FINANCIAL SUMMARY
FY2003 annual(April 1, 2002 through March 31, 2003)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements
This Financial summary contains projections and other forward-looking statements that involve risks and uncertainties.
Our use of the words “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions should be understood in this context.
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 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 summary and are not guarantees of future performance. These projections and forward-looking statements are subject to change
without notice, and Toyota Industries Corporation and its Group companies will not necessarily inform you of such changes.
Therefore, it is advised that you should not rely solely upon these projections and forward-looking statements in making yourinvestment 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 thissummary. These risks and uncertainties include, but are not limited to, the following:i) Domestic and overseas economic conditions, particularly levels of consumer spending, demand for our products and private sector
capital expenditureii) Adverse changes in laws and regulations, such as trade restrictions and tariffs, or stricter safety or emissions regulations, resulting inhigher costs and/or sales restrictionsiii) Currency exchange rate fluctuations, notably involving yen, U.S. dollars, Asian currencies and the euro — the currencies in which
Toyota Industries Corporation and its Group companies have holdings and use to conduct their international businessiv) Fluctuations in market prices of securities in which Toyota Industries Corporation and its Group companies have substantial holdingsv) The ability of Toyota Industries Corporation and its Group companies to maintain their strength in many product development andgeographical areas, through such means as new product development and launches in highly competitive markets characterized bycontinual new product introductions, rapid technological advances and fluctuations in demandvi) Effects of natural disasters, terrorist activities, war or political instability in the markets Toyota Industries Corporation and its Group
companies servevii) Factors such as greater price competition in Asia, North America and Europe resulting from industry overcapacity or other factors;
higher fuel prices or shortages of fuel; labor or other constraints on the ability of Toyota Industries Corporation and its Group
companies to restructure their business; work stoppages at their facilities or those of key suppliers; and the discovery of defects intheir products resulting in delays in new product launches, recall campaigns, increased warranty costs or litigation.

April 24, 2003

Consolidated Financial Results for FY2003 (April 2002 - March 2003)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) ( URL http://www.toyota-industries.com/ )Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person : Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for FY2003 consolidated financial results: April 24, 2003
US GAAP: Not Used

1. Financial Highlights for FY2003 (April 1, 2002 - March 31, 2003)(1) Consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2003
FY2002

1,069,218
980,163
Net income

9.1
27.7

(
(

Million yen))

52,477
46,330Net income perchange fromyear )( %previous
share－basic

Million yen

FY2003
FY2002%%

21,933 (27,311 (

-19.7
20.6

13.3
-2.1

(
(

Net income pershare－diluted

YenMillion yen))

51,37547,865

62.90
78.26

%

(
(

7.3
7.5

Returnon equity

Ordinary
incomeon assets

Ordinary
incomeon sales

%

%

%

Yen

70.19
87.28

)
)

%

2.7
3.0

3.0
2.6

)
)

4.8
4.9

Notes: 1. Equity in net loss of affiliates: FY2003－4,633 million yen,FY2002－928 million yen
Notes: 2. Average number of shares outstanding in each year (consolidated) : FY2003－307,813,094 shares, FY2002－312,912,039 shares
Notes: 3. Changes in accounting policies: No change(2) Consolidated financial position
Total assets
Million yen

FY2003
FY2002

Ratio ofshareholders’ equity

Shareholders’ equity
Million yen

1,650,391
1,770,401

Shareholders’ equity
per share%

738,867
878,812

Yen

44.8
49.6

2,522.52
2,809.54

Note: Number of shares outstanding at end of each year (consolidated) : FY2003－292,777,198 shares, FY2002－312,796,158 shares(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2003
FY2002

103,183
81,078Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of year

Million yen(95,120)(106,710)

57,775
1,225

Million yen

136,929
71,119(4) Scope of consolidation and equity method
Consolidated subsidiaries: 118companies
Unconsolidated subsidiaries accounted for under the equity method: 2 companies
Affiliates accounted for under the equity method: 16 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 8 companies, (decrease) 1 company
Equity method: (increase) 3 companies, (decrease) 4 companies

2. Forecasts of Consolidated Financial Results for FY2004 (April 1, 2003 - March 31, 2004)
Net sales

Ordinary income
Million yen

FY2004semi-annual
FY2004

Million yen

Net income
Million yen

540,000

27,00016,0001,100,000

57,00034,000

Reference: (Forecast) Net income per share－basic (annual): 116.13yen

Overview of Associated Companies
Toyota Industries Corporation and its associated companies (Toyota Motor Corporation (“TMC”), which has Toyota Industries
Corporation as an affiliate, Toyota Industries Corporation ’s 120 subsidiaries and 24 affiliates) are engaged mainly in manufacture andsales of automobiles and related products, materials handling equipment, textile machinery and others. The associated companies’
positions in the businesses and relation to the business segments are shown below.
Customers (Toyota Motor Corporation, Others)
Overseascompanies

Overseascompanies

Overseascompanies(Manufacturing subsidiaries)(Sales・other subsidiaries and affiliates)(Sales subsidiary)

Michigan AutomotiveCompressor, Inc.

BT Industries Group (72 companies)

Toyoda Textile
Machinery, Inc.

TD Deutsche
Klimakompressor GmbHACTIS Manufacturing Ltd., LLC

Toyota Material Handling USA, Inc.
Toyota-Lift of Los Angeles, Inc.
Toyota Truck Norge Group (4 companies)(Manufacturing subsidiary)

Kirloskar Toyoda Textile
Machinery Ltd.

Toyota Gabelstapler Deutschland GmbH
(Manufacturing subsidiaries)

Toyota Industry(Kunshan)Co., Ltd.

Toyota Industrial Equipment (UK) Group(2 Companies)
Toyota Industrial Equipment Europe Group(2 Companies)(Manufacturing subsidiaries・affiliates)

BT Industries Group (7 companies)
Toyota Industrial Equipment Mfg., Inc.
Toyota Industrial Equipment, S.A.
North Vernon Industry Corp.

Domestic
companies

Domestic
companies

Domestic
companies

Domestic
companies(Manufacturing subsidiaries)(Sales subsidiaries)(Manufacturing subsidiary)(Manufacturing subsidiary)

Altex Co., Ltd.

TOYOTA L&F Tokyo Co., Ltd.

TIBC Corporation

Izumi Machine Mfg.
Co., Ltd.

Logistics Planning Tokyo Co., Ltd.

Kawamoto System
Corporation(Manufacturing affiliate)

Hara Corporation

ST Liquid Crystal
Display Corp.

Tokyu Co., Ltd.
Tokaiseiki Co., Ltd.

(Manufacturing subsidiary)

TOYOTA L&F Keiji Co., Ltd.
TOYOTA L&F Shizuoka Co., Ltd.

(Manufacturing subsidiary)

Iwama Loom Works, Ltd.

(Manufacturing affiliate)Mizuho Industry Co., Ltd.

Aichi Corporation

SKE Inc.

(Manufacturing subsidiaries)

Nishina Industrial Co., Ltd.
Suzakanishina Industrial Co., Ltd.
Mino Tokyu Co., Ltd.

Automobile

Materials handling equipment
Toyota Industries Corporation-1-

Textile machinery

OthersManagement Policy
1. Basic Management Policy
The basic management policies of Toyota Industries Corporation and its Group companies(“Toyota Industries”) are as follows:(1)

Toyota Industries is determined to comply with the letter and the spirit of the law, inJapan and overseas, and to be fair and transparent in all its dealings.

(2)

Toyota Industries is respectful of the people, culture and tradition of each country
and region in which it operates. It also works to promote economic growth andprosperity in those countries and regions.

(3)

Toyota Industries believes that economic growth and conservation of the naturalenvironment are compatible. It strives to offer products and services that are clean,safe and of high quality.

(4)

Toyota Industries conducts intensive product research and forward-looking
development activities to create new value for its customers.

(5)

Toyota Industries nurtures the inventiveness and other abilities of its employees. It
seeks to create a climate of cooperation, so that both employees and the Company
can realize their full potential.

2. Basic Policy on the Distribution of Profits
Toyota Industries Corporation’s dividend policy is based on maintaining stable dividends
while giving full consideration to business performance, the dividend payout ratio and otherfactors as it makes every effort to meet the expectations of shareholders.
Toyota Industries Corporation will use retained earnings to improve the competitiveness of its
products, augment production capacity in Japan and overseas, as well as expand into new fieldsof business and strengthen its corporate constitution in securing future profits for its
shareholders. It will also use retained earnings to repurchase treasury stock.

3. Medium- to Long-Term Management Strategies
In the medium to long term, Toyota Industries seeks to increase profitability and strengthen its
management base. The Group seeks to grow by placing a high priority on research anddevelopment, thereby enabling the Group to bring to market leading-edge products andservices.
For Toyota Industries, it is a top priority to develop safe, environmentally friendly products,
which are of high quality and satisfy changing customer needs. Toyota Industries is also
determined to maintain and enhance its position as a leader in its respective business fields
through vigorous sales efforts, superior service, cost reduction activities and constantenhancement of quality throughout all its operations.
Within the Automobile Segment, the Vehicle Business will strive to enhance productionengineering technologies and product development capabilities to deliver outstanding customer
satisfaction through its assembly of TOYOTA-brand cars for customers. The Engine Businesswill strive to expand its business scope by strengthening production and development
capabilities and playing a greater role in production of diesel engines for the Toyota Group. Also
within the Automobile Segment, the Car Air-Conditioning Compressor Business will solidify its
global number one position through advanced technologies and superior cost competitiveness.
The Materials Handling Equipment Segment will collaborate with TOYOTA Material Handling
Company and the BT Industries Group to enhance its business by expanding its product lineup,bolstering marketing activities and providing global customers with optimal solutions that will-2-

lower their materials handling costs.
The Textile Machinery Segment will continue to produce a high-quality range of weaving andspinning machinery.
Toyota Industries will also strengthen the range and scope of its Electronics Business,
including low-temperature polysilicon TFT-LCD panels and electronic substrates for IC chipsets.
For the medium term, Toyota Industries aims to achieve consolidated sales of 1.2 trillion yen,enhance profitability and improve capital efficiency.

4. Basic Stance toward Corporate Governance and Measures for Implementation
Toyota Industries deems it highly important to establish and maintain an organization that canquickly and flexibly respond to changes in the management climate together with a fair,shareholder-oriented management system to promote greater management transparency andcarry out effective corporate governance.
Toyota Industries’ Board of Directors holds a meeting every month to decide subjects ofmaterial importance and supervise business operations. The Company has also instituted theManagement Committee and the Business Operation Committee. The Management Committee
deliberates upon company-wide strategies while the Business Operation Committee deliberates
upon strategies in each business segment. Through these bodies, Toyota Industries Corporation
seeks to establish a responsive and efficient management as well as effective internal control
system.
In June 2002, the Ordinary General Meeting of Shareholders approved the appointment of
one additional external auditor, bringing the total number to five auditors. Further, Toyota
Industries has newly established the Audit Office with dedicated staff, enhancing the auditing
function for overseeing the performance of its directors.
The Company has strengthened supervision of each division and an internal auditing
structure, and regularly holds meetings of the Code of Conduct Council to ensure that it adheres
fully to the letter of the law and conducts its management and business affairs based on its basic
management policies. Toyota Industries will continue to endeavor to promote its businessactivities with higher awareness of ethical issues.
Toyota Industries established a new department dedicated to investor relations activities topromote better management transparency. Through such efforts, the Company will continue toensure a high level of corporate accountability to shareholders and stakeholders.

-3-

Business Results and Financial Position
1. Overview of Business results
In fiscal 2003 (ended March 31, 2003), the Japanese economy remained sluggish. In addition
to a declining stock market, private sector capital investment continued to be stagnant.
Consumer spending remained weak due to employment uncertainties. Overseas, although theEuropean economy was on its way to a slow recovery, the U.S. economy started decelerating in
the latter half of the year.
Against this background, total consolidated net sales of Toyota Industries amounted to
1,069.2 billion yen, an increase of 89.1 billion yen, or 9%, compared with fiscal 2002. The
following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 595.4 billion yen, an increase of 31.9 billion yen,or 6%, over fiscal 2002. Domestic automobile production was solid, thanks to an increase insales in the latter half of the fiscal year as well as favorable exports. Within this segment, net
sales of the Vehicle Business totaled 281.9 billion yen, an increase of 1.8 billion yen, or 1%, overfiscal 2002. Although intensified competition in the domestic small car market resulted in a dropin sales of the Vitz (Yaris in Europe), this decrease was offset by sales of the Corolla for North
America, for which production commenced in January 2003. Net sales of the Engine Businesstotaled 117.6 billion yen, an increase of 2.8 billion yen, or 2%, over fiscal 2002, due mainly toincreased sales of AZ-type and UZ-type gasoline engines. In August 2002, production of foundryparts for engines was transferred from the Obu Plant to the Higashichita Plant. In October 2002,
the Company jointly established Toyota Motor Industries Poland Sp.zo.o. with Toyota Motor
Corporation in Jelcz-Laskowice, Poland, with the intent of strengthening its position in the diesel
car market in Europe. Operations are slated to start in early 2005. Net sales of the Car
Air-Conditioning Compressor Business totaled 177.9 billion yen, an increase of 24.8 billion yen,or 16%, over fiscal 2002. Vigorous development of new products attuned to customer needs
was carried out, together with strengthening sales activities targeting car manufacturers in
Europe and the U.S. Production capacity was also bolstered by newly establishing theHigashiura Plant in Aichi Prefecture and relocating the Obu Plant.
Net sales of the Materials Handling Equipment Segment totaled 373.0 billion yen, an
increase of 20.0 billion yen, or 6%, over fiscal 2002. Domestic sales showed signs of bottoming
out in the second half of fiscal 2003, while an upturn in overseas sales became evident.
Development of new products responsive to customer needs included the GENEO-E, athree-wheel electric counterbalanced forklift truck introduced to its lineup in January 2003.
Aggressive sales promotion activities were also conducted in cooperation with our distributors.
As a result, we achieved a 41.2% share in the Japanese forklift truck market for fiscal 2003,
marking a record-high and capturing market share exceeding 40% for the fourth consecutive
year. Overseas forklift truck sales were also strong, especially in Australia, Asia and Europe. In
April 2002, Toyota Industries Corporation entered into a comprehensive agreement on capitaland business collaboration with Aichi Corporation to solidify its superior position in the aerial lift
equipment field. Also, in anticipation of expanding demand in China, preparations are underway
for local production of forklift trucks at Toyota Industry (Kunshan) Co., Ltd., as well as
establishment of a local sales subsidiary. Both facilities are planned to start operations in 2003.
Net sales of the Textile Machinery Segment totaled 48.7 billion yen, an increase of 18.0 billion
yen, or 59%, over fiscal 2002, due mainly to a substantial increase in sales of air-jet looms in
China. Sales of the JAT710 air-jet loom commenced in January 2003 in line with meeting
diversifying and advancing customer needs.
In fiscal 2003, Toyota Industries’ ordinary income amounted to 51.3 billion yen, an increase of
3.5 billion yen, or 7%, over fiscal 2002. This increase reflected expanded sales and enhanced-4-cost-reduction efforts company-wide, offsetting increases in labor costs and pre-production
expenses. Net income, however, totaled 21.9 billion yen, a decrease of 5.4 billion yen, or 20%,from fiscal 2002. This decrease was due to falling stock market prices resulting in a loss ininvestment securities, as well as a loss from disposal of fixed assets that accompanied therelocation of a plant, which was posted as an extraordinary loss.
Net cash provided by operating activities was 103.1 billion yen, an increase of 22.1 billion yen
over fiscal 2002. Income before income taxes and depreciation were 43.6 billion yen and 59.1
billion yen, respectively.
Net cash used in investing activities was 95.1 billion yen, a decrease of 11.6 billion yen fromfiscal 2002. Payments for acquisition of business in the previous fiscal year offset payments foracquisition of fixed assets of 86.7 billion yen, including the establishment of the Higashiura Plant
and the relocation of a plant.
Net cash provided by financing activities was 57.7 billion yen, an increase of 56.5 billion yen
over fiscal 2002. This was due mainly to proceeds from issuance of corporate bonds in theamount of 79.6 billion yen. During the year, Toyota Industries Corporation repurchased treasury
stock in the amount of 35.1 billion yen.
After translation adjustments, cash and cash equivalents as of March 31, 2003 stood at 136.9
billion yen, an increase of 65.8 billion yen over fiscal 2002.

2. Distribution of Profits for FY2003
Including the interim cash dividend of 10.0 yen per common share, paid in November 2002,
and a year-end cash dividend of 12.0 yen per common share, Toyota Industries Corporation
intends that total cash dividends for fiscal 2003 will be 22.0 yen per common share, an increaseof 3.0 yen per common share over fiscal 2002.

3. Forecast for the Fiscal Year Ending March 31, 2004
Amid the current deflationary trend, Toyota Industries anticipates a package ofgovernment-led economic recovery measures will be implemented to positive effect; however,falling global stock prices and continuing uncertainties regarding employment and the U.S.
economy will likely result in a rather sluggish business environment overall.
For fiscal 2004, ending March 31, 2004, Toyota Industries forecasts consolidated net sales of
1,100.0 billion yen, ordinary income of 57.0 billion yen and net income of 34.0 billion yen. We
are determined to develop new products that are of high quality and accommodate customer
needs, as well as enhance sales, service and cost-reduction activities company-wide.
Our projections are based on an exchange rate of ¥115.0=US$1.

-5-

Consolidated Balance Sheets
FY2003(As of March 31, 2003)

FY2002(As of March 31, 2002)

Increase(Decrease)371,807295,326

76,481

87,84050,27837,562

119,047

107,820

11,227

Marketable securities

52,78028,82023,960Inventories

69,14070,511(1,371)

Deferred tax assets

14,072

10,0803,992

Other current assets

30,92429,732

1,192

Less－allowance for doubtful
accounts(1,998)(1,917)

AssetsCurrent assets
Cash and deposits
Trade notes and accounts receivable(81)

1,278,583

1,475,074

Property, plant and equipment

362,193

337,642

24,551

Buildings and structures

118,448

102,659

15,789Machinery, equipment and vehicles

157,733

149,259

8,474

Tools, furniture and fixtures

16,006

15,482524

Land56,25446,5499,705

Construction in progress

13,74923,691(9,942)

96,773

94,874

1,899

Software

9,195

6,347

2,848

Goodwill

87,57788,527(950)

819,616

1,042,557(222,941)

762,026

986,354(224,328)

Long-term loans

10,521

11,533(1,012)Long-term prepaid expenses

15,081

11,926

3,155

2,862

2,237

625

29,37030,621(1,251)

Fixed assets

Intangible assets

Investments and other assets
Investments in securities

Deferred tax assets
Other investments and other assets
Less－allowance for doubtful
accounts
Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees.3. Number of shares of treasury stock
4. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)

(247)

(116)

(196,491)(131)

1,650,391

1,770,401

4 6 5 , 1 5 1

4 4 7 , 6 0 0

1 7 , 5 5 1

4 2 , 9 9 5

9 , 3 4 8

3 3 , 6 4 7

2 0 , 5 4 7 , 2 5 3shares

5 0 3 , 0 9 1
shares

2 0 , 0 4 4 , 1 6 2
shares

2 , 7 3 7

2 , 3 7 1

3 6 6

-6-

(120,010)

(Million yen; amounts less than one million yen are omitted.)

FY2003(As of March 31, 2003)

FY2002(As of March 31, 2002)

Increase(Decrease)393,365

236,639

156,726

117,424

111,251

6,173

Short-term bank loans

78,05233,371

44,681

Current portion of bonds

20,000-20,000Current portion of convertible bonds

75,692-75,692Other payables

17,406

21,661(4,255)

Accrued expenses

42,02736,326

5,701

Accrued income taxes

14,143

8,611

5,532

Deposits received from employees

19,234

18,547

687

Deferred tax liabilities

1,191

493

698

Other current liabilities

8,193

6,375

1,818

Long-term liabilities

494,164

636,094(141,930)

200,300

140,300

60,000-75,742(75,742)

Long-term bank loans

36,57665,941(29,365)

Deferred tax liabilities

212,355

315,978(103,623)

Allowance for retirement benefits

34,10028,8395,261

Other long-term liabilities

10,832

9,292

1,540

887,530

872,733

14,79723,99318,855

5,138

Common stock

68,04668,02125

Capital surplus

89,36489,32638

Retained earnings
Net unrealized gain onother securities
Translation adjustments

269,380

253,975

15,405

331,667

456,415(124,748)

16,89012,361

4,529

Treasury stock at cost

(36,483)(1,287)(35,196)

Liabilities
Current liabilities
Trade notes and accounts payable

Bonds
Convertible bonds

Total liabilities
Minority interest inconsolidated subsidiaries
Shareholders’ equity

Total shareholders’ equity
Total liabilities andshareholders’ equity

738,867

878,812(139,945)

1,650,391

1,770,401(120,010)-7-

Consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)(

FY2003
April 1, 2002 March 31, 2003

) (FY2002
April 1, 2001 March 31, 2002)

Increase(Decrease)

1,069,218

980,163

89,055

Cost of sales

899,702828,626

71,076Gross profit

169,516

151,537

17,979Selling, general andadministrative expenses

117,038

105,206

11,832

Operating income

52,477

46,3306,147

Non-operating income

26,33523,122

3,213

Interest income

8,985

8,617

368

Dividends income

8,888

7,725

1,163

Other non-operating income

8,461

6,779

1,682

Non-operating expenses

27,43821,587

5,851Interest expenses

10,522

10,844

Other non-operating expenses

16,915

10,743

6,172

51,37547,865

3,510

7,705

-

7,705

Revalued loss of investment securities

4,298

-

4,298

Loss on disposal of property, plant andequipment

3,407

-

3,407

Income before income taxes

43,66947,865(4,196)

Income taxes－current

28,12020,842

7,278

Income taxes－deferred(7,304)(1,136)(6,168)

Minority interest inconsolidated subsidiaries

919

847

Net income

21,93327,311(5,378)

Note: R&D expenses( included in selling, general andadministrative expenses and manufacturing cost)

2 9 , 7 0 5

2 9 , 9 8 5( 2 8 0 )Net sales

Ordinary income
Extraordinary losses

-8-

(322)

72

Consolidated Statements of Shareholder’s Equity(Million yen; amounts less than one million yen are omitted.)(

FY2003
April 1, 2002 March 31, 2003

) (FY2002
April 1, 2001 March 31, 2002)

Increase(Decrease)(Capital surplus)
Capital surplus
at beginning of year

89,32688,512

814

Increase in capital surplus

38

814

(776)

Conversion of convertible bonds

24

2

22

Gain on disposal of treasury stock

13

-

13

-

811

(811)

-

-

-

89,36489,326

38

253,975

233,367

20,60821,93327,311(5,378)21,93327,311(5,378)

6,528

6,703

(175)

6,246

5,634

612

282

257

25

-

811

(811)

269,380

253,975

15,405

Increase due to merger of a subsidiary
Decrease in capital surplus
Capital surplus at end of year
(Retained earnings)
Retained earnings
at beginning of year
Increase in retained earnings
Net income
Decrease in retained earnings
Cash dividends
Bonuses to directors andcorporate auditors
Decrease in retained earnings due tomerger of a subsidiary
Retained earnings at end of year-9-Consolidated Statements of Cash Flows(Million yen; amounts less than one million yen are omitted.)(

FY2003
April 1, 2002 March 31, 2003

) (FY2002
April 1, 2001 March 31, 2002)

Increase(Decrease)103,183

81,078

22,105

Income before income taxes

43,66947,865(4,196)

Depreciation and amortization
Increase in allowance for
doubtful accounts
Interest and dividends income

59,15455,173

3,981

219

250

(31)

(17,874)(16,343)(1,531)

Interest expenses

10,522

10,844(322)

Cash flows from operating activities

Equity in net loss of affiliates

4,633

928

3,705

(Increase) decrease in receivables(7,406)

8,080(15,486)

Decrease (increase) in inventories

1,252(1,371)

2,623

Increase (decrease) in payables
Others, net
Subtotal

5,431(3,402)

8,833

20,417(173)

20,590120,020

101,853

18,167

Interest and dividends income received

17,982

16,371

1,611Interest expenses paid

(10,944)(10,906)(38)

Income taxes paid

(23,875)(26,239)

2,364

Cash flows from investing activities(95,120)(106,710)

11,590

Payments for purchases of marketable securities(1,664)(5,884)4,220

Proceeds from sales of marketable securities
Payments for purchases of property, plantand equipment
Proceeds from sales of property, plantand equipment
Payments for purchases of investment securities

8,447

4,212

4,235

(86,703)(73,605)(13,098)

749

2,617

(1,868)(21,896)(21,120)

(776)

9,792

4,032

5,760

Proceeds from sales of investment securities
Acquisition of subsidiaries' stock resulting
in change in scope of consolidation
Payments for loans made

944

(705)

1,649

(1,664)(3,138)1,474

Proceeds from collections of loans

2,931

2,575

356

-

(23,719)

23,719Others, net(6,056)

8,024(14,080)

Cash flows from financing activities

57,775

1,225

56,550

Increase in short-term bank loans, net

5,886

1,062

4,824

Proceeds from long-term bank loans

21,797

8,048

13,749

Repayments of long-term bank loans(9,808)(2,755)(7,053)

Payments for acquisition of business

Proceeds from issurances of bonds

79,690-79,690

Payments for repurchase of treasury stock(35,195)(1,389)(33,806)(6,244)(5,633)

(611)

(194)

(614)

420

1,844

2,507

(663)

Translation adjustments of cash and cash
equivalents

(28)

230

(258)

Net increase (decrease) in cash and cash
equivalents

65,809(24,177)

89,986

Cash and cash equivalents at beginning of year

71,11995,296(24,177)

136,929

71,11965,81049,67921,43937,17728,633

Cash dividends paid
Cash dividends paid for minority shareholders
Others, net

Cash and cash equivalents at end of year

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets
Cash and deposits
86,856
Marketable securities
50,072- 10 -

Basis of Presenting Consolidated Financial Statements
1. Scope of consolidation and equity method(1) Scope of consolidation
Companies

Consolidated
subsidiaries

118

Unconsolidated
subsidiaries

2

TIBC Corporation, TOYOTA L&F Tokyo Co., Ltd., Logistics Planning Tokyo Co., Ltd.,
Altex Co., Ltd., Sun River Co., Ltd., Izumi Machine Mfg. Co., Ltd.,TOYOTA L&F Keiji Co., Ltd., Tokyu Co., Ltd., Mino Tokyu Co., Ltd.,
Advanced Logistics Solutions Co., Ltd.,Teion Shokuhin Ryutsu Co.,Ltd.,
Toyoda High System, Incorporated, Nishina Industrial Co., Ltd.,
Suzaka Nishina Industrial Co., Ltd., Tokaiseiki Co., Ltd., Logistec Co., Ltd., SKE Inc.,
Taikoh Transportation Group (5 companies), SK Maintenance Inc.,Iwama Loom Works, Ltd.,
Kawamoto System Corporation, Arti Inc., TOYOTA L&F Shizuoka Co., Ltd., Hara Corporation,
Mizuho Industry Co., Ltd., Sun Valley Inc.,Sun Staff, Inc., Tokai System Institute Corp.,
Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (63 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc.,ACTIS Manufacturing Ltd., LLC, Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc.,
Toyota Industries Personnel Service of America, Inc., TD Deutsche Klimakompressor GmbH,
Kirloskar Toyoda Textile Machinery Ltd., Toyota Industry (Kunshan) Co., Ltd.,
Toyota Truck Norge Group (4 companies), Toyota Industrial Equipment, S.A.,
Toyota Gabelstapler Deutschland GmbH, Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)
BT Industries Group (2 companies)(2) Scope of equity method
Companies

Unconsolidated
subsidiaries

2

BT Industries Group (2 companies)

Affiliates

16

ST Liquid Crystal Display Corp., Aichi Corporation, BT Industries Group (14 companies)(3)TAL Personnel Service Inc changed its name to Toyota Industries Personnel Service of America, Inc as of October 24, 2002.

2. Changes in scope of consolidation and equity method
Consolidated subsidiaries
Companies (or Company)(Increase)

8

Teion Shokuhin Ryutsu Co.,Ltd.,Suzaka Nishina Industrial Co., Ltd.,
Taikoh Transportation Group (5 companies), BT Industries Group (1 company)(Decrease)1

BT Industries Group(1 company)

Affiliates accounted for under the equity method
Companies(Increase)3

Aichi Corporation, BT Industries Group (2 companies)(Decrease)4

Taikoh Transportation Co., Ltd, BT Industries Group (3 companies)

3. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than March 31. The details are given below.
December 31 TIBC Corporation, Sun River Co., Ltd., Izumi Machine Mfg. Co., Ltd., Mino Tokyu Co., Ltd.,
Toyoda High System, Incorporated, Logistec Co., Ltd., SKE Inc., Taikoh Transportation Group (1 company),
SK Maintenance Inc., Kawamoto System Corporation, Arti Inc., Hara Corporation, Mizuho Industry Co., Ltd.,Sun Valley Inc., Sun Staff, Inc., Tokai System Institute Corp., Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (63 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc., ACTIS manufacturing Ltd., LLC,
Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc.,
Toyota Industries Personnel Service of America, Inc., TD Deutsche Klimakompressor GmbH,- 11 -

Kirloskar Toyoda Textile Machinery Ltd., Toyota Industry (Kunshan) Co., Ltd.,
Toyota Truck Norge Group (4 companies), Toyota Industrial Equipment, S.A.,
Toyota Gabelstapler Deutschland GmbH, Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.
Suzaka Nishina Industrial Co., Ltd. changed its fiscal year-end from May 31 to March 31. Accordingly, this consolidated
financial statements includes 10 months of operations.
One Taikoh Group company changed its fiscal year-end from November 30 to March 31. This consolidated financial
statements includes 9 months of operations.

4. Significant accounting policies(1) Valuation of significant assets
a. Marketable securities
Other securities with market valueb. Inventories

Other securities without market value…. Fair value method using market price at the end of year
(Unrealized gains and losses are recorded as a
portion of shareholders’ equity. Sales cost of
marketable securities is determined by the moving
average method.)…. At cost determined by the moving average method…. Mainly at cost determined by the moving average method(2) Depreciation and amortization
Depreciation expenses of property, plant and equipment are computed mainly by the declining-balance method.
Amortization of intangible assets is computed by the straight-line method.
(3) Significant allowancesa. Allowance for doubtful accounts is estimated by such means as using the percentage of historical experiences in credit
losses for ordinary receivables and by examining the feasibility of collection individually for receivables that seem to beuncollectible.
b. For the purpose of preparation for future payments of employees' retirement benefits, allowance for retirement benefits isrecorded at the amount incurred based on projected benefit obligations and pension assets at the end of year. Provision
for retirement and severance benefits for directors and corporate auditors are recorded at the amounts required at the endof year by a internal rule describing the retirement benefits for directors and corporate auditors.
(4) Accounting for significant lease transactions
Financing leases other than those that are deemed to transfer the ownership of the leased properties to lessees aremainly accounted for by the method similar to that applicable to ordinary operating leases.
(5) Hedge accounting method
Mainly the deferral method of hedge accounting is applied. In case of foreign currency forward contracts, the hedged items
are translated at contracted forward rate if certain conditions are met. In FY2003, interest rate swaps are utilized to hedge
interest rate exposures of borrowings.The foreign exchange forward contracts and foreign currency options are used tohedge foreign currency risks in transactions denominated in foreign currencies.
(6) Other significant accounting policies for preparing consolidated financial statements
The consumption tax : computed based on the net-of-tax method

5. Valuation of assets and liabilities of consolidated subsidiaries
A full portion of the assets and liabilities of the acquired subsidiaries is stated at fair value as of the date of acquisition ofcontrol.

6. Amotization of goodwill
Goodwill is amortized on a straight-line basis over a period generally not exceeding 20 years, except for insignificant goodwill
which is charged to income as incurred.

7. Appropriation of retained earnings- 12 -

The approved amount during the relevant fiscal year is reflected in the consolidated statements of retained earnings.

8. Scope of cash and cash equivalents on the consolidated statements of cash flows
Cash and cash equivalents on the consolidated statements of cash flows include cash on hand, bank deposits to be withdrawn
at any time and short-term investments with original maturities of three months or less that are readily convertible to known
amounts of cash and are so near maturity that they present insignificant risk of changes in fair value.

- 13 -

Segment Information
1.Business segment information(1)FY2003 (April 1, 2002 - March 31, 2003)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

595,459

373,007

48,740(2) Intersegment transactions

15,52389

Total

610,983

Operating expenses

Total

Eliminations Consolidated

52,0101,069,218-

1,069,218

5

13,07828,697(28,697)-

373,097

48,74565,089

1,097,915(28,697)

1,069,218

580,875

356,922

46,436

61,177

1,045,412(28,671)

1,016,740

Operating income

30,107

16,174

2,308

3,912

52,503(25)

52,477

Assets328,370

337,453

30,921

51,839748,584

901,806

1,650,391

Depreciation and amortization

34,15620,800

1,006

3,486

59,451(296)

59,154

Capital expenditures

49,37924,3502,164

12,06787,962(403)

87,559Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

563,598

353,042

30,705(2) Intersegment transactions

15,411

44

Total

579,010

Operating expenses

Others

Net sales(2)FY2002 (April 1, 2001 - March 31, 2002)(Million yen; amounts less than one million yen are omitted.)

Total

Eliminations Consolidated

32,816980,163-

980,16349

11,05526,561(26,561)-

353,087

30,75443,872

1,006,724(26,561)

980,163550,050

339,720

31,14539,390960,307(26,474)

933,832

Operating income

28,96013,366

(390)

4,481

46,417(86)

46,330Assets317,133

319,334

22,323

31,639690,4311,079,969

1,770,401

Depreciation and amortization

33,403

18,882796

2,306

55,389(215)

55,173

Capital expenditures

61,023

26,336522

902

88,785(465)

88,319Others

Net sales

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
Materials handling equipment …Counterbalanced forklifts, warehouse equipment, skid steer loaders
Textile machinery ………………Ring spinning frames, air jet looms, water jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, casting machines
3. Assets included in the "Eliminations" are mainly cash and deposits, marketable securities and investments in securities of Toyota Industries
Corporation.

- 14 -

2.Geographical segment information(1)FY2003 (April 1, 2002 - March 31, 2003)(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

Europe(1) Outside customer sales(2) Intersegment transactions
Total

733,869
78,517
812,387

192,385
1,411
193,796

139,514
4,899
144,413

3,449
1,033
4,483

1,069,218
85,862
1,155,080(85,862)(85,862)

1,069,218
1,069,218

Operating expenses

767,341

187,597

142,468

4,559

1,101,966(85,225)

1,016,740

Operating income

45,045

6,199

1,945

(75)

53,114(636)

52,477

Assets554,033

144,739

223,4459,758

931,977

718,4131,650,391

Japan

North
America

Europe(1) Outside customer sales(2) Intersegment transactions
Total

675,346
61,097736,443

180,534
1,392
181,927

121,035
5,425
126,461

3,246
651
3,897

980,163
68,567
1,048,730(68,567)(68,567)

980,163
980,163

Operating expenses

695,442

177,442

125,344

4,011

1,002,240(68,407)933,832

Operating income

41,001

4,484

1,117

(113)

46,490(159)

46,330Assets511,855

156,188

202,0785,757

875,879

894,5211,770,401

OthersEliminations Consolidated

Total

Net sales(2)FY2002 (April 1, 2001 - March 31, 2002)(Million yen; amounts less than one million yen are omitted.)

OthersEliminations Consolidated

Total

Net sales

Notes: Assets included in the "Eliminations " are mainly cash and deposits, marketable securities and investments in securities of Toyota Industries

Corporation.

3.Overseas sales(1)FY2003 (April 1, 2002 - March 31, 2003)(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

192,421

Europe181,347

Others77,825

Consolidated sales
Ratio of overseas sales to consolidated sales

18.0%

17.0%

7.3%

42.2%

(Million yen; amounts less than one million yen are omitted.)

North America
181,176

Europe160,455

Others54,837

Consolidated sales
Ratio of overseas sales to consolidated sales

451,593
1,069,218(2)FY2002 (April 1, 2001 - March 31, 2002)

Overseas sales

Total

Total
396,470
980,163

18.5%- 15 -

16.4%

5.6%

40.4%

Breakdown of Consolidated Net Sales(Million yen; amounts less than one million yen are omitted.)

FY2003(

FY2002

April 1, 2002 March 31, 2003
Amount)Component
ratio%

April 1, 2001 March 31, 2002(

Amount)Increase(Decrease)

Component
ratio%% Change%

Automobile
Vehicle281,92726.4

280,125

28.6

1,802

0.6

Engine117,669

11.0

114,874

11.7

2,795

2.4

Car air-conditioning
compressor

177,914

16.6

153,124

15.6

24,79016.2

Foundry and others

17,948

1.7

15,473

1.6

2,475

16.0

Subtotal

595,45955.7

563,598

57.5

31.861

5.7

Materials handlingequipment

373,00734.9

353,04236.0

19,965

5.7

Textile machinery

48,7404.6

30,705

3.1

18,035

58.7

Others52,0104.8

32,816

3.4

19,19458.5

1,069,218

100.0

980,163

100.0

89,055

9.1

Total- 16 -

April 24, 2003

Non-consolidated Financial Results for FY2003 (April 2002 - March 2003)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) ) ( URL http://www.toyota-industries.com/ )Representative person : Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for non-consolidated financial results for FY2002: April 24, 2003
Date of the Ordinary General Meeting of Shareholders: June 27, 2003
Provision for interim cash dividends: Provision exists.
Share trading unit: 100 shares

1. Financial Highlights for FY2003 (April 1, 2002 - March 31, 2003)(1) Non-consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

747,637
693,345

FY2003
FY2002

Net income
FY2003
FY2002

7.8
20.5

(
(

%

Million yen))

39,41037,824

Net income perchange fromyear )( %previous
share－basic

Million yen%

20,118 (25,015 (-19.6 )
20.1 )%

Million yen))

42,32140,140

4.2
2.7

(
(

Net income pershare－diluted

Yen

)
)

Returnon equity

Ordinary
incomeon assets

Ordinary
incomeon sales

%

%

%

Yen

64.63
79.94

%

5.4
8.4

(
(

57.96
71.72

2.5
2.8

2.8
2.5

5.7
5.8

Notes: 1. Average number of shares outstanding each year: FY2003－307,823,074 shares , FY2002－312,924,039 shares
Notes: 2. Changes in accounting policies: No change
Notes(2) Cash dividends
Total amountof annual
cash dividends

Annual cash dividends per share
InterimYen

FY2003
FY2002Year-end
Yen

22.00
19.00

Million yen

Yen

10.00
9.00

12.00
10.00

Total amount
Dividend payoutof dividends
on shareholders’ratio
equity
%

6,631
5,943

%

34.0
23.8

0.9
0.7

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2003
FY2002

1,420,342
1,565,087

Shareholders’ equity ratio

Million yen

Shareholders’ equity
per share%

718,041864,293

Yen

50.6
55.2

2,451.75
2,763.12

Note: 1.Number of shares outstanding at end of each year: FY2003－292,777,198 shares, FY2002－312,796,158 shares
Note: 2.Number of treasury stock: FY2003－20,547,253 shares, FY2002－503,091 shares

2. Forecasts of non-consolidated Financial Results for FY2004 (April 1, 2003 - March 31, 2004)
Net sales
Million yen

FY2004semi-annual
FY2004

Ordinary income

Net income

Million yen

Annual cash dividends per share
InterimYear-end

Million yen

Yen

Yen

Yen

340,000

19,00012,500

11.00

-

-

700,000

40,00026,000

-

12.00

23.00

Reference: (Forecast) Net income per share－basic (annual): 88.80 yen- 17 -

Non-consolidated Balance Sheets(Million yen; amounts less than one million yen are omitted.)

FY2003(As of March 31, 2003)

FY2002(As of March 31, 2002)

Increase(Decrease)2 4 0 , 9 9 1

1 8 0 , 2 3 9

6 0 , 7 5 2

6 0 , 1 8 8

3 1 , 1 4 9

2 9 , 0 3 9

Trade notes receivable

3 , 0 5 9

1 , 0 1 3

2 , 0 4 6

Trade accounts receivable

6 8 , 4 1 8

6 4 , 8 8 1

3 , 5 3 7

Marketable securities

5 2 , 7 0 8

2 8 , 3 7 7

2 4 , 3 3 1

Finished goods

3 , 3 4 7

2 , 3 7 7

9 7 0

Raw materials

1 4 1

1 5 6

( 1 5 )

Work in process

1 5 , 6 4 8

1 9 , 6 0 0( 3 , 9 5 2 )

3 , 9 1 9

3 , 1 8 1

7 3 8

Prepaid expenses

1 9 8

1 2 7

7 1

Deferred tax assets

1 0 , 8 0 7

7 , 7 1 5

3 , 0 9 2

Other current assets
Less－allowance for doubtful
accounts

2 2 , 6 2 2

2 1 , 8 1 8

8 0 4

AssetsCurrent assets
Cash and deposits

Supplies( 6 8 )

( 1 5 9 )1 , 1 7 9 , 3 5 1

1 , 3 8 4 , 8 4 7

2 2 5 , 4 7 2

2 2 1 , 2 0 6

4 , 2 6 6

Buildings

7 0 , 8 4 7

6 0 , 0 0 8

1 0 , 8 3 9Structures

7 , 3 6 3

6 , 0 3 5

1 , 3 2 8

9 4 , 3 5 9

9 4 , 8 0 0( 4 4 1 )Vehicles and delivery equipment

1 , 2 0 8

1 , 1 5 4

5 4Tools, furniture and fixtures

9 , 6 8 2

9 , 2 7 34 0 9

3 5 , 2 7 9

3 2 , 3 8 3

2 , 8 9 6

Construction in progress

6 , 7 3 0

1 7 , 5 5 1( 1 0 , 8 2 1 )Intangible assets

7 , 9 3 7

5 , 5 8 7

2 , 3 5 0

7 , 9 3 7

5 , 5 8 7

2 , 3 5 0

Investments and other assets

9 4 5 , 9 4 1

1 , 1 5 8 , 0 5 2( 2 1 2 , 1 1 1 )Investments in securities

7 7 6 , 3 8 7

9 9 4 , 0 0 8( 2 1 7 , 6 2 1 )Investments in subsidiaries

1 4 2 , 3 2 2

1 3 8 , 7 3 4

3 , 5 8 8Long-term loans

1 0 , 8 8 7

1 0 , 1 1 9

7 6 8

Long-term prepaid expenses

1 1 , 8 0 4

9 , 4 7 5

2 , 3 2 9

4 , 6 2 1

5 , 7 3 3

( 1 , 1 1 2 )( 8 2 )

( 1 8 )

( 6 4 )

1 , 4 2 0 , 3 4 2

1 , 5 6 5 , 0 8 7( 1 4 4 , 7 4 5 )

3 4 0 , 3 1 5

3 3 9 , 9 8 8

3 2 7

3 6 , 6 1 7

4 , 1 4 3

3 2 , 4 7 4

2 , 3 2 1

2 , 0 4 7

2 7 4

Fixed assets
Property, plant and equipment

Machinery and equipment

Land

Software

Other investments and other assets
Less－allowance for doubtful
accounts
Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)- 18 -

9 1( 2 0 5 , 4 9 6 )(Million yen; amounts less than one million yen are omitted.)

FY2003(As of March 31, 2003)

FY2002(As of March 31, 2002)

Liabilities
Current liabilities
Trade notes payable

2 5 0 , 8 4 9
5 , 7 2 4

1 5 0 , 8 7 0
4 , 7 7 7

9 9 , 9 7 9
9 4 7

Trade accounts payable

8 2 , 8 5 4

8 0 , 8 7 7

1 , 9 7 7Current portion of binds

2 0 , 0 0 0-

2 0 , 0 0 0

Current portion of convertible bonds

7 5 , 6 9 2-

7 5 , 6 9 2

Other payables

1 3 , 7 0 2

1 9 , 1 8 8( 5 , 4 8 6 )Accrued expenses

2 2 , 6 9 7

2 0 , 8 7 0

1 , 8 2 7

Accrued income taxes

9 , 8 6 6

5 , 8 6 8

3 , 9 9 8

Advance received

1 0 6

1 1 5

( 9 )

Deposits received

1 , 2 7 0

7 0 4

5 6 6

1 8 , 9 3 5
4 5 1 , 4 5 2
2 0 0 , 0 0 0

1 8 , 4 6 8
5 4 9 , 9 2 3
1 4 0 , 0 0 0

4 6 7( 9 8 , 4 7 1 )
6 0 , 0 0 0

Convertible bonds-

7 5 , 7 4 2( 7 5 , 7 4 2 )Long-term loans

2 0 , 0 0 0-

2 0 7 , 8 2 9

3 1 1 , 9 7 3

2 2 , 3 7 2

2 1 , 0 5 6

1 , 3 1 6

1 , 2 5 0

1 , 1 5 2

9 8

7 0 2 , 3 0 1

7 0 0 , 7 9 4

1 , 5 0 7

6 8 , 0 4 6
8 9 , 3 5 1
8 9 , 3 5 1
2 6 5 , 4 9 9
1 7 , 0 0 4

6 8 , 0 2 1
8 9 , 3 2 6
8 9 , 3 2 6
2 5 1 , 8 3 5
1 7 , 0 0 4

2 5
2 5
2 5
1 3 , 6 6 4-

1 8 0 , 5 5 7

1 8 0 , 2 8 2

2 7 5

4 0 9

1 2 5

2 8 4

1 4 7

1 5 6

1 8 0 , 0 0 0

1 8 0 , 0 0 0-

6 7 , 9 3 7

5 4 , 5 4 7

1 3 , 3 9 0< 2 0 , 1 1 8 >< 2 5 , 0 1 5 >< - 4 , 8 9 7 >

3 3 1 , 6 2 6

4 5 6 , 3 9 7( 1 2 4 , 7 7 1 )( 1 , 2 8 7 )( 3 5 , 1 9 6 )

7 1 8 , 0 4 1

8 6 4 , 2 9 3( 1 4 6 , 2 5 2 )

1 , 4 2 0 , 3 4 2

1 , 5 6 5 , 0 8 7( 1 4 4 , 7 4 5 )Deposits received from employees
Long-term liabilities
Bonds

Deferred tax liabilities
Allowance for retirement benefits
Other long-term liabilities
Total liabilities
Shareholders’ equity
Common stock
Capital surplus
Capital reserve
Retained earnings
Legal reserve
General reserve
Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets
General reserves
Unappropriated retained earnings
at end of year
<Included net income for year>
Net unrealized gainon other securities
Treasury stock at cost
Total shareholders’ equity
Total liabilities andshareholders’ equity( 3 6 , 4 8 3 )- 19 -

Increase(Decrease)

2 0 , 0 0 0( 1 0 4 , 1 4 4 )( 9 )

Non-consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)(

FY2003
April 1, 2002 March 31, 2003

) (FY2002
April 1, 2001 March 31, 2002)

Increase(Decrease)

Ordinary profits and losses
Operating revenue and expenses
7 4 7 , 6 3 7

6 9 3 , 3 4 5

5 4 , 2 9 27 4 7 , 6 3 7

6 9 3 , 3 4 5

5 4 , 2 9 2

Operating expenses

7 0 8 , 2 2 7

6 5 5 , 5 2 1

5 2 , 7 0 6

Cost of sales
Selling, general andadministrative expenses
Operating income

6 5 6 , 0 6 3

6 0 9 , 9 8 6

4 6 , 0 7 7

5 2 , 1 6 4

4 5 , 5 3 4

6 , 6 3 0

3 9 , 4 1 0

3 7 , 8 2 4

1 , 5 8 6

1 4 , 7 6 8

1 3 , 0 9 4

1 , 6 7 4Interest income and dividends income

9 , 5 7 5

8 , 9 2 3

6 5 2

Other non-operating income

5 , 1 9 3

4 , 1 7 1

1 , 0 2 2

Non-operating expenses

1 1 , 8 5 7

1 0 , 7 7 9

1 , 0 7 8Interest expenses

3 , 4 2 4

3 , 0 6 5

3 5 9

Other non-operating expenses

8 , 4 3 3

7 , 7 1 3

7 2 0

4 2 , 3 2 1

4 0 , 1 4 0

2 , 1 8 1

8 , 8 8 2-

8 , 8 8 2

Revalued loss of investment securities

5 , 4 7 4-

5 , 4 7 4Loss on disposal of property, plantand equipment

3 , 4 0 7-

3 , 4 0 7

Income before income taxes

3 3 , 4 3 8

4 0 , 1 4 0( 6 , 7 0 2 )Income taxes－current

2 0 , 0 1 5

1 5 , 3 2 0

4 , 6 9 5

Income taxes－deferred( 6 , 6 9 5 )Net income
Unappropriated retained earnings
brought forward
Interim cash dividends

2 0 , 1 1 8

2 5 , 0 1 5( 4 , 8 9 7 )

5 0 , 9 3 6

3 2 , 3 4 7

1 8 , 5 8 9

3 , 1 1 8

2 , 8 1 5

3 0 3

Unappropriated retained
earnings at end of year

6 7 , 9 3 7

5 4 , 5 4 7

1 3 , 3 9 0

Operating revenue
Net sales

Non-operating income
and expenses
Non-operating income

Ordinary income
Extraordinary losses
Extraordinary losses- 20 -( 1 9 5 )( 6 , 5 0 0 )Proposed Appropriation of Non-consolidated Retained Earnings(Million yen; amounts less than one million yen are omitted.)

FY2003
Unappropriated retained earnings
at end of year
Reversal of reserve for special
depreciation
Reversal of reserve for reduction of
acquisition cost of fixed assets

Increase(Decrease)

FY20026 7 , 9 3 7

5 4 , 5 4 7

1 3 , 3 9 0

6 5

2 1

4 4

8

9

( 1 )

6 8 , 0 1 1

5 4 , 5 7 8

1 3 , 4 3 3

3 , 5 1 3
< 12.00 yen per share>
2 0 0

3 , 1 2 7
< 10.00 yen per share>
1 8 7

3 8 6

Bonuses to corporate auditors

2 3

2 1

2

Reserve for special depreciation

2 2 7

3 0 5

( 7 8 )

3-3

6 4 , 0 4 3

5 0 , 9 3 6

1 3 , 1 0 7

Total
The above will be appropriated as follows:
Cash dividends
Bonuses to directors

Reserve for reduction of
acquisition cost of fixed assets
Unappropriated retained earnings
to be carried forward

1 3

Note: On November 26, 2002, an interim cash dividend of 10.00 yen per share, or a total of 3,118 million yen was paid.

- 21 -

Changes in Members of the Board of Directors and Corporate Auditors
1. New Candidates for the Board of Directors

Shoji Shimo
Yutaka Murodono
Ryoji Inoue
Hirofumi Tsuji
Yukio Yamakita
Takaki Ogawa
Kazue Sasaki(Current Title)(General Manager, Overseas Sales & Marketing Dept, TOYOTA L&F Company)(General Manager, Global Human Resources Dept)(General Manager, AL Project)(General Manager, Fleet Sales & Marketing Dept, TOYOTA L&F Company)(General Manager, Sales & Marketing Dept, Textile Machinery Div)
(General Manager, Engineering Dept, TOYOTA L&F Company)(General Manager, Engineering Dept, Engine Div)

2. New Candidate for the Board of Corporate Auditors(Current Title)
Masanori Itoh

(Managing Director , Member of the Board)

3. Planned change in the Titles of the Members of the Board of Directors
Senior Managing Director
Norio Sato
Masazumi Konishi
Shinjiro Kamimura
Tatsuo Matsuura(Current Title)(Managing Director, Member of the Board)(Managing Director, Member of the Board)(Managing Director, Member of the Board)(Managing Director, Member of the Board)

Managing Director
Shigetaka Yoshida
Masafumi Kato
Yasuharu Toyoda(Current Title)(Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)

4. Retiring Members of the Board of Directors

Morio Kawamura
Masanori Itoh
Akira Imura
Yoshimitsu Ogihara
Seiji Ueda
Tsuneyoshi Kajiwara
Shinichiro Matsuyama(Current Title)(Senior Managing Director, Member of the Board)(Managing Director, Member of the Board)(Managing Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)

5. Retiring Member of the Board of Corporate Auditors

Tadashi Komiya(Current Title)(Corporate Auditor)- 22 -