Semiannual Report
For the Six Months Ended Sep. 30, 2007

In August 2007, the first model of the non-stop shuttle-change Toyoda automatic loom,
Type G, was certified as a Mechanical Engineering Heritage asset.

2008

Profile
Toyota Industries Corporation was founded in 1926 to manufacture and sell automatic looms(weaving machines) invented by Sakichi Toyoda. In the ensuing years, Toyota Industries extended
the scope of its business domains to encompass textile machinery, automobiles (vehicles, engines,
car air-conditioning compressors), materials handling equipment, electronics and logistics. Withproduction bases in North America, Europe and Asia, including Japan, China and India, as well
as a worldwide sales network, mainly in its Materials Handling Equipment and Textile Machinery
segments, the operations of the Toyota Industries Group span the globe.

Toyoda Type G Automatic Loom Certified as
Mechanical Engineering Heritage
In 2007, the first model of the non-stop shuttle-change Toyoda automatic
loom, Type G, was certified as a Mechanical Engineering Heritage asset by
The Japan Society of Mechanical Engineers. The Mechanical Engineering
Heritage designation is aimed at carefully preserving historic mechanicalengineering-related assets and passing them down to future generations.
The first model of the Type G automatic loom is displayed at the Toyota
Commemorative Museum of Industry and Technology in Nagoya, Aichi
Prefecture.

Definition of Terms“Fiscal 2008” refers to the fiscal year ending March 31, 2008, and other fiscal years are referred to in a corresponding manner. All references to the “Company” herein are to
Toyota Industries Corporation, and references to “Toyota Industries,” “Toyota Industries Group” or the “Group” herein are to the Company and its 165 consolidated subsidiaries.

Cautionary Statement with Respect to Forward-Looking Statements
This semiannual report contains projections and other forward-looking statements that involve risks and uncertainties. The use of the words “expect,” “anticipate,” “estimate,”“forecast,” “plan” and similar expressions is intended to identify such forward-looking statements. Projections and forward-looking statements are based on the current
expectations and estimates of Toyota Industries regarding its 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 report and are not guarantees of future
performance. Toyota Industries undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future eventsor otherwise. Therefore, it is advised that you should not rely solely upon these projections and forward-looking statements in making your investment decisions. You should
also be aware that certain risks and uncertainties could cause the actual results of Toyota Industries to differ materially from any projections or forward-looking statements
discussed in this report. These risks and uncertainties include, but are not limited to, the following: (1) reliance on a small number of customers, (2) product development
capabilities, (3) intellectual property rights, (4) product defects, (5) price competition, (6) reliance on suppliers of raw materials and components, (7) environmental regulations,(8) success or failure of strategic alliances with other companies, (9) exchange rate fluctuations, (10) share price fluctuations, (11) effects of disasters, power blackouts andother incidents, (12) latent risks associated with international activities and (13) retirement benefit liabilities.

Consolidated Financial Highlights
Toyota Industries Corporation
Six months ended September 30, 2007 and 2006 (unaudited)Thousands of
U.S. dollars

Millions of yen
September 30

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

September 30

2006% change2007¥ 955,760
46,96063,26069,12440,30957,50067,613
17,341¥ 913,085
40,05153,48253,48230,26851,41287,435
17,131

4.7 %
17.3
18.3
29.2
33.2
11.8
（22.7）
1.2$ 8,280,002
406,832
548,046598,841
349,212498,140
585,753
150,232129.07128.97
28.00

96.30
96.21
22.00

¥3,556,826
1,777,545
38,650¥3,242,357
1,624,752
35,126

2007

34.0
34.1
27.3

1.12
1.12
0.24

9.7 % $30,813,709
9.4
15,399,341
10.0* Yen amounts are rounded down to the nearest million yen.
* U.S. dollar amounts are calculated from the original figure at the rate of ¥115.43=US$1.00.

Net Sales

Operating Income

Net Income(¥ Billion)(¥ Billion)(¥ Billion)

(¥)

2,000

100

60

50

80

50

40

1,500

Cash Dividends per Share

40

60
1,000

30

30
40

500

20

0
FY

06
First Half

07

08

20

20

10

10

0
FY

06

07

08

0
FY

06

07

08

0
FY

06

07

08

Full Year

Contents
Consolidated Financial Highlights...........................................................................................1
Letter to Shareholders ....................................................................................................................2
Topics .......................................................................................................................................................5
Environmental Activities................................................................................................................6
Management’s Discussion and Analysisof Financial Condition and Results of Operations ....................................................7
Consolidated Balance Sheets ..................................................................................................10

Consolidated Statements of Income ..................................................................................12
Consolidated Statements of Changes in Net Assets..................................................12
Consolidated Statements of Cash Flows ..........................................................................14
Notes to Consolidated Financial Statements .................................................................15
Directors, Corporate Auditors and Managing Officers .............................................23
Corporate Data ...............................................................................................................................24
Investor Information ..................................................................................................Back CoverSEMIANNUAL REPORT 2008

1

TMHG training center

Tadashi Ishikawa

Tetsuro Toyoda

ChairmanPresident

Letter to Shareholders
Summary of Consolidated Interim
Business Results
The interim period ended September 30, 2007 marked
one and a half years since the launch of our MediumTerm Management Plan announced in October 2005. Our
management plan targets an increase in net sales from
¥1,500.0 billion to more than ¥2,000.0 billion and an increasein ordinary income from ¥80.0 billion to ¥140.0 billion overthe five-year period ending March 31, 2011.
Working actively to achieve these targets, we havetaken a host of measures in priority areas within each of ourbusinesses. Thanks to these initiatives, during the first half ofthe fiscal year we achieved record-high interim net sales andordinary income for the eighth consecutive fiscal year.
Net sales increased ¥42.7 billion, or 5%, from the previous
interim period to ¥955.7 billion, and we recorded increases inall business segments. Our profits were also strong, as ordinary
income increased ¥9.8 billion, or 18%, to ¥63.2 billion despite
higher raw materials prices and increases in depreciation and

2

TOYOTA INDUSTRIES CORPORATION

personnel expenses. The increase in ordinary income was due
to expanded net sales and the promotion of group-wide cost
reduction efforts coupled with the favorable effects of exchange
rate fluctuations and an increase in dividends income.
Interim cash dividends per share were ¥28.00, an increaseof ¥6.00 per share from the previous interim period. We plan
to pay annual cash dividends per share of ¥56.00.
For the full fiscal year, Toyota Industries expects increases
in net sales and ordinary income for the ninth consecutive
year. Specifically, we forecast net sales of ¥2,000.0 billion,
operating income of ¥95.0 billion and ordinary income of¥120.0 billion. All of these figures represent record highs.

Pursuing Further Growth
As we work to attain the targets of our Medium-Term
Management Plan, we will continue to promote the following
measures in each business.
• In the Materials Handling Equipment Business, we will strive
to maximize synergies within the Toyota Material HandlingGroup (TMHG) and focus on new markets such as the BRICs
and VISTA countries.

• In the Car Air-Conditioning Compressor Business, we will
introduce new products in line with customer needs andaddress the need for the development of compressors using
new types of refrigerants.
• In the Vehicle Business, we aim to expand our role incontributing to Toyota Motor Corporation’s (TMC) growthstrategy by responding to an increased volume ofdomestic production and participating in TMC’s production
preparation overseas.
• In the Engine Business, we will expand the clean diesel
engine business.
• In the Car Electronics Business, we aim to further contributeto TMC’s hybrid vehicle business.
As mentioned, we expect to record net sales of ¥2,000.0
billion ahead of schedule for the fiscal year ending March 31,
2008. However, we view this figure as a mere starting point
and are firmly determined to achieve further growth.

Expanding Our Role in the
Toyota Group
While implementing these measures, Toyota Industries also
introduced several noteworthy new products in our Vehicle
and Engine businesses. We were deeply involved with theseproducts from the development stage, and this participation
enabled us to further expand our role within the Toyota
Group.

Among our recently launched products is the 4.5-liter
8-cylinder VD clean diesel engine for the Toyota Land Cruiser,
which underwent a full model change in September 2007.
Toyota Industries is taking a key role in the Toyota Group’s
diesel engine business, and accordingly, has participated in
the development and production of various types of diesel
engines. Since 2006, our total production of engines hasreached the 500,000 unit level. Combined with production
at Toyota Motor Industries Poland Sp. z o.o., for which we
handle operations, our volume of diesel engine production
accounted for approximately 45% of diesel engine production
within the Toyota Group in 2006.
Toyota Industries played an expanded role in the planning,development and production of the new
VD clean diesel engine, which we
believe reflects the trust we haveearned from TMC. This was the firsttime that Toyota Industries led thedevelopment of a diesel engine.
Toyota Industries managed
the overall project for the engine,
VD clean diesel engine
which incorporates a variety ofour technologies. The most important technology is thecompacted graphite iron (CGI) engine block. CGI is harderthan regular cast iron, thereby allowing for the developmentof a thinner engine block. Conversely, the use of CGI is
problematic because processing is more difficult. Tackling thisproblem head on, Toyota Industries was able to successfully

Progress of Medium-Term Management Plan
Targets
Ordinary Income¥140.0 Billion

Progress of the
1st and 2nd year

108.4

120.0
Net Sales
Over ¥2,000.0 Billion(¥ Billion)

80.6
1,878.3

2,000.0
124.0

116.8
(¥ Billion)

1,505.9
98.9
856.7

Activities in the Past

Textile Machinery,
OthersMaterials Handling Equipment
916.0• Integrate management of TOYOTA andBT brands (TMHG)• Augment sales strategy and management

1,000.0

Materials Handling
Equipment-Related
Business

1,000.0

Automobile-Related
Business

Car Air-Conditioning Compressor

660.3• Stronger emphasis on variable-displacement
compressors; reinforce production structure

Vehicle• Establish structure capable of producing
350,000 vehicles

746.7

FY

2006

904.8

2007

960.0

Engine• Augment structure to enable production of
500,000 engines• Develop clean diesel engines

2008(Forecast)2011(Targets)

SEMIANNUAL REPORT 20083

Letter to Shareholders
process the CGI by applying its own proprietary production
technologies. As a result, we reduced cylinder thickness
to 5 mm from the previous 7 mm and achieved a balance
between lighter weight comparable to an aluminum blockand a significant increase in rigidity.
At the same time, Toyota Industries also developed ascavenging system that forcibly sucks back oil supplied to theturbochargers. This system suppresses white smoke exhaustemissions as well as drops in oil pressure regardless of thegradient of the surface on which a vehicle is driving.
As exemplified by the integration of the CGI engine blockand scavenging system, by taking a multifaceted approach todeveloping the VD clean diesel engine, we realized an engine
that achieves the top-level power performance of a 4-literclass SUV with fuel economy comparable to a 3-liter class SUV.
Highlighting our commitment to cleaner exhaustemissions, the new VD clean diesel engine offers clean
performance that complies with Euro 4 regulations, the latest
European emissions regulations. This engine also features
significantly reduced noise to realize outstanding quietness
compared to engines of competitors.
In gearing up to launch this engine worldwide, we are
implementing the following rigorous testing to exhaustively
confirm reliability as an engine for off-road vehicles.
• Testing in temperature environments ranging from -30°C to
50°C• Steep-gradient testing that involves tilting the engine fromfront to back and from side to side to confirm levels of whitesmoke exhaust emissions and oil pressure• High-altitude drive testing in Costa Rica, New Zealandand Spain
The total distance driven during this durability testing was
equivalent to circling the Earth more than 100 times. This rigid
testing helped us create a tough diesel engine.
While focusing on growth of the global clean diesel
engine market, we intend to expand this business so that it
plays a major role in the Toyota Group.
In the Vehicle Business, along with our role in developing
the Vitz (Yaris overseas) and RAV4, which are also assembled
by Toyota Industries, we have also handled the developmentof vehicles manufactured by other Toyota Group companies,
including such vehicles as the IST, Prius and Belta. As we firmly
build on this solid record of achievement, we have gained
the trust of TMC and steadily expanded this business’s role
within the Toyota Group. We are also bolstering production,and in 2005 we made investments for building a production
structure to increase annual production capacity to 350,000
vehicles. Meanwhile, in 2006 we reached full production

4

TOYOTA INDUSTRIES CORPORATION

capacity of the Vitz (Yaris overseas) and RAV4.
Backed by these achievements, Toyota Industries wasconsigned to undertake the development of the Mark X
ZiO, a new concept car developed by TMC that promises
to revitalize Japan’s automobile market which rolled off the
production line in September
2007. The Mark X ZiO is
especially significant
for Toyota
Industries
from two
perspectives.
First, we playeda larger role in theMark X ZiOdevelopment of thisvehicle and are producing it solely at our own plant. Second,
we have expanded the types of vehicles we are capable ofproducing in terms of size and grade.
Looking to the future, as TMC aims for further growth
globally, we will strive to make unprecedented contributions
in both development and production.

Working to Raise Corporate ValueThe Toyota Industries Group will work in unison to attainthe targets of the current Medium-Term Management Plan.
We believe that business results are the culmination of thevarious approaches taken by management. Accordingly,
as part of unceasing efforts to further raise corporate
value, we will refocus on the basics of manufacturing andstrengthening the Company’s management platform while
continually introducing new products that satisfy customers.
In closing, we ask you for your continued support andguidance.
December 2007

Tadashi Ishikawa
Chairman

Tetsuro Toyoda
President

Topics
Start of Production of Mark X ZiOIn September 2007, Toyota Industries began production of the Mark X ZiOat the Nagakusa Plant in Obu, Aichi Prefecture. Developed under a newconcept, the Mark X ZiO is its first endeavor for medium-sized vehicles as well
as for consigned production of luxury cars. By forging close ties with Toyota
Motor Corporation, we intend to continue to play an active role as a bodymanufacturer within the Toyota Group.

TACG Reaches Cumulative Production of 1 Million
Compressors
TD Automotive Compressor Georgia, LLC (TACG), a dedicated plant for variable-displacement
compressors that commenced production in the U.S. state of Georgia in December 2005,
achieved cumulative production of 1 million units in April 2007. Variable-displacement
compressors are superior in fuel efficiency, and we anticipate the product will be equippedin many more car models. TACG is working to further improve quality, cost and delivery as ameans of playing a significant role in our global production structure.

Introduction of “Rack Sorter P” Automated Storage andRetrieval System
In May 2007, we carried out a full model change of the 1-ton model of the “Rack Sorter P,” a unittype automated storage and retrieval system for pallets. In addition to better storage efficiency andimproved storage management, customer needs for the system have come to include the preventionof malfunctions and early recovery in the event of a breakdown. The latest model addresses theserequirements, thereby further contributing to greater efficiency of customers’ logistics operations.

New Training Course Provided for Lift Truck
Operators
We started providing a training course for lift truck operators at the TOYOTA Material
Handling Customer Center, our comprehensive showroom located in Ichikawa, Chiba
Prefecture. Through these training programs, we hope our customers will master
proper and safe driving techniques, thereby contributing to our efforts to decrease
accidents when customers use lift trucks.

Wanbishi Archives Becomes Our Wholly Owned Subsidiary
In May 2007, Toyota Industries raised its stake from 43.1% to 100% in Wanbishi Archives Co., Ltd., which
engages in the storage, management, collection and delivery services of corporate information such asimportant documents and magnetic tapes, making Wanbishi Archives a wholly owned subsidiary. Amid
ever-greater requirements for information security in accordance with Japan’s Personal Information
Protection Act, Electronic Documents Act and Financial Instruments and Exchange Act, we aim tocontinue providing more socially significant services based on relationships of mutual trust in supporting
our customers.

SEMIANNUAL REPORT 2008

5

Environmental Activities
Toyota Industries is promoting environmental management based on its five-year Environmental Action
Plan. Under the Fourth Environmental Action Plan, which runs from fiscal 2007 to fiscal 2011,
we have designated “curbing global warming,” “improving resource productivity,” “reducing
environmental risk factors” and “global environmental management” as priority issues, with efforts
undertaken within the entire Toyota Industries Group to achieve the plan objectives.

Eco-Factory Activities
Eco-factory activities refer to the thorough consideration of the environment in all
aspects of factory construction from land acquisition through to the construction offactory buildings and production lines. Based on our own company standards for theconstruction of eco-factories, we will pursue
this approach at all of our factories both inJapan and overseas.
At the Higashiura Plant in Chita-gun, Aichi Prefecture, we are proactively adopting
clean energy systems and energy conservation systems, including wind and solar
power generation, co-generation systems and an ice-storage air-conditioning heattransfer system. These efforts are aimed at reducing power consumption of the
production lines to 20% less than that of conventional factories.

Eco-Friendly Products
In September 2007, Toyota Motor Corporation started installing our
VD clean diesel engine, for which we were consigned to develop andproduce, into its Land Cruiser (for overseas) after a full model change.
This is Toyota’s first 4.5-liter V8 diesel engine befitting the new Land
Cruiser, which was developed under the “King of 4WD” concept.
Compared with other diesel engines, the VD clean diesel engine
boasts a drastically reduced environmental load.

• Balancing power performance and fuel efficiency

Gasoline engine SUV

For a 4-liter-class SUV, the engine achieves a top-level power
performance and fuel efficiency comparable to a 3-liter-class SUV• Improved torque by 50%• Improved time required to reach 100 km/h by 30%• Improved fuel efficiency by 4.3%

exhaust emissions that comply with
• Cleaner
the latest emission regulations• Complies with Euro 4 regulations• Reduces NOx and PM emissions by 50%

Fuel efficiency

Improved

Euro 3PM emissions

TOYOTA INDUSTRIES CORPORATION

Previous modelEuro 4VD
Less

6Acceleration

More* Euro 4: European vehicle emission regulations* NOx: Nitrogen oxide* PM: Particulate matter

quietness relative to competing• Top-levelengines

4-liter-classdiesel engine SUVPrevious model
3-liter-class
VD
diesel engine SUVNOx emissions

as an engine for off-road• Reliability
vehicles enabling solid driving in any
environmentMoreManagement’s Discussion and Analysis ofFinancial Condition and Results of Operations
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations
is based on information known to management as of November 30, 2007. It includes forward-looking
statements concerning the expected future performance of Toyota Industries. Please refer to “Cautionary
Statement with Respect to Forward-Looking Statements” at the beginning of this semiannual report, whichpertains to the report as a whole.

Results of Operations
During the first half of fiscal 2008 (the six months ended
September 30, 2007), the Japanese economy continued on asteady path to recovery as private-sector capital investment
continued to increase amid solid corporate earnings. Consumer
spending also picked up momentum on the back of improved
employment conditions. Overseas, despite signs of deceleration in
the U.S. economy, the overall economic outlook remained positive,
with the European economy remaining solidly on track and theeconomies in China and India sustaining a high level of growth.
In this operating environment, Toyota Industries posted
total consolidated net sales of ¥955.7 billion, an increase of ¥42.7
billion, or 5%, compared with the first half of fiscal 2007 (the six
months ended September 30, 2006).
At the profits level, ordinary income amounted to ¥63.2
billion, an increase of ¥9.8 billion, or 18%, over the first half offiscal 2007. Despite the effects of a rise in raw materials prices, aswell as increases in depreciation and personnel expenses, thisincrease was largely achieved due to an increase in net sales
worldwide, cost improvement efforts throughout the Group,favorable effects of exchange rate fluctuations and an increasein dividends income. Net income amounted to ¥40.3 billion, an
increase of ¥10.1 billion, or 33%, over the first half of fiscal 2007.
The following is a review of operations for the major
business segments.
Note: Net sales for each business segment do not include intersegment transactions.

engines for Toyota Motor Corporation’s Innovative International
Multi-Purpose Vehicle (IMV) Project.
Net sales of the Car Air-Conditioning Compressor Businesstotaled ¥128.7 billion, an increase of ¥15.6 billion, or 14%, overthe first half of fiscal 2007. A slight decrease in sales in Japan wasoffset by an increase in sales overseas.

Materials Handling Equipment
Net sales of the Materials Handling Equipment Segment totaled¥377.3 billion, a decrease of ¥10.9 billion, or 3%, from the firsthalf of fiscal 2007. Operating income decreased ¥0.8 billion, or
4%, to ¥21.9 billion. Excluding the effects of changes in certain
subsidiaries’ fiscal year-end during the first half of fiscal 2007,
however, net sales and operating income increased ¥51.7 billion,
or 16%, and ¥1.0 billion, or 5%, respectively. With regards to lift
trucks, both the TOYOTA and BT brands posted increases in total
unit sales backed by the robust European market. We also strove
to enhance our sales network. Meanwhile, sales of aerial work
platforms were strong, bolstered by replacement demand fromthe electricity and telecommunications industries.

Logistics
Net sales of the Logistics Segment totaled ¥57.9 billion, an
increase of ¥18.1 billion, or 45%, over the first half of fiscal 2007.
Operating income jumped ¥1.4 billion, or 259%, to ¥1.9 billion.
In May 2007, we raised our equity stake in Wanbishi Archives Co.,
Ltd., which provides total information management services, to100%, making it a wholly owned subsidiary.

Automobile
Net sales of the Automobile Segment totaled ¥458.9 billion, an
increase of ¥27.9 billion, or 6%, over the first half of fiscal 2007,
while operating income rose ¥5.1 billion, or 37%, to ¥18.8 billion.
Within this segment, net sales of the Vehicle Business totaled¥228.2 billion, an increase of ¥5.9 billion, or 3%, over the firsthalf of fiscal 2007. This was attributable to an increase in salesof the RAV4 and a contribution made by the Mark X ZiO, forwhich production commenced in September 2007, offsetting adecrease in sales of the Vitz (Yaris overseas) in Japan.
Net sales of the Engine Business totaled ¥85.0 billion, an
increase of ¥4.9 billion, or 6%, over the first half of fiscal 2007.
This increase was due largely to an increase in sales of KD diesel

Textile Machinery
Net sales of the Textile Machinery Segment totaled ¥30.7 billion,
an increase of ¥3.3 billion, or 12%, from the first half of fiscal
2007, whereas operating income rose ¥0.8 billion, or 144%, to¥1.3 billion. This increase was attributable mainly to continued
strong sales of weaving machinery to China.

Others
Net sales of the Others Segment totaled ¥30.7 billion, an
increase of ¥4.4 billion, or 16%, from the first half of fiscal 2007.
Operating income increased ¥0.4 billion, or 15%, to ¥2.6 billion.

SEMIANNUAL REPORT 2008

7

Management’s Discussion and Analysis ofFinancial Condition and Results of Operations
Automobile Segment

Percentage of Net Sales

Net Sales

Vehicle 23.9%
Engine8.9%
OthersCar Air-Conditioning
Compressor

1.7%

13.5%

Automobile total 48.0%(¥ billion)

7SEU17
Compressor

500
400

DC-DC converter

2KD
Diesel engine

300
200
100
0

Apr.-Sep.
2006

Apr.-Sep.
2007

RAV4

Materials Handling Equipment Segment
Net Sales
Percentage of Net Sales(¥ billion)

400
300

*

200
100
Materials
Handling
Equipment

39.5%

0

Apr.-Sep.
2006

Apr.-Sep.
2007* Effects of changes in subsidiaries’
fiscal year-end

GENEO(8FG25 overseas, Tonero in Europe)

Internal combustion
counterbalanced lift truck

ReflexReach truck

TZ-10A type “RR”
Truck mount aerial
work platform

Logistics Segment

Percentage of Net Sales
Logistics

6.1%

Net Sales(¥ billion)

60
40
20
0

Apr.-Sep.
2006

Apr.-Sep.
2007

Textile Machinery Segment

Net Sales

Percentage of Net Sales
TextileMachinery

3.2%(¥ billion)

40
30
20
10
0

8

TOYOTA INDUSTRIES CORPORATION

RX240NEW
Ring spinning frame
Apr.-Sep.
2006

Apr.-Sep.
2007

JAT710Air-jet loomA review of operations by geographical segments follows.
Note: Net sales for each geographical segment do not include intersegment
transactions.

adjustments, cash and cash equivalents as of September 30,
2007 stood at ¥134.8 billion, an increase of ¥52.2 billion, or 63%,
over the first half of fiscal 2007.

Japan
Net sales amounted to ¥634.3 billion, an increase of ¥55.2 billion,or 10%, over the first half of fiscal 2007. Operating income
amounted to ¥39.6 billion, an increase of ¥9.5 billion, or 32%. The
increases in net sales and operating income were due mainly tohigher unit sales of car air-conditioning compressors as well as
making Wanbishi Archives a wholly owned subsidiary.

North America
Net sales amounted to ¥139.1 billion, a decrease of ¥15.6 billion,or 10%, from the first half of fiscal 2007. Operating income
totaled ¥3.2 billion, a decrease of ¥1.0 billion, or 23%. The
decrease in net sales was due primarily to a change in the fiscal
year-end of certain subsidiaries.

EuropeNet sales amounted to ¥151.8 billion, a decrease of ¥5.9 billion,
or 4%, from the first half of fiscal 2007. Operating income was¥3.1 billion, a decrease of ¥0.9 billion, or 22%. The decrease in
net sales was attributable mainly to a change in the fiscal yearend of certain subsidiaries.

Dividend Policy
The Company regards the benefits of shareholders as one ofits most important management policies. Based on this stance,
we will strive to strengthen Toyota Industries’ management
platform, promote proactive business development and raise its
corporate value.
The Company’s dividend policy is to meet the expectationsof shareholders while giving full consideration to businessperformance, capital demand, the dividend payout ratio on
a consolidated basis and other factors. The Company intends
to use retained earnings to improve the competitiveness of its
products, augment production capacity in Japan and overseas,
as well as expand into new fields of business and strengthen
its management platform in securing future profits for its
shareholders. It will also use retained earnings to repurchasetreasury stock.
The Board of Directors of the Company voted to distributean interim cash dividend of ¥28.0 per share, an increase of ¥6.0
per share over the first half of fiscal 2007.

Others
Net sales totaled ¥30.3 billion, an increase of ¥9.0 billion, or 42%,over the first half of fiscal 2007. Operating income amounted to¥2.3 billion, an increase of ¥0.9 billion, or 64%.

Cash Flows
Cash flows from operating activities increased ¥86.8 billion
during the first half of fiscal 2008, due mainly to income before
income taxes in the amount of ¥69.1 billion. Net cash provided
by operating activities thus increased by ¥2.0 billion from ¥84.8
billion in the first half of fiscal 2007. Cash flows from investing
activities resulted in a decrease in cash of ¥103.3 billion during
the first half of fiscal 2008, attributable primarily to paymentsfor purchases of property, plant and equipment totaling ¥73.6
billion. Net cash used in investing activities increased ¥5.9
billion from ¥97.4 billion in the first half of fiscal 2007. Cashflows from financing activities resulted in an increase in cashof ¥42.4 billion during the first half of fiscal 2008, due mainly to
an increase in proceeds from long-term loans in the amount of¥40.7 billion. Net cash provided by financing activities totaled¥60.8 billion compared with net cash used in financing activitiesof ¥18.4 billion in the first half of fiscal 2007. After translation

Forecast for the Fiscal Year Ending
March 31, 2008
Toyota Industries expects the global economy to continue
expanding. Uncertainties persist, however, regarding fluctuationsin oil prices and the direction of the global economy, including
the U.S. economy.
We are determined to heighten the comprehensive
capabilities of the Toyota Industries Group through thedevelopment of appealing new products matched to customer
needs with an unwavering emphasis on quality, as well as theenhancement of sales, service and cost-reduction activities.
For fiscal 2008, ending March 31, 2008, Toyota Industries
forecasts consolidated net sales of ¥2,000.0 billion, operating
income of ¥95.0 billion, ordinary income of ¥120.0 billion andnet income of ¥70.0 billion. We have made upward revisions toprevious forecasts in consideration of business results during
the first half of fiscal 2008 as well as increases in unit sales and areview of the projected exchange rate.
Our projections are based on an exchange rate of ¥115.0 =US$1 and ¥159.0 = 1 euro.

SEMIANNUAL REPORT 20089

Consolidated Balance Sheets
Toyota Industries Corporation
As of September 30 and March 31, 2007, and September 30, 2006 (unaudited)Thousands of
U.S. dollars (Note 1)

Millions of yen

ASSETS
Current assets:
Cash and cash equivalents
Trade notes and accounts receivable
Short-term investments (Note 6)
Inventories (Note 3)
Deferred tax assets
Other current assets
Less — allowance for doubtful accounts

September 30

March 31

September 30

September 30

2007

2007

2006

2007

¥ 134,870 ¥ 108,569 ¥ 82,689
230,795
234,611208,13651
48
71
129,103
120,737
117,597
16,234
17,924
18,667
92,381
88,89483,549(2,904)(2,784)(2,542)$ 1,168,420
1,999,438
445
1,118,453
140,646
800,323(25,164)

Total current assets
Fixed assets:
Property, plant and equipment:
Buildings and structures (Note 3)
Machinery, equipment and vehicles (Note 3)
Tools, furniture and fixtures
Land
Construction in progress

600,531568,001

508,170

5,202,561

186,782
274,659
29,496
101,771
36,983

171,897269,769
26,081
99,11739,056

168,709257,969
23,191
96,00535,882

1,618,149
2,379,451
255,538
881,674
320,397

Total property, plant and equipment
Intangible assets:
Goodwill
Software629,694605,922581,758

5,455,208

149,256
11,500101,102
11,714

101,024
12,126

1,293,049
99,629Total intangible assets
Investments and other assets:
Investments in securities (Notes 3 and 6)
Investments in unconsolidated subsidiaries and affiliated companies
Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and other assets
Less — allowance for doubtful accounts

160,756

112,816

113,151

1,392,679

2,172,648 1,914,021
60,41559,4108,460
8,210
11,603
10,9697,435
7,623
38,784
39,271(232)(229)

17,742,181
351,503
74,416132,684
67,108396,815(1,445)2,165,843 2,299,117 2,039,277
2,956,294 3,017,856 2,734,187¥3,556,826 ¥3,585,857 ¥3,242,357

18,763,262
25,611,148$30,813,709

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

10

TOYOTA INDUSTRIES CORPORATION

2,047,979
40,574
8,589
15,315
7,746
45,804(166)

Thousands of
U.S. dollars (Note 1)

Millions of yen

LIABILITIES AND NET ASSETS
Current liabilities:
Trade notes and accounts payable
Short-term bank loans (Note 3)
Commercial paper
Current portion of bonds
Other payables
Accrued expenses
Accrued income taxes
Deposits received from employees
Deferred tax liabilities
Allowance for bonuses to directors and corporate auditors
Other current liabilities (Note 3)
Total current liabilities
Long-term liabilities:
Bonds
Long-term debt (Note 3)
Deferred tax liabilities
Allowance for retirement benefits
Other long-term liabilities
Total long-term liabilities
Total liabilities
Shareholders’ equity:
Common stock:
Authorized — 1,100,000,000 shares
Issued— 325,840,640 shares as of September 30, 2007
325,840,640 shares as of March 31, 2007
325,840,640 shares as of September 30, 2006
Capital surplus
Retained earnings
Treasury stock at cost
13,301,621 shares as of September 30, 2007
13,765,165 shares as of March 31, 2007
13,815,004 shares as of September 30, 2006
Total shareholders’ equity
Valuation and translation adjustments:
Net unrealized gains on other securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Total valuation and translation adjustments
Subscription rights to shares
Minority interests in consolidated subsidiaries
Total net assets
Total liabilities and net assets

September 30

March 31

September 30

September 30

2007

2007

2006

2007

¥ 198,984 ¥ 205,168 ¥ 189,836
52,226
37,10353,662
34,57333,76032,40080,00060,000–28,70337,80826,53779,88977,69875,50423,43625,854
17,52022,69722,02021,574
3,077
3,162
3,749
305
554
252
58,66355,27545,900582,557
558,405
466,938$ 1,723,857
452,456
299,519
693,061
248,663
692,106
203,034
196,632
26,663
2,643
508,217
5,046,850

231,422
188,238
701,370
46,93228,7581,196,722
1,779,280

250,761
141,567
751,764
45,482
27,393
1,216,969
1,775,374

284,567
142,471654,420
44,70824,4981,150,667
1,617,605

2,004,875
1,630,759
6,076,151
406,589
249,143
10,367,517
15,414,367

80,46280,46280,462

697,069

104,987433,730(45,677)

105,055
402,431(47,253)

105,116
380,167(47,405)

909,538
3,757,520(395,714)

573,503

540,696518,340

4,968,413

1,082,846 1,157,793 1,006,330
9,380,981
(9)
(0)
(147)
(82)
61,37552,91245,852531,712
1,144,212 1,210,704 1,052,035
9,912,611
402
202
50
3,485
59,42758,87854,325514,833
1,777,545 1,810,483 1,624,752
15,399,341¥3,556,826 ¥3,585,857 ¥3,242,357 $30,813,709

SEMIANNUAL REPORT 200811

Consolidated Statements of Income
Toyota Industries Corporation
For the six months ended September 30, 2007 and 2006 (unaudited)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Interest income
Dividends income
Other non-operating income
Non-operating expenses:
Interest expenses
Other non-operating expenses
Ordinary income
Extraordinary gains:
Proceeds from sales of investment securities
Income before income taxes and minority interests
Income taxes — current
Income taxes — deferred
Minority interests in consolidated subsidiaries
Net income

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2007

2006

¥955,760
800,912
154,848
107,887
46,960¥913,085
770,487
142,597
102,546
40,051$8,280,002
6,938,509
1,341,493
934,661
406,832

2007

7,351
18,252
5,790

8,539
14,353
6,074

63,690158,130
50,162(9,772)(5,321)
63,260(9,942)(5,595)53,482(84,664)(46,104)
548,046

5,863
69,124
24,112842
3,859¥ 40,309–
53,482
20,661(331)
2,883¥ 30,268

50,794
598,841
208,889
7,301
33,439$ 349,212

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

Consolidated Statements of Changes in Net Assets
Toyota Industries Corporation
For the six months ended September 30, 2007 and 2006 (unaudited)
Millions of yen
Shareholders’ equity
Commonstock

Balance at March 31, 2007
Change during interim accounting period
Surplus dividend
Decrease due to increase in consolidated subsidiaries
Decrease due to decrease in consolidated subsidiaries
Increase due to decrease in affiliates accounted
for under the equity method
Net income
Repurchase of treasury stock
Exercise of stock options
Change to items other than shareholders’ equity
during interim accounting period
Total change during interim accounting period
Balance at September 30, 2007

CapitalsurplusRetainedearnings

Treasury stock
at costTotal shareholders’equity¥80,462¥105,055¥402,431¥(47,253)¥540,696

–
–
–
–

–
–
–
–

(8,738)(1,316)
(77)
1,121

–
–
–
–

(8,738)(1,316)
(77)
1,121

–
–
–
–

–
–
(67)
–

40,309
–
–
–

–
(41)
1,617
–

40,309
(41)
1,550
–

–
¥80,462(67)¥104,987

31,298¥433,730

1,575¥(45,677)

32,807¥573,503

Valuation and translation adjustments

Balance at March 31, 2007
Change during interim accounting period
Surplus dividend
Decrease due to increase in consolidated subsidiaries
Decrease due to decrease in consolidated subsidiaries
Increase due to decrease in affiliates accounted
for under the equity method
Net income
Repurchase of treasury stock
Exercise of stock options
Change to items other than shareholders’ equity
during interim accounting period
Total change during interim accounting period
Balance at September 30, 2007

12

TOYOTA INDUSTRIES CORPORATIONNet unrealized
gains or losses onother securities

Deferred gains
or losses onhedgesForeign currencytranslation
adjustments

Total valuationand translation
adjustments

Subscription
rights tosharesMinority interests
in consolidated
subsidiaries

Total net
assets¥1,157,793¥ (0)¥52,912¥1,210,704¥202¥58,878¥1,810,483

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

(8,738)(1,316)
(77)
1,121

–
–
–
(74,946)

–
–
–
(8)

–
–
–
8,462

–
–
–
(66,492)

–
–
–
199

–
–
–
548

40,309(41)
1,550(65,744)(74,946)¥1,082,846

(8)
¥(9)

8,462
¥61,375(66,492)¥1,144,212

199
¥402

548
¥59,427(32,937)¥1,777,545

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

Balance at March 31, 2007
Change during interim accounting period
Surplus dividend
Decrease due to increase in consolidated subsidiaries
Decrease due to decrease in consolidated subsidiaries
Increase due to decrease in affiliates accounted for under the equity method
Net income
Repurchase of treasury stock
Exercise of stock options
Change to items other than shareholders’ equity
during interim accounting period
Total change during interim accounting period
Balance at September 30, 2007

Commonstock

CapitalsurplusRetainedearnings

Treasury stock
at costTotal shareholders’equity$697,069$910,124$3,486,370$(409,367)$4,684,195

–
–
–
–
–
–
–
–

–
–
–
–
–
–
(585)
–

(75,701)(11,409)
(669)
9,717
349,212
–
–
–

–
–
–
–
–
(364)
14,017–(75,701)(11,409)
(669)
9,717
349,212(364)
13,431––$697,069(585)$909,538

271,150$3,757,520

13,653$(395,714)

284,218$4,968,413
Total net
assetsValuation and translation adjustments
Net unrealized
gains or losses onother securities

Deferred gains
or losses onhedgesForeign currencytranslation
adjustments

Total valuationand translation
adjustments

Subscription
rights tosharesMinority interests
in consolidated
subsidiaries

Balance at March 31, 2007
$10,030,261
Change during interim accounting period
Surplus dividend–
Decrease due to increase in consolidated subsidiaries–
Decrease due to decrease in consolidated subsidiaries–
Increase due to decrease in affiliates accounted–
for under the equity method
Net income–
Repurchase of treasury stock–
Exercise of stock options–
Change to items other than shareholders’ equity(649,280)
during interim accounting period
Total change during interim accounting period(649,280)
Balance at September 30, 2007
$9,380,981$ (6)$458,395$10,488,649$1,758$510,081$15,684,683

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

(75,701)(11,409)
(669)
9,717

–
–
–
(76)

–
–
–
73,317–––(576,039)

–
–
–
1,727

–
–
–
4,751

349,212(364)
13,431(569,560)

(76)
$(82)

73,317$531,712(576,039)$9,912,611

1,727$3,4854,751$514,833(285,342)$15,399,341

Treasury stock
at costTotal shareholders’equityMillions of yen
Shareholders’ equity
Commonstock

CapitalsurplusRetainedearnings¥80,462¥105,665¥358,385¥(14,363)¥530,150

–
–
–

–
–
–

(6,386)(427)(1,673)–––(6,386)(427)(1,673)

–
–
–
–

–
–
(549)
–

30,268––––(35,473)
2,432–

30,268(35,473)
1,882––¥80,462(549)¥105,116

21,781¥380,167(33,041)¥(47,405)(11,809)¥518,340

Foreign currencytranslation
adjustments

Total valuationand translation
adjustments

Subscription
rights tosharesMinority interests
in consolidated
subsidiaries–¥33,886¥1,081,077¥ –¥49,270¥1,660,498

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–

(6,386)(427)(1,673)–––(40,860)

–
–
–
(147)

–
–
–
11,965–––(29,042)

–
–
–
50

–
–
–
5,054

30,268(35,473)
1,882(23,936)(40,860)¥1,006,330(147)¥(147)

11,965¥45,852(29,042)¥1,052,035

50
¥50

5,054
¥54,325(35,746)¥1,624,752

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

Valuation and translation adjustments

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

Net unrealized
gains or losses onother securities

Deferred gains
or losses onhedges¥1,047,190¥

Total net
assets

The accompanying notes are an integral part of these financial statements.
SEMIANNUAL REPORT 200813

Consolidated Statements of Cash Flows
Toyota Industries Corporation
For the six months ended September 30, 2007 and 2006 (unaudited)

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2007

Cash flows from operating activities:
Income before income taxes and minority interests¥ 69,124
Adjustments to reconcile income before income taxes and minority interests to
net cash provided by operating activities:
Depreciation and amortization
57,500
Increase (decrease) in allowance for doubtful accounts(101)Interest and dividends income(25,604)
Interest expenses
9,772
Equity in net earnings of unconsolidated subsidiaries and affiliated companies(1,252)(Increase) decrease in receivables
10,820(Increase) decrease in inventories(5,772)
Increase (decrease) in payables(10,635)
Others, net(4,936)
Subtotal
98,913
Interest and dividends income received
25,564
Interest expenses paid
(9,533)
Income taxes paid
(28,048)
Net cash provided by operating activities
86,895
Cash flows from investing activities:
Payments for purchases of property, plant and equipment(73,640)
Proceeds from sales of property, plant and equipment
8,641
Payments for purchases of investment securities(1,308)Proceeds from sales of investment securities
6,566
Payments for acquisition of subsidiaries’ stock resulting in change in scope of consolidation (36,929)
Proceeds from sales of subsidiaries’ stock resulting in change in scope of consolidation
424
Payments for loans made
(1,205)
Proceeds from collections of loans
945
Other, net(6,804)
Net cash used in investing activities(103,309)
Cash flows from financing activities:
Increase (decrease) in short-term loans
9,537
Increase (decrease) in commercial paper(876)
Proceeds from long-term loans
40,703
Repayments of long-term loans(844)
Repayments of bonds(629)
Payments for purchase of treasury stock(41)
Cash dividends paid
(8,738)Cash dividends paid for minority shareholders(1,136)
Other, net
4,475
Net cash provided by (used in) financing activities
42,449Translation adjustments of cash and cash equivalents
265
Net increase (decrease) in cash and cash equivalents
26,301
Cash and cash equivalents at beginning of period
108,569
Cash and cash equivalents at end of period¥134,870
The accompanying notes are an integral part of these financial statements.

14

TOYOTA INDUSTRIES CORPORATION

2006

2007

¥ 53,482$598,841

51,412(295)(22,893)
9,942
(461)
(2,764)(9,633)
3,398
7,409
89,59522,873(9,869)(17,701)
84,897498,140(880)(221,820)
84,664(10,854)
93,737(50,007)(92,139)(42,767)
856,914
221,474(82,593)(242,995)
752,801(87,721)
4,048(9,254)
2,713(1,939)–(1,989)643(3,912)(97,411)(637,965)
74,867(11,334)
56,890(319,932)
3,680(10,447)
8,190(58,950)(895,000)

9,399–
38,337(12,631)(15,948)(35,473)(6,386)(767)
5,036(18,435)
1,042(29,906)
112,596¥ 82,689

82,630(7,589)352,624(7,318)(5,451)(364)(75,701)(9,850)38,773367,7542,300
227,855
940,565$1,168,420

Notes to Consolidated Financial Statements
1. Basis of presenting consolidated financial statements
The accompanying interim consolidated financial statements
have been prepared based on the accounts maintainedby Toyota Industries Corporation (the “Company”) and its
consolidated subsidiaries (together, hereinafter referred toas “Toyota Industries”) in accordance with the provisions
set forth in the Corporate Law of Japan and the Financial
Instruments and Exchange Law, and in conformity withaccounting principles generally accepted in Japan, which are
different in certain respects from the application and disclosure
requirements of International Financial Reporting Standards.
Certain items presented in the interim consolidated financial

statements submitted to the Director of Kanto Finance Bureau
in Japan have been reclassified in these accounts for theconvenience of readers outside Japan.
Amounts in U.S. dollars are included solely for theconvenience of readers outside Japan. The rate of¥115.43=US$1, the rate of exchange prevailing at September
30, 2007, has been used in translation. The inclusion of suchamounts are not intended to imply that the Japanese yen
actually represent, or have been or could be converted into,
equivalent amounts in U.S. dollars at this rate or any other rates.

2. Summary of significant accounting policies(1) Consolidation
The interim consolidated financial statements include theaccounts of the Company and its 165 subsidiaries (46 domestic
subsidiaries and 119 overseas subsidiaries, of which major
subsidiaries are listed on pages 24 and 25) as of September 30,
2007 and 159 subsidiaries (45 domestic subsidiaries and 114
overseas subsidiaries) as of September 30, 2006.
For the six-month period ended September 30, 2007, two
subsidiaries were newly added to the scope of consolidationand two companies were excluded from the scope of
consolidation because of liquidation and sale. Additionally, eightsubsidiaries were newly added to the scope of consolidationand five companies were excluded from the scope of
consolidation because of mergers and acquisitions.
For the six-month period ended September 30, 2006, sevensubsidiaries were newly added to the scope of consolidationand one company was excluded from the scope of
consolidation because of mergers and acquisitions.
Some of the affiliates are not accounted for under the equity
method since their net income/losses, retained earnings andother financial amounts are immaterial.
The interim periods of certain subsidiaries are different
from the interim period of the Company. Since the difference
is not more than three months, the Company is using thosesubsidiaries’ statements for their interim periods, making
adjustments for significant transactions that materially affect thefinancial position or results of operations.
The interim periods of certain unconsolidated subsidiaries
and affiliates acounted for by the equity method are different
from the interim periods of the Company. The Company is using
the financial statements of the unconsolidated subsidiaries andaffiliates acounted for by the equity method for thier respective
interim periods.
All significant intercompany transactions, balances andunrealized profits within Toyota Industries have been eliminated.
A full portion of the assets and liabilities of the acquired
subsidiaries is stated at fair value as of the date of acquisition ofcontrol.

In the six-month period ended September 30, 2006, Toyota
Industries Sweden AB and its consolidated subsidiaries decided
to change their fiscal year-end from December 31 to March 31.
As a result, the Company’s consolidated financial statements
include nine months of their operating results.
In May 2007, Toyota Industries Sweden AB changed thecompany name to Toyota Industries Europe AB.

(2) Investments in unconsolidated subsidiaries andaffiliates
Investments in 17 affiliates as of September 30, 2007 andinvestments in 21 affiliates as of September 30, 2006 are
accounted for by the equity method of accounting.
Investments in unconsolidated subsidiaries and affiliates
not accounted for by the equity method are stated at cost
due to their insignificant effect on the consolidated financial
statements.
The major affiliates accounted for by the equity method arelisted on page 25.

(3) Translation of foreign currencies
Foreign currency denominated receivables and payables
are translated into Japanese yen at the exchange rates as of
September 30, 2007 and 2006, and the resulting transaction
gains or losses are included in the consolidated statements ofincome.
All asset and liability accounts of foreign subsidiaries andaffiliates are translated into Japanese yen at the exchange
rates as of September 30, 2007 and 2006, and all revenue andexpense accounts are translated at prevailing average rates forthe interim periods.

(4) Cash and cash equivalents
Cash and cash equivalents include all highly liquid investments,
generally with original maturities of three months or less, thatare readily convertible to known amounts of cash and are sonear maturity that they present insignificant risk of changes invalue because of changes in interest rates.

SEMIANNUAL REPORT 200815

Notes to Consolidated Financial Statements(5) Marketable securities and investments in securities
Toyota Industries classifies securities into four categories
by purpose of holding: trading securities, held-to-maturity
securities, other securities and investments in unconsolidated
subsidiaries and affiliates. Toyota Industries did not have trading
securities or held-to-maturity securities as of September 30,
2007 and 2006.
Other securities with readily determinable fair values arestated at fair value based on market prices at the end of theinterim periods. Unrealized gains and losses are included in “Netunrealized gains on other securities” as a separate componentof net assets. Cost of sales of such securities is determined by
the moving-average method. Other securities without readily
determinable fair values are stated at cost, as determined by themoving-average method.
Investments in unconsolidated subsidiaries and affiliates areaccounted for by the equity method (see Note 2 (2)).

(6) Inventories
Inventories are stated mainly at cost determined by the movingaverage method.

amortized by the straight-line method over their expected
useful lives (mainly five years).
Goodwill, if material, is amortized principally over less than
20 years on a straight-line basis, while immaterial goodwill ischarged to income as incurred.

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

(10) Allowance for doubtful accounts
Toyota Industries adopted the policy of providing an allowancefor doubtful accounts in an amount sufficient to cover possible
losses on collection by estimating individually uncollectible
amounts and applying to the remaining accounts a percentage
determined by certain factors such as historical collection
experiences.

(11) Deferred charges(7) Property, plant and equipment, and depreciation
Property, plant and equipment are stated at cost. Depreciation
expenses of property, plant and equipment are computed
mainly by the declining-balance method for the Company
and Japanese subsidiaries and by the straight-line method foroverseas subsidiaries.
Significant renewals and additions are capitalized at cost.
Repair and maintenance are charged to income as incurred.
Accumulated depreciation as of September 30, 2007 and2006 was ¥693,312 million (US$6,006,342 thousand) and¥620,382 million, respectively.
Effective from the fiscal year beginning April 1, 2007, Toyota
Industries changed the depreciation method for property,
plant and equipment acquired on or after April 1, 2007 inaccordance with the revised Corporate Tax Law of Japan. As
a result, operating income decreased ¥821 million (US$7,117
thousand), and ordinary income and income before income
taxes decreased ¥822 million (US$7,125 thousand), respectively.
As for property, plant and equipment acquired before April 1,
2007, Toyota Industries applied the pre-revised depreciation
method during the fiscal year beginning April 1, 2007. Amongthese, property, plant and equipment for which the allowable
limit on the depreciable amount has been reached are to be
depreciated evenly over five years beginning from the following
fiscal year. As a result, operating income decreased ¥899 million(US$7,796 thousand), and ordinary income and income before
income taxes decreased ¥900 million (US$7,797 thousand),
respectively.

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

16

TOYOTA INDUSTRIES CORPORATION

Stock issuance costs and bond issuance costs are expensed as
incurred.

(12) Allowance for bonuses to directors andcorporate auditors
Bonuses to directors and corporate auditors are recorded on theaccrual basis with a related charge of income.

(13) Allowance for retirement benefits
Toyota Industries accrues an amount which is considered to
be incurred in the period based on the estimated projected
benefit obligations and estimated pension assets at the end of
the period. To provide for the retirement benefits for directors
and corporate auditors, an amount which is calculated at theend of the period as required by an internal rule describing
the retirement benefits for directors and corporate auditors is
accrued.

(14) Lease transactions
Finance leases other than those that are deemed to transfer
the ownership of the leased assets to lessees are accounted
for mainly by a method similar to that applicable to ordinary
operating leases.

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

(16) Hedge accounting(a) Method of hedge accounting
Mainly the deferral method of hedge accounting is applied.
In the case of foreign currency forward contracts and foreign
currency option contracts, the hedged items are translated atcontracted forward rates if certain conditions are met.
(b) Hedging instruments and hedged items
Hedging instruments:
Derivatives instruments (interest rate swaps, foreign currency
forwards and foreign currency option contracts)
Hedged items:
Risk of change in interest rate on borrowings and risk ofchange in forward exchange rate on transactions denominatedin foreign currencies (assets and liabilities, and forecasted
transactions)interest rate risks and foreign currency risks. Toyota Industries’
hedging activities are reported periodically to a director
responsible for accounting.

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

(c) Hedging policy
Hedging transactions are executed and controlled based on
Toyota Industries’ internal rule and Toyota Industries is hedging

3. Assets pledged as collateral(1) Assets pledged as collateral as of September 30, 2007 and 2006 are as follows:
Thousands of
U.S. dollars

Millions of yen

Investments in securities
Property, plant and equipment
Inventories
Buildings and structures
Machinery, equipment and vehicles
Total

2007

2006

2007

¥54,695
925
413
378
–
¥56,412¥52,265
2,365
–
1,318
1,356
¥57,305$473,837
8,017
3,578
3,283
–
$488,715(2) Secured liabilities as of September 30, 2007 and 2006 are as follows:
Thousands of
U.S. dollars

Millions of yen

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

2007

2006

2007

¥22,351512
49¥22,913¥21,433856
710¥23,000$193,639
4,437
426$198,503

4. Contingent liabilities
Toyota Industries is contingently liable for guarantees as of September 30, 2007 and 2006 as follows:
Thousands of
U.S. dollars

Millions of yen

2007

Guarantees given by the Company
Guarantees given by consolidated subsidiaries
Guarantee forwards given by the Company¥5,600
408
437

2006

¥4,200
620
508

2007

$48,514
3,537
3,791

SEMIANNUAL REPORT 200817

Notes to Consolidated Financial Statements

5. Leases(1) Finance leases (as a lessee) which do not transfer ownership of leased properties to lessees(a) Pro forma information regarding the leased properties such as acquisition cost and accumulated depreciation, which are notreflected in the accompanying consolidated balance sheets under finance leases as of September 30, 2007 and 2006 is as follows:
Thousands of
U.S. dollars

Millions of yen

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

2007

2006

¥

¥

276
101
175

2007

–
–
–

$

2,395
878
1,517

16,747
8,118
8,629

14,9567,982
6,974

145,090
70,32974,761

14,462
6,643
7,818¥16,623

13,3006,205
7,095¥14,069

125,295
57,55767,738$144,016

Acquisition cost equivalents include the imputed interest expense portion because the percentage which is computed by dividing
future minimum lease payments by total balance of property, plant and equipment as of September 30, 2007 and 2006 is immaterial.
(b) Pro forma information regarding future minimum lease payments as of September 30, 2007 and 2006 is as follows:
Thousands of
U.S. dollars

Millions of yen

Due within one year
Due after one year
Total

2007

2006

2007

¥ 5,290
13,061¥18,352¥ 4,325
9,744¥14,069$ 45,835
113,156$158,991

Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease payments for the six-month periods ended September 30, 2007 and 2006 are as follows:
Millions of yen

2007
2006

¥2,685
2,865

Thousands of
U.S. dollars$23,266–

Pro forma depreciation expenses, which are not reflected in the accompanying interim consolidated statements of income, arecomputed mainly by the straight-line method, which assumes zero residual value and leasing term to be useful lives for the sixmonth periods ended September 30, 2007 and 2006, and are equivalent to the amount of total lease payments of the above.

18

TOYOTA INDUSTRIES CORPORATION

(2) Finance leases (as a lessor) which do not transfer ownership of leased properties to lessees(a) Information regarding leased properties such as acquisition cost and accumulated depreciation under finance leases as of
September 30, 2007 and 2006 is as follows:
Thousands of
U.S. dollars

Millions of yen

2007

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

2006¥11,836
6,953¥ 4,883¥8,625
4,804¥3,821

2007$102,547
60,242$ 42,305(b) Pro forma information regarding future minimum lease income as of September 30, 2007 and 2006 is as follows:
Thousands of
U.S. dollars

Millions of yen

2007

Due within one year
Due after one year
Total

2006

¥2,374
6,160¥8,535¥1,0693,223¥4,292

2007$20,568
53,374$73,942

Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease receipts and depreciation for the six-month periods ended September 30, 2007 and 2006 are as follows:
Thousands of
U.S. dollars

Millions of yen

2007

Total lease payments to be received
Depreciation expenses

2006¥1,575
1,186¥1,097848

2007$13,645
10,275(3) Operating leases (as a lessee)
Pro forma future lease payments under operating leases as of September 30, 2007 and 2006 are as follows:
Millions of yen

Due within one year
Due after one year
Total

Thousands of
U.S. dollars

2007

2006

2007

¥ 8,159
39,844¥48,004¥ 5,417
16,193¥21,611$ 70,687
345,186$415,874(4) Operating leases (as a lessor)
Pro forma information regarding future minimum rentals under operating leases as of September 30, 2007 and 2006 is as follows:
Millions of yen

Due within one year
Due after one year
Total

Thousands of
U.S. dollars

2007

2006

2007

¥17,062
22,939¥40,001¥13,251
24,628¥37,880$147,819
198,729$346,547

SEMIANNUAL REPORT 200819

Notes to Consolidated Financial Statements

6. Marketable securities(1) As of September 30, 2007(a) Other securities with readily determinable fair value are as follows:
Thousands of U.S. dollars

Millions of yen

StocksBonds:
Other bonds
Total

Acquisition cost

Carrying amount

Difference¥227,201¥2,029,977¥1,802,775$1,968,309 $17,586,221 $15,617,912

405¥227,607

405¥2,030,382–¥1,802,775

3,512
3,512
–
$1,971,821 $17,589,733 $15,617,912

Acquisition cost

Carrying amount

Difference(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) without
readily determinable fair value are as follows:
Carrying amountMillions of yen

Other securities:
Domestic unlisted stocks excluding over-the-counter stocks
Money management funds
Negotiable certificates of deposit¥17,606
40,13524,000Thousands of
U.S. dollars$152,533
347,706
207,918(2) As of September 30, 2006(a) Other securities with readily determinable fair value are as follows:
Millions of yen

Stocks
Total

Acquisition cost

Carrying amount¥220,327¥220,327¥1,895,562¥1,895,562

Difference¥1,675,235¥1,675,235(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) without
readily determinable fair value are as follows:
Carrying amountMillions of yen

Other securities:
Domestic unlisted stocks excluding over-the-counter stocks
Money management funds¥18,458
25,021

7. Derivative instruments
Notes relating to derivative instruments are omitted, since Toyota Industries has not used derivative instruments for other thanhedging.

20

TOYOTA INDUSTRIES CORPORATION

8. Segment Information(1) Business segments

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

Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2007

2006

2007

¥458,962
11,843
470,806¥431,024
9,972
440,997$3,976,111
102,604
4,078,715

377,333
1,759
379,093388,270310
388,5813,268,936
15,2453,284,182

57,962
3,899
61,861

39,8983,435
43,333502,144
33,778535,92230,788030,78827,495
2
27,497

266,7275
266,73130,714
11,08741,802
984,351(28,590)¥955,760

26,396
11,33337,729938,139(25,054)¥913,085

266,085
96,058362,1428,527,692(247,690)$8,280,002¥451,949
357,155
59,88029,42939,156(28,770)¥908,800¥427,234
365,782
42,781
26,93935,431(25,135)¥873,033$3,915,351
3,094,134
518,757
254,952
339,219(249,244)$7,873,170¥ 18,857
21,937
1,981
1,359
2,646
179
¥ 46,960¥ 13,762
22,799
552
557
2,297
81
¥ 40,051$ 163,363
190,048
17,164
11,77922,923
1,554$ 406,832

1. Business segments are divided by the type and nature of the product.
2. Main products and services of each segment are as follows:
Automobile ........................................................Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors, foundry parts, electronics parts
Materials Handling Equipment.................Counterbalanced lift trucks, warehouse trucks, automated storage and retrieval systems, aerial work platforms
Logistics ...............................................................Transportation services, collection and delivery of cash and management of sales proceeds, total information management
Textile Machinery ............................................Air-jet looms, water-jet looms, ring spinning frames
Others...................................................................Semiconductor package substrates

SEMIANNUAL REPORT 200821

Notes to Consolidated Financial Statements(2) Geographical segments

Sales:
Japan
Outside customer sales
Intersegment transactions

1. Geographical segments are divided into categories based on their geographical proximity.
2. Significant countries or areas belonging to each segment are as follows:
North America ..............................................................U.S.A., Canada
Europe ..............................................................................Sweden, Germany, France
Others...............................................................................Australia, China, Brazil

22

TOYOTA INDUSTRIES CORPORATION

For the six months
ended September 30

For the six months
ended September 30

2006

2007

¥ 634,339
66,240700,579¥579,171
58,800637,972$5,495,449
573,855
6,069,304

139,198972
140,170

154,771952
155,724

1,205,909
8,428
1,214,337

151,838
3,310
155,148

157,7433,436
161,179

1,315,413
28,6791,344,092

30,384
3,804
34,1891,030,088(74,328)¥ 955,760

21,397
2,341
23,739978,615(65,530)¥913,085

263,231
32,962
296,193
8,923,926(643,924)$8,280,002¥660,925
136,883
151,975
31,839(72,823)¥ 908,800¥607,832
151,459
157,105
22,306(65,670)¥873,033$5,725,766
1,185,860
1,316,601
275,830(630,887)$7,873,170¥¥ 30,139
4,265
4,073
1,433
140
¥ 40,051$ 343,538
28,47727,491
20,362(13,037)$ 406,832

EuropeOutside customer sales
Intersegment transactions

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

Thousands of
U.S. dollars

2007

North America
Outside customer sales
Intersegment transactions

Others
Outside customer sales
Intersegment transactions

Millions of yen¥

39,654
3,287
3,173
2,350
(1,504)46,960Directors, Corporate Auditors and Managing Officers(As of September 30, 2007)

Board of Directors

Executive Vice President
Norio Sato*

ChairmanPresident

Tadashi Ishikawa*

Tetsuro Toyoda*

Executive Vice President
Yoshikatsu Mizuno*

Executive Vice President
Tatsuo Matsuura*

Executive Vice President
Akira Imura** Representative Director

Senior Managing Directors

Shigetaka Yoshida
Masafumi Kato
Yasuharu Toyoda
Yutaka Murodono

Honorary Chairman

Kazunori Yoshida
Kosaku Yamada
Toshiyuki Sekimori
Kimpei Mitsuya

Yoshitoshi Toyoda
Director

Tatsuro Toyoda

Corporate Auditors
Standing Corporate Auditors

Shigetaka Mitomo
Masanori Ito

Corporate Auditors

Hiroshi Okuda
Fumio Kawaguchi
Katsuaki Watanabe

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

Hirotaka Morishita
Shinya Furukawa
Hironori Ito
Akira Onishi
Per Zaunders
Eishi Furuta
Tadayoshi Baba
Takashi Okubo

Norio Sasaki
Toshifumi Ogawa
Hayato Ikeda
Toshifumi Onishi
Kouhei Nozaki
Osamu Miura
Taku Yamamoto
Yukihisa Tsuchimoto

SEMIANNUAL REPORT 200823

Corporate Data
(As of September 30, 2007)

Major Plants (Parent Company)
Start of
Operations

Main Products

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

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

1927
1944
1953
1967
1970
1982
2001
2002

Major Consolidated Subsidiaries% ofVoting Rights

Company Name

Location of Head Office

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

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

51.1%
100.0%
60.0%
50.5%
100.0%
100.0%
75.0%
100.0%
68.8%
75.0%
63.3%
100.0%
100.0%
82.0%
60.0%
50.5%
51.0%
100.0%
92.1%
51.4%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
60.0%
100.0%
100.0%

Toyota Material Handling Belgium SA/NV
Toyota Material Handling Europe SA/NV
Toyota Material Handling Danmark A/S

Temse
Brussels
Slangerup

100.0%
100.0%
100.0%

Japan

EuropeBelgium
Denmark

24

TOYOTA INDUSTRIES CORPORATIONFrance

Germany
Italy

Netherlands
Spain
SwedenSwitzerland
U.K.

% of
Voting Rights

Company Name

Location of Head Office

Toyota Industrial Equipment, S.A.
BT France S.a.r.l
Toyota Industrial Equipment Europe, S.A.R.L.
TD Deutsche Klimakompressor GmbH
Toyota Material Handling Deutschland GmbH
Toyota Carrelli Elevatori Italia S.r.l.
CESAB Carrelli Elevatori S.p.A.
BTCESAB S.C.aR.L
Toyota Material Handling Nederland B.V.
BT España S.A.c
Toyota Industries Europe AB
Toyota Industries Sweden AB
Toyota Material Handling Sweden AB
BT Products AB
Toyota Industries Finance International AB
BT Europe AB
Toyota Textile Machinery Europe AG
BT Rolatruc Ltd
Toyota Industrial Equipment (UK) Limited

AncenisCourtry
Ancenis, France/Brussels, Belgium
Straßgräbchen
Langenhagen
Bologna
Bologna
Bologna
Ede
Barcelona
MjölbyMjölbyBrommaMjölbyMjölbyMjölbyZurichSloughCastleford, West Yorkshire

80.0%
100.0%
100.0%
65.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

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

Parma, Michigan
Greene, New York
Jefferson, Georgia
Columbus, Indiana
Elk Grove, Illinois
Irvine, California
Franklin, Indiana
Grapevine, Texas
Charlotte, North Carolina
Elk Grove, Illinois

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

Toyota Industries Mercosur Ltda.
Toyota Maquinas Texteis Brasil Ltda.

São PauloSão Paulo

100.0%
100.0%

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

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

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

Company Name

Location of Head Office% ofVoting Rights

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

Aichi
Tokyo
Shiga

50.0%
26.8%
20.0%

Toyota Motor Industries Poland Sp.zo.o.

Jelcz-Laskowice

40.0%

North America
U.S.A.

South America
BrazilAsia and Oceania
Australia
China

India

Major Affiliates Accounted for by the Equity Method
Japan

EuropePolandSEMIANNUAL REPORT 200825

Investor Information(As of September 30, 2007)

Corporate Head OfficeTransfer Agent

TOYOTA INDUSTRIES CORPORATION
2-1, Toyoda-cho, Kariya-shi, Aichi-ken
448-8671, Japan
Telephone: +81-(0)566-22-2511
Facsimile: +81-(0)566-27-5650

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

Major Shareholders(Top 10)

Date of Establishment

Thousands ofsharesNovember 18, 1926
Toyota Motor Corporation

76,600DENSO Corporation

29,647

Third Avenue Fund-Custodial Trust Company

15,737

Towa Real Estate Co., Ltd.

15,697The Master Trust Bank of Japan, Ltd.

10,849Toyota Tsusho Corporation

8,289

Nippon Life Insurance Company

6,735

Number of Shareholders

Aisin Seiki Co., Ltd.

6,578

20,556

Mitsui Sumitomo Insurance Co., Ltd.

5,345

Independent Accountants

Japan Trusetee Services Bank, Ltd

5,165

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

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

PricewaterhouseCoopers Aarata
JR Central Towers 33rd Floor, 1-1-4, Meieki, Nakamura-ku,
Nagoya-shi, Aichi-ken, 450-6033, Japan

Common Stock Price Range (Tokyo Stock Exchange)
FY2008HighLow

1st quarter2nd quarter3rd quarter
4th quarter¥5,8205,830––¥5,3004,530––

FY2007High
Low

FY2006High
Low

FY2005High
Low

FY2004HighLow¥5,360
5,070
5,520
6,160

¥3,250
3,990
4,380
4,850

¥2,700
2,645
2,605
3,180

¥1,988
2,235
2,325
2,530

¥3,980
4,150
4,840
5,310

¥2,780
3,010
3,530
3,840

¥2,235
2,285
2,320
2,465

¥1,686
1,922
1,951
2,190

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

Web Site
Updated information is published regularly on our Web site. (www.toyota-industries.com)

Further Information
For further information, please write to the Investor Relations Office at our Corporate Head Office.

2-1, Toyoda-cho, Kariya-shi, Aichi-ken 448-8671, Japan
Telephone: +81-(0)566-22-2511 Facsimile: +81-(0)566-27-5650
www.toyota-industries.com

This semiannual report is printed on recycled paper using
soy ink to minimize the impact on the environment.
Printed in Japan