November 7, 2001

Semiannual Consolidated Financial Results for FY2002
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201)
Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Contact: Kakuo Ishikawa, General Manager of Accounting and Finance Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for consolidated semiannual financial results for FY2002: November 7, 2001
US GAAP: None

1. Financial Highlights for FY2002 Semiannual (April 1 – September 30, 2001)(Amounts less than one million yen are omitted.)(1) Consolidated financial resultschange from% change from% change from( %previous
year ) Operating income ( previous year ) Ordinary income ( previous year )Net sales
Million yen

FY2002 Semiannual
FY2001 Semiannual
FY2001 Annual

FY2002 Semiannual
FY2001 Semiannual
FY2001 Annual%

Million yen

39.1 )
18.2 )

24,40921,48447,304478,965
344,229
767,382((

Net incomechange from( %previous
year )

Million yen%

15,135
7,952
22,637

(
(

(
(

%

Million yen

13.6 )
83.4 )

26,63920,12344,526

Net income
per share - basic%((

32.4 )
88.3 )Net income
per share – diluted
Yen

90.3 )
61.2 )

Yen

48.35
28.07
75.90

43.55
25.29
67.77

Notes: 1. Equity in net earnings (loss) of affiliates: FY2002 semiannual−544 million yen, FY2001 semiannual−(1,394) million yen
FY2001 annual−(972) million yen
Notes: 2. Average number of shares outstanding for each period
FY2002 semiannual−313,026,498 shares , FY2001 semiannual−283,259,661 shares , FY2001 annual−298,259,654 shares
Notes: 3. Changes in accounting policies: None

(2)Consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2002 Semiannual
FY2001 Semiannual
FY2001 Annual

1,613,296
1,781,881
1,869,642

Ratio ofshareholders’ equity

Million yen

Shareholders’ equity
per share%

784,521873,349
951,298

Yen

48.6
49.0
50.9

2,508.06
3,083.21
3,036.77

Note: Number of shares outstanding at the end of each period
FY2002 semiannual−312,800,014 shares, FY2001 semiannual−283,259,676 shares, FY2001 annual−313,260,132 shares(3)Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of period

Million yen

FY2002 Semiannual
31,555(57,327)
FY2001 Semiannual
36,092(97,411)
FY2001 Annual
78,412(155,870)(4) Scope of consolidation and equity method

Million yen

8,580
56,633
94,472

78,25872,656
95,296

Consolidated subsidiaries: 109 companies, Unconsolidated subsidiaries accounted for under the equity method: 2 companies
Affiliates accounted for under the equity method: 17 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 12 companies, (decrease) 3 companies
Affiliate accounted for under the equity method : (No change)

2. Forecast of Consolidated Financial Results for FY2002 (April 1, 2001 - March 31, 2002)
Net sales
Million yen

FY2002 Annual

940,000

Reference: (Forecast) Net income per share−basic (annual): 81.52 yen

Ordinary income
Million yen

47,000Net income
Million yen

25,500Overview of Associated Companies
Toyota Industries Corporation (“TOYOTA INDUSTRIES”) and its associated companies (Toyota Motor Corporation (“TMC”), which has
TOYOTA INDUSTRIES as an affiliate, TOYOTA INDUSTRIES ’ 111 subsidiaries and 21 affiliates) are engaged mainly in manufacture andsales of automobiles and related products, materials handling equipment, textile machinery and others. The associated companies’ positionsin the businesses and relation to the business segments are shown below.

Customers (Toyota Motor Corporation, DENSO Corporation, etc.)
Overseascompanies

Overseascompanies

Overseascompanies(Manufacturing subsidiaries)(Sales and other subsidiaries andaffiliates)(Sales subsidiary)

Michigan AutomotiveCompressor, Inc.
TD Deutsche
Klimakompressor
GmbH
ACTIS Manufacturing
Ltd., LLC

Toyoda Textile
Machinery, Inc.

Toyota Material HandlingUSA, Inc.

(Manufacturing subsidiary)

Toyota-Lift of Los Angeles, Inc.

Kirloskar Toyoda Textile
Machinery Ltd.

Toyota Gabelstapler
Deutschland GmbHBT Industries Group(71 companies)

Toyota Industry(Kunshan)Co., Ltd.

Toyota Truck Norge Group(4 companies)
Toyota Industrial Equipment(UK), Limited (2 Companies)
Toyota Industrial Equipment
Europe, S.A.R.L.
(2 Companies)(Manufacturing subsidiaries and affiliates)

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

TOYODA-SULZER
MANUFACTURINGLTD.
ALTEX CO., LTD.
IZUMI MACHINE
MFG. CO., LTD.
TOKYU CO., LTD.

Domestic
companies(Sales subsidiaries)

TOYOTA L&F TOKYO Co., Ltd.
Logistics Planning Tokyo
Co., Ltd.

Domestic
companies

Domestic
companies(Manufacturing subsidiary)(Manufacturing subsidiary)

KAWAMOTO SYSTEMCORPORATIONTIBC Corporation(Manufacturing subsidiary)

HARA CORPORATIONTOYOTA L&F KEIJI Co., Ltd.
TOYOTA L&F SHIZUOKA Co., Ltd.
(Manufacturing subsidiaries)

Iwama Loom Works,
Ltd.

Nishina Industrial Co., Ltd.

Automobile

ST Liquid Crystal
Display Corp.

(Manufacturing subsidiary)

Tokaiseiki Co., Ltd.
Mizuho Industry Co., Ltd.

(Manufacturing affiliate)

SKE Inc.

MINO TOKYU CO., LTD.

Materials handling equipment

Textile machinery

Toyota Industries Corporation-1-

OthersManagement Policies and Business Results
1. Management Policies(1) Basic Management Policies
The basic management policies of Toyota Industries Corporation and its subsidiaries and affiliates ("Toyota Industries") are as
follows:
a)
b)
c)
d)
e)

Toyota Industries is determined to comply with the letter and the spirit of the law, in Japan and overseas, and to be fair
and transparent in all its dealings.
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 and prosperity in those countries and regions.
Toyota Industries believes that economic growth and conservation of the national environment are compatible. It strives
to offer products and services that are clean, safe and of high quality.
Toyota Industries conducts intensive product research and forward-looking development activities to create new value forits customers.
Toyota Industries nurtures the inventiveness and other abilities of its employees. It seeks to create a climate ofcooperation, so that employees and the company can realize their full potential.

(2) Medium to Long-Term Management Strategies
In the medium to long-term, Toyota Industries seeks to increase profitability and strengthen its management base. The groupseeks to grow by placing a high priority on research and development, thereby enabling the group to bring to market
leading-edge products and services.
For Toyota Industries, it is a top priority to develop safe, environmentally friendly products which are of high quality andsatisfy changing customer needs. Toyota Industries is also determined to maintain and enhance its position as a leader in its
business field through vigorous sales efforts, superior service, cost reduction activities and constant enhancement of quality
throughout all its operations.
Within Toyota Industries' Automobile Segment, the Vehicle Business will deliver outstanding customer satisfaction throughits assembly of compact cars for Toyota Motor Corporation (“TMC”). Also within the Automobile Segment, the Car
Air-Conditioning Compressor Business will continue to develop state-of-the-art products to be marketed worldwide. Toyota
Industries' Materials Handling Equipment Segment will expand its product line in order to offer optimal materials handlingsolutions to customers throughout the world. Toyota Industries' Textile Machinery Segment will continue to produce ahigh-quality range of spinning and weaving machinery.
Toyota Industries aims to achieve net income of 150 yen per share in the medium term. It also intends to improve its capitalefficiency by increasing net sales and profitability in each of its segments.

(3) Corporate Code of Conduct Council
Toyota Industries Corporation established a “Corporate Code of Conduct Council” for the purpose of promoting greaterawareness of ethical and legal issues from a company-wide perspective. The council will complement the corporate
governance roles of the Ordinary General Meeting of Shareholders, the Board of Directors and the Board of Corporate
Auditors.
Also, Toyota Industries continues to disclose information about its financial position to shareholders and investors. The
company will continue to ensure a high level of corporate accountability.

-2-2. Business Results(1) Overview of Performance for the First Half of Fiscal 2002
During the first half of fiscal 2002 (the six months ended September 30, 2001), the Japanese economy was increasingly
sluggish. This weakness resulted from a substantial decrease in worldwide demand for IT-related products, a decrease in
private capital investment, lower exports and a rise in domestic unemployment. Overseas, the business environment also
deteriorated rapidly.
During this period, the total consolidated net sales of Toyota Industries amounted to 478.9 billion yen, an increase of 134.7
billion yen, or 39%, compared with the first half of fiscal 2001.
Net sales of the Automobile Segment totaled 266.1 billion yen, an increase of 37.4 billion yen, or 16%, compared with thefirst half of fiscal 2001. Within this segment, net sales of the Vehicle Business totaled 129.4 billion yen, an increase of 27.1
billion yen, or 27%, compared with the same period last year. In April 2001, Toyota Industries Corporation started productionof the RAV4, a compact sport utility vehicle. However, production of the Vitz (Yaris in Europe) decreased, and total output was
121 thousand units, a decrease of 24 thousand units, or 17%, from the first half of fiscal 2001. The sales increase reflects thefact that TMC started charging for engine and other parts, whereas previously such parts had been supplied free of cost. Thischange caused an increase in both sales and cost of sales. However, there was no effect on gross profit of Toyota Industries.
Net sales of the Engine Business totaled 52 billion yen, an increase of 5.3 billion yen, or 11%, due mainly to increased sales ofCD-type diesel engines and others. Net sales of the Car Air-Conditioning Compressor Business totaled 78.4 billion yen, an
increase of 9.4 billion yen, or 14%, compared with the first half of the previous year. Sales were up both domestically andoverseas, thanks to new product development, strengthened sales promotion and increased production capacity. Also, in May
2001, Toyota Industries and DENSO Corporation agreed to gradually merge DENSO's car air-conditioning compressor
production business into Toyota Industries.
Net sales of the Materials Handling Equipment Segment totaled 180.5 billion yen, an increase of 98.3 billion yen, or 119%,compared with the first half of fiscal 2001. The increase reflected the favorable impact of increased sales of electric forklifts inJapan and the consolidation of the operating results of BT Industries AB which Toyota Industries acquired in June 2000. This
increase was partially offset by adverse market conditions in North America. In April 2001, TMC transferred its Industrial
equipment and related operations to Toyota Industries. TOYOTA Material Handling Company was established as an in-housecompany within Toyota Industries Corporation in April 2001, integrating the industrial equipment sales operations of TMC withthose of Toyota Industries. Toyota Industries also opened the TOYOTA Material Handling Customer Center in Ichikawa, Chiba
Prefecture, to showcase materials handling products and offer consulting services for total materials handling solutions.
Net sales of the Textile Machinery Segment totaled 16.1 billion yen, an increase of ¥1.8 billion, or 12%, compared with thefirst half of fiscal 2001, due mainly to an increase in exports to China and Thailand.
During the first half of fiscal 2002, the net income of Toyota Industries amounted to 15.1 billion yen, an increase of 7.2
billion yen, or 90%, over the first half of fiscal 2001 due to enhanced sales promotion, cost reduction efforts, improved
productivity and consolidation of BT Industries AB.
Toyota Industries’ Board of Directors voted today to distribute an interim cash dividend of 9 yen per common share, payableon November 26, 2001 to shareholders of record as of September 30, 2001.

(2) Forecast for the Fiscal Year Ending March 31, 2002
Toyota Industries expects economic restructuring measures by the Japanese government to have a positive impact on thedomestic economy. However, the aftermath of the terrorist attacks in the United States is likely to have a substantial negative
impact on the global economy, and the business environment overall is likely to remain rather sluggish.
For the fiscal year ending March 31, 2002, Toyota Industries forecasts consolidated net sales of 940 billion yen, up 22%
over fiscal 2001, ordinary income of 47 billion yen, up 6%, and net income of 25.5 billion yen, up 13%. Our confidence reflects
our determination to develop new products, enhance sales and service activities, and reduce costs.

-3-

Consolidated Balance Sheets(

FY2002

FY2001

as of
September 30, 2001

as ofMarch 31, 2001

) ()

FY2001

Increase(Decrease)

As of( September 30, 2000 )Assets301,208

301,350(142)

241,692

76,060100,285(24,225)

60,436

107,560

97,455

10,10587,195Marketable securities

15,741

17,636(1,895)

16,577

Inventories

67,042

52,763

14,27947,176

8,885

8,686

199

7,133

27,51325,683

1,830

24,179(1,594)(1,159)(435)(1 , 0 0 5 )1,312,087

1,568,291(256,204)

1,540,189

Property, Plant and Equipment

323,936

294,742

29,194

281,206

Buildings and Structures

96,95888,858

8,100

87,270145,461

135,405

10,056130,218

Tools, furniture and fixture

15,373

14,550823

14,858Land

46,311

42,102

4,209

37,411

Construction in progress

19,832

13,826

6,006

11,448Intangible fixed assets

88,04387,98756

83,180Software

2,849

1,580

1,269

1,444

Goodwill

85,19386,407(1,214)

81,735

900,107

1,185,561(285,454)

1,175,802

845,971

1,145,176(299,205)

1,140,954

10,900

8,106

2,794

6,895

Long-term prepaid expenses

9,774

5,354

4,420

2,652

Deferred tax assets

2,309

1,373

936

1,181

31,25925,662

5,597

24,203

(108)

(112)

4

(8 5 )

1,613,296

1,869,642(256,346)

1,781,881

2 7 , 9 4 9

3 9 1 , 4 9 9Current assets
Cash and deposits
Trade notes and accounts receivable

Deferred tax assets
Other current assets
Less - allowance for doubtful
accounts
Fixed assets

Machinery, equipment and vehicles

Investments and other assets
Investments in securities
Long-term loans

Other investments and other assets
Less - allowance for doubtful
accounts
Total assets

Notes: 1. Accumulated depreciation of
4 3 4 , 7 9 1
4 0 6 , 8 4 2
property, plant and equipment
2 0 , 9 2 3
1 7 , 4 5 7Notes: 2. Liabilities for guarantees
Notes: 3. Number of shares of treasury stock
4 9 9 , 2 3 5 Shares
9 3 Shares
Notes: 4. Number of shares of treasury stock- Shares
3 6 , 0 0 0 Shares
owned by consolidated subsidiaries
Notes: 5. Allowance for retirement and severance
benefits for directors and corporate auditors
2 , 2 1 3
2 , 8 0 3
( included in allowance for retirement benefits)-4-

3 , 4 6 6
4 9 9 , 1 4 2

Shares

1 7 , 1 9 9
5 4 9 Shares( 3 6 , 0 0 0 ) Shares

3 6 , 0 0 0 Shares( 5 9 0 )2 , 5 8 6

(Yen in millions; amounts less than one million yen are omitted.)(

FY2002

FY2001

as of
September 30, 2001

as ofMarch 31, 2001

) ()

FY2001

Increase(Decrease)

as of( September 30, 2000 )Liabilities
234,783

213,599

21,184

209,910

103,810

103,444366

92,93438,72523,192

15,533

14,987---20,000

Other payables

19,628

17,113

2,515

16,349Accrued expenses

37,10332,2194,884

30,839Accrued income taxes

10,891

12,364(1,473)

9,338

Deposits received from employees

18,37318,030343

17,921..Deferred tax liabilities

64

15

49

17

..Other current liabilities

6,186

7,219

(1,033)

7,521

Long-term liabilities

577,220686,618(109,398)

680,904

140,300

140,300-

140,300

Convertible bonds

75,74275,748(6)

75,748Long-term bank loans

62,63452,446

10,18850,184

Deferred tax liabilities

262,548

387,547(124,999)

387,492

27,68325,534

2,149

23,156

Other long-term liabilities

8,311

5,041

3,270

4,023

Total liabilities

812,004

900,218(88,214)890,815

16,77018,125(1,355)

17,716

Common stock

68,02168,0183

40,178

Capital surplus

88,51588,512

3

60,672

245,418

233,367

12,051

220,949

381,073558,673(177,600)

558,226

2,772

2,746

26

(6,655)(1,280)(0 )(1,280)

(1 )

-

(20)

20

(20)

784,521951,298(166,777)

873,349

1,613,296

1,869,642(256,346)

1,781,881

Current liabilities
Trade notes and accounts payable
Short-term bank loans..Commercial paper

Bonds

Allowance for retirement benefits

Minority interest inconsolidated subsidiaries
Shareholders’ equity

Retained earnings
Net unrealized gain onother securities
Translation adjustments
Treasury stock at cost
Treasury stock owned bysubsidiaries
Total shareholders’ equity
Total liabilities andshareholders’ equity-5-Consolidated Statements of Income(Yen in millions; amounts less than one million yen are omitted.)

FY2002

FY2001

April 1, 2001 April 1, 2000 (September
30, 2001） ( September 30, 2000）

Net sales

Increase(Decrease)

FY2001
April 1, 2000 ( March
31, 2001 ）478,965

344,229

134,736

767,382402,612302,840

99,772

663,01276,35341,38934,964

104,370

51,943

19,90432,03957,065

Operating income

24,40921,4842,925

47,304Non-operating income

11,817

5,490

6,327

16,249Interest income

4,369

404

3,965

4,241

Dividends income

4,086

3,678

408

6,957

Other non-operating income

3,361

1,408

1,953

5,051

Non-operating expenses

9,588

6,852

2,736

19,027

Interest expenses

5,487

1,452

4,035

6,445

Other non-operating expenses

4,100

5,399

(1,299)12,582

26,63920,1236,516

44,526-15,080(15,080)

15,080-15,080(15,080)

15,080-21,386(21,386)

21,386

Cumulative effect of change inaccounting standards for
retirement benefits-

19,057(19,057)

19,057

Provision for retirement andseverance benefits for
directors and corporate auditors

-

2,329

(2,329)2,329

Income before income taxes

26,63913,817

12,822

38,220

Income taxes - current

12,143

9,621

2,522

21,161

Income taxes - deferred(1,351)(4,149)2,798(6,338)

713

392

321

759

15,135

7,952

7,183

22,637

Cost of sales
Gross profit
Selling, general andadministrative expenses

Ordinary income
Extraordinary gains
Gain on securities contribution toemployee retirement benefit trust
Extraordinary losses

Minority interest inconsolidated subsidiaries
Net income-6-Consolidated Statements of Retained Earnings(Yen in millions; amounts less than one million yen are omitted.)

FY2002

FY2001

April 1, 2001 April 1, 2000 (September
30, 2001） (September 30, 2000）

Retained earnings
at beginning of period
Decrease in retained earnings
Cash dividends
Bonuses to directors andcorporate auditors
Net income
Retained earnings at end of period

Increase(Decrease)

FY2001
April 1, 2000 ( March
31, 2001 ）

233,367

215,463

17,904215,463

3,084

2,466

618

4,732

2,819

2,266

553

4,532

264

200

64

200

15,135

7,952

7,183

22,637

245,418

220,949

24,469233,367-7-

Consolidated Statements of Cash Flows(Yen in millions; amounts less than one million yen are omitted.)

FY2002

FY2001

April 1, 2001 September 30, 2001
31,555
26,63925,91727(8,455)
5,487
(544)
5,335
(1,066)(9,982)131

April 1, 2000 September 30, 2000
36,092
13,817
19,690(3 4 )(4 , 0 8 2 )
1,452
1,394
2,748
(5 0 1 )
(40)
8,595

Subtotal

43,490Interest and dividends received
Interest paid
Income taxes paid

Increase(Decrease)

FY2001(4,537)
12,8226,227
61(4,373)
4,035(1,938)2,587(565)(9,942)(8,464)

April 1, 2000 March 31, 2001
78,412
38,22046,454(1 2 8 )(1 1 , 1 9 8 )
6,445
972
(2 , 4 5 0 )(3 , 9 2 1 )
8,177
8,914

43,040450

91,484

8,475(5,745)(14,665)

4,097(1 , 4 5 2 )(9 , 5 9 3 )4,378(4.293)(5,072)

11,212(6 , 1 5 5 )(1 8 , 1 2 8 )Cash flows from investing activities
Payments for purchases of marketablesecurities
Proceeds from sales of marketable securities
Payments for acquisition of tangible assets
Proceeds from sales of tangible assets
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
Payment for acquisition of business
Others, net(57,327)(9 7 , 4 1 1 )40,084(155,870)(1,007)(1 , 0 0 4 )(3)(1 , 7 1 8 )

1,999(35,464)
428(3,904)71

2,682(1 7 , 0 5 6 )
382(5 , 2 3 2 )
1,099

(683)
(18,408)
46
1,328(1,028)4,322(5 5 , 1 2 7 )
2,383(9 , 6 6 7 )
2,107

(673)

(8 6 , 1 3 6 )85,463(8 6 , 1 3 6 )(1,505)
1,528(23,685)
4,885(1 , 6 8 9 )
9,356
187

184
(7,828)(23,685)
4,698(3 , 4 1 0 )11,266(1 9 , 8 9 0 )Cash flows from financing activities
Increase (decrease) in short-term bank loans
Proceeds from issuances of commercial paper
Redemption of commercial paper
Proceeds from long-term bank loans
Repayments of long-term bank loans
Proceeds from issuances of bonds
Proceeds from issuances of common stock
Payment for repurchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net

8,580
7,137
7,059
(1,282)(1.381)(2,819)(318)
186

56,633(1 3 1 )80,000(6 0 , 0 0 0 )
826(1 , 1 7 4 )39,796(2 , 2 6 6 )(4 1 4 )(2 )(48,053)
7,268(80,000)
60,0006,233(108)(39,796)(1,381)
(553)
96
188

94,472
6,883
80,000(8 0 , 0 0 0 )4,111(6 , 5 8 5 )39,79655,228(4 , 5 3 3 )(4 2 0 )
(8 )

152

9

143

949

(17,038)(4 , 6 7 5 )(12,363)

17,964

95,296

77,332

17,964

77,332

78,25872,656

5,602

95,29659,67912,977

7,555(1,954)81,36913,927(
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Increase in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in (earnings) loss of affiliates(Increase) decrease in receivables
Increase in inventories
Increase (decrease) in payables
Others, net

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) (Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
67,234Marketable securities
11,023

-8-

)

(

)

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

Consolidated
subsidiaries

109

TIBC Corporation, TOYODA-SULZER MANUFACTURING LTD. , TOYOTA L&F TOKYO Ltd.,
Logistics Planning Tokyo., Co., Ltd., ALTEX CO., Ltd., Sun River Co., Ltd.,IZUMI MACHINE MFG. CO., LTD., TOYOTA L&F KEIJI Ltd., TOKYU CO., LTD.,MINO TOKYU CO., LTD., Toyoda High System, Incorporated, Nishina Industrial Co., Ltd.,
Tokaiseiki Co., Ltd., LOGISTEC CO., LTD., SKE Inc., SK Maintenance Inc.,
Iwama Loom Works, Ltd., KAWAMOTO SYSTEM CORPORATION, ARTI Inc.,TOYOTA L&F SHIZUOKA 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 (61 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc.,
Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc., TAL Personnel Service, 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), Limited (2 companies),
Toyota Industrial Equipment Europe, S.A.R.L. (2 companies),
ACTIS manufacturing Ltd. LLC
2 BT Industries Group (2 companies)

Unconsolidated
subsidiaries(2) Scope of equity method
Companies

Unconsolidated
subsidiaries

2

BT Industries Group (2 companies)

Affiliates

17

ST Liquid Crystal Display Corp., TAIKOH TRANSPORTATION CO., LTD.,
BT Industries Group (15 companies)

2. Changes in scope of consolidation and equity method
Consolidated subsidiaries
Companies (or Company)(Increase)12(Decrease)

3

TOYOTA L&F TOKYO Ltd., Logistics Planning Tokyo., Co., Ltd., TOYOTA L&F KEIJI Ltd.,TOYOTA L&F SHIZUOKA Ltd., BT Industries Group (1 company), Toyota-Lift of Los Angeles,
Inc.,
Toyota Gabelstapler Deutschland GmbH, Toyota Industrial Equipment (UK), Limited (2 companies),
Toyota Industrial Equipment Europe, S.A.R.L. (2 companies), ACTIS manufactures Ltd., LLC
BT Industries Group (3 companies)

Affiliates accounted for under the equity method
Companies(Increase)(Decrease)‑

3. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than September 30. The details are given below.
June 30

TIBC Corporation, TOYODA-SULZER MANUFACTURING LTD., Sun River Co., Ltd.,IZUMI MACHINE MFG. CO., LTD., Toyoda High System, Incorporated, LOGISTEC CO., LTD., SKE Inc.,SK Maintenance Inc., KAWAMOTO SYSTEM CORPORATION, ARTI Inc., HARA CORPORATION,
Mizuho Industry Co., Ltd., Sun Valley Inc., Sun Staff, Inc., MINO TOKYU CO., LTD.,-9-

TOKAI SYSTEM INSTITUTE CORP., Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (61 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc., Toyota-Lift of Los Angeles, Inc.,
Toyoda Textile Machinery, Inc., TAL Personnel Service, 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), Limited (2 companies),
Toyota Industrial Equipment Europe, S.A.R.L. (2 companies), ACTIS manufacturing Ltd. LLC(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.

4. Significant accounting policies(1) Valuation of significant assets
a. Marketable securities
Trading securities
Held-to-maturity securities
Other securities with market value

Other securities without market valueb. Inventories…. Not applicable.
…. Not applicable.
…. Fair value method using market price at the end of
period(Unrealized gains and losses are recorded as a
portion of shareholders’ equity.)…. At cost determined by the moving average method…. Mainly at cost determined by the moving average method(2) Depreciation and amortization of fixed assets
Depreciation of property, plant and equipment are computed mainly by the declining-balance method. Amortization ofsoftware (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 at the end of interim period based on projected benefit obligations and pension assets at
the end of fiscal year. Provision for retirement and severance benefits for directors and corporate auditors are recorded at
the amounts required at the end of period by an internal rule describing the retirement benefits rule for directors andcorporate auditors.
(4) Accounting for significant lease transactions
Financing leases other than those that are deemed to transfer the ownership of the leased assets to lessees areaccounted for mainly by the method similar to that applicable to ordinary operating leases.
(5) Hedge accounting method
Mainly, effect of change in fair value of derivatives is accounted as deferred assets and liabilities or reflected on underlying
assets and liabilities. In this period, forward exchange contracts are used for heading risk of change in foreign exchange
rate relating to accounts receivables.
(6) Other significant accounting policies for preparing consolidated financial statements
Consumption taxes : computed based on the net-of-tax method

5. 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.

- 10 -

Segment Information
1.Business segments(1)FY2002 Semiannual (April 1, 2001 - September 30, 2001)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
266,142
180,526( 2 )Inter-segment sales and6,637
27transfers
Total
272,780
180,553
Operating expenses
259,236
172,546
Operating income
13,544
8,006(2)FY2001 Semiannual (April 1, 2000 - September 30, 2000)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
228,788
82,272( 2 )Inter-segment sales and
1,912transfers
Total
230,700
82,272
Operating expenses
76,269216,678
Operating income
14,022
6,003(Yen in millions; amounts less than one million yen are omitted.)

Textilemachinery

Total

Eliminations Consolidated

16,194

16,101

478,965-

478,965

223

6,585

13,473(13,473)-

16,417
16,216201

22,686
19,8462,840

492,438
467,846
24,592(13,473)(13,290)(182)

478,965454,555
24,409(Yen in millions ; amounts less than one million yen are omitted.)

Textilemachinery(3)FY2001 (April 1, 2000 - March 31, 2001)

Net sales( 1 )Sales to external customers( 2 )Inter-segment sales andtransfers
Total
Operating expenses
Operating income

OthersOthersTotal

Eliminations Consolidated

14,39918,768344,229-344,229

-

2,104

4,016

(4,016)-

14,39914,665(265)

20,87318,992
1,880

348,246
326,605
21,641(4,016)(3,860)(156)

344,229
322,745
21,484(Yen in millions; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery457,631

236,501

33,237

4,096-

461,727
433,202
28,525236,501
221,955
14,546

Total

Eliminations Consolidated

40,011

767,382-

767,382

-

4,531

8,628

(8,628)-33,237
33,202
34

44,54340,1774,365

776,010728,538
47,472(8,628)(8,460)(168)

767,382
720,078
47,304

Others.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 forklift trucks, warehouse trucks, skid steer loaders, automated storage and retrieval systems,
automatic guided vehicles
Textile machinery ………………Ring spinning frames, air-jet looms, water-jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, casting machines- 11 -

2.Geographical segments(1) FY2002 Semiannual (April 1, 2001 - September 30, 2001)
North
Japan
America
Net sales(1) Sales to external customers
324,118
94,546(2) Inter-segment sales and29,722704
transfers
Total
95,251
353,840
Operating expenses
332,783
92,932
Operating income
21,057
2,319(Yen in millions; amounts less than one million yen are omitted.)

Europe(2)FY2001 Semiannual (April 1, 2000 – September 30, 2000)
North
Japan
America
Net sales(1) Sales to external customers
287,31247,260(2) Inter-segment sales and13,624transfers
Total
300,936
47,260Operating expenses
281,683
45,127
Operating income
19,253
2,132

Operating expenses
Operating income
Note:

Total

Eliminations Consolidated

58,505

1,794

478,965-

478,965

2,117

97

32,642(32,642)-

60,62359,450
1,173

1,892
1,951
(58)

511,608
487,116
24,491(32,642)(32,561)(81)

478,965454,555
24,409(Yen in millions; amounts less than one million yen are omitted.)

Others(3)FY2001 (April 1, 2000 - March 31, 2001)

Net sales(1) Sales to external customers(2) Inter-segment sales andtransfers
Total

OthersTotal

Eliminations

Consolidated

9,657

344,229-344,229286

13,910(13,910)

-

9,943
9,613
330

358,140
336,424
21,715(13,910)(13,679)(231)

344,229
322,745
21,484(Yen in millions; amounts less than one million yen are omitted.)

Japan

North
America

586,086

123,355

55,826

31,769336

617,856
577,380
40,475

123,692
118,422
5,269

Total

Eliminations Consolidated

2,113

767,382-

767,382748

477

33,333(33,333)-

56,57453,723
2,851

2,591
2,840
(248)

800,715752,367
48,348(33,333)(32,289)(1,043)

767,382
720,078
47,304

EuropeOthers

Effective for the year ended March 31, 2001, the Europe segment has been separated from the Others segment because business there
increased in importance.

- 12 -

3.Overseas sales(1)FY2002 Semiannual (April 1, 2001 – September 30, 2001)(Yen in millions; amounts less than one million yen are omitted.)

North America

Europe94,825

Overseas sales

Others78,116

Total

28,356201,298
478,965

Consolidated sales

19.8%

Ratio of overseas sales to consolidated sales

16.3%(2)FY2001 Semiannual (April 1, 2000 - September 30, 2000)

5.9%(Yen in millions; amounts less than one million yen are omitted.)

North America

Others54,249Overseas sales

Total

59,006113,255
344,229

Consolidated sales

15.8%

Ratio of overseas sales to consolidated sales(3)FY2001 (April 1, 2000 - March 31, 2001)

17.1%

32.9%

(Yen in millions; amounts less than one million yen are omitted.)

North America
Overseas sales

140,161

Europe102,665

Others55,967

Total

298,794
767,382

Consolidated sales
Ratio of overseas sales to consolidated sales

42.0%

18.2%

13.4%

7.3%

38.9%

Note: Effective for the year ended March 31, 2001, the Europe segment has been separated from the Other segment because business there
increasedin importance.

- 13 -

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

FY2002

FY2001

April 1, 2001 September 30, 2001

April 1, 2000 September 30, 2000(

AmountAmount()

Automobile

Ratio
%

)

Increase(Decrease)

Ratio
%

FY2001% Change(

April 1, 2000 –March 31, 2001

Amount
%

)

Ratio
%

Vehicle129,48327.0

102,336

29.7

27,147

26.5

195,887

25.5

Engine52,074

10.9

46,799

13.6

5,275

11.3

102,099

13.3

Car
air-conditioning
compressor

78,41916.4

69,083

20.1

9,336

13.5

139,572

18.2

Foundry andothers

6,165

1.3

10,5693.1(4,404)(41.7)

20,0702.6

Subtotal

266,14255.6

228,78866.5

37,35416.3

457,631

59.6

Materials
handling
equipment

180,526

37.7

82,272

23.9

98,254119.4

236,501

30.8

Textilemachinery

16,194

3.4

14,399

4.2

1,795

12.5

33,237

4.3

Others

16,101

3.3

18,7685.4(2,667)(14.2)

40,011

5.3

Total

478,965

100.0

344,229100.0

134,73639.1

767,382

100.0- 14 -

Lease Transactions
1. As a lessee(1) Finance leases that do not transfer the ownership of leased property to lessee(a) Pro forma information regarding the leased property such as acquisition cost, accumulated depreciation and net book value as ofthe end of period(Yen in millions; amounts less than one million yen are omitted.)

FY2002(as of September 30, 2001)
Machinery, equipment
and vehicles
Tools, furniture andfixtureTotal

FY2001(as of September 30, 2000)

FY2001(as of March 31, 2001)

Acquisition
cost

Accumulated
depreciation

Net bookvalue

Acquisition
cost

Accumulated
depreciation

Net bookvalue

Acquisition
cost

Accumulated
depreciation

Net book
value

1,635

776

858

2,439

762

1,677

2,339

909

1,429

4,922

2,222

2,699

5,223

2,978

2,244

4,660

2,228

2,431

6,557

2,999

3,558

7,662

3,740

3,921

6,999

3,138

3,861

Note: The amount equivalent to acquisition cost includes the imputed interest expense portion due to immaterial difference between acquisition cost andfuture minimum lease payment.

(b) Pro forma information regarding future minimum lease payment as of the end of period(Yen in millions; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002(as of September 30, 2001)
1,398
2,159
3,558

FY2001(as of September 30, 2000)
1,352
2,569
3,921

FY2001(as of March 31, 2001)
1,302
2,558
3,861

Note: The amount equivalent to future minimum lease payment as of the end of period includes the imputed interest expense portion due to immaterial
difference between acquisition cost and future minimum lease payment.

(c) Total lease payments and pro forma depreciation expenses for the period(
Total lease payments
Pro forma depreciation
expenses

FY2002
April 1, 2001 September 30, 2001
772

) (

772

(Yen in millions; amounts less than one million yen are omitted.)

FY2001
April 1, 2000 September 30, 2000
874
874

)

(

FY2001
April 1, 2000 March 31, 2000
1,505

)

1,505

(d) Calculation method of pro forma depreciation expenses
Pro forma depreciation expenses are computed mainly by the straight-line method which assume zero residual value and leasing
term to be useful lives.
(2) Pro forma future lease payment under operating leases

Due within one year
Due after one year
Total

FY2002(as of September 30, 2001)
1,802
4,972
6,775

(Yen in millions; amounts less than one million yen are omitted.)

FY2001(as of September 30, 2000)
784
1,283
2,068

- 15 -

FY2001(as of March 31, 2001)
5,116
9,542
14,659

2. As a lessor(1) Finance leases that do not transfer ownership of leased assets(a) Acquisition cost, accumulated depreciation and net book value of leased property as of the end of period(Yen in millions; amounts less than one million yen are omitted.)

FY2002(as of September 30, 2001)
Machinery, equipment
and vehicles
Total

FY2001(as of September 30, 2000)

Acquisition
cost

Accumulated
depreciation

Net bookvalue

Acquisition
cost

Accumulated
depreciation

7,333

4,061

3,271

-

-

7,333

4,061

3,271

-

-

FY2001(as of March 31, 2001)

Net bookvalue

Acquisition
cost

Accumulated
depreciation

Net book
value

-

-

-

-

-

-

-

-

(b) Pro forma information regarding to future minimum lease payments as of the end of period(Yen in millions; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002(as of September 30, 2001)
1,892
2,681
4,573

FY2001(as of September 30, 2000)-

FY2001(as of March 31, 2001)-

Note: The amount equivalent to future minimum lease payment includes the imputed interest income portion due to immaterial difference between
acquisition cost and future minimum lease payment.

(c) Total lease payments and depreciation expenses for the period(
Total lease payments tobe received
Depreciation expenses

FY2002
April 1, 2001 September 30, 2001)

(Yen in millions; amounts less than one million yen are omitted.)(

FY2001
April 1, 2000 September 30, 2000

(

)

1,209

-

-

709

-

-

(2) Pro forma information regarding future rentals under operating leases

Due within one year
Due after one year
Total

)

FY2001
April 1, 2000 March 31, 2001

FY2002(as of September 30, 2001)
3,114
7,017
10,131(Yen in millions; amounts less than one million yen are omitted.)

FY2001(as of September 30, 2000)-- 16 -

FY2001(as of March 31, 2001)
1,455
7,717
9,172

Marketable Securities
1. Held-to-maturity securities with fair value
Not applicable.
(Yen in millions; amounts less than one million yen are

2. Other securities with market prices
omitted.)FY2002
FY2001
FY2001(As of September 30, 2001)(As of September 30, 2000)(As of March 31, 2001)
Acquisition Carrying
Acquisition Carrying
Acquisition Carrying
Difference
Difference
Difference
cost
amountcost
amountcost
amount(1) Stocks

171,234

819,825

648,590

165,251

1,114,680

949,429

167,371

1,117,736

950,364

Government andmunicipal bonds

0

0

-

-

-

-

0

0

-

Corporate bonds

13,211

13,225

13

9,096

9,063

(32)

16,19916,197

(1)

2

2

-

2

2

-

2

2

-

120

120

-

121

121

-

720

720

-

184,569

833,173648,604

174,471

1,123,868

949,396

184,294

1,134,657

950,363(2) Bonds

Other bonds(3) Others
Total

3. Major contents and book value of securities not practicable to fair value as of the end of period(1) Held-to-maturity securities

Not applicable.

(2) Other securities

FY2002

FY2001

FY2001(As of September 30, 2001) (As of September 30, 2000) (As of March 31, 2001)(Million yen)Domestic unlisted stocks excluding over-the-counter stocks
Bonds used in repurchase agreements
Commercial paper used in repurchase agreements
Money management funds
Foreign unlisted bonds

12,977
5,924
405

Derivative Transaction
Not applicable.

- 17 -

13,003
7,986
2,999
942
310

12,643
1,999
3,999
340
310

November 7, 2001

Semiannual Non-consolidated Financial Results for FY2002
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201)
Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Contact : Kakuo Ishikawa, General Manager of Accounting and Finance Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for non-consolidated semiannual financial results for FY2002 : November 7, 2001
Provision for interim cash dividends: Provision exists. The interim dividends are payable on November 26, 2001.

1. Financial Highlights for FY2002 Semiannual (April 1 – September 30, 2001)(Amounts less than one million yen are omitted.)(1) Non-consolidated financial results(

Net sales

Million yen

FY2002 Semiannual
FY2001 Semiannual
FY2001 Annual

330,487
280,420575,558
Net income%((

13,668
9,267
20,831(

19,266
17,26936,821

Ordinary
income%((change from( %previous
year )

Million yen

11.6 )
95.8 )

21,622
18,68137,043%((15.7 )
60.1 )Net income
per share−basic

change from( %previous
year )%(()% change fromprevious year

Million yen

17.9 )
19.1 )

Million yen

FY2002 Semiannual
FY2001 Semiannual
FY2001 Annual

Operatingincome)% change fromprevious year

Yen

47.5 )
16.8 )

43.63
32.71
69.83

Notes: 1. Average number of shares issued each year
FY2002 Semiannual 313,297,485
FY2001 Semiannual 283,296,225
FY2001 Annual. 298,296,225
Notes: 2. Changes in accounting policies: None

(2) Cash dividends
Cash dividends
per share

Cash dividends
per share
Yen

FY2002 Semiannual
FY2001 Semiannual
FY2001 Annual

Yen

9
8
−

−
−
17

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2002 Semiannual
FY2001 Semiannual
FY2001 Annual

1,411,140
1,643,765
1,700,538

Ratio ofshareholders’ equity

Million yen

Shareholders’ equity
per share%

780,836
882,404
947,825

Yen

55.3
53.7
55.7

2,492.30
3,114.78
3,025.33

Note: Number of shares issued at the end of period
FY2002 Semiannual
313,299,249
FY2001 Semiannual
283,296,225
FY2001 Annual
313,296,225

2. Forecast of Non-consolidated Financial Results for FY2002 (April 1, 2001 - March 31, 2002)
Net sales
Million yen

FY2002 Annual

660,000

Ordinary income
Million yen

40,000Net income
Million yen

25,000

Reference: (Forecast) Net income per share−basic (annual): 79.80 yen- 19 -

Annual cash dividends per share
Year end
Yen

9

Yen

18

Non-consolidated Balance Sheets
FY2002

FY2001as of
as of( September)
30, 2001 ) ( March 31, 2001

AssetsCurrent assets
Cash and deposits
Trade notes receivable
Trade accounts receivable
Marketable securities
Finished goods
Raw materials
Work in process
Supplies
Prepaid expenses
Deferred tax assets
Other receivables
Other current assets
Less - allowance for doubtful
accounts
Fixed assets
Property, Plant and Equipment
Buildings
Structures
Machinery and equipment
Vehicles and delivery equipment
Tools, furniture and fixture
Land
Construction in progress
Intangible fixed assets
Software

FY2001

Increase(Decrease)

as of( September
30, 2000 )

178,359
55,561
3,287
60,486
14,711
2,114
323
16,335
2,881
132
6,863
10,211
5,594

196,910
79,651
3,407
56,41916,701881
246
13,874
2,308
224
7,260
10,443
5,707(18,551)(24,090)(120)
4, 0 6 7(1,990)
1,233
77
2,461
573
(92 )
(397)
(232)
(113)

148,453

(144)

(217)

73

(314)

1,232,781
216,268
60,356
5,994
94,8271,013
9,565
32,30912,2022,266
2,266

1,503,627
209,055
58,5605,958
93,720950
8,846
30,713
10,3051,384
1,384(270,846)
7,213
1,796
36
1,107
63
719
1,596
1,897
882
882

1,495,312
206,261
58,682
5,976
93,205859
9,471
28,303
9,761
1,285
1,285

Investments and other assets

1,014,245

1,293,187(278,942)

1,287,764

Investments in securities
Investments in subsidiaries
Long-term loans
Long-term prepaid expenses

851,689
138,528
10,132
7,346
6,567

1,151,587
125,587
6,707
3,579
5,746

(299,898)
12,941
3,425
3,767
821

1,147,922
124,874
8,048
1,182
5,759

(18)

(1 9 )

1(23)

Total assets

1,411,140

1,700,538(289,398)

1,643,765: 1. Accumulated depreciation of

3 3 2 , 3 5 5

3 2 1 , 3 6 0

1 0 , 9 9 5

3 1 3 , 1 3 9

3 , 5 3 3

3 , 7 0 0

( 1 6 7 )3 , 1 8 0

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

9 30-

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

5 4 9
1
-

313,299,249

313,296,225

3,024

283,296,225

1 , 9 0 7

2 , 5 2 4

( 6 1 7 )2 , 4 0 7

Other investments and other assets

Less - allowance for doubtful
Accounts

Notes

43,386
3,355
48,034
15,5791,419
172
12,760
2,287
119
5,838
9,283
6,529

property, plant and Equipment..2. Liabilities for guarantees..3. Treasury stock(Incl. Marketable Securities)(Incl. Other investment and other assets)

SharesAmount.SharesAmount.4. Number of shares issued
at end of period
5. Allowance for retirement and severance
benefits for directors and corporate auditors- 20 -

(Yen in millions; amounts less than one million yen are omitted.)(

FY2002

FY2001

as of
September 30, 2001

as ofMarch 31, 2001

) ()

FY2001

Increase(Decrease)

as of( September
30, 2000 )Liabilities
Current liabilities

134,835

132,937

1,898

142,755

Trade notes payable

6,029

4,408

1,621

5,268

Trade accounts payable
Commercial paper
Other payables

67,412
15,64766,65915,208753
439

59,06920,00014,925

Accrued expenses

19,55718,003

1,554

17,942

Accrued income taxes
Advance received

7,235
403

10,368111(3,133)
292

7,186
205

Deposits received
Deposits received from
employees
Long-term liabilities

565

573

(8)

584

17,983

17,605378

17,573

495,469
140,000
75,742
258,537

619,775
140,000
75,748383,665(124,306)(6)(125,128)

618,604
140,000
75,748384,414

20,09820,345(247)

18,425

1,090
630,304

16
752,713

1,074(122,409)

16
761,360

Common stock
Statutory reserve

68,021
105,52068,0183

40,17898,557

6,963

70,717

Capital surplus
Legal reserve
Retained earnings

88,51517,004
226,298

88,512
10,044
222,618

3
6,960
3,680

60,672
10,044
213,321

125

63

62

63

156

166

(10)

166

180,000

170,000

10,000170,000

46,01552,388(6,373)43,091

Bonds
Convertible bonds
Deferred tax liabilities
Allowance for retirement
benefits
Other long-term liabilities
Total liabilities
Shareholders’ equity

Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets
General reserves
Unappropriated retained
earnings at end of period<Included net income for period><13,668><20,831><(7,163)>< 9,267>

Net unrealized gainon other securities
Total shareholders’ equity

380,995

558,631(177,636)

558,187

780,836

947,825(166,989)

882,404

Total liabilities andshareholders’ equity

1,411,140

1,700,538(289,398)

1,643,765- 21 -

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

FY2002

FY2001

April 1, 2001 September 30, 2001

April 1, 2000 September 30, 2000

330,487

280,42050,067575,558

330,487

280,42050,067575,558

Operating expenses

311,220

263,150

48,070538,737

Cost of sales
Selling, general andadministrative expenses
Operating income

289,019

247,715

41,304

507,011

22,20015,435

6,765

31,725

19,266

17,2691,997

36,821

7,126

6,275

851

13,111

237

267

(30)

566

Dividends income

4,863

4,483

380

7,779

Other non-operating income

2,025

1,524

501

4,765

4,771

4,863

(92)

12,889Interest expenses

1,531

1,344

187

2,874

Other non-operating expenses

3,240

3,518

(278)

10,014

21,622

18,681

2,941

37,043-15,080(15,080)

15,080-15,080(15,080)

15,080(）(）

FY2001

Increase(Decrease)(

April 1, 2000 March 31, 2001）

Ordinary profits and losses
Operating revenue and expenses
Operating revenue
Net sales

Non-operating income
and expenses
Non-operating income
Interest income

Non-operating expenses

Ordinary income
Extraordinary gains and losses
Extraordinary gains
Gain on securities contribution toemployee retirement benefit trust
Extraordinary losses-

20,177(20,177)

20,177

Cumulative effect of change in accounting
standards for retirement benefits-

17,848(17,848)

17,848Provision for retirement and severance
benefits for directors and corporate
auditors-

2,329(2,329)2,329

21,622

13,584

8,038

31,945

Income taxes - current

8,220

7,780

440

17,060

Income taxes - deferred(266)(3,463)

3,197(5,945)

Net income

13,668

9,267

4,401

20,831

Unappropriated retained earnings
brought forward

32,34733,823(1,476)33,823

-

-

-

2,266

46,01543,091

2,924

52,388

Income before income taxes

Interim cash dividends

Unappropriated retained
earnings at end of period- 22 -

Lease Transactions
1. Finance leases that do not transfer the ownership of leased property to lessee(1) Pro forma information regarding the leased property such as acquisition cost, accumulated depreciation and net book value as ofthe end of period(Yen in millions; amounts less than one million yen are omitted.)

FY2002(as of September 30, 2001)
Vehicles and delivery
equipment
Tools, furniture andfixtureTotal

FY2001(as of September 30, 2000)

FY2001(as of March 31, 2001)

Acquisition
cost

Accumulated
depreciation

Net bookvalue

Acquisition
cost

Accumulated
depreciation

Net bookvalue

Acquisition
cost

Accumulated
depreciation

Net book
value

31

9

22

31

3

28

31

6

25

4,214

1,936

2,277

4,353

2,502

1,851

3,827

1,768

2,059

4,245

1,945

2,300

4,385

2,505

1,880

3,859

1,774

2,084

Note: The amount equivalent to acquisition cost includes the imputed interest expense portion due to immaterial difference between acquisition cost andfuture minimum lease payment.

(2) Pro forma information regarding future minimum lease payment as of the end of period(Yen in millions; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002(as of September 30, 2001)
942
1,357
2,300

FY2001(as of September 30, 2000)
877
1,002
1,880

FY2001(as of March 31, 2001)
869
1,215
2,084

Note: The amount equivalent to future minimum lease payment as of the end of period includes the imputed interest expense portion due to immaterial
difference between acquisition cost and future minimum lease payment.

(3) Total lease payments and pro forma depreciation expense for the period(
Total lease payments
Pro forma depreciation
expenses

FY2002
as of
September 30, 2001
523

)

(

(Yen in millions; amounts less than one million yen are omitted.)

FY2001
as of
September 30, 2000
554

523

) (

FY2001as ofMarch 31, 2001
1,013

554

)

1,013

(4) Calculation method of pro forma depreciation expense
Pro forma depreciation expenses are computed mainly by the straight-line method which assume zero residual value and leasing
term to be useful lives.
2. Pro forma future lease payments under operating leases

Due within one year
Due after one year
Total

FY2002(as of September 30, 2001)
225
268
493

(Yen in millions; amounts less than one million yen are omitted.)

FY2001(as of September 30, 2000)
156
122
279

FY2001(as of March 31, 2001)
215
204
419

Marketable Securities
Subsidiaries’ and affiliates’ stocks with fair value
FY2002(as of September 30, 2001)
Subsidiaries’ stocks(Yen in millions; amounts less than one million yen are omitted.)

FY2001(as of September 30, 2000)

FY2001(as of March 31, 2001)

Book value

Fair value

Unrealized
gainsBook value

Fair value

Unrealized
gainsBook value

Fair value

Unrealized
gains

559

1,781

1,222

554

1,753

1,198

559

1,757

1,198

- 23 -