FINANCIAL SUMMARY
FY2005(April 1, 2004 through March 31, 2005)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

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

April 27, 2005

Consolidated Financial Results for FY2005 (April 1,2004 - March 31,2005)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) ( URL http://www.toyota-industries.com/ )Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person : Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for FY2005 consolidated financial results: April 27, 2005
Name of parent company Toyota Motor Corporation (Code number:7203 ) Parent company’s shareholding ( 24.3%)
US GAAP: Not Used

1. Financial Highlights for FY2005 (April 1, 2004 - March 31, 2005)(1) Consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2005
FY2004

1,241,538
1,164,378
Net income

6.6
8.9

(
(

Million yen))

53,12052,631

Net income perchange fromyear )( %previous
share－basic

Million yen

FY2005
FY2004%%43,357 (33,623 (

29.0
53.3

0.9
0.3

(
(

Net income pershare－diluted

YenMillion yen))

70,91258,970Returnon equityYen

135.09108.04))%135.03101.97

%

(
(

20.3
14.8

Ordinary
incomeon assets

Ordinary
incomeon sales

%

%

4.1
3.8

)
)

%

3.3
3.2

5.7
5.1

Notes: 1. Equity in net income of affiliates: FY2005－6,805 million yen,FY2004－1,842 million yen
Notes: 2. Average number of shares outstanding in each year (consolidated) : FY2005－318,079,149 shares, FY2004－308,144,183 shares
Notes: 3. Changes in accounting policies: No change
4. In FY2005, Early application has been made for Accounting Standards for Impairment of Fixed Assets.

(2) Consolidated financial position
Total assets
Million yen

FY2005
FY2004

Ratio ofshareholders’ equity

Shareholders’ equity

2,326,824
2,011,995

Million yen

Shareholders’ equity
per share%

1,115,747
1,016,763

Yen

48.0
50.5

3,504.80
3,199.69

Note: Number of shares outstanding at end of each year (consolidated) : FY2005－318,236,815 shares, FY2004－317,665,682 shares(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2005
FY2004

100,095
92,406

Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of year

Million yen(128,230)(92,667)

50,020(56,015)

Million yen

100,535
77,212(4) Scope of consolidation and equity method
Consolidated subsidiaries: 145companies
Unconsolidated subsidiaries accounted for under the equity method: 0 company
Affiliates accounted for under the equity method: 20 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 14 companies, (decrease) 9 companies
Equity method: (increase) 0 company, (decrease) 0 company

2. Forecasts of Consolidated Financial Results for FY2006 (April 1, 2005 - March 31, 2006)
Net sales

Ordinary income
Million yen

FY2006semi-annual
FY2006

Million yen

Net income
Million yen

690,000

34,00021,0001,450,000

75,00045,000

Reference: (Forecast) Net income per share－basic (annual): 141.40yen

Overview of Associated Companies
Toyota Industries Corporation and its associated companies (Toyota Motor Corporation which has Toyota Industries Corporation
as an affiliate, Toyota Industries Corporation’s 145 subsidiaries and 31 affiliates) are engaged mainly in manufacture and sales ofautomobiles and related products, materials handling equipment, textile machinery and others. The associated companies’ positionsin the businesses and relation to the business segments are shown below
Customers (Toyota Motor Corporation, etc.)
Overseascompanies(Manufacturing subsidiaries)

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

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

Overseas companies(Sales, other subsidiaries and affiliates)
BT Industries Group (73 companies)
Toyota Industries Corporation Australia
Group (9 companies)
Toyota Material Handling USA, Inc.
Toyota-Lift of Los Angeles, Inc.
Toyota Truck Norge Group (4 companies)
Toyota Industries Mercosur Ltda.
Toyota Material Handling (Shanghai) Co., Ltd
Toyota Gabelstapler Deutschland GmbH
Toyota Industrial Equipment (UK) Group(2 Companies)
Toyota Industrial Equipment Europe
Group (2 Companies)
Aichi Corporation Group (1 company)(Manufacturing subsidiaries and affiliates)
BT Industries Group (7 companies)

Overseascompanies(Sales subsidiary)

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

Kirloskar Toyoda Textile
Machinery Ltd.

Toyota Industrial Equipment Mfg., Inc.
Toyota Industrial Equipment, S.A.
Aichi Corporation Group (1 company)

Domestic
companies(Manufacturing subsidiaries)

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

Domestic
companies(Sales subsidiaries)

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

Domestic
companies

Domestic
companies(Manufacturing subsidiary)(Manufacturing subsidiary)

Kawamoto System
Corporation

TIBC Corporation(Manufacturing affiliate)

TOYOTA L&F Keiji Co., Ltd.

(Manufacturing subsidiary)

Tokyu Co., Ltd.

TOYOTA L&F Shizuoka Co., Ltd.

Hara Corporation

Tokaiseiki Co., Ltd.

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

SKE Inc.

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

ST Liquid Crystal
Display Corp.

Aichi Corporation Group(3 companies)
Nishina Industrial Co., Ltd.
Suzaka Nishina Industrial Co., Ltd.
Unica Co., Ltd.
Mino Tokyu Co., Ltd.

Automobile

Materials handling equipment
Toyota Industries Corporation-1-

Textile machinery

OthersManagement Policy
1. Basic Management Policy
The basic management policies of Toyota Industries Corporation and its Group companies(“Toyota Industries”) are upheld as its basic corporate philosophy. We believe putting thefollowing stated beliefs into viable actions by all employees will lead to greater corporate value.
(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

2. Basic Policy on the Distribution of Profits
Toyota Industries Corporation regards the benefits of shareholders as one of its mostimportant management policies. Based on this stance, we will strive to strengthen Toyota
Industries’ corporate constitution, promote proactive business development and raise its
corporate value.
Toyota Industries Corporation’s dividend policy is to meet the expectations of shareholders
while giving full consideration to business performance, capital demand, dividend payout ratioon consolidated bases and other factors.
Toyota Industries Corporation will use retained earnings to improve the competitiveness of its
products, augment production capacity in Japan and overseas, as well as expand into new fieldsof business and strengthen its corporate constitution in securing future profits for its
shareholders. It will also use retained earnings to repurchase treasury stock.

3. Medium- to Long-Term Management Strategies
Rooted in its basic philosophy, Toyota Industries “strives to offer products and services thatare clean, safe and of high quality.” We are fully committed to continuing to improve corporate
value for future growth.
Specifically, the Vehicle and Engine businesses will expand their respective scopes ofbusiness by contributing to the global strategy of Toyota Motor Corporation. The Materials
Handling and Car Air-Conditioning Compressor businesses, both of which are the core
operations of Toyota Industries, will strive to solidify the leading global position while aiming forhigher market share and better performance through business reinforcement. The Logistics
Solutions and Electronics businesses will engage in stabilizing operations to ensure steady
growth and develop into future core businesses of Toyota Industries.
In the medium to long term, we will always place utmost emphasis on product quality. We will
strive to develop and market leading-edge products that incorporate considerations to safety,
environment and ergonomics as well as anticipate customer needs. We will also further promote
global consolidated management and build a business structure that can take advantage of the-2-

collective strength of Toyota Industries while nurturing personnel of international caliber who willlead the Toyota Industries Group to the next level of growth.
The successful implementation of these measures will in turn heighten Toyota Industries’
corporate value. Through sincere considerations for the environment and local communities, we
also aim for socially harmonious growth.
As a result of concerted efforts Group-wide, we have already cleared the ambitious target of
consolidated net sales of 1.2 trillion yen within fiscal 2005 (ended March 31, 2005)—one year
ahead of the schedule originally set out in the Medium-Term Management Vision introduced infiscal 2002.

4. Basic Stance toward Corporate Governance and Measures for Implementation
Toyota Industries Corporation deems it highly important to make corporate governancefunction effectively for the purpose of management efficiency and corporate soundness. To thisend, we aim to establish an organizational structure that can quickly and flexibly respond tochanges in the management environment, as well as a fair management system with anemphasis on shareholders.
Toyota Industries’ Board of Directors holds a meeting every month to decide subjects ofmaterial importance and supervise business operations. The Company has also instituted theManagement Committee and the Business Operation Committee. The Management Committee
deliberates upon Company-wide strategies while the Business Operation Committee deliberates
upon strategies in each business segment. Through these bodies, Toyota Industries seeks toestablish responsive and efficient management as well as an effective internal control system.
At Toyota Industries, we maintain a corporate auditor system based on the JapaneseCommercial Code. We have five corporate auditors (including three outside corporate auditors).
We have also set up the Corporate Auditor’s Office with full-time staff to strengthen auditing of
the execution of directors’ duties.
The Company has strengthened the supervision of each division and the internal auditing
structure, and regularly holds meetings of the Code of Conduct Council to ensure that it adheres
fully to the letter of the law and conducts its management and business affairs based on its basic
management policies. Toyota Industries will continue to endeavor to promote its businessactivities with an increased awareness of ethical issues. Moreover, we established a corporate
ethics hotline staffed by outside lawyers, who field queries from employees regarding fraudulent
or unethical conduct, for the purpose of early detection and quick handling of importantcompliance-related irregularities. In addition, we provide clearly articulated action guidelines,
which serve as the basis of employee actions.
Toyota Industries established a department dedicated to investor relations activities topromote better management transparency. Through such efforts, the Company will continue toensure a high level of corporate accountability to shareholders and stakeholders.
The certified public accountants who audited Toyota Industries’ accounting practices are Mr.
Kazunori Tajima, Mr. Masaki Horie and Mr. Fusahiro Yamamoto of ChuoAoyama
PricewaterhouseCoopers. Mr. Tajima and Mr. Horie have auditing experiences of 10 years and12 years, respectively. They are further supported by an additional ten certified public
accountants, six junior accountants and two assistants in auditing Toyota Industries’ accounting
practices.
With these measures, Toyota Industries strives to secure further growth, prosperity and profit.
We intend to meet the high expectations of our stakeholders, notably shareholders andcustomers, and sincerely carry out our social responsibilities.

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5．Matters related to the parent company(1) Trade name and other items related to the parent company(As of March 31, 2005)
Parent company Attributes
Percentage of Stock exchanges on which shares issued
voting rights by the parent company are listed
held by parent
company(％)
Toyota Motor
The relevant
24.33
Tokyo Stock Exchange, First Section
Corporation
other company(0.23)
Nagoya Stock Exchange, First Section
when a listed
Osaka Securities Exchange, First Section
company is an
Fukuoka Stock Exchange
affiliatedSapporo Stock Exchange
company of thisNew York Stock Exchange (U.S.)
other company
London Stock Exchange (U.K.)
Notes: The figure shown inside the parenthesis indicates the percentage of indirectly held
voting rights among all voting rights held by the parent company.
(2) Matters related to transactions with the parent company
FY2005 (April 1, 2004 - March 31, 2005)
Details of affiliation
Transaction
Transaction Category
Year-end
detailsamountbalance
Concurrent post of Business(¥ millions)(¥ millions)directors (names) affiliation
Concurrent posts: 3 Sale of products Sale of414,235
Accounts
31,593
Employmentof the Automobile automobiles
receivabletransfers: 11
Segment
and engines*1
Accounts
35,780Purchase of 285,019
Payablecomponents
forautomobilesand engines*2
Notes: 1. Transaction conditions and determining policies of transaction conditions*1 Regarding sales of automobiles and engines, the Company presents its desired
prices based on total costs, and settles on prices in a similar manner as forordinary transaction conditions upon undertaking price negotiations for eachfiscal term.
*2 Regarding purchases of components for automobiles and engines, based on theprices presented, the Company settles on prices in a similar manner as forordinary transaction conditions upon undertaking price negotiations for eachfiscal term.
2. There are no matters in the above-mentioned “details of affiliation” and “transaction
details” that would restrict the Company’s independence. There are no monetaryloan debit and credit relationships or guarantee or warranty relationships.

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Business Results and Financial Position
1. Business Results
In fiscal 2005 (ended March 31, 2005), consumer spending did not fully recover due to unstable
employment conditions. However, the economy continued on its slow path to recovery as
private-sector capital investment increased on the back of improved corporate earnings. Overseas,
the overall economic outlook was brighter, with an expanding U.S. economy and the European
economy maintaining underlying strengths.
In this operating environment, Toyota Industries made efforts to strengthen its corporate
structure by ensuring customer trust through its dedication to quality, the development of appealing
new products, aggressive sales promotions and execution of a Group-wide program to reduce
costs.
As a result, total consolidated net sales of Toyota Industries amounted to 1,241.5 billion yen, an
increase of 77.2 billion yen, or 7%, over fiscal 2004 (ended March 31, 2004). The following is areview of operations for the major business segments.
In the automobile industry as a whole, domestic sales were almost the same as in fiscal 2004.
Domestic production, on the other hand, increased over the same period.
Net sales of the Automobile Segment of Toyota Industries totaled 616.2 billion yen, an increaseof 12.4 billion yen, or 2%, over fiscal 2004.
Within this segment, net sales of the Vehicle Business totaled 278.8 billion yen, almost the sameas in fiscal 2004. While sales of the Corolla Sedan for North America and Yaris (European versionof the Vitz) decreased, sales of the RAV4 for Europe increased. Sales of the fully remodeled Vitz,
which was re-launched in February 2005 in Japan, also contributed to overall results.
Net sales of the Engine Business totaled 113.2 billion yen, an increase of 5.9 billion yen, or 6%,
over fiscal 2004. Despite decreases in sales of the UZ-type gasoline engine, which is mounted on
the Land Cruiser, and the AZ-type gasoline engine, which is mounted on the Estima, sales of the
CD-type diesel engine, which is mounted on TOYOTA-brand cars for Europe, such as the RAV4and Avensis, increased. Toyota Industry Automotive Parts (Kunshan) Co., Ltd. (“TIAP”) in Jiangsu
Province, China, which was established as a joint venture with Toyota Tsusho Corporation and
Lioho Machine Works, Ltd. to produce and sell automotive foundry parts, began operations in April
2005. Also, Toyota Motor Industries Poland Sp.zo.o. (“TMIP”), jointly established with Toyota Motor
Corporation (“TMC”) in October 2002, started production of the latest AD-type diesel engine to be
mounted on the Avensis, which is assembled in England by TMC.
Net sales of the Car Air-Conditioning Compressor Business totaled 197.9 billion yen,approximately the same level as for fiscal 2004. While sales in the domestic market increased as aresult of an increase in models mounting our car air-conditioning compressors, sales overseas
suffered due mainly to sluggish sales of some automobiles mounting our products. In July 2004,
Toyota Industries Corporation and DENSO Corporation jointly established TD AutomotiveCompressor Georgia, LLC (“TACG”) in Georgia, the United States, as a plant manufacturing ofvariable type of compressors. It is slated to start operation in December 2005. In April 2004, ourcumulative production of car air-conditioning compressors in Japan, North America and Europe
reached 200 million units since we commenced production in 1960.
In the materials handling equipment industry as a whole, sales increased substantially over fiscal
2004. Sales were strong in the Japanese market thanks to an improvement in private-sector capital
investment, while the global economic recovery contributed to brisk sales in the overseas markets.
Net sales of the Materials Handling Equipment Segment of Toyota Industries totaled 503.9 billion
yen, an increase of 60.5 billion yen, or 14%, over fiscal 2004. We sold 103,000 TOYOTA-brandforklift trucks and other materials handling equipment during January to December 2004, anincrease of 21% over the same period in 2003. This increase was due largely to an implementationof a variety of sales measures, such as proposal-based sales, in Japan, as well as an enhancementof the global sales network, especially in North America, Europe, Asia and South America, andvigorous sales promotion activities targeting major clients. This marked a world first for a single
brand to sell more than 100,000 units in a single year. We achieved a 42.6% share in the Japanese
forklift truck market in 2004, the same percentage as in 2003. In August 2004, we enhanced our
product lineup with the re-introduction of all 14 models of large forklift trucks (10-ton to 24-ton) after
a full model change.
During the same period, BT Industries AB, one of our subsidiaries and a major manufacturer of
warehouse trucks, achieved a substantial increase in sales on the back of vigorous sales activities
and strong sales in North American and European markets.
In the textile machinery industry, the mainstay Chinese market showed signs of recovery.
-5-However, the lingering effects of monetary tightening and other factors contributed to a lack in
dynamism in terms of capital investment.
Net sales of the Textile Machinery Segment totaled 43.9 billion yen, a decrease of 2.0 billion yen,or 4%, from fiscal 2004. Although orders for spinning frames from Pakistan increased, a decrease inorders for air-jet looms from China, as well as a decrease in orders for water-jet looms due to highprices of synthetic yarns arising from a drastic hike in crude oil prices worldwide, were incurred.
Net sales of the Others Segment amounted to 77.4 billion yen, an increase of 6.3 billion yen, or
9%, over fiscal 2004. TIBC Corporation, a joint venture with Ibiden Co., Ltd. that manufactures andsells ball grid array plastic package substrates, underwent strong demand for plastic package
substrates for personal computers.
As one core business for driving future growth, Toyota Industries entered the Logistics Solutions
Business, which undertakes all phases of logistics from logistics planning to the operation of
distribution centers for the purpose of reducing logistics costs for customers. Sales of this businessare steadily expanding. To expand the scope of services available in this business, Toyota
Industries made Asahi Security Co., Ltd. into one of its subsidiaries in March 2005. The company
provides comprehensive cash management outsourcing services, including cash collection anddelivery, sales proceeds management and equipment security, to retailers, service businesses andtransportation operators.
During fiscal 2005, Toyota Industries’ ordinary income amounted to 70.9 billion yen, an increaseof 12.0 billion yen, or 20%, over fiscal 2004. Despite the effects of a steep rise in crude oil and steel
prices, increases in labor and pre-production expenses and unfavorable exchange rate fluctuations,this increase was largely achieved due to an increase in global sales, improvements in productivity
and Group-wide cost-reduction activities, as well as a strong performance by ST Liquid Crystal
Display Corp., a joint venture with Sony Corporation that is accounted for by the equity method. Net
income amounted to 43.3 billion yen, an increase of 9.7 billion yen, or 29%, over fiscal 2004.
Cash flows from operating activities amounted to 100.0 billion yen in fiscal 2005, due largely toincome before income taxes resulted in an amount of 70.3 billion yen. Net cash provided byoperating activities increased by 7.6 billion yen from 92.4 billion yen in fiscal 2004. Cash flows frominvesting activities resulted in a decrease in cash by 128.2 billion yen in fiscal 2005, attributableprimarily to payments for acquisition of fixed assets amounting to 110.1 billion yen. Net cash used ininvesting activities increased by 35.6 billion yen from 92.6 billion yen for fiscal 2004. Cash flows
from financing activities resulted in an increase in cash by 50.0 billion yen in fiscal 2005, due mainly
to proceeds from issuance of corporate bonds in an amount of 50.0 billion yen. Net cash provided
by financing activities increased by 106.0 billion yen from 56.0 billion yen in net cash used infinancing activities for fiscal 2004.
After translation adjustments, cash and cash equivalents as of March 31, 2005 stood at 100.5
billion yen, an increase of 23.3 billion yen, or 30%, over fiscal 2004.

2. Distribution of Profits for FY2005
Including the interim cash dividend of 13.0 yen per common share paid in November 2004, and a
year-end cash dividend of 19.0 yen per common share, Toyota Industries Corporation declares that
total cash dividends for fiscal 2005 will be 32.0 yen per common share, an increase of 8.0 yen percommon share over fiscal 2004.

3. Forecast for the Fiscal Year Ending March 31, 2006
Toyota Industries expects the Japanese economy to continue along a steady path toward
recovery. However, the pace of recovery will likely remain slow, and temporary economic stagnation
is anticipated due to a correction phase. Conversely, uncertainties persist regarding the fluctuationsof exchange rates and the rising prices of raw materials such as oil and steel in Japan and abroad.
Overseas, concerns over the deceleration of the U.S., European and Chinese economies preclude
optimism.
For fiscal 2006, ending March 31, 2006, Toyota Industries forecasts consolidated net sales of
1,450.0 billion yen, ordinary income of 75.0 billion yen and net income of 45.0 billion yen. We aredetermined to heighten the comprehensive capabilities of the Toyota Industries Group as a wholethrough the development of appealing new products with an unwavering emphasis on quality, as
well as the enhancement of sales, service and cost-reduction activities Group-wide.
Our projections are based on an exchange rate of ¥105.0 = US$1.

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4. Risk Information
The following represent risks that could have a material impact on Toyota Industries’ financial
condition, business results and share prices. The forward-looking statements herein are based on
information known to management as of March 31, 2005.

Principal Customers

Toyota Industries’ automobile and engine products are sold primarily to TMC. In fiscal 2005, net
sales to TMC accounted for 33.4% of consolidated net sales. Therefore, TMC’s vehicle sales could
have an impact on Toyota Industries’ business results. As of March 31, 2005, TMC held 24.3% ofvoting rights.

Product Development Capabilities

Based on the concept of “developing appealing new products,” Toyota Industries proactively
develops new products by utilizing its leading-edge technologies, as it strives to anticipate
increasingly sophisticated and diversifying needs of the market and ensure the satisfaction of its
customers. R&D activities are focused mainly on developing and upgrading products in current
business fields and peripheral sectors. Toyota Industries expects that revenues derived from thesefields will continue to account for a significant portion of total revenues and anticipates that future
growth will be contingent on the development and sales of new products in these fields. Toyota
Industries believes that it can continue to develop appealing new products. However, Toyota
Industries may not be able to forecast market needs and develop and introduce appealing new
products in a timely manner. This could result in lower future growth and have an adverse impact on
Toyota Industries’ financial condition and business results. Such a situation could result from risks
that include no assurance Toyota Industries can allocate sufficient future funds necessary for thedevelopment of appealing new products; no assurance that product sales will be successful, as
forecasts of products supported by the market may not always be accurate; and no assurance that
newly developed products and technologies will always be protected as intellectual property.

Intellectual Property Rights

In undertaking its business activities, Toyota Industries has acquired numerous intellectual
property rights, including those acquired overseas, such as patents related to its products, productdesigns and manufacturing methods. However, not all patents submitted will necessarily be
registered as rights, and these patents could thus be rejected by patent authorities or invalidated bythird parties. Also, a third party could circumvent a patent of Toyota Industries and introduce acompeting product into the market. Moreover, Toyota Industries’ products utilize a wide range oftechnologies. Therefore, Toyota Industries could become a party subject to litigation involving theintellectual property rights of a third party.

Product Defects

Guided by the basic philosophy of “offering products and services that are clean, safe and of highquality,” Toyota Industries makes its utmost efforts to enhance quality. However, Toyota Industries
cannot guarantee all its products will be defect-free and that product recalls will not be made in the
future. Toyota Industries is insured for product liability indemnity. However, Toyota Industries cannot
guarantee that this insurance will sufficiently cover final indemnity amounts incurred. Productdefects that could lead to large-scale recalls and product liability indemnities could result in large
cost burdens and have a significant negative impact on the evaluation of Toyota Industries. It could
also have an adverse effect on Toyota Industries’ financial condition and business results due to adecrease in sales, deterioration of profitability and decrease in share prices of Toyota Industries.

Price Competition

Toyota Industries faces extremely harsh competition in each of the industries in which it conducts
business, including its Automobile and Materials Handling Equipment businesses, which are thecore of Toyota Industries’ earnings foundation. Toyota Industries believes it offers high-value-added
products that are unrivalled in terms of technology, quality and cost. Amid an environment
characterized by intensifying price competition, however, Toyota Industries may be unable tomaintain or increase market share against low-cost competitors or to maintain profitability. This
could have an adverse impact on Toyota Industries’ financial condition and business results.

Reliance on Suppliers of Raw Materials and Components

Toyota Industries’ products rely on various raw materials and components from suppliers outside
the Toyota Industries Group. Toyota Industries has concluded basic business contracts with theseexternal suppliers and assumes it can carry out stable transactions for raw materials and components.
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However, Toyota Industries has no assurances against future shortages of raw materials andcomponents, which arise from a global shortage due to tight supply or an unforeseen accident
involving a supplier. Such shortages could have a negative effect on Toyota Industries’ productproduction and cause an increase in costs, which could have an adverse impact on Toyota
Industries’ financial condition and business results.

Environmental Regulations

In view of its social responsibilities as a company, Toyota Industries strives to reduce any burden
on the environment resulting from its production processes, as well as strictly adheres to applicable
environmental laws and regulations. However, various environment-related regulations could also
be revised and strengthened in the future. Accordingly, any expenses necessary for continuous
strict adherence to these environmental regulations could result in increased business costs andhave an adverse impact on Toyota Industries’ financial condition and business results.

Alliances with Other Companies

Aiming to expand its businesses, Toyota Industries engages in joint activities with othercompanies through alliances and joint ventures. However, a wildly fluctuating market trend or adisagreement between Toyota Industries and its partners, owing to business, financial or otherreasons, could prevent Toyota Industries from deriving the intended benefits of its alliances.

Exchange Rate Fluctuations

Toyota Industries’ businesses encompass the production and sales of products and the provisionof services worldwide. Generally, the strengthening of the yen against other currencies (especiallyagainst the U.S. dollar and the euro, which account for a significant portion of Toyota Industries’
sales) has an adverse impact on Toyota Industries’ business, while a weakening of the yen has afavorable impact. An increase in the value of currencies in countries or regions where Toyota
Industries carries out production could lead to an increase in local production, procurement anddistribution costs. Such an increase in costs could reduce Toyota Industries’ price competitiveness.
Additionally, because export sales of several businesses are denominated mainly in yen, exchange
rate fluctuations could have an adverse impact on Toyota Industries’ financial condition andbusiness results due to a change in market prices.

Share Price Fluctuations

Toyota Industries held marketable securities, and therefore bears the risk of price fluctuation ofthese shares. Based on fair market value of these shares at the end of this period, Toyota Industries
had unrealized gains. However, unrealized gains on marketable securities could worsen depending
on future share price movements. Additionally, a fall in share prices could reduce the value ofpension assets, leading to an increase in the pension shortfall.

Effects of Disasters, Power Blackouts and Other Incidents

Toyota Industries carries out regular checks and inspections of its production facilities tominimize the effect of production breakdown. However, there is no assurance Toyota Industries cancompletely prevent or lessen the impact of man-made or natural disasters, including malfunctions of
production facilities, fires at production facilities and power blackouts. For example, the majority of
Toyota Industries’ domestic production facilities and most of its business partners are situated in the
Chubu region. Therefore, a major earthquake such as the Tokai Earthquake, or an incident that
affects other operations, could delay or stop the production or shipment activities. Such prolonged
delays and stoppages could have an adverse impact on Toyota Industries’ financial condition andbusiness results.

Latent Risks Associated with International Activities

Toyota Industries manufactures and sells products and provides services in various countries.
Such unforeseen factors as social chaos, including political disruptions, terrorism and wars, as well
as changes in economic conditions, could have an adverse impact on Toyota Industries’ financial
condition and business results.

Retirement Benefit Liabilities

Toyota Industries’ employee retirement benefit expenses and liabilities are calculated based on
expected rates of return on pension assets as well as assumptions upon making actuarial
calculations that incorporate discount rates and other factors. Therefore, differences between actual
results and assumptions as well as changes in the assumptions could have a significant impact onrecognized expenses and calculated liabilities in future accounting periods.
-8-Consolidated Balance Sheets
FY2005(As of March 31, 2005)

FY2004(As of March 31, 2004)

Increase(Decrease)462,973

349,914113,059

84,91557,37527,540173,459

144,575

28,884Marketable securities

40,056

20,06419,992Inventories

94,02477,574

16,450

Deferred tax assets

20,37917,533

2,846

Other current assets

52,49135,12817,363Less－allowance for doubtful
accounts(2,351)(2,337)(14)

AssetsCurrent assets
Cash and deposits
Trade notes and accounts receivable

1,863,850

1,662,080

201,770

Property, plant and equipment

457,078

389,396

67,682

Buildings and structures

132,419

124,422

7,997

Machinery, equipment and vehicles

185,424

160,787

24,637

Tools, furniture and fixtures

18,833

15,565

3,268

Land

78,65871,786

6,872

Construction in progress

41,742

16,83424,908116,971

99,856

17,115

Software

12,41011,993

417

Goodwill

104,561

87,862

16,6991,289,799

1,172,828

116,971

1,222,658

1,112,776

109,882

9,804

9,756

48

13,21813,553

(335)

7,234

3,537

3,697

37,21433,453

3,761

(330)

(250)

(80)

Fixed assets

Intangible assets

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

2,326,824

2,011,995

314,829

5 4 1 , 3 8 2

5 0 9 , 3 7 8

3 2 , 0 0 4

2 9 , 9 5 6

2 4 , 5 9 4

5 , 3 6 2

7 , 6 0 3 , 8 2 5shares

8 , 1 7 4 , 9 5 8shares

5 , 2 3 4

4 , 6 0 0-9-

( 5 7 1 , 1 3 3 )shares6 3 4

(Million yen; amounts less than one million yen are omitted.)

FY2005(As of March 31, 2005)

FY2004(As of March 31, 2004)

Increase(Decrease)421,539

326,337

95,202160,231

129,82130,41059,94570,441(10,496)-

15,000(15,000)

Current portion of bonds

20,300-20,300

Other payables

45,461

19,067

26,394

Accrued expenses

59,356

51,586

7,770

Accrued income taxes

15,297

8,845

6,452

Deposits received from employees

20,054

19,496

558

Deferred tax liabilities

4,066

2,742

1,324

Other current liabilities

36,826

9,335

27,491Long-term liabilities

748,633

633,968

114,665

230,000

200,300

29,70073,49135,22438,267

381,787

346,335

35,452

Allowance for retirement benefits

44,462

34,264

10,198Other long-term liabilities

18,891

17,843

1,048

1,170,172

960,305

209,867

40,90434,926

5,978

Common stock

80,46280,462-

Capital surplus

105,600

105,743(143)

Retained earnings

325,330

294,672

30,658Net unrealized gains onother securities

591,218534,078

57,140Foreign currencytranslation adjustments

29,861

19,782

10,079Treasury stock at cost

(16,726)(17,975)

1,249

Total shareholders’ equity

1,115,747

1,016,763

98,984

Total liabilities andshareholders’ equity

2,326,824

2,011,995

314,829

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

Bonds
Long-term debt
Deferred tax liabilities

Total liabilities
Minority interest inconsolidated subsidiaries
Shareholders’ equity- 10 -

Consolidated Statements of Income(Million yen; amounts less than one million yen are omitted.)(

FY2005
April 1, 2004 March 31, 2005

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

Increase(Decrease)

Net sales

1,241,538

1,164,378

77,160

Cost of sales

1,041,780

978,458

63,322Gross profit

199,758

185,919

13,839Selling, general andadministrative expenses

146,638

133,288

13,350Operating income

53,12052,631489

Non-operating income

38,28430,1838,101

Interest income

8,159

8,174

Dividends income

13,76010,997

2,763

Other non-operating income

16,363

11,0105,353

Non-operating expenses

20,491

23,843(3,352)

9,735

9,755

(20)

10,756

14,087(3,331)

70,91258,97011,942

-

621

(621)

-

621

(621)

558

1,851

(1,293)

558

-

558

-

1,851

(1,851)

Income before income taxes

70,35357,74012,613

Income taxes－current

26,80823,967

2,841

Income taxes－deferred(4,557)(3,220)(1,337)

Minority interest inconsolidated subsidiaries

4,744

3,370

1,374

Net income

43,35733,623

9,734

Note: R&D expenses( included in selling, general andadministrative expenses and manufacturing cost)

2 9 , 5 3 5

2 9 , 5 6 2Interest expenses
Other non-operating expenses
Ordinary income
Extraordinary gains
Gains from transition of benefit plan into
defined contribution pension plan
Extraordinary losses
Impairment loss of fixed assets
Provision for retirement and severance
benefits for directors and corporate auditors- 11 -(15)( 2 7 )

Consolidated Statements of Shareholder’s Equity(Million yen; amounts less than one million yen are omitted.)(

FY2005
April 1, 2004 March 31, 2005

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

Increase(Decrease)(Capital surplus)
Capital surplus
at beginning of year

105,743

89,364

16,379-16,378(16,378)

Issuance of equity due to conversionof convertible bonds-

12,414(12,414)

Gain on disposal of treasury stock

-

3,963

(3,963)

142

-

142

Loss on disposal of treasury stock

142

-

142

Capital surplus at end of year

105,600

105,743(143)

294,672

269,380

25,29243,35733,6239,734

43,35733,623

9,734

12,699

8,332

4,367

7,948

7,417

531

331

290

41

4,419

-

4,419

-

624

(624)

325,330

294,672

30,658

Increase in capital surplus

Decrease in capital surplus(Retained earnings)
Retained earnings
at beginning of year
Increase in retained earnings
Net income
Decrease in retained earnings
Cash dividends
Bonuses to directors and corporate
auditors
Net decrease due to minimum pension
liability adjustments of consolidated
subsidiaries
Change in subsidiaries’ year-ends
Retained earnings at end of year

- 12 -

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

Increase

FY2005

FY2004

April 1, 2004 March 31, 2005

April 1, 2003 March 31, 2004

)

(

)

Cash flows from operating activities
Income before income taxes and minority interestin consolidated subsidiaries
Depreciation and amortization
Impairment loss of fixed assets
Increase in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in net earnings of affiliates
Increase in receivables(Increase) decrease in inventories
Increase in payables
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid

100,095

92,406

7,689

70,35357,74012,61370,213558
371(21,920)
9,735(6,805)(22,923)(12,851)
26,893(4,063)
109,561
21,971(8,710)(22,727)

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

4,862
558
326
(2,748)(20)(4,963)(11,873)(13,601)
24,263(13,804)(4,390)
3,071
1,135
7,873

Cash flows from investing activities
Payments for purchases of marketable securities
Securities
Proceeds from sales of marketable securities
Payments for purchases of property, plant andequipment
Proceeds from sales of property, plant andequipment
Payments for purchases of investment securities(128,230)(92,667)(35,563)

-

(101)

101

-

3,874

(3,874)(110,111)(78,267)(31,844)

10,043

3,200

6,843

(9,562)(14,301)

4,739

Proceeds from sales of investment securities
Proceeds from acquisition of subsidiaries' stock
resulting in change in scope of consolidation
Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation

3,299

2,614

685

-

1,215

(1,215)(16,943)-(16,943)(2,370)2,783(5,368)(4,977)
5,447(960)(10,411)2,607(2,664)960
5,043

50,020(13,686)(15,000)
40,785(6,964)50,000(52)(7,948)
(667)
3,554
1,438
23,323
77,212(56,015)(10,958)
15,0004,522(8,529)(31,677)(56,670)
56,670(17,094)(7,413)
(252)
389
322
(55,953)
136,929

106,035(2,728)(30,000)
36,263
1,565
50,00031,67756,670(56,670)
17,042
(535)
(415)
3,165
1,116
79,276(59,717)-(3,763)

3,763

100,535

77,212

23,32357,19320,0183,337
19,987

Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Others, net
Cash flows from financing activities
Decrease in short-term loans(Decrease) increase in commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of bonds
Repayments of bonds
Payments to convertible bond redemption funds
Proceeds from convertible bond redemption funds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net
Translation adjustments of cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Net decrease in cash and cash equivalents
due to change in subsidiaries’ year-ends
Cash and cash equivalents at end of period

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
Marketable securities

60,53040,005- 13 -

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

Consolidated
subsidiaries

145

Aichi Corporation Group (5 companies), TIBC Corporation, Asahi Security Co., 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., Advanced Logistics Solutions Co., Ltd.,
Teionshokuhin Ryutsu Inc., Toyoda High System, Inc., Nishina Industrial Co., Ltd.,
Suzaka Nishina Industrial Co., Ltd., ALTRAN Corporation, KTL Co., Ltd., TF Logistics Co., Ltd.,
Tokaiseiki Co., Ltd., Taikoh transportation Group (5 companies), SKE Inc.,SK Maintenance Inc., Unica Co., Ltd., Iwama Loom Works, Ltd., Kawamoto System Corporation,
Nagao Industry Co. Ltd., TOYOTA L&F Shizuoka Co., Ltd., Hara Corporation,
Mizuho Industry Co., Ltd., Sun Valley Inc., Sun Valley CVS Takaramachi Co., Ltd.,Sun Staff, Inc., ALT Logistics Co., Ltd., Shine’s Inc.,TOYOTA INDUSTRIES WELL SUPPORT CORPORATION,
Toyota Industries Sweden AB, BT Industries Group (64 companies),
Toyota Industries Finance International AB, Michigan Automotive Compressor, Inc.,TD AUTOMOTIVE COMPRESSOR GEORGIA, LLC, Kirloskar Toyoda Textile Machinery Ltd.,
Toyota Industries Corporation Australia Group(9 companies),
Toyota Industries North America, Inc., Toyota Industrial Equipment Mfg., Inc.,
Toyota Material Handling USA, Inc., ACTIS manufacturing Ltd., LLC,
Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc.,
Toyota Industries Personnel Service of America Inc., TD Deutsche Klimakompressor GmbH,
Toyota Industry (Kunshan) Co., Ltd., Toyota Truck Norge Group (4 companies),
Toyota Industries Automotive Parts (Kunshan) Co., Ltd., Toyota Industrial Equipment, S.A.,
Toyota Industries Mercosur Ltda., Toyota Material Handling (Shanghai) Co., Ltd,
Toyota Gabelstapler Deutschland GmbH, Toyota Textile Machinery Europe, AG,
Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)(2) Scope of equity method
Companies

Affiliates

20

Aichi Corporation Group (2 companies), ST Liquid Crystal Display Corp.,
FUJI LOGISTICS CO., LTD., BT Industries Group (16 companies)

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

14

Asahi Security Co., Ltd., TF Logistics Co., Ltd., Unica Co., Ltd., Nagao Hold Co. Ltd.,
Nagao Industry Co. Ltd., Nagao Seiko Co. Ltd., Nagao Co. Ltd.,Sun Valley CVS Takaramachi Co., Ltd., BT Industries Group (3 companies),
TD AUTOMOTIVE COMPRESSOR GEORGIA, LLC,
Toyota Industries Automotive Parts (Kunshan) Co., Ltd., Toyota Textile Machinery Europe, AG,(Decrease)9

Aichi Corporation Group (1 company), Logistec Co., Ltd., Nagao Industry Co. Ltd.,
Nagao Seiko Co. Ltd., Nagao Co. Ltd., Arti Inc., Tokai System Institute Corp.,
BT Industries Group (2 companies),

Affiliates accounted for the equity method
Companies(Increase /Decrease)0- 14 -

3. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than March 31. The details are given below.
December 31

Toyota Industries Sweden AB, BT Industries Group (64 companies),
Toyota Industries Finance International AB, Toyota Industry (Kunshan) Co., Ltd.,
Toyota Industries Automotive Parts (Kunshan) Co., Ltd., Toyota Material Handling (Shanghai) Co., Ltd.

(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.
Some consolidated subsidiaries change its closing date from December 31 to March 31. The details are given below.
Toyota Industries Corporation Australia Group (1 company)

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

Other securities without market value…. Fair value method using market price at the end of period(Unrealized gains and losses are recorded as a portionof shareholders’ equity. Sales cost of marketablesecurities is determined by the moving averagemethod.)…. At cost determined by the moving average method…. Mainly at cost determined by the moving average method(2) Depreciation and amortization
Depreciation expenses of property, plant and equipment are computed mainly by the declining-balance method.
Amortization of software (intangible assets) is computed by the straight-line method.
(3) Deferred charges
Bond issuance costs are expensed as incurred.
(4) 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.
(5) 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.
(6) Hedge accounting method
Mainly the deferral method of hedge accounting is applied. In case of foreign currency forward contracts, the hedged items
are translated at contracted forward rate if certain conditions are met. In this period, interest rate swap contracts are used
for hedging risk of change in interest rate relating loans. Foreign exchange forward contracts and foreign currency option
contracts are also used for hedging risk of change in foreign exchange rate relating to foreign currency transactions.
(7) Other significant accounting policies for preparing consolidated financial statements
The consumption tax : computed based on the net-of-tax method- 15 -

5. Valuation of assets and liabilities of consolidated subsidiaries
A full portion of the assets and liabilities of the acquired subsidiaries is stated at fair value as of the date of acquisition ofcontrol.

6. Amotization of goodwill
Goodwill is amortized on a straight-line basis over a period generally not exceeding 20 years, except for insignificant goodwill
which is charged to income as incurred.

7. Appropriation of retained earnings
The approved amount during the relevant fiscal year is reflected in the consolidated statements of retained earnings.

8. 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.

- 16 -

Segment Information
1.Business segment information(1)FY2005 (April 1, 2004 - March 31, 2005)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

616,200

503,989

43,902(2) Intersegment transactions

18,222

148

Total

634,422

Operating expenses

Total

Eliminations Consolidated

77,446

1,241,538-

1,241,538

24

21,57939,975(39,975)-

504,138

43,92799,025

1,281,514(39,975)

1,241,538

611,659

478,053

44,69893,782

1,228,193(39,775)

1,188,418

Operating income

22,76326,084

(771)

5,243

53,320(200)

53,120Assets407,435

465,831

25,621

148,7121,047,601

1,279,222

2,326,824

Depreciation and amortization

37,07527,015897

5,215

70,204

8

70,213

Capital expenditures

92,692

33,972

1,612

8,222

136,500

5

136,506

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

603,862

443,443

45,968(2) Intersegment transactions

15,698

138

Total

619,561

Operating expenses

Others

Net sales(2)FY2004 (April 1, 2003 - March 31, 2004)(Million yen; amounts less than one million yen are omitted.)

Total

Eliminations Consolidated

71,103

1,164,378-

1,164,378

15

14,131

29,984(29,984)-

443,582

45,98485,234

1,194,363(29,984)

1,164,378

592,030

424,233

45,884

79,484

1,141,633(29,885)

1,111,747

Operating income

27,53019,348100

5,750

52,729(98)

52,631

Assets338,246

406,384

24,743

100,626

870,000

1,141,994

2,011,995

Depreciation and amortization

35,79323,537931

5,442

65,705(353)

65,351

Capital expenditures

48,79332,204

1,203

7,748

89,950(441)

89,508Others

Net sales

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 forklifts, warehouse equipment, skid steer loaders, truck mount aerial work platforms
Textile machinery ………………Ring spinning frames, air jet looms, water jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, transportation services
3. Assets included in the "Eliminations" are mainly cash and deposits, marketable securities and investments in securities of Toyota Industries
Corporation.

- 17 -

2.Geographical segment information(1)FY2005 (April 1, 2004 - March 31, 2005)(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

Europe(1) Outside customer sales

815,039

212,253

188,668(2) Intersegment transactions
Total

99,464

1,125

914,503

Operating expenses

Total

Eliminations Consolidated

25,576

1,241,538-

1,241,538

7,221

2,776

110,588(110,588)-

213,379

195,890

28,352

1,352,126(110,588)

1,241,538

870,928207,068

191,20227,712

1,296,911(108,493)

1,188,418

Operating income

43,575

6,311

4,688

639

55,214(2,094)

53,120Assets788,827

151,047

264,274

33,6391,237,789

1,089,034

2,326,824

Japan

North
America

Europe(1) Outside customer sales

785,253

198,752

167,511

12,8601,164,378-

1,164,378(2) Intersegment transactions
Total

87,271

1,113

5,895

1,630

95,910(95,910)-872,524

199,866

173,407

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

1,164,378

Operating expenses

826,696

193,745

170,262

14,622

1,205,326(93,579)

1,111,747

Operating income

45,828

6,121

3,145

(131)

54,962(2,331)

52,631

Assets643,180

136,829

238,388

22,081

1,040,479

971,515

2,011,995

Others

Net sales(2)FY2004 (April 1, 2003 - March 31, 2004)(Million yen; amounts less than one million yen are omitted.)

OthersEliminations Consolidated

Total

Net sales

Notes: Assets included in the "Eliminations " are mainly cash and deposits, marketable securities and investments in securities of Toyota Industries

Corporation.

3.Overseas sales(1)FY2005 (April 1, 2004 - March 31, 2005)(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

208,675

Europe225,409

Others104,917

Consolidated sales
Ratio of overseas sales to consolidated sales

16.8%

18.2%

8.4%

43.4%

(Million yen; amounts less than one million yen are omitted.)

North America
196,860

Europe211,081

Others89,415

Consolidated sales
Ratio of overseas sales to consolidated sales

539,0021,241,538(2)FY2004 (April 1, 2003 - March 31, 2004)

Overseas sales

Total

Total
497,356
1,164,378

16.9%- 18 -

18.1%

7.7%

42.7%

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

FY2005(

FY2004

April 1, 2004 March 31, 2005
Amount)April 1, 2003 March 31, 2004(

Component

ratio

Amount%Automobile)

Increase(Decrease)% Change

Component

ratio

%

%

Vehicle278,84122.5

280,484

24.1(1,643)(0.6)

Engine113,295

9.1

107,357

9.2

5,938

5.5

Car air-conditioning
compressor

197,984

15.9

198,398

17.1

(414)

(0.2)

Foundry, Electronics
parts and others

26,0792.1

17,623

1.5

8,456

48.0

Subtotal

616,200

49.6

603,86251.9

12,3382.0

Materials handlingequipment

503,98940.6

443,443

38.1

60,546

13.7

Textile machinery

43,902

3.5

45,9683.9(2,066)(4.5)

Others77,446

6.3

71,103

6.1

6,343

8.9

1,241,538

100.0

1,164,378

100.0

77,160

6.6

Total- 19 -

April 27, 2005

Non-consolidated Financial Results for FY2005 (April 2004 - March 2005)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) ) ( URL http://www.toyota-industries.com/ )Representative person : Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for non-consolidated financial results for FY2004: April 27, 2005
Date of the Ordinary General Meeting of Shareholders: June 22, 2005
Provision for interim cash dividends: Provision exists.
Share trading unit: 100 shares

1. Financial Highlights for FY2005 (April 1, 2004 - March 31, 2005)(1) Non-consolidated financial results(Amounts less than one million yen are omitted.)change from% change from% change fromyear ) Operating income ( previous year ) Ordinary income ( previous year )( %previous

Net sales
Million yen

FY2005
FY2004784,399749,616
Net income

FY2005
FY2004

(
(

4.6
0.3

%

Million yen))

30,07531,334

Net income perchange fromyear )( %previous
share－basic

Million yen%

26,320 (21,103 (24.7 )
4.9 )

(
(

%

Million yen))

39,78534,705-4.0-20.5

Net income pershare－diluted

Yen

%

81.83
63.90

14.6
-18.0

Ordinary
incomeon assets

Returnon equity

Yen

81.87
67.69

%

(
(

)
)

Ordinary
incomeon sales

%

2.6
2.5

2.1
2.2

%

5.1
4.6

Notes: 1. Average number of shares outstanding each year: FY2005－318,087,484 shares , FY2004－308,146,251 shares
Notes: 2. Changes in accounting policies: No change
3. In FY2005, Early application has been made for Accounting Standards for Impairment of Fixed Assets.
Notes(2) Cash dividends
Total amountof annual
cash dividends

Annual cash dividends per share
InterimYen

FY2005
FY2004Year-end
Yen

32.00
24.00

Million yen

Yen

13.00
12.00

19.00
12.00

Total amount
Dividend payoutof dividends
on shareholders’ratio
equity%10,183
7,716

%

39.1
35.5

1.0
0.8

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2005
FY2004

1,980,211
1,735,323

Shareholders’ equity ratio

Million yen

Shareholders’ equity
per share%

1,056,828
980,533

Yen

53.4
56.5

3,320.01
3,085.91

Note: 1.Number of shares outstanding at end of each year: FY2005－318,236,815 shares, FY2004－317,665,682 shares
Note: 2.Number of treasury stock: FY2005－7,603,825 shares, FY2004－8,174,958 shares

2. Forecasts of non-consolidated Financial Results for FY2006 (April 1, 2005 - March 31, 2006)
Net sales
Million yen

FY2006semi-annual
FY2006

Ordinary income

Net income

Million yen

Annual cash dividends per share
InterimYear-end

Million yen

Yen

Yen

Yen

430,000

20,00014,000

17.00

-

-

930,000

44,00029,000

-

17.00

34.00

Reference: (Forecast) Net income per share－basic (annual): 91.13 yen- 20 -

Non-consolidated Balance Sheets(Million yen; amounts less than one million yen are omitted.)

FY2005(As of March 31, 2005)

FY2004(As of March 31, 2004)

Increase(Decrease)2 5 5 , 5 1 3

1 8 7 , 1 8 9

2 8 , 7 2 1

2 9 , 3 3 0( 6 0 9 )

7 2 5

7 9 4

( 6 9 )

Trade accounts receivable

9 4 , 0 4 8

7 6 , 2 7 1

1 7 , 7 7 7Marketable securities

4 0 , 0 0 5

2 0 , 0 0 2

2 0 , 0 0 3

Finished goods

1 , 7 2 4

2 , 6 8 5

Raw materials

4 7 2

3 5 2

1 2 0

Work in process

2 1 , 3 1 8

1 8 , 0 8 9

3 , 2 2 9

4 , 7 3 1

4 , 0 1 1

7 2 0

Prepaid expenses

1 2 4

1 7 3

Deferred tax assets

1 3 , 5 2 6

1 3 , 0 3 5

4 9 1

Other current assets
Less－allowance for doubtful
accounts

5 0 , 1 2 8

2 2 , 4 4 4

2 7 , 6 8 4AssetsCurrent assets
Cash and deposits
Trade notes receivable

Supplies( 1 4 )( 2 )

6 8 , 3 2 4( 9 6 1 )( 4 9 )

( 1 2 )

1 , 7 2 4 , 6 9 8

1 , 5 4 8 , 1 3 3

1 7 6 , 5 6 5

2 7 7 , 9 0 7

2 3 4 , 0 5 9

4 3 , 8 4 8Buildings

7 5 , 1 5 8

7 2 , 5 8 0

2 , 5 7 8Structures

8 , 9 8 7

7 , 7 6 5

1 , 2 2 2

1 0 4 , 0 1 1

9 2 , 9 4 2

1 1 , 0 6 9

1 , 2 0 0

1 , 1 3 3

6 7

Tools, furniture and fixtures

1 1 , 1 6 0

8 , 7 8 5

2 , 3 7 5Land

4 6 , 0 9 6

4 0 , 5 6 7

5 , 5 2 9Construction in progress

3 1 , 2 9 1

1 0 , 2 8 4

2 1 , 0 0 7

9 , 4 0 7

9 , 4 4 3

( 3 6 )

9 , 4 0 7

9 , 4 4 3

( 3 6 )

Investments and other assets

1 , 4 3 7 , 3 8 3

1 , 3 0 4 , 6 3 0

1 3 2 , 7 5 3

Investments in securities

1 , 2 2 3 , 9 9 5

1 , 1 2 1 , 1 1 7

1 0 2 , 8 7 81 8 1 , 2 3 1

1 5 3 , 3 0 9

2 7 , 9 2 2Long-term loans

1 1 , 8 5 5

1 0 , 4 1 0

1 , 4 4 5Long-term prepaid expenses

1 0 , 0 2 9

1 0 , 7 5 4( 7 2 5 )Other investments and other assets
Less－allowance for doubtful
accounts

1 0 , 4 4 2

9 , 1 3 4

1 , 3 0 8

Fixed assets
Property, plant and equipment

Machinery and equipment
Vehicles and delivery equipment

Intangible assets
SoftwareInvestments in subsidiaries

Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees
3. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)( 1 7 1 )( 9 5 )

( 7 6 )

1 , 9 8 0 , 2 1 1

1 , 7 3 5 , 3 2 3

2 4 4 , 8 8 8

3 6 8 , 9 3 7

3 5 4 , 4 8 6

1 4 , 4 5 1

2 8 , 3 5 4

1 4 , 5 6 4

1 3 , 7 9 0

4 , 5 3 2

4 , 1 1 54 1 7

- 21 -

(Million yen; amounts less than one million yen are omitted.)

FY2004(As of March 31, 2004)

FY2004(As of March 31, 2004)

Liabilities
Current liabilities
Trade notes payable

2 3 8 , 5 3 6
9 4 1

1 7 0 , 1 1 4
2 , 4 7 8

6 8 , 4 2 2( 1 , 5 3 7 )Trade accounts payable

1 1 2 , 5 4 3

8 7 , 1 5 6

2 5 , 3 8 7-

1 5 , 0 0 0( 1 5 , 0 0 0 )Current portion of binds

2 0 , 0 0 0-

2 0 , 0 0 0

Other payables

3 8 , 6 1 6

1 3 , 6 6 1

2 4 , 9 5 5

Accrued expenses

2 9 , 6 1 4

2 6 , 2 9 6

3 , 3 1 8

Accrued income taxes

8 , 2 2 1

4 , 0 2 7

4 , 1 9 4

Advance received

9 9 9

5 3

9 4 6

Deposits received

7 , 3 4 2

1 , 9 0 4

5 , 4 3 8

1 9 , 9 6 5

1 9 , 4 2 2

5 4 3

Other current liabilities
Long-term liabilities
Bonds

2 9 0
6 8 4 , 8 4 6
2 3 0 , 0 0 0

1 1 2
5 8 4 , 6 7 4
2 0 0 , 0 0 0

1 7 8
1 0 0 , 1 7 2
3 0 , 0 0 0

Long-term loans

5 5 , 0 0 0

2 0 , 0 0 0

3 5 , 0 0 0

3 7 6 , 6 1 0

3 4 1 , 7 2 7

3 4 , 8 8 3

2 0 , 8 5 6

1 9 , 4 2 7

1 , 4 2 9

2 , 3 7 8
9 2 3 , 3 8 2

3 , 5 1 9
7 5 4 , 7 8 9( 1 , 1 4 1 )
1 6 8 , 5 9 3

8 0 , 4 6 2
1 0 5 , 5 7 9
1 0 1 , 7 6 6
3 , 8 1 2
3 , 8 1 2
2 9 7 , 0 8 7
1 7 , 0 0 4
1 8 0 , 8 4 4

8 0 , 4 6 2
1 0 5 , 7 0 7
1 0 1 , 7 6 6
3 , 9 4 1
3 , 9 4 1
2 7 8 , 9 6 2
1 7 , 0 0 4
1 8 0 , 7 1 4( 1 2 8 )( 1 2 9 )( 1 2 9 )
1 8 , 1 2 5
1 3 0

7 1 1

5 7 2

1 3 9

1 3 3

1 4 2

( 9 )

1 8 0 , 0 0 0

1 8 0 , 0 0 0-

9 9 , 2 3 8

8 1 , 2 4 3

1 7 , 9 9 5< 26,320>< 2 1 , 1 0 3 >< 5 , 2 1 7 >Commercial paper

Deposits received from employees

Deferred tax liabilities
Allowance for retirement benefits
Other long-term liabilities
Total liabilities
Shareholders’ equity
Common stock
Capital surplus
Capital reserve
Other capital reserve
Gain on disposal of treasury stock
Retained earnings
Legal reserve
General reserve

Increase(Decrease)

Reserve for special depreciation
Reserve for reduction of
acquisition cost of fixed assets
General reserves
Unappropriated retained earnings at
end of year
<Included net income for year>
Net unrealized gainon other securities
Treasury stock at cost

5 9 0 , 4 2 6

5 3 3 , 3 7 7

5 7 , 0 4 9△ 1 6 , 7 2 6( 1 7 , 9 7 5 )

1 , 2 4 9

Total shareholders’ equity

1 , 0 5 6 , 8 2 8

9 8 0 , 5 3 3

7 6 , 2 9 5

Total liabilities andshareholders’ equity

1 , 9 8 0 , 2 1 1

1 , 7 3 5 , 3 2 3

2 4 4 , 8 8 8- 22 -

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

FY2005
April 1, 2004 March 31, 2005)(

FY2004
April 1, 2003 March 31, 2004)

Increase(Decrease)

Ordinary profits and losses
Operating revenue and expenses
7 8 4 , 3 9 9

7 4 9 , 6 1 6

3 4 , 7 8 3

7 8 4 , 3 9 9

7 4 9 , 6 1 6

3 4 , 7 8 3

Operating expenses

7 5 4 , 3 2 2

7 1 8 , 2 8 2

3 6 , 0 4 0

Cost of sales
Selling, general andadministrative expenses
Operating income

6 9 5 , 5 6 4

6 6 3 , 2 5 8

3 2 , 3 0 6

5 8 , 7 5 8

5 5 , 0 2 4

3 , 7 3 4

3 0 , 0 7 5

3 1 , 3 3 4( 1 , 2 5 9 )

2 0 , 6 5 3

1 5 , 8 7 7

4 , 7 7 6

1 4 , 9 3 6

1 1 , 6 3 4

3 , 3 0 2

Other non-operating income

5 , 7 1 6

4 , 2 4 3

1 , 4 7 3

Non-operating expenses

1 0 , 9 4 3

1 2 , 5 0 6( 1 , 5 6 3 )Interest expenses

3 , 7 0 0

3 , 5 7 5

Other non-operating expenses

7 , 2 4 2

8 , 9 3 0

( 1 , 6 8 8 )

3 9 , 7 8 5

3 4 , 7 0 5

5 , 0 8 0-621

( 6 2 1 )-621

( 6 2 1 )

1 4 4

1 , 8 5 1

( 1 , 7 0 7 )

1 4 4

-

-

1 , 8 5 1

( 1 , 8 5 1 )Income before income taxes

3 9 , 6 4 1

3 3 , 4 7 5

6 , 1 6 6

Income taxes－current

1 6 , 8 0 2

1 5 , 5 6 0

1 , 2 4 2

Income taxes－deferred( 3 , 4 8 1 )( 3 , 1 8 8 )Net income
Unappropriated retained earnings
brought forward

2 6 , 3 2 0

2 1 , 1 0 3

5 , 2 1 7

7 7 , 0 5 5

6 4 , 0 4 3

1 3 , 0 1 2

4 , 1 3 6

3 , 9 0 4

2 3 2

9 9 , 2 3 8

8 1 , 2 4 3

1 7 , 9 9 5Operating revenue
Net sales

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

Ordinary income

1 2 5(Extraordinary gains and losses)
Extraordinary gains
Gain on transfer to a defined
contribution pension plan
Extraordinary losses
Impairment loss of fixed assets
Provision for retirement and severance
benefits for directors and corporate auditors

Interim cash dividends
Unappropriated retained
earnings at end of year

- 23 -

1 4 4( 2 9 3 )Proposed Appropriation of Non-consolidated Retained Earnings(Million yen; amounts less than one million yen are omitted.)

FY2005
Unappropriated retained earnings
at end of year
Reversal of reserve for special
depreciation
Reversal of reserve for reduction of
acquisition cost of fixed assets

Increase(Decrease)

FY20049 9 , 2 3 8

8 1 , 2 4 3

1 7 , 9 9 5

1 2 8

9 6

3 2

7

8

( 1 )

9 9 , 3 7 4

8 1 , 3 4 7

1 8 , 0 2 7

6 , 0 4 6
< 19.00 yen per share

2 , 2 3 5

2 5 0

3 , 8 1 1
< 12.00 yen per share>
2 2 0Bonuses to corporate auditors

2 9

2 6

3

Reserve for special depreciation

9 6

2 3 4

Reserve for reduction of
acquisition cost of fixed assets

1 3 7

-

1 3 7

2 0 , 0 0 0-

2 0 , 0 0 0

7 2 , 8 1 4

7 7 , 0 5 5

Total
The above will be appropriated as follows:
Cash dividends
Bonuses to directors

General reserves
Unappropriated retained earnings
to be carried forward

3 0( 1 3 8 )

( 4 , 2 4 1 )Note: On November 26, 2004, an interim cash dividend of 13.00 yen per share, or a total of 4,136 million yen was paid.

- 24 -

Changes in Members of the Board of Directors and Corporate Auditors
1. New Candidates for the Board of Directors

Toshiyuki Sekimori
Hirotaka Morishita
Shinya Furukawa
Hironori Ito
Akira Onishi(Current Title)(Division Manager, Electronics Division)(General Manager, Vehicle Division, Personnel and General Administration Dept.)(President, Toyota Industrial Equipment Europe, S.A.R.L)(General Manager, Corporate Technical Center, New Electronic Planning Dept.)(General Manager, TOYOTA Material Handling Company, Business Planning Dept.)

2. New Candidates for the Board of Corporate Auditors

Takeshi Uchiyamada(Current Title)(Senior Managing Director, Toyota Motor Corporation)

3. Retiring Members of the Board of Directors

Akira Yokoi
Masazumi Konishi
Iwao Katayama
Hiroya Kono
Satoshi Kaseda(Current Title)(Chairman, Member of the Board)(Senior Managing Director, Member of the Board)(Senior Managing Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)

4. Retiring Members of the Board of Corporate Auditors

Kosuke Shiramizu(Current Title)(Corporate Auditor)

5. Planned change in the Titles of the Members of the Board of Directors
ChairmanTadashi Ishikawa(Current Title)(President, Member of the Board)

Executive Vice Chairman
Shozo Nakayama
Koichiro Noguchi(Current Title)(Executive Vice President, Member of the Board)(Executive Vice President, Member of the Board)

President
Tetsuro Toyoda(Current Title)(Executive Vice President, Member of the Board)- 25 -

Executive Vice President
Shiro Endo
Kazuhiko Takeuchi
Shinjiro Kamimura(Current Title)(Senior Managing Director, Member of the Board)(Senior Managing Director, Member of the Board)(Senior Managing Director, Member of the Board)

Senior Managing Director
Shigetaka Yoshida
Masafumi Kato
Yasuharu Toyoda(Current Title)(Managing Director, Member of the Board)(Managing Director, Member of the Board)(Managing Director, Member of the Board)

Managing Director
Yutaka Murodono
Kazunori Yoshida
Shoji Shimo
Ryoji Inoue
Kosaku Yamada
Kimpei Mitsuya(Current Title)(Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)(Director, Member of the Board)- 26 -