Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows

Toyota Industries Corporation
For the years ended March 31, 2004, 2003 and 2002

Cash flows from operating activities:
Income before income taxes
Adjustments to reconcile income before income taxes
to net cash provided by operating activities:
Depreciation and amortization
Increase in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in net (earnings) loss of affiliates(Increase) decrease in receivables
Decrease (increase) in inventories
Increase (decrease) in payables
Others, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
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
Others, net
Net cash used in investing activities
Cash flows from financing activities:(Decrease) increase in short-term loans
Proceeds from issuance of commercial paper
Redemption of commercial paper
Proceeds from long-term bank loans
Repayments of long-term bank loans
Proceeds from issuances of bonds
Repayments of bonds
Payments to convertible bond redemption funds
Proceeds from convertible bond redemption funds
Payments for repurchase of treasury stock
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net
Net cash (used in) provided by financing activities
Translation adjustments of cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Net decrease in cash and cash equivalents due to change in subsidiaries’ year-ends
Cash and cash equivalents at end of year
The accompanying notes are an integral part of these financial statements.

54

Thousands ofU.S. dollars (Note 1)

Millions of yen

ANNUAL REPORT 2004 — TOYOTA INDUSTRIES CORPORATION2004

2003

2002

2004

¥ 57,741¥ 43,670¥ 47,866$ 546,32565,352
46(19,173)
9,756(1,842)(11,051)
751
2,631
9,741
113,952
18,900(9,845)(30,601)
92,40659,154220(17,874)
10,522
4,634(7,406)
1,253
5,431
20,416
120,020
17,983(10,945)(23,875)
103,183

55,174
251(16,343)
10,844928
8,081(1,371)(3,403)(174)
101,853
16,372(10,907)(26,240)
81,078618,337435(181,408)
92,308(17,428)(104,561)
7,106
24,893
92,165
1,078,172
178,825(93,150)(289,535)
874,312

(101)
3,874
(78,268)3,201(14,301)
2,615(1,664)
8,447(86,703)749(21,896)
9,792(5,884)
4,213(73,606)
2,617(21,121)
4,033

(956)
36,654(740,543)
30,287(135,311)
24,742

1,216(4,978)5,448(961)(10,413)(92,668)944(1,664)
2,931–(6,057)(95,121)(705)(3,139)2,575(23,719)8,025(106,711)

11,506(47,100)
51,547(9,093)(98,524)(876,791)(10,959)
110,000(95,000)
4,522(8,530)–(31,677)(56,670)
56,670(17,094)(7,414)(252)
389(56,015)323(55,954)
136,929(3,763)¥ 77,212––5,886––––––
21,797(9,808)79,690–––(35,195)(6,244)(195)
1,845
57,776(29)
65,80971,120–¥136,929

1,062
––
8,048
(2,755)––––(1,389)(5,634)
(614)
2,507
1,225
231
(24,177)
95,297–¥ 71,120(103,690)
1,040,780(898,855)
42,785(80,708)–(299,716)(536,191)
536,191(161,737)(70,149)(2,384)
3,681(529,993)
3,056(529,416)
1,295,572(35,604)$ 730,552