At a Glance
Toyota Industries has been and will be aggressively switchingits focus from the Textile Machinery Segment, the businessupon which the Company was founded, to more diversesectors. These include the Automobile Segment, comprising
the vehicle (automobile assembly), engine and car airconditioning compressor businesses, and the Materials
Handling Equipment Segment, which specializes in forklift
trucks and other materials handling equipment. The Others
Segment includes the Electronics and Logistics Solutions

businesses, which we expect will be the main driving forces offuture growth.
Essentially, Toyota Industries is a conglomerate focused ona variety of core businesses. We aim to enhance the value ofthe Company as a whole by exploiting synergies among thekey technologies, production know-how and markets
cultivated by each business division.
Note: Segment net sales figures do not include intersegment transactions.
However, segment operating income figures do include operating
income arising from intersegment transactions.

Automobile Segment
Business/Operation

7SEU16 Compressor
Vitz (Yaris)

ProductsVehicle

Passenger vehicles

EngineDiesel engines, Gasoline engines, etc.

Car Air-Conditioning
Compressor

Car air-conditioning compressors, etc.

OthersElectronic equipment for automobiles,

1CD Diesel Engine

Foundry parts for automobiles, etc.

Materials Handling Equipment Segment
Business/Operation
Industrial Vehicle

Products
Counterbalanced forklift trucks,
Warehouse trucks , etc.

Materials Handling System
GENEO-B (7FB15)

BT REFLEX AC

Rack Sorter P

Electric Counterbalanced
Forklift Truck

Reach Truck

Automated Storage andRetrieval System (Pallet Type)

Automated storage and retrieval
systems,
Automatic guided vehicle systems, etc.

Textile Machinery Segment
Business/Operation

Products

Spinning Machinery

Ring spinning frames, Roving frames,
Drawing frames, etc.

Weaving Machinery

Air-jet looms, Water-jet looms,
Sizing machines, etc.

RX240NEW
Ring Spinning Frame

JAT710 Air-Jet Loom

Others Segment
Business/Operation
ST Liquid Crystal Display
Corp.
TIBC Corporation

Products
Low-temperature polysilicon TFT-LCDs
Ball grid array (BGA) plastic package
substrates
Flexible printed circuit (FPC) substrates

Low-Temperature
Polysilicon TFT-LCDs

8

TOYOTA INDUSTRIES CORPORATION

Plastic Package Substrates

ANNUAL REPORT 2003

OthersPress dies, Production equipment, etc.

Percentage ofNet Sales

4.6%

4.8%

34.9%Automobile
Materials Handling Equipment
Textile Machinery
Others
55.7%
4.4%

30.8%

7.5%

57.3%

Percentage ofOperating Income(Elimination of intersegment is not considered.)

The Automobile Segment, comprising vehicles (automobileassembly), engines, car air-conditioning compressors and otherbusinesses (including foundry parts for engines and electronic
components for automobiles), currently accounts for 55.7% ofconsolidated net sales. Our Vehicle Business produces three models:the Vitz (Yaris outside Japan), RAV4 (for Europe and North America)and Corolla Sedan (for North America). Our Engine Businessproduces the 1CD and 1HZ diesel engines, the 1FZ, 2UZ and 2AZgasoline engines and others. Our Car Air-Conditioning Compressor

Business develops and produces various types of compressors,including swash plate compressors with fixed displacement, swash
plate compressors with continuous variable displacement, and scrolltype compressors. We supply these products to the world’s leading
auto manufacturers through DENSO Corporation.
Net sales of the Automobile Segment for fiscal 2003 totaled¥595.5 billion (US$4,953.9 million). Operating income was ¥30.1billion (US$250.5 million).

The Materials Handling Equipment Segment produces and markets
the GENEO (7FG/D outside Japan) internal combustion
counterbalanced forklift truck, the GENEO-B (7FB outside Japan)
electric counterbalanced forklift truck, automated storage andretrieval systems, automatic guided vehicle systems and others. In
June 2000, we acquired BT Industries AB (“BT Industries”), a leading
warehouse truck company based in Sweden, expanding our productlineup. In April 2001, we absorbed Toyota Motor Corporation’s
Industrial Equipment Sales Division with a view to accelerating ourresponses to market needs.
Net sales of the Materials Handling Equipment Segment for fiscal
2003 totaled ¥373.0 billion (US$3,103.2 million). Operating income
was ¥16.2 billion (US$134.6 million).

The Textile Machinery Segment is engaged in the manufacture andsales of spinning and weaving machinery. The Spinning Machinery
Business produces ring spinning frames, roving frames, drawing
frames and combing machines. The Weaving Machinery Business
manufactures air-jet looms, water-jet looms and preparatory

machinery for weaving, such as sizing machines.
Net sales of the Textile Machinery Segment totaled ¥48.7 billion(US$405.5 million), with a notable increase in exports of air-jet looms
to China. Operating income was ¥2.3 billion (US$19.2 million).

The Others Segment mainly comprises businesses that we enteredcomparatively recently. Although our operations in these fields arestill relatively limited, this segment contains some of our strategic
businesses with good growth potential. They include ST Liquid
Crystal Display Corp. (“ST-LCD”)*, a 50-50 joint venture with Sony
Corporation, and TIBC Corporation(“TIBC”), a joint venture withIbiden Co., Ltd. ST-LCD produces low-temperature polysilicon TFTLCDs. TIBC is engaged in the production of ball grid array (BGA)
plastic package substrates and flexible printed circuit (FPC)

substrates. This segment also includes the manufacture and sales ofpress dies and production equipment, and the Logistics Solutions
Business.
Net sales of the Others Segment for fiscal 2003 totaled ¥52.0billion (US$ 432.7 million). Operating income was ¥3.9 billion (US$32.5 million).
* As ST-LCD is not a consolidated subsidiary but an affiliate, its sales andoperating income (loss) are not included in the consolidated figures, but are
accounted for by the equity method.

TOYOTA INDUSTRIES CORPORATIONANNUAL REPORT 2003

9