FINANCIAL SUMMARY
FY2005 Semiannual(April 1, 2004 through September 30, 2004)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

This report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking
statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota
Industries Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All suchprojections and forward-looking statements are based on management’s assumptions and beliefs derived from the information
available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries and its
Group companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Therefore, it is advised that you should not rely solely upon these projections andforward-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 Corporation and its Group companies to differ materially from any
projections or forward-looking statements appearing in this report. These risks and uncertainties include, but are not limited to,the following : 1) economic trends, 2) principal customers, 3) product development capabilities, 4) new businesses, 5) productdefects, 6) price competition 7) reliance on suppliers of raw materials and components, 8) alliances with other companies, 9)exchange rate fluctuations, 10) effects of disasters, power blackouts and other incidents, 11) latent risks associated withinternational activities, 12) official restriction, 13) share price fluctuations and 14) retirement benefit liabilities.

October 28, 2004

Semiannual Consolidated Financial Results for FY2005
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201) ( URL http://www.toyota-industries.com/ )Representative person: Tadashi Ishikawa, President
Location of the head office: Aichi prefecture, Japan
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for consolidated semiannual financial results for FY2005: October 28, 2004
US GAAP: Not used

1. Financial Highlights for FY2005 Semiannual (April 1, 2004 – September 30, 2004)(1) Consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual

607,063569,587
1,164,378
Net income((%

Million yen

6.6 )
9.4 )

30,09827,01852,631change fromyear )( %previous

Million yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual((%

Million yen

11.4 )
7.2 )

38,89030,16858,970Net income
per share－basic((

28.9 )
12.1 )Net income
per share－diluted%

23,94517,09533,623

%

(
(

Yen

40.1 )
25.6 )

Yen

75.31
58.12
108.0475.28
51.65
101.97

Notes: 1. Equity in net earnings (loss) of affiliates: FY2005 semiannual－4,210 million yen, FY2004 semiannual－246 million yen
FY2004 annual－1,842 million yen
Notes: 2. Average number of shares outstanding for each period
FY2005 semiannual－317,933,860 shares , FY2004 semiannual－294,145,958 shares , FY2004 annual－308,144,183 shares
Notes: 3. Changes in accounting policies: No, change.
4. In FY2005, Early application has been made for Accounting Standards for Impairment of Fixed Assets.

.

(2)Consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual

Ratio ofshareholders’ equity

Million yen

2,173,329
1,900,974
2,011,995

Shareholders’ equity
per share%

1,098,215
939,865
1,016,763

Yen

50.5
49.4
50.5

3,451.12
2,888.92
3,199.69

Note: Number of shares outstanding at the end of each period
FY2005 semiannual－318,219,881 shares, FY2004 semiannual－325,334,171 shares, FY2004 annual－317,665,682 shares(3)Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual

45,19832,34392,406

Cash flows fromfinancing activities

Million yen(54,965)(36,418)(92,667)

Cash and cash equivalents
at the end of period

Million yen

Million yen

9,422(56,780)(56,015)

76,82772,886
77,212(4) Scope of consolidation and equity method
Consolidated subsidiaries: 142 companies, Unconsolidated subsidiaries accounted for under the equity method: 1 company
Affiliates accounted for under the equity method: 19 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 4companies (decrease) 2 companies
Affiliate accounted for under the equity method : No change

2. Forecast of Consolidated Financial Results for FY2005 (April 1, 2004 - March 31, 2005)
Net sales
Ordinary income
Million yen

FY2005 Annual

1,230,000

Million yen

70,000Net income
Million yen

40,000

Reference: (Forecast) Net income per share－basic (annual): 125.70 yen* All projections are based on the information available to management at the time of producing this report and are not guarantees of future performance.
Certain risks and uncertainties could cause the actual results of Toyota Industries to differ materially from any projections discussed in this report.

Overview of Associated Companies
Toyota Industries Corporation and its associated companies (Toyota Motor Corporation which has Toyota Industries Corporation
as an affiliate, Toyota Industries Corporation’s 143 subsidiaries and 29 affiliates) are engaged mainly in manufacture and sales ofautomobiles 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, etc.)
Overseascompanies(Manufacturing subsidiaries)

Michigan AutomotiveCompressor, Inc.
TD AutomotiveCompressor Georgia, LLC.
TD Deutsche
Klimakompressor GmbHACTIS Manufacturing Ltd., LLC(Manufacturing subsidiary)

Toyota Industry(Kunshan)Co., Ltd.
Toyota Industry Automotive
Parts (Kunshan)Co., Ltd.

Overseas companies(Sales, other subsidiaries and affiliates)
BT Industries Group (74 companies)
Toyota Material Handling USA, Inc.
Toyota-Lift of Los Angeles, Inc.
Toyota Truck Norge Group (4 companies)
Toyota Industries Mercosur Ltda.
Toyota Industries Corporation Australia
Group (9 companies)
Toyota Material Handling (Shanghai) Co., Ltd
Toyota Gabelstapler Deutschland GmbH
Toyota Industrial Equipment (UK) Group(2 Companies)
Toyota Industrial Equipment Europe
Group (2 Companies)
Aichi Corporation Group (1 company)

Overseascompanies(Sales subsidiary)

Toyoda Textile
Machinery, Inc.
Toyota Textile
Machinery EuropeAG(Manufacturing subsidiary)

Kirloskar Toyoda Textile
Machinery Ltd.

(Manufacturing subsidiaries and affiliates)
BT Industries Group (7 companies)
Toyota Industrial Equipment Mfg., Inc.
Toyota Industrial Equipment, S.A.
North Vernon Industry Corp.
Aichi Corporation Group (1 company)

Domestic
companies(Manufacturing subsidiaries)

ALTEX Co., Ltd.
Izumi Machine Mfg. 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 System
Corporation

TIBC Corporation(Manufacturing affiliate)

TOYOTA L&F Keiji Co., Ltd.

(Manufacturing subsidiary)

Tokyu Co., Ltd.

TOYOTA L&F Shizuoka Co., Ltd.

Hara Corporation

Tokaiseiki Co., Ltd.

Aichi Corporation Group (1 company)(Manufacturing subsidiary)(Manufacturing subsidiaries and affiliates)

SKE Inc.

Iwama Loom Works, Ltd.
Mizuho Industry Co., Ltd.

ST Liquid Crystal
Display Corp.

Aichi Corporation Group(3 companies)(Manufacturing subsidiaries)

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

Automobile

Materials handling equipment
Toyota Industries Corporation-1-

Textile machinery

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

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

(2)

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

(3)

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

(4)

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

(5)

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

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

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

The Textile Machinery Segment will continue to produce a high-quality range of weaving andspinning machinery.
Toyota Industries will also strengthen the range and scope of its Electronics Business,
including low-temperature polysilicon TFT-LCD panels, electronic substrates for IC chipsets andpower electronics parts for automobiles.
As a result of concerted efforts Group-wide, it is expected that we will be able to clear theambitious target of consolidated net sales of 1.2 trillion yen within fiscal 2005 (ending March 31,2005)—one year ahead of the schedule originally set out in the Medium-Term Management
Vision introduced in fiscal 2002.

4. Basic Stance toward Corporate Governance and Measures for Implementation
Toyota Industries Corporation deems it highly important to make corporate governancefunction effectively for the purpose of management efficiency and corporate soundness. To thisend, we aim to establish an organizational structure that can quickly and flexibly respond tochanges in the management environment, as well as a fair management system with anemphasis on shareholders.
Toyota Industries’ Board of Directors holds a meeting every month to decide subjects ofmaterial importance and supervise business operations. The Company has also instituted theManagement Committee and the Business Operation Committee. The Management Committee
deliberates upon Company-wide strategies while the Business Operation Committee deliberates
upon strategies in each business segment. Through these bodies, Toyota Industries seeks toestablish a responsive and efficient management as well as an effective internal control system.
At Toyota Industries, we maintain a corporate auditor system based on the JapaneseCommercial Code. We have five corporate auditors (including three outside corporate auditors).
We have also set up the Corporate Auditors Office with full-time staff to strengthen auditing of
the execution of directors’ duties.
The Company has strengthened the supervision of each division and the internal auditing
structure, and regularly holds meetings of the Code of Conduct Council to ensure that it adheres
fully to the letter of the law and conducts its management and business affairs based on its basic
management policies. Toyota Industries will continue to endeavor to promote its businessactivities with an increased awareness of ethical issues. Moreover, we established a corporate
ethics hotline staffed by outside lawyers, who field queries from employees regarding fraudulent
or unethical conduct, for the purpose of early detection and quick handling of importantcompliance-related irregularities. In addition, we provide clearly articulated action guidelines,
which serve as the basis of employee actions.
Toyota Industries established a department dedicated to investor relations activities topromote better management transparency. Through such efforts, the Company will continue toensure a high level of corporate accountability to shareholders and stakeholders.
With these measures, Toyota Industries strives to secure further growth, prosperity and profit.
We intend to meet the high expectations of our stakeholders, notably shareholders andcustomers, and sincerely carry out our social responsibilities.

-3-

Business Results and Financial Position
1. Business Results
During the first half of fiscal 2005 (the six months ended September 30, 2004), the Japanese
economy steadily recovered. A strong export performance was accompanied by an increase incapital expenditures, and consumer spending slowly increased. Overseas, the overall economic
outlook was brighter, with an expanding U.S. economy and the European economy slowly picking
up.
In this operating environment, total consolidated net sales of Toyota Industries amounted to607.0 billion yen, an increase of 37.5 billion yen, or 7%, compared with the first half of fiscal 2004.
The following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 308.6 billion yen, an increase of 12.5 billion yen, or
4%, over the first half of fiscal 2004. Within this segment, net sales of the Vehicle Business totaled
139.3 billion yen, an increase of 3.9 billion yen, or 3%, compared with the same period of fiscal
2004. While sales of the Corolla Sedan for North America and Vitz decreased, sales of the RAV4and Yaris (European version of the Vitz) for Europe were strong.
Net sales of the Engine Business totaled 56.5 billion yen, an increase of 4.3 billion yen, or 8%,
over the first half of fiscal 2004. This was due largely to an increase in sales of the CD-type diesel
engine, which is fitted in TOYOTA-brand cars for Europe, such as the RAV4 and Avensis. In April
2004, we established Toyota Industry Automotive Parts (Kunshan) Co., Ltd. (“TIAP”) in Jiangsu
Province, China, as a joint venture with Toyota Tsusho Corporation and Lioho Machine Works, Ltd.
TIAP is slated to begin production and sales of automotive foundry parts in April 2005.
Net sales of the Car Air-Conditioning Compressor Business totaled 101.2 billion yen, a slight
improvement over the first half of fiscal 2004. While sales in the domestic market wereapproximately the same level as for the first half of fiscal 2004, sales of our overseas subsidiaries
were strong. In July 2004, Toyota Industries and DENSO Corporation jointly established TD
Automotive Compressor Georgia, LLC in Georgia, the United States, as a plant specializing in the
manufacture of variable displacement compressors. In April 2004, our cumulative production of car
air-conditioning compressors in Japan, North America and Europe reached 200 million units since
we commenced production in 1960.
Net sales of the Materials Handling Equipment Segment totaled 239.9 billion yen, an increase of
23.6 billion yen, or 11%, over the first half of fiscal 2004. We sold 47,000 TOYOTA-brand forklift
trucks, an increase of 18% over the same period of fiscal 2004. We engaged in sales promotion
activities targeting major clients in Japan, while implementing a variety of sales measures aroundthe world, including in North America, Central and South America, Europe and Asia. In August 2004,
we enhanced our product lineup with the re-introduction of all 14 models of large forklift trucks(10-ton to 24-ton) after a full model change. During the same period, we sold 33,000 BT-brandforklift trucks, an increase of 6%. This increase was attributable mainly to vigorous sales promotion
activities by BT Industries AB, one of our subsidiaries and a major manufacturer of warehousetrucks, as well as strong sales in North American and European markets.
Net sales of the Textile Machinery Segment totaled 22.2 billion yen, a decrease of 1.6 billion yen,or 7%, from the first half of fiscal 2004. Economic belt-tightening by the Chinese government
resulted in fewer orders for air-jet looms.
During the first half of fiscal 2005, Toyota Industries’ ordinary income amounted to 38.8 billion
yen, an increase of 8.7 billion yen, or 29%, over the same period of fiscal 2004. This increase wasdue largely to a sales increase, productivity improvement and cost-reduction activities, as well as astrong performance by ST Liquid Crystal Display Corp., a joint venture with Sony Corporation.
Toyota Industries’ Board of Directors voted to distribute an interim cash dividend of 13.0 yen percommon share, an increase of 1.0 yen over the first half of fiscal 2004.
Cash flows from operating activities increased by 45.1 billion yen in the first half of fiscal 2005,
due largely to income before income taxes in an amount of 38.4 billion yen. Net cash provided byoperating activities increased by 12.8 billion yen from 32.3 billion yen in the same period of fiscal
2004. Cash flows from investing activities resulted in a decrease in cash by 54.9 billion yen in thefirst half of fiscal 2005, attributable primarily to payments for acquisition of fixed assets amounting to45.8 billion yen. Net cash used in investing activities increased by 18.5 billion yen from 36.4 billion
yen for the same period of fiscal 2004. Cash flows from financing activities resulted in an increase in
cash by 9.4 billion yen in the first half of fiscal 2005, due mainly to long-term debt in an amount of
7.7 billion yen. Net cash provided by financing activities increased by 66.1 billion yen from 56.7
-4-billion yen in net cash used in financing activities for the same period of fiscal 2004, when
repayments of bonds and payments to convertible bond redemption funds were posted.
After translation adjustments, cash and cash equivalents as of September 30, 2004 stood at 76.8
billion yen, a decrease of 0.4 billion yen, or 1%, from the first half of fiscal 2004.

2. Forecast for the Fiscal Year Ending March 31, 2005
Toyota Industries expects the Japanese economy to continue in its recovery. However,uncertainties persist regarding the U.S. economic outlook, the fluctuations of exchange rates andrising oil prices.
For fiscal 2005, ending March 31, 2005, Toyota Industries forecasts consolidated net sales of
1,230.0 billion yen and ordinary income of 70.0 billion yen. We are determined to develop andmarket new products that are of high quality and attuned to customer needs, as well as enhancesales, service and cost-reduction activities Group-wide.
Our projections are based on an exchange rate of ¥109.0 = US$1.

-5-

Consolidated Balance Sheets
FY2004

FY2005As of
As of( September
30, 2004 ) ( March 31, 2004 )Increase(Decrease)

FY2004
As of( September
30, 2003 )(Assets)
369,099

349,914

19,185395,043

56,94557,375(430)

73,007

150,569

144,575

5,994

138,666

Marketable securities

20,021

20,064(43)

114

Inventories

86,52477,5748,950

77,993

Deferred tax assets

19,87917,533

2,346

13,262Other current assets
Less - allowance for doubtful
accounts

37,52435,1282,396

94,233(2,365)(2,337)(28)(2,233)Current assets
Cash and deposits
Trade notes and accounts receivable

1,804,230

1,662,080

142,150

1,505,931

Property, plant and equipment

409,970

389,396

20,574

381,854

Buildings and structures

129,127

124,422

4,705

121,768

Machinery, equipment and vehicles

170,712160,787

9,925

162,247

Tools, furniture and fixtures

15,806

15,565241

16,054

Land

72,28971,786503

66,431

Construction in progress

22,035

16,8345,201

15,352

95,92499,856(3,932)

101,365

Software12,155

11,993

162

10,339Goodwill

83,76987,862(4,093)91,026

1,298,334

1,172,828

125,506

1,022,711

1,233,265

1,112,776

120,489

961,689

9,624

9,756

(132)

9,905

13,725

13,553

172

13,858

6,074

3,537

2,537

3,481

35,91033,453

2,457

34,002

(266)

(250)

(16)

(226)

2,173,329

2,011,995

161,334

1,900,974

527,407509,378

18,029498,227

12,566
7,620,759
shares

24,5948,174,958
shares(12,028)(554,199)
shares38,065
506,469
shares

4,832

4,600

Fixed assets

Intangible assets

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

-6-

232

4,311

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

FY2005

FY2004As of
September 30, 2004

As ofMarch 31, 2004

) ()

FY2004

Increase(Decrease)

As of( September
30, 2003 )(Liabilities)
365,948

326,337

39,611

352,319

134,552

129,821

4,731

124,712

Short-term loans

75,67170,441

5,230

94,592

Commercial paper

15,00015,000-30,000Current portion of bonds

20,000-20,000-

Other payables

18,57319,067(494)

15,651

Accrued expenses

55,116

51,586

3,530

49,182

Accrued income taxes

13,550

8,845

4,705

6,089

Deposits received from employees

19,861

19,496365

19,287

Deferred tax liabilities

3,144

2,742

402

1,911

Other current liabilities

10,476

9,335

1,141

10,889Long-term liabilities

670,944

633,968

36,976575,057

180,300

200,300(20,000)

200,300

41,38935,2246,165

35,187388,322

346,335

41,987

288,999

Allowance for retirement benefits

42,48634,264

8,222

34,000

Other long-term liabilities

18,447

17,843604

16,570Total liabilities

1,036,893

960,305

76,588927,377

38,22034,926

3,294

33,731

Common stock

80,46280,462-80,462

Capital surplus

105,621

105,743(122)

105,742

Retained earnings
Net unrealized gain onother securities
Translation adjustments

310,054294,672

15,382282,048598,868

534,078

64,970447,192

19,967

19,782

185

25,320Treasury stock at cost

(16,759)(17,975)

1,216

(900)

Total shareholders’ equity

1,098,215

1,016,763

81,452939,865

Total liabilities andshareholders’ equity

2,173,329

2,011,995

161,334

1,900,974

Current liabilities
Trade notes and accounts payable

Bonds
Long-term loans
Deferred tax liabilities

Minority interest inconsolidated subsidiaries(Shareholders’ equity)-7-Consolidated Statements of Income(Yen in millions; amounts less than one million yen are omitted.)

FY2005

FY2004

April 1, 2004 -30,( September
2004

April 1, 2003 ) ( September
30, 2003 )Increase(Decrease)

FY2004
April 1, 2003 ( March
31, 2004 )Net sales

607,063569,587

37,476

1,164,378

Cost of sales

505,902478,575

27,327

978,458

Gross profit

101,161

91,012

10,149185,919

Selling, general andadministrative expenses

71,062

63,993

7,069

133,288

Operating income

30,09827,0183,080

52,631Non-operating income

18,932

16,044

2,888

30,183

Interest income

3,934

4,172

(238)

8,174

Dividends income

7,060

5,604

1,456

10,997

Other non-operating income

7,936

6,267

1,669

11,010Non-operating expenses

10,141

12,895(2,754)

23,843

Interest expenses

4,589

4,969

(380)

9,755

Other non-operating expenses

5,551

7,925

(2,374)

14,08738,89030,168

8,722

58,970

-

621

(621)

621

-

621

(621)

621

414

1,851

(1,437)

1,851

414

-

414

-

-

1,851

(1,851)

1,851

Income before income taxes
and minority interest inconsolidated subsidiaries

38,47628,9389,538

57,740

Income taxes - current

15,483

8,503

6,980

23,967

Income taxes - deferred(3,232)

1,652(4,884)(3,220)Minority interest inconsolidated subsidiaries

2,280

1,686

594

3,370

23,94517,0956,850

33,623

Ordinary income
Extraordinary gains
Gain on transfer to a defined
contribution pension plan
Extraordinary losses
Impairment loss of fixed assets
Provision for retirement and severance
benefits for directors and corporate
auditors

Net income-8-Consolidated Statements of Retained Earnings(Yen in millions; amounts less than one million yen are omitted.)

FY2005

FY2004

April 1, 2004 April 1, 2003 ( September
30, 2004) ( September 30, 2003)

FY2004

Increase(Decrease)

April 1, 2003 ( March
31, 2004 )(Capital surplus)
Capital surplus
at beginning of period

105,743

89,364

16,37989,364

Increase in capital surplus-

16,377(16,377)

16,378Issuance of equity due to conversionof convertible bonds-

12,414(12,414)

12,414Gain on disposal of treasury stock

-

3,962

(3,962)

3,963

Decrease in capital surplus

121

-

121

-

Loss on disposal of treasury stock

121

-

121

-

105,621

105,742(121)

105,743294,672

269,380

25,292

269,380

Increase in retained earnings

23,94517,0956,850

33,623

Net income for the period

23,94517,0956,850

33,623

Decrease in retained earnings

8,562

4,428

4,134

8,332

3,811

3,513

298

7,417

331

290

41

290

4,419

-

4,419

-

-

624

(624)

624

310,054

282,048

28,006294,672

Capital surplus at end of period(Retained earnings)
Retained earnings
at beginning of period

Cash dividends
Bonuses to directors andcorporate auditors
Net decrease due to minimum
pension liability adjustments ofconsolidated subsidiaries
Change in subsidiaries’ year-ends
Retained earnings at end of period-9-Consolidated Statements of Cash Flows(Yen in millions; amounts less than one million yen are omitted.)(
Cash flows from operating activities
Income before income taxes and minority interestin consolidated subsidiaries
Depreciation and amortization
Impairment loss of fixed assets
Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in earnings of affiliates
Increase in receivables(Increase) decrease in inventories
Increase (decrease) in payables
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid

FY2005

FY2004

April 1, 2004 September 30, 2004
45,198

April 1, 2003 September 30, 2003
32,343)()

Increase(Decrease)

FY2004

12,855

April 1, 2003 March 31, 2004
92,406(38,47628,9389,538

57,74032,707414
23(10,995)
4,589(4,210)(5,295)(8,527)
3,704(2,296)
48,59011,025(4,557)(9,859)30,562(32)(9,777)
4,969(246)(3,988)
1,258(4,359)(2,105)45,2199,433(5,081)(17,227)

2,145
414
55
(1,218)(380)(3,964)(1,307)(9,785)
8,063
(191)
3,371
1,592
524
7,368

65,351
45(19,172)
9,755(1,842)(11,050)
750
2,630
9,741
113,951
18,900(9,845)(30,600)

Cash flows from investing activities
Payments for purchases of marketable securities
Proceeds from sales of marketable securities
Payments for purchases of property, plant andequipment
Proceeds from sales of property, plant andequipment
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
Payments for acquisition of business
Others, net(54,965)-(36,418)
(43)
2,702

(18,547)43(2,702)(92,667)
(101)
3,874

(45,870)(29,752)(16,118)(78,267)

985

1,749

(764)

3,200

(9,029)1,100(10,074)
2,198

1,045
(1,098)(14,301)
2,614

-

2,293

(2,293)

1,215

(839)
1,943
(3,255)(2,526)
2,702(943)(4,724)

1,687
(759)
943
1,469

(4,977)
5,447(960)(10,411)

Cash flows from financing activities
Increase (decrease) in short-term loans
Proceeds from issuance of commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Repayments of bonds
Payments to convertible bond redemption funds
Proceeds from convertible bond redemption funds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net
Translation adjustments of cash and cash
equivalents

9,422
5,739
7,773
(2,140)(16)(3,813)
(485)
2,365

(56,780)
9,658
30,0001,334(5,726)(31,677)(56,670)(11)(3,510)(252)
74

66,202(3,919)(30,000)
6,439
3,586
31,67756,670
(5)
(303)
(233)
2,291

(56,015)(10,958)
15,0004,522(8,529)(31,677)(56,670)
56,670(17,094)(7,413)
(252)
389

(39)

576

(615)

322

Net decrease in cash and cash equivalents(384)(60,279)

59,895(55,953)

77,212

136,929(59,717)

136,929

Net decrease in cash and cash equivalents
due to change in subsidiaries’ year-ends-(3,763)

3,763(3,763)

Cash and cash equivalents at end of period

76,82772,886

3,941

77,212

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
56,807
72,819Marketable securities
20,02066(16,012)
19,95457,19320,018Cash and cash equivalents
at beginning of period- 10 -)

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

Consolidated
subsidiaries

142

Unconsolidated
subsidiaries

1

Aichi Corporation Group (5 companies), TIBC Corporation, TOYOTA L&F Tokyo Co., Ltd.,
Logistics Planning Tokyo Co., Ltd., ALTEX CO., Ltd., Sun River Co., Ltd.,
Izumi Machine Mfg. Co., Ltd., TOYOTA L&F Keiji Co., Ltd., Tokyu Co., Ltd., Mino Tokyu Co., Ltd.,
Advanced Logistics Solutions Co., Ltd., Teionshokuhin Ryutsu Inc.,
Toyoda High System, Inc., Nishina Industrial Co., Ltd., Suzaka Nishina Industrial Co., Ltd.,ALTRAN Corporation, KTL Co., Ltd., Tokaiseiki Co., Ltd., TF Logistics Co., Ltd., Logistec Co., Ltd.,
Taikoh transportation Group (5 companies), SKE Inc., SK Maintenance Inc.,
Iwama Loom Works, Ltd., Kawamoto System Corporation, TOYOTA L&F Shizuoka Co., Ltd.,
Hara Corporation, Mizuho Industry Co., Ltd., Sun Valley Inc., Sun Staff, Inc.,
ALT Logi Co., Ltd., Tokai System Institute Corp., Shine’s Inc.,
Toyota Industries Well Support Corporation,*Toyota Industries Sweden AB, BT Industries Group (63 companies),
Toyota Industries Finance International AB, Michigan Automotive Compressor, Inc.,TD Automotive Compressor Georgia, LLC., Kirloskar Toyoda Textile Machinery Ltd.,
Toyota Industries North America, Inc., Toyota Industrial Equipment Mfg., Inc.,
Toyota Material Handling USA, Inc., ACTIS manufacturing Ltd., LLC,
Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc.,
Toyota Textile Machinery, Europe AG, Toyota Industries Personnel Service of America Inc.,TD Deutsche Klimakompressor GmbH, Toyota Industry (Kunshan) Co., Ltd.,
Toyota Industry Automotive Parts (Kunshan) Co., Ltd, Toyota Truck Norge Group (4 companies),
Toyota Industrial Equipment, S.A., Toyota Industries Mercosur Ltda.,
Toyota Industries Corporation Australia (9 companies),
Toyota Material Handling (Shanghai) Co., Ltd, Toyota Gabelstapler Deutschland GmbH,
Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)
BT Industries Group (1 company)(2) Scope of equity method
Companies

Unconsolidated
subsidiaries

1

BT Industries Group (1 company)

Affiliates

19

Aichi Corporation Group (2 companies), ST Liquid Crystal Display Corp.,
Fuji Logistics Co., Ltd., BT Industries Group (15 companies)

2. Changes in scope of consolidation and equity method
Consolidated subsidiaries
Companies(Increase)4(Decrease)

2

TF Logistics Co., Ltd., TD Automotive Compressor Georgia, LLC.,
Toyota Textile Machinery, Europe AG Toyota Industry Automotive Parts (Kunshan) Co.
Aichi Corporation Group (1 company), Arti Inc.,

Affiliates accounted for the equity method
Companies(Increase/Decrease)0

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

Toyota Industries Sweden AB, BT Industries Group (63 companies),
Toyota Industries Finance International AB, Toyota Material Handling (Shanghai) Co., Ltd.,
Toyota Industry (Kunshan) Co., Ltd., Toyota Industry Automotive Parts (Kunshan) Co., Ltd.

- 11 -

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

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

- 12 -

Segment Information
1.Business segments(1)FY2005 Semiannual (April 1, 2004 - September 30, 2004)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
308,666
239,909( 2 )Inter-segment sales and
8,81464transfers
Total
317,481239,974
Operating expenses
302,291
227,932
Operating income
15,19012,041(2)FY2004 Semiannual (April 1, 2003 - September 30, 2003)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
296,183
216,330( 2 )Inter-segment sales and
7,434
192
transfers
Total
303,618
216,523
Operating expenses
288,901
207,671
Operating income
14,716
8,851(Yen in millions; amounts less than one million yen are omitted.)

Textilemachinery

Total

Eliminations Consolidated

22,272

36,213607,063-

607,063

9

9,684

18,572(18,572)-

22,282
22,423(141)

45,89842,5593,339

625,636595,206
30,430(18,572)(18,241)(331)

607,063
576,964
30,098(Yen in millions ; amounts less than one million yen are omitted.)

Textilemachinery

OthersTotal

Eliminations Consolidated

23,82433,248569,587-

569,587

7

6,803

14,437(14,437)-

23,831
23,427404

40,05136,935
3,116

584,025
556,936
27,088(14,437)(14,367)(70)

569,587
542,568
27,018(3)FY2004 (April 1, 2003 - March 31, 2004)

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

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

Automobile

Materials
handling
equipment

Textilemachinery603,862

443,443

45,96815,698

138

619,561
592,030
27,530443,582
424,233
19,348

Total

Eliminations Consolidated

71,103

1,164,378-

1,164,378

15

14,131

29,984(29,984)-

45,98445,884100

85,234
79,4845,750

1,194,363
1,141,633
52,729(29,984)(29,885)(98)

1,164,378
1,111,747
52,631Others.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, truck mount aerial work platforms
Textile machinery ………………Ring spinning frames, air-jet looms, water-jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, transportation services- 13 -

2.Geographical segments(1) FY2005 Semiannual (April 1, 2004 - September 30, 2004)
North
Japan
America
Net sales
398,524
105,517(1) Sales to external customers(2) Inter-segment sales and48,299466
transfers
Total
446,823
105,984
Operating expenses
421,828
102,216
Operating income
24,9953,768(2)FY2004 Semiannual (April 1, 2003 – September 30, 2003)
North
Japan
America
Net sales
383,452
100,332(1) Sales to external customers(2) Inter-segment sales and40,705569
transfers
Total
424,158
100,902
Operating expenses
399,971
97,523Operating income
24,186
3,378(Yen in millions; amounts less than one million yen are omitted.)

EuropeOperating income

Total

Eliminations Consolidated

90,067

12,955607,063-

607,063

3,618

1,389

53,775(53,775)-

93,686
91,1732,512

14,345
14,409(64)

660,839
629,627
31,211(53,775)(52,662)(1,112)607,063
576,964
30,098(Yen in millions; amounts less than one million yen are omitted.)

EuropeOthersTotal

Eliminations Consolidated

81,525

4,277

569,587-

569,587

3,031

735

45,042(45,042)-

84,556
83,075
1,480

5,012
4,918
93

614,629
585,490
29,139(45,042)(42,921)(2,120)569,587
542,568
27,018(3)FY2004 (April 1, 2003 - March 31, 2004)

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

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

Japan

North
America

Europe785,253

198,752

167,51187,271

1,113

872,524

Total

Eliminations Consolidated

12,8601,164,378-

1,164,378

5,895

1,630

95,910(95,910)-

199,866

173,407

14,4901,260,289(95,910)

1,164,378

826,696

193,745

170,262

14,622

1,205,326(93,579)

1,111,747

45,828

6,121

3,145

(131)

54,962(2,331)

52,631- 14 -

Others3.Overseas sales(1)FY2005 Semiannual (April 1, 2004 – September 30, 2004)(Yen in millions; amounts less than one million yen are omitted.)

North America

104,062

Overseas sales

Europe109,480

Others51,657

17.2%

Ratio of overseas sales to consolidated sales(2)FY2004 Semiannual (April 1, 2003 - September 30, 2003)

18.0%

8.5%

99,875

Europe104,435

Others43,36317.5%(3)FY2004 (April 1, 2003 - March 31, 2004)

247,675

18.3%

7.6%

43.5%

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

North America
196,860

Europe211,081

Others89,415

Consolidated sales
Ratio of overseas sales to consolidated sales

Total

569,587

Consolidated sales

Overseas sales

43.7%(Yen in millions; amounts less than one million yen are omitted.)

North America

Ratio of overseas sales to consolidated sales

265,200
607,063

Consolidated sales

Overseas sales

Total

Total
497,356
1,164,378

16.9%- 15 -

18.1%

7.7%

42.7%

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

FY2005

FY2004

April 1, 2004 September 30, 2004

April 1, 2003 September 30, 2003

AmountAutomobile

)

(

Ratio

Amount%Increase(Decrease))

FY2004% Change

Ratio(

April 1, 2003 –March 31, 2004

Amount
%

%

)

Ratio
%

Vehicle139,36822.9

135,470

23.8

3,898

2.9

280,484

24.1

Engine56,507

9.3

52,285

9.2

4,222

8.1

107,357

9.2

Car air-conditioning
compressor

101,252

16.7

100,754

17.7

498

0.5

198,398

17.1

Foundry, Electronics
parts and others

11,538

1.9

7,673

1.3

3,865

50.4

17,623

1.5

Subtotal

308,666

50.8

296,18352.0

12,483

4.2

603,862

51.9

Materials handlingequipment

239,90939.5

216,330

38.0

23,57910.9443,443

38.1

Textile machinery

22,272

3.7

23,824

4.2(1,552)(6.5)

45,968

3.9

Others36,213

6.0

33,248

5.8

2,965

8.9

71,103

6.1

Total

607,063100.0

569,587

100.0

37,4766.6

1,164,378

100.0- 16 -

October 28, 2004

Semiannual Non-consolidated Financial Results for FY2005
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201) (URL http://www.toyota-industries.com/ )Representative person: Tadashi Ishikawa, President
Location of the head office: Aichi prefecture, Japan
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for non-consolidated semiannual financial results for FY2005: October 28, 2004
Provision for interim cash dividends: Provision exists.
Date of starting actual payment of interim cash dividends: November 26, 2004
Number of shares in unit share system: 100 shares

1. Financial Highlights for FY2005 Semiannual (April 1 – September 30, 2004)(1) Non-consolidated financial results(Amounts less than one million yen are omitted.)

Million yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual

386,317
365,908
749,616
Net income%((

15,956
12,376
21,103change fromyear )( %previous

Million yen

5.6 )
0.3 )

18,94817,78331,334%((change fromyear )( %previous

Million yen

6.5 )- 8.0 )%((

Ordinary
income23,80819,81334,705%((20.2 )- 12.6 )Net income
per share - basic

change fromyear )( %previous

Million yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual

Operatingincomechange fromyear )( %previous

Net sales

Yen

28.9 )- 5.7 )

50.19
42.07
67.69

Notes: 1. Average number of shares issued each year
FY2005 Semiannual－317,933,860 shares, FY2004 Semiannual－294,150,025 shares, FY2004 Annual－.308,146,251 shares
Notes: 2. Changes in accounting policies: No change(2) Cash dividends
Interim cash dividends
per share

Cash dividends
per share

Yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual

Yen

13
12
－

－
－
24

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2005 Semiannual
FY2004 Semiannual
FY2004 Annual

1,870,875
1,624,935
1,735,323

Ratio ofshareholders’ equity

Million yen

Shareholders’ equity
per share%

1,058,418
906,297
980,533

Yen

56.6
55.8
56.5

3,326.06
2,785.71
3,085.91

Note: 1. Number of shares outstanding at the end of period
FY2005 Semiannual－318,219,881 shares, FY2004 Semiannual－325,338,411 shares, FY2004 Annual－ 317,665,682 shares
2. Number of treasury stock at the end of period
FY2005 Semiannual－7,620,759 shares, FY2004 Semiannual－502,229 shares, FY2004 Annual－8,174,958 shares

2. Forecast of Non-consolidated Financial Results for FY2005 (April 1, 2004 - March 31, 2005)
Net sales
Million yen

FY2005 Annual

770,000

Ordinary income
Million yen

42,000Net income
Million yen

27,000

Reference: (Forecast) Net income per share－basic (annual): 84.85 yen- 17 -

Annual cash dividends per share
Year end
Yen

13

Yen

26

Non-consolidated Balance Sheets
FY2005

FY2004As of
As of( September
30, 2004 ) ( March 31, 2004 )FY2004

Increase(Decrease)

As of( September
30, 2003 )(Assets)
Current assets

195,311

187,189

8,122

237,196

26,92729,330(2,403)53,757

Trade notes receivable

1,386

794

592

1,236

Trade accounts receivable

82,65576,271

6,384

71,729Marketable securities

20,00320,002

1-

Finished goods

2,474

2,685

(2 1 1 )2,344

Raw materials

373

352

21

212

Work in process

19,471

18,0891,382

16,926

4,099

4,011

88

3,808

Prepaid expenses

267

173

94

510

Deferred tax assets

13,955

13,035920

9,042

23,70622,444

1,262

77,630Cash and deposits

Supplies

Other current assets
Less - allowance for doubtful
accounts
Fixed assets

(9)

(2)

(7)

(2)

1,675,564

1,548,133

127,431

1,387,739

Property, plant and equipment

241,383

234,059

7,324

226,959

Buildings

73,764

72,5801,184

69,170

Structures

9,017

7,765

1,252

7,385

93,52092,942578

93,240

Vehicles and delivery equipment

1,041

1,133

(9 2 )

1,123

Tools, furniture and fixture

8,930

8,785

145

9,306

Land

41,16240,567595

35,883

Construction in progress

13,946

10,284

3,662

10,849Intangible assets

9,799

9,443

356

8,157

Software

9,799

9,443

356

8,157

Investments and other assets

1,424,381

1,304,630

119,751

1,152,621

Investments in securities

1,237,571

1,121,117

116,454

972,585

Investments in subsidiaries

154,934

153,309

1,625

151,802

Long-term loans

10,794

10,410384

10,817Long-term prepaid expenses

10,79010,75436

11,307

Other investments and other assets

10,403

9,134

1,269

6,175

(112)

(95)

(1 7 )(67)

1,870,875

1,735,323

135,552

1,624,935

3 6 2 , 3 2 7

3 5 4 , 4 8 6

7 , 8 4 1

3 4 6 , 4 9 1

3 , 1 4 9

1 4 , 5 6 4

1 1 , 4 1 5

2 8 , 9 7 94 , 2 5 9

4 , 1 1 5

1 4 4

3 , 8 4 6

Machinery and equipment

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

(Yen in millions; amounts less than one million yen are omitted.)((Liabilities)
Current liabilities
Trade notes payable
Trade accounts payable
Short-term loans
Commercial paper
Current portion of bonds
Other payables
Accrued expenses
Accrued income taxes
Advance received
Deposits received
Deposits received fromlLong-term liabilities

FY2005

FY2004As of
September 30, 2004

As ofMarch 31, 2004

) ()

FY2004

Increase(Decrease)

As of( September
30, 2003 )

201,315
1,089
91,182
15,00020,00014,20026,400
9,008
418
4,236
19,778170,114
2,478
87,15615,00013,661
26,296
4,027
53
2,017
19,422

31,201(1 , 3 8 9 )4,026
20,000
539
104
4,981
365
2,219
356

191,794
5,794
79,64018,00030,00012,086
22,945
2,139
104
1,873
19,208611,142584,674

26,468526,843

180,000
25,000383,639
20,153200,000
20,000341,727
19,427(2 0 , 0 0 0 )5,000
41,912726

200,000
20,000284,491
18,836

Other long-term liabilities

2,350

3,519

(1 , 1 6 9 )3,515

Total liabilities

812,457

754,789

57,668718,637(Shareholders’ equity)
Common stock
Capital surplus
Capital reserve
Other capital reserve
Gain on disposal of treasury stock
Retained earnings

80,462
105,585
101,766
3,819
3,819
290,860

80,462
105,707
101,766
3,941
3,941
278,962(122)(1 2 2 )(1 2 2 )11,89880,462
105,707
101,766
3,941
3,941
274,138

17,004
180,844711

17,004
180,714
572

130
139

17,004
180,714
572

133

142

(9 )

142

180,000

180,000-

180,000

93,011

81,243

11,76876,419<15,956><21,103><(5,147)><12,376>

Net unrealized gainon other securities

598,268

533,377

64,891

446,881

Treasury stock(16,759)(17,975)

1,216

(892)

1,058,418
1,870,875

980,533
1,735,323

77,885
135,552

906,297
1,624,935

Bonds
Long term loan
Deferred tax liabilities
Allowance for retirement benefits

Legal reserve
General reserves
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>

Total shareholders’ equity
Total liabilities and- 19 -

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

FY2005

FY2004

April 1, 2004 April 1, 2003 ( September
30, 2004 ) ( September 30, 2003 )FY2004

Increase(Decrease)

April 1, 2003 ( March
31, 2004 )(Ordinary profits and losses)
Operating revenue and expenses
Operating revenue

386,317

365,908

20,409749,616

386,317

365,908

20,409749,616

Operating expenses

367,369

348,124

19,245718,282

Cost of sales
Selling, general andadministrative expenses
Operating income

338,567

321,295

17,272

663,258

28,801

26,8281,973

55,024

18,94817,783

1,165

31,334

10,166

8,623

1,543

15,877

Interest and dividends income

7,915

6,116

1,799

11,634

Other non-operating income

2,251

2,506

(255)

4,243

Non-operating expenses

5,306

6,593

(1,287)

12,506

Interest expenses

1,732

1,843

(111)

3,575

Other non-operating expenses

3,574

4,749

(1,175)8,930

23,80819,813

3,995

34,705

-

621

(621)

621

-

621

(621)

621

-

1,851

(1,851)

1,851

-

1,851

(1,851)

1,851

23,80818,5835,225

33,475

Income taxes - current

9,940

3,979

5,961

15,560

Income taxes - deferred(2,088)2,228(4,316)(3,188)Net income

15,956

12,376

3,580

21,103

Unappropriated retained earnings
brought forward

77,05564,04313,01264,043

-

-

-

3,904

93,011

76,41916,592

81,243

Net sales

Non-operating income and expenses
Non-operating income

Ordinary income(Extraordinary gains and losses)
Extraordinary gains
Gain on transfer to a defined
contribution pension plan
Extraordinary losses
Provision for retirement andseverance benefit for director andcorporate auditors
Income before income taxes

Interim cash dividends

Unappropriated retained
earnings at end of period- 20 -