FINANCIAL SUMMARY
FY2003 Semiannual(April 1, 2002 through September 30, 2002)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

This financial summary contains projections and other forward-looking statements that involve risks and uncertainties. Suchprojections and forward-looking statements are based on the current expectations and estimates of Toyota Industries
Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All such projections
and forward-looking statements are based on management’s assumptions and beliefs derived from the information available
to it at the time of producing this report and are not guarantees of future performance. These projections and forward-looking
statements are subject to change without notice, and Toyota Industries Corporation and its Group companies will notnecessarily inform you of such changes. 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 discussed in this report. These risks and uncertainties include, but are not limited to,the following:
1) Domestic and overseas economic conditions, particularly levels of consumer spending, demand for our products andprivate sector capital expenditure2) Adverse changes in laws and regulations, such as trade restrictions and tariffs, or stricter safety or emissions
regulations, resulting in higher costs and/or sales restrictions
3) Currency exchange rate fluctuations, notably involving yen, U.S. dollars, Asian currencies and the euro—thecurrencies in which Toyota Industries Corporation and its Group companies have holdings and use to conduct theirinternational business4) Fluctuations in market prices of securities in which Toyota Industries Corporation and its Group companies havesubstantial holdings
5) The ability of Toyota Industries Corporation and its Group companies to maintain their strength in many productdevelopment and geographical areas, through such means as new product development and launches in highly
competitive markets characterized by continual new product introductions, rapid technological advances andfluctuations in demand6) Effects of natural disasters, terrorist activities or war7) Other factors such as greater price competition in Asia, North America and Europe resulting from industry overcapacity
or other factors; higher fuel prices; labor or other constraints on the ability of Toyota Industries Corporation and its
Group companies to restructure their business; work stoppages at their or key supplier facilities; and the discovery ofdefects in their products resulting in delays in new product launches, recall campaigns, increased warranty costs orlitigation.

October 28, 2002

Semiannual Consolidated Financial Results for FY2003
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201)( URL http://www.toyota-industries.com/ )President: Tadashi Ishikawa
Location of the head office: Aichi prefecture, Japan
Contact person: Kakuo Ishikawa, 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 FY2003: October 28, 2002
US GAAP: Not used

1. Financial Highlights for FY2003 Semiannual (April 1 – September 30, 2002)(1) Consolidated financial results
Net sales((Amounts less than one million yen are omitted.)% change fromprevious year

Million yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual%

Million yen

8.7 )39.1 )

25,214
24,40946,330520,489
478,965
980,163((

Net incomechange fromyear )( %previous

Million yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual) Operating income (13,614
15,13527,311% change fromprevious year((%

Million yen

3.3 )13.6 )

26,905
26,63947,865

Net income
per share - basic

%

(
(

1.0 )
32.4 )Net income
per share – diluted%((change fromyear )) Ordinary income ( %previous

Yen- 10.0 )90.3 )

Yen

43.57
48.35
87.28

39.27
43.55
78.26

Notes: 1. Equity in net earnings (loss) of affiliates: FY2003 semiannual−(1,790) million yen, FY2002 semiannual−544 million yen
FY2002 annual−(928) million yen
Notes: 2. Average number of shares outstanding for each period
FY2003 semiannual−312,497,068 shares , FY2002 semiannual−313,026,498 shares , FY2002 annual−312,912,039 shares
Notes: 3. Changes in accounting policies: No change(2)Consolidated financial position
Total assets
Million yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual

Ratio ofshareholders’ equity

Shareholders’ equity

1,692,294
1,613,296
1,770,401

Million yen

Shareholders’ equity
per share%

823,013784,521878,812

Yen

48.6
48.6
49.6

2,639.45
2,508.06
2,809.54

Note: Number of shares outstanding at the end of each period
FY2003 semiannual−311,812,441 shares, FY2002 semiannual−312,800,014 shares, FY2002 annual−312,796,158 shares(3)Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual

42,35531,555
81,078Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of period

Million yen(42,845)(57,327)(106,710)

Million yen

7,678
8,580
1,225

77,28578,258
71,119(4) Scope of consolidation and equity method
Consolidated subsidiaries: 118 companies, Unconsolidated subsidiaries accounted for under the equity method: 2 companies
Affiliates accounted for under the equity method: 18 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 7companies
Affiliate accounted for under the equity method : (increase) 3companies(decrease) 2 companies

2. Forecast of Consolidated Financial Results for FY2003 (April 1, 2002 - March 31, 2003)
Net sales
Million yen

FY2003 Annual

1,060,000

Reference: (Forecast) Net income per share−basic (annual): 80.18 yen

Ordinary income
Million yen

50,000Net income
Million yen

25,000Overview of Associated Companies
Toyota Industries Corporation and its associated companies (Toyota Motor Corporation which has Toyota Industries Corporation as anaffiliate, Toyota Industries Corporation ’s 120 subsidiaries and 25 affiliates) are engaged mainly in manufacture and sales of automobiles
and related products, materials handling equipment, textile machinery and others. The associated companies’ positions in the businesses
and relation to the business segments are shown below.

Customers (Toyota Motor Corporation, etc.)
Overseascompanies

Overseascompanies

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

Michigan AutomotiveCompressor, Inc.

BT Industries Group (75 companies)

Toyoda Textile
Machinery, Inc.

TD Deutsche
Klimakompressor GmbH

Toyota Material Handling USA, Inc.
Toyota-Lift of Los Angeles, Inc.

ACTIS Manufacturing Ltd., LLC

Toyota Truck Norge Group (4 companies)(Manufacturing subsidiary)

Toyota Gabelstapler Deutschland GmbH

Toyota Industry(Kunshan)Co., Ltd.

Toyota Industrial Equipment (UK) Group(2 Companies)(Manufacturing subsidiary)

Kirloskar Toyoda Textile
Machinery Ltd.

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

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

Domestic
companies

Domestic
companies

Domestic
companies

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

ALTEX Co., Ltd.

TOYOTA L&F Tokyo Co., Ltd.

TIBC Corporation

Izumi Machine Mfg.
Co., Ltd.

Logistics Planning Tokyo Co., Ltd.

Kawamoto System
Corporation(Manufacturing affiliate)

Hara Corporation

ST Liquid Crystal
Display Corp.

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

(Manufacturing subsidiary)

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

(Manufacturing subsidiary)

Iwama Loom Works, Ltd.

(Manufacturing affiliate)Mizuho Industry Co., Ltd.

Aichi Corporation

SKE Inc.

(Manufacturing subsidiaries)

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

Automobile

Materials handling equipment
Toyota Industries Corporation‑ 1 ‑Textile machinery

OthersManagement Policies
1. Basic Management Policies
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, in Japanand 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 andregion in which it operates. It also works to promote economic growth and prosperity inthose 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, safeand 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 employees and the company can realize theirfull 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 other factors as it
makes every effort to meet the expectations of shareholders.
Toyota Industries Corporation will use retained earnings to aggressively pursue businessexpansion and strengthen its corporate constitution in order to secure future profits for its
shareholders. It will also use retained earnings to purchase 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 and services.
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 tomaintain and enhance its position as a leader in its business fields through vigorous sales efforts,
superior service, cost reduction activities and constant enhancement of quality throughout all its
operations.
Within the Automobile Segment, the Vehicle Business will strive to enhance productionengineering technologies and product development capabilities in order to deliver outstanding
customer satisfaction through its assembly of compact cars for Toyota Motor Corporation. Also
within the Automobile Segment, the Car Air-Conditioning Compressor Business will solidify its
global No. 1 position through advanced technologies and superior cost competitiveness.
The Materials Handling Equipment Segment will enhance its business by expanding its productline, bolstering marketing activities and offering optimal solutions to global customers in order to
respond to their demand for lower materials handling costs.
The Textile Machinery Segment will continue to produce a high-quality range of spinning andweaving machinery. Toyota Industries will also strengthen the range and scope of its Electronics
Business.
-2-

4. Measures for Improvement of Corporate Management
In addition to the General Meeting of Shareholders, Board of Directors meetings, Board of
Corporate Auditors meetings and other measures required by law, Toyota Industries Corporation
established a “Code of Conduct Council” to verify all corporate activities from the viewpoint of legal
requirements and corporate ethics. Toyota Industries Corporation also adopted guidelines
regarding the conduct of employees, along with concerted efforts to ensure compliance.
Also, Toyota Industries continues to disclose full information about its financial position toshareholders and investors. The company will continue to ensure a high level of corporate
accountability.

-3-

Business Results and Financial Position
1. Overview of Performance
During the first half of fiscal 2003 (the six months ended September 30, 2002), the Japanese
economy remained sluggish. Although exports in certain industries increased, private sector capital
investment and consumer spending continued to be stagnant. Overseas, prospects for the futureremained uncertain.
Against this background, total consolidated net sales of Toyota Industries amounted to 520.4
billion yen, an increase of 41.5 billion yen, or 9%, compared with the first half of fiscal 2002. The
following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 291.2 billion yen, an increase of 25.1 billion yen, or
9%, over the first half of fiscal 2002. Within this segment, net sales of the Vehicle Business totaled
136.2 billion yen, an increase of 6.8 billion yen, or 5%, over the same period of fiscal 2002. This isbecause an increase in sales of the RAV4 outweighed decreased sales of the Vitz (Yaris in Europe).
Net sales of the Engine Business totaled 58.4 billion yen, an increase of 6.4 billion yen, or 12%,over the first half of fiscal 2002, due mainly to increased sales of CD-type diesel engines andcommencement of production of AZ-type gasoline engines. Net sales of the Car Air-Conditioning
Compressor Business totaled 87.7 billion yen, an increase of 9.3 billion yen, or 12%, compared withthe same period of fiscal 2002. Sales were up both in Japan and overseas, due mainly to new
product development, strengthened sales activities and increased production capacity.
Net sales of the Materials Handling Equipment Segment totaled 181.0 billion yen, about thesame as for the first half of fiscal 2002, due mainly to our vigorous sales promotion activities inadverse market conditions both in Japan and overseas. In April 2002, Toyota Industries Corporationentered into a comprehensive agreement on capital and business collaboration with Aichi
Corporation in order to solidify its superior position in the special-purpose vehicle field.
Net sales of the Textile Machinery Segment totaled 22.8 billion yen, an increase of 6.7 billion yen,or 41%, over the first half of fiscal 2002, due mainly to a substantial increase in sales of air-jet looms,
the Segment’s primary product, in China.
In the first half of fiscal 2003, Toyota Industries’ ordinary income amounted to 26.9 billion yen, an
increase of 0.3 billion yen, or 1%, over the same period of fiscal 2002, as a result of active sales
activities, enhanced cost-reduction efforts and improved productivity. Net income totaled 13.6 billion
yen, a decrease of 1.5 billion yen, or 10%, from the same period of fiscal 2002. This was because
loss from disposal of fixed assets that accompanied the relocation of plants was posted as an
extraordinary loss.
Toyota Industries’ Board of Directors voted to distribute an interim cash dividend of 10 yen percommon share.
Net cash provided by operating activities was 42.3 billion yen, an increase of 10.8 billion yen
over the first half of fiscal 2002. This was due mainly to income before income taxes and minority
interest in consolidated subsidiaries of 25.3 billion yen for the period.
Net cash used in investing activities was 42.8 billion yen, a decrease of 14.5 billion yen from thesame period of fiscal 2002, due primarily to purchase of property, plant and equipment in a total
amount of 43.9 billion yen.
Net cash provided by financing activities was 7.6 billion yen, a decrease of 0.9 billion yen fromthe same period of fiscal 2002. This is because proceeds from long-term loans in an amount of 21.4
billion yen were offset by repayments of long-term loans in an amount of 8.3 billion yen.
After translation adjustments, cash and cash equivalents as of September 30, 2002 stood at 77.2
billion yen, a decrease of 1.0 billion yen from one year ago.

-4-

2. Forecast for the Fiscal Year Ending March 31, 2003
Toyota Industries anticipates a package of government-led economic recovery measures will be
implemented to positive effect, but falling global stock prices and uncertainty over the U.S. economy
will likely result in a rather sluggish business environment overall.
For fiscal 2003, ending March 31, 2003, Toyota Industries forecasts consolidated net sales of
1,060.0 billion yen and ordinary income of 50.0 billion yen. We are determined to develop new
products that are of high quality and accommodate customer needs, as well as enhance sales,
service and cost-reduction activities.

-5-Consolidated Balance Sheets
FY2002

FY2003as of( September
30, 2002 ) (as ofMarch 31, 2002)

FY2002

Increase(Decrease)( Septemberas of30, 2001 )(Assets)
312,833

295,326

17,507301,208

58,23450,278

7,956

76,060

119,541

107,820

11,721

107,560

Marketable securities

27,71528,820(1,105)

15,741Inventories

66,77370,511(3,738)67,042

Deferred tax assets

12,657

10,080

2,577

8,885

Other current assets
Less - allowance for doubtful
accounts

29,70329,732(29)

27,513(1,791)(1,917)126(1,594)

1,379,460

1,475,074(95,614)

1,312,087

Property, Plant and Equipment

352,220337,642

14,578323,936

Buildings and Structures

112,762

102,659

10,103

96,958

Machinery, equipment and vehicles

153,881

149,259

4,622

145,461

Tools, furniture and fixture

15,53915,48257

15,373

Land

54,16046,5497,611

46,311

Construction in progress

15,87523,691(7,816)

19,832

94,01594,874(859)

88,043

Software

7,596

6,347

1,249

2,849

Goodwill

86,41888,527(2,109)85,193

933,224

1,042,557(109,333)

900,107876,337

986,354(110,017)

845,971

Long-term loans

10,205

11,533(1,328)

10,900Long-term prepaid expenses

14,507

11,926

2,581

9,774

2,825

2,237

588

2,309

29,58030,621(1,041)

31,259

(232)

(116)

(116)

(108)

1,692,294

1,770,401(78,107)

1,613,296

4 4 7 , 6 0 0

1 4 , 5 9 5

4 3 4 , 7 9 1

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

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

2 0 , 9 2 3
4 9 9 , 2 3 5

2 , 3 7 1

1 6 5

2 , 2 1 3

Current assets
Cash and deposits
Trade notes and accounts receivable

Fixed assets

Intangible assets

Investments and other assets
Investments in securities

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

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

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

FY2003

FY2002

as of
September 30, 2002

as ofMarch 31, 2002

) ()

FY2002

Increase(Decrease)

as of( September
30, 2001 )(Liabilities)
377,193236,639

140,554234,783

111,741

111,251490

103,810

Short-term bank loans

70,77533,37137,40438,725Current portion of bonds

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

75,692-75,692-Other payables

19,18021,661(2,481)

19,628

Accrued expenses

38,22236,326

1,896

37,103

Accrued income taxes

12,207

8,611

3,596

10,891

Deposits received from employees

19,03918,547492

18,373..Deferred tax liabilities

963

493

470

64

..Other current liabilities

9,370

6,375

2,995

6,186

Long-term liabilities

469,390

636,094(166,704)

577,220

120,300

140,300(20,000)

140,300

Convertible bonds-

75,742(75,742)

75,742Long-term loans

35,98965,941(29,952)

62,634271,111

315,978(44,867)

262,548

32,663

28,8393,824

27,683

Other long-term liabilities

9,325

9,292

33

8,311

Total liabilities

846,584

872,733(26,149)

812,004

22,696

18,855

3,841

16,770Common stock

68,04668,021

25

68,021

Capital surplus

89,36489,32638

88,515Retained earnings
Net unrealized gain onother securities
Translation adjustments

264,180

253,975

10,205245,418

392,594

456,415(63,821)381,073

11,96912,361

(392)

2,772

Treasury stock at cost

(3,142)(1,287)(1,855)(1,280)Total shareholders’ equity

823,013878,812(55,799)784,521

Total liabilities andshareholders’ equity

1,692,294

1,770,401(78,107)

1,613,296

Current liabilities
Trade notes and accounts payable

Bonds

Deferred tax liabilities
Allowance for retirement benefits

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

FY2003

FY2002

April 1, 2002 April 1, 2001 (September
30, 2002 ） ( September 30, 2001 ）Increase(Decrease)

FY2002
April 1, 2001 ( March
31, 2002 ）(Ordinary profits and losses)
Net sales

520,489

478,965

41,524980,163436,790402,612

34,178

828,626

83,69976,353

7,346

151,537

58,48551,943

6,542

105,206

Operating income

25,214

24,409805

46,330Non-operating income

13,77011,817

1,953

23,122

Interest income

4,667

4,369

298

8,617

Dividends income

4,423

4,086

337

7,725

Other non-operating income

4,679

3,361

1,318

6,779

Non-operating expenses

12,079

9,588

2,491

21,587

Interest expenses

5,262

5,487

(225)

10,844

Other non-operating expenses

6,816

4,100

2,716

10,743

26,905

26,639266

47,865Extraordinary losses

1,534

-

1,534

-

Loss on disposal of property,
plant and equipment

1,534

-

1,534

-

Income before income taxes
and minority interest inconsolidated subsidiaries

25,37026,639(1,269)47,865

Income taxes - current

14,466

12,143

2,323

20,842

Income taxes - deferred(3,355)(1,351)(2,004)(1,136)

Minority interest inconsolidated subsidiaries

644

713

(69)

847

13,614

15,135(1,521)

27,311

Cost of sales
Gross profit
Selling, general andadministrative expenses

Ordinary income(Extraordinary gains and losses)

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

FY2003

FY2002

April 1, 2002 April 1, 2001 ( September
30, 2002 ） ( September 30, 2001 ）FY2002

Increase(Decrease)

April 1, 2001 ( March
31, 2002 ）(Capital surplus)
Capital surplus
at beginning of period

89,32688,512814

88,512

38

2

36

814

Conversion of convertible bonds

24

2

22

2

Gain on disposal of treasury
stock

13

-

13

-

Increase due to merger of a
subsidiary

-

-

-

811

-

-

-

-

89,36488,515849

89,326

Retained earnings at
beginning of period

253,975

233,367

20,608233,367

Increase in retained surplus

13,614

15,135(1,521)

27,311

Net income for the period

13,614

15,135(1,521)

27,311

Decrease in retained earnings

3,409

3,084

325

6,703

3,127

2,819

308

5,634

281

264

17

257

-

-

-

811

264,180

245,418

18,762

253,975

Increase in capital surplus

Decrease in capital surplus
Capital surplus at end of period(Retained earnings)

Cash dividends
Bonuses to directors andcorporate auditors
Decrease due to merger of a
subsidiary
Retained earnings at end of
period-9-

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

FY2003

FY2002

April 1, 2002 September 30, 2002

April 1, 2001 September 30, 2001

) ()

Increase(Decrease)

FY2002(

April 1, 2001 March 31, 2002)

42,35531,555

10,80081,07825,37026,639(1,269)47,865

26,84736(9,090)5,262
1,790(9,596)
2,265
(803)
8,521
50,6049,519(5,857)(11,909)

25,91727(8,455)
5,487
(544)
5,335
(1,066)(9,982)
131
43,4908,475(5,745)(14,665)

930
9
(635)
(225)
2,334
(14,931)
3,331
9,179
8,390
7,114
1,044
(112)
2,756

55,173
250(16,343)
10,844928
8,080(1,371)(3,402)(173)
101,853
16,371(10,906)(26,239)(42,845)(57,327)

14,482(106,710)(1,661)(1,007)(654)(5,884)

3,038(43,927)451(11,335)
9,748

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

1,039(8,463)23(7,431)
9,677

4,212
(73,605)
2,617(21,120)
4,032

1,132

(673)

1,805

(705)

Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Others, net(1,488)2,412(1,215)(1,505)
1,528(23,685)
4,885

17
884
23,685(6,100)(3,138)
2,575(23,719)
8,024

Cash flows from financing activities(Decrease) increase in short-term loans
Proceeds from long-term loans
Repayments of long-term loans
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net

7,678
(795)
21,420(8,337)(1,854)(3,127)
(193)
566

8,580
7,137
7,059
(1,282)(1,381)(2,819)
(318)
186

(902)
(7,932)
14,361(7,055)
(473)
(308)
125
380

1,225
1,062
8,048
(2,755)(5,633)
(614)
1,117

(1,021)152(1,173)

230

6,166

(17,038)

23,204(24,177)

71,11995,296(24,177)

95,296

77,28578,258(973)

71,119Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
57,216
67,234Marketable securities
20,06911,023(10,018)
9,046

49,67921,439Cash flows from operating activities
Income before income taxes and minority
interest in consolidated subsidiaries
Depreciation and amortization
Increase in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in (earnings) loss of affiliates(Increase) decrease in receivables
Decrease (increase) in inventories
Decrease in payables
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Cash flows from investing activities
Payments for purchases of marketablesecurities
Proceeds from sales of marketable securities
Payments for acquisition of tangible assets
Proceeds from sales of tangible assets
Payments for purchases of investment securities
Proceeds from sales of investment securities
Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation

Translation adjustments of cash and cash
equivalents
Net increase (decrease)in cash and cash equivalents
Cash and cash equivalents
at beginning of period
Cash and cash equivalents
at end of period‑ 10 ‑

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

Consolidated
subsidiaries

118

Unconsolidated
subsidiaries

2

TIBC Corporation, TOYOTA L&F Tokyo Co., Ltd., Logistics Planning Tokyo Co., Ltd.,ALTEX CO., Ltd., Sun River Co., Ltd., Izumi Machine Mfg. Co., Ltd.,TOYOTA L&F Keiji Co., Ltd., Tokyu Co., Ltd., Mino Tokyu Co., Ltd.,
Advanced Logistics Solutions Co., Ltd., Toyoda High System, Incorporated,Nishina Industrial Co., Ltd., Suzaka Nishina Industrial Co., Ltd.,Tokaiseiki Co., Ltd.,
Logistec Co., Ltd., SKE Inc., Taikoh transportation Group (5 companies), SK Maintenance Inc.,
Iwama Loom Works, Ltd., Kawamoto System Corporation, Arti Inc.,TOYOTA L&F Shizuoka Co., Ltd., Hara Corporation, Mizuho Industry Co., Ltd., Sun Valley Inc.,Sun Staff, Inc., Tokai System Institute Corp., Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (64 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc.,ACTIS manufacturing Ltd., LLC, Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc.,TAL Personnel Service, Inc., TD Deutsche Klimakompressor GmbH,
Kirloskar Toyoda Textile Machinery Ltd., Toyota Industry (Kunshan) Co., Ltd.,
Toyota Truck Norge Group (4 companies), Toyota Industrial Equipment, S.A.,
Toyota Gabelstapler Deutschland GmbH, Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)
BT Industries Group (2 companies)(2) Scope of equity method
Companies

Unconsolidated
subsidiaries

2

BT Industries Group (2 companies)

Affiliates

18

ST Liquid Crystal Display Corp., Aichi Corporation,
BT Industries Group (16 companies)

2. Changes in scope of consolidation and equity method
Consolidated subsidiaries
Companies(Increase)7

Suzaka Nishina Industrial Co., Ltd., Taikoh Transportation Group (5 companies),
BT Industries Group (1 company)(Decrease)0
Affiliates accounted for the equity method
Companies(Increase)(Decrease)3
2

Aichi Corporation, BT Industries Group (2 companies)
Taikoh Transportation Co., Ltd., BT Industries Group (1 company)

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

TIBC Corporation, Sun River Co., Ltd., Izumi Machine Mfg. Co., Ltd., Mino Tokyu Co., Ltd.,
Toyoda High System, Incorporated, Logistec Co., Ltd., SKE Inc., Taikoh transportation Group (1 company),
SK Maintenance Inc., Kawamoto System Corporation, Arti Inc., Hara Corporation, Mizuho Industry Co., Ltd.,Sun Valley Inc., Sun Staff, Inc., Tokai System Institute Corp., Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (64 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc.,ACTIS manufacturing Ltd., LLC,Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc.,TAL Personnel Service, Inc., TD Deutsche Klimakompressor GmbH,
Kirloskar Toyoda Textile Machinery Ltd., Toyota Industry (Kunshan) Co., Ltd.,
Toyota Truck Norge Group (4 companies), Toyota Industrial Equipment, S.A.,
Toyota Gabelstapler Deutschland GmbH, Toyota Industrial Equipment (UK) Group (2 companies),- 11 -

Toyota Industrial Equipment Europe Group (2 companies)(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.
Suzaka Nishina Industrial Co., Ltd. changed its fiscal year-end from May 31 to March 31. Accordingly, this semiannual
consolidated financial statements includes 4 months of operations.
One Taikoh Group company changed its fiscal year-end from November 30 to March 31. This semiannual consolidated
financial statements includes 3 months of operations.

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

Other securities without market value…. Not applicable.
…. Not applicable.
…. 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, foreign exchange forward contracts
and foreign currency option contracts are used for hedging risk of change in foreign exchange rate relating to accounts
receivables.
(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)FY2003 Semiannual (April 1, 2002 - September 30, 2002)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
291,218
181,021( 2 )Inter-segment sales and7,504
55
transfers
Total
298,723
181,077
Operating expenses
283,441
173,500
Operating income
15,282
7,576(2)FY2002 Semiannual (April 1, 2001 - September 30, 2001)
Materials
handling
Automobile
equipment
Net sales( 1 )Sales to external customers
266,142
180,526( 2 )Inter-segment sales and6,637
27transfers
Total
272,780
180,553
Operating expenses
259,236
172,546
Operating income
13,544
8,006(Yen in millions; amounts less than one million yen are omitted.)

Textilemachinery

Total

Eliminations Consolidated

22,80025,449520,489-

520,489

5

5,517

13,083(13,083)-

22,805
22,102703

30,966
29,382
1,584

533,572
508,426
25,146(13,083)(13,151)67

520,489495,275
25,214(Yen in millions ; amounts less than one million yen are omitted.)

Textilemachinery(3)FY2002 (April 1, 2001 - March 31, 2002)

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

OthersOthersTotal

Eliminations Consolidated

16,194

16,101

478,965-

478,965

223

6,585

13,473(13,473)-

16,417
16,216201

22,686
19,8462,840

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

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

Automobile

Materials
handling
equipment

Textilemachinery563,598

353,042

30,705

15,411

44

579,010550,050
28,960353,087339,720
13,366

Total

Eliminations Consolidated

32,816980,163-

980,16349

11,05526,561(26,561)-

30,754
31,145(390)

43,87239,3904,481

1,006,724
960,30746,417(26,561)(26,474)(86)

980,163
933,832
46,330

Others.Notes: 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors
Materials handling equipment….Counterbalanced forklift trucks, warehouse trucks, skid steer loaders
Textile machinery ………………Ring spinning frames, air-jet looms, water-jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, casting machines- 13 -

2.Geographical segments(1) FY2003 Semiannual (April 1, 2002 - September 30, 2002)
North
Japan
America
Net sales
356,599
94,762(1) Sales to external customers(2) Inter-segment sales and39,074724
transfers
Total
395,674
95,487
Operating expenses
374,084
92,579Operating income
21,5902,907(2)FY2002 Semiannual (April 1, 2001 – September 30, 2001)
North
Japan
America
Net sales
324,118
94,546(1) Sales to external customers(2) Inter-segment sales and29,722704
transfers
Total
353,840
95,251
Operating expenses
332,783
92,932
Operating income
21,057
2,319(Yen in millions; amounts less than one million yen are omitted.)

EuropeOthersTotal

Eliminations Consolidated

67,738

1,387

520,489-

520,489

2,136

614

42,550(42,550)-

69,87569,049
826

2,002
2,138
(136)

563,040
537,852
25,187(42,550)(42,577)26

520,489495,275
25,214(Yen in millions; amounts less than one million yen are omitted.)

Europe(3)FY2002 (April 1, 2001 - March 31, 2002)

OthersTotal

Eliminations Consolidated

58,505

1,794

478,965-

478,965

2,117

97

32,642(32,642)-

60,62359,450
1,173

1,892
1,951
(58)

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

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

Japan

North
America

Europe675,346

180,534

121,035

Total

Eliminations Consolidated

3,246

980,163-

980,163

Others

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

61,097

1,392

5,425

651

68,567(68,567)-

736,443

181,927

126,461

3,897

1,048,730(68,567)

980,163

Operating expenses

695,442

177,442

125,344

4,011

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

Operating income

41,001

4,484

1,117

(113)

46,490(159)

46,330- 14 -

3.Overseas sales(1)FY2003 Semiannual (April 1, 2002 – September 30, 2002)(Yen in millions; amounts less than one million yen are omitted.)

North America

95,227

Overseas sales

Europe86,322Others37,600

18.3%

Ratio of overseas sales to consolidated sales(2)FY2002 Semiannual (April 1, 2001 - September 30, 2001)

16.6%

7.2%

94,825

Europe78,116

Others28,35619.8%(3)FY2002 (April 1, 2001 - March 31, 2002)

201,298

16.3%

5.9%

42.0%

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

North America

181,176

Europe160,455

Others54,837

Total

396,470
980,163

Consolidated sales
Ratio of overseas sales to consolidated sales

Total

478,965

Consolidated sales

Overseas sales

42.1%(Yen in millions; amounts less than one million yen are omitted.)

North America

Ratio of overseas sales to consolidated sales

219,149
520,489

Consolidated sales

Overseas sales

Total

18.5%

- 15 -

16.4%

5.6%

40.4%

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

FY2003

FY2002

April 1, 2002 September 30, 2002

April 1, 2001 September 30, 2001

AmountAutomobile

)

Ratio
%

(

Amount)Increase(Decrease)

Ratio
%

FY2002% Change(

April 1, 2001 –March 31, 2002

Amount
%

)

Ratio
%

Vehicle136,29626.2

129,483

27.0

6,813

5.3

280,125

28.6

Engine58,495

11.2

52,074

10.9

6,421

12.3

114,874

11.7

Car
air-conditioning
compressor

87,74816.9

78,419

16.4

9,329

11.9

153,124

15.6

Foundry andothers

8,677

1.7

6,165

1.3

2,512

40.7

15,473

1.6

Subtotal

291,21856.0

266,14255.6

25,076

9.4

563,598

57.5

Materials
handling
equipment

181,02134.8

180,526

37.7

495

0.3

353,042

36.0

Textilemachinery

22,8004.4

16,194

3.4

6,606

40.8

30,705

3.1

Others25,4494.8

16,101

3.3

9,348

58.1

32,816

3.4

Total

520,489100.0

478,965

100.0

41,5248.7

980,163

100.0- 16 -

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

FY2003(as of September 30, 2002)

Machinery, equipment
and vehicles
Tools, furniture andfixtureTotal

FY2002(as of September 30, 2001)

FY2002(as of March 31, 2002)

Acquisition
cost
equivalents

Accumulated
depreciationequivalents

Net balance
equivalents

Acquisition
cost
equivalents

Accumulated
depreciationequivalents

Net balance
equivalents

Acquisition
cost
equivalents

Accumulated
depreciationequivalents

Net balance
equivalents

7,721

2,409

5,312

1,635

776

858

5,849

1,391

4,458

5,410

2,607

2,802

4,922

2,222

2,699

5,313

2,530

2,782

13,131

5,017

8,114

6,557

2,999

3,558

11,162

3,921

7,240

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

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

Due within one year
Due after one year
Total

FY2003(as of September 30, 2002)
2,270
5,844
8,114

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

FY2002(as of March 31, 2002)
1,936
5,304
7,240

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

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

FY2003
April 1, 2002 September 30, 2002
1,272

) (

1,272

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

FY2002
April 1, 2001 September 30, 2001
772
772

)

(

FY2002
April 1, 2001 March 31, 2002
1,842

)

1,842

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

Due within one year
Due after one year
Total

FY2003(as of September 30, 2002)
2,271
8,904
11,175(Yen in millions; amounts less than one million yen are omitted.)

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

- 17 -

FY2002(as of March 31, 2002)
2,545
9,696
12,2412. As a lessor(1) Finance leases that do not transfer ownership of leased assets(a) Acquisition cost, accumulated depreciation and net book value of leased property as of the end of period(Yen in millions; amounts less than one million yen are omitted.)

FY2003(as of September 30, 2002)
Machinery, equipment
and vehicles
Total

FY2002(as of September 30, 2001)

FY2002(as of March 31, 2002)

Acquisition
cost

Accumulated
depreciation

Net bookvalue

Acquisition
cost

Accumulated
depreciation

Net bookvalue

Acquisition
cost

Accumulated
depreciation

Net book
value

7,237

4,087

3,150

7,333

4,061

3,271

6,974

4,004

2,969

7,237

4,087

3,150

7,333

4,061

3,271

6,974

4,004

2,969

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

Due within one year
Due after one year
Total

FY2003(as of September 30, 2002)
1,915
2,708
4,624

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

FY2002(as of March 31, 2002)
1,658
2,965
4,623

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

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

FY2003
April 1, 2002 September 30, 2002)

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

FY2002
April 1, 2001 September 30, 2001

(

1,017

1,209

2,219

750

709

1,112

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

Due within one year
Due after one year
Total

)

FY2002
April 1, 2001 March 31, 2002

FY2003(as of September 30, 2002)
4,186
7,630
11,817(Yen in millions; amounts less than one million yen are omitted.)

FY2002(as of September 30, 2001)
3,114
7,017
10,131- 18 -)

FY2002(as of March 31, 2002)
4,525
7,147
11,672

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

2. Other securities with market prices

FY2003
FY2002
FY2002(as of September 30, 2002)(as of September 30, 2001)(as of March 31, 2002)
Acquisition Carrying
Acquisition Carrying
Acquisition Carrying
Difference
Difference
Difference
cost
amountcost
amountcost
amount(1) Stocks

174,417842,824

668,407

171,234

819,825

648,590

175,481951,889

776,407

Government andmunicipal bonds

0

0

-

0

0

-

0

0

-

Corporate bonds

7,644

7,640

(3)

13,211

13,225

13

10,091

10,089

(2)

2

2

-

2

2

-

2

2

-

469

649

179

120

120

-

-

-

-

182,534

851,117

668,582

184,569

833,173648,604

185,576

961,981776,405(2) Bonds

Other bonds(3) Others
Total

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

Not applicable.

(2) Other securities

FY2003

FY2002

FY2002(as of September 30, 2002) (as of September 30, 2001) (as of March 31, 2002)

Domestic unlisted stocks excluding over-the-counter stocks
Money management funds
Foreign unlisted bonds(Million yen)

(Million yen)

(Million yen)

15,137
20,072-

12,977
5,924
405

14,996
20,4396

Derivative Transaction
Not applicable.

- 19 -

October 28, 2002

Semiannual Non-consolidated Financial Results for FY2003
TOYOTA INDUSTRIES CORPORATION( URL http://www.toyota-industries.com/ )Stock exchange listings: Tokyo, Nagoya and Osaka (Ticker code: 6201)
President: Tadashi Ishikawa
Location of the head office: Aichi prefecture, Japan
Contact person: Kakuo Ishikawa, 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 FY2003 : October 28, 2002
Provision for interim cash dividends: Provision exists. The interim dividends are payable on November 26, 2002.
Share trading unit : 100 shares

1. Financial Highlights for FY2003 Semiannual (April 1 – September 30, 2002)(1) Non-consolidated financial resultschange fromyear )( %previous

Net sales

Million yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual

364,682
330,487
693,345
Net income%((

13,12913,66825,015change fromyear )( %previous

Million yen

10.3 )
17.9 )

19,332
19,26637,824%((change fromyear )( %previous

Million yen

0.3 )11.6 )%((

Ordinary
income22,667
21,62240,140

%

(
(

4.8 )
15.7 )Net income
per share−basic

change fromyear )( %previous

Million yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual(Amounts less than one million yen are omitted.)

OperatingincomeYen-3.9 )
47.5 )

42.01
43.63
79.94

Notes: 1. Average number of shares issued each year
FY2003 Semiannual 312,517,027
FY2002 Semiannual 313,297,485
FY2002 Annual.312,924,039
Notes: 2. Changes in accounting policies: No change(2) Cash dividends
Interim cash dividends
per share

Cash dividends
per share

Yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual

Yen

10
9
−

−
−
19

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2003 Semiannual
FY2002 Semiannual
FY2002 Annual

1,476,986
1,411,140
1,565,087

Ratio ofshareholders’ equity

Million yen%

808,475
780,836864,293

Note: 1. Number of shares issued at the end of period
FY2003 Semiannual
311,812,441 FY2002 Semiannual
2. Number of treasury stock at the end of period
FY2003 Semiannual
1,512,010 FY2002 Semiannual

Shareholders’ equity
per share
Yen

54.7
55.3
55.2

2,592.83
2,492.30
2,763.12

312,800,014 FY2002 Annual

312,796,158

499,235 FY2002 Annual.503,091

2. Forecast of Non-consolidated Financial Results for FY2003 (April 1, 2002 - March 31, 2003)
Net sales
Million yen

FY2003Annual

740,000

Ordinary income
Million yen

42,000Net income
Million yen

24,000

Reference: (Forecast) Net income per share−basic (annual): 76.97 yen- 21 -

Annual cash dividends per share
Year end
Yen

11

Yen

21

Non-consolidated Balance Sheets
FY2002

FY2003as of
as of( September)
30, 2002 ) ( March 31, 2002

FY2002

Increase(Decrease)

as of( September
30, 2001 )(Assets)
Current assets

188,589

180,239

8,350

178,359

30,95731,149(192)

55,561

Trade notes receivable

5,245

1,013

4,232

3,287

Trade accounts receivable

69,38864,8814, 5 0 7

60,486

Marketable securities

27,64328,377(734)

14,711Finished goods

2,224

2,377

(153)

2,114

Raw materials

154

156

(2)

323

Work in process

15,56819,600(4,032)

16,335

3,532

3,181

351

2,881

Prepaid expenses

333

127

206

132

Deferred tax assets

9,647

7,715

1,932

6,863

23,965

21,8182,147

15,805

(71)

(159)

88

(144)

1,288,396

1,384,847(96,451)

1,232,781

223,497

221,206

2,291

216,268

Buildings

68,55060,0088,542

60,356Structures

7,144

6,035

1,109

5,994

97,612

94,8002,812

94,827

Vehicles and delivery equipment

1,239

1,154

85

1,013

Tools, furniture and fixture

9,496

9,273

223

9,565

33,701

32,383

1,318

32,309Construction in progress

5,753

17,551(11,798)

12,202Intangible assets

6,746

5,587

1,159

2,266

Software

6,746

5,587

1,159

2,266

1,058,152

1,158,052(99,900)

1,014,245

Investments in securities

888,194

994,008(105,814)

851,689

Investments in subsidiaries

143,550

138,734

4,816

138,528

Long-term loans

11,239

10,119

1,120

10,132Long-term prepaid expenses

10,323

9,475

848

7,346

Other investments and other assets

4,999

5,733

(734)

6,567

Less - allowance for doubtful
accounts(155)(1 8 )

(137)

(18)

Total assets

1,476,986

1,565,087(88,101)

1,411,140: 1. Accumulated depreciation of

3 4 2 , 1 7 7

3 3 9 , 9 8 8

2 , 1 8 9

3 3 2 , 3 5 5

3 2 , 1 1 8

4 , 1 4 3

2 7 , 9 7 5

3 , 5 3 3

2 , 1 8 3

2 , 0 4 7

1 3 6

1 , 9 0 7

Cash and deposits

Supplies

Other current assets
Less - allowance for doubtful
accounts
Fixed assets
Property, Plant and Equipment

Machinery and equipment

Land

Investments and other assets

Notes

property, 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)- 22 -

(Yen in millions; amounts less than one million yen are omitted.)((Liabilities)
Current liabilities
Trade notes payable
Trade accounts payable
Current portion of bonds
Current portion of convertible
bonds
Other payables
Accrued expenses
Accrued income taxes
Advance received
Deposits received
Deposits received from
employees
Long-term liabilities
Bonds
Convertible bonds
Long term loan
Deferred tax liabilities
Allowance for retirement
benefits
Other long-term liabilities
Total liabilities(Shareholders’ equity)
Common stock
Capital surplus
Capital reserve
Retained earnings
Legal reserve
General reserves

FY2003

FY2002

as of
September 30, 2002

as ofMarch 31, 2002

) ()

FY2002

Increase(Decrease)

as of( September
30, 2001 )239,190
6,593
76,42220,000150,870
4,777
80,877-88,3201,816(4,455)20,000134,835
6,029
67,412-75,692-75,692-

10,27021,144
8,993
133
1,205

19,18820,870
5,868
115
704

(8,918)
274
3,125
18
501

15,647
19,557
7,235
403
565

18,734

18,468266

17,983429,320
120,000
20,000266,514549,923
140,000
75,742
311,973(120,603)(20,000)(75,742)
20,000(45,459)

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

21,72021,056664

20,098

1,085
668,5101,152
700,794(67)(32,284)

1,090
630,304

68,04689,35189,351
261,628
17,004
180,557
409

68,021
89,32689,326
251,835
17,004
180,282
125

25
25
25
9,793
275
284

68,02188.51588,515
243,303
17,004
180,282
125

147

156

(9)

156

General reserves
Unappropriated retained
earnings at end of period

180,000

180,000-

180,000

64,06654,5479,519

46,015<Included net income for period><13,129><25,015><(11,886)><13,668>

392,590456,397(63,807)

380,995(3,142)
808,475(1,287)864,293(1,855)(55,818)

780,836

1,476,986

1,565,087(88,101)

1,411,140

Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets

Net unrealized gainon other securities
Treasury stock
Total shareholders’ equity
Total liabilities andshareholders’ equity- 23 -

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

FY2003

FY2002

April 1, 2002 April 1, 2001 (September
30, 2002 ） ( September 30, 2001）

FY2002

Increase(Decrease)

April 1, 2001 ( March
31, 2002 ）(Ordinary profits and losses)
Operating revenue and expenses
Operating revenue

364,682

330,487

34,195

693,345364,682

330,487

34,195

693,345

Operating expenses

345,350

311,220

34,130655,521

Cost of sales
Selling, general andadministrative expenses
Operating income

320,249

289,019

31,230609,986

25,10022,2002,900

45,534

19,332

19,26666

37,824

8,210

7,126

1,084

13,094

146

237

(91)

396

Dividends income

4,880

4,863

17

8,526

Other non-operating income

3,183

2,025

1,158

4,171

4,874

4,771

103

10,779Interest expenses

1,560

1,531

29

3,065

Other non-operating expenses

3,314

3,240

74

7,713

22,667

21,622

1,045

40,140

1,534

-

1,534

-

Net sales

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

Non-operating expenses

Ordinary income(Extraordinary gains and losses)
Extraordinary losses
Loss on disposal of property, plantand equipment
Income before income taxes

1,534

-

1,534

-

21,132

21,622(490)

40,140

Income taxes - current

10,706

8,220

2,486

15,320

Income taxes - deferred(2,703)(266)(2,437)(195)

Net income

13,12913,668(539)

25,015

Unappropriated retained earnings
brought forward

50,93632,347

18,58932,347

-

-

-

2,815

64,06646,01518,05154,547

Interim cash dividends

Unappropriated retained
earnings at end of period- 24 -

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

FY2003(as of September 30, 2002)

Vehicles and delivery
equipment
Tools, furniture andfixtureTotal

FY2002(as of September 30, 2001)

FY2002(as of March 31, 2002)

Acquisition
cost
equivalents

Accumulated
depreciationequivalents

Net balance
equivalents

Acquisition
cost
equivalents

Accumulated
depreciationequivalents

Net balance
equivalents

Acquisition
cost
equivalents

Accumulated
depreciationequivalents

Net balance
equivalents

31

15

15

31

9

22

31

12

19

4,226

1,986

2,239

4,214

1,936

2,277

4,500

2,138

2,362

4,257

2,002

2,255

4,245

1,945

2,300

4,532

2,151

2,381

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

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

Due within one year
Due after one year
Total

FY2003(as of September 30, 2002)
1,004
1,251
2,255

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

FY2002(as of March 31, 2002)
1,013
1,367
2,381

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

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

FY2003
April 1, 2002 September 30, 2002
557

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

FY2002
April 1, 2001 September 30, 2001
523

) (

557

)

(

FY2002
April 1, 2001 March 31, 2002
1,065

523

)

1,065

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

Due within one year
Due after one year
Total

FY2003(as of September 30, 2002)
219
169
388

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

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

FY2002(as of March 31, 2002)
233
239
473

Marketable Securities
Subsidiaries’ and affiliates’ stocks with fair value
FY2003(as of September 30, 2002)
Stocks of subsidiaries
Stocks of affiliates
Total

Carrying value

Fair value

559
3,359
3,918

1,786
3,710
5,496

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

FY2002(as of September 30, 2001)

Unrealized
Carrying value
gains

1,227
351
1,578

559
559
- 25 -

Fair value

1,781
1,781

FY2002(as of March 31, 2002)

Unrealized
Carrying value
gains

1,222
1,222

559
559

Fair value

Unrealized
gains

1,781
1,781

1,222
1,222