Profile

What is now Toyota Industries Corporation was founded as Toyoda Automatic Loom Works, Ltd.
by renowned Japanese inventor Sakichi Toyoda in 1926 to manufacture automatic looms. The
enterprise proceeded over the years to diversify into such fields as automobiles, forklift trucks andelectronics. In line with its strategy of globalization, Toyota Industries now has production
facilities in Europe, North America and other regions.
The business universe of Toyota Industries consists of four segments: Automobile, which
comprises the vehicle (automobile assembly), engine and car air-conditioning compressor
businesses; Materials Handling Equipment, which specializes in forklift trucks and othermaterials handling equipment; Textile Machinery, which covers the spinning and weaving
machinery businesses; and Others, which includes electronics and other businesses. Each ofthese segments already has or is building a secure footing in its particular fields. The car airconditioning compressor and materials handling equipment businesses currently make up themainstays of Toyota Industries’ operations, while the electronics business is well positioned todevelop into the core of its future operations.
In all its operations, Toyota Industries is committed to developing and marketing worldwide
cutting-edge products attuned to constantly evolving market needs.

Cautionary Statement with Respect to Forward-Looking Statements
This semiannual report contains projections and other forward-looking statementsthat involve risks and uncertainties. Such projections and forward-looking
statements are based on Toyota Industries Corporation and its Group companies’
current expectations and estimates regarding their plans, outlook, strategies andresults 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. These projections and forward-looking statements are subject tochange without notice, and Toyota Industries Corporation and its Group companies
will not necessarily inform you of such changes. Therefore, it is advised that you
should not rely solely upon these projections and forward-looking statements inmaking your investment decisions. You should also be aware that certain risks anduncertainties could cause the actual results of Toyota Industries Corporation and its
Group companies to differ materially from any projections or forward-looking
statements discussed in this report. These risks and uncertainties include, but are
not limited to, the following:i) domestic and overseas economic conditions, particularly levels of consumer
spending, demand for our products and private sector capital expenditure;ii) adverse changes in laws and regulations, such as trade restrictions and tariffs,
or increased safety or emissions regulation resulting in higher costs and/or
sales restrictions;iii) currency exchange rate fluctuations, notably involving yen, U.S. dollars, Asiancurrencies and the euro, the currencies in which Toyota Industries Corporationand its Group companies have holdings and use to conduct their international
business;iv) fluctuations in market prices of securities in which Toyota Industries
Corporation and its Group companies have substantial holdings;v) Toyota Industries Corporation and its Group companies’ ability to maintaintheir strength in many product development and geographical areas, throughsuch means as new product development and launches in highly competitivemarkets characterized by continual new product introductions, rapid
technological advances and fluctuations in demand;vi) effects of natural disasters, terrorist activities or war; andvii) other factors such as greater price competition in Asia, North America andEurope resulting from industry overcapacity or other factors; higher fuel prices;labor or other constraints on Toyota Industries Corporation and its Group
companies’ ability to restructure their business; work stoppages at their or key
supplier facilities; and the discovery of defects in their products resulting indelays in new product launches, recall campaigns, increased warranty costs orlitigation.

Consolidated Financial Highlights
Toyota Industries Corporation
Six months ended September 30, 2001 and 2000

Thousands of
U.S. dollars

Millions of yen

2001

2000

% change2001¥ 478,965
24,410¥ 344,230
21,48539.1 %
13.6$ 4,011,432
204,439

Income before income taxes
Net income

26,64015,135

13,817
7,952

92.8
90.3

223,116
126,759

Depreciation and amortization
Capital expenditures

25,91844,132

19,69026,21431.6
68.4

217,069
369,615

Research and development expenses
Per share of common stock (in yen or U.S. dollars):

14,255

11,743

21.4

119,389

Net income—basic
Net income—diluted

48.35
43.55

28.07
25.29

72.2
72.2

0.40
0.36

Cash dividends

9.00

8.00

12.5

0.08

FOR THE SIX MONTHS
Net sales
Operating income

AT THE SIX MONTHS‘ END¥1,613,296¥1,781,882

Shareholders’ equity

Total assets

784,522873,349

Number of employees

23,206

20,861(9.5)%(10.2)$13,511,692
6,570,536

Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥119.40= US$1, the approximate exchange rate on September 28, 2001.

Net Sales

Net Income

Total Assets

Shareholders’ Equity(¥ Billion)
800(¥ Billion)
25(¥ Billion)
2,000(¥ Billion)
1,000

800

20
600

1,500
600

15
400

1,000
400

10
200

500
5

0

200

0

FY 00
First Half

01

02

0

FY 00

01

02

0

FY 00

01

02

FY 00

01

02

Year

Contents
Consolidated Financial Highlights..……………....................…… 1
To Our Shareholders..………………………………................……2
Topics..……............................………................................….… 6
Management’s Discussion and Analysis ofFinancial Condition and Results of Operations..…………......... 8
Consolidated Balance Sheets..……...….................................…10
Consolidated Statements of Income...….........................………12

Consolidated Statements of Shareholders’ Equity…….......…… 13
Consolidated Statements of Cash Flows..................……………14
Notes to Consolidated Financial Statements.……..…………….. 15
Report of Independent Accountants……..........…....…………...23
Directors and Corporate Auditors.……………….............………24
Subsidiaries and Affiliates…………………..….................……… 24
Investor Information.………………..............................Back Cover1

To Our Shareholders

BEST EVER PERFORMANCE DESPITECHALLENGING CONDITIONS
We are pleased to present the results of operations of Toyota
Industries Corporation and its consolidated subsidiaries(“Toyota Industries”) for the six months ended September 30,
2001 (the “term”).
In November 2001, we celebrated our 75th anniversary.
Our longevity is based on the continued support of our
stakeholders, including our shareholders and customers.
During those 75 years our business has developed andchanged substantially. We have evolved from a specialty
maker of automatic looms to a highly diversified company.
Effective August 1, 2001, we substituted our new English
name for our former title of Toyoda Automatic Loom Works,
Ltd., reflecting our diversified business universe, which now
extends far beyond the manufacture of automatic looms.
Our results for the term can be summarized in a single

Akira Yokoi

Tadashi Ishikawa

ChairmanPresident

word: Excellent. We achieved record highs for consolidated
net sales, operating income and net income. Consolidated
net sales totaled ¥479.0 billion (US$4,011.4 million), up
39.1% over the six months ended September 30, 2000 (the“previous term”). Consolidated operating income was ¥24.4
billion (US$204.4 million), an increase of 13.6%.
Consolidated net income was ¥15.1 billion (US$126.8
million), an increase of 90.3%.
Our results were all the more remarkable given theadverse business environment prevailing in the term. The

consolidated net sales and net income reflected our successin implementing a clearly defined strategy. We exploited ourcompetitive strengths in each segment and cut costs
vigorously. An overview of the term by segment follows.
Note: Segment net sales figures do not include intersegment transactions.
However, segment operating income figures do include operating
income arising from intersegment transactions.

growth of the Japanese economy was anemic, with distinct

Automobile Segment

signs of deflation and the government restricted in its policy

This segment consists of vehicle (automobile assembly),

options due to its huge fiscal deficit. Expectations of radical
reforms relating to the business and financial sectors by thegovernment were raised but not yet met. The U.S. economy,
which had been robust for almost a decade, slowed, owing to
the bursting of the information technology (“IT”) “bubble.”
The European economy is also slowing as a result of thedownturn in the IT industry. Similarly, in Asia exports andbusiness activity generally were sluggish due to theengine, car air-conditioning compressor and other businesses(including electronic components for automobiles). Net sales
amounted to ¥266.1 billion (US$2,229.0 million), up 16.3%
over the previous term and accounting for 55.6% of total net
sales. Operating income was ¥13.5 billion (US$113.4
million), down 3.4% compared with the previous term.

Vehicle Business (Automobile Assembly Business)worldwide slackening of demand for IT-related products andWe currently assemble four models in the Toyota Motorthe economic slowdown in the U.S.

Corporation (“TMC”) lineup: Vitz (Yaris in Europe), SPRINTER

Note: U.S. dollar amounts have been translated from yen, for convenience
only, at the rate of ¥119.40=US$1, the approximate exchange rate on
the Tokyo Foreign Exchange Market on September 28, 2001.

Company-Wide Strength2

digit percentage increase over the previous term for

CARIB (Corolla Wagon outside Japan), RAV4 compact sportutility vehicle and bB Open Deck compact with small pickup
bed. We began assembly and sales of the RAV4 and bB Open
Deck during the term. Sales of the Vitz (Yaris), our mainstay
vehicle, decreased due to TMC’s commencement of Yaris

Despite the unfavorable business environment, most of our

production in Europe. Total Vehicle Business unit production forbusiness segments are essentially in good shape. Our two-

the term was 121,249, down 23,727 from the previous term.

Vehicle Business net sales amounted to ¥129.5 billion

competitiveness, Toyota Industries and DENSO agreed to(US$1,084.4 million), up 26.5% over the previous term. The

integrate their production of car air-conditioning

increase was due to the fact that Toyota Industries now pays

compressors. Toyota Industries now takes the lead in productfor parts previously supplied free by TMC and recoups andevelopment and manufacturing, while DENSO focuses on

identical aggregate amount in the form of increased unit

sales while undertaking limited manufacturing operations.

prices to TMC. This change increased net sales by

Toyota Industries will gradually take over production of car

approximately ¥29.7 billion (US$248.7 million).

air-conditioning compressors at DENSO’s Toyohashi Plant.
Overseas, production will be shared between the two

Engine Businesscompanies on a country-by-country basis.

We produce gasoline and diesel engines for TMC vehicles
and for our own line of forklift trucks. During the term,

Materials Handling Equipment Segment

gasoline engine production totaled 88,590 units, an increase

The Materials Handling Equipment Segment manufacturesof 5,499 units over the previous term. Production of the 2UZ

and sells forklift trucks, warehouse trucks, automated storage

4700cc V8 gasoline engine for the Lexus LX470 increased

and retrieval systems, and automatic guided vehicle systems.

over the previous term, as was to be expected considering it

Net sales for the term totaled ¥180.5 billion (US$1,511.9

was launched only in August 2000.

million), an increase of 119.4% over the previous term.

Production of diesel engines totaled 91,093 units, anincrease of 9,659 units over the previous term. Production of

Operating income was ¥8.0 billion (US$67.1 million), up
33.4%.

2000cc-class C-type diesel engines for automobiles

This substantial increase reflected two major changes. In

decreased. This was outweighed by an increase inJune 2000, Toyota Industries acquired BT Industries AB (“BTproduction of 1CD-type 2000cc direct injection turbo-diesel

Industries”), a leading warehouse truck manufacturer basedengines with a common rail fuel system.

in Sweden. BT Industries’ sales were consolidated in Toyota

Total engine production amounted to 179,683 units, up
15,158 units over the previous term.

Industries’ results for the term, whereas they were notconsolidated for the previous term. This increased net sales

In April 2001, Toyota Industries absorbed TMC’s

by approximately ¥78.9 billion (US$660.8 million). Also, inIndustrial Equipment Sales Division. Sales of engines forApril 2001, TMC transferred its Industrial Equipment Sales

forklift trucks are now all intersegment transactions.

Division to Toyota Industries. This increased net sales by

Previously, Toyota Industries sold forklift engines to TMC.

approximately ¥12.8 billion (US$107.2 million).

Excluding intersegment sales, sales of gasoline engines

In the forklift truck business excluding BT Industries, sales

totaled 76,454 units and sales of diesel engines totaledin North America were down, but sales in Europe increased.

81,927 units. On the same basis, total engine sales

In the domestic market, sales of our GENEO-B (7FB outside

amounted to 158,381 units, down 6,144 units from theJapan) electric counterbalanced forklift trucks continued

previous term. Net sales excluding intersegment sales totaled

strong, supported by good demand for environment-friendly¥52.1 billion (US$436.1 million), an increase of 11.3%,

vehicles. The GENEO-R (7FBR) electric reach trucks, launchedreflecting a higher ratio of value-added products andin January 2001 mainly for the Japanese market, and others

consequent increase in the average unit sales price.

also contributed to total sales.
BT Industries’ orders received were slightly up over the

Car Air-Conditioning Compressor Businessprevious term. Orders received in Europe remained steady,Car air-conditioning compressors developed andbut orders received in North America decreased due to the

manufactured by Toyota Industries are marketed to theadverse economic environment. On the other hand, BT

leading auto manufacturers worldwide through DENSO

Industries’ sales marked a two-digit percentage increase over

Corporation (“DENSO”). Demand was strong in Europe, andthe previous term, with sales in Europe continuing strong

continued to grow in Japan and North America, though lessand sales in North America up, reflecting a substantial ordervigorously. In Japan, we sold 2.4 million units, an increase of

backlog at the beginning of the term.

139,000 units over the previous term. Overseas, we sold 4.3

Sales of materials handling systems, which comprise

million units, up 463,000 units. Total unit sales amounted toautomatic guided vehicle systems and automated storage

6.8 million units, up 602,000 units. Net sales totaled ¥78.4

and retrieval systems for the domestic market, increased

billion (US$656.8 million), up 13.5% over the previous term.

substantially.

In May 2001, to enhance their international

The Materials Handling Equipment Segment also3

To Our Shareholders

manufactures and sells tow tractors, skid steer loaders, shovel
loaders, sweepers and other industrial equipment.
Our acquisition of TMC’s Industrial Equipment Sales
Division in April 2001 means that we now undertake
comprehensive materials handling equipment operations,from design through production to sales and marketing. As aresult, we are even better placed to deliver high levels ofcustomer satisfaction.
Note: Toyota Industries consolidated BT Industries’ operating results from thesecond half of the previous fiscal year.

Textile Machinery Segment
This segment comprises spinning machinery business, with the
manufacture of ring spinning frames at its core, and weaving
machinery business, based on the manufacture of air-jet

Tadashi Ishikawa
President

looms. Toyota Industries is a world leader in both businesses.
Textile Machinery Segment net sales amounted to ¥16.2
billion (US$135.6 million), an increase of 12.5% over thesegment. TIBC manufactures ball grid array (BGA) plastic

previous term. Operating income was ¥201 million (US$1.7

package substrates for application in IC chipsets, and flexible

million), compared with a loss of ¥266 million (US$2.2

printed circuit substrates for IC cards. This segment also

million) for the previous term and reflecting both increased

includes the manufacture and sales of press dies andnet sales and organizational reform.

manufacturing equipment.
Others Segment net sales totaled ¥16.1 billion (US$134.8

Spinning Machinery Businessmillion), down 14.2% from the previous term. This was due

During the term we conducted vigorous sales activities inlargely to a decrease in sales of press dies and manufacturing

Pakistan, Indonesia and Thailand. As a result, Spinningequipment, which outweighed an increase in electronics

Machinery Business net sales totaled ¥7.0 billion (US$58.5

business sales, including those of TIBC. However, including

million), up 44.5% over the previous term.

intersegment transactions, sales were ¥22.7 billion(US$190.0 million), up 8.7% over the previous term.

Weaving Machinery Business
Sales of air-jet looms totaled 1,692 units, a decrease of 291
units from the previous term. Sales in China and Indonesia,
which registered large increases the previous term, were
down. Sales of water-jet looms totaled 741 units, up 247 units.

Operating income totaled ¥2.8 billion (US$23.8 million), an
increase of 51.0%, reflecting a strong performance by TIBC
and other factors.
* ST-LCD is not consolidated but is accounted for by the equity method in
Toyota Industries’ consolidated financial results. Its operating income (loss)
is not included in the operating income (loss) for this segment.

Sales increased in China, South Korea and others. Net sales ofthe Weaving Machinery Business totaled ¥9.2 billion (US$77.1
million), down 3.7% from the previous term.

Priorities During the Term
Cost Reduction

4

Others Segment

During the term, we both reduced costs aggressively andThis segment, currently relatively small, comprises mainly new

improved manufacturing productivity. We established abusinesses that have outstanding growth potential. A core

special project team in each business division to ensure thatbusiness in this segment is a joint venture, ST Liquid Crystal

our cost reduction activities were systematic and thorough.

Display Corp. (“ST-LCD”), which we established with SonyAs well as enhancing our VE (Value Engineering) and VA

Corporation in 1997. ST-LCD manufactures low-temperature(Value Analysis) activities, we undertook general expense andpolysilicon TFT-LCDs (thin film transistor liquid crystal

head office fixed cost reduction activities, examined thedisplays), expected to be the next-generation TFT-LCD. TIBC

introduction of SCM (Supply Chain Management) andCorporation (“TIBC”), a joint venture we established in 1998

sought to optimize our procurement of materials andwith Ibiden Co., Ltd., is another core business within thiscomponents globally.

Exploiting IT

million), up 22.5% over fiscal 2001 and representing a ¥20.0

We have set the exploitation of the latest advances in IT as

billion (US$167.5 million) increase over our forecast at thean important strategic objective. We believe that the

beginning of fiscal 2002; Income before income taxes ofpotential impact of IT on competitiveness will be significant.

¥47.0 billion (US$393.6 million), up 23.0% over fiscal 2001

Using IT, we are overhauling our traditional way of doing

and representing a ¥6.0 billion (US$50.3 million) decreasebusiness to accelerate management processes. We arefrom our forecast at the beginning of fiscal 2002; Net

installing three-dimensional CAD (Computer Aided Design)

income of ¥25.5 billion (US$213.6 million), up 12.6% oversystems to further improve productivity in our development

fiscal 2001 and representing a ¥5.5 billion (US$46.1 million)

and production activities company-wide. Exemplifying ourdecrease from our forecast at the beginning of fiscal 2002.

adoption of advanced IT, the development department of

Note: The financial projections set forth above are based upon a number ofassumptions and estimates that, while presented with numerical
specificity and considered reasonable by us when taken as a whole,inherently are subject to significant business, economic competitive,
regulatory and operational uncertainties, contingencies and risks,many of which are beyond our control. Financial projections
necessarily are speculative in nature, and it can be expected that one
or more of the assumptions underlying the projections will prove not tobe valid, and unanticipated events and circumstances are likely tooccur. Actual results will vary from the financial projections and thosevariations may be material. Consequently, this report should not be
regarded as a representation by us or any other person that thefinancial projections will be achieved. Current negative market trends
in global economic conditions make it particularly difficult at present
to predict product demand and other related matters.

our Vehicle Division has introduced V-Comm (Virtual & Visual
Communication System), which it used to reduce thedevelopment period of the bB Open Deck. We are also using
IT to cut fixed costs and enhance customer satisfaction. We
are pushing ahead with the introduction of ERP (Enterprise
Resource Planning) systems. We are now graduallyharnessing ERP to upgrade our accounting, procurement,
personnel and production management. We are convincedthat the adoption of ERP will facilitate improved
management generally among non-manufacturing divisions,and will allow swifter decision-making through universal
access to a unified management database.

Maximizing Shareholder Value
The most important aspect of our corporate mission is toBusiness Outlook for Fiscal 2002
The future course of the world economy is even moreunpredictable than usual. The slowdown in the IT field andthe aftermath of the terrorist attacks on the U.S. in
September 2001 have created great uncertainty. We forecast
that in the second half of the fiscal year ending March 31,
2002 (“fiscal 2002”) Toyota Industries will face increasingly
challenging economic conditions. Our electronics-related
business is likely to be adversely affected by the IT
slowdown, and our Materials Handling Equipment Segment
will suffer from its vulnerability to lower demand in the
North American market.
Under such circumstances, we will seek to ensure thatour products and services are attuned to customer needs. We

increase shareholder value. We aim to improve profitability
and increase shareholder value through implementation of
ambitious strategies with specific goals in each business area,and by streamlining operations. Concurrently, as a
responsible corporate citizen, we emphasize activities toprotect the natural environment and fulfil our other social
responsibilities.
We thank our shareholders, customers, suppliers,
employees and all others with an interest in our business fortheir support. As we look to secure further growth inshareholder value, we respectfully request a continuation ofthat support.
December 2001

will also continue with our cost reduction activities. We seek
to improve management efficiency through enhanced
application of IT and review the need for further
organizational changes, including changes at head office. We
will reinforce our management base to remain flexible in theface of market change. We are confident that our policy of

Akira Yokoi
Chairmandiversification will pay off, in that even if certain of ourbusinesses experience difficulties, Toyota Industries as awhole will continue to grow.
For fiscal 2002 in full we forecast the following:
Consolidated net sales of ¥940.0 billion (US$7,872.7

Tadashi Ishikawa
President

5Topics
For Toyota Industries, the first half-year period of
fiscal 2002 was a time of change and progress.
In this section, we review the highlights of the term.
Change of Company Name
Effective August 1, 2001, we changed our English namefrom Toyoda Automatic Loom Works, Ltd. to Toyota
Industries Corporation. The company was originallyestablished to manufacture automatic looms.
Subsequently, we diversified our operations and our newname reflects more accurately the nature of ouroperations. We intend that this change will make us
more readily recognizable throughout the world.

A key element of these ambitions was ourestablishment of TOYOTA Material Handling Company
as an “in-house corporate entity” within Toyota
Industries. The new entity has substantial autonomy,
facilitating rapid decision-making and greater
responsiveness to changes in market demand.

Industrial Equipment World
Convention
From May 22 to 25, 2001, we staged the Toyota
Industrial Equipment World Convention 2001 in
Nagoya. This event served to mark the integration of
TMC’s Industrial Equipment Sales Division into Toyota
Industries, and the establishment of TOYOTA Material
Handling Company. The convention was also a highly
successful “getting-to-know-you” session for theapproximately 1,000 guests, who included

New Corporate Name

Corporate Logos

We have two corporate logos.

Toyota Industries and Toyota Motor
Corporation Unify Materials Handling
Equipment Operations
In April 2001, Toyota Industries and Toyota Motor
Corporation (“TMC”) strategically reorganized theirmaterials handling equipment operations. Since thelaunch of TOYOTA-brand forklift trucks in 1956, TMC
had been responsible for the sales and marketing ofmaterials handling equipment manufactured by Toyota
Industries. As a result of the reorganization, Toyota
Industries assumed responsibility for all materials
handling equipment operations. We have establishedthese operations as one of our core businesses,
strengthening our position as one of the world’s leading
comprehensive manufacturers in the field. The weddingof development and manufacturing expertise to strong
sales and marketing capabilities gives us the opportunity
to achieve more flexible management, faster decisionmaking and even greater global competitiveness.

Product demonstration at Toyota Industrial Equipment
World Convention 2001

representatives of Toyota Industries’ distributors anddealerships from a total of 52 countries. TOYOTA
Material Handling Company presented its global
strategic vision under the convention slogan “Lead theWay.”

Environmental Report 2001
We have published an annual environmental report since
1999, drawn up with reference to guidelines establishedby the Ministry of the Environment. The report explains
our company-wide environmental protection activities
by division, our subsidiary
and affiliate. In our 2001
edition we detail the
results of our Second
Environmental Action Plan.
We also explain how weEnvironmental Report 2001

have been promoting “green” procurement,
developing environment-friendly products through theimplementation of LCA (Life Cycle Assessment) systems
and reducing emissions of PRTR (Pollutant Release andTransfer Register) substances. We also outline ouractivities to clean contaminated soil and undergroundwater, and to improve the eco-efficiency of our supply
chain. Other topics covered include recycling, zero
emission campaigns and the development of acompact, lightweight external signal-controlled
compressor with variable displacement, which offers
excellent energy efficiency.

Note: As this report is published in December 2001, some of the topics included refer to events in the second half of fiscal 2002.

6

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Manufacture of RAV4 and bB Open Deck

Rail-Less Partner RackIn April 2001, we began production of TMC’s RAV4, acompact SUV. Our output is exported to North America andEurope. In June 2001, we began production of TMC’s bB
Open Deck, a compact car whose design and materials
facilitate recycling and energy-saving at every stage, fromproduction through to scrapping. We designed the bB Open
Deck prototype, which was displayed by TMC on its stand at
the Tokyo Motor Show 1999. The feedback from show
visitors, especially the young, was highly favorable, and TMC
requested that we move to the production stage. With such
distinctive features as a rear open deck, the bB Open Deck
will appeal to those who favor an outdoor, active lifestyle. It
is available in Japan only.

In July 2000, we launched the Mobile
Rack. In June 2001, we launched a“rail-less” model in Japan. The Rail-Less
Partner Rack utilizes electromagnetic
guidance technology, rather than rails,
to move shelves around warehousefacilities. Existing warehouses can beeasily equipped with the Rail-Less
Partner Rack as the installation workrequired is minimal.

X

H

I

S

Rail-Less Partner Rack

Full Model Change forHigh-Pick Lift
In October 2001, TOYOTA Material
Handling Company launched a newversion of its High-Pick Lift, an electricorder picking truck for loads of 0.5 to 1.5
tons. The new model enhances TOYOTA
Material Handling Company’s lineup,
allowing the division to provide material
handling solutions better able to meetthe diverse needs of customers. The
High-Pick Lift 7FBPR10(Fork-Forward Type)
High-Pick Lift is available in Japan only.

Roll-off ceremony of the RAV4 and bB Open Deck

E

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Advanced, Environment-Friendly
Technology at Tokyo Motor Show 2001
We displayed a selection of our advanced auto technologies
at the 35th Tokyo Motor Show, held from October 27 toNovember 7, 2001 at the Makuhari Messe, Chiba, on theoutskirts of Tokyo. Our show theme was “Toyota Industries
Corporation supports your motoring life.” We stressed that in
our manufacturing processes and our final products weemphasize environment-friendliness, utilization of advanced
IT and safety in all its aspects.
We showcased compact,
lightweight, high-quality car
air-conditioning compressorsthat improve fuel efficiency byplacing minimum burden on
the car engine. We also
displayed a 1.5kW DC-AC
inverter for the Estima Hybridthat increases the recreationaland business-use features of a
Toyota Industries booth at the
hybrid vehicle. The inverterTokyo Motor Showchanges direct current (DC)from the special battery for hybrid vehicles to alternating
current (AC), allowing a wider range of high-consumption
electrical appliances to be used in the vehicle. We also
exhibited our Parking Assist System (“PAS”) which guides thedriver when parking his/her car, and several electronic
devices, including a tuner module for ultra-compact AM/FM
and digital radios, developed in association with Niigata
Seimitsu Co., Ltd.

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Cutting-Edge Technologies Showcased at
7th Osaka International Textile
Machinery Show

Toyota Industries spinning machinery booth at OTEMAS

We made the most of the opportunity to display our stateof-the-art technologies at the 7th Osaka International Textile
Machinery Show (“OTEMAS”), held October 8 to 13, 2001
at Intex Osaka. On our spinning machinery booth we
showed two high-speed ring spinning frames (the RX iCONCEPT with an individual motor-drive system and theRX240 NEW), a roving frame, drawing frame and combing
machine. On our weaving machinery booth we showed the
JAT610 NEW and the JAT610 air-jet looms and the LW600
series water-jet looms. We also demonstrated our Internet
TTCS (Toyota Total Computer System), an Internet-basedmill-wide production control system. Both booths proved
highly popular among visitors.
7

Management’s Discussion and Analysis of Financial Condition and
Results of Operations
The following Management’s Discussion and Analysis ofFinancial Condition and Results of Operations is based on
information known to management as of November 30,
2001. It includes forward-looking statements concerning
the expected future performance of Toyota Industries
Corporation. Please refer to “Cautionary Statement with
Respect to Forward-Looking Statements” at the beginningof this semiannual report, which pertains to the report asa whole.

Results of Operations
Net Sales
For the six months ended September 30, 2001 (the “term”),
consolidated net sales of Toyota Industries Corporation andits consolidated subsidiaries (“Toyota Industries”) totaled¥479.0 billion, an increase of ¥134.7 billion (39.1%) over thesix months ended September 30, 2000 (the “previousterm”). This increase was due mainly to the consolidation of
the accounts of BT Industries AB (“BT Industries”) and theintegration of the Industrial Equipment Sales Division of
Toyota Motor Corporation (“TMC”) into Toyota Industries’
Materials Handling Equipment operations. During the term,
TMC started charging Toyota Industries’ Vehicle Business forengines and other parts which had previously been supplied
free of charge, and Toyota Industries increased its prices forvehicles to TMC. Below are Toyota Industries’ sales for theterm by geographic segment, before elimination ofintersegment transactions.

■ JapanSales totaled ¥353.8 billion, an increase of ¥52.9 billion(17.6%) over the previous term. This was due mainly toincreased sales by the Automobile and Materials Handling
Equipment Segments.

■ North America
Sales totaled ¥95.3 billion, an increase of ¥48.0 billion(101.5%) over the previous term. This was due mainly to theconsolidation of BT Industries and the integration of TMC’s
Industrial Equipment Sales Division.

■ Europe
Sales totaled ¥60.6 billion, an increase of ¥51.7 billion(583.1%) over the previous term. This reflects theconsolidation of BT Industries and TMC’s Industrial
Equipment Sales Division, and increased sales of car airconditioning compressors.

■ Others
Sales totaled ¥1.9 billion, an increase of ¥0.8 billion (77.2%)
over the previous term. The increase reflects theconsolidation of BT Industries.
* Please refer to “To Our Shareholders” for results by business segment.

8

Cost of Sales and Selling, General and
Administrative Expenses
Cost of sales for the term totaled ¥402.6 billion, an increaseof ¥99.8 billion (32.9%) over the previous term. This
increase was due mainly to the consolidation of BT Industries
and TMC’s Industrial Equipment Sales Division. TMC’s
charging the Automobile Segment for parts which had
previously been supplied free of charge accounted for ¥29.7
billion.
Selling, general and administrative expenses totaled¥51.9 billion, an increase of ¥32.0 billion (161.0%) over theprevious term. Selling expenses of the Materials Handling
Equipment Segment increased as a result of theconsolidation of BT Industries and TMC’s Industrial
Equipment Sales Division.

Non-Operating Income and Expenses
Interest and dividend income was ¥8.5 billion, an increase of¥4.4 billion (107.2%) over the previous term. This increase
was largely the result of ¥3.9 billion in interest income
arising from the consolidation of BT Industries.
Interest expenses were ¥5.5 billion, an increase of ¥4.0
billion (277.7%) over the previous term. This increase wasdue mainly to interest payment of ¥3.6 billion arising fromthe consolidation of BT Industries.
Other non-operating income was ¥3.4 billion and othernon-operating expenses were ¥4.1 billion. Other nonoperating net loss decreased ¥3.2 billion, reflecting mainly
an increase of ¥1.9 billion in equity in earnings of affiliates.

Extraordinary Gains and Losses
Extraordinary gains decreased ¥15.1 billion from theprevious term. This was because there was an extraordinary
gain of ¥15.1 billion in the previous term due to acontribution of certain investment securities held by the thenToyoda Automatic Loom Works, Ltd. to an employee
retirement benefit trust.
Extraordinary losses decreased ¥21.4 billion from theprevious term. This was due to the effect in the previous
term of a change in the accounting standards for retirement
benefits in an accrued amount of ¥19.1 billion and theprovision of ¥2.3 billion in retirement and severance benefits
for directors and corporate auditors.

Income Taxes
Net of current and deferred income taxes, income taxes forthe term totaled ¥10.8 billion, an increase of ¥5.3 billion(97.2%) over the previous term. The effective income tax
rate increased from 39.6% to 40.5%.
Minority interest in consolidated subsidiaries increased by¥0.4 billion to ¥0.7 billion, reflecting the increase in net
income of consolidated subsidiaries.

Cash FlowsNet Income
Net income for the term was ¥15.1 billion, an increase of¥7.2 billion (90.3%) over the previous term. Net income pershare (EPS) was ¥48.35, compared with ¥28.07 for theprevious term, and diluted net income per share was ¥43.55,
compared with ¥25.29 for the previous term.

Financial Position
Total assets at the end of the term stood at ¥1,613.3 billion,a decrease of ¥256.3 billion (13.7%) from the prior fiscal
year ended March 31, 2001 (the “prior year”). This was due
largely to a decrease of ¥299.2 billion in investments insecurities.
Current assets were ¥301.2 billion, a decrease of ¥0.1
billion from the prior year. Increases in trade notes andaccounts receivable, up ¥10.1 billion, and in inventories, up¥14.3 billion, related to the consolidation of TMC’s Industrial
Equipment Sales Division, were offset by decreases in cash
and cash equivalents, down ¥17.0 billion, and in short-term
investments, down ¥9.1 billion.
Net property, plant and equipment was ¥323.9 billion,
an increase of ¥29.2 billion (9.9%) over the prior year. This
increase was due to an expansion of car air-conditioning
compressor production facilities and the consolidation of
TMC’s Industrial Equipment Sales Division.
Investments and other assets stood at ¥900.1 billion, adecrease of ¥285.5 billion (24.1%) from the prior year. This
reflected a decrease in investments in securities in an amountof ¥299.2 billion. However, this does not affect thestatements of income significantly, as most of the decrease
will be adjusted for in net unrealized gains on othersecurities.
Current liabilities stood at ¥234.8 billion, an increase of¥21.2 billion (9.9%) over the prior year. This was due mainly
to an increase in short-term bank loans of ¥15.5 billion that
accompanied the consolidation of TMC’s Industrial
Equipment Sales Division, and an increase in accrued
expenses of ¥4.9 billion.
Long-term liabilities were ¥577.2 billion, a decrease of¥109.4 billion (15.9%) from the prior year. Deferred tax
liabilities decreased ¥125.0 billion as a result of the decreasein the market value of investment securities.
Shareholders’ equity stood at ¥784.5 billion, a decreaseof ¥166.8 billion (17.5%) from the prior year. Net unrealized
gains on other securities decreased ¥177.6 billion,
outweighing an increase in retained earnings of ¥12.1
billion. The ratio of shareholders’ equity to total assets
decreased from 50.9% to 48.6%.

Net cash provided by operating activities was ¥31.6 billion, adecrease of ¥4.5 billion (12.6%) from the previous term.
Increases in income before income taxes and depreciation
and amortization were offset by a decrease in payables and anincrease in income taxes paid.
Net cash used in investing activities was ¥57.3 billion, adecrease of ¥40.1 billion (41.1%) from the previous term.
This was because the figure for the previous term included anamount for the acquisition of BT Industries, while TMC’s
Industrial Equipment Sales Division was acquired during theterm.
Net cash provided by financing activities was ¥8.6 billion,a decrease of ¥48.1 billion (84.8%) from the previous term.
This was because the previous term’s figure included proceedsfrom issuance of commercial paper in an amount of ¥80.0
billion, redemption of commercial paper in an amount of¥60.0 billion and ¥39.8 billion from issuance of bonds.
During the term, Toyota Industries purchased treasury stock in
an amount of ¥1.4 billion for its stock option plan.
Cash and cash equivalents at the end of the term stood at¥78.3 billion, a decrease of ¥17.0 billion (17.9%) from theend of the prior year.

Dividend Policy
Toyota Industries Corporation’s dividend policy is based on
the underlying goals of strengthening competitiveness,
augmenting corporate value and maintaining stabledividends. Toyota Industries Corporation gives fullconsideration to business performance, its dividend payout
ratio and other factors as it makes every effort to meet the
expectations of shareholders. Toyota Industries Corporation
views retained earnings as an important resource for securing
future profits for its shareholders, and it intends tostrategically invest portions of those earnings in research anddevelopment and future growth, and to aggressively pursue
business expansion and strengthen its corporate constitution.
On November 7, 2001, the Board of Directors of Toyota
Industries Corporation voted to distribute an interim cash
dividend of ¥9.0 per share to shareholders of record as of
September 30, 2001. The interim cash dividend was payableon November 26, 2001.

Change in Share Trading Unit
To broaden the range of investors in Toyota Industries
Corporation’s stock and to promote the trading of its shares,
effective August 1, 2001, Toyota Industries Corporation
lowered the minimum trading unit of its shares from 1,000 to100. This change was made in accordance with a partial
revision of Toyota Industries Corporation’s Articles ofIncorporation approved at the Ordinary General Meeting of
Shareholders held on June 28, 2001. Toyota Industries
Corporation’s shares listed on the Tokyo Stock Exchange,
Nagoya Stock Exchange and Osaka Securities Exchange havebeen traded in units of 100 shares.
9

Consolidated Balance Sheets
Toyota Industries Corporation
As of September 30 and March 31, 2001, and September 30, 2000

Thousands of
U.S. dollars(Note 1)Millions of yen
September 30

March 31

September 30

September 30

2001

2001

2000

2001

ASSETS
Current assets:
Cash and cash equivalents (Note 2(3))¥

78,258¥95,297¥72,656$655,427

87,195

900,846

22,625

4,357

113,425
561,491

Trade notes and accounts receivable

107,561

97,455

Short-term investments (Notes 2(4) and 7)

13,543Inventories (Note 2(5))

67,042

52,76347,176

Deferred tax assets

8,885

8,686

7,133

74,414

Other current assets

27,51525,68424,180230,444

Less—allowance for doubtful accounts (Note 2(8))(1,595)(1,159)(1,005)(13,359)

301,209

301,351

241,692

2,522,688

Buildings and structures

96,95888,85887,270812,044

Machinery, equipment and vehicles

145,461

135,406

130,218

1,218,266

Tools, furniture and fixtures

15,374

14,55014,859128,761Land

46,311

42,10337,412

387,864

Construction in progress

19,832

13,826

11,448166,097

Total property, plant and equipment

323,936

294,743

281,2072,713,032

2,850

1,580

1,444

23,870713,509

Total current assets
Fixed assets:
Property, plant and equipment (Note 2(6)):

Intangible assets (Note 2(7)):
Software
Goodwill

85,19386,407

81,736

Total intangible assets

88,04387,987

83,180737,379

845,972

1,145,176

1,140,955

7,085,193
91,298Investments and other assets:
Investments in securities (Notes 2(4) and 7)
Long-term loans

10,901

8,106

6,895

Long-term prepaid expenses

9,774

5,354

2,652

81,859Deferred tax assets

2,310

1,374

1,182

19,347

Other investments and other assets

31,25925,66324,204

261,801

(108)

(112)

(85)

(905)

900,108

1,185,561

1,175,803

7,538,593

1,312,087

1,568,291

1,540,190

10,989,004¥ 1,613,296¥1,869,642¥1,781,882$13,511,692

Less—allowance for doubtful accounts (Note 2(8))
Total investments and other assets
Total fixed assets
Total assets
The accompanying notes are an integral part of these financial statements.

10Thousands of
U.S. dollars(Note 1)Millions of yen
September 30

March 31

September 30

September 30

2001

2001

2000

2001

¥ 103,811¥ 103,444

38,72523,193

14,988324,330––

20,000–

Other payables

19,62917,114

16,350164,397

Accrued expenses

37,10432,22030,839310,754

Accrued income taxes

10,891

12,364

9,339

91,214

Deposits received from employees

18,374

18,03017,921

153,886

Other current liabilities

6,250

7,235

7,540

52,345

Total current liabilities

234,784

213,600

209,911

1,966,365

Long-term debt

278,677

268,495

266,233

2,333,978Deferred tax liabilities

262,548

387,548

387,493

2,198,895

Allowance for retirement benefits

27,68325,534

23,156

231,851

Other long-term liabilities

8,312

5,041

4,023

69,615

Total long-term liabilities

577,220686,618

680,905

4,834,339

Total liabilities

812,004

900,218

890,816

6,800,704

Minority interest in consolidated subsidiaries

16,77018,126

17,717140,452

68,022––569,699

313,296,225 shares as of March 31, 2001–

68,019––283,296,225 shares as of September 30, 2000

40,178–LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent liabilities:
Trade notes and accounts payable
Short-term bank loans
Commercial paper¥

92,934$

869,439

Long-term liabilities:

Shareholders’ equity:
Common stock, par value ¥50:
Authorized — 1,091,245,000 shares
Issued — 313,299,249 shares as of September 30, 2001––

Capital surplus

88,51688,51360,673

741,340

Retained earnings

245,418

233,368

220,949

2,055,427

Net unrealized gains on other securities (Note 2(4) and 7)

381,074

558,673558,226

3,191,575

Foreign currency translation adjustments (Note 3(4))

2,773

2,746

(6,655)23,224

Treasury stock at cost

(1,281)

(21)

(22)

(10,729)

Total shareholders’ equity

784,522951,298

873,349

6,570,536¥1,613,296¥ 1,869,642¥1,781,882$13,511,692

Total liabilities and shareholders’ equity

11Consolidated Statements of Income
Toyota Industries Corporation
For the six months ended September 30, 2001 and 2000

Millions of yen

Thousands of
U.S. dollars(Note 1)For the six months
ended September 30

For the six months
ended September 30

2001

2000

2001

Net sales¥478,965¥344,230$4,011,432

Cost of sales

402,612302,841

3,371,960

76,35341,389639,472

51,943

19,904

435,033

24,41021,485

204,439

Interest income

4,370

404

36,600

Dividends income

4,086

3,678

34,221Other non-operating income

3,362

1,408

28,157

Interest expenses

5,488

1,453

45,963

Other non-operating expenses

4,100

5,399

34,33826,64020,123

223,116–

15,080––19,057

–

–

2,329

–

Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Non-operating expenses:

Ordinary income
Extraordinary gains:
Gain on securities contribution to employee retirement benefit trust (Note 3(2))
Extraordinary losses:
Cumulative effect of change in accounting standards for retirement
benefits (Note 3(2))
Provision for retirement and severance benefits
for directors and corporate auditors (Note 3(1))

26,64013,817223,116

Income taxes — current

Income before income taxes

12,144

9,621

101,709

Income taxes — deferred(1,352)(4,149)(11,323)

713

393

5,971

¥ 15,135 ¥7,952$ 126,759

Minority interest in consolidated subsidiaries
Net Income

Yen

Net income per share — basic
Net income per share — diluted
Cash dividends per share
The accompanying notes are an integral part of these financial statements.

12

U.S. dollars¥48.35¥28.07

$0.40

43.55

25.29

0.36

9.00

8.00

0.08

Consolidated Statements of Shareholders’ Equity
Toyota Industries Corporation
For the six months ended September 30, 2001 and 2000

Millions of yen
Numberof shares
Common(Thousands)
stock

Balance at March 31, 2000

Capitalsurplus

Foreign
Net unrealized currency
gains on other translation
securities
adjustments

Retainedearnings

283,296 ¥ 40,178 ¥ 60,673 ¥ 215,463 ¥Treasurystock
at cost

– ¥

– ¥

(21)

Net income

–

–

–

7,952

–

–

–

Cash dividends

–

–

–

(2,266)–––

Bonuses to directors and corporate auditors

–

–

–

(200)

–

–

–

–

–

–

–

558,226

–

–

–

–

–

–

–

(6,655)–Adoption of the accounting standards forfinancial instruments
Adoption of the amended accounting standards
for foreign currency transactions

–

–

–

–

–

–

(1)

Balance at September 30, 2000

Other

283,296

40,17860,673220,949558,226(6,655)(22)

Balance at March 31, 2001

313,296

68,01988,513

233,368

558,673

2,746

(21)

Net income

–

–

–

15,135–––

Cash dividends

–

–

–

(2,820)–––Bonuses to directors and corporate auditors

–

–

–

(265)

–

–

–

Net unrealized gains on other securities

–

–

–

–

(177,599)––

Foreign currency translation adjustments

–

–

–

–

–

27

–

Conversions of convertible bonds

3

3

3

–

–

–

–

Other

–

–

–

–

–

–

(1,260)

Balance at September 30, 2001

313,299 ¥ 68,022 ¥ 88,516 ¥ 245,418 ¥ 381,074 ¥ 2,773 ¥ (1,281)
Thousands of U.S. dollars (Note 1)

Commonstock

Balance at March 31, 2001

Capitalsurplus

Foreign
Net unrealized currency
gains on other translation
adjustments
securities

Retainedearnings

Treasurystock
at cost$569,673 $741,314 $1,954,505 $4,679,004 $22,998 $(176)

Net income––

126,759–––

Cash dividends––(23,618)–––

Bonuses to directors and corporate auditors––(2,219)–––Net unrealized gains on other securities––– (1,487,429)––

Foreign currency translation adjustments

–

–

–

–

226

–

26

26

–

–

–

–

–

–

–

–

–

(10,553)

Conversions of convertible bonds
Other
Balance at September 30, 2001

$569,699 $741,340 $2,055,427 $3,191,575 $23,224 $(10,729)

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

13

Consolidated Statements of Cash Flows
Toyota Industries Corporation
For the six months ended September 30, 2001 and 2000

Millions of yen

Thousands of
U.S. dollars(Note 1)For the six months
ended September 30

For the six months
ended September 30

2001

2000

2001

¥ 26,640¥ 13,817$ 223,116

25,91828(8,456)
5,488
(544)
5,335
(1,067)(9,983)
131

19,690(34)(4,082)
1,453
1,394
2,749
(501)
(40)
8,595

217,069
234(70,821)45,963(4,556)44,682(8,936)(83,610)
1,097

Cash flows from operating activities:

Income before income taxes
Adjustments to reconcile income before income taxes
to net cash provided by operating activities:
Depreciation and amortization
Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in net (earnings) loss of affiliates
Decrease in receivables
Increase in inventories
Decrease in payables
Others, net
Subtotal

43,49043,041

364,238

Interest and dividends income received
Interest expenses paid
Income taxes paid

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

4,097(1,453)(9,593)70,980(48,116)(122,822)

Net cash provided by operating activities

31,55536,092

264,280(1,008)2,000(35,464)
429(3,904)72(1,004)2,683(17,057)
382(5,232)
1,099(8,442)
16,750(297,018)
3,593(32,697)603(674)(1,506)
1,528(23,685)
4,884(86,137)(1,690)
9,357
–
188

(5,645)(12,613)
12,797(198,367)
40,905(57,328)(97,411)(480,134)

7,137
–
–
7,060
(1,282)–(1,382)(2,820)
(319)
187
8,581

(131)
80,000(60,000)826(1,175)39,797–(2,267)(414)(3)
56,63359,774––
59,129(10,737)–(11,575)(23,618)(2,671)
1,566
71,868Cash flows from investing activities:

Payments for purchases of marketable securities
Proceeds from sales of marketable securities
Payments for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for purchases of investment securities
Proceeds from sales of investment securities
Payments for acquisition of subsidiaries’ stock resulting in change
in scope of consolidation
Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Others, net
Net cash used in investing activities
Cash flows from financing activities:

Increase (decrease) in short-term bank loans
Proceeds from issuance of commercial paper
Redemption of commercial paper
Proceeds from long-term bank loans
Repayments of long-term bank loans
Proceeds from issuance of bonds
Payment for repurchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net
Net cash provided by financing activities
Translation adjustments of cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
The accompanying notes are an integral part of these financial statements.

14

153

10

1,281

(17,039)(4,676)(142,705)

95,297

77,332

798,132¥ 78,258 ¥ 72,656$ 655,427

Notes to Consolidated Financial Statements
1. Basis of presenting interim consolidated
financial statements
On June 28, 2001, the General Meeting of Shareholders of
Toyoda Automatic Loom Works, Ltd. approved to change theCompany’s name effective August 1, 2001 to Toyota Industries
Corporation. The accompanying interim consolidated financial
statements have been prepared based on the accounts
maintained by Toyoda Automatic Loom Works, Ltd. under the
new corporate name of Toyota Industries Corporation (the“Company”) and its consolidated subsidiaries (together,hereinafter referred to as “Toyota Industries”) in accordancewith the provisions set forth in the Japanese Commercial Codeand the Securities and Exchange Law, and in conformity withaccounting principles and practices generally accepted inJapan, which are different in certain respects from theapplication and disclosure requirements of International
Accounting Standards.
Certain items presented in the interim consolidated
financial statements submitted to the Director of Kanto
Finance Bureau in Japan have been reclassified in theseaccounts for the convenience of readers outside Japan.
The interim consolidated financial statements are notintended to present the consolidated financial position, resultsof operations and cash flows in accordance with accounting
principles and practices generally accepted in countries andjurisdictions other than Japan.
Amounts in U.S. dollars are included solely for theconvenience of readers outside Japan. The rate of ¥119.40 =US$1, the approximate rate of exchange prevailing at
September 28, 2001, has been used in translation. The
inclusion of such amounts are not intended to imply that theJapanese yen have been or could be readily converted, realized
or settled 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 109 subsidiaries (26domestic subsidiaries and 83 overseas subsidiaries, which arelisted on pages 24 and 25) as of September 30, 2001 and 91
subsidiaries (23 domestic subsidiaries and 68 overseas
subsidiaries) as of September 30, 2000. The unconsolidated
subsidiaries are excluded from consolidation because such
subsidiaries would have no material effect on the consolidated
financial statements of Toyota Industries, or Toyota Industries’
owning a majority of such subsidiaries’ shares would be
temporary.
For the six-month period ended September 30, 2001, 12
subsidiaries were newly added to the scope of consolidationand three BT Industries group companies have been excluded
from the scope of consolidation. Since five subsidiaries out of
12 subsidiaries were deemed as being acquired by theCompany as of the interim period end, they were consolidated
only in the balance sheets. Two unconsolidated subsidiaries
are excluded from the scope of consolidation because majority

ownership of those two subsidiaries is temporary.
For the six-month period ended September 30, 2000, 62
subsidiaries, including 59 BT Industries group companies, were
newly added to the scope of consolidation. Since 60
subsidiaries out of 62 subsidiaries were deemed as being
acquired by the Company as of the interim period end, they
were consolidated only in the balance sheets. Twounconsolidated subsidiaries are excluded from the scope of
consolidation because majority ownership of those two
subsidiaries is temporary.
The interim period of certain subsidiaries are different fromthe 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 affectthe financial position or results of operations.
All significant intercompany transactions, balances andunrealized profits among 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 acquisitionof control.

(2) Investments in unconsolidated subsidiaries andaffiliates
Investments in two unconsolidated subsidiaries and 17
affiliates as of September 30, 2001 and investments in two
unconsolidated subsidiaries and 12 affiliates as of September
30, 2000 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
are listed on page 25.

(3) Cash and cash equivalents
Cash and cash equivalents include all highly liquid
investments, generally 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 ofchanges in value because of changes in interest rates.

(4) Marketable securities and investments insecurities
Toyota Industries classifies securities into four categories bypurpose of holding: Trading securities, held-to-maturity
securities, other securities, and investments in unconsolidated
subsidiaries and affiliates. Toyota Industries did not havetrading securities nor held-to-maturity securities as of
September 30, 2001 and 2000, respectively. Other securities
with fair values are stated at fair value based on market prices
at the end of the interim period. Unrealized gains and losses
are included in net unrealized gains on other securities as aseparate component of shareholders’ equity. Cost of sales ofsuch securities is determined by the moving average method.
Other securities without fair values are stated at cost, as
determined by the moving average method.

15

Investments in unconsolidated subsidiaries and affiliates areaccounted for by the equity method (see Note 2 (2) above).

(5) Inventories
Inventories are stated mainly at cost determined by the moving
average method.

(6) Property, plant and equipment, anddepreciation
Property, plant and equipment are stated at cost. Depreciation
expenses of property, plant and equipment are computed
mainly by the declining-balance method, under which useful
lives and residual values are as prescribed in Japanese Tax Law.
Accumulated depreciation as of September 30, 2001 and 2000
was ¥434,792 million ($3,641,474 thousand) and ¥391,499
million, respectively.

(13) Hedge accounting(a) Method of hedge accounting
Mainly the deferral method of hedge accounting is applied. Incase of foreign currency forward contracts, the hedged items
are translated at contracted forward rates if certain conditions
are met.

(b) Hedging instruments and hedged items
Hedging
instruments:

Derivative instruments (interest rate
swaps and foreign currency forwards)

Hedged items:

Risk of change in interest rate on
borrowings and risk of change in forward
exchange rate on transactions
denominated in foreign currencies(monetary assets and liabilities,
marketable securities and forecasted
transactions)(7) Intangible assets and amortization
Amortization of intangible assets is computed using thestraight-line method. Software costs for internal use areamortized by the straight-line method over their expected
useful lives (mainly five years).

(8) Allowances 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.

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

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

(11) Lease transactions
Finance leases other than those that are deemed to transfer theownership of the leased assets to lessees are accounted formainly by the method similar to that applicable to ordinary
operating leases.

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

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

(d) The 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.

(14) Goodwill
Goodwill, if material, is amortized principally over less than 20
years on a straight-line basis, while immaterial goodwill ischarged to income as incurred. Goodwill incurred before April
1, 2000 has been amortized over five years on a straight-line
basis.

(15) Appropriation of retained earnings
In the accompanying interim consolidated statements ofshareholders’ equity, the approved amount during therelevant fiscal year is reflected for the appropriation ofretained earnings of consolidated subsidiaries. In Japan, thepayment of bonuses to directors and corporate auditors ismade out of retained earnings through an appropriation,
instead of being charged to the income for the period.

3. Additional information
There is no additional information for the six months ended
September 30, 2001.

For the six months ended September 30, 2000
(1) Allowance for retirement and severance
benefits for directors and corporate auditors
The Company’s retirement and severance benefits for
directors and corporate auditors was previously recorded as
expenses at the time they were awarded. However, in orderto make period earnings more appropriate, from the period
ended September 30, 2000, these expenses are accrued
based on the directors’ retirement benefit rule. Compared tothe previous method, operating income and ordinary
income decreased by ¥78 million and income before income
taxes decreased by ¥2,407 million.

(2) Accounting for retirement benefits
Effective for the period ended September 30, 2000, the new
accounting standards for retirement benefits have been
applied. As a result, operating income and ordinary income
decreased by ¥453 million. Also, the cumulative effect of achange in accounting standards for retirement benefits of¥19,057 million was charged to income and recorded as an
extraordinary loss, and gain on securities contribution toemployee retirement benefit trust of ¥15,080 million was
charged to income and recorded as an extraordinary gain.
Allowance for retirement and severance benefits andunamortized prior service cost are included in allowance forretirement benefits.

(3) Accounting for financial instruments
Effective for the period ended September 30, 2000, the new
accounting standards for financial instruments have been
applied. As a result, ordinary income and income before
income taxes increased by ¥173 million. At the beginning of
the period ended September 30, 2000, Toyota Industries
reviewed the holding purposes of the securities it owns. As aresult, marketable securities expiring within one year wereclassified under current assets as marketable securities andthe others were classified as investment in securities. As aresult, marketable securities decreased by ¥394 million andinvestments in securities increased by the same amount.

(4) Accounting for foreign currency transactions
Effective for the period ended September 30, 2000, theamended accounting standards for foreign currencytransactions have been applied. Neither profits nor losses
resulted from this change. Effective for the period ended
September 30, 2000, foreign currency translation
adjustments, which had been listed under assets in the
consolidated balance sheets as of March 31, 2000 have been
moved to shareholders’ equity and included in minority
interest in consolidated subsidiaries and foreign currencytranslation adjustments due to the amendment of JapaneseRegulations Concerning the Terminology, Forms andPreparation Methods of Consolidated Financial Statements.

4. Assets pledged as collateral(1) Assets pledged as collateral as of September 30, 2001 and 2000 are as follows:
Millions of yen

Investments in securities
Property, plant and equipment (other)
Machinery, equipment and vehicles
Trade notes and accounts receivable
Other
Total

Thousands of
U.S. dollars

2001

2000

2001

¥17,467
9,727
–
200
29

¥26,249
7,348
631
–
–

$146,290
81,465–
1,675
243¥27,423¥34,228$229,673(2) Secured liabilities as of September 30, 2001 and 2000 are as follows:
Millions of yen

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

Thousands of
U.S. dollars

2001

2000

2001

¥17,984
11,8593,273
300¥17,573
9,167
3,021
300

$150,620
99,322
27,4122,512¥33,416¥30,061$279,866

17

5. Contingent liabilities
Toyota Industries is contingently liable for guarantees as of September 30, 2001 and 2000 as follows:
Thousands of
U.S. dollars

Millions of yen

2001
Guarantees given by the Company
Guarantees given by consolidated subsidiaries
Guarantee forwards given by the Company
Guarantee forwards given by consolidated subsidiaries
Acts similar to guarantees given by consolidated subsidiaries

¥

283
2,869
3,251
–
14,522

2000
335
–
2,846
934
13,085¥2001$ 2,370
24,02827,228–
121,625

Guarantees given by consolidated subsidiaries as of September 30, 2001 amount to 250,538 thousand Swedish krona, guarantee
forwards given by consolidated subsidiaries as of September 30, 2000 amount to 78,266 thousand Swedish krona and acts similar
to guarantees given by consolidated subsidiaries as of September 30, 2001 and 2000 amount to 1,268,283 thousand Swedishkrona and 1,096,786 thousand Swedish krona, respectively.

6. Leases(1) Finance leases (as a lessee) which do not transfer ownership of leased properties to lessees(a) Pro forma information regarding the leased properties such as acquisition cost, accumulated depreciation under finance leases
as of September 30, 2001 and 2000 is as follows:
Thousands of
U.S. dollars

Millions of yen

2001

2000

2001

¥1,635777¥2,439762$13,694
6,508

858

1,677

7,186

Tools, furniture and fixtures:
Acquisition cost equivalents
Accumulated depreciation equivalents

4,922
2,222

5,223
2,978

41,223
18,610Tools, furniture and fixtures interim period end balance equivalents

2,700

2,245

22,613¥3,558¥3,922$29,799

Machinery and equipment:
Acquisition cost equivalents
Accumulated depreciation equivalents
Machinery and equipment interim period end balance equivalents

Total net leased properties

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, etc., at interim period end is immaterial.
(b) Pro forma information regarding future minimum lease payments as of September 30, 2001 and 2000 is as follows:
Thousands of
U.S. dollars

Millions of yen

Due within 1 year
Due after 1 year
Total

2001

2000

2001

¥1,3992,159¥1,353
2,569$11,717
18,082¥3,558¥3,922$29,799

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, 2001 and 2000 are as follows:

2001
2000

18

Millions of yen

Thousands of
U.S. dollars

¥772
874

$6,466–

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, 2001 and 2000, and are equivalent to the amount of total lease payments of the above.

(2) Finance leases (as a lessor) which do not transfer ownership of leased properties to lessees(a) Information regarding the leased properties such as acquisition cost, accumulated depreciation under finance leases as of
September 30, 2001 is as follows:

Millions of yen

Thousands of
U.S. dollars

Machinery and equipment:
Acquisition cost
Accumulated depreciation¥7,333
4,061$61,415
34,011

Total net leased properties¥3,272$27,404(b) Pro forma information regarding future minimum lease payments as of September 30, 2001 is as follows:

Due within 1 year
Due after 1 year
Total

Millions of yen

Thousands of
U.S. dollars¥1,893
2,681$15,854
22,454¥4,574$38,308

Millions of yen

Thousands of
U.S. dollars¥1,210$10,134

Millions of yen

Thousands of
U.S. dollars¥709$5,938Future minimum lease payments under finance leases include the imputed interest income portion.
(c) Total lease payments for the six-month period ended September 30, 2001 is as follows:

2001(d) Depreciation for the six-month period ended September 30, 2001 is as follows:

2001(3) Operating leases (as a lessee)
Pro forma future lease payments under operating leases as of September 30, 2001 and 2000 are as follows:
Millions of yen

Due within 1 year
Due after 1 year
Total

Thousands of
U.S. dollars

2001

2000

2001

¥1,803
4,973

¥785
1,284

$15,100
41,650¥6,776¥2,069$56,750

Millions of yen

Thousands of
U.S. dollars¥ 3,1147,017$26,080
58,769¥10,131$84,849(4) Operating leases (as a lessor)
Pro forma future minimum rentals under operating leases as of September 30, 2001 are as follows:

Due within 1 year
Due after 1 year
Total

19

7. Marketable securities(1) As of September 30, 2001(a) Other securities with fair value

Millions of yen

Stocks
Bonds
Government and municipal bonds, etc.
Corporate bonds
Other bonds
Other
Total

Acquisition
cost

Carrying
amountDifference¥171,235¥819,825¥648,590

013,2113120

013,225
3
120

–
14
–
–

¥184,569¥833,173¥648,604

Thousands of U.S. dollars

Stocks
Bonds
Government and municipal bonds, etc.
Corporate bonds
Other bonds
Other
Total

Acquisition
cost

Carrying
amountDifference$1,434,129$6,866,206$5,432,077

0
110,64525
1,005

0
110,762
25
1,005

–
117
–
–

$1,545,804$6,977,998$5,432,194(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) notpracticable to fair value as of September 30, 2001, are as follows:

Held-to-maturity securities
Other securities
Domestic unlisted stocks excluding over-the-counter stocks
Money management fundForeign unlisted bonds

Millions of yen

Thousands of
U.S. dollars––¥12,978
5,924
406$108,693
49,6153,400(2) As of September 30, 2000(a) Other securities with fair value
Millions of yen

Stocks
Bonds
Government and municipal bonds, etc.
Corporate bonds
Other bonds
Other
Total

20

Acquisition
cost

Carrying
amount¥165,252¥1,114,681¥949,429

–
9,096
3
121

–
9,063
3
121

–
(33)
–
–

¥174,472¥1,123,868¥949,396

Difference(b) Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) notpracticable to fair value as of September 30, 2000, are as follows:

Millions of yen

Held-to-maturity securities
Other securities
Domestic unlisted stocks excluding over-the-counter stocks
Bond used in repurchase agreements
Commercial paper used in repurchase agreements
Money management fundForeign unlisted bonds–¥13,004
7,986
3,000
942
310

8. Derivative instruments
Notes relating to derivative instruments are omitted, since Toyota Industries has not used derivative instruments for other than hedging.

9. Segment information(a) Business segments
Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2001

2000

2001

¥266,143
6,637
272,780¥228,789
1,912
230,701$2,229,004
55,5862,284,590

180,526
27
180,553

82,273–82,273

1,511,943
226
1,512,169

16,195223
16,41814,399–14,399135,636
1,868
137,504

16,101
6,586
22,687

18,7692,104
20,873

134,849
55,159190,008

Subtotal
Elimination of intersegment transactions
Total

492,438
348,246(13,473)(4,016)¥478,965 ¥344,230

4,124,271(112,839)$4,011,432

Operating costs and expenses:
Automobile
Materials Handling Equipment
Textile Machinery
OthersElimination of intersegment transactions
Total¥259,236 ¥216,678
172,546
76,27016,217
14,665
19,847
18,992(13,291)(3,860)¥454,555 ¥322,745$2,171,156
1,445,109
135,821
166,222(111,315)$3,806,993

Operating income (loss):
Automobile
Materials Handling Equipment
Textile Machinery
OthersElimination of intersegment transactions
Total¥ 13,544 ¥ 14,023
8,007
6,003
201
(266)
2,840
1,881
(182)
(156)
¥ 24,410 ¥ 21,485$ 113,434
67,0601,683
23,786(1,524)$ 204,439

Sales:
Automobile
Outside customer sales
Intersegment transactions
Materials Handling Equipment
Outside customer sales
Intersegment transactions
Textile Machinery
Outside customer sales
Intersegment transactions
Others
Outside customer sales
Intersegment transactions

21

(b) Geographical segments
Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2001

2000

2001

¥324,118
29,723353,841¥287,313
13,624300,937$2,714,556
248,936
2,963,492

94,547704
95,25147,260–47,260791,851
5,896
797,747

58,506
2,118
60,624

8,875
–
8,875

490,000
17,739507,739

Subtotal
Elimination of intersegment transactions
Total

1,794
782
98
286
1,892
1,068
511,608
358,140(32,643)(13,910)¥478,965 ¥344,230

15,025821
15,846
4,284,824(273,392)$4,011,432

Operating costs and expenses:
Japan
North America
EuropeOthersElimination of intersegment transactions
Total¥332,783 ¥281,684
92,93245,12759,450
8,570
1,951
1,043
(32,561)(13,679)¥454,555 ¥322,745$2,787,127
778,325497,906
16,340(272,705)$3,806,993

Operating income (loss):Japan
North America
EuropeOthersElimination of intersegment transactions
Total¥ 21,058 ¥ 19,253
2,319
2,133
1,174
305
(59)
25
(82)
(231)
¥ 24,410 ¥ 21,485$ 176,365
19,422
9,833
(494)
(687)
$ 204,439

Sales:
Japan
Outside customer sales
Intersegment transactions
North America
Outside customer sales
Intersegment transactions
EuropeOutside customer sales
Intersegment transactions
Others
Outside customer sales
Intersegment transactions

Main Products of Each Segment
Automobile

Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors

Materials Handling Equipment

Counterbalanced forklift trucks, warehouse trucks, skid steer loaders, automated storage

Textile Machinery

Ring spinning frames, air-jet looms, water-jet looms

OthersBall grid array plastic package substrates for IC chipsets, casting machines

and retrieval systems, automatic guided vehicles

Significant Countries Belonging to Each Segment

22

North America

U.S.A., Canada

EuropeSweden, France, Germany

Other

India, China

Report of Independent Accountants

December 21, 2001
To the Board of Directors of
Toyota Industries Corporation(formerly, Toyoda Automatic Loom Works, Ltd., see Note 1)

We have audited the accompanying consolidated balance sheets of Toyota Industries Corporation(formerly, Toyoda Automatic Loom Works, Ltd., see Note 1) and its consolidated subsidiaries as of
September 30, 2001 and 2000, and the consolidated statements of income, shareholders’ equity andcash flows for the six-month periods ended September 30, 2001 and 2000, expressed in Japanese yen.
Our audits were made in accordance with auditing standards, procedures and practices generally
accepted and applied in Japan and, accordingly, included such tests of the accounting records and suchother auditing procedures as we considered necessary in the circumstances.
In our opinion, the consolidated financial statements referred to above present fairly the consolidated
financial position of Toyota Industries Corporation and its consolidated subsidiaries as of September 30,
2001 and 2000, and the consolidated results of their operations and their cash flows for the six-month
periods ended September 30, 2001 and 2000 in conformity with accounting principles and practices
generally accepted in Japan (see Note 1) applied on a consistent basis.
As described in Note 3, effective for the six-month period ended September 30, 2000, Toyota Industries
Corporation has changed its method of allowance for retirement and severance benefits for directors
and corporate auditors.
As described in Note 3, effective for the six-month period ended September 30, 2000, Toyota Industries
Corporation and its domestic consolidated subsidiaries have adopted new Japanese accounting
standards for retirement benefits, financial instruments and foreign currency transactions.
The amounts expressed in U.S. dollars, which are provided solely for the convenience of the reader,have been translated on the basis set forth in Note 1 to the accompanying consolidated financial
statements.

23

Directors and Corporate Auditors(As of September 30, 2001)

Board of Directors
Chairman

Senior Managing Directors

Akira Yokoi*

President
Tadashi Ishikawa*

Honorary Chairman

Managing Directors

Yoshitoshi Toyoda

Tetsuro Toyoda*

Norio Sato

Morio Kawamura*Masazumi Konishi

Shiro Endo*

Shinjiro Kamimura

Kazuhiko Takeuchi*

Tatsuo Matsuura

Tatsuro Toyoda

Masanori ItohYoshimitsu Ogihara

Akira Imura

Seiji Ueda

Iwao Katayama

Shigetaka Yoshida

Executive Vice Presidents
Shozo Nakayama*
Koichiro Noguchi*

Directors

Tsuneyoshi Kajiwara*Representative Director

Shinichiro Matsuyama
Masafumi Kato
Yasuharu Toyoda

Corporate Auditors

Kimpei Mitsuya

Standing Corporate Auditors

Corporate Auditors

Shigetaka Mitomo

Iwao Isomura

Tadashi Komiya

Hiroshi Makino

Hiroya Kono
Kazunori Yoshida
Kenji Takenaka

Subsidiaries and Affiliates(As of September 30, 2001)

Consolidated Subsidiaries
Company Name

Head Office

Capital(thousands)

Japan
TIBC Corporation
TOYODA-SULZER MANUFACTURING LTD.
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.
Toyoda High System, Incorporated
Nishina Industrial Co., Ltd.
Tokaiseiki Co., Ltd.
LOGISTEC CO., LTD.
SKE Inc.
SK Maintenance Inc.
Iwama Loom Works, Ltd.
KAWAMOTO SYSTEM CORPORATIONARTI Inc.
TOYOTA L&F SHIZUOKA Co., Ltd.
HARA CORPORATION
Mizuho Industry Co., Ltd.
Sun Valley Inc.
Sun Staff, Inc.
TOKAI SYSTEM INSTITUTE CORP.
Shine’s Inc.

24

Aichi
Aichi
Tokyo
Tokyo
Shizuoka
Osaka
Aichi
Kyoto
Aichi
Gifu
Aichi
NaganoShizuoka
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Shizuoka
Gifu
Aichi
Aichi
Aichi
Aichi
Aichi

¥3,000,000¥500,000¥350,000¥10,000¥200,000¥150,000¥150,000¥140,000¥135,000¥18,000¥100,000¥100,000¥98,000¥90,000¥78,500¥50,000¥49,920¥47,000¥30,000¥30,000¥23,193¥20,000¥20,000¥20,000¥10,000¥10,000

EquityOwnership
65.0 %
100.0
90.0
90.0
75.0
81.3
60.7
65.0
63.3
93.4
90.0
50.0
92.1
100.0
100.0
70.0
50.0
100.0
100.0
90.0
73.2
93.8
100.0
100.0
100.0
100.0

Company Name

Head Office

CapitalEquityOwnership(thousands)

Outside Japan
Toyoda International Sweden AB *1
BT Industries Group *1 (61 companies)
Michigan Automotive Compressor, Inc.
Toyota Industries North America, Inc. *2
Toyota Industrial Equipment Mfg., Inc. *2
Toyota Material Handling USA, Inc. *2
ACTIS Manufacturing Ltd, LLC *2
Toyota-Lift of Los Angeles, Inc. *2
Toyoda Textile Machinery, Inc. *2
TAL Personnel Service, Inc. *2
TD Deutsche Klimakompressor GmbH
Kirloskar Toyoda Textile Machinery Ltd.
Toyota Industry (Kunshan) Co., Ltd.
Toyota Truck Norge AS
Toyota Truckutleie Norge AS
Toyota Truck Danmark A/S
Toyota Truckudlejning Danmark A/S
Toyota Industrial Equipment, S.A.
Toyota Gabelstapler Deutschland GmbH
Toyota Industrial Equipment (UK) Limited
Toyota Industrial Equipment (Northern) Limited
Toyota Industrial Equipment Europe, S.A.R.L.
Toyota Carrelli Elevatoria Italia S.r.l.

Mjölby, Sweden
SEK6,652,977——
Parma, Michigan, U.S.A.
US$146,000
Schaumburg, Illinois, U.S.A.
US$27,000
Columbus, Indiana, U.S.A.
US$60,000
Torrance, California, U.S.A.
US$12,500
Grapevine, Texas, U.S.A.
US$2,000
Santa Fe Springs, California, U.S.A.
US$1,500
Charlotte, North Carolina, U.S.A.
US$1,300
Charlotte, North Carolina, U.S.A.
US$100
Straßgräbchen, Germany
EUR20,452
Bangalore, Karnataka, India
Rs816,200
Kunshan, Jiangsu, China
US$16,000
Trondheim, Norway
NOK110,000
Trondheim, Norway
NOK100
Vejle, Denmark
DKK9,000
Vejle, Denmark
DKK500Ancenis, France
EUR9,000
Duisburg, Germany
DM1,400
Castleford, West Yorkshire, U.K.
GBP48
Castleford, West Yorkshire, U.K.
GBP10
Ancenis, France
FRF492
Bologna, Italy
EUR1,250

100.0 %
—
60.0
100.0
100.0
100.0
60.0
100.0
100.0
100.0
65.0
85.5
70.0
100.0
100.0
100.0
100.0
66.0
100.0
100.0
100.0
100.0
100.0

Unconsolidated Subsidiaries Accounted for by the Equity Method
Company Name

Head Office

EquityOwnership

Capital(thousands)

Outside JapanBT Industries Group *1 (2 companies *3)

—

—

—

Affiliates Accounted for by the Equity Method
Company Name

Head Office

Japan
ST Liquid Crystal Display Corp.
TAIKOH TRANSPORTATION CO., LTD.

Aichi
Aichi

Outside JapanBT Industries Group *1 (15 companies)—(thousands)

CapitalEquityOwnership¥30,000,000¥83,985

50.0%
46.2

—

—

*1 BT Industries Group is composed of 78 subsidiaries and affiliates and is centered on the holding company BT Industries AB (headquartered in Mjölby, Sweden,
capitalized at SEK560 million). Toyoda International Sweden AB held 99.3% of the outstanding shares of BT Industries AB as of September 30, 2001.
*2 Toyota Industries North America, Inc. is a holding company that exercises control over Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA Inc.,ACTIS Manufacturing Ltd, LLC, Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc. and TAL Personnel Service, Inc.
*3 BT Industries AB temporarily holds more than a 50% share of the capital of two subsidiaries.
Note: ¥-Japanese yen; SEK-Swedish krona; US$-U.S. dollar; EUR-Euro; Rs-Indian rupee; NOK-Norwegian krone; DKK-Danish krone; DM-German mark;
GBP-British pound; FRF-French franc25

Investor Information(As of September 30, 2001)

Corporate Head Office

Independent Accountants

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

ChuoAoyama Audit Corporation
3-28-12, Meieki, Nakamura-ku, Nagoya-shi,
Aichi-ken 450-8565, Japan

Transfer Agent
The Toyo Trust and Banking Company, Limited*1
1-4-3, Marunouchi, Chiyoda-ku, Tokyo-to
100-0005, Japan
Telephone: +81-(0)3-3287-2211

Date of Establishment
November 18, 1926

Common Stock
Major Shareholders

Par value: ¥50
Authorized: 1,091,245,000 shares
Issued: 313,299,249 shares% ofOwnership

Toyota Motor Corporation…………………………...........… 24.67
DENSO Corporation……………………………..……………. 7.75
Nippon Life Insurance Company……………….……………. 4.55
The Chuo Mitsui Trust and Banking Company, Limited….. 4.41
Sumitomo Mitsui Banking Corporation…………………….. 4.39
The Toyo Trust and Banking Company, Limited*1 ………… 3.32
The Tokai Bank, Limited*2 …………………………………… 2.92
Mitsui Marine and Fire Insurance Co., Ltd. ………………… 2.51
Towa Real Estate Co, Ltd. …………………………………….. 2.46
The Sanwa Bank, Limited*2…………………………………… 2.08

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

Number of Shareholders
12,708*1 The Toyo Trust and Banking Company, Limited will be renamed UFJ Trust
Bank Limited on January 15, 2002.
*2 The Tokai Bank, Limited and The Sanwa Bank, Limited will be merged toform UFJ Bank Limited on January 15, 2002.

Common Stock Price Range (Tokyo Stock Exchange)

1st quarter2nd quarter3rd quarter
4th quarter

FY2002High
Low

FY2001High
Low

FY2000High
Low

FY1999HighLow¥2,7702,620––¥2,435
2,580
2,305
2,575

¥2,350
2,170
2,250
2,320

¥2,455
2,455
2,130
2,195

¥2,355
1,845––¥1,950
1,980
1,922
2,100

¥2,050
1,761
1,880
1,870

¥2,170
2,005
1,880
1,941

FY1998HighLow¥2,820
2,670
2,550
2,520

¥2,040
2,190
2,280
2,190

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

Internet Home Page
Updated information is published regularly on our website. (http://www.toyota-industries.com/)

Further Information
For further information, please write to the Planning Section of the Accounting & Finance Department or the Corporate Communications Section of theAdvertising & Public Affairs Department 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
URL: http://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