORATION

(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, 2006 and 2005 is as follows:
Thousands of
U.S. dollars

Millions of yen

Machinery and equipment:
Acquisition cost
Accumulated depreciation
Total net leased property

2006

2005

2006

¥8,625
4,804¥3,821¥9,256
5,069¥4,187$73,155
40,746$32,409(b) Pro forma information regarding future minimum lease income as of September 30, 2006 and 2005 is as follows:
Thousands of
U.S. dollars

Millions of yen

Due within one year
Due after one year
Total

2006

2005

2006

¥1,0703,223¥4,293¥1,756
3,213¥4,969$ 9,075
27,337$36,412Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease receipts and depreciation for six-month periods ended September 30, 2006 and 2005 are as follows:
Thousands of
U.S. dollars

Millions of yen

Total lease payments to be received
Depreciation expenses

2006

2005

¥1,097848¥1,227901

2006$9,305
7,193(3) Operating leases (as a lessee)
Pro forma future lease payments under operating leases as of September 30, 2006 and 2005 are as follows:
Millions of yen

Due within one year
Due after one year
Total

Thousands of
U.S. dollars

2006

2005

2006

¥ 5,418
16,193¥21,611¥ 4,835
16,359¥21,194$ 45,954
137,345$183,299(4) Operating leases (as a lessor)
Pro forma information regarding future minimum rentals under operating leases as of September 30, 2006 and 2005 is as follows:
Millions of yen

Due within one year
Due after one year
Total

Thousands of
U.S. dollars

2006

2005

2006

¥13,251
24,629¥37,880¥ 8,457
14,770¥23,227$112,392
208,897$321,289

SEMIANNUAL REPORT 200719

Notes to Consolidated Financial Statements

7. Marketable securities(1) As of September 30, 2006(a) Other securities with readily determinable fair value are as follows:
Thousands of U.S. dollars

Millions of yen

Stocks
Total

Acquisition cost

Carrying amount

Difference¥220,327¥220,327¥1,895,563¥1,895,563¥1,675,236¥1,675,236

Acquisition cost

Carrying amount

Difference$1,868,762 $16,077,718 $14,208,956$1,868,762 $16,077,718 $14,208,956(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:
Carrying amountMillions of yen

Other securities:
Domestic unlisted stocks excluding over-the-counter stocks
Money management funds¥18,458
25,021Thousands of
U.S. dollars$156,556
212,222(2) As of September 30, 2005(a) Other securities with readily determinable fair value are as follows:
Millions of yen

StocksBonds:
Government and municipal bonds, etc.
Total

Acquisition cost

Carrying amount

Difference¥211,010¥1,524,647¥1,313,637

0¥211,010

0¥1,524,647–¥1,313,637(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:
Carrying amountMillions of yen

Other securities:
Domestic unlisted stocks excluding over-the-counter stocks
Money management funds¥18,897
10,0008. Derivative instruments
Notes relating to derivative instruments are omitted, since Toyota Industries has not used derivative instruments for other than hedging.

20

TOYOTA INDUSTRIES CORPORATION

9. Segment information(1) Business segments

Sales:
Automobile
Outside customer sales
Intersegment transactions
Materials Handling Equipment
Outside customer sales
Intersegment transactions
Logistics
Outside customer sales
Intersegment transactions
Textile Machinery
Outside customer sales
Intersegment transactions
Others
Outside customer sales
Intersegment transactions
Subtotal
Elimination of intersegment transactions
Total
Operating costs and expenses:
Automobile
Materials Handling Equipment
Logistics
Textile Machinery
OthersElimination of intersegment transactions
Total
Operating income:Automobile
Materials Handling Equipment
Logistics
Textile Machinery
OthersElimination of intersegment transactions
Total

Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2006

2005

2006

¥431,025
9,972
440,997¥337,752
10,195347,947$3,655,852
84,5803,740,432

388,271311
388,582

281,598137
281,735

3,293,223
2,638
3,295,861

39,8983,436
43,33430,616
2,786
33,402

338,406
29,143
367,549

27,495
3
27,49824,094
11
24,105233,20626
233,232

26,396
11,33337,729938,140(25,055)¥913,085

24,968
8,824
33,792
720,981(21,953)¥699,028

223,885
96,124320,009
7,957,083(212,511)$7,744,572¥427,235
365,782
42,781
26,94035,432(25,136)¥873,034¥336,528
263,416
32,87423,914
31,674(21,429)¥666,977$3,623,707
3,102,477
362,858
228,499
300,526(213,198)$7,404,869¥ 13,762
22,800
553
558
2,297
81
¥ 40,051¥ 11,419
18,319
528
191
2,118
(524)
¥ 32,051$ 116,725
193,384
4,691
4,733
19,483687$ 339,703

Main products of each segment are as follows:
Automobile ......................................... Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors, foundry parts, electronic components
Materials Handling Equipment ........... Counterbalanced lift trucks, warehouse trucks, automated storage and retrieval systems, truck mount aerial work platforms
Logistics.............................................. Transportation services, logistics planning, operation of distribution centers, collection and delivery of cash and management of sales proceeds
Textile Machinery ............................... Air-jet looms, water-jet looms, ring spinning frames
Others ................................................ Semiconductor package substrates

SEMIANNUAL REPORT 200721

Notes to Consolidated Financial Statements(2) Geographical segments

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
Total
Operating costs and expenses:
Japan
North America
EuropeOthersElimination of intersegment transactions
Total
Operating income:Japan
North America
EuropeOthersElimination of intersegment transactions
Total

Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2006

2005

2006

¥579,172
58,800637,972¥461,877
53,537515,414$4,912,400
498,728
5,411,128

154,772953
155,725

119,484743
120,227

1,312,740
8,083
1,320,823

157,7443,436
161,180

102,181
4,184
106,365

1,337,947
29,143
1,367,090

21,3982,341
23,739978,616(65,531)¥913,085

15,486
1,750
17,236759,242(60,214)¥699,028

181,493
19,856201,349
8,300,390(555,818)$7,744,572¥607,833
151,460
157,106
22,306(65,671)¥873,034¥490,894
116,134
103,236
16,631(59,918)¥666,977$5,155,496
1,284,648
1,332,536
189,194(557,005)$7,404,869¥ 30,139
4,265
4,074
1,433
140
¥ 40,051¥ 24,520
4,093
3,129
605
(296)
¥ 32,051$ 255,632
36,17534,554
12,155
1,187$ 339,703

Significant countries or areas belonging to each segment as of September 30, 2006 are as follows:
North America ............................................ U.S.A., Canada
Europe ........................................................ Sweden, Germany, France
Others......................................................... Australia, China, Brazil

10. Subsequent event
On October 20, 2006, the Company issued bonds without collateral in the principle amount of ¥20.0 billion. The Company intends touse the proceeds from the bond issue for capital investment.
16th series of bonds without collateral
Total amount of issue
Maturity date
Interest rate

22¥20.0 billion
September 20, 2016
1.95%

TOYOTA INDUSTRIES CORPORATION

Directors, Corporate Auditors and Managing Officers(As of September 30, 2006)

Board of Directors

ChairmanPresident

Tadashi Ishikawa*

Tetsuro Toyoda*

Executive Vice President

Executive Vice President

Executive Vice President

Executive Vice President

Norio Sato*

Shinjiro Kamimura*

Yoshikatsu Mizuno*

Tatsuo Matsuura*

Senior Managing Directors

Akira Imura
Shigetaka Yoshida
Masafumi Kato
Yasuharu Toyoda
Yutaka Murodono

Honorary Chairman

Kazunori Yoshida
Kosaku Yamada
Toshiyuki Sekimori
Kimpei Mitsuya

Yoshitoshi Toyoda
Director

Tatsuro Toyoda* Representative Director

Corporate Auditors
Standing Corporate Auditors

Shigetaka Mitomo
Masanori Ito

Corporate Auditors

Hiroshi Okuda
Fumio Kawaguchi
Katsuaki Watanabe

Managing Officers
Hiroya Kono
Kenji Takenaka
Satoshi Kaseda
Hirofumi Tsuji
Yukio Yamakita
Takaki Ogawa
Kazue Sasaki

Hirotaka Morishita
Shinya Furukawa
Hironori Ito
Akira Onishi
Per Zaunders
Hiroshi Sakai
Eishi Furuta

Tadayoshi Baba
Takashi Okubo
Norio Sasaki
Toshifumi Ogawa
Hayato Ikeda
Toshifumi Onishi

SEMIANNUAL REPORT 200723

Corporate Data
(As of September 30, 2006)

Major Plants (Parent Company)
Start of
Operations

Main Products

Kariya Plant
Obu Plant
Kyowa Plant
Nagakusa Plant
Takahama Plant
Hekinan Plant
Higashichita Plant
Higashiura Plant

Textile machinery, car air-conditioning compressors
Parts for car air-conditioning compressors
Electronic equipment, automotive press dies, production facilities, engine parts
Automobiles
Lift trucks, materials handling systems
Engines for automobiles and industrial equipment
Engines for automobiles, foundry parts, engine parts
Parts for car air-conditioning compressors

1927
1944
1953
1967
1970
1982
2001
2002

Major Consolidated Subsidiaries% ofVoting Rights

Company Name

Location of Head Office

Aichi Corporation
TIBC Corporation
Mail & e Business Logistics Service Co., Ltd.
Asahi Security Co., Ltd.
TOYOTA L&F Tokyo Co., Ltd.
Altex Co., Ltd.
Sun River Co., Ltd.
Izumi Machine Mfg. Co., Ltd.
TOYOTA L&F Keiji Co., Ltd.
Tokyu Co., Ltd.
Advanced Logistics Solutions Co., Ltd.
Toyoda High System, Incorporated
Nishina Industrial Co., Ltd.
ALTRAN Corporation
KTL Co., Ltd.
TF Logistics Co., Ltd.
Tokaiseiki Co., Ltd.
Taikoh Transportation Co., Ltd.
SKE Inc.
SK Maintenance Corporation
Unica Co., Ltd.
Iwama Loom Works, Ltd.
Kawamoto System Corporation
Nagao Kogyo Co., Ltd.
TOYOTA L&F Shizuoka Co., Ltd.
Hara Corporation
Sun Valley Inc.
Mizuho Industry Co., Ltd.
Sun Staff, Inc.
ALT Logistics Co., Ltd.
Shine’s Inc.
Toyota Industries Well Support Corporation

Saitama
Aichi
Mie
Tokyo
Tokyo
Shizuoka
Osaka
Aichi
Kyoto
Aichi
Aichi
Aichi
Nagano
Aichi
Tokyo
Tokyo
Shizuoka
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Shizuoka
Gifu
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi

51.0%
60.0%
50.5%
100.0%
100.0%
75.0%
100.0%
68.8%
75.0%
63.3%
100.0%
90.0%
82.0%
60.0%
50.5%
51.0%
92.1%
50.7%
100.0%
70.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.8%
100.0%
60.0%
100.0%
100.0%

Toyota Material Handling Europe SA/NV
Toyota Material Handling Belgium SA/NV
Toyota Truck Danmark A/S
Toyota Truckudlejning Danmark A/SBrussels
Temse
Vejle
Vejle

100.0%
100.0%
100.0%
100.0%

Japan

EuropeBelgium
Denmark

24

TOYOTA INDUSTRIES CORPORATIONFrance
Germany

Italy
NorwaySwedenSwitzerland
U.K.

% of
Voting Rights

Company Name

Location of Head Office

Toyota Industrial Equipment Europe, S.A.R.L.
Toyota Industrial Equipment, S.A.
TD Deutsche Klimakompressor GmbH
Toyota Gabelstapler Deutschland GmbH
Toyota Gabelstapler Stuttgart GmbH
Toyota Carrelli Elevatori Italia S.r.l.
CESAB Carrelli Elevatori S.p.A.
Toyota Truck Norge AS
Toyota Truckutleie Norge AS
Toyota Industries Sweden AB
BT Industries AB
Toyota Industries Finance International AB
BT Products AB
Toyota Textile Machinery Europe AG
Toyota Industrial Equipment (UK) Limited
Toyota Industrial Equipment (Northern) Limited

Ancenis, France/Brussels, Belgium
AncenisStraßgräbchen
Duisburg
Stuttgart
Bologna
Bologna
Trondheim
Trondheim
MjölbyMjölbyMjölbyMjölbyZurichCastleford, West Yorkshire
Castleford, West Yorkshire

100.0%
60.0%
65.0%
100.0%
70.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

Michigan Automotive Compressor, Inc.
The Raymond Corporation
Toyota Industries North America, Inc.
TD Automotive Compressor Georgia, LLC
Toyota Industrial Equipment Mfg., Inc.
Toyota Material Handling USA, Inc.
ACTIS Manufacturing Ltd., LLC
Toyoda Textile Machinery Inc.
Toyota-Lift of Los Angeles, Inc.
Toyota Industries Personnel Service of America, Inc.

Parma, Michigan
Greene, New YorkElk Grove, Illinois
Jefferson, Georgia
Columbus, Indiana
Irvine, California
Grapevine, Texas
Charlotte, North Carolina
Santa Fe Springs, California
Elk Grove, Illinois

60.0%
100.0%
100.0%
65.0%
100.0%
100.0%
60.0%
100.0%
100.0%
100.0%

Toyota Industries Mercosur Ltda.
Toyota Maquinas Texteis Brasil Ltda.

São PauloSão Paulo

100.0%
100.0%

Toyota Industries Corporation Australia Pty Limited
Toyota Industry Automotive Parts (Kunshan) Co., Ltd.
Toyota Industry (Kunshan) Co., Ltd.
TD Automotive Compressor Kunshan Co., Ltd.
Toyota Industries Trading & Logistics (China) Co., Ltd.
Toyota Material Handling (Shanghai) Co., Ltd.
Kirloskar Toyoda Textile Machinery Private Limited

SydneyKunshan, Jiangsu
Kunshan, Jiangsu
Kunshan, Jiangsu
Shanghai
ShanghaiBangalore, Karnataka

100.0%
60.0%
70.0%
59.8%
100.0%
70.0%
95.1%

Company Name

Location of Head Office% ofVoting Rights

ST Liquid Crystal Display Corp.
Wanbishi Archives Co., Ltd.
Fuji Logistics Co., Ltd.
ST Mobile Display Corp.

Aichi
Tokyo
Tokyo
Shiga

50.0%
43.1%
26.8%
20.0%

Toyota Motor Industries Poland Sp.zo.o.

Jelcz-Laskowice

40.0%

North America
U.S.A.

South America
BrazilAsia and Oceania
Australia
China

India

Major Affiliates Accounted for by the Equity Method
Japan

EuropePolandSEMIANNUAL REPORT 200725

Investor Information(As of September 30, 2006)

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

Mitsubishi UFJ Trust and Banking Corporation
1-4-5, Marunouchi, Chiyoda-ku, Tokyo-to
100-8212, Japan
Telephone: +81-(0)3-3212-1211

Major Shareholders

Date of Establishment% ofvoting rights

November 18, 1926
Toyota Motor Corporation

Common Stock

24.58

DENSO Corporation

9.51

Towa Real Estate Co., Ltd.

5.04

Third Avenue Fund-Custodial Trust Company

4.58

The Master Trust Bank of Japan, Ltd.

3.49

Toyota Tsusho Corporation

2.66

HSBC Bank PLC-Clients Nontax Treaty

2.46

Number of Shareholders

State Street Bank and Trust Company

2.19

19,865

Nippon Life Insurance Company

2.16

Independent Accountants

Aisin Seiki Co., Ltd.

2.11

No par value
Authorized: 1,100,000,000 shares
Issued:325,840,640 shares

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

PricewaterhouseCoopers Aarata
3-25-3, Meieki, Nakamura-ku, Nagoya-shi, Aichi-ken
450-0002, Japan

Common Stock Price Range (Tokyo Stock Exchange)
FY2007HighLow

1st quarter2nd quarter3rd quarter
4th quarter¥5,3605,070––¥3,9804,150––

FY2006HighLow¥3,250
3,990
4,380
4,850

¥2,780
3,010
3,530
3,840

FY2005HighLow¥2,700
2,645
2,605
3,180

¥2,235
2,285
2,320
2,465

FY2004HighLow¥1,988
2,235
2,325
2,530

¥1,686
1,922
1,951
2,190

FY2003HighLow¥2,165
2,005
1,909
1,820

¥1,862
1,770
1,732
1,725

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

Web Site
Updated information is published regularly on our Web site. (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
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