FINANCIAL SUMMARY
FY2005 Third Quarter
Financial Results for the Nine Months
Ended December 31, 2004

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

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

February 2, 2005

Consolidated Financial Results for the Nine Months Ended December 31, 2004
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) (URL http://www.toyota-industries.com/)
Head office: 2-1, Toyoda-cho, Kariya-shi, Aichi-ken, 448-8671, Japan
Representative person: Tadashi Ishikawa, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department (Tel. +81-(0) 566-22-2511)

1. Financial Highlights for the Nine Months Ended December 31, 2004
(1) Consolidated financial results(Amounts less than one million yen are omitted.)

Net saleschange from% change from% change from
Ordinary income ( previous year )year ) Operating income ( previous year )( %previous

Nine months ended
December 31,2004
Nine months ended
December 31,2003
FY2004

Million yen

Million yen%

Million yen%902,330(5.2)

42,182(5.3)

59,601(22.6)

857,620(-)

40,077(-)

48,615(-)

1,164,378
Net income

Nine months ended
December 31,2004
Nine months ended
December 31,2003
FY2004%

52,631% change fromprevious year

(Million yen

58,970Net income pershare－basic)%

Net income pershare－diluted
Yen

Yen

36,840(29.2)

115.84115.7928,512(-)

93.74

86.78

108.04101.9733,623(2) Consolidated financial position
Total assets

Shareholders’ equity
Million yen

Nine months ended
December 31,2004
Nine months ended
December 31,2003
FY2004

Ratio of
Shareholders’ equity

Million yen

Shareholders’ equity
per share%Yen

2,222,638

1,121,970

50.5

3,525.53

1,901,675

969,504

51.0

3,005.70

2,011,995

1,016,763

50.5

3,199.69(3) Scope of consolidation and equity method
Consolidated subsidiaries: 147 companies
Unconsolidated subsidiaries accounted for under the equity method: 1 company
Affiliates accounted for under the equity method: 19 companies(4) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 11 companies, (decrease) 4 companies
Equity method: No change

2. Forecasts of Consolidated Financial Results for FY2005 (April 1, 2004 - March 31, 2005)
Net sales

Ordinary income
Million yen

FY20051,230,000

Net income
Million yen

70,000Million yen

40,000

Reference: (Forecast) Net income per share - basic (annual): 125.69 yen* Figures for fiscal 2005 have not been revised from those previously announced on October 28, 2004.
* All projections are based on the information available to management at the time of producing this report and are not guarantees of future performance.
Certain risks and uncertainties could cause the actual results of Toyota Industries to differ materially from any projections discussed in this report.

Business Results
As of the end of the third quarter of fiscal 2005 (the nine months from April 1 to December 31, 2004),
total consolidated net sales of Toyota Industries amounted to 902.3 billion yen, an increase of 44.7 billion
yen, or 5%, compared with year-on-year results as of fiscal 2004 (“previous period”). The following is areview of operations for the major business segments.
Net sales of the Automobile Segment totaled 446.3 billion yen, an increase of 4.0 billion yen, or 1%,
over the previous period. Within this segment, net sales of the Vehicle Business decreased 6.1 billion yen,or 3%, to 197.9 billion yen, reflected by a decrease in sales of the Vitz (Yaris in Europe). Net sales of theEngine Business totaled 84.4 billion yen, an increase of 5.6 billion yen, or 7%, over the previous period,
due largely to an increase in diesel engines mounted in Toyota vehicles for Europe. Net sales of the Car
Air-Conditioning Compressor Business totaled 145.8 billion yen, virtually the same as the previous period.
Net sales of the Materials Handling Equipment Segment totaled 366.1 billion yen, an increase of 40.6
billion yen, or 13%, over the previous period, due primarily to the global market recovery as well as strong
sales by TOYOTA Material Handling Company and BT Industries AB.
Net sales of the Textile Machinery Segment decreased 4.9 billion yen, or 13%, to 32.5 billion yen, due
mainly to a decrease in sales of air-jet looms in China as a result of a tighter monetary policy.
During this period, Toyota Industries’ ordinary income amounted to 59.6 billion yen, an increase of 11.0
billion yen, or 23%, over the previous period. This increase reflected expanded sales both within andoutside of Japan, improved productivity, enhanced cost-reduction efforts group-wide and strong sales by
ST Liquid Crystal Display Corp., a joint venture with Sony Corporation. Net income amounted to 36.8
billion yen, an increase of 8.3 billion yen, or 29%.
For fiscal 2005, ending March 31, 2005, Toyota Industries forecasts consolidated net sales of 1,230.0
billion yen, ordinary income of 70.0 billion yen and net income of 40.0 billion yen. These forecasts remainunchanged from projections announced as of September 2004.

Breakdown of Consolidated Net Sales(Million yen; amounts less than one million yen are omitted.)(FY2005

FY2004

April 1, 2004 December 31, 2004

April 1, 2003 December 31, 2003

Amount)(RatioAmount)

FY2004% Change

Ratio%

Automobile

Increase(Decrease)(April 1, 2003 –March 31, 2004

Amount%%)Ratio%Vehicle

197,92121.9

204,059

23.8(6,138)(3.0)

280,484

24.1

Engine84,417

9.4

78,864

9.2

5,553

7.0

107,357

9.2

Car air-conditioning
compressor

145,87116.2

146,869

17.1

(998)

(0.7)

198,398

17.1

Foundry, Electronics
parts and others

18,1082.0

12,560

1.5

5,548

44.2

17,623

1.5

Subtotal

446,31749.5

442,353

51.6

3,964

0.9

603,862

51.9

Materials handlingequipment

366,124

40.6

325,51338.0

40,611

12.5

443,443

38.1

Textile machinery

32,523

3.6

37,456

4.4(4,933)(13.2)

45,968

3.9

Others57,364

6.3

52,296

6.0

5,068

9.7

71,103

6.1

Total

902,330100.0

857,620100.0

44,7105.2

1,164,378

100.0-1-Consolidated Balance Sheets
FY2004

FY2005As of
As of( December31, 2004 ) ( March 31, 2004 )Increase(Decrease)

FY2004As of( December31, 2003 )(Assets)
385,524

349,91435,610340,731

56,57357,375(802)

53,215

147,162

144,575

2,587

133,644

Marketable securities

30,066

20,06410,002

20,114Inventories

91,51077,574

13,936

76,640

Deferred tax assets

16,73917,533(794)

11,792Other current assets
Less - allowance for doubtful
accounts

45,86535,128

10,73747,488(2,392)(2,337)(55)(2,165)Current assets
Cash and deposits
Trade notes and accounts receivable

1,837,114

1,662,080

175,034

1,560,944

Property, plant and equipment

422,519389,396

33,123

381,766

Buildings and structures

128,808

124,422

4,386

123,720

Machinery, equipment and vehicles

171,619

160,787

10,832160,901

Tools, furniture and fixtures

15,763

15,565

198

15,644

Land

75,17371,786

3,387

69,032

Construction in progress

31,152

16,834

14,31812,467

98,21799,856(1,639)99,375

Software11,80011,993(193)

11,349Goodwill

86,41687,862(1,446)88,026

1,316,377

1,172,828

143,549

1,079,801

1,250,071

1,112,776

137,295

1,020,725

9,628

9,756

(128)

9,525

13,874

13,553321

14,224

5,802

3,537

2,265

3,715

37,26733,453

3,814

31,842

(266)

(250)

(16)

(231)

2,222,638

2,011,995

210,643

1,901,675

Fixed assets

Intangible assets

Investments and other assets
Investments in securities
Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and other assets
Less - allowance for doubtful
accounts
Total assets-2-(Yen in millions; amounts less than one million yen are omitted.)(FY2005

FY2004As ofDecember 31, 2004

As ofMarch 31, 2004) ()FY2004

Increase(Decrease)

As of( December31, 2003 )(Liabilities)
354,175

326,337

27,838

301,594

136,561

129,821

6,740

124,120

Short-term loans

73,72470,441

3,283

70,838Commercial paper-

15,000(15,000)

5,000

Current portion of bonds

20,300-20,300-

Other payables

26,476

19,067

7,409

13,171

Accrued expenses

50,72351,586(863)

45,976

Accrued income taxes

7,478

8,845

(1,367)

6,641

21,736

19,4962,240

21,218Deferred tax liabilities

3,515

2,742

773

1,910

Other current liabilities

13,659

9,335

4,324

12,717Long-term liabilities

707,271

633,968

73,303595,811

180,000

200,300(20,300)

200,300

70,96635,22435,742

32,632394,929

346,335

48,594

311,366

Allowance for retirement benefits

42,362

34,264

8,098

34,415

Other long-term liabilities

19,013

17,843

1,170

17,096

Total liabilities

1,061,447

960,305

101,142

897,405

39,22034,926

4,294

34,765

Common stock

80,46280,462-

80,462

Capital surplus

105,587

105,743(156)

105,742

Retained earnings
Net unrealized gain onother securities
Translation adjustments

318,813294,672

24,141

289,561

608,456

534,078

74,378

480,819

25,365

19,782

5,583

19,712

Treasury stock at cost

(16,713)(17,975)

1,262(6,795)

Total shareholders’ equity

1,121,970

1,016,763

105,207969,504

Total liabilities andshareholders’ equity

2,222,638

2,011,995

210,643

1,901,675

Current liabilities
Trade notes and accounts payable

Deposits received from employees

Bonds
Long-term loans
Deferred tax liabilities

Minority interest inconsolidated subsidiaries(Shareholders’ equity)-3-Consolidated Statements of Income(Yen in millions; amounts less than one million yen are omitted.)

FY2005

FY2004

April 1, 2004 April 1, 2003 ( December31, 2004 ) ( December 31, 2003 )Increase(Decrease)

FY2004
April 1, 2003 ( March31, 2004 )Net sales

902,330

857,620

44,7101,164,378

Cost of sales

752,724

720,317

32,407

978,458

Gross profit

149,605

137,303

12,302

185,919

Selling, general andadministrative expenses

107,423

97,225

10,198133,288

Operating income

42,18240,0772,105

52,631Non-operating income

31,93225,827

6,105

30,183

Interest income

5,990

6,214

(224)

8,174

Dividends income

13,644

10,921

2,723

10,997

Other non-operating income

12,297

8,691

3,606

11,010Non-operating expenses

14,512

17,289(2,777)

23,843

Interest expenses

7,055

7,349

(294)

9,755

Other non-operating expenses

7,457

9,940

(2,483)14,08759,601

48,615

10,98658,970

-

621

(621)

621

-

621

(621)

621

4141,851(1,437)

1,851

414-

414-

-

1,851

(1,851)

1,851

Income before income taxes
and minority interest inconsolidated subsidiaries

59,18747,385

11,802

57,740

Income taxes

19,005

16,144

2,861

20,746

3,341

2,727

614

3,370

36,84028,512

8,328

33,623

Ordinary income
Extraordinary gains
Gain on transfer to a defined
contribution pension plan
Extraordinary losses
Impairment loss of fixed assets
Provision for retirement and severance
benefits for directors and corporate
auditors

Minority interest inconsolidated subsidiaries
Net income-4-Segment Information
1.Business segment information(1)Nine months ended December 31, 2004

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

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

446,317366,124

32,523(2) Intersegment transactions

13,45074

Total

459,768

Operating expenses
Operating income

Total

Eliminations Consolidated

57,364902,330-

902,330

15

14,89628,438(28,438)-

366,199

32,53972,261

930,768(28,438)

902,330

441,209346,538

33,00867,869888,626(28,477)

860,148

18,55819,660

(469)

4,392

42,14239

42,182Others

Net sales(2)Nine months ended December 31, 2003

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

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

442,353

325,51337,456(2) Intersegment transactions

11,751

412

Total

454,104

Operating expenses
Operating income

Total

Eliminations Consolidated

52,296857,620-857,620

10

10,06022,234(22,234)-

325,926

37,46662,357879,855(22,234)

857,620

433,339

311,487

37,19957,707

839,733(22,190)

817,543

20,764

14,439267

4,650

40,121(44)

40,077

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

603,862

443,443

45,968(2) Intersegment transactions

15,698

138

Total

619,561

Operating expenses
Operating income

Others

Net sales(3)FY2004(Million yen; amounts less than one million yen are omitted.)

Total

Eliminations Consolidated

71,103

1,164,378-

1,164,378

15

14,131

29,984(29,984)-

443,582

45,98485,234

1,194,363(29,984)

1,164,378

592,030

424,233

45,884

79,484

1,141,633(29,885)

1,111,747

27,53019,348100

5,750

52,729(98)

52,631Others

Net sales

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors
Materials handling equipment …Counterbalanced forklifts, warehouse equipment, skid steer loaders, truck mount aerial work platforms
Textile machinery ………………Ring spinning frames, air jet looms, water jet looms
Others ……………………………Ball grid array-type plastic package substrates for IC chipsets, transportation services-5-2.Geographical segment information(1)Nine months ended December 31, 2004

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

JapanNorthAmericaEurope(1) Outside customer sales

588,427

157,733

136,677(2) Intersegment transactions
Total

74,991

724

663,418

Operating expenses
Operating income

Total

Eliminations Consolidated

19,492

902,330-

902,330

5,430

2,075

83,221(83,221)-

158,457

142,108

21,567985,552(83,221)902,330

628,990

153,601

138,488

21,128942,208(82,060)

860,14834,428

4,856

3,620

438

43,343(1,161)

42,182Others

Net sales(2) Nine months ended December 31, 2003

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

JapanNorthAmericaEurope(1) Outside customer sales

581,506

146,043

122,123(2) Intersegment transactions
Total

63,209683

644,716

Operating expenses
Operating income

Total

Eliminations Consolidated

7,947

857,620-857,620

4,360

1,166

69,419(69,419)-

146,726

126,483

9,113

927,039(69,419)

857,620

609,487

142,075

124,4128,971

884,946(67,403)

817,54335,228

4,651

2,071

141

42,093(2,015)40,077

Others

Net sales(3)FY2004(Million yen; amounts less than one million yen are omitted.)

JapanNorth
AmericaEurope(1) Outside customer sales

785,253

198,752

167,511(2) Intersegment transactions
Total

87,271

1,113

5,895

1,630

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

199,866

173,407

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

1,164,378

Operating expenses

826,696

193,745

170,262

14,622

1,205,326(93,579)

1,111,747

Operating income

45,828

6,121

3,145

(131)

54,962(2,331)

52,631OthersTotalEliminations Consolidated

1,164,378-Net sales-6-

12,8601,164,378

3.Overseas sales(1)Nine months ended December 31, 2004

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

North America

EuropeOthersTotal

154,621

164,934

77,045

396,600

Consolidated sales
Ratio of overseas sales to consolidated sales

902,330
17.1%(2) Nine months ended December 31, 2003

Overseas sales

18.3%

8.6%

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

North America

EuropeOthersTotal

144,462

155,345

68,366368,174Consolidated sales
Ratio of overseas sales to consolidated sales

857,62016.8%(3)FY2004

Overseas sales

18.1%

8.0%

42.9%

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

North AmericaEurope

OthersTotal

196,860

211,081

89,415497,356

Consolidated sales
Ratio of overseas sales to consolidated sales

44.0%

1,164,378
16.9%-7-18.1%

7.7%

42.7%