FINANCIAL SUMMARY
FY2002 annual(April 1, 2001 through March 31, 2002)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements
This Financial summary contains projections and other forward-looking statements that involve risks and uncertainties. Suchprojections and forward-looking statements are based on Toyota Industries Corporation and its Group companies’ current
expectations and estimates regarding their plans, outlook, strategies and results for the future. All such projections andforward-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. These projections and forward-looking
statements are subject to change without notice, and Toyota Industries Corporation and its Group companies will not necessarily
inform you of such changes. 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 that certain risks and uncertainties could cause theactual results of Toyota Industries Corporation and its Group companies to differ materially from any projections or
forward-looking statements discussed in this report. These risks and uncertainties include, but are not limited to, the following:i) domestic and overseas economic conditions, particularly levels of consumer spending, demand for our products and private
sector capital expenditure;ii) adverse changes in laws and regulations, such as trade restrictions and tariffs, or increased safety or emissions regulation
resulting in higher costs and/or sales restrictions;iii) currency exchange rate fluctuations, notably involving yen, U.S. dollars, Asian currencies and the euro, the currencies inwhich Toyota Industries Corporation and its Group companies have holdings and use to conduct their international business;iv) fluctuations in market prices of securities in which Toyota Industries Corporation and its Group companies have substantial
holdings;v) Toyota Industries Corporation and its Group companies’ ability to maintain their strength in many product development andgeographical areas, through such means as new product development and launches in highly competitive markets
characterized by continual new product introductions, rapid technological advances and fluctuations in demand;vi) effects of natural disasters, terrorist activities or war; andvii) other factors such as greater price competition in Asia, North America and Europe resulting from industry overcapacity orother factors; higher fuel prices; labor or other constraints on Toyota Industries Corporation and its Group companies’ ability torestructure their business; work stoppages at their or key supplier facilities; and the discovery of defects in their products
resulting in delays in new product launches, recall campaigns, increased warranty costs or litigation.

May 10, 2002

Consolidated Financial Results for FY2002 (April 2001 - March 2002)
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
Contact person: Kakuo Ishikawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for FY2002 consolidated financial results: May 10, 2002
US GAAP: Not Used

1. Financial Highlights for FY2002 (April 1, 2001 - March 31, 2002)(1) Consolidated financial results(

Net sales(Amounts less than one million yen are omitted.)% change fromprevious year

Million yen

FY2002
FY2001

980,163
767,382
Net income

27.7
22.6

(
(

%

Million yen))

46,33047,304

Net income pershare−basic

change from( %previous
year )

Million yen

FY2002
FY2001) Operating income (%27,311 (22,637 (

20.6
65.4

% change fromprevious year

-2.1
63.9

(
(

Net income pershare−diluted

Yen

)
)

change from) Ordinary income ( %previous
year )%

Million yen))

47,86544,526Returnon equity

Yen

87.28
75.90

78.26
67.77

%

(
(

7.5
63.9

Ordinary
incomeon assets

Ordinary
incomeon sales

%

%

3.0
3.6

)
)

%

2.6
3.5

4.9
5.8

Notes: 1. Equity in net loss of affiliates: 928 million yen ( 972 million yen for FY2001)
Notes: 2. Average number of shares outstanding in each year (consolidated) : FY2002−312,912,039 shares , FY2001−298,259,654 shares
Notes: 3. Changes in accounting policies: None

(2) Consolidated financial position
Total assets
Million yen

FY2002
FY2001

Ratio ofshareholders’ equity

Shareholders’ equity

1,770,401
1,869,642

Million yen

Shareholders’ equity
per share%

878,812951,298

Yen

49.6
50.9

2,809.54
3,036.77

Note: Number of shares outstanding at end of each year (consolidated) : FY2002−312,796,158 shares, FY2001−313,260,132 shares(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

FY2002
FY2001

81,07878,412

Cash flows fromfinancing activities

Million yen

Cash and cash equivalents
at the end of year

Million yen(106,710)(155,870)

1,225
94,472Million yen

71,11995,296(4) Scope of consolidation and equity method
Consolidated subsidiaries: 111 companies
Unconsolidated subsidiaries accounted for under the equity method: 1 company
Affiliates accounted for under the equity method: 18 companies(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries: (increase) 15 companies (decrease) 4 companies, Equity method: No change

2. Forecasts of Consolidated Financial Results for FY2003 (April 1, 2002 - March 31, 2003)
Net sales

Ordinary income
Million yen

FY2003semi-annual
FY2003

Million yen

Net income
Million yen

510,000

24,50011,000990,000

48,00023,500

Reference: (Forecast) Net income per share−basic (annual): 75.13 yen
The above projections are based on management’s assumptions and beliefs derived from the information available to it at the time of producing thisreport and are not guarantees of future performance. Certain risks and uncertainties related to domestic and overseas economic conditions, currency
exchange rate fluctuations and other factors could cause the actual results of Toyota Industries Corporation and its Group companies to differ materiallyfrom any projections listed above. Please see page 5 of the appendix for the preconditions and other related matters regarding these projections.

Overview of Associated Companies
Toyota Industries Corporation and its associated companies (Toyota Motor Corporation (“TMC”), which has Toyota Industries Corporation
as an affiliate, Toyota Industries Corporation ’s 112 subsidiaries and 22 affiliates) are engaged mainly in manufacture and sales ofautomobiles and related products, materials handling equipment, textile machinery and others. The associated companies’ positions in thebusinesses and relation to the business segments are shown below.

Customers
Overseascompanies

Overseascompanies

Overseascompanies(Manufacturing subsidiaries)(Sales and other subsidiaries andaffiliates)(Sales subsidiary)

Michigan AutomotiveCompressor, Inc.
TD Deutsche
Klimakompressor
GmbH
ACTIS Manufacturing
Ltd., LLC
Toyota Industry(Kunshan)Co., Ltd.

Toyoda Textile
Machinery, Inc.

Toyota Material HandlingUSA, Inc.

(Manufacturing subsidiary)

Toyota-Lift of Los Angeles, Inc.

Kirloskar Toyoda Textile
Machinery Ltd.

Toyota Gabelstapler
Deutschland GmbHBT Industries Group(73 companies)
Toyota Truck Norge Group(4 companies)
Toyota Industrial Equipment(UK) Group (2 Companies)
Toyota Industrial Equipment
Europe Group(2 Companies)(Manufacturing subsidiaries and affiliates)

Toyota Industrial Equipment Mfg.,
Inc.
Toyota Industrial Equipment, S.A.
North Vernon Industry Corp.
BT Industries Group(7 companies)

Domestic
companies
Domestic
companies(Manufacturing subsidiaries)

ALTEX CO., LTD.

(Sales subsidiaries)

TOYOTA L&F TOKYO Co., Ltd.

Domestic
companies

Domestic
companies(Manufacturing subsidiary)(Manufacturing subsidiary)

KAWAMOTO SYSTEMCORPORATIONTIBC Corporation(Manufacturing subsidiary)

Logistics Planning Tokyo
Co., Ltd.

HARA CORPORATION(Manufacturing affiliate)

ST Liquid Crystal
Display Corp.

IZUMI MACHINE
MFG. CO., LTD.

TOYOTA L&F KEIJI Co., Ltd.

(Manufacturing subsidiary)

TOYOTA L &F SHIZUOKA Co., Ltd.

SKE Inc.

TOKYU CO., LTD.

(Manufacturing subsidiaries)

Tokaiseiki Co., Ltd.

MINO TOKYU CO., LTD.

Mizuho Industry Co., Ltd.

Nishina Industrial Co., Ltd.

Iwama Loom Works,Ltd.

Automobile

Materials handling equipment

Textile machinery

Toyota Industries Corporation-1-

OthersManagement Policies
1. Basic Management Policies
The basic management policies of Toyota Industries Corporation and its Group companies (“Toyota Industries”) are as follows:a) Toyota Industries is determined to comply with the letter and the spirit of the law, in Japan and overseas, and to be fair andtransparent in all its dealings.
b) Toyota Industries is respectful of the people, culture and tradition of each country and region in which it operates. It also
works to promote economic growth and prosperity in those countries and regions.
c) Toyota Industries believes that economic growth and conservation of the natural environment are compatible. It strives tooffer products and services that are clean, safe and of high quality.
d) Toyota Industries conducts intensive product research and forward-looking development activities to create new value for its
customers.
e) Toyota Industries nurtures the inventiveness and other abilities of its employees. It seeks to create a climate of cooperation,
so that employees and the company can realize their full potential.

2. Medium to Long-Term Management Strategies
In the medium to long-term, Toyota Industries seeks to increase profitability and strengthen its management base. The group seeks
to grow by placing a high priority on research and development, thereby enabling the group to bring to market leading-edge products
and services.
For Toyota Industries, it is a top priority to develop safe, environmentally friendly products which are of high quality and satisfychanging customer needs. Toyota Industries is also determined to maintain and enhance its position as a leader in its business field
through vigorous sales efforts, superior service, cost reduction activities and constant enhancement of quality throughout all its
operations.
Within the Automobile Segment, the Vehicle Business will deliver outstanding customer satisfaction through its assembly ofcompact cars for Toyota Motor Corporation (“TMC”). Also within the Automobile Segment, the Car Air-Conditioning Compressor
Business will continue to develop state-of-the-art products to be marketed worldwide. The Materials Handling Equipment Segment will
expand its product line and respond to customers’ demand for lower materials handling costs in order to offer optimal materials
handling solutions to customers throughout the world. The Textile Machinery Segment will continue to produce a high-quality range ofspinning and weaving machinery. Toyota Industries will also strengthen the range and scope of its Electronics Business.
Toyota Industries aims to maximize shareholder value by achieving total sales of one trillion yen and increasing net sales andprofitability in each of its segments.

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3. Corporate Code of Conduct Council
Toyota Industries Corporation established a “Corporate Code of Conduct Council” for the purpose of promoting greater awarenessof ethical and legal issues from a company-wide perspective. The council will complement the corporate governance roles of theOrdinary General Meeting of Shareholders, the Board of Directors and the Board of Corporate Auditors.
Also, Toyota Industries continues to disclose information about its financial results to shareholders and investors. The company willcontinue to ensure a high level of corporate accountability.
4. Basic Policy on the Distribution of Profits
Toyota Industries Corporation’s dividend policy is based on maintaining stable dividends, while giving full consideration to businessperformance, its dividend payout ratio and other factors as it makes every effort to meet the expectations of shareholders.
Toyota Industries Corporation will use retained earnings to aggressively pursue business expansion and strengthen its corporate
constitution in order to secure future profits for its shareholders. It will also use retained earnings to purchase treasury stock.

-3-

Business Results and Financial Position
1. Overview of Performance in Fiscal 2002
In fiscal 2002 (ended March 31, 2002), the Japanese economy remained sluggish. Economic deceleration globally resulted indecreased exports, production and capital investment, while a weakening in the domestic jobs market resulted in stagnant consumer
spending. Overseas, though the global economy slowed down after the terrorist attacks on the U.S. in September 2001, it showedsigns of an upturn from the beginning of 2002.
Against this background, total consolidated net sales of Toyota Industries amounted to 980.1 billion yen, an increase of 212.8
billion yen, or 28%, compared with fiscal 2001.
The following is a review of operations for the major business segments. The amounts represent sales to external customers.
Net sales of the Automobile Segment totaled 563.5 billion yen, an increase of 105.9 billion yen, or 23%, over fiscal 2001. Within
this segment, net sales of the Vehicle Business totaled 280.1 billion yen, an increase of 84.3 billion yen, or 43%, over fiscal 2001. In
April 2001, Toyota Industries Corporation started production of the RAV4, a compact sport utility vehicle. However, decreased
production of the Vitz (Yaris in Europe) resulted in total output of 247 thousand units, a decrease of 28 thousand units, or 10%, fromfiscal 2001. The sales increase reflects the fact that TMC started charging for engine and other parts, whereas previously such parts
had been supplied free of cost. As this change caused an increase in both sales and cost of sales, there was no effect on the grossprofit of Toyota Industries. Net sales of the Engine Business totaled 114.8 billion yen, an increase of 12.8 billion yen, or 13%, overfiscal 2001, due mainly to increased sales of CD-type diesel engines. Net sales of the Car Air-Conditioning Compressor Businesstotaled 153.1 billion yen, an increase of 13.6 billion yen, or 10%, over fiscal 2001. Sales were up both domestically and overseas, due
mainly to new product development, strengthened sales promotion and increased production capacity. Also, in May 2001, Toyota
Industries and DENSO Corporation agreed to gradually merge DENSO’s car air-conditioning compressor production business into
Toyota Industries.
Net sales of the Materials Handling Equipment Segment totaled 353.0 billion yen, an increase of 116.5 billion yen, or 49%, overfiscal 2001. The increase reflected steady domestic sales and the consolidation of the operating results of BT Industries AB (“BTIndustries”), which Toyota Industries acquired in June 2000. These factors were partially offset by adverse market conditions in North
America. In April 2001, Toyota Industries acquired TMC’s Industrial Equipment Sales Division and established TOYOTA Material
Handling Company as an “in-house corporate entity” within Toyota Industries. The new entity has substantial autonomy, facilitating
rapid decision-making and greater responsiveness to changes in market demand. Toyota Industries also opened the TOYOTA
Material Handling Customer Center in Ichikawa, Chiba Prefecture, to showcase materials handling products and offer consulting
services for total materials handling solutions.
Net sales of the Textile Machinery Segment totaled 30.7 billion yen, a decrease of 2.5 billion yen, or 8%, from fiscal 2001. Though
Toyota Industries engaged in vigorous sales and service activities, including the display of selections of its latest products, frompractical machines to next-generation machines, at international exhibitions, these efforts could not make up for decreased exports toIndonesia, Thailand and South Korea. By February 2002, however, approximately 70 textile manufacturers in Wujiang, Jiangsu
province, which aims to be China’s largest hub for the textile industry, had placed an order with Toyota Industries for 3,900 air-jet
looms. In April 2002, Toyota Industries began the gradual delivery of the machines.
In fiscal 2002, Toyota Industries’ ordinary income amounted to 47.8 billion yen, an increase of 3.3 billion yen, or 8%, over fiscal
2001. The increase reflected the fact that enhanced cost-reduction efforts, improved productivity and consolidation of BT Industries
outweighed increases in labor costs and R&D and information technology-related investment. Net income totaled 27.3 billion yen, an
increase of 4.6 billion yen, or 21%, over fiscal 2001.

-4-

2. Cash FlowsNet cash provided by operating activities was 81.0 billion yen, an increase of 2.6 billion yen over fiscal 2001. This was due mainly
to income before income taxes amounting to 47.8 billion yen.
Net cash used in investing activities was 106.7 billion yen, a decrease of 49.1 billion yen from fiscal 2001. This was due mainly to adecrease in payments for acquisition of subsidiaries’ stock amounting to 85.4 billion yen. In fiscal 2002, Toyota Industries used 73.6
billion yen to purchase property, plant and equipment and 23.7 billion yen for acquisition of business, increases of 18.4 billion yen and23.7 billion yen, respectively.
Net cash provided by financing activities was 1.2 billion yen, a decrease of 93.2 billion yen from fiscal 2001. This reflected the factthat the fiscal 2001 figure included proceeds from issuance of common stock and bonds in an amount of 55.2 billion yen and 39.7
billion yen, respectively.
Including translation adjustments to these, cash and cash equivalents at the end of the year stood at 71.1 billion yen, a decrease of
24.1 billion yen from fiscal 2001.

3. Distribution of Profits for FY2002
Including the interim cash dividend of 9.0 yen per common share, approved in November 2001, and a year-end cash dividend of
10.0 yen per common share, Toyota Industries Corporation intends that total cash dividends for fiscal 2002 will be 19.0 yen percommon share, an increase of 2.0 yen per common share over fiscal 2001.

4. Forecast for the Fiscal Year Ending March 31, 2003
Toyota Industries expects Japanese exports and production to start picking up as the U.S. economy recovers. However, aworsening employment situation and uncertainty over corporate profits could put pressure on private-sector demand, and thebusiness environment overall is likely to remain rather sluggish.
For fiscal 2003 (ending March 31, 2003), Toyota Industries forecasts consolidated net sales of 990.0 billion yen, ordinary income of
48.0 billion yen and net income of 23.5 billion yen. We are determined to develop new products and enhance sales and service
activities. We will also continue with our cost reduction activities.
Our projections are based on an exchange rate of ¥125=US$1.

-5-

Consolidated Balance Sheets
FY2002(As of March 31, 2002)

FY2001(As of March 31, 2001)

Increase(Decrease)295,326

301,350(6,024)50,278100,285(50,007)

107,820

97,455

10,365Marketable securities

28,82017,636

11,184Inventories

70,511

52,763

17,748Deferred tax assets

10,080

8,686

1,394

Other current assets
Less−allowance for doubtful
accounts

29,732

25,683

4,049(1,917)(1,159)(7 5 8 )1,475,074

1,568,291(93,217)

Property, plant and equipment

337,642

294,742

42,900

Buildings and structures

102,659

88,85813,801

Machinery, equipment and vehicles

149,259

135,405

13,854Tools, furniture and fixtures

15,482

14,550932

Land46,54942,102

4,447

Construction in progress

23,691

13,826

9,865

94,87487,987

6,887

Software

6,347

1,580

4,767

Goodwill

88,52786,4072,120

1,042,557

1,185,561(143,004)

986,354

1,145,176(158,822)

Long-term loans

11,533

8,106

3,427

Long-term prepaid expenses

11,926

5,354

6,572

2,237

1,373

864

30,621

25,662

4,959

(116)

(112)

(4)

1,770,401

1,869,642(99,241)

4 4 7 , 6 0 0

4 0 6 , 8 4 2

4 0 , 7 5 8

9 , 3 4 8

1 7 , 4 5 7( 8 , 1 0 9 )5 0 3 , 0 9 1-

9 3
3 6 , 0 0 0

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

2 , 8 0 3

( 4 3 2 )AssetsCurrent assets
Cash and deposits
Trade notes and accounts receivable

Fixed assets

Intangible assets

Investments and other assets
Investments in securities

Deferred tax assets
Other investments and other assets
Less−allowance for doubtful
accounts
Total assets
Notes: 1. Accumulated depreciation ofproperty, plant and equipment
Notes: 2. Liabilities for guarantees.3. Number of shares of treasury stock
Notes: 4. Number of shares of treasury stock
owned by consolidated subsidiary
5. Allowance for retirement and severance
benefits for directors and corporate auditors(included in allowance for retirement benefits)-6-

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

FY2002(As of March 31, 2002)

FY2001(As of March 31, 2001)

Increase(Decrease)236,639

213,599

23,040111,251

103,444

7,807

Short-term bank loans

33,371

23,192

10,179Other payables

21,661

17,113

4,548

Accrued expenses

36,32632,2194,107

Accrued income taxes

8,611

12,364(3,753)

18,547

18,030517

Deferred tax liabilities

493

15

478

Other current liabilities

6,375

7,219

(844)

Long-term liabilities

636,094

686,618(50,524)

140,300

140,300-

Convertible bonds

75,74275,748(6)

Long-term bank loans

65,941

52,446

13,495

Deferred tax liabilities

315,978

387,547(71,569)

28,83925,534

3,305

Other long-term liabilities

9,292

5,041

4,251

Total liabilities

872,733

900,218(27,485)

18,855

18,125730

Common stock

68,0 2168,0183

Capital surplus

89,32688,512

814

253,975

233,367

20,608456,415558,673(102,258)

12,361

2,746

9,615

(1,287)(0)(1,287)

-

(20)

20

878,812951,298(72,486)

1,770,401

1,869,642(99,241)

Liabilities
Current liabilities
Trade notes and accounts payable

Deposits received from employees

Bonds

Allowance for retirement benefits

Minority interest inconsolidated subsidiaries
Shareholders’ equity

Retained earnings
Net unrealized gain onother securities
Translation adjustments
Treasury stock at cost
Treasury stock owned bysubsidiaries
Total shareholders’ equity
Total liabilities andshareholders’ equity-7-

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

FY2002
April 1, 2001 March 31, 2002

) (FY2001
April 1, 2000 March 31, 2001)

Increase(Decrease)

Net sales

980,163

767,382

212,781

Cost of sales

828,626

663,012

165,614Gross profit

151,537

104,370

47,167

Selling, general andadministrative expenses

105,206

57,065

48,141

Operating income

46,33047,304(974)

Non-operating income

23,122

16,2496,873

Interest income

8,617

4,241

4,376

Dividends income

7,725

6,957

768

Other non-operating income

6,779

5,051

1,728

Non-operating expenses

21,58719,0272,560Interest expenses

10,844

6,445

4,399

Other non-operating expenses

10,743

12,582(1,839)47,86544,526

3,339-

15,080(15,080)-

15,080(15,080)-

21,386(21,386)

Cumulative effect of change in accounting
standards for retirement benefits-

19,057(19,057)

Provision for retirement and severance
benefits for directors and corporate
aauditors

-

2,329

(2,329)

Income before income taxes

47,86538,2209,645

Income taxes−current

20,842

21,161(319)

Income taxes−deferred(1,136)(6,338)

5,202

847

759

88

Net income

27,311

22,637

4,674

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

2 9 , 9 8 5

2 6 , 1 9 5

3 , 7 9 0

Ordinary income
Extraordinary gains
Gain on securities contribution toemployee retirement benefit trust
Extraordinary losses

Minority interest inconsolidated subsidiaries-8-Consolidated Statements of Retained Earnings(Million yen; amounts less than one million yen are omitted.)(
Retained earnings
at beginning of year

FY2002

FY2001

April 1, 2001 March 31, 2002

April 1, 2000 March 31, 2001

) ()

Increase(Decrease)

233,367

215,463

17,904

6,703

4,732

1,971

5,634

4,532

1,102

Bonuses to directors andcorporate auditors

257

200

57

Decrease in retained earnings due toa merger of a subsidiary

811

-

811

27,311

22,637

4,674

253,975

233,367

20,608Decrease in retained earnings
Cash dividends

Net income
Retained earnings at end of year-9-Consolidated Statements of Cash Flows(Million yen; amounts less than one million yen are omitted.)(

FY2002
April 1, 2001 March 31, 2002

) (FY2001
April 1, 2000 March 31, 2001)

Increase(Decrease)

Cash flows from operating activities

81,07878,412

2,666

Income before income taxes

47,86538,2209,645

Depreciation and amortization
Increase (decrease) in allowance for
doubtful accounts
Interest and dividends income

55,17346,454

8,719

250

(128)

378

(16,343)(11,198)(5,145)Interest expenses

10,844

6,445

4,399

Equity in net loss of affiliates

928

972

(44)

Decrease (increase) in receivables

8,080(2,450)10,530

Increase in inventories(1,371)(3,921)2,550(Decrease) increase in payables(3,402)

8,177(11,579)

(173)

8,914

(9,087)

Others, net

101,853

91,484

10,369Interest and dividends income received

Subtotal

16,371

11,212

5,159

Interest expenses paid

(10,906)(6,155)(4,751)

Income taxes paid

(26,239)(18,128)(8,111)(106,710)(155,870)

49,160

Payments for purchases of marketable securities(5,884)(1,718)(4,166)

Proceeds from sales of marketable securities
Payments for purchases of property, plantand equipment
Proceeds from sales of property, plantand equipment
Payments for purchases of investment securities

4,212

4,322

(110)

(73,605)(55,127)(18,478)

2,617

2,383

234

(21,120)(9,667)(11,453)

4,032

2,107

1,925

Cash flows from investing activities

Proceeds from sales of investment securities
Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation
Payments for loans made(705)

(86,136)

85,431(3,138)(3,410)272

Proceeds from collections of loans

2,575

11,266(8,691)

Payments for acquisition of business(23,719)-(23,719)

Others, net

8,024(19,890)

27,914

Cash flows from financing activities

1,225

94,472(93,247)

Increase in short-term bank loans, net

1,062

6,883

(5,821)

Proceeds from issuances of commercial paper-

80,000(80,000)

Redemption of commercial paper-(80,000)

80,000

Proceeds from long-term bank loans

8,048

4,111

3,937

Repayments of long-term bank loans(2,755)(6,585)

3,830

Proceeds from issuances of bonds-

39,796(39,796)

Proceeds from issuances of common stock
Cash dividends paid
Cash dividends paid for minority shareholders
Others, net-

55,228(55,228)(5,633)(4,533)(1,100)

(614)

(420)

(194)

1,117

(8)

1,125

Translation adjustments of cash and cash
equivalents
Net (decrease) increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year

230

949

(719)

(24,177)

17,964(42,141)

95,296

77,332

17,964

Cash and cash equivalents at end of year

71,11995,296(24,177)

81,36913,927(31,690)7,512

Note: Breakdown of cash and cash equivalents by accounts on the consolidated balance sheets:
Cash and deposits
49,679Marketable securities
21,439- 10 -

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

Consolidated
subsidiaries

111

Unconsolidated
subsidiaries

1

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., Toyoda High System, Incorporated,Nishina Industrial Co., Ltd., Tokaiseiki Co., Ltd., LOGISTEC CO., LTD., SKE Inc.,SK Maintenance Inc., Iwama Loom Works, Ltd., KAWAMOTO SYSTEM CORPORATION,ARTI Inc., 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.,
Toyoda International Sweden AB, BT Industries Group (63 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc.,
Toyota-Lift of Los Angeles, Inc., Toyoda Textile Machinery, Inc., TAL Personnel Service, Inc.,TD Deutsche Klimakompressor GmbH, Kirloskar Toyoda Textile Machinery Ltd.,
Toyota Industry (Kunshan) Co., Ltd., Toyota Truck Norge Group (4 companies),
Toyota Industrial Equipment, S.A., ACTIS manufacturing Ltd., LLC,
Toyota Gabelstapler Deutschland GmbH,
Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)
BT Industries Group (1 company)(2) Scope of equity method
Companies (or Company)

Unconsolidated
subsidiaries

1

BT Industries Group (1 company)

Affiliates

18

ST Liquid Crystal Display Corp., TAIKOH TRANSPORTATION CO., LTD.,
BT Industries Group (16 companies)

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

15

TOYOTA L&F TOKYO Co., Ltd., Logistics Planning Tokyo Co., Ltd., TOYOTA L&F KEIJI Co., Ltd.,
Advanced Logistics Solutions Co., LTD., TOYOTA L&F SHIZUOKA Co., Ltd.,BT Industries Group (3 companies), Toyota-Lift of Los Angeles, Inc.,ACTIS manufacturing Ltd., LLC, Toyota Gabelstapler Deutschland GmbH,
Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)(Decrease)

4

TOYODA-SULZER MANUFACTURING LTD., BT Industries Group (3 companies)

3. Fiscal years of consolidated subsidiaries(1) Some consolidated subsidiaries have a closing date other than March 31. The details are given below.
December 31 TIBC Corporation, Sun River Co., Ltd., IZUMI MACHINE MFG. CO., LTD.,
Toyoda High System, Incorporated, LOGISTEC CO., LTD., SKE Inc., SK Maintenance Inc.,KAWAMOTO SYSTEM CORPORATION, ARTI Inc., HARA CORPORATION, Mizuho Industry Co., Ltd.,Sun Valley Inc., Sun Staff, Inc., MINO TOKYU CO., LTD., TOKAI SYSTEM INSTITUTE CORP., Shine’s Inc.,
Toyoda International Sweden AB, BT Industries Group (63 companies),
Michigan Automotive Compressor, Inc., Toyota Industries North America, Inc.,
Toyota Industrial Equipment Mfg., Inc., Toyota Material Handling USA, Inc., Toyota-Lift of Los Angeles, Inc.,
Toyoda Textile Machinery, Inc., TAL Personnel Service, Inc., TD Deutsche Klimakompressor GmbH,
Kirloskar Toyoda Textile Machinery Ltd., Toyota Industry (Kunshan) Co., Ltd.,
Toyota Truck Norge Group (4 companies), Toyota Industrial Equipment, S.A., ACTIS manufacturing Ltd., LLC,
Toyota Gabelstapler Deutschland GmbH, Toyota Industrial Equipment (UK) Group (2 companies),
Toyota Industrial Equipment Europe Group (2 companies)- 11 -

(2) The consolidated financial statements were prepared based on financial statements as of the closing date of each company.

4. Significant accounting policies(1) Valuation of significant assets
a. Marketable securities
Trading securities
Held-to-maturity securities
Other securities with market value

Other securities without market valueb. Inventories…. Not applicable.
…. Not applicable.
…. Fair value method using market price at the end of year
(Unrealized gains and losses are recorded as a portion ofshareholders’ equity. Sales cost of marketable securities
is determined by the moving average method.)…. At cost determined by the moving average method…. Mainly at cost determined by the moving average method(2) Depreciation and amortization
Depreciation expenses of property, plant and equipment are computed mainly by the declining-balance method.
Amortization of software (intangible assets) is computed by the straight-line method.
(3) Significant allowancesa. Allowance for doubtful accounts is estimated by such means as using the percentage of historical experiences in credit losses
for ordinary receivables and by examining the feasibility of collection individually for receivables that seem to be uncollectible.
b. For the purpose of preparation for future payments of employees' retirement benefits, allowance for retirement benefits isrecorded at the amount incurred based on projected benefit obligations and pension assets at the end of year. Provision for
retirement and severance benefits for directors and corporate auditors are recorded at the amounts required at the end of year
by a internal rule describing the retirement benefits for directors and corporate auditors.
(4) Translation of assets and liabilities in foreign currencies
For translation of assets and liabilities in foreign currencies, the "Accounting Standards for Foreign Currency Transactions" isapplied.
(5) Accounting for significant lease transactions
Financing leases other than those that are deemed to transfer the ownership of the leased properties to lessees are mainly
accounted for by the method similar to that applicable to ordinary operating leases.
(6) Hedge accounting method
Mainly the deferral method of hedge accounting is applied. In case of foreign currency forward contracts, the hedged items aretranslated at contracted forward rate if certain conditions are met. In FY2002, foreign exchange forward contracts and foreign
currency option contracts are used for hedging risk of change in foreign exchange rate relating to accounts receivables.
(7) Other significant accounting policies for preparing consolidated financial statements
The consumption tax : computed based on the net-of-tax method

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

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

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

8. Scope of cash and cash equivalents on the consolidated statements of cash flows
Cash and cash equivalents on the consolidated statements of cash flows include cash on hand, bank deposits to be withdrawn at
any time and short-term investments with original maturities of three months or less that are readily convertible to known amounts ofcash and are so near maturity that they present insignificant risk of changes in fair value.

- 12 -

Segment Information
1.Business segment information(1)FY2002 (April 1, 2001 - March 31, 2002)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

563,598

353,042

30,705(2) Intersegment transactions

15,411

44

Total

579,010

Operating expenses

OthersTotal

Eliminations Consolidated

32,816980,163-

980,16349

11,05526,561(26,561)-

353,087

30,75443,872

1,006,724(26,561)

980,163550,050

339,720

31,14539,390960,307(26,474)

933,832

Operating income

28,96013,366

(390)

4,481

46,417(86)

46,330Assets317,133

319,334

22,323

31,639690,4311,079,969

1,770,401

Depreciation and amortization

33,403

18,882796

2,306

55,389(215)

55,173

Capital expenditures

61,023

26,336522

902

88,785(465)

88,319Net sales(2)FY2001 (April 1, 2000 - March 31, 2001)(Million yen; amounts less than one million yen are omitted.)

Automobile

Materials
handling
equipment

Textilemachinery(1) Outside customer sales

457,631

236,501

33,237(2) Intersegment transactions

4,096

-

Total

461,727

Operating expenses

OthersTotal

Eliminations Consolidated

40,011

767,382-

767,382

-

4,531

8,628

(8,628)-236,501

33,23744,543776,010(8,628)

767,382

433,202

221,955

33,20240,177

728,538(8,460)720,078

Operating income

28,525

14,54634

4,365

47,472(168)

47,304

Assets282,503

270,974

25,404

15,487594,370

1,275,271

1,869,642

Depreciation and amortization

31,764

10,766

1,034

3,070

46,635(181)

46,454

Capital expenditures

54,73470,672320

2,311

128,038(765)

127,273

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, automated storage and retrieval
systems
Textile machinery … Ring spinning frames, air jet looms, water jet looms
Others … Ball grid array-type plastic package substrates for IC chipsets, casting machines
3. Assets included in the "Eliminations" are mainly cash and deposits , marketable securities and investments in securities of Toyota Industries
Corporation.

- 13 -

2.Geographical segment information(1)FY2002 (April 1, 2001 - March 31, 2002)(Million yen; amounts less than one million yen are omitted.)

Japan

North
America

EuropeNet sales(1) Outside customer sales(2) Intersegment transactions
Total

675,346
61,097736,443

180,501
1,396
181,897

121,069
5,308
126,377

3,246
651
3,897

980,163
68,453
1,048,616(68,453)(68,453)

980,163
980,163

Operating expenses

695,442

176,923

124,558

5,203

1,002,126(68,293)

933,832

Operating income

41,001

4,974

1,819

(1,305)46,490(159)

46,330Assets511,855

142,302202,473

5,281

861,914

908,486

1,770,401

Japan

North
America

Net sales(1) Outside customer sales(2) Intersegment transactions
Total

586,086
31,769617,856

123,355
336
123,692

55,826748
56,574

2,113
477
2,591

767,382
33,333
800,715(33,333)(33,333)

767,382
767,382

Operating expenses

577,380

118,42253,723

2,840

752,367(32,289)

720,078

Operating income

40,475

5,269

2,851

(248)

48,348(1,043)47,304

Assets

460,474

126,519

158,351

4,987

750,332

1,119,310

1,869,642(2)FY2001 (April 1, 2000 - March 31, 2001)

OthersTotal

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

EuropeOthersTotal

Eliminations Consolidated

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

Corporation.

3.Overseas sales(1)FY2002 (April 1, 2001 - March 31, 2002)(Million yen; amounts less than one million yen are omitted.)

North America
Overseas sales

181,176

Europe160,455

Others54,837

Consolidated sales
Ratio of overseas sales to consolidated sales

18.5%

16.4%

5.6%

40.4%

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

North America
140,161

Europe102,665

Others55,967

Consolidated sales
Ratio of overseas sales to consolidated sales

396,470
980,163(2)FY2001 (April 1, 2000 - March 31, 2001)

Overseas sales

Total

Total
298,794
767,382

18.2%- 14 -

13.4%

7.3%

38.9%

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

FY2002(

FY2001

April 1, 2001 March 31, 2002
Amount)Component
ratio%

April 1, 2000 March 31, 2001(

Amount)Increase(Decrease)

Component
ratio%% Change%

Automobile
Vehicle280,125

28.6

195,887

25.5

84,23843.0

Engine114,874

11.7

102,099

13.3

12,775

12.5

Car air-conditioning
compressor

153,124

15.6

139,572

18.2

13,552

9.7

Foundry and others

15,473

1.6

20,0702.6(4,597)(22.9)

Subtotal

563,59857.5

457,63159.6

105,967

23.2

Materials handlingequipment

353,04236.0

236,501

30.8

116,541

49.3

Textile machinery

30,705

3.1

33,237

4.3(2,532)(7.6)

Others32,816

3.4

40,011

5.3(7,195)(18.0)

Total

980,163100.0

767,382

100.0

212,78127.7- 15 -

Lease Transactions
1. As a lessee(1) Finance leases 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 under finance leases
as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Machinery, equipment
and vehicles
Tools, furniture andfixtures
Total

Acquisition costequivalents

FY2002
Accumulated
depreciationequivalents

Net balance
equivalents

Acquisition costequivalents

FY2001
Accumulated
depreciationequivalents

5,849

1,391

4,458

2,339

909

1,429

5,313

2,530

2,782

4,660

2,228

2,431

11,162

3,921

7,240

6,999

3,138

3,861

Net balance
equivalents

Note: Acquisition cost equivalents include the imputed interest expense portion due to immaterial difference between acquisition cost andfuture minimum lease payments.

(b) Pro forma information regarding future minimum lease payments as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002
1,936
5,304
7,240

FY2001
1,302
2,558
3,861

Note: The amount equivalent to future minimum lease payments as of the end of year includes the imputed interest expense portion due to immaterial
difference between acquisition cost and future minimum lease payments.

(c) Total lease payments and pro forma depreciation expenses for the years ended March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Total lease payments
Pro forma depreciation
expenses

FY2002

FY2001

1,842

1,505

1,842

1,505

(d) Calculation method of pro forma depreciation expenses
Pro forma depreciation expenses are computed by the straight-line method which assume zero residual value and leasing
term to be useful lives.
(2) Pro forma future lease payments under operating leases as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002
2,545
9,696
12,241

FY2001
5,116
9,542
14,659- 16 -

2. As a lessor(1) Finance leases which do not transfer ownership of leased properties to lessees(a) Information regarding the leased properties such as acquisition cost and accumulated depreciation under finance leases
as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Machinery, equipment
and vehicles
Total

Acquisition cost

FY2002
Accumulated
depreciation

Acquisition cost

FY2001
Accumulated
depreciation

Net balance

Net balance

6,974

4,004

2,969

-

-

-

6,974

4,004

2,969

-

-

-

(b) Pro forma information regarding future minimum lease payments as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

FY2002
Due within one year
Due after one year
Total

FY2001

1,658
2,965
4,623

-

Note: The amount equivalent to future minimum lease payments includes the imputed interest income portion due to immaterial difference between
acquisition cost and future minimum lease payments.

(c) Total lease payments and depreciation expenses for the years ended March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

FY2002
Total lease payments
to be received
Depreciation expenses

FY2001

2,219

-

1,112

-

(2) Pro forma information regarding future minimum rentals under operating leases as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002
4,525
7,147
11,672

FY2001
1,455
7,717
9,172

- 17 -

Transaction with Related Parties
Parent company and main institutional shareholder(1) FY2002 (April 1, 2001 – March 31, 2002)
Attribution

Other
affiliate

Company
nameAddress

Capital(Million yen)Line ofbusiness

Contents of relation
VotingTransaction
Concurrently Relation of Contents of amount Accounts
rightTransaction (Million yen)
(Owned) serving of
directors etc. businesses

Balance at
end of year
(Million yen)

Toyota Motor Toyota, 397,049 Manufacturing (Owned) Concurrently Sales ofSales ofand sales of Direct:
serving:
automobiles automobiles
Corporation Aichi,Japan
automobiles,
3 directors and engines and engines
24.67%
relating partsand others
Transferred:
Purchases of
11 directors
parts forautomobilesand engines

410,994Tradeaccounts
receivable

20,873

284,531Tradeaccounts
payable30,527

Payments ofexpenses

2,293

Accruedexpenses

10

Purchases ofshares lessthan one unit

40

Other
payables-Contents of relation
VotingTransaction
Contents ofConcurrently
right
Relation of Transaction amount Accounts(Million yen)
(Owned) serving of
directors etc. businesses

Balance at
end of year

(2) FY2001 (April 1, 2000 – March 31, 2001)
Attribution

Other
affiliate

Company
nameAddress

Capital(Million yen)Line ofbusiness(Million yen)

Toyota Motor Toyota, 397,049 Manufacturing (Owned) Concurrently Sales ofSales ofautomobiles, automobiles,
Corporation Aichi,
and sales of Direct:
serving:Japan
automobiles,
24.67%
3 directors engines and engines andrelating parts
materials
materials
and others
Transferred:handling
handling
7 directors equipment equipment
products
Purchases ofparts forautomobilesand engines

425,376Tradeaccounts
receivable

35,483

195,514Tradeaccounts
payable17,937

Payments ofsales costs

3,874

Accruedexpenses

276

Purchases ofshares lessthan one unit

810

Other
payables-- 18 -

Marketable Securities
1. Held-to-maturity securities with fair value
Not applicable.

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

2. Other securities with fair value
FY2002(As of March 31, 2002)(1) Stocks(2) Bonds
Government andmunicipal bonds
Corporate bonds
Other bonds(3) Others
Total

FY2001(As of March 31, 2001)

Acquisition cost

Carrying
amountDifference

Acquisition cost

Carrying
amountDifference

175,481951,889

776,407167,371

1,117,736

950,364

0

0

-

0

0

-

10,091
2-

10,0892-(2)-

16,1992
720

16,197
2
720

(1)
-

185,576

961,981776,405

184,294

1,134,657

950,363

3. Major contents and carrying amount of securities not practicable to fair value as of the end of year
Held-to-maturity securities(1)(2) Other securities

Not applicable.
FY2002

Domestic unlisted stocks excluding over-the-counter stocks
Commercial paper used in repurchase agreements
Bonds used in repurchase agreements
Money management funds
Foreign unlisted bonds- 19 -

FY2001(Million yen)

(Million yen)

14,996
20,4396

12,643
3,999
1,999
340
310

Derivative Transaction
Not applicable.

- 20 -

May 10, 2002

Non-consolidated Financial Results for FY2002 (April 2001 - March
2002)

TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Osaka and Nagoya (Ticker code: 6201) ) ( URL http://www.toyota-industries.com/ )Contact person: Kakuo Ishikawa, General Manager of Accounting Department (Tel. +81-(0)566-22-2511)
Date of the meeting of the Board of Directors for non-consolidated financial results for FY2002: May 10, 2002
Date of the Ordinary General Meeting of Shareholders: June 27, 2002
Provision for interim cash dividends: Provision exists.
Share trading unit: 100 shares

1. Financial Highlights for FY2002 (April 1, 2001 - March 31, 2002)(1) Non-consolidated financial results(

Net sales(Amounts less than one million yen are omitted.)% change fromprevious year

Million yen

FY2002
FY2001

693,345575,558
Net income

FY2002
FY2001

(
(

20.5
10.4

change from( %previous
year )

Million yen%

25,015 (20,831 (20.1 )
21.3 )) Operating income (%Million yen))

37,82436,821

Net income pershare−basic% change fromprevious year((change from) Ordinary income ( %previous
year )%

Million yen))

40,14037,043

2.7
63.6

Net income pershare−diluted

Yen

(
(

%

71.72
62.39

8.4
41.8

Ordinary
incomeon assets

Returnon equity

Yen

79.94
69.83

%

)
)

Ordinary
incomeon sales

%

2.8
3.3

2.5
3.2

%

5.8
6.4

Notes: 1. Average number of shares outstanding each year: FY2002−312,924,039 shares , FY2001−298,296,225 shares
Notes: 2. Changes in accounting policies: None
Notes(2) Cash dividends
Total amountof annual
cash dividends

Annual cash dividends per share
InterimYen

FY2002
FY2001Year-end
Yen

19.00
17.00

Million yen

Yen

9.00
8.00

10.00
9.00

Total amount
Dividend payoutof dividends
on shareholders’ratio
equity
%

5,943
5,086

23.8
24.4

(3) Non-consolidated financial position
Total assets

Shareholders’ equity

Million yen

FY2002
FY2001

1,565,087
1,700,538%

Shareholders’ equity
per share

Shareholders’ equity ratio

Million yen

0.7
0.5

%

864,293
947,825

Yen

55.2
55.7

2,763.12
3,025.33

Note: 1.Number of shares outstanding at end of each year: FY2002−312,796,158 shares, FY2001−313,296,132 shares
Note: 2.Number of treasury stock: FY2002 − 503,091 shares, FY2001 − 93 shares

2. Forecasts of non-consolidated Financial Results for FY2003 (April 1, 2002 - March 31, 2003)
Net sales
Million yen

FY2003semi-annual
FY2003

Ordinary income

Net income

Million yen

Annual cash dividends per share
InterimYear-end

Million yen

Yen

Yen

Yen

350,000

22,00011,500

10.00

-

-

670,000

42,00024,000

-

10.00

20.00

Reference: (Forecast) Net income per share−basic (annual): 76.73 yen- 21 -

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

FY2002(As of March 31, 2002)

FY2001(As of March 31, 2001)

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

1 9 6 , 9 1 0
7 9 , 6 5 1
3 , 4 0 7
5 6 , 4 1 9
1 6 , 7 0 1
8 8 1
2 4 6
1 3 , 8 7 4
2 , 3 0 82 2 4
7 , 2 6 0
1 0 , 4 4 3
5 , 7 0 7

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

1 , 5 0 3 , 6 2 7( 1 1 8 , 7 8 0 )Property, plant and equipment
Buildings
Structures
Machinery and equipment
Vehicles and delivery equipment
Tools, furniture and fixtures
Land
Construction in progress
Intangible assets
SoftwareInvestments and other assets
Investments in securities
Investments in subsidiaries
Long-term loans
Long-term prepaid expenses
Other investments and other assets
Less−allowance for doubtful
accounts

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

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

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

Total assets

1 , 5 6 5 , 0 8 7

AssetsCurrent assets
Cash and deposits
Trade notes receivable
Trade accounts receivable
Marketable securities
Finished goods
Raw materials
Work in process
Supplies
Prepaid expenses
Deferred tax assets
Other receivables
Other current assets
Less−allowance for doubtful
accounts
Fixed assets( 1 8 )

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

( 1 6 , 6 7 1 )( 4 8 , 5 0 2 )( 2 , 3 9 4 )
8 , 4 6 2
1 1 , 6 7 6
1 , 4 9 6
( 9 0 )
5 , 7 2 68 7 3
( 9 7 )4 5 5
( 1 3 1 )5 , 7 9 95 8

1

1 , 7 0 0 , 5 3 8( 1 3 5 , 4 5 1 )

3 3 9 , 9 8 8
4 , 1 4 3

3 2 1 , 3 6 0
3 , 7 0 0

1 8 , 6 2 8
4 4 3

2 , 0 4 7

2 , 5 2 4

- 22 -( 4 7 7 )(Million yen; amounts less than one million yen are omitted.)

FY2002(As of March 31, 2002)

FY2001(As of March 31, 2001)

Liabilities
Current liabilities
Trade notes payable

1 5 0 , 8 7 0
4 , 7 7 7

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

1 7 , 9 3 3
3 6 9

Trade accounts payable
Other payables
Accrued expenses

8 0 , 8 7 7
1 9 , 1 8 8
2 0 , 8 7 0

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

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

Accrued income taxes
Advance received

5 , 8 6 8
1 1 5

1 0 , 3 6 8
1 1 1( 4 , 5 0 0 )
4

7 0 4

5 7 3

1 3 1

1 8 , 4 6 8

1 7 , 6 0 5

8 6 3

Long-term liabilities
Bonds

5 4 9 , 9 2 3
1 4 0 , 0 0 0

6 1 9 , 7 7 5
1 4 0 , 0 0 0( 6 9 , 8 5 2 )-Convertible bonds
Deferred tax liabilities

7 5 , 7 4 2
3 1 1 , 9 7 3

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

2 1 , 0 5 6

2 0 , 3 4 5

7 1 1

Other long-term liabilities

1 , 1 5 2

1 6

1 , 1 3 6

Total liabilities

7 0 0 , 7 9 4

7 5 2 , 7 1 3( 5 1 , 9 1 9 )Common stock
Statutory reserve
Capital surplus
Legal reserve

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

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

3
7 , 7 7 48 1 4
6 , 9 6 0

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

2 3 4 , 8 3 0
1 2 5

2 2 2 , 6 1 8
6 3

1 2 , 2 1 2
6 2

1 5 6

1 6 6

( 1 0 )

1 8 0 , 0 0 0

1 7 0 , 0 0 0

1 0 , 0 0 0

5 4 , 5 4 7

5 2 , 3 8 8

2 , 1 5 9

< 2 5 , 0 1 5 >< 2 0 , 8 3 1 >< 4 , 1 8 4 >

4 5 6 , 3 9 7

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

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

1 , 7 0 0 , 5 3 8( 1 3 5 , 4 5 1 )Deposits received
Deposits received from employees

Allowance for retirement benefits

Increase(Decrease)

Shareholders’ equity

Total liabilities andshareholders’ equity

1 , 5 6 5 , 0 8 7- 23 -

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

FY2002
April 1, 2001 March 31, 2002

) (FY2001
April 1, 2000 March 31, 2001)

Increase(Decrease)

Ordinary profits and losses
Operating revenue and expenses
Operating revenue
Net sales

6 9 3 , 3 4 5

5 7 5 , 5 5 8

1 1 7 , 7 8 7

6 9 3 , 3 4 5

5 7 5 , 5 5 8

1 1 7 , 7 8 7Operating expenses
Cost of sales
Selling, general andadministrative expenses
Operating income

6 5 5 , 5 2 1

5 3 8 , 7 3 7

1 1 6 , 7 8 4

6 0 9 , 9 8 6

5 0 7 , 0 1 1

1 0 2 , 9 7 5

4 5 , 5 3 4

3 1 , 7 2 5

1 3 , 8 0 9

3 7 , 8 2 4

3 6 , 8 2 1

1 , 0 0 3

1 3 , 0 9 4

1 3 , 1 1 1( 1 7 )

3 9 6

5 6 6

( 1 7 0 )Dividends income

8 , 5 2 6

7 , 7 7 9

7 4 7

Other non-operating income

4 , 1 7 1

4 , 7 6 5

( 5 9 4 )Non-operating expenses

1 0 , 7 7 9

1 2 , 8 8 9( 2 , 1 1 0 )Interest expenses

3 , 0 6 5

2 , 8 7 4

1 9 1

Other non-operating expenses

7 , 7 1 3

1 0 , 0 1 4( 2 , 3 0 1 )

4 0 , 1 4 0

3 7 , 0 4 3

3 , 0 9 7

Extraordinary gains
Gain on securities contribution toemployee retirement benefit trust-

1 5 , 0 8 0( 1 5 , 0 8 0 )-

1 5 , 0 8 0( 1 5 , 0 8 0 )Extraordinary losses
Cumulative effect of change inaccounting standards for retirement
benefits
Provision for retirement and severance
benefits for directors and corporate
auditors
Income before income taxes
Income taxes−current-

2 0 , 1 7 7( 2 0 , 1 7 7 )-

1 7 , 8 4 8( 1 7 , 8 4 8 )-

2 , 3 2 9

( 2 , 3 2 9 )

4 0 , 1 4 0

3 1 , 9 4 5

8 , 1 9 5

1 5 , 3 2 0

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

5 , 7 5 0

Net income
Unappropriated retained earnings
brought forward
Interim cash dividends

2 5 , 0 1 5

2 0 , 8 3 1

4 , 1 8 4

3 2 , 3 4 7

3 3 , 8 2 3( 1 , 4 7 6 )

2 , 8 1 5

2 , 2 6 6

5 4 9Unappropriated retained
earnings at end of year

5 4 , 5 4 7

5 2 , 3 8 8

2 , 1 5 9

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

Ordinary income
Extraordinary gains and losses

Income taxes−deferred- 24 -

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

Increase(Decrease)

FY2002

FY2001

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

5 4 , 5 4 7

5 2 , 3 8 8

2 , 1 5 9

2 1

1 4

7

9

9

( 0 )

Total

5 4 , 5 7 8

5 2 , 4 1 2

2 , 1 6 6-

6 , 9 6 0

( 6 , 9 6 0 )The above will be appropriated as follows:
Legal reserve
Cash dividends
Bonuses to directors

3 , 1 2 7
< 10.00 yen per share>
1 8 7

2 , 8 1 9
< 9.00 yen per share>
1 8 7

3 0 8
-

Bonuses to corporate auditors

2 1

2 1

-

Reserve for special depreciation

3 0 5

7 7

2 2 8

General reserves
Unappropriated retained earnings
To be carried forward-

1 0 , 0 0 0( 1 0 , 0 0 0 )5 0 , 9 3 6

3 2 , 3 4 7

1 8 , 5 8 9

Note: On November 26, 2001, an interim cash dividend of 9.00 yen per share, or a total of 2,815 million yen was paid.

- 25 -

Lease Transactions
1. Finance leases (as a lessee) which do not transfer ownership of leased properties to lessees(1) Pro forma information regarding the leased properties such as acquisition cost and accumulated depreciation under financeleases as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Vehicles and delivery
equipment
Tools, furniture andfixtures
Total

Acquisition costequivalents

FY2002
Accumulated
depreciationequivalents

Net balance
equivalents

Acquisition costequivalents

FY2001
Accumulated
depreciationequivalents

31

12

19

31

6

25

4,500

2,138

2,362

3,827

1,768

2,059

4,532

2,151

2,381

3,859

1,774

2,084

Net balance
equivalents

Note: Acquisition cost equivalents include the imputed interest expense portion due to immaterial difference between acquisition cost andfuture minimum lease payments.

(2) Pro forma information regarding future minimum lease payments as of March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002
1,013
1,367
2,381

FY2001
869
1,215
2,084

Note: The amount equivalent to future minimum lease payments as of the end of year includes the imputed interest expense portion due to immaterial
difference between acquisition cost and future minimum lease payments.

(3) Total lease payments and pro forma depreciation expenses for the years ended March 31, 2002 and 2001
(Million yen; amounts less than one million yen are omitted.)

Total lease payments
Pro forma depreciation
expenses

FY2002

FY2001

1,065

1,013

1,065

1,013

(4) Calculation method of pro forma depreciation expenses
Pro forma depreciation expenses are computed by the straight-line method which assume zero residual value and leasing term
to be useful lives.
2. Pro forma future lease payments under operating leases(Million yen; amounts less than one million yen are omitted.)

Due within one year
Due after one year
Total

FY2002233
239
473

FY2001
215
204
419

Marketable Securities
Subsidiaries’ and affiliates’ stocks with fair value(Million yen; amounts less than one million yen are omitted.)Book value

Fair value

Unrealized gains

FY2002

559

1,781

1,222

FY2001

559

1,757

1,198

- 26 -

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

Kosaku Yamada
Satoshi Kaseda(Current title)(Associate director, Product Planning Office, Vehicle Division)(General Manager, Production Engineering Department, Engine Division)

2. New Candidate for the Board of Corporate Auditors(Current title)
Kosuke Shiramizu (Executive Vice President , Toyota Motor Corporation)

3. Planned change in the Titles of the Member of the Board of Directors

Executive Vice President(Current title)
Tetsuro Toyoda(Senior Managing Director, Member of the Board)- 27 -