SEMIANNUALREPORT2005
For the Six Months Ended September 30, 2004

Profile
Toyota Industries Corporation was founded in 1926 by renowned Japanese inventor
Sakichi Toyoda to manufacture automatic looms. Toyota Industries proceeded over theyears to diversify into such fields as automobiles, materials handling equipment,
electronics and logistics solutions. In line with its strategy of globalization, Toyota
Industries has production facilities not only in Japan but also in Europe, North America,
Asia and other regions.
The business domains of Toyota Industries consist of four segments: Automobile,which comprises the vehicle (automobile assembly), engine and car air-conditioning
compressor businesses; Materials Handling Equipment, which specializes in forklift
trucks and other materials handling equipment; Textile Machinery, which covers thespinning and weaving machinery businesses; and Others, which includes electronics,
logistics solutions and other businesses. Each of these segments already has or is
gaining a secure footing in its particular fields.
Developing technological and market synergies among our various businesses to
produce added value, we aim to achieve a conglomerate premium so that the worth of
Toyota Industries as a whole adds up to more than the sum of its parts.

Cautionary Statement with Respect to Forward-Looking Statements
This semiannual report contains projections and other forward-looking statements that involve risks and uncertainties. The use of the words“expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking statements.
Projections and forward-looking statements are based on the current expectations and estimates of Toyota Industries 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 notguarantees of future performance. Toyota Industries Corporation 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 and forward-looking statements in making your investment decisions. You should also be aware thatcertain risks and uncertainties could cause the actual results of Toyota Industries Corporation and its Group companies to differ materiallyfrom any projections or forward-looking statements appearing in this report. These risks and uncertainties include, but are not limited to, thefollowing: 1) economic trends, 2) principal customers, 3) product development capabilities, 4) new businesses, 5) product defects, 6) pricecompetition, 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 with international activities, 12) official restrictions,13) share price fluctuations, and 14) retirement benefit liabilities.

Definition of Terms“Fiscal 2005” refers to the fiscal year ending March 31, 2005, and other fiscal years are referred to in a corresponding manner. All references
to the “Company” herein are to Toyota Industries Corporation, and references to “Toyota Industries” or “Toyota Industries Group” herein areto the Company and its 142 consolidated subsidiaries.

Consolidated Financial Highlights
Toyota Industries Corporation
Six months ended September 30, 2004 and 2003 (unaudited)Thousands of
U.S. dollars

Millions of yen
September 30

2004

September 30

2003% change

2004

For The Six Months
Net sales¥ 607,064 ¥ 569,588

6.6 %$ 5,466,583

Operating income

30,09927,01911.4

271,040

Ordinary income

38,89030,16928.9350,203

Income before income taxes

38,47628,93833.0

346,475

Net income

23,94517,09640.1

215,624

Depreciation and amortization

32,70830,562

7.0

294,534

Capital expenditures

48,67939,72022.6

438,352

Research and development expenses

14,204

14,782(3.9)

127,906

75.31

58.12

29.6

0.68

Per share of common stock (in yen or U.S. dollars):
Net income — basic
Net income — diluted

75.28

51.65

45.8

0.68

Cash dividends

13.00

12.00

8.3

0.12

At The Six Months’ End
Total assets¥2,173,329 ¥1,900,975

14.3 %$19,570,725

Shareholders’ equity

1,098,216

939,866

16.8

9,889,383

28,41026,944

5.4

255,831

Number of employees

Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥111.05 = US$1, the exchange rate on September 30, 2004.

Net Sales

Net Income

Total Assets

Shareholders’ Equity(¥ Billion)(¥ Billion)(¥ Billion)(¥ Billion)

1,200

40

2,500

1,200

2,000

1,000

1,000
30
800

800

1,500
20

600

600
1,000

400

400
10

500

200
0
FY

03
First Half

04

05

0

FY

03

04

05

0

200

FY

03

04

05

0

FY

03

04

05

Year

Note: Hereafter, the fiscal year ending March 31, 2005 is referred to as fiscal 2005 and other fiscal years are referred to in a corresponding manner.

Contents
Consolidated Financial Highlights ............................................... 1
Letter to Shareholders ................................................................ 2
Topics ........................................................................................ 7
Management’s Discussion and Analysisof Financial Condition and Results of Operations .................... 8
Consolidated Balance Sheets .................................................... 10
Consolidated Statements of Income ......................................... 12
Consolidated Statements of Shareholders’ Equity ..................... 13

Consolidated Statements of Cash Flows ................................... 14
Notes to Consolidated Financial Statements ............................. 15
Certification by Executive Vice President
in Charge of Accounting ....................................................... 23
Directors and Corporate Auditors ............................................. 23
Corporate Data ........................................................................ 24
Investor Information .................................................... Back CoverTOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

1

Letter to Shareholders

billion; and consolidated net income increased 40.1% to¥23.9 billion. All of these amounts represent all-time highs
for Toyota Industries.
Of particular note, despite less-than-optimal domestic
economic conditions, we have attained record-highconsolidated net sales, consolidated operating income andconsolidated ordinary income for five consecutive years.
Additionally, consolidated net income has reached a recordhigh for two consecutive years. Thus, we believe these results
provide solid evidence that our management strategies areon the right course.

Most Segments Sustain
Favorable Results

Akira Yokoi

Tadashi Ishikawa

ChairmanPresident

All segments except for the Textile Machinery Segment
continued to post favorable results and recorded sales andprofit increases over the previous term. The Materials
Handling Equipment Segment in particular achieved
outstanding results. Operating results by business segment
are summarized below.
Note: While segment net sales figures do not include intersegment transactions,segment operating income figures do include operating income arisingfrom intersegment transactions.

Dear Shareholders:
Toyota Industries’ results for the sixth months ended
September 30, 2004 (the “term”) were truly outstanding.
Reflective of our excellent performance and commitment to
the future, we not only attained record-high interim
consolidated net sales and profits but also formulated a hostof long-term measures to ensure ongoing growth in theyears ahead.

Record-Breaking Performance
The Japanese economy sustained a mild recovery during theterm, underpinned by growth in exports and private-sector
capital investment. Overseas, the U.S. economy performed
strongly while the European economy continued to record
modest growth.
Despite concerns about exchange rate fluctuations andrising prices of raw materials, Toyota Industries once again
posted excellent results due largely to smooth
implementation of optimal business strategies utilizing thecompetitive strengths of respective businesses, thepromotion of company-wide cost-reduction activities and theaforementioned favorable economic conditions.
Toyota Industries posted consolidated net sales of ¥607.1
billion during the term, up 6.6% over the six months ended
September 30, 2003 (the “previous term”). Consolidated
operating income increased 11.4% to ¥30.1 billion;
consolidated ordinary income increased 28.9% to ¥38.9

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TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Automobile Segment
The Automobile Segment, consisting of vehicles, engines, carair-conditioning compressors and other businesses (including
foundry parts for engines and electronic components forautomobiles), is Toyota Industries’ largest business segment
and accounts for 50.8% of consolidated net sales.
Net sales increased 4.2% over the previous term to¥308.7 billion, thanks to growth in sales of vehicles, engines
and car air-conditioning compressors. Operating income
increased 3.2% to ¥15.2 billion. A summary of each of theprincipal businesses making up the Automobile Segment
follows.

Vehicle Business
The Vehicle Business produces the Vitz (Yaris in Europe),
RAV4 (for Europe and North America) and Corolla Sedan (forNorth America) under consignment from Toyota Motor
Corporation (“TMC”).
Despite lower production of the Corolla Sedan during theterm, the Vehicle Business recorded a 1,300-unit increase inproduction to 115,600 vehicles due to higher production
volume of the mainstay Vitz for the domestic market andgrowth in production of the RAV4.
Net sales of the Vehicle Business amounted to ¥139.4
billion, an increase of 2.9% over the previous term.

Engine Business
The Engine Business mainly produces diesel engines andgasoline engines for TMC vehicles and forklift trucks. Engines

for forklift trucks are supplied to TOYOTA Material Handling
Company (“TMHC”), our in-house company, and arerecorded as internal sales (intersegment transactions).
Production of gasoline engines, excluding those forforklift trucks, decreased 11,400 units to 70,000 units due todecreased production of the 2UZ, 2AZ and 1FZ gasoline
engines. Production of diesel engines, excluding those forforklift trucks, increased 13,900 units over the previous term
to 89,200 units. This increase resulted from favorable
European sales of vehicles equipped with the 1CD 2000-cc
direct injection turbo diesel engine with a common rail fuelsystem and higher sales of vehicles fitted with the 1HZ diesel
engine in Australia. As a result, overall production of engines,
excluding those for forklift trucks, increased 2,500 units to
159,200. Internal sales (intersegment transactions) ofgasoline engines and diesel engines to TMHC amounted to30,200 units, an increase of 6,500 units over the previousterm.
Net sales of the Engine Business, excluding intersegment
transactions, totaled ¥56.5 billion, up 8.1%.

Car Air-Conditioning Compressor Business
The car air-conditioning compressors developed andproduced by Toyota Industries are sold to the world’s leading
auto manufacturers through DENSO Corporation (“DENSO”).
In Japan, sales of air-conditioning compressors amounted
to 2.6 million units, an increase of 105,000 units over theprevious term. Overseas sales of car air-conditioning
compressors were also favorable, increasing 312,000 units to
6.6 million units. This reflected an increase in the number ofvehicle models newly fitted with our compressors in North
America as well as robust sales of other vehicles equippedwith our compressors. Total sales volume of car airconditioning compressors thus amounted to 9.2 million
units, an increase of 417,000 units over the previous term.
Net sales of the Car Air-Conditioning Compressor Businessincreased 0.5% to ¥101.3 billion.
At the end of April 2004, cumulative production of car
air-conditioning compressors in Japan, Europe and North
America by Toyota Industries, which initiated production ofcompressors in January 1960, reached 200 million units. This
milestone highlights the wide acclaim from the world’s
leading car manufacturers in recognition of the high quality
and leading-edge technologies embodied in these products.
As we strive to further solidify our strong market position, we
will remain committed to further bolstering ourtechnological capabilities and aggressively develop car airconditioning compressors that address customer needs.

vehicles as aerial work platforms.
Net sales by the Materials Handling Equipment Segment
amounted to ¥239.9 billion, an increase of 10.9% over theprevious term. Operating income increased 36.0% to ¥12.0
billion.
TMHC, excluding sales of BT Industries, recorded
increases in sales volumes both in Japan and overseas,
propelled by the recovery in the global economy. TMHC
proactively strengthened response capabilities for major
customers in Japan and overseas and focused its sales
activities on securing fleet management contracts.
BT Industries attained a 5.0% increase in net sales on a
Swedish krona-denominated basis over the previous term.
Higher sales in North America, Europe and other regions intandem with the recovery of the global economy supported
this increase.
Sales by Aichi Corporation (“Aichi”), which became aToyota Industries subsidiary in May 2003, amounted to¥17.7 billion, a decrease of 6.1% from the previous term.
Nonetheless, steady strides in implementing the Toyota
Production System (TPS), coupled with the effects of cost
reductions, enabled Aichi to achieve operating income of¥1.4 billion, a 26.6% increase over the previous term;
ordinary income of ¥1.5 billion, a 42.0% increase; and net
income of ¥1.7 billion, a 76.0% increase.

Textile Machinery Segment
The Textile Machinery Segment manufactures and sells
spinning-related machinery centering on ring spinning
frames and weaving-related machinery such as air-jet looms.
Toyota Industries is one of the world’s leading manufacturersof air-jet looms and spinning machinery.
Chiefly owing to declining sales and falling sales prices
due to intensifying competition, net sales of the Textile
Machinery Segment amounted to ¥22.3 billion, a decreaseof 6.5% from the previous term. Consequently, this segment
posted an operating loss of ¥0.14 billion, a 134.9%
difference from operating income posted in the previous
term.
Sales of air-jet looms decreased approximately 600 units
to 4,000 units due to a decline in orders in China, ourprincipal market, caused by a tighter monetary policy. Salesof water-jet looms amounted to around 450 units, a decreaseof approximately 300 units. Conversely, in spinning-related
machinery, sales volume of spindles for ring spinning frames
increased approximately 38,000 spindles to 260,000
spindles. This gain was supported by an increase in sales ofring spinning frames in Pakistan and an increase in local sales
by our production and sales base in India.

Materials Handling Equipment Segment
The Materials Handling Equipment Segment primarily
manufactures and sells forklift trucks, warehouse trucks,
automated storage and retrieval systems and automatic
guided vehicle (AGV) systems as well as such special-purpose

Others Segment
The Others Segment consists mainly of new businesses that
we have entered recently, and although still relatively smallin scale, contains strategic businesses foreseen as future

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 20053

pillars of growth. One of the core businesses of this segment
is TIBC Corporation (“TIBC”), which was established in 1998
as a joint venture with Ibiden Co., Ltd. to manufacture ball
grid array (BGA) plastic package substrates and flexible
printed circuit (FPC) substrates. Our Logistics Solutions
Business is also included in this segment.
Net sales of the Others Segment amounted to ¥36.2
billion, an increase of 8.9% over the previous term. This wasdue primarily to higher sales by the Taikoh Transportation
Group, which engages in transportation and other logistics
businesses; increased sales in logistics solutions-related
businesses; and growth in sales by TIBC owing to robust
sales of package substrates for PCs and mobile phones.
Operating income increased 7.2% to ¥3.3 billion.
ST Liquid Crystal Display Corp. (“ST-LCD”), which wasestablished in 1997 as a 50-50 joint venture with Sony
Corporation to manufacture low-temperature polysilicon
TFT-LCD panels, also forms a core pillar of our Electronics
Business. ST-LCD is not a consolidated subsidiary, but rather
is accounted for by the equity method in Toyota Industries’
consolidated financial results. Therefore, its sales andoperating income (loss) are not included in the results forthis segment. In addition to improved profits, ST-LCD
recorded a sharp increase in sales during the term due tosolid sales of its low-temperature polysilicon TFT-LCD panels
for mobile phones and digital still cameras. In October 2004,
cumulative shipment of ST-LCD’s TFT-LCD panels surpassed
100 million units.

Achievements during the Term
Toyota Industries undertook an array of forward-looking
strategic initiatives during the term with the aim of raising its
current and future profitability. Some of the more notablemeasures are as follows.

Approach toward the
Logistics Solutions Business
As previously noted, Toyota Industries has commenced
operations of its Logistics Solutions Business, in which we areengaged in all aspects of outsourced logistics from logistics
planning and the operation of distribution centers to
improving our customers’ entire supply chains. We are solidly
positioned to utilize our production and sales experience ofsuch materials handling equipment as forklift trucks andautomated storage and retrieval systems, as well as ouraccumulated production know-how gained through theimplementation of the TPS. Moreover, in view of thegrowing needs in Japan for logistics rationalization, we
believe our Logistics Solutions Business will become a future
growth business.
We have laid the groundwork for expanding this businessthrough a variety of measures. In addition to steadily
securing orders for the operation of distribution centers, we

4

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

have established joint ventures with customers to undertake
their logistics operations and promoted alliances withlogistics companies. For instance, in March 2004 we signed abasic agreement with Fuji Logistics Co., Ltd. (“Fuji Logistics”)
and Fuji Electric Holdings Co., Ltd. to form a business andcapital alliance covering all aspects of logistics services. Basedon this agreement, in April 2004 we established TF Logistics
Co., Ltd. (“TF Logistics,” 51% investment by Toyota
Industries), a joint venture with Fuji Logistics. TF Logistics will
undertake outsourced logistics for companies and develop
and offer new value-added logistics services. Seizing diverse
opportunities, Toyota Industries will expand its business forproviding strategic logistics solutions.

Overseas Development ofAutomobile-Related BusinessIn diesel engines and other fields, Toyota Industries engages
in a diverse range of overseas activities, with efforts aimed
largely at contributing to the overseas strategies of TMC.
In Poland, preparations are underway for starting
production of diesel engines for TMC in early 2005 at Toyota
Motor Industries Poland Sp.zo.o. (“TMIP”), a joint venture
between Toyota Motor Engineering & Manufacturing Europe
S.A./N.V., a 100%-owned subsidiary of Toyota Motor Europe
S.A./N.V., and Toyota Industries (40% equity stake). Diesel
engine vehicles enjoy high demand in Europe on account of
excellent fuel economy and environmental friendliness. TMIP
intends to manufacture and supply 2000-cc class diesel
engines for the Corolla, which is produced at Toyota Motor
Manufacturing (UK) Ltd. (“TMUK”) and Toyota Motor
Manufacturing Turkey Inc., as well as for the Avensis
produced at TMUK. In Japan, Toyota Industries’ Hekinan
Plant, our production base for engines, will proactively
support TMIP in gearing up for the start of production. The
Hekinan Plant will serve as a “mother” plant, a model plantfor quality, productivity and production technology,transferring know-how and providing technical andpersonnel support for overseas bases.
In May 2004, Kirloskar Toyoda Textile Machinery Limited(“KTTM”), a subsidiary of Toyota Industries in India that
manufactures and sells textile machinery, began
manufacturing aluminum die cast components to contributeto TMC’s Innovative International Multi-Purpose Vehicle(IMV) Project. KTTM is currently supplying these products to
India-based Toyota Kirloskar Auto Parts Pvt. Ltd. (“TKAP”),
which in turn supplies manual transmission systems for the
IMV Project. (TKAP is a joint venture between TMC and the
Kirloskar Group, with Toyota Industries holding a 26%
share.)In China, Toyota Industry (Kunshan) Co., Ltd. (“TIK”), a
subsidiary of Toyota Industries, produces foundry parts in
Kunshan, Jiangsu Province. In order to augment production
capacity, in April 2004 we established Toyota Industry
Automotive Parts (Kunshan) Co., Ltd. (“TIAP”) as our second
production base for foundry parts in China together with

Automobile-Related Business’s Worldwide Manufacturing Bases

TMIP

Manufacture of diesel
engines for TMC’s plants in
the U.K. and Turkey

Hekinan Plant

Poland
India

China

Manufacture of diesel andgasoline engines

Japan

Higashichita Plant
Manufacture of foundry parts

TIK
TKAP

Manufacture of transmissions
for the IMV Project

KTTM

Manufacture of transmission
parts for TKAP

Manufacture of foundry parts for
manufacturing bases in Poland
and India“Mother” plants of manufacturingbases in Poland, China and India

TIAP

Manufacture of foundry parts forengines

LFTD

Manufacture of automotive
stamping dies and jigs

Taiwan-based Lioho Machine Works, Ltd. (“Lioho”) andToyota Tsusho Corporation. (Toyota Industries has a 60%
investment in TIAP.) TIAP is scheduled to start production in
April 2005. Moreover, in view of expected further growth of
China’s automobile market, we established Lio Fung Tool &
Die (Kunshan) Co., Ltd. (“LFTD”), a joint venture with Liohothat began manufacturing automotive stamping dies in April
2004. (Toyota Industries has a 35% investment in LFTD.)
Striving to make meaningful contributions to TMC’s
overseas strategies, Toyota Industries is actively promoting anarray of initiatives to expand its automobile-related business.

Industries projects that variable displacement compressors,which offer excellent fuel efficiency, will experience growthin demand similar to Europe and Japan. Accordingly, TACG
will respond to this anticipated rise in demand fromautomakers as a plant specializing in variable displacement
compressors. By locally manufacturing variable displacement
compressors at TACG and fixed displacement compressors at
Michigan Automotive Compressor, Inc., an existing
subsidiary in Michigan, Toyota Industries will build a supply
structure for responding quickly to customer needs, thereby
expanding its business in the North American market.

Second Production Base for
Car Air-Conditioning Compressors
in North America

Quality-Control andCost-Reduction Activities

To meet the local procurement requirements of automakers
in North America, Toyota Industries and DENSO jointly
established TD Automotive Compressor Georgia, LLC(“TACG”) in July 2004 as a second car air-conditioning
compressor production base in North America. Situated near
Atlanta, Georgia, TACG is scheduled to commence
production in December 2005. Fixed compressors, which are
noted for outstanding reliability at high operating speeds,
have been the primary compressors used in North America.
However, amid rising environmental awareness, Toyota

TD Automotive Compressor Georgia, LLC (Artist’s rendering)

Toyota Industries recognizes that its ability to continually
reduce costs and offer outstanding quality products andservices represents one of its core competencies. Eachdivision implements cost-reduction projects and carries out
systematic and well-planned cost-reduction activities. Besides
strengthening our ongoing value engineering (VE) and value
analysis (VA) activities, our cost-reduction activities extend toa diverse range of fields, including consideration of
optimized global procurement of materials. We are also
striving to reduce fixed costs at our head office. As part ofthese efforts, we are reviewing the head office organization,
including spinning off functions as subsidiaries andpromoting extensive activities to cut expenses.
Initiatives to continually enhance quality are paramountfor providing products and services that can satisfy
customers. Conversely, any serious quality-related problem
could jeopardize a company’s future existence in a worstcase scenario. With this in mind, Toyota Industries regards“thorough quality assurance” and “maintenance andimprovement of quality” as supremely importantmanagement policies, and carries out group-wide qualityimprovement activities. Extending beyond quality-related

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

5

education for employees that encompasses quality-control
methods, these activities include the setting of ambitious
quality targets in each division. Not only the director in
charge of product quality and division managers (or an inhouse company president), but also President Ishikawa andother top executives make on-site inspections to check thequality-improvement activities and confirm progress inreaching quality targets.

Business Outlook for Fiscal 2005
Although we expect overall economic growth to continue
during the second half of fiscal 2005, ending March 31,
2005, we are also prepared to face the hurdles of achallenging business environment. While the Japanese
economy is expected to remain on a recovery track,bolstered by higher exports and a robust expansion in
private-sector capital investment, this optimistic outlook is
nonetheless tempered by a host of risk factors. Weak growthin consumer spending, soaring prices of raw materials suchas crude oil and steel, as well as exchange rate fluctuations,are among the obstacles to growth. Moreover, there isparticular concern in the industry about the effects of atightening monetary policy and skyrocketing crude oil prices
on the U.S. economy, as well as the backlash in China
resulting from overheated investment.
Despite such challenging economic conditions, we arepleased to report that Toyota Industries has raised its initial
earnings forecasts for fiscal 2005. We expect results tosurpass initial projections on account of our success indeveloping new products closely attuned to customer needs,
undertaking sales-expansion activities focused mainly on ourcore businesses and implementing proactive qualityimprovement initiatives. We will also promote further costreduction activities, progress with global businessdevelopment, improve management efficiency andstrengthen our management foundation while securing
profitability.
For fiscal 2005 we forecast consolidated net sales of¥1.23 trillion (initial forecast of ¥1.15 trillion), up 5.6% overthe previous fiscal year; consolidated ordinary income of¥70.0 billion (initial forecast of ¥60.0 billion), an increase of
18.7%; and consolidated net income of ¥40.0 billion (initial
forecast of ¥34.0 billion), up 19.0%. Our forecast is based on
an assumed exchange rate of ¥109/US$1.
Note: The financial projections set forth above are based upon a number ofassumptions and estimates that, while presented with numerical
specificity and considered reasonable by us when taken as a whole, areinherently subject to significant economic, business, competitive,
regulatory and operational uncertainties, contingencies and risks, many ofwhich are beyond our control. Financial projections are necessarily
speculative in nature, and it can be expected that one or more of theassumptions underlying the projections will prove not to be valid, andunanticipated events and circumstances are likely to occur. Actual results
will vary from the financial projections and those variations may bematerial. Consequently, this report should not be regarded as arepresentation by us or any other person that the financial projections will
be achieved. Current negative market trends in the global economy makeit particularly difficult at present to predict product demand and otherrelated matters.

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TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Maximizing Shareholder Value
The management team of Toyota Industries believes its mostcritical mission is to continually maximize shareholder value
over the medium and long terms. In fulfilling this mission,
we are working to expand business in the short term whilestrengthening medium- to long-term profitability. To thisend, we will strategically manage our businesses, cultivate
personnel who are well versed in the TPS — the source ofour competitiveness — and establish efficient management
systems that encompass the head office organization.
Determined to win the trust of society as a good corporate
citizen, we will also actively implement environmental
protection and social contribution activities. Concurrently,
we will earnestly promote compliance and corporate
governance initiatives.
In closing, we ask our shareholders for your continued
support and guidance.
December 2004

Akira Yokoi
ChairmanTadashi Ishikawa
President

T O P I C SThis section highlights Toyota Industries’ activities from April to the beginning of November 2004.

New Products

Full Model Changes to 10- to 24-ton Internal Combustion Counterbalanced Forklift Trucks
In August 2004, TOYOTA Material Handling Company
made a full model change on all 14 models of 10- to
24-ton internal combustion counterbalanced forklift
trucks and began selling these in Japan and designatedcountries* overseas. These forklift trucks are the world’s
first models in their class to be fitted with a diesel
turbo engine with an electronic common rail fuelinjection system, which features the industry’s
highest level of power output, excellent fueleconomy and clean exhaust emissions.

In addition to improved operational efficiency, the forklift
trucks also incorporate a host of new functions forenhanced safety and easier vehicle operation, such as afull-floating, highly airtight cabin thatsignificantly reduces vibration and noise.
* Available in Algeria, Australia, Indonesia, Malaysia, New
Zealand, the Philippines, Saudi Arabia, Singapore, South
Africa, Taiwan, Thailand and CIS countries. The 15- to
24-ton models are available overseas for the first time.

Exhibitions

Products Showcased at 11th World Congresson ITS Nagoya, Aichi 2004
Toyota Industries exhibited its leading-edge intelligent
transport system (ITS) technologies at the 11th World
Congress on ITS Nagoya, Aichi 2004 held from October 19 to
24, 2004 at the Nagoya International Exhibition Hall. Our
exhibit was based on the theme “Indoor ITS technology that
promotes safety, environmental awareness and conveniencein society and daily life.”
Our exhibition booth featured a model distribution center
that introduced an array of products and technologies. These
included our proprietary
Warehouse Management
System (WMS) that cancomprehensively monitor work
operations of staff during
receiving, storing and shippingof goods, as well as enhance
efficiency and safety of forklift
truck operations andcoordinate trucks and othertypes of delivery. Also on display were forklift trucks equippedwith such functions as location detection systems, mounted
terminals and front and rear monitors that enhance safety
and work efficiency; efficient picking systems that utilize radio
frequency identification (RFID) tags; and other leading-edge
electronics technologies that support these products.

Cutting-Edge, Energy-Efficient, EnvironmentFriendly Technologies Showcased at the 38th
Tokyo Motor Show 2004
Toyota Industries showcased a range of products andtechnologies at the 38th Tokyo Motor Show held from
November 2 to 7, 2004 at Makuhari Messe on the outskirts ofTokyo. Under the theme “Connecting People Worldwide,” weshowcased products that contribute to environmental
protection, higher efficiency and lower costs in a diverse
range of situations involving the global movement of people
and goods from production sites to consumers and end users.
We also introduced theenvironment-friendly andelectronics technologies that
support such products.
The main products on
display included state-ofthe-art car air-conditioning
compressors such as variabledisplacement compressors
for buses, power electronics
components for automobiles and electronic components suchas wireless LAN modules, radio tuners and white organic lightemitting diode (OLED) light sources. Also exhibited werehand pallet trucks, electric pallet trucks and other warehousetrucks from BT Industries AB and aerial work platforms from
Aichi Corporation.

Environmental Protection
Social & Environmental Report
2004

Social & Environmental Report

Publication of Social & Environmental Report 2004
In August 2004, Toyota Industries published its Social & Environmental Report 2004, which contains easy-tounderstand explanations of our approach toward environmental preservation. This is the sixth such report we havepublished since our first Environmental Report in 1999. Beginning in 2004, we added information about our social
contribution activities and renamed the publication the Social & Environmental Report. It includes an overview of ourcompliance and quality-assurance structures as well as a look at our efforts to create a healthy and comfortableworkplace and strengthen human resource development.
The contents of the Social & Environmental Report 2004, together with details of our recent activities and related
matters, are posted on our Web site (http://www.toyota-industries.com/environment/).

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

7

Management’s Discussion and Analysis ofFinancial Condition and Results of Operations
The following Management’s Discussion and Analysis ofFinancial Condition and Results of Operations is based on
information known to management as of November 30, 2004.
It includes forward-looking statements concerning the expected
future performance of Toyota Industries. Please refer to“Cautionary Statement with Respect to Forward-Looking
Statements” at the beginning of this semiannual report, whichpertains to the report as a whole.

Cost of Sales and Selling, General and
Administrative Expenses
Cost of sales for the term totaled ¥505.9 billion, an increaseof ¥27.3 billion, or 5.7%, over the previous term.
Selling, general and administrative expenses totaled¥71.1 billion, an increase of ¥7.1 billion, or 11.0%, over theprevious term.

Non-Operating Income and Expenses

Results of Operations
Net Sales
In the six months ended September 30, 2004 (the “term”),
the Japanese economy achieved a stable recovery, as growthin exports was accompanied by an increase in private-sector
capital investment while consumer spending showed amodest upswing. Overseas, an overall economic recovery
spread amid continued growth in the U.S. economy and amoderate rebound in the European economy.
Under these conditions, Toyota Industries’ consolidated
net sales amounted to ¥607.1 billion, up ¥37.5 billion, or6.6%, over the six months ended September 30, 2003 (the“previous term”).
Toyota Industries’ net sales for the term by geographicalsegment are as follows.
Net sales for each geographical segment do not include
intersegment transactions.

Japan
Net sales totaled ¥398.5 billion, an increase of ¥15.1 billion,
or 3.9%, over the previous term. This increase was due
primarily to higher unit sales in the Materials Handling
Equipment Segment.

North America
Net sales totaled ¥105.5 billion, an increase of ¥5.2 billion,
or 5.2%, over the previous term. This increase was mainly
the result of growth in sales volumes by car air-conditioning
compressor manufacturing subsidiaries.

EuropeNet sales totaled ¥90.1 billion, an increase of ¥8.5 billion, or
10.5%, over the previous term. This increase primarilyreflected higher unit sales of forklift truck manufacturingsubsidiaries and car air-conditioning compressor
manufacturing subsidiaries.

Others
Net sales totaled ¥13.0 billion, an increase of ¥8.7 billion, or
202.9%, over the previous term.
* Please refer to “Letter to Shareholders” for results bybusiness segment.

8

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Non-operating income was ¥18.9 billion, an increase of ¥2.9
billion, or 18.0%, over the previous term. This increase
resulted mainly from an increase in dividends from Toyota
Motor Corporation (“TMC”) and higher equity in earnings of
ST Liquid Crystal Display Corp.
Non-operating expenses decreased ¥2.8 billion, or
21.3%, to ¥10.1 billion.

Extraordinary Losses
Toyota Industries decided to implement an early applicationof accounting for impairment of fixed assets ahead ofschedule for the year ending March 31, 2006. As a result,
Toyota Industries recorded impairment loss of fixed assets inthe amount of ¥0.4 billion as an extraordinary loss.
(see note 2 (8))

Income Taxes
Net of current and deferred income taxes, income taxes forthe term totaled ¥12.3 billion, an increase of ¥2.1 billion, or
20.6%, over the previous term.

Minority Interest in Consolidated
Subsidiaries
Minority interest in consolidated subsidiaries increased ¥0.6
billion, or 35.3%, to ¥2.3 billion, reflecting an increase in net
income of consolidated subsidiaries.

Net Income
Net income for the term was ¥23.9 billion, an increase of¥6.8 billion, or 40.1%, over the previous term. Net income
per share (EPS) was ¥75.31 compared with ¥58.12 for theprevious term, and diluted net income per share was ¥75.28
compared with ¥51.65 for the previous term.

Financial Position
Total assets at the end of the term stood at ¥2,173.3 billion,
an increase of ¥161.3 billion, or 8.0%, over the previous
fiscal year ended March 31, 2004 (“fiscal 2004”). This
increase was attributable mainly to an increase ininvestments and other assets.
Current assets were ¥369.1 billion, an increase of ¥19.2
billion over fiscal 2004, due mainly to increases in tradenotes and accounts receivable, up ¥6.0 billion, and ininventories, up ¥9.0 billion.
Property, plant and equipment was ¥410.0 billion, an
increase of ¥20.6 billion, or 5.3%, over fiscal 2004.
Intangible assets decreased ¥3.9 billion, or 3.9%, to ¥95.9
billion, due to a decrease in goodwill.
Investments and other assets increased ¥125.5 billion, or
10.7%, to ¥1,298.3 billion. This increase was mainly the
result of an increase in the market prices of shares of Toyota
Group companies, including TMC, held by Toyota Industries.
Current liabilities stood at ¥366.2 billion, an increase of¥39.9 billion, or 12.2%, over fiscal 2004. Current portion ofbonds increased ¥20.3 billion since certain corporate bonds
became due to mature within one year.
Long-term liabilities were ¥670.6 billion, an increase of¥36.7 billion, or 5.8%, over fiscal 2004. Deferred tax
liabilities increased ¥42.0 billion as a result of an increase inmarket value of investment securities.
Minority interest in consolidated subsidiaries increased¥3.3 billion, or 9.4%, to ¥38.2 billion.
Shareholders’ equity stood at ¥1,098.2 billion, an
increase of ¥81.5 billion, or 8.0%, over fiscal 2004. Net
unrealized gain on other securities increased ¥64.8 billion.
The ratio of shareholders’ equity to total assets was
50.5%.

Dividend Policy
Toyota Industries’ dividend policy is based on maintaining
stable dividends while giving full consideration to businessperformance, the dividend payout ratio and other factors as
it makes every effort to meet the expectations ofshareholders. Toyota Industries will use retained earnings to
improve the competitiveness of its products and augment
production capacity in Japan and overseas, as well as toexpand into new fields of business and strengthen its
corporate constitution in securing future profits for its
shareholders. It will also use retained earnings to repurchaseits own shares.
The Board of Directors of Toyota Industries Corporation
voted to distribute an interim cash dividend of ¥13.0 per
common share, an increase of ¥1.0 over the previous term.

Cash Flows
Cash flows from operating activities increased ¥45.2 billion
during the term, due largely to income before income taxes
in the amount of ¥38.5 billion. Net cash provided byoperating activities increased ¥12.9 billion from ¥32.3 billion
during the same period of fiscal 2004. Cash flows frominvesting activities resulted in a ¥55.0 billion decrease in cash
during the term, attributable primarily to payments forpurchases of property, plant and equipment amounting to¥45.9 billion. Net cash used in investing activities increased¥18.5 billion from ¥36.4 billion during the same period of
fiscal 2004. Cash flows from financing activities resulted in a
¥9.4 billion increase in cash during the term, due mainly toproceeds from long-term loans in an amount of ¥7.8 billion.
Net cash provided by financing activities increased ¥66.2
billion from ¥56.8 billion in net cash used in financing
activities for the same period of fiscal 2004, when
repayments of bonds and payments to convertible bondredemption funds were posted.
After translation adjustments, cash and cash equivalents
as of September 30, 2004 stood at ¥76.8 billion, a decreaseof ¥0.4 billion, or 0.5%, from the end of fiscal 2004.

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

9

Consolidated Balance Sheets
Toyota Industries Corporation
As of September 30 and March 31, 2004, and September 30, 2003 (unaudited)Thousands of
U.S. dollars (Note 1)

Millions of yen

ASSETS

September 30

March 31

September 30

September 30

2004

2004

2003

2004

Current assets:
Cash and cash equivalents (Note 3)

76,828¥ 77,212 ¥

72,886

150,569

144,575

138,666

1,355,867

139

228

236

1,252

Inventories

86,52577,574

77,993779,154

Deferred tax assets

19,87917,534

13,262

179,009

Other current assets

37,52435,12894,234

337,901

Less — allowance for doubtful accounts(2,365)(2,337)(2,233)(21,297)

369,099

349,914395,044

3,323,719

Buildings and structures (Note 3)

129,127

124,423

121,769

1,162,783

Machinery, equipment and vehicles (Note 3)

170,712160,787

162,247

1,537,253

Tools, furniture and fixtures

15,806

15,565

16,055

142,332

Land

72,29071,78766,431

650,968

Construction in progress

22,036

16,835

15,352

198,433

Total property, plant and equipment

409,971389,397

381,854

3,691,769

Software12,156

11,993

10,340109,464

Goodwill

83,76987,86391,026754,336

Total intangible assets

95,92599,856

101,366

863,800

1,211,168

1,095,031

948,368

10,906,511

Unconsolidated subsidiaries and affiliated companies

28,80523,20815,736259,388

Long-term loans

9,625

9,756

9,905

86,673Long-term prepaid expenses

13,726

13,554

13,859123,602

Trade notes and accounts receivable (Note 3)
Short-term investments (Note 7)

Total current assets¥$

691,833

Fixed assets:
Property, plant and equipment:

Intangible assets:

Investments and other assets:
Investments in securities (Notes 3 and 7)

Deferred tax assets

6,075

3,538

3,481

54,705

Other investments and other assets

29,202

27,991

31,588262,962

Less — allowance for doubtful accounts

(267)

(250)

(226)

(2,404)

Total investments and other assets

1,298,334

1,172,828

1,022,711

11,691,437

1,804,230

1,662,081

1,505,931

16,247,006¥2,173,329 ¥2,011,995 ¥1,900,975$19,570,725

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

10

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Thousands of
U.S. dollars (Note 1)

Millions of yen

LIABILITIES AND SHAREHOLDERS’ EQUITY

September 30

March 31

September 30

September 30

2004

2004

2003

2004

Current liabilities:
Trade notes and accounts payable¥ 134,553 ¥ 129,822 ¥ 124,713$ 1,211,643

Short-term loans (Note 3)

75,67270,442

94,593

681,423

Commercial paper

15,00015,00030,000135,074

Current portion of bonds (Note 3)

20,300––182,801

Other payables

18,57319,067

15,652

167,249

Accrued expenses

55,116

51,58749,183496,317

Accrued income taxes

13,551

8,845

6,089

122,026

Deposits received from employees

19,862

19,497

19,288178,856

Deferred tax liabilities

3,145

2,743

1,912

28,321Other current liabilities (Note 3)

10,476

9,334

10,89994,337

Total current liabilities

366,248

326,337

352,319

3,298,047

Bonds (Note 3)

180,000

200,300

200,300

1,620,891

Long-term debt (Note 3)

41,38935,22535,188372,706

Deferred tax liabilities

388,322

346,336

288,999

3,496,821

Allowance for retirement benefits

42,48634,26434,000382,584

Other long-term liabilities

18,448

17,843

16,571

166,124

Total long-term liabilities

670,645633,968

575,058

6,039,126

1,036,893

960,305

927,377

9,337,173

38,22034,92633,732

344,169

80,46380,46380,463

724,565

Capital surplus

105,621

105,743

105,742951,112Retained earnings

310,055

294,672

282,049

2,792,031

Net unrealized gains on other securities (Note 7)

598,869

534,079

447,192

5,392,787

Long-term liabilities:

Total liabilities
Minority interest in consolidated subsidiaries
Shareholders’ equity:
Common stock:
Authorized — 1,091,245,000 shares
Issued—325,840,640 shares as of September 30, 2004
325,840,640 shares as of March 31, 2004
325,840,640 shares as of September 30, 2003

Translation adjustments

19,967

19,78325,320179,802

Treasury stock at cost — 7,620,759 shares as of September 30, 2004

(16,759)(17,976)(900)(150,914)

Total shareholders’ equity

1,098,216

1,016,764

939,866

9,889,383

Total liabilities and shareholders’ equity¥2,173,329 ¥2,011,995 ¥1,900,975$19,570,725

8,174,958 shares as of March 31, 2004
506,469 shares as of September 30, 2003

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200511

Consolidated Statements of Income
Toyota Industries Corporation
For the six months ended September 30, 2004 and 2003 (unaudited)

Millions of yen

Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2004

2003

2004

Net sales¥607,064¥569,588$5,466,583

Cost of sales

505,903

478,576

4,555,633

101,161

91,012910,950

71,062

63,993639,91030,09927,019271,040

Interest income

3,935

4,173

35,434

Dividends income

7,061

5,604

63,584

Other non-operating income

7,937

6,268

71,473(4,590)(4,970)(41,333)

Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Non-operating expenses:
Interest expenses
Other non-operating expenses
Ordinary income(5,552)(7,925)(49,995)

38,89030,169350,203

–

621

–

(414)

–

(3,728)–(1,852)–Extraordinary gains:
Gain on transfer to a defined contribution pension plan
Extraordinary losses:
Impairment loss of fixed assets (Notes 2(8) and 5)
Provision for retirement and serverance benefits for directors and corporate auditors

38,47628,938346,475

Income taxes – current

Income before income taxes

15,483

8,504

139,424

Income taxes – deferred(3,233)

1,652(29,113)

Minority interest in consolidated subsidiaries
Net income

2,281

1,686

20,540¥ 23,945¥ 17,096$ 215,624

Yen

Net income per share — basic¥75.31¥58.12$0.68

Net income per share — diluted

75.28

51.65

0.68

Cash dividends per share

13.00

12.00

0.12

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

12

U.S. dollars

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Consolidated Statements of Shareholders’ Equity
Toyota Industries Corporation
For the six months ended September 30, 2004 and 2003 (unaudited)

Millions of yen
Numberof shares(Thousands)

Balance at March 31, 2003
Net income

Commonstock

CapitalsurplusRetainedearnings

Net unrealized
gains on othersecurities

Translation
adjustments

Treasurystock
at cost313,324¥68,047¥ 89,365¥269,381¥331,668¥16,890¥ (36,483)

–

–

–

17,096–––

Cash dividends

–

–

–

(3,513)–––

Bonuses to directors and corporate auditors

–

–

–

(290)

–

–

–

Net unrealized gains on other securities

–

–

–

–

115,524––

Foreign currency translation adjustments

–

–

–

–

–

8,430

–

12,517

12,416

12,416

–

–

–

–

–

–

3,961

(625)

–

–

35,583

Balance at September 30, 2003

325,841

80,463

105,742

282,049

447,192

25,320(900)

Balance at March 31, 2004

325,841

80,463

105,743294,672

534,079

19,783(17,976)

Net income

–

–

–

23,945–––

Cash dividends

–

–

–

(3,812)–––

Bonuses to directors and corporate auditors

–

–

–

(331)

–

–

–

Conversions of convertible bonds
Other

Net unrealized gains on other securities

–

–

–

–

64,790––Foreign currency translation adjustments

–

–

–

–

–

184

–

Conversions of convertible bonds

–

–

–

–

–

–

–

Other

–

–

(122)

(4,419)

–

–

1,217

325,841¥80,463¥105,621¥310,055¥598,869¥19,967¥(16,759)

Net unrealized
gains on othersecurities

Translation
adjustments

Treasurystock
at costBalance at September 30, 2004

Thousands of U.S. dollars (Note 1)
Commonstock

Balance at March 31, 2004

Capitalsurplus$724,565

Retainedearnings$4,809,356$178,145$(161,873)

Net income–$952,211 $2,653,508–

215,624–––

Cash dividends––(34,327)–––

Bonuses to directors and corporate auditors––(2,981)–––

Net unrealized gains on other securities

–

–

–

583,431––

Foreign currency translation adjustments

–

–

–

–

1,657

–

Conversions of convertible bonds

–

–

–

–

–

–

(1,099)(39,793)––

10,959$951,112 $2,792,031 $5,392,787$179,802$(150,914)

Other
Balance at September 30, 2004–
$724,565

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

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

13

Consolidated Statements of Cash Flows
Toyota Industries Corporation
For the six months ended September 30, 2004 and 2003 (unaudited)Thousands of
U.S. dollars (Note 1)

For the six months
ended September 30

For the six months
ended September 30

2004

2003

¥ 38,476¥ 28,938$ 346,475

32,708414
24(10,996)
4,590(4,211)(5,296)(8,527)
3,705(1,400)30,562–(33)(9,777)
4,970(247)(3,988)
1,258(4,360)(2,104)

294,534
3,728
216(99,018)
41,333(37,920)(47,690)(76,785)
33,363(12,608)

49,487
11,026(4,557)(10,757)

45,2199,433(5,082)(17,227)445,628
99,289(41,036)(96,866)

Net cash provided by operating activities

45,19932,343407,015

Cash flows from investing activities:
Payments for purchases of marketable securities
Proceeds from sales of marketable securities
Payments for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for purchases of investment securities
Proceeds from sales of investment securities
Payments for acquisition of subsidiaries’ stock resulting in change in scope of consolidation
Payments for loans madeProceeds from collections of loans
Payments for acquisition of business
Other, net––(45,870)986(9,030)
1,101
–
(840)
1,943
–
(3,256)(44)
2,703(29,752)
1,749(10,075)
2,199
2,294
(2,526)
2,702(944)(4,724)––(413,057)
8,879(81,315)
9,914–(7,564)
17,497–(29,320)

Net cash used in investing activities(54,966)(36,418)(494,966)

Cash flows from financing activities:
Increase in short-term loans
Proceeds from issuance of commercial paper
Proceeds from long-term loans
Repayments of long-term loans
Repayments of bonds
Payments to convertible bond redemption funds
Payments for purchase of treasury stocks
Cash dividends paid
Cash dividends paid for minority shareholders
Other, net

5,740
–
7,773
(2,140)––(17)(3,813)
(486)
2,365

9,658
30,0001,335(5,726)(31,677)(56,670)(12)(3,510)(253)
74

51,688–69,995(19,271)––(153)(34,336)(4,376)
21,297

Net cash provided by (used in) financing activities

9,422(56,781)

84,844

(39)

577

(351)

Cash flows from operating activities:
Income before income taxes
Adjustments to reconcile income before income taxes to net cash provided
by operating activities:
Depreciation and amortization
Impairment loss of fixed assets
Increase (decrease) 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 (decrease) in payables
Others, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid

Translation adjustments of cash and cash equivalents
Net 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
The accompanying notes are an integral part of these financial statements.

14

Millions of yen

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

2004

(384)

(60,279)(3,458)77,212

136,929695,291–(3,764)–¥ 76,828¥ 72,886$ 691,833

Notes to Consolidated Financial Statements

1. Basis of presenting consolidated financial statements
The accompanying interim consolidated financial statements
have been prepared based on the accounts maintained by
Toyota Industries Corporation (the “Company”), and its
consolidated subsidiaries (together, hereinafter referred to as“Toyota Industries”) in accordance with the provisions set
forth in the Commercial Code of Japan and the Securities andExchange Law, and in conformity with accounting principles
and practices generally accepted in Japan, which are different
in certain respects from the application and disclosure
requirements of International Accounting Standards.
Certain items presented in the interim consolidated

financial statements submitted to the Director of Kanto
Finance Bureau in Japan have been reclassified in theseaccounts for the convenience of readers outside Japan.
Amounts in U.S. dollars are included solely for theconvenience of readers outside Japan. The rate of¥111.05=US$1, the approximate rate of exchange prevailingat September 30, 2004, has been used in translation. The
inclusion of such amounts are not intended to imply that theJapanese yen actually represent, or have been or could be
converted into, equivalent amounts in U.S. dollars at this rateor any other rates.

2. Summary of significant accounting policies(1) Consolidation(3) Cash and cash equivalents

The interim consolidated financial statements include theaccounts of the Company and its 142 subsidiaries (41domestic subsidiaries and 101 overseas subsidiaries, which arelisted on pages 24 and 25) as of September 30, 2004 and 132
subsidiaries (39 domestic subsidiaries and 93 overseas
subsidiaries) as of September 30, 2003. The unconsolidated
subsidiaries are excluded from consolidation because such
subsidiaries would have no material effect on the consolidated
financial statements of Toyota Industries, or Toyota Industries’
owning a majority of such subsidiaries’ shares is temporary.
For the six-month period ended September 30, 2004, four
subsidiaries were newly added to the scope of consolidationand two companies were excluded from the scope of theconsolidation because of merger and acquisition.
For the six-month period ended September 30, 2003, 14
subsidiaries were newly added to the scope of consolidation.
One unconsolidated subsidiary is excluded from the scope of
consolidation because majority ownership of this subsidiary is
temporary.
The interim periods of certain subsidiaries are different
from the interim period of the Company. Since the difference
is not more than three months, the Company is using thosesubsidiaries’ statements for their interim periods, making
adjustments for significant transactions that materially affectthe financial position or results of operations.
All significant intercompany transactions, balances andunrealized profits within Toyota Industries have been
eliminated.
A full portion of the assets and liabilities of the acquired
subsidiaries is stated at fair value as of the date of acquisitionof control.

Cash and cash equivalents include all highly liquid
investments, generally with original maturities of threemonths or less, that are readily convertible to known amountsof cash and are so near maturity that they present
insignificant risk of changes in value because of changes ininterest rates.

(2) Investments in unconsolidated subsidiaries
and affiliates

Property, plant and equipment are stated at cost.
Depreciation expenses of property, plant and equipment arecomputed mainly by the declining-balance method for theCompany and Japanese subsidiaries and by the straight-line
method for foreign subsidiaries.
Significant renewals and additions are capitalized at cost.
Repair and maintenance are charged to income as incurred.
Accumulated depreciation as of September 30, 2004 and2003 was ¥527,408 million (US$4,749,284 thousand) and¥498,227 million, respectively.

Investments in one unconsolidated subsidiary and 19 affiliates
as of September 30, 2004 and investments in one
unconsolidated subsidiary and 18 affiliates as of September 30,
2003 are accounted for by the equity method of accounting.
Investments in unconsolidated subsidiaries and affiliates
not accounted for by the equity method are stated at cost due
to their insignificant effect on the consolidated financial
statements.
The major affiliates accounted for by the equity method
are listed on page 25.

(4) Marketable securities and investment insecurities
Toyota Industries classifies securities into four categories bypurpose of holding: trading securities, held-to-maturity
securities, other securities and investments in unconsolidated
subsidiaries and affiliates. Toyota Industries did not havetrading securities or held-to-maturity securities as of
September 30, 2004 and 2003.
Other securities with readily determinable fair values arestated at fair value based on market prices at the end of theyear. Unrealized gains and losses are included in “Netunrealized gains on other securities” as a separate componentof shareholders’ equity. Cost of sales of such securities isdetermined by the moving-average method. Other securities
without readily determinable fair values are stated at cost, as
determined by the moving-average method.
Investments in unconsolidated subsidiaries and affiliates
are accounted for by the equity method (see Note 2 (2)).

(5) Inventories
Inventories are stated mainly at cost determined by themoving-average method.

(6) Property, plant and equipment, anddepreciation

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200515

(7) Intangible assets and amortization(13) Consumption tax

Amortization of intangible assets is computed using thestraight-line method. Software costs for internal use areamortized by the straight-line method over their expected
useful lives (mainly five years).
Goodwill, if material, is amortized principally over lessthan 20 years on a straight-line basis, while immaterial
goodwill is charged to income as incurred.

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

(8) Impairment on fixed assets(14) Hedge accounting

Toyota Industries applied Accounting Standards for
Impairment on Fixed Assets (Opinions Concerning
Establishment of Accounting Standards for Impairment of
Fixed Assets) issued on August 9, 2002 by the BusinessAccounting Council in Japan, and the application guideline
for Accounting Standards for Impairment of Fixed Assets (theFinancial Accounting Standard Implementation Guideline No.
6 issued on October 31, 2003), to the consolidated financial
statements for fiscal 2005, as early adoption of such standards
and guidelines, which shall be effective for fiscal years
beginning on and after April 1, 2005, is permitted for the
consolidated accounting for the fiscal year ending March 31,
2005.
Calculation of the impairment of fixed assets is based onreasonable and supportable assumptions and projection of
the grouping of assets and recoverable value, with due
consideration for the specific condition of each company.
The recoverable amount of assets is calculated based on
net selling price.

(a) Method of hedge accounting(9) Allowances for doubtful accounts
Toyota Industries adopted the policy of providing anallowance for doubtful accounts in an amount sufficient tocover possible losses on collection by estimating individuallyuncollectible amounts and applying to the remaining
accounts a percentage determined by certain factors such as
historical collection experiences.

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

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

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

16

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Mainly the deferral method of hedge accounting is applied.
In the case of foreign currency forward contracts and foreign
currency option contracts, the hedged items are translated atcontracted forward rates if certain conditions are met.

(b) Hedging instruments and hedged items
Hedging
instruments: derivatives instruments (interest rate swaps,
foreign currency forwards and foreign
currency option contracts)
Hedged items: risk of change in interest rate on borrowings
and risk of change in forward exchange rateon transactions denominated in foreign
currencies (assets and liabilities, andforecasted transactions)(c) Hedging policy
Hedging transactions are executed and controlled based on
Toyota Industries’ internal rule and Toyota Industries is
hedging interest rate risks and foreign currency risks. Toyota
Industries’ hedging activities are reported periodically to a
director responsible for accounting.

(d) Method used to measure hedge effectivenessHedge effectiveness is measured by comparing accumulatedchanges in market prices of hedged items and hedging
instruments or accumulated changes in estimated cash flows
from the inception of the hedge to the date of measurements
performed. Currently it is considered that there are highcorrelations between them.

(e) Others
Due to the fact that counterparties to Toyota Industries
represent major financial institutions which have highcreditworthiness, Toyota Industries believes that the overall
credit risk related to its financial instruments is insignificant.

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

3. Assets pledged as collateral(1) Assets pledged as collateral as of September 30, 2004 and 2003 are as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Investments in securities
Property, plant and equipment
Machinery, equipment and vehicles
Trade notes and accounts receivable
Cash and cash equivalents¥35,860
12,139651
365
233¥29,804
12,099560
211
439$322,918
109,311
5,862
3,287
2,098

Total

¥49,248¥43,113$443,476(2) Secured liabilities as of September 30, 2004 and 2003 are as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Other current liabilities
Short-term bank loans
Long-term debt
Current portion of bonds
Bonds¥19,795
4,879
2,395
300
–

¥19,209
8,159
2,249
–
300

$178,253
43,935
21,567
2,702
–

Total

¥27,369¥29,917$246,457

4. Contingent liabilities
Toyota Industries is contingently liable for guarantees as of September 30, 2004 and 2003 as follows:
Thousands of
U.S. dollars

Millions of yen

Guarantees given by the Company
Guarantees given by consolidated subsidiaries
Guarantee forwards given by the Company

2004

2003

2004

¥

¥25,500
9,086
3,479

$

–
9,417
3,149

–
84,80028,357

5. Impairment loss of fixed assets
RegionItems

Details of Fixed assets

Hyogo

One idle property

KagawaOne idle property

Building
Land
Land

Millions of yen

Thousands of
U.S. dollars

2004

2004

Total

TOYOTA INDUSTRIES CORPORATION

¥ 28
338
48

$ 252
3,044
432

¥414

$3,728SEMIANNUAL REPORT 2005

17

6. Leases(1) Finance leases (as a lessee) which do not transfer ownership of leased properties to lessees(a) Pro forma information regarding the leased properties such as acquisition cost and accumulated depreciation, which are notreflected in the accompanying consolidated balance sheets under finance leases as of September 30, 2004 and 2003 is as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Buildings and structures:
Acquisition cost equivalents¥

5

Accumulated depreciation equivalents

¥

–

$

45

5

–

45

0

–

0

Machinery and equipment:
Acquisition cost equivalents
Accumulated depreciation equivalents

9,495
4,693

9,347
4,184

85,50242,260Machinery and equipment interim period end balance equivalents

4,802

5,163

43,242Others:Acquisition cost equivalents
Accumulated depreciation equivalents

4,895
3,213

5,910
3,299

44,07928,933

Buildings and structures interim period end balance equivalents

Others interim period end balance equivalents

1,682

2,611

15,146

Total net leased properties¥6,484¥7,774$58,388

Acquisition cost equivalents include the imputed interest
expense portion because the percentage which is computed by
dividing future minimum lease payments by total balance ofproperty, plant and equipment, etc., at interim period ends is
immaterial.

(b) Pro forma information regarding future minimum lease payments as of September 30, 2004 and 2003 is as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Due within 1 year
Due after 1 year

¥1,5594,925¥2,6445,130$14,039
44,349

Total¥6,484¥7,774$58,388

Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease payments for the six-month periods ended September 30, 2004 and 2003 are as follows:
Millions of yen

2004
2003

¥1,493
1,536

Pro forma depreciation expenses, which are not reflected in theaccompanying interim consolidated statements of income, arecomputed mainly by the straight-line method, which assumes

18

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Thousands of
U.S. dollars$13,444
13,807zero residual value and leasing term to be useful lives for the sixmonth periods ended September 30, 2004 and 2003, and areequivalent to the amount of total lease payments of the above.

(2) Finance leases (as a lessor) which do not transfer ownership of leased properties to lessees(a) Information regarding leased properties such as acquisition cost and accumulated depreciation under finance leases as of
September 30, 2004 and 2003 is as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Machinery and equipment:
Acquisition cost
Accumulated depreciation¥8,2884,643¥7,5504,561$74,633
41,810Total net leased properties¥3,645¥2,989$32,823(b) Pro forma information regarding future minimum lease income as of September 30, 2004 and 2003 is as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Due within 1 year
Due after 1 year

¥1,831
2,584¥1,8992,686$16,488
23,269

Total¥4,415¥4,585$39,757

Future minimum lease payments under finance leases include the imputed interest expense portion.
(c) Total lease receipts and depreciation for the six-month periods ended September 30, 2004 and 2003 are as follows:
Thousands of
U.S. dollars

Millions of yen

Total lease payments to be received
Depreciation expenses

2004

2003

2004

¥1,177¥1,087$10,599

827

846

7,447

(3) Operating leases (as a lessee)
Pro forma future lease payments under operating leases as of September 30, 2004 and 2003 are as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Due within 1 year
Due after 1 year

¥ 3,190
12,936¥ 3,050
14,322$ 28,726
116,488

Total¥16,126¥17,372$145,214(4) Operating leases (as a lessor)
Pro forma information regarding future minimum rentals under operating leases as of September 30, 2004 and 2003 is as follows:
Thousands of
U.S. dollars

Millions of yen

2004

2003

2004

Due within 1 year
Due after 1 year

¥ 4,5108,510¥ 6,156
10,979$ 40,612
76,632

Total¥13,020¥17,135$117,244

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

19

7. Marketable securities(1) As of September 30, 2004(a) Other securities with readily determinable fair value are as follows:
Millions of yen

Thousands of U.S. dollars

Acquisition cost

Carrying amount

Difference

Acquisition cost

Stocks
Bonds
Government and municipal bonds, etc.
Other bonds¥187,422¥1,184,676¥997,254$1,687,726 $10,667,951

0
1

0
1

–
–

Total

¥187,423¥1,184,677¥997,254

Carrying amount09

Difference$8,980,225

0
9

–
–

$1,687,735 $10,667,960$8,980,225(b)Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) without
readily determinable fair value are as follows:
Thousands of
U.S. dollars

Millions of yen

Held-to-maturity securities
Other securities:
Domestic unlisted stocks excluding over-the-counter stocks
Money management funds

¥

–

$

26,492
20,020–238,559
180,279(2) As of September 30, 2003(a) Other securities with readily determinable fair value are as follows:
Millions of yen
Acquisition cost

Carrying amount

Difference

Stocks
Bonds
Government and municipal bonds, etc.
Other bonds¥187,291¥930,939¥743,648

0
1

0
1

–
–

Total

¥187,292¥930,940¥743,648(b)Significant contents and carrying amount of securities (excluding held-to-maturity bonds within securities with fair value) without
readily determinable fair value are as follows:
Millions of yen

Held-to-maturity securities
Other securities:
Domestic unlisted stocks excluding over-the-counter stocks
Money management funds¥–
17,476
67

Thousands of
U.S. dollars$–
157,088602

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

20

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

9. Segment information(1) Business segments

Sales:
Automobile
Outside customer sales
Intersegment transactions
Materials handling equipment
Outside customer sales
Intersegment transactions
Textile machinery
Outside customer sales
Intersegment transactions

Millions of yen

Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2004

2003

2004

¥308,667
8,814¥296,184
7,435$2,779,533
79,370317,481

303,6192,858,903

239,91064

216,331192

2,160,378
576

239,974

216,523

2,160,954

22,273
10

23,824
7

200,56790

22,283

23,831200,657

Others
Outside customer sales
Intersegment transactions

36,214
9,684

33,2496,803

326,105
87,20445,89840,052

413,309

Subtotal
Elimination of intersegment transactions

625,636(18,572)

584,025(14,437)

5,633,823(167,240)

Total¥607,064¥569,588$5,466,583

Operating costs and expenses:
Automobile
Materials handling equipment
Textile machinery
OthersElimination of intersegment transactions¥302,291
227,932
22,42442,559(18,241)¥288,902
207,671
23,42736,936(14,367)$2,722,116
2,052,517
201,927
383,242(164,259)

Total¥576,965¥542,569$5,195,543

Operating income (loss):
Automobile
Materials handling equipment
Textile machinery
OthersElimination of intersegment transactions¥ 15,190
12,042
(141)
3,339
(331)

¥ 14,717
8,852
404
3,116
(70)

$ 136,787
108,437(1,270)30,067(2,981)

Total¥ 30,099¥ 27,019$ 271,040

Main products of each segment are as follows:
Automobile ............................................ Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors
Materials handling equipment ................ Counterbalanced forklift trucks, warehouse trucks, skid steer loaders, automated storage and retrieval systems, automatic guided
vehicles, special-purpose vehicles
Textile machinery ................................... Ring spinning frames, air-jet looms, water-jet looms
Others ................................................... Ball grid array plastic package substrates for IC chipsets, transportation services

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

21

(2) Geographical segments
Thousands of
U.S. dollars

For the six months
ended September 30

For the six months
ended September 30

2004

2003

2004

¥398,524
48,300¥383,452
40,706$3,588,690
434,939446,824

424,158

4,023,629

105,517467

100,333
569

950,176
4,205

105,984

100,902954,381

90,067
3,619

81,526
3,031

811,049
32,58993,68684,557

843,638

12,956
1,390

4,277
736

116,668
12,517

14,346

5,013

129,185

660,840(53,776)

614,630(45,042)5,950,833(484,250)

Total¥607,064¥569,588$5,466,583

Operating costs and expenses:
Japan
North America
EuropeOthersElimination of intersegment transactions¥421,829
102,216
91,173
14,410(52,663)¥399,972
97,523
83,076
4,919(42,921)$3,798,550
920,450
821,009129,762(474,228)

Total¥576,965¥542,569$5,195,543

Operating income (loss):Japan
North America
EuropeOthersElimination of intersegment transactions¥ 24,995
3,768
2,513
(64)
(1,113)¥ 24,186
3,379
1,481
94
(2,121)$ 225,079
33,931
22,629(577)(10,022)

Total¥ 30,099¥ 27,019$ 271,040

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

Subtotal
Elimination of intersegment transactions

Significant countries belonging to each segment are as follows:
North America ....................................... U.S.A., Canada
Europe .................................................. Sweden, France, Germany
Others ................................................... China, India

22

Millions of yen

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Certification by Executive Vice President in Charge of Accounting

I, being Executive Vice President in charge of Accounting, do hereby certify, to the best of myknowledge and following reasonable investigation, that the accompanying consolidated balance
sheets and the related consolidated statements of income, shareholders’ equity and cash flows
present fairly, in all material respects, the consolidated financial position of Toyota Industries
Corporation and its consolidated subsidiaries as of September 30, 2004, and the consolidated
results of their operations and cash flows for the six months then ended, in conformity withaccounting principles generally accepted in Japan.
December 20, 2004

Koichiro Noguchi
Executive Vice President
Toyota Industries Corporation

Directors and Corporate Auditors(As of September 30, 2004)

Board of Directors
ChairmanManaging Directors

Akira Yokoi*
President
Tadashi Ishikawa*Executive Vice Presidents

Shigetaka Yoshida

Tatsuro Toyoda

Masafumi Kato

Kimpei Mitsuya

Yasuharu Toyoda

Hiroya Kono

Honorary Chairman

Kazunori Yoshida
Kenji Takenaka

Yoshitoshi Toyoda

Shozo Nakayama*

Directors

Kosaku Yamada

Koichiro Noguchi*

Satoshi Kaseda

Tetsuro Toyoda*

Shoji Shimo

Norio Sato*

Yutaka Murodono
Ryoji Inoue

Senior Managing Directors

Hirofumi Tsuji

Shiro Endo*

Yukio Yamakita

Kazuhiko Takeuchi*

Takaki Ogawa

Masazumi Konishi*

Kazue Sasaki

Shinjiro Kamimura*
Tatsuo Matsuura*
Iwao Katayama**Representative Director

Corporate Auditors
Standing Corporate Auditors

Corporate Auditors

Shigetaka Mitomo

Kosuke Ikebuchi

Masanori Ito

Kosuke Shiramizu
Masaaki Furukawa

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 200523

Corporate Data
(As of September 30, 2004)

Consolidated Subsidiaries
LocationJapan
Aichi Corporation Group *1 (4 companies)
TIBC Corporation
TOYOTA L&F Tokyo Co., Ltd.
Logistics Planning Tokyo Co., Ltd.
Altex Co., Ltd.
Sun River Co., Ltd.
Izumi Machine Mfg. Co., Ltd.
TOYOTA L&F Keiji Co., Ltd.
Tokyu Co., Ltd.
Mino Tokyu Co., Ltd.
Advanced Logistics Solutions Co., Ltd.
ALTRAN Corporation
Teion Shokuhin Ryutsu Inc.
Toyoda High System, Incorporated
Nishina Industrial Co., Ltd.
Suzaka Nishina Industrial Co., Ltd.
Tokaiseiki Co., Ltd.
Logistec Co., Ltd.
Taikoh Transportation Group *2 (5 companies)
SKE Inc.
SK Maintenance Inc.
Iwama Loom Works, Ltd.
Kawamoto System Corporation
TOYOTA L&F Shizuoka Co., Ltd.
Hara Corporation
Mizuho Industry Co., Ltd.
Sun Valley Inc.
Sun Staff, Inc.
Tokai System Institute Corp.
Shine's Inc.
ALT Logistics Co., Ltd.
KTL Co., Ltd.
Toyota Industries Well Support Corporation
TF Logistics Co., Ltd.

–
Aichi
Tokyo
Tokyo
Shizuoka
Osaka
Aichi
Kyoto
Aichi
Gifu
Aichi
Aichi
Tokyo
Aichi
NaganoNaganoShizuoka
Aichi
–
Aichi
Aichi
Aichi
Aichi
Shizuoka
Gifu
Aichi
Aichi
Aichi
Aichi
Aichi
Aichi
Tokyo
Aichi
Tokyo

(thousands of the local currency)

CapitalEquityOwnership–¥3,250,000¥350,000¥10,000¥200,000¥150,000¥150,000¥140,000¥135,000¥18,000¥100,000¥100,000¥55,000¥100,000¥100,000¥50,000¥98,000¥90,000–¥78,500¥50,000¥49,920¥47,000¥30,000¥23,193¥20,000¥22,500¥20,000¥10,000¥10,000¥20,000¥100,000¥10,000¥100,000

–
60.0%
90.0%
100.0%
75.0%
100.0%
60.7%
65.0%
63.3%
93.4%
100.0%
60.0%
60.0%
90.0%
69.2%
96.8%
92.1%
100.0%–
100.0%
70.0%
100.0%
100.0%
90.0%
100.0%
93.8%
100.0%
100.0%
100.0%
100.0%
60.0%
50.5%
100.0%
51.0%*1 Aichi Corporation Group comprises Aichi Corporation, its four subsidiaries and two affiliates. Aichi Corporation is capitalized at 10,425 million yen. Toyota Industries Corporation holds 51.0% of theoutstanding shares of Aichi Corporation. Aichi Corporation moved its headquarters from Aichi Prefecture to Saitama Prefecture on October 1, 2004.
*2 Taikoh Transportation Group comprises Taikoh Transportation Co., Ltd. and its four subsidiaries. Taikoh Transportaion Co., Ltd. is headquartered in Aichi and capitalized at 83,985 thousand yen.
Toyota Industries Corporation holds 50.2% of the outstanding shares of Taikoh Transportation Co., Ltd.
*3 Toyota Industries Sweden AB is a holding company which holds a 100% share of BT Industries AB and Toyota Industries Finance International AB.
*4 BT Industries Group comprises BT Industries AB, its 63 subsidiaries and 15 affiliates. BT Industries AB is headquartered in Mjölby, Sweden and capitalized at SEK560 million.
*5 Toyota Industries North America, Inc. is a holding company that exercises control over Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc., ACTIS Manufacturing, Ltd. LLC,
Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc., Toyota Industries Personnel Service of America, Inc. and TD Automotive Compressor Georgia, LLC.
*6 Toyota Industries Corporation Australia Group comprises Toyota Industries Corporation Australia Pty Limited and its eight subsidiaries. Toyota Industries Corporation Australia Pty Limited isheadquartered in Sydney, Australia and capitalized at AUD12 million. Toyota Industries Corporation holds 100.0% of the outstanding shares of Toyota Industries Corporation Australia Pty Limited.
*7 BT Industries AB temporarily holds more than a 50% share of the capital of one subsidiary.
Note: ¥–Japanese yen; SEK–Swedish krona; U.S.$–U.S. dollar; EUR–Euro; Rs–Indian rupee; NOK–Norwegian krone; DKK–Danish krone; GBP–British Pound; AUD–Australian dollar; R$–Brazilian real;
SFR–Swiss franc

24

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

Location(thousands of the local currency)

CapitalEquityOwnership

SEK6,652,977–
SEK25,000
US$146,000
US$37,900
US$60,000
US$12,500
US$2,000
US$1,500
US$1,300
US$100–
US$100,000
EUR20,452
Rs2,426,200
US$16,000
US$1,000
US$12,500
NOK110,000
NOK100
DKK9,000
DKK500EUR9,000
EUR720
GBP48
GBP1,243
EUR75
EUR3,249
SFR3,000–
R$26,510

100.0%–
100.0%
60.0%
100.0%
100.0%
100.0%
60.0%
100.0%
100.0%
100.0%
–
65.0%
65.0%
95.1%
70.0%
70.0%
60.0%
100.0%
100.0%
100.0%
100.0%
60.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%–
100.0%

CapitalEquityOwnership

Outside Japan
Toyota Industries Sweden AB *3
Mjölby, Sweden
BT Industries Group *3*4 (63 companies)–
Toyota Industries Finance International AB *3
Mjölby, Sweden
Michigan Automotive Compressor, Inc.
Parma, Michigan, U.S.A.
Toyota Industries North America, Inc. *5
Schaumburg, Illinois, U.S.A.
Toyota Industrial Equipment Mfg., Inc. *5
Columbus, Indiana, U.S.A.
Toyota Material Handling USA, Inc. *5
Irvine, California, U.S.A.
ACTIS Manufacturing, Ltd. LLC *5
Grapevine, Texas, U.S.A.
Toyota-Lift of Los Angeles, Inc. *5
Santa Fe Springs, California, U.S.A.
Toyoda Textile Machinery, Inc. *5Charlotte, North Carolina, U.S.A.
Toyota Industries Personnel Service of America, Inc. *5 Schaumburg, Illinois, U.S.A.
Aichi Corporation Group *1 (1 company)–
TD Automotive Compressor Georgia, LLC *5
Jefferson, Georgia, U.S.A.
TD Deutsche Klimakompressor GmbH
Straßgräbchen, Germany
Kirloskar Toyoda Textile Machinery Limited
Bangalore, Karnataka, India
Toyota Industry (Kunshan) Co., Ltd.
Kunshan, Jiangsu, China
Toyota Material Handling (Shanghai) Co., Ltd.
Shanghai, China
Toyota Industry Automotive Parts (Kunshan) Co., Ltd. Kunshan, Jiangsu, China
Toyota Truck Norge AS
Trondheim, Norway
Toyota Truckutleie Norge AS
Trondheim, Norway
Toyota Truck Danmark A/S
Vejle, Denmark
Toyota Truckudlejning Danmark A/S
Vejle, Denmark
Toyota Industrial Equipment, S.A.
Ancenis, France
Toyota Gabelstapler Deutschland GmbH
Duisburg, Germany
Toyota Industrial Equipment (UK) Limited
Castleford, West Yorkshire, U.K.
Toyota Industrial Equipment (Northern) Limited
Castleford, West Yorkshire, U.K.
Toyota Industrial Equipment Europe, S.A.R.L.
Ancenis, France
Toyota Carrelli Elevatori Italia S.r.l.
Bologna, Italy
Toyota Textile Machinery, Europe AG
Zurich, Switzerland
Toyota Industries Corporation Australia Group *6 (9 companies) Sydney, Australia
Toyota Industries Mercosur Ltda.
São Paulo, Brazil

Unconsolidated Subsidiary Accounted for by the Equity Method
Location(thousands of the local currency)

Outside JapanBT Industries Group *4 (1 company *7)

–

–

–

Affiliates Accounted for by the Equity Method
Location

Capital(thousands of the local currency)Japan
ST Liquid Crystal Display Corp.
Fuji Logistics Co., Ltd.
Aichi Corporation Group *1 (1 company)
Outside JapanBT Industries Group *4 (15 companies)
Aichi Corporation Group *1 (1 company)

Aichi
Tokyo
–

EquityOwnership¥23,000,000¥2,979,670
–

50.0%
26.8%
–

–
–

–
–

–
–

TOYOTA INDUSTRIES CORPORATIONSEMIANNUAL REPORT 2005

25

Investor Information(As of September 30, 2004)

Corporate Head OfficeTransfer Agent

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

UFJ Trust Bank Limited
1-4-3, Marunouchi, Chiyoda-ku, Tokyo-to
100-0005, Japan
Telephone: +81-(0)3-3287-2211

Major Shareholders
Date of Establishment% ofVoting rights

November 18, 1926
Toyota Motor Corporation
DENSO Corporation
The Master Trust Bank of Japan, Ltd.
Custodial Trust Company
Japan Trustee Services Bank, Ltd.
State Street Bank and Trust Company
Towa Real Estate Co., Ltd.
Nippon Life Insurance Company
Aisin Seiki Co., Ltd.
Toyota Tsusho Corporation

Common Stock
No par value
Authorized:1,091,245,000 shares
Issued :325,840,640 shares

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

Number of Shareholders

24.10
9.33
7.83
3.25
3.04
2.99
2.42
2.09
2.07
1.98

17,092

Independent Accountants
ChuoAoyama PricewaterhouseCoopers
3-28-12, Meieki, Nakamura-ku, Nagoya-shi,
Aichi-ken 450-8565, Japan

Common Stock Price Range (Tokyo Stock Exchange)
FY2005HighLow
1st quarter2nd quarter3rd quarter
4th quarter¥2,7002,645––¥2,2352,285––

FY2004High
Low

FY2003High
Low

FY2002High
Low

FY2001HighLow¥1,988
2,235
2,325
2,530

¥2,165
2,005
1,909
1,820

¥2,770
2,620
2,165
2,210

¥2,435
2,580
2,305
2,575

¥1,686
1,922
1,951
2,190

¥1,862
1,770
1,732
1,725

¥2,355
1,845
1,766
1,823

¥1,950
1,980
1,922
2,100

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

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

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

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

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