These documents have been translated from Japanese originals for reference purposes only.
In the event of any discrepancy between these translated documents and the Japanese originals, the originals
shall prevail. Toyota Industries Corporation (“the Company”) assumes no responsibility for this translationor for direct, indirect or any other forms of damages arising from the translations.
(Securities code: 6201)
May 24, 2024
(The day on which the measures for electronic provision: May 20, 2024)

To Shareholders with Voting Rights:
Koichi Ito
President, Member of the Board
Toyota Industries Corporation
2-1, Toyoda-cho, Kariya-shi, Aichi,
Japan

Notice of the 146th Ordinary General Meeting of Shareholders

Dear Shareholders:
The 146th Ordinary General Meeting of Shareholders will be held for the purposes as described below.
The Notice of the Ordinary General Meeting of Shareholders is provided electronically, and matter sconcerning the electronic provision are posted on the following website.
The Company’s web site https://www.toyota-industries.com/investors/stock/#soukai
In addition to the above, the information is also posted on the following website.
The Tokyo Stock Exchange, Inc. web site
https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Sho w

To view information regarding the convocation of the Ordinary General Meeting of Shareholders, please visit
the website above, enter/search the name of the Company or its securities code, and choose “Basic information,”“Documents for public inspection / PR information.”
If you are unable to attend the meeting, you can exercise your voting rights in writing by submitting theenclosed form or by electromagnetic means. Please review the Reference Documents for the General Meetingof Shareholders (described hereinafter), and exercise your voting rights by 5:00 p.m. on Monday, June 10, 2024,
Japan time.

11. Date and Time:

Tuesday, June 11, 2024 at 10:00 a.m., Japan time

2. Place:

Multipurpose Auditorium, Takahama Plant of the Company, located at2-1-1 Toyoda-cho, Takahama-shi, Aichi, Japan

3. Meeting Agenda:
Matters to be Reported: The Business Report, Consolidated and Non-consolidated Financial Statements
for the 146th Fiscal Year (April 1, 2023 - March 31, 2024) and results of audits by
the Accounting Auditor and the Audit & Supervisory Board of the Consolidated
Financial Statements
Proposals to be Resolved:
Proposal No. 1: Election of 7 Members of the Board
Proposal No. 2: Election of 2 Audit & Supervisory Board Members
Proposal No. 3: Election of one Substitute Audit & Supervisory Board Member
Proposal No. 4: Determination of Remuneration for Directors (excluding Outside Directors, etc.
who do not engage in the execution of business) for Granting Restricted Share
Units and Change of the Amount of Remuneration for Directors------------------------------------------------------------------------------------------------------------------------------------------ For those attending, please submit the enclosed ballot form at the reception desk on arrival at the meeting.
You are also kindly requested to bring this Notice as meeting materials when you attend.
- If the main venue becomes full, we will direct you to the secondary venue.
- For the method of exercising voting rights in writing or by electromagnetic means (via the Internet, etc.),
please refer to pages 16 – 17.
- If there are any changes to the matters concerning the electronic provision, we will post the corrections on eachwebsite.

2

Reference Documents for the General Meeting of Shareholders
Proposals and References
Proposal No.1

Election of 7 Members of the Board

The term of office of the incumbent Members of the Board will expire at the conclusion of 146th Ordinary
General Meeting of Shareholders. The Company proposes the election of 7 Members of the Board.
The candidates are as follows:

No.

Name
(Date of Birth)

Positions, Main Areas in
Charge of the Company
and Term of Office as a
Member of the Board

Career Summary, Important Concurrent Duties
and Reasons for Nomination as a Director Candidate

Number of
Board of Number of
Directors
Company
Meetings Shares Held
Attended[Career summary]
Apr. 1981
Joined the Company
June 2005 Director of the Company
June 2006 Managing Director of the Company
June 2008 Senior Managing Officer of the Company
June 2010 Senior Managing Director of the Company
June 2013 President of the Company
June 2023 Vice Chairman of the Company(to the present)[Positions]
Vice Chairman, Memberof the Board[Important concurrent duties]

1

Akira Onishi(January 4, 1958)

Reappointed[Term of office as a
Member of the Board]
15 years－[Reasons for nomination as a Director candidate]
Mr. Onishi has been involved in management of theCompany as president from 2013 and as a vice chairman(current position) from 2023. We have determined that Mr.
Onishi can continue to properly execute business duties as a
Director based on his wealth of experience and expertise in
overall corporate management and we request that he beelected.

3

13 out of
13 times(100%)

21,163
sharesNo.

Name(Date of Birth)

Positions, Main Areas in
Charge of the Company
and Term of Office as a
Member of the Board

Career Summary, Important Concurrent Duties
and Reasons for Nomination as a Director Candidate

Number of
Board of Number of
Directors
Company
Meetings Shares Held
Attended[Career summary]
Apr. 1986
Joined Marubeni Corporation
June 1998 Joined the Company
June 2012 Managing Officer of the Company
June 2019 Senior Executive Officer
June 2023
President of the Company(to the present)

2

Koichi Ito(July 31, 1963)[Positions]
President, Member ofthe Board[Important concurrent duties][Term of office as a
Member of the Board]
One year[Reasons for nomination as a Director candidate]
Mr. Ito possesses abundant experience at the Company in theSales Department and Corporate Planning Department. He has
also been involved in management as a Managing Officer
from 2012, as a Senior Executive Officer from 2019 and aspresident (current position) from 2023. We have determinedthat Mr. Ito can continue to properly execute business duties
as a Director based on his wealth of experience and expertisein overall corporate management and we request that he beelected.

Reappointed

Shuzo Sumi
(July 11, 1947)

3

Reappointed
OutsideIndependent[Positions]
Member of the Board[Term of office as a
Member of the Board]
10 years－[Career summary]
Apr. 1970
Joined Tokio Marine
June 2000 Director and Chief Representative in London,
Overseas Division of the same
June 2002 Managing Director of the same
Oct. 2004
Managing Director of Tokio Marine & Nichido
June 2005 Senior Managing Director of the same
June 2007 President of the same
June 2007 President of Tokio Marine Holdings
June 2013 Chairman of the Board of Tokio Marine &NichidoJune 2013 Chairman of the Board of Tokio Marine
Holdings
June 2014 Member of the Board of the Company(to the present)
Apr. 2016
Senior Executive Advisor of Tokio Marine &Nichido(to the present)
June 2019 Retiring Chairman of the Board of Tokio
Marine Holdings[Important concurrent duties]
Outside Audit & Supervisory Board Member of TOKYUCORPORATION[Reasons for nomination as an Outside Director candidate andexpected role]
Mr. Sumi possesses abundant experience as a manager for
many years at Tokio Marine & Nichido Fire Insurance Co.,
Ltd. and Tokio Marine Holdings, Inc. We continuously
request that he be elected as an Outside Director expecting his
advices based on his wealth of experience and expertise in
overall corporate management in the management of theCompany.

4

11 out of
11 times(100%)

9,129
shares12 out of
13 times
(92%)

－

No.

Name
(Date of Birth)

Positions, Main Areas in
Charge of the Company
and Term of Office as a
Member of the Board[Positions]
Member of the Board

4 Junichi Handa[Term of office as a
(February 13, 1957)

Reappointed
OutsideIndependent

Member of the Board]
2 years

Career Summary, Important Concurrent Duties
and Reasons for Nomination as a Director Candidate

Number of
Board of Number of
Directors
Company
Meetings Shares Held
Attended[Career summary]
Apr. 1979
Joined Toa Nenryo Kogyo K.K
Feb. 2002
Representative Director of Booz Allen and
Hamilton (Japan)
Apr. 2005
CEO of Management Wisdom Partners, JapanInc.
Apr. 2005
Project Researcher of Manufacturing
Management Research Center, the University ofTokyo
June 2013 Corporate Officer and Head of HR, Takeda
Pharmaceutical Company Limited
June 2015 Outside Director of Mitsui Sugar Co., Ltd.
(Now Mitsui DM Sugar Holdings Co., Ltd.)
July 2015
CEO of Management Wisdom Partners, JapanInc.
(to the present)
Apr. 2016
Project professor of the Graduate School of
13 outEconomics (Management), the University ofofTokyo and Office of the Global Leadership
Program of the same
13 times
Apr. 2022
Lecturer of the Graduate School of the same
(100%)
June 2022 Member of the Board of the Company(to the present)[Important concurrent duties]
CEO of Management Wisdom Partners, Japan Inc.
[Reasons for nomination as an Outside Director candidate andexpected role]
Mr. Handa possesses abundant experience of researching
management and human resource strategies in manufacturing
companies at university for many years. He also has
experience in corporate management, and we continuously
request that he be elected as an Outside Director expecting his
advices from a wide range of perspectives based on his
wealth of experience and expertise in both industry andacademia.

5

－

No.

Name
(Date of Birth)

Positions, Main Areas in
Charge of the Company
and Term of Office as a
Member of the Board[Positions]
Member of the Board

5

Kazunari
Kumakura[Term of office as a
Member of the Board]
One year(January 21, 1962)

Reappointed[Positions]Company Advisor

6

ShigekiTerashi[Term of office as a
Member of the Board]－

Career Summary, Important Concurrent Duties
and Reasons for Nomination as a Director Candidate[Career summary]
Apr. 1985
Joined Toyota Motor Corporation
June 2016 Managing Officer of the Company
June 2019 Operating Officer of the Company
Mar. 2020 Retiring Operating Officer of the Company
Apr. 2020
Deputy Chief Officer, Purchasing Group of
Toyota Motor Corporation
July 2020
Chief Officer, Purchasing Group of the same
(to the present)
June 2023 Member of the Board of the Company(to the present)[Important concurrent duties]
Chief Officer, Purchasing Group of Toyota Motor
Corporation
Outside Director of JTEKT CORPORATION

11 out of
11 times(100%)

2,370
shares－－[Reasons for nomination as a Director candidate]
Mr. Kumakura is currently serving as Chief Officer,
Purchasing Group at Toyota Motor Corporation. He has also
been involved in management as a Managing Officer from2016, and as a Operating Officer from 2019 and possesses
abundant experience in the Purchasing, Business Planning,
Production Control and so on. We have determined that Mr.
Kumakura can continue to properly execute business duties asa Director based on his wealth of experience and expertise in
overall corporate management and we request that he beelected.
[Career summary]
Apr. 1980
Joined Toyota Motor Corporation
June 2008 Managing Officer of the same
May 2011
President and Chief Operating Officer,
Toyota Motor Engineering & Manufacturing
North America, Inc.
Apr. 2013
Senior Managing Officer of Toyota Motor
Corporation
June 2013 Member of the Board of Directors and Senior
Managing Officer of the same
June 2015
Executive Vice President of the same
Apr. 2020
Member of the Board of Directors andOperating Officer of the same
Jan. 2021
Member of the Board of Directors andExecutive Fellow of the same
June 2021
Executive Fellow of the same
Apr. 2024
Company Advisor of the Company(to the present)(February 16,1955)[Important concurrent duties]
Newly-Appointed

Number of
Board of Number of
Directors
Company
Meetings Shares Held
Attended－[Reasons for nomination as a Director candidate]
Mr. Terashi possesses a wide range of technical expertise andabundant experience as a manager for many years at Toyota
Motor Corporation. We have determined that Mr. Terashi canproperly execute business duties as a Director based on his
wealth of experience and expertise in manufacturingcorporate management and we request that he be elected.

6

No.

Name
(Date of Birth)

TokikoShimizu
7(April 1, 1965)

Newly-Appointed
OutsideIndependent

Positions, Main Areas in
Charge of the Company
and Term of Office as a
Member of the Board[Positions]

Career Summary, Important Concurrent Duties
and Reasons for Nomination as a Director Candidate

Number of
Board of Number of
Directors
Company
Meetings Shares Held
Attended[Career summary]
Apr. 1987
Joined Bank of Japan
July 2010
General Manager, Takamatsu Branch of thesame
May 2012
Principal Examiner, Financial System and Bank
Examination Department of the same
June 2014
Deputy Director-General for Asian Affairs,
International Department of the same
July 2016
General Manager for Europe and Chief
Representative of the same
Apr. 2018
General Manager, Nagoya Branch of the same
May 2020
Assistant Governor of the same
May 2024
Retiring Assistant Governor of the same
(to the present)－[Important concurrent duties][Term of office as a
Member of the Board]
－

－

－

－

[Reasons for nomination as a Director candidate]
Having successively assumed various posts in the Bank ofJapan, such as the General Manager for Europe, the General
Manager for Nagoya Branch and an Assistant Governor, Ms.
Shimizu has extensive experience in various financial policies
for the stability and development of the Japanese economy inrelation with the global economy. Although she has never been
directly involved in corporate management, expecting her toprovide advice from a broad perspective and judging that she
will execute the duties of an outside director appropriately
based on her vast amount of experience at the central bankbearing a core function of the Japanese economy and great
insight into the global financial economy, we request that she
be elected.

(Notes)1. No material conflicts of interest exist between the Company and any of the above candidates.
2. The term of office as a Member of the Board of each candidate is as of the conclusion of this Ordinary General Meeting of Shareholders.
3. The Company has concluded the Liability Limitation Agreement for its Directors and Officers with an insurance company that covers
the compensation of damages and the cost of a lawsuit incurred by a Director or an Officer during the course of the execution of duties
when acting in good faith and without gross negligence. Should respective candidates be appointed as Director upon approval of this
proposal, they will be automatically included in the insured persons of the Liability Limitation Agreement. The Company intends torenew the agreement with the same content during the middle of the term.
4. The Company has concluded the Liability Limitation Agreement as stipulated in Article 423, Paragraph 1 of the Companies Act with
Mr. Sumi, Mr. Handa and Mr. Kumakura, and the liability limit shall be the amount stipulated in Article 425, Paragraph 1 of the act.
In addition, the Company plans to enter into a similar agreement with Ms. Shimizu if she is elected.
5. Mr. Sumi, Mr. Handa and Ms. Shimizu are candidates for Outside Members of the Board and are registered as Independent Membersof Management as stipulated by the regulations of Stock Exchange. The Company intends to continue the registration of
appointments of Mr. Sumi and Mr. Handa upon approval of their reappointments as proposed. If the appointment of Ms. Shimizu isapproved in the Proposal, the Company plans to register her as an Independent Director as stipulated by the regulations of securities
exchanges.
6. During the term of an office of Mr. Sumi and Mr. Handa, candidates for Outside Members of the Board, the excess over the domestic(Japanese) emissions regulation values due to aging degradation and violation of regulations related to Japanese certification foremissions from engines for industrial vehicles were found. In addition to the administrative disposition from the Ministry of Land,
Infrastructure, Transport and Tourism on April 26, 2023, to cancel the type designations and certifications of 2 models of engines forforklifts and the forklifts equipped with those engines, the Company received administrative dispositions on March 5, 2024 to revoke
the type designations of 3 models of engines for industrial vehicles. Mr. Sumi and Mr. Handa have been fulfilling their duties andregularly presenting their recommendations from the viewpoint of strict compliance with laws and regulations. Additionally, when
formulating fundamental preventive measures to prevent recurrence of violation of regulations related to Japanese certification foremissions, they have appropriately fulfilled their responsibilities by making recommendations from an objective perspective as an
outside officer and by instructing the company to thoroughly implement measures to prevent recurrence.

7

Proposal No. 2

Election of 2 Audit & Supervisory Board Members

The term of office of Full-Time Audit & Supervisory Board Members Mr. Watanabe and Mizuno will expire at
the conclusion of 146th Ordinary General Meeting of Shareholders. The Company proposes the election of 2
Audit & Supervisory Board Members.
The Audit & Supervisory Board has already given its agreement regarding this proposal.
The candidates are as follows:
Number of

Name(Date of birth)

Positions of theCompany

Career Summary, Important Concurrent Duties
and Reasons for Nomination as a Substitute Audit & Supervisory
Board Member Candidate

Number of
Audit & Number ofBoard ofSupervisory Company
Directors
Board
SharesMeetings
Meetings
Held
Attended
Attended[Career summary]
Apr. 1983
Joined the Company
June 2020
Audit & Supervisory Board Member(to the present)[Positions]Audit & Supervisory
Board Member

Toru Watanabe(January 30, 1961)

Reappointed(June 13, 1953)

Reappointed－[Reasons for nomination as a outside Audit & Supervisory Board
Member][Term of office as aMr. Watanabe possesses abundant experience at the Company in theMember of the Audit & Accounting & Finance Department and the Corporate Planning
Department. He has also been involved in the strengthening of theSupervisory Board]
financial foundation and the improvement of corporate value of the
4 years
Company group. We have determined that Mr. Watanabe cancontinue to properly execute business duties as an Audit &Supervisory Board Member based on his wealth of experience,achievements and knowledge accumulated throughout his career
and we request that he be elected.

[Positions]Audit & Supervisory
Board Member

Akihisa
Mizuno[Important concurrent duties][Career summary]
Apr. 1978
Joined Chubu Electric Power Co., Inc.
June 2008
Director of the same Senior Managing Executive
Officer General Manager of Corporate Planning &Strategy Division
June 2009
Director, Executive Vice President of the same
General Manager of Corporate Planning & Strategy
Division General Manager of Affiliated Business
Planning & Development Dept.
June 2010
President & Director of the same
June 2015
Chairman of the Board of Directors of the same
June 2016
Audit & Supervisory Board Member of the Company(to the present)
Apr. 2020
Director & Honorary Advisor of Chubu ElectricPower Co., Inc.
June 2020
Honorary Advisor of the same
(to the present)[Term of office as a
Member of the Audit &Supervisory Board][Important concurrent duties]
8 years
Honorary Advisor of Chubu Electric Power Co., Inc.
Chairman of Central Japan Economic Federation[Reasons for nomination as a outside Audit & Supervisory Board
Member]Mr. Mizuno possesses abundant experience as top manager for
many years at Chubu Electric Power Co., Inc. We have determinedthat Mr. Mizuno can continue to properly execute business duties as
an Outside Audit & Supervisory Board Member based on his wealthof experience and expertise in overall corporate management
achievements and knowledge accumulated throughout his career
and we request that he be elected.

814 outof
14 times(100%)

13 outof
13 times(100%)

11,200shares

14 outof
14 times(100%)

13 outof
13 times(100%)

1,500
shares(Notes) 1. No material conflicts of interest exist between the Company and the candidate.
2. The term of office as a Member of the Board of each candidate is as of the conclusion of this Ordinary General Meeting of Shareholders.
3. The Company has concluded the Liability Limitation Agreement for its Directors and Officers with an insurance company that covers
the compensation of damages and the cost of a lawsuit incurred by a Director or an Officer during the course of the execution of duties
when acting in good faith and without gross negligence. Should Mr. Watanabe and Mizuno be appointed as Audit & Supervisory Board
Member upon approval of this proposal, he will be automatically included in the insured persons of the Liability Limitation Agreement.
The Company intends to renew the agreement with the same content during the middle of the term.
4. The Company and Mr. Mizuno conclude a Liability Limitation Agreement as stipulated in Article 423, Paragraph 1 of the Companies
Act, and the liability limit shall be the amount stipulated in Article 425, Paragraph 1 of the act.
5. Mr. Mizuno is a candidate for Outside Audit & Supervisory Board Member. He is registered as Independent Members of Management
as stipulated by the regulations of Stock Exchange. The Company intends to continue the registration of his appointments upon approvalof his reappointment as proposed.
6. During the term of an office of Mr. Mizuno, a candidate for Outside Audit & Supervisory Board Member, the excess over the domestic(Japanese) emissions regulation values due to aging degradation and violation of regulations related to Japanese certification foremissions from engines for industrial vehicles were found. In addition to the administrative disposition from the Ministry of Land,
Infrastructure, Transport and Tourism on April 26, 2023, to cancel the type designations and certifications of 2 models of engines forforklifts and the forklifts equipped with those engines, the Company received administrative dispositions on March 5, 2024 to revoke
the type designations of 3 models of engines for industrial vehicles. Mr. Mizuno has been fulfilling his duties and regularly presenting
his recommendations from the viewpoint of strict compliance with laws and regulations. Additionally, when formulating fundamental
preventive measures to prevent recurrence of violation of regulations related to Japanese certification for emissions, he has
appropriately fulfilled his responsibilities by making recommendations from an objective perspective as an outside officer and by
instructing the company to thoroughly implement measures to prevent recurrence.
7. Mr. Mizuno, a candidate for Outside Audit & Supervisory Board Member, was a director of Chubu Electric Power Co., Inc. between
June 2008 and June 2020. On March 30, 2023, the company received a surcharge payment order from the Japan Fair Trade Commission
for violating Article 3 of the Anti-monopoly Act (prohibition of unreasonable restraint of trade). On March 4, 2024, the Fair Trade
Commission also issued a surcharge payment order to the company for violating Article 3 of the Anti-monopoly Act (prohibition of
unreasonable restraint of trade) in connection with the supply of city gas to large customers in the Chubu region during theabovementioned period of service. Mr. Mizuno, who was the representative director of the company during the period of the violation,
had been actively working to strengthen the company's internal controls and compliance.

9<Reference>

The experiences and expertises of Members of the Board andAudit & Supervisory Board Members if Proposal No.1 and No.2 are Approved
Audit & Supervisory Board
Members

Members of the Board

CEO orEquivalent Position ofBusiness Enterprise
Materials
Handling
Equipment
Knowledge
Automobileof Industry

ShigekiTerashi

Koichi
Ito

Akira
Onishi

Shuzo
Sumi

✓

✓

✓

✓

✓

✓

✓

TextileMachinery✓

IT and Digital✓

Finance andAccounting

✓

✓

✓

✓

✓
✓

Technology
Development,
Manufacturing

Junichi Kazunari Tokiko
Toru
Toru
Akihisa Masanao
Handa Kumakura Shimizu Inagawa Watanabe Mizuno Tomozoe

✓

✓

✓

✓
✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓
✓

✓

✓

✓

Legal Affairs andRisk Management

✓

✓

✓

✓

✓

✓

✓

ESG

✓

✓

✓

✓

✓

✓

✓

✓

Internationality

✓

✓

✓

✓

✓

✓

✓

✓

10

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

Proposal No. 3

Election of One Substitute Audit & Supervisory Board Member

In order to prepare in the event that the Company lacks the number of Audit & Supervisory Board Members
and becomes less than required by laws and regulations, the Company proposes that one Substitute Audit &Supervisory Board Member be elected. This proposal is made to elect a substitute for either Mr. Akihisa Mizuno
or Mr. Masanao Tomozoe, currently Outside Audit & Supervisory Board Member. In the event Mr. Hitoshi
Furusawa becomes an Audit & Supervisory Board Member, his term of office shall be the remaining part of his
predecessor’s term.
This proposal shall be effective until the commencement of the next Ordinary General Meeting of Shareholders.
However, this resolution may be cancelled before the proposed Substitute Audit & Supervisory Board Member
assumes office, by a resolution of the Board of Directors, subject to the approval of the Audit & Supervisory
Board.
The Audit & Supervisory Board has already given its agreement regarding this proposal.
The candidate is as follows:

Name(Date of birth)

Positions of the Company

Number of
Career Summary, Important Concurrent Duties
Company
and Reasons for Nomination as a Substitute Audit &Shares HeldSupervisory Board Member Candidate[Career summary]
Apr. 1996
Registered as lawyer (Aichi Bar Association)
Oct. 2000
Established Furusawa Law Firm(the present Koyama Furusawa & Hayase LPC)
(to the present)[Important concurrent duties]－

Hitoshi
Furusawa(February 2, 1971)

Reappointed
OutsideIndependent－[Reasons for nomination as a Substitute Audit & Supervisory
Board Member candidate]
Although he has not participated directly in corporate
management, Mr. Furusawa has been active as a lawyer
mainly in the field of corporate legal affairs for many years
and we have determined that Mr. Furusawa can properly
execute business duties as an Outside Audit & Supervisory
Board Member based on his wealth of experience and highly
specialized expertise and we request that he be elected as
Substitute Outside Audit & Supervisory Board Member.

－(Notes) 1. No material conflicts of interest exist between the Company and the candidate.
2. The Company has concluded the Liability Limitation Agreement for its Directors and Officers with an insurance company that covers
the compensation of damages and the cost of a lawsuit incurred by a Director or an Officer during the course of the execution of duties
when acting in good faith and without gross negligence. Should Mr. Furusawa be appointed as Audit & Supervisory Board Member
upon approval of this proposal, he will be automatically included in the insured persons of the Liability Limitation Agreement. The
Company intends to renew the agreement with the same content during the middle of the term.
3. Matters concerning the candidate for Substitute Outside Audit & Supervisory Board Member are as follows.
(1) Mr. Hitoshi Furusawa is a candidate for Substitute Outside Audit & Supervisory Board Member.
(2) About Liability Limitation Agreement
In the event that Mr. Furusawa is elected under the measure and he assumes the duties of Audit & Supervisory Board Member, theCompany and Mr. Furusawa will conclude a Liability Limitation Agreement as stipulated in Article 423, Paragraph 1 of theCompanies Act, and the liability limit shall be the amount stipulated in Article 425, Paragraph 1 of the act.
(3) In the event that Mr. Furusawa is elected under the measure and he assumes the duties of Audit & Supervisory Board Member, theCompany intends to register Mr. Furusawa as an independent member of management as stipulated by the regulations of Stock
Exchange.

11

Proposal No. 4

Determination of Remuneration for Directors (excluding Outside Directors, etc. who
do not engage in the execution of business) for Granting Restricted Share Units andChange of the Amount of Remuneration for Directors

At the 144th Ordinary General Meeting of Shareholders held on June 10, 2022, the amount of remuneration
for the Company’s directors was approved to be 900 million yen or less per year (including 150 million yen orless per year for outside directors, described hereafter “Cash Compensation Allowance”), and this hasremained unchanged up to the present day.
As part of the revision of the directors’ remuneration system, the Company plans to revise the above Cash
Compensation Allowance and pay its directors (excluding outside directors, etc. who do not engage in theexecution of business, described hereafter “Eligible Directors”) compensation to grant new restricted share
units to incentivize the improvement of the Toyota Industries Group’s medium- to long-term performance,increase its corporate value and promote increased value-sharing with shareholders.
In connection with the introduction of this system, the Company proposes to set the upper limit on Cash
Compensation Allowance will be reduced from the previously approved limit of 900 million yen or less per
year to 700 million yen or less per year (including 150 million yen or less per year for outside directors), and a
new limit on compensation for the grant of restricted share units (“Share-based Compensation Allowance”) at
200 million yen or less per year.
At the meeting held on April 26, 2024, the Board of Directors passed a resolution to approve the policy for
determining individual directors’ remuneration for the 147th term (FY2025), which is described later in the
Reference section, in light of the result of deliberations of the Executive Appointment and Compensation
Committee, which is chaired by an independent outside director and independent outside directors comprise amajority, on the condition that this proposal would be approved as originally proposed. The Company has
judged that this proposal is appropriate because it is consistent with the basic policy.
If this proposal is approved, the composition of remuneration for directors will be as follows.
< Composition of Remuneration of Directors>
Composition ofCompensation Allowance
remuneration
Monthly
700 million yen or less per year (including 150 million
Cashremuneration
Compensation yen or less per year for outside directors)
Allowance
Bonuses
Share-based 200 million yen or less per year
Share
Compensation
Compensation
Allowance
900 million yen or less per year (including 150 million
Total
yen or less per year for outside directors)
The number of directors eligible for remuneration will be seven (including three outside directors) if Proposal
No. 1 is approved as originally proposed.

12

< Summary of a Restricted Share Compensation Plan>
Summary of a Restricted Share Compensation Plan is as follows.
Other items relating to this Compensation Plan and Restricted Share Allotment Agreement shall be determinedby the Board of Directors.
Eligible persons

Directors of the Company (excluding Outside Directors, etc. who do not engage
in the execution of business)

Total amount of Share
Compensation

Maximum of 200 million yen per year in total for Eligible Directors

Amount of sharecompensation for each
Director

To be set each year considering factors such as Company's business performance

Type of shares to be
allotted and method ofallotment

Issuance or disposal of common shares (with transfer restrictions under anallotment agreement)

Total number of shares
tobe allotted

Maximum of 60,000 shares in total for Eligible Directors. However, if the total
number of issued shares of the Company increases or decreases due to a split ora reverse split of shares (including the gratis allotment of shares), the maximum
number will be adjusted according to such ratio

Amount to be paid

An amount determined by the Board of Directors of the Company based on theclosing price of the Company's common shares on the Tokyo Stock Exchangeon the business day immediately preceding the date of resolution of each Boardof Directors meeting, in an amount that is not particularly favorable to the
Eligible Directors

Restricted transfer
periodA period to be determined in advance by the Board of Directors between 3 and30 years from the date of allotment

Conditions for lifting
transfer restrictions

Restrictions will be lifted upon the expiration of the restricted transfer period.
However, restrictions will also be lifted upon the expiration of term of office,death, or retirement for other legitimate reasons

Acquisition byCompany without
consideration

The Company may acquire all or a portion of the allotted shares without
consideration if the Eligible Director violates laws and regulations or meets anyother criteria established by the Board of Directors during the restricted transfer
periodPayment timing andallocation to each
Director

To be determined by the Board of Directors based on deliberations by the
Executive Appointment and Compensation Committee

Adjustment in event ofa reorganization

Transfer restrictions will be lifted in the event of a merger in which the Company
becomes an absorbed company, a reorganization in which the Company
becomes a wholly owned subsidiary, etc.

Other terms forallotment

If there is a reason for which it is not reasonable to grant restricted sharecompensation to the director, such as the director having already retired at thetime of allotment, the share compensation shall not be granted.

In addition, subject to the approval of the proposal for the Plan at the Shareholders' Meeting, the same
restricted share compensation plan as above will be applied to the Executive Vice President and Senior
Executive Officers who do not concurrently serve as Directors of the Company, and common shares will be
issued or disposed of.

13

Reference: Policy for Determining Individual Directors’ Remuneration for the 147th Term (FYE2025)
1. Basic concept- The Company ensures fairness and transparency.
- Emphasizing incentives for better business performance and sustainable growth, the Company ensureslinkage with company performance and reflects job responsibilities and results.
2. Compensation structure- The remuneration for Members of the Board consists of fixed remuneration as basic remuneration andbonuses and restricted share compensation as performance-linked remuneration.
- However, Non-Executive Directors such as Outside Directors are paid only fixed remuneration as they
are independent of the execution of business operations.
3. Method of determining the amount of remuneration for each individual- The Company has established “Executive Compensation Committee” consisting of President andindependent Outside Members of the Board.
- In order to ensure objectivity and transparency, a majority of the chairman and the members are
independent Outside Members of the Board.
- “Executive Appointment and Compensation Committee” deliberates this policy, individual remuneration
proposals for Members of the Board and other important matters related to remuneration.
- Meetings of the Board has resolved this policy based on the results of deliberations by the “Executive
Appointment and Compensation Committee”.
- Meetings of the Board delegates the decision on the amount of remuneration for each individual to
President (or the Chairman) from the viewpoint of flexibility and quick action.
- President (or the Chairman) determines the amount of remuneration for each individual Members of theBoard in accordance with this policy, based on the results of deliberations by the “Executive
Appointment and Compensation Committee”.
4. Composition ratio- The ratio of fixed remuneration and performance-linked remuneration (bonuses and restricted sharecompensation) for Directors, excluding Non-Executive Directors such as Outside Directors, isapproximately 50:50. However, the Company is not precluded from using a ratio different from theabove, depending on the circumstances of the consolidated operating income amount and others.
- The ratio of bonuses to restricted share compensation in the performance-linked remuneration isapproximately 70:30.
5. Policy for determining fixed remuneration, bonuses (cash compensation) and restricted share compensation(1) Cash compensation
The cash compensation paid to directors after combining fixed remuneration and bonuses is determined
to be 700 million yen or less per year (including 150 million yen or less per year for outside directors), as
per the resolution approved at this Ordinary General Meeting of Shareholders.
(i) Fixed remuneration- The fixed remuneration for Members of the Board is monthly remuneration, which is paid
periodically during their term of office.
- The amount of remuneration by individual is set at a reasonable level in consideration of Membersof the Board's position and responsibilities, while referring to the levels of other companies.
(ii) Bonuses- A bonus is paid at a certain time after the end of the General Shareholders’ Meeting in each fiscal
year.
- The bonus is determined by using the consolidated operating profit as the indicator and isapproximately 70% of the total amount of performance-linked compensation calculated for eachrank based on the amount of consolidated operating profit for the previous fiscal year. The bonus
will be 100% of the total amount of performance-linked compensation if there is a reason for notproviding directors with restricted share compensation.
- In determining the total amount of performance-linked compensation, dividends, employees’ andother companies’ bonus levels, past records of bonus payments and execution of duties and assigned
work are considered comprehensively.

14

(2) Restricted share compensation- Restricted share compensation is paid at a certain time after the end of the General Shareholders’Meeting in each fiscal year. If there is a reason for not providing directors with restricted sharecompensation, all of their performance-linked compensation is paid as a bonus and restricted sharecompensation is not paid.
- Remuneration paid to provide restricted share units is a pecuniary claim, and the total amount is 200
million yen or less per year separate from the director’s fixed remuneration and bonus. The class ofshares allotted is common share (with a transfer restriction attached to the allotment contract),
which is issued or transferred, and the total number is 60,000 shares or less per year (if the total
number of outstanding shares of the Company has changed due to a share split or reverse share split,
including the allotment of shares without contribution, the ceiling amount is adjusted according to
the ratio), as per the resolution approved at this Ordinary General Meeting of Shareholders.
- The restricted share compensation is determined by using the consolidated operating profit as theindicator and is approximately 30% of the total amount of performance-linked compensation
calculated for each rank based on the amount of consolidated operating profit for the previous fiscal
year.
- Restricted share compensation is provided on the condition that an allotment contract, which
includes the following provisions, is concluded.
- A transfer restriction is attached to the shares allotted for a period between three years and 30 years
from the date of allotment, which is determined in advance by the Board of Directors, and therestriction will be lifted at the expiration of the period. The transfer restriction will be lifted if a
director has retired from their position due to the expiration of their term of office, death or other
legitimate reasons.
- If a director violates a law or any of the events specified by the Board of Directors occurs during
the period of transfer restriction, the Company may acquire all or part of the shares allotted for no
consideration.

15

Information About the Exercise of Voting Rights
There are 3 ways to exercise your voting rights. The following matters should be understood before exercising
your voting rights.
If you intend to attend the meeting in person, voting in writing or via the Internet, is unnecessary.

If You Intend to Attend the Meeting
When attending the meeting on the scheduled day, please submit the enclosed
Voting Rights Exercise Form at the reception desk.

Date and Time

Tuesday, June 11, 2024 at 10:00 a.m., Japantime

We have a dedicated space inside the venue for guests in wheelchairs. You will
be guided from the reception at the venue. If you require sign language
interpretation, please inform the staff at the venue reception.

If You DO NOT Intend to Attend the Meeting
Exercise of Voting Rights in Writing
You are requested to mark and return the Voting Rights Exercise Form with yourvote of approval or disapproval. If there is no indication of your vote for oragainst the proposal in the Voting Rights Exercise Form, your vote shall betreated as approval of the proposal.

Exercise Deadline Received by Monday, June 10, 2024 at 5:00 p.m.,
Japan time
Exercise of Voting Rights via the Internet
You are requested to access the Exercise of Voting Rights Web site(https://evote.tr.mufg.jp/) designated by the Company and submit your vote of
approval or disapproval.
(Please refer to the next page for details.)

Exercise Deadline Monday, June 10, 2024 at 5:00 p.m., Japan time
Treatment of the Voting Rights When Exercised Multiple Times(1) If you have exercised your voting rights both in writing and via the Internet, those exercised via the Internet
will be taken as valid.
(2) If you have exercised your voting rights multiple times on the Internet, the final vote will be taken as valid. If
you have exercised your voting rights by 2 or more means of computers, smart phones or tablets, the final votewill be taken as valid.

16Guide to the Exercise of Voting Rights via the Internet
When you exercise your voting rights via the Internet, the following matters should be understood before
exercising your voting rights. You are requested to access the Exercise of Voting Rights Web site via
computers, smart phones or tablets and exercise your voting rights in accordance with instructions on thescreen.

Log in by Reading QR Code (by Smartphones)
The voting Web site is logged in by reading the Log-in QR Code provided on the right side of the sub
ticket of the Voting Rights Exercise Form.
* QR Code is a registered trademark of Denso Wave Inc.

Log in by Entering Log-in ID and Temporary Password
Access the Exercise of Voting Rights Web site (https://evote.tr.mufg.jp/) and then click “To the next
page.”
Enter the log-in ID and the temporary password shown at the right bottom of the Voting Rights
Exercise Form and then click “Log in.”
Thereafter please submit your vote of approval or disapproval in accordance with instructions on thescreen.
--Depending on your internet environment, service in use or phone model, you may not be able to use theExercise of Voting Rights Web site.
The service is not available from 2:30 a.m. to 4:30 a.m., Japan time daily.
To protect against illegal access by persons other than qualified shareholders (“spoofing”) and themanipulation of voting details, please be aware that shareholders using the site will be asked to change
their temporary password.
Whenever a shareholders’ meetings is convoked, new log-in IDs and temporary passwords will be
issued.
The costs incurred when accessing the Exercise of Voting Rights Web site, including Internet accessfees, will be the responsibility of the shareholder.

17

Other Information
Acceptance of Questions in AdvanceThe company is open to questions in the following way beforehand and intends to answer questions that are ofhigh shareholders' interest at the Shareholders’ Meeting or on our Web site. Please visit the following Web siteor read the following QR Code and enter your question in the form.

https://engagement-portal.tr.mufg.jp/* QR Code is a registered trademark of Denso Wave Inc.
Acceptance of Questions period is from Friday, May 24, 2024 at 5:00 a.m. to Monday,
June 3, 2024 at 5:00 p.m., Japan time.
-

Questions are limited to matters related to the Shareholders’ Meeting and management of the Company.
Please note that individual support to questions received beforehand is not possible.
Please enter your question once per shareholder.
Enter the log-in ID and the temporary password shown at the right bottom of the Voting Rights
Exercise Form.
Please select your question category and enter the details of your question after clicking the "PreQuestion" button.
After reviewing the terms of use, check the box for "I agree to the terms of use" and click the "Proceed
to Confirmation Screen" button.
Once you have confirmed the information you have entered, please click the "Submit" button.

-

The recommended environment for this website is listed at the end of the document posted at thefollowing URL. Please note that Internet Explorer is not supported.
https://www.tr.mufg.jp/daikou/pdf/faq.pdf

18About the Reference Documents for the Shareholders’ Meeting Delivery Service
Shareholders who wish to receive printed document with the same contents as the document sent to shareholders
who have requested delivery of the document (delivery document) should visit the following Web site or readthe following QR Code to fill in the necessary information and apply.

https://d.srdb.jp/6201/2406/
Acceptance period of the service is from Friday, May 24, 2024 at 12:00 a.m. to Wednesday,June 5, 2024 at 11:59 p.m., Japan time.
--

A screen to enter Shareholders ID and password will be displayed. Please enter your ID according to thefollowing. Shareholders ID is Shareholders number on the ballot form and password is postal code ofyour registered address without hyphen.
This service is an optional service. Please note that if there are many applicants, it may take some time tosend them.
Please note that once you apply, you cannot register for the second time or later.
You may not be able to receive the e-mail to confirm the registration details if you have restricted thereception of e-mails using spam filters, etc. Please make the domain of "@srdb.jp" receivable.
If you would like to continue to receive the documents after the next shareholders’ meetings, pleasecontact shareholder registry administrator (Stock Transfer Agency Department, Mitsubishi UFJ Trust andBanking Corporation, Tel: 0120-232-711) or the securities company that owns the Company's shares torequest the delivery of documents.

19

Violation of Regulations related to Certification of Engines
Toyota Industries Corporation, on March 17, 2023, made public announcement of violation of domestic laws
and regulations in domestic certification relating to emissions performance of current model forklift andconstruction machinery engines, and stopped shipping the subject engines and carried out a recall and took othermeasures concerning forklifts within Japan. At the Company’s request, a Special Investigation Committee madeup of outside experts conducted an independent investigation.
On January 29, 2024, the Company made report to Japan’s Ministry of Land, Infrastructure, Transport andTourism and other competent ministries, of the results of the investigation of a Special Investigation Committee
and disclosed its contents. Domestic shipping stopped for the engines for automobiles in addition to the forklift
engines, and the Company caused a great deal of inconvenience to automobile manufacturers, their suppliers,
dealers and customers.
On February 22, 2024, the Company received a correction order (the "Correction Order") from Ministry of Land,
Infrastructure, Transport and Tourism concerning legal violations in domestic engine certification. Taking into
account the measures to be taken by the Company indicated in the Correction Order: "(1) Restructuring of thecompany's overall business management system," "(2) Improvement of business management methods foroverall engine and vehicle development," and "(3) Building a system for implementing legal and certification
operations that prevent unfair practices," and recommendations to the Company provided by the Special
Investigation Committee, the Company summarized fundamental preventive measures, and reported the sameto the Ministry of Land, Infrastructure, Transport and Tourism on March 22, 2024.
For the recurrence prevention, the Company will return to the basics of providing customers with "safe andsecure quality products" and continuing to contribute to society, and implement the three reforms of "Culture,""Mechanism," and "Organization / Structure" to ensure that we do the right thing correctly into preventive
measures, and the entire Company will work together to carry them out. "Restart Committee," with the president
as the committee chairman, and the general manager, chief officer, head office executives, and department heads
as members will take charge of promoting the measures to prevent recurrences, check on progress andeffectiveness regularly, and continue to further improve the implementation.
The Company sincerely apologizes again to our shareholders, customers, business partners and all otherconcerned parties for the significant inconvenience that this domestic engine certification issue may have caused.
Together with the employees, management will put all its efforts into the creation of Culture, Mechanism, andOrganization / Structure that allow for honest and correct manufacturing, to achieve the revitalization of theCompany.

20

(Attached Documents)

Business Report(From April 1, 2023 to March 31, 2024)

1. Overview of the Company Group(1) Business Progress and Results
In FY2024 (ended March 31, 2024), although the inflation rate slowed as a result of monetary tightening
policies mainly in Europe and the United States, the outlook for the global economy remained uncertain
due to concerns about recession caused by higher policy interest rates, geopolitical risks such as conflicts
in Ukraine and the Middle East, and the impact of the stagnation in China's real estate sector. Meanwhile,
the recovery of the Japanese economy was moderate despite positive economic trends such as wage
increases and companies' stronger willingness to commit to investment. In this operating environment,
Toyota Industries undertook efforts to expand sales by responding flexibly to market trends, based on theprinciple of contributing to various industries by supplying superior products and services to our customers.
As a result, total consolidated net sales amounted to 3,833.2 billion yen, an increase of 453.4 billion yen,or 13%, from the previous fiscal year.
In terms of overall profit, despite an increase in labor costs, domestic engine certification related costs, andexpenses and others including research and development expenses, owing to an increase in sales, theimpact of exchange rate fluctuations, a decrease in logistics costs and further advances in cost reduction
efforts throughout the Toyota Industries Group, Toyota Industries posted consolidated operating profit of
200.4 billion yen, an increase of 30.5 billion yen, or 18%, from the previous fiscal year. Profit before
income taxes totaled 309.1 billion yen, an increase of 46.2 billion yen, or 18%. Profit attributable to ownersof the parent totaled 228.7 billion yen, an increase of 35.9 billion yen, or 19%.
Business results by business segment are as follows.

[Automobile]
The Automobile market expanded on a global basis, supported by robust sales mainly in China and Europe.
Amid such operating conditions, net sales of the Automobile Segment totaled 1,096.4 billion yen, an
increase of 138.6 billion yen, or 14%. Operating profit amounted to 18.2 billion yen, a decrease of 16.4
billion yen, or 47%.
Within this segment, net sales of the Vehicle Business amounted to 100.8 billion yen, an increase of 17.7
billion yen, or 21%, due to an increase in sales of Toyota RAV4 for abroad offset by a decrease for Japan.
Net sales of the Engine Business totaled 330.8 billion yen, an increase of 8.4 billion yen, or 3%, resulting
from an increase in sales of gasoline engines, despite a decrease in sales of diesel engines.
Net sales of the Car Air-Conditioning Compressor Business totaled 466.1 billion yen, an increase of 36.4
billion yen, or 8%. Sales increased mainly in North America and Europe while those in China decreased.
Net sales of the Electronics Parts and Others Business totaled 198.5 billion yen, an increase of 76.0 billion
yen, or 62%, attributable primarily to an increase in sales of battery and DC-DC converters.
[Materials Handling Equipment]
The Materials Handling Equipment market were sluggish in North America and other regions, and shrank
worldwide. Amid this operating climate, net sales of the Materials Handling Equipment Segment totaled
2,587.2 billion yen, an increase of 303.4 billion yen, or 13%. Sales of lift trucks, a mainstay product of thissegment, increased primarily in North America and Europe while those decreased in Japan.
Operating profit amounted to 165.6 billion yen, an increase of 43.8 billion yen, or 36%[Textile Machinery]
The Textile Machinery market remained steady in Asia, including the mainstay India. Net sales of the
Textile Machinery Segment totaled 93.3 billion yen, an increase of 9.0 billion yen, or 11%, due mainly to
an increase in sales of weaving machinery and spinning machinery. Operating profit amounted to 8.0 billion
yen, an increase of 0.2 billion yen, or 3%.
21

(2)

Capital Investments
Toyota Industries paid out a total of 170.5 billion yen in capital investments, mainly for developing new
products, streamlining and upgrading production equipment. The investment breakdown by the major
business segments stood as follows: 25.2 billion yen for Vehicles and Engines Business, 48.0 billion yen
for Car Air-Conditioning Compressors Business, 23.7 billion yen for Electronics parts and others
Business in the Automobile Segment, 61.1 billion yen for the Materials Handling Equipment Segment
and 12.5 billion yen for the Textile Machinery Segment and others.

(3)

Financing
Toyota Industries needs are met through the issuance of corporate bonds, commercial papers and mediumterm notes as well as loans from financial institutions. Balance of debt obligations at the end of the year
stood at 1,706.2 billion yen.

(4)Issues to be Addressed
Looking for the future, the outlook remains uncertain due to concerns about economic recession causedby monetary policies, mainly in Europe and the United States, as well as geopolitical risks such asconflicts in Ukraine and the Middle East.
At the same time, demands to realize a sustainable society have progressively diversified, and there havebeen remarkable changes in the field of technology, such as the advancement of digitalization. Amid thisenvironment, the progress in the development of electrification and autonomous driving, new entrants
utilizing IT and digital technologies, and changes in industry structure have triggered increasingly fierce
competition among companies in the automobile and materials handling equipment fields, our corebusinesses. Under such circumstances, we will strive to achieve sustainable growth and increase corporate
value in the future by leveraging our comprehensive capabilities linked to mobility-related manufacturing
and taking on the challenges of next-generation R&D, etc., with the logistics solutions business as acornerstone.
On the other hand, on January 29, 2024, Toyota Industries announced legal violations in domestic engine
certification, and on February 22, 2024, received a correction order from Ministry of Land, Infrastructure,
Transport and Tourism. In response, on March 22, 2024, we reported to the Ministry of Land,
Infrastructure, Transport and Tourism on measures to prevent recurrences of the engine certification issue.
For the recurrence prevention, Toyota Industries will return to the basics of providing customers with"safe and secure quality products" and continuing to contribute to society, and implement the threereforms of "Culture," "Mechanism," and "Organization / Structure" to ensure that we do the right thingcorrectly into preventive measures, and the entire Toyota Industries will continue to work together toachieve the revitalization of Toyota Industries, and we are committed to the following two points.
(i) Thoroughly adhere to the basics again
We will ensure compliance with laws and regulations, which is the foundation of management. In
addition, we will adhere to the priorities of "safety first, quality second, and production third" inmanufacturing.
(ii) Transformation of management platform
We will reconfirm the roles and responsibilities of each department, take action to address
deficiencies and weak points, and review the mechanism and organization/structure by correctly
understanding the situation in the field and voices based on facts. In addition, we will prioritize,
revise, and abolish operations, work to resolve issues, address internal and external risks incooperation with the head office, divisions, and departments, and actively utilize digital technology
to improve the efficiency and sophistication of our operations.
Through these initiatives, we will build a stronger management foundation to ensure the next stage of
growth.
We would like to ask for the continued support and guidance of our shareholders.

22

(5)

Trends in Assets and Income
International Financial Reporting Standards (IFRS)FY2021Item

Net sales

FY2022

FY2023(million yen)
FY2024(from April 1, 2020 (from April 1, 2021 (from April 1, 2022 (from April 1, 2023
– March 31, 2021) – March 31, 2022) – March 31, 2023) – March 31, 2024)

2,118,302

2,705,183

3,379,891

3,833,205

118,159

159,066

169,904

200,404

184,011

246,123

262,967

309,190

136,700

180,306

192,861

228,778

Operating profit
Profit before
income taxes
Profit attributable toowners of the parent
Earnings per share―
basic (YEN)
Total assets

440.28580.73621.17736.86

6,503,986

7,627,120

7,821,185

11,078,462

Total equity

3,322,550

4,021,967

3,935,401

6,153,359

23

(Reference)
Consolidated Financial Highlights(IFRS)(100 million yen)

Net sales

33,79838,332

27,051

21,183

FY2021

Operating Profit

FY2022

FY2023

Profit attributable to ownersof the parent

2,461

2,629

FY2024FY2021

FY2022

FY2023(100 million yen)

Earnings per shere－basic

1,928

FY2022

FY2023

Total assets

580

621

FY2024FY2021

FY2022

FY2023(100 million yen)

Total equity

FY2021

76,271

61,533

78,21133,225

FY2022

FY2023

FY2024(100 million yen)

110,784
65,039

(yen)

440

1,367

FY2021

FY2024

736

2,287
1,803

(100 million yen)

1,840

1,181

FY2021

FY2024

3,091

2,004
1,699

FY2023

Profit before income taxes(100 million yen)

1,590

FY2022

FY2024FY2021

24

40,21939,354FY2022

FY2023

FY2024(6)Major Subsidiaries and Other Significant Matters
1) Major Subsidiaries

Company Name

Tokyu Co., Ltd.
Tokaiseiki Co., Ltd.

Location

Percentage of
Voting Rights of
the Company(%)

CapitalOguchi-cho,Niwa-gun,
Aichi
Iwata-shi,
Shizuoka135
million YEN

98
million YEN

Izumi machine Mfg.
Co., LTD.

Obu-shi,Aichi

million YEN

150

Toyota L&F Tokyo
Co., Ltd.
TaikohTransportation Co.,Ltd.

Shinagawaku, Tokyo

million YEN

Kariya-shi,Aichi

million YEN

100.00100.00100.00Japan

Aichi Corporation
Toyota Material
Handling
Manufacturing
France S.A.S
Michigan
AutomotiveCompressor Inc.

350
83
10,425Ageo-shi,
Saitama
Ancenis,Francemillion YEN

9,000
thousand EUR

146,000

Michigan,
U.S.A.

thousand USD

Mjölby,Swedenmillion SEK

Toyota Material
Overseas Handling Europe AB

Mjölby,Swedenmillion SEK

Toyota Industries
North America, Inc.

Indiana,
U.S.A.

thousand USD

Toyota Material
Handling, Inc.

Indiana,
U.S.A.

thousand USD

Sachsen,Germany

thousand EUR

Toyota Industries
Europe AB

TD Deutsche
Klimakompressor
GmbH
Toyota Material
Handling Australia
Pty Limited

NewSouth Wales,
Australia

13,743

1,816

1,097,535
72,50020,451
211,800
thousand AUD

25

100.00Principal
Business
Manufacture and salesof automotive parts andcasting machinery
Manufacture and salesof automotive parts
Manufacture and salesof automotive parts andspecialized machine
tools
Sales of materials
handling equipment

54.04

Trucking, warehousing

54.40

Manufacture and salesof aerial work
platforms*100.00

Manufacture and salesof materials handlingequipment

60.00

100.00*100.00

100.00*100.00
65.00
100.00

Manufacture and salesof car air-conditioning
compressors
Holding company formaterials handlingequipment business in
EuropeHeadquarters formaterials handlingequipment business in
EuropeHolding company in
the U.S.A.
Manufacture and salesof materials handlingequipment
Manufacture and salesof car air-conditioning
compressors
Sales of materials
handling equipment

Company Name

Location

CapitalTD AutomotiveCompressor Georgia,
LLC

Georgia,
U.S.A.

thousand USD

Uster Technologies
AG

Zurich,Switzerland

thousand CHF

Industrial
Components andAttachments, Inc

Oregon,U.S.A.

thousand USD

Cascade Corporation

Oregon,U.S.A.

thousand USD

Toyota Industry(Kunshan) Co., Ltd.

Jiangsu,
China

thousand USD

Toyota Industries
Overseas Commercial Finance,
Inc.
Yantai Shougang TD
AutomotiveCompressor Co., Ltd.
TD AutomotiveCompressor KunshanCo., Ltd.
P.T. TD AutomotiveCompressor
Indonesia
Bastian Solutions,
LLC
Vanderlande
Industries Holding
B.V.
Toyota Industries
Engine India Private
LimitedToyota Industries
Electric Systems
North America, Inc.,

Texas, U.S.A.

155,000

82,302428,832

7,070

61,840400,000
thousand USD

3,675

Shandong,
China

million YEN

Jiangsu,
China

thousand USD

West Java,
Indonesia

million IDR

Indiana,
U.S.A.
North
Brabant,
Netherland

66,2901,152,000
15,759thousand USD

1,495
thousand EUR

8,226,108

KarnatakaIndia

thousand INRMichigan,
U.S.A.

thousand USD

30,625Percentage of
Voting Rights of
the Company(%)*77.40100.00100.00*100.00

63.40*100.00
50.10*78.8050.10

Principal Business
Manufacture and salesof car air-conditioning
compressors
Manufacture and salesof instruments for yarn
testing and cotton
classing
Holding company formaterials handlingequipment component
business
Manufacture and salesof materials handlingload engagement
devices and related
replacement parts
Manufacture and salesof foundry parts andmaterials handlingequipment
Sales financing
business for materials
handling equipment
Manufacture and salesof car air-conditioning
compressors
Manufacture and salesof car air-conditioning
compressors
Manufacture and salesof car air-conditioning
compressors*100.00

Logistics solutions*100.00

Logistics solutions

98.80

Manufacture and salesof diesel engines*100.00

Development and salesof electronics products(Note) * indicates the percentage of voting rights, including interests held by the subsidiaries

2) Other Significant Matters
Toyota Motor Corporation (Capital: 635,401 million yen) holds 24.7% of the voting rights of theCompany while its consolidated companies collectively hold 0.01% of the voting rights of the Company.
The Company sells products from its Automobile Segment to Toyota Motor Corporation.

26

(7)

Principal Business
The main businesses of Toyota Industries are Automobile, Materials Handling Equipment, and Textile
Machinery. The main products and services by business segment are as follows.
Automobile

VehiclesRAV4 (Engine, HEV, PHEV)

Materials Handling Equipment
Engine Powered Lift Truck
Electric Lift Truck

Aerial Work
Platforms

Engines
Diesel engines,
Gasoline engines,
Foundry parts

Car Air-Conditioning
Compressors
Car Air-Conditioning
Compressors
Automated Storage and Retrieval Systems
Logistics Solutions
Electronics Parts andOthersElectronics partsfor automobiles,
Batteries
Sales Financing BusinessTextile Machinery

OthersLand Transportation Services
Weaving Machinery, Spinning Machinery,
Instruments for Yarn Testing and Cotton Classing

27

(8)

Principal Offices and Plants
1) Toyota Industries Corporation
Head Office: 2-1, Toyoda-cho, Kariya-shi, Aichi
Name
BranchPlantsLocation

Tokyo Branch

Chiyoda-ku, Tokyo

Kariya Plant

Kariya-shi, Aichi

Obu PlantObu-shi, Aichi

Kyowa Plant

Obu-shi, Aichi

Nagakusa Plant

Obu-shi, Aichi

Takahama Plant

Takahama-shi, Aichi

Hekinan Plant

Hekinan-shi, Aichi

Higashichita Plant

Handa-shi, Aichi

Higashiura Plant

Higashiura-cho, Chita-gun, Aichi

Anjo Plant

Anjo-shi, Aichi

Ishihama Plant

Higashiura-cho, Chita-gun, Aichi

2) Subsidiaries
Refer to “(6) Major Subsidiaries and Other Significant Matters(9)

Employees
Number of Employees

1) Major subsidiaries”(people)Increase from Previous Fiscal Year-End

77,8242,937(Note) The number of employees is the number of persons engaged in the Group (the number of employees excludes
the Group employees dispatched to external companies and includes employees dispatched to the Group fromexternal companies.)(10) Major Lenders
Lenders(million yen)
Outstanding Balance of Borrowings as of March 31, 2024

Sumitomo Mitsui Banking Corporation

266,991

Japan Bank for International Cooperation

202,482

MUFG Bank, Ltd.

187,512

Sumitomo Mitsui Trust Bank

120,129

The Norinchukin Bank

116,13928

2. Status of Shares(1)

Total Number of Authorized Shares
Total number of shares authorized to be issued

1,100,000,000 shares

Total number of shares outstanding(2)

310,477,035 shares(excluding 15,363,605 shares of treasury stock)

Number of Shareholders

17,469 people(Reference) Information on Shares by Type of Shareholder
Securities company,
0.7%

Treasury stock, 4.7%
Individuals andOthers, 5.3%

Financial institutions,18.2%

Generalcorporation,
48.0%

Foreign legal
entities, etc.,
23.1%

(3)

Major Shareholders
Number of Shares
Held (Thousands)

Percentage of Total
Shares in Issue (%)

Toyota Motor Corporation

76,60024.67

DENSO Corporation

29,647

9.55

The Master Trust Bank of Japan, Ltd. (Trust account)

26,842

8.65

TOYOTA FUDOSAN Co., Ltd.

16,291

5.25

Toyota Tsusho Corporation

15,294

4.93

Custody Bank of Japan, Ltd. (Trust account)

9,483

3.05

Nippon Life Insurance Company

6,580

2.12

AISIN Corporation

6,578

2.12

Aioi Nissay Dowa Insurance Co., Ltd.

3,922

1.26

State Street Trust and Banking Co., Ltd.

3,496

1.13

Shareholder Name

(Notes) 1. The Company also holds 15,363 thousand shares of treasury stock but is excluded from the above list.
2. The percentage of total shares in issue is calculated based on the number of shares outstanding excluding thenumber of shares of treasury stock.

29

3. Company Officers(1)

Members of the Board and Audit & Supervisory Board Members
Name
Positions of the Company
Main Areas in Charge and Important Concurrent Duties

Tetsuro Toyoda* Chairman, Member of the Board

Akira Onishi* Vice Chairman,
Member of the Board

Koichi Ito* President,
Member of the Board

Shuzo Sumi

Member of the Board

Junichi Handa

Member of the Board

Kazunari
Kumakura

Member of the Board[Important concurrent duties]

Toru Inagawa
Toru Watanabe
Akihisa Mizuno

Outside Audit & Supervisory Board Member of TOKYUCORPORATION[Important concurrent duties]

CEO of Management Wisdom Partners, Japan Inc.
[Important concurrent duties]

Chief Officer, Purchasing Group of Toyota Motor Corporation
Outside Director of JTEKT CORPORATION

Full-Time Audit & Supervisory
Board Member
Full-Time Audit & Supervisory
Board Member
Audit & Supervisory Board
Member

[Important concurrent duties]

Honorary Advisor of Chubu Electric Power Co., Inc.
The Chairman of Central Japan Economic Federation[Important concurrent duties]

Audit & Supervisory Board
Masanao Tomozoe
Member(Notes)

Outside Director of NORITAKE CO., LIMITED
Outside Director of HOSHIZAKI CORPORATION
Outside Director of Sasatoku Printing Co., Ltd.

1. A Representative Member of the Board is marked with an asterisk (*).
2. The Members of the Board Mr. Shuzo Sumi and Mr. Junichi Handa are “Outside Members of the Board” asstipulated in Article 2, Paragraph 15 of the Companies Act.
3. The Audit & Supervisory Board Members Mr. Akihisa Mizuno and Mr. Masanao Tomozoe are “Outside Audit &Supervisory Board Members” as stipulated in Article 2, Paragraph 16 of the Companies Act.
4. Mr. Sumi, Mr. Handa, Mr. Mizuno and Mr. Tomozoe are designated as Independent Members of Management
stipulated by Stock Exchange.

30

(2)

Summary of Liability Limitation Agreement
Toyota Industries has concluded agreements with all Members of the Board who don’t engage in businessexecution, such as Outside Members of the Board, and Outside Audit & Supervisory Board Members tolimit liabilities stipulated in Article 423, Paragraph 1 of the Companies Act, and the liability limit shallbe the amount stipulated in Article 425, Paragraph 1 of t of the Companies Act.

(3)

Summary of Contents of Liability Insurance Agreement for Officers
Toyota Industries has concluded the Liability Limitation Agreement for its directors and officers
with an insurance company that covers the compensation of damages and the cost of a lawsuit
incurred by the insureds due to claims for damages arising from the execution of duties by the
insureds. However, the Company has taken measures to ensure that the appropriateness of theexecution of duties by officers is not impaired by excluding from compensation any damage causedby criminal acts or intentional violations of laws and regulations. The insureds under this insurance
agreement are Members of the Board, Audit & Supervisory Board Members, Senior Executive
Officers, Executive Officers, as well as Officers of subsidiaries (excluding subsidiaries that are
individually insured) and some affiliates, and the insured persons do not bear any of the premiums.

(4)

Remuneration to Members of the Board and Audit & Supervisory Board Members for the
Fiscal Year Ended March 31, 2024
1) The Policy for Determining the Details of Individual Remuneration of Members of the Boardi ) Basic concept- The Company ensures fairness and transparency.
- Emphasizing incentives for better business performance and sustainable growth, the Company
ensures linkage with company performance and reflects job responsibilities and results.
ii ) Compensation structure- The remuneration for Members of the Board consists of fixed remuneration as basic
remuneration and bonuses as performance-linked remuneration.
- Furthermore, bonuses are composed of the amount linked to the fiscal year indicators and theamount linked to medium-term indicators. However, Members of the Board who don’t engage inbusiness execution, such as Outside Members of the Board, are paid only fixed remuneration as they
are independent of the execution of business operations.
iii ) Method of determining the amount of remuneration for each individual- The Company has established “Executive Appointment and Compensation Committee”
consisting of President and independent Outside Members of the Board.

31

- In order to ensure objectivity and transparency, the chairperson and a majority of the committee
members are independent Outside Members of the Board.
- “Executive Appointment and Compensation Committee” deliberates this policy, individual
remuneration proposals for Members of the Board and other important matters related toremuneration.
- Meetings of the Board has resolved this policy based on the results of deliberations by the“Executive Appointment and Compensation Committee.”- Meetings of the Board delegates the decision on the amount of remuneration for each individual
to President (or the Chairman) from the viewpoint of flexibility and quick action.
- President (or the Chairman) determines the amount of remuneration for each individual
Members of the Board in accordance with this policy, based on the results of deliberations by
the "Executive Appointment and Compensation Committee.”iv) Policy for determination of fixed remuneration, bonuses and their composition ratio
Fixed remuneration- The fixed remuneration for Members of the Board is monthly remuneration, which is paid
periodically during their term of office.
- The amount of remuneration by individual is set at a reasonable level in consideration ofMembers of the Board's position and responsibilities, while referring to the levels of othercompanies.
Bonuses- Bonuses are paid at a certain time after the close of the Ordinary General Meeting of
Shareholders in each fiscal year.
- The amount linked to the fiscal year indicators is calculated for each position using theconsolidated operating income as indicator, according to the consolidated operating income ofthe previous fiscal year.
- The amount linked to medium-term indicators is calculated for each position based on theevaluation of the results of management indicators such as consolidated operating income ratio
for the past three fiscal years.
- The reason for the selection of this indicator is that we have determined that it is an appropriate
indicator to reflect the basic concept of this policy.
- In determining the amount to be paid, the Company takes into account a comprehensive range
of factors, including dividends, the level of employee bonuses, the level of other companies'
bonuses, past payment performance, the job responsibilities, performance of duties, and others.
Composition ratio- The ratio of fixed remuneration and bonuses for Members of the Board, excluding Members of
the Board who don’t engage in business execution, such as Outside Members of the Board, isapproximately 60:40. (The ratio of bonuses linked to medium-term indicators is approximately10%.) However, the Company is not precluded from using a ratio different from the above,
depending on the circumstances of the consolidated operating income amount and others.

322) Remuneration for Audit & Supervisory Board Members
Remuneration for Audit & Supervisory Board Members is fixed remuneration only, and isdetermined through discussions among Audit & Supervisory Board Members in accordance withcertain standards established by the Company.
3) Resolutions of the Shareholders’ Meeting Regarding Remuneration of Members of theBoard and Audit & Supervisory Board Members
At the 144 th Ordinary General Meeting of Shareholders held on June 10, 2022, a resolution was
passed to limit the total amount of remuneration for Members of the Board to 900 million yen peryear (including 150 million yen per year for Outside Members of the Board ). The number ofMembers of the Board as of the close of this Ordinary General Meeting of Shareholders is 6
(including 3 Outside Members of the Board).
At the 132 nd Ordinary General Meeting of Shareholders held on June 23, 2010, a resolution was
passed to limit the total amount of remuneration for Audit & Supervisory Board Members to 15
million yen per month. The number of Audit & Supervisory Board Members as of the close of thisOrdinary General Meeting of Shareholders is 5.
4) The Delegation of Responsibility for Determining the Details of Individual Remuneration ofMembers of the Board
In the Company, Koichi Ito, President, determines the specific amount of remuneration for eachindividual Member of the Board based on the delegated resolution of Meetings of the Board. The
content of such authority is the amount of monthly remuneration for each Member of the Board andthe evaluation and allocation of bonuses based on each Member of the Board's performance. The
reasons for the delegation and the measures to be taken to ensure that the authority is exercised
appropriately are shown in ” 1) The policy for determining the details of individual remunerationof Members of the Board ⅲ) Method of determining the amount of compensation for eachindividual”. Since the President, Member of the board who has been delegated this task, has madedecisions in accordance with this policy based on the results of deliberations by the "Executive
Appointment and Compensation Committee", Meetings of the Board believes that the content
complies with the decision policy.
5) Total Amount of Remuneration for Members of the Board and Audit & Supervisory Board
Members
Total Amount of Remuneration by Type(million yen)
Total of
Number ofClassification of
Remuneration
Eligible Officers
Bonuses
Officer
Fixed Remuneration(million yen)(people)(Basic Remuneration )Members of the
Board(Outside Membersof the Board)

Audit &
Supervisory
Board Members(Outside Audit &Supervisory Board
Members)

Total(Performance-Linked
Remuneration)

350
(36)

216
(36)

133
(-)

8
(3)

91
(27)

91
(27)

(-)

4
(2)

442

308

133

12

(Notes) 1. 2 Members of the Board (one of them is Outside Member of the Board) who resigned as of the closing of the145th Ordinary General Meeting of Shareholders held on June 9, 2023 are included in the above figures.
2. Bonuses are based on the amount resolved at the Meetings of the Board held on May 17, 2024.

33

(5)

Matters Regarding Outside Officers
1) Important Concurrent Duties
Classification
Name
Important Concurrent Duties
Outside Audit & Supervisory Board Member of TOKYU CORPORATION
Outside Members Shuzo Sumiof the Board
Junichi Handa CEO of Management Wisdom Partners, Japan Inc.
Honorary Advisor of Chubu Electric Power Co., Inc.
Akihisa Mizuno
The Chairman of Central Japan Economic Federation
Outside Audit &Supervisory Board
Outside Director of NORITAKE CO., LIMITED
MasanaoMembers
Outside Director of HOSHIZAKI CORPORATION
Tomozoe
Outside Director of Sasatoku Printing Co., Ltd.

(Note) There are no important transactions or other relationships between the Company and the companies where the Outside
Members of the Board and Outside Audit & Supervisory Board Members hold important concurrent duties.

342) Main Activities During the Fiscal Year Ended March 31, 2024
Classification
Name
Main Activities
He attended 12 of 13 regularly held Meetings of the Board.
He is expected to apply his wealth of experience and high level of insightin the management of the Company, and he actively speaks from thisperspective at Meetings of the Board of the Company, and plays an
Shuzo
appropriate role as an Outside Audit & Supervisory Board Member by
Sumi
supervising and advising on business execution.
In addition, as a member of Executive Appointment and Compensation
Committee, he attends these committees and plays an important role as amember by proactively making statements and engaging in deliberations
from an independent and objective standpoint.
Outside Members
He attended 13 of 13 regularly held Meetings of the Board.
of the Board
He is expected to apply his wealth of experience and high level of insightin both industry and academia, including research at universities andcorporate management, and he actively speaks from this perspective at
Meetings of the Board of the Company, and plays an appropriate role as
Junichian Outside Audit & Supervisory Board Member by supervising andHanda
advising on business execution.
In addition, as a member of Executive Appointment and Compensation
Committee, he attends these committees and plays an important role as amember by proactively making statements and engaging in deliberations
from an independent and objective standpoint.
He attended 13 of 13 regularly held Meetings of the Board and 14 of 14
Akihisa
regularly held Meetings of Audit & Supervisory Board.
MizunoHe provided his opinions on overall corporate management based on his
Outside Audit &wealth of experience and expertise in managing a company.
Supervisory Board
He attended 13 of 13 regularly held Meetings of the Board and 14 of 14
Members
Masanaoregularly held Meetings of Audit & Supervisory Board.
TomozoeHe provided his opinions on overall corporate management based on his
wealth of experience and expertise in managing a company.
(Notes) 1.In addition to the above number of Meetings of the Board, there were 2 resolutions in writing during the fiscal year ended
March 31, 2024, which were deemed to be resolutions of Meetings of the Board pursuant to Article 370 of the Companies
Act and Article 26, Paragraph 2 of the Company's Articles of Incorporation, as well as notices of matters to be reported
to Meetings of the Board pursuant to Article 372 of the Companies Act.
2.The Company confirmed the excess over the domestic (Japanese) emissions regulation values due to aging degradation,and violation of regulations related to Japanese certification for emissions, of engines for forklifts, manufactured by theCompany for the Japanese market. In addition to the administrative disposition from the Ministry of Land, Infrastructure,
Transport and Tourism on April 26, 2023, to cancel the type designations and certifications of 2 models of engines forforklifts and the forklifts equipped with those engines, the Company received administrative dispositions on March 5,2024 to revoke the type designations of 3 models of engines for industrial vehicles. Outside Members of the Board andOutside Audit & Supervisory Board Members have been fulfilling their duties and regularly presenting theirrecommendations from the viewpoint of strict legal compliance. Additionally, when formulating fundamental preventive
measures to prevent recurrence of violation of regulations related to Japanese certification for emissions, they haveappropriately fulfilled their responsibilities by making recommendations from an objective perspective as an outside
officer and by instructing the company to thoroughly implement measures to prevent recurrence.

35

4. Accounting Auditor(1)

Name of Accounting Auditor
PricewaterhouseCoopers Japan LLC(Note) PricewaterhouseCoopers Aarata LLC merged with PricewaterhouseCoopers Kyoto on December 1, 2023 andchanged its name to PricewaterhouseCoopers Japan LLC.

(2)

Remuneration for the Accounting Auditor for the Fiscal Year Ended March 31, 2024
1) Remuneration for audit services as provided in Article 2 Paragraph 1 of
the Certified Public Accountants Act
144 million yen
2) Total amount of cash and other proprietary benefits to be paidby the Company and its consolidated subsidiaries to the Accounting Auditor
201 million yen(Notes) 1. The amount in “1)” above includes remuneration for audit services under the Financial Instruments
and Exchange Act.
2. The Audit & Supervisory Board has concluded that the amount of remuneration for the Accounting Auditor
was appropriate after reviewing and confirming the details of the audit plan, its performance of audit
services and the basis for calculation of estimating remuneration, thereby agreeing to the amount.

(3)

Non-Audit Services
Besides business work under Article 2, Paragraph 1 of the Certified Public Accountants Act of Japan,
the Company paid accounting auditors compensation for work for the preparation of comfort lettersand other matters.

(4)

Policy for Determination of Dismissal or Non-Reappointment of the Accounting Auditor
The Audit & Supervisory Board will dismiss the Accounting Auditor upon consent of all the Audit &Supervisory Board Members, if the Accounting Auditor falls subject to any of the provisions of the subparagraphs of Article 340 Paragraph 1 of the Companies Act.
If Accounting Auditor has become difficult to perform the duties appropriately, The Audit & Supervisory
Board will determine the proposal of calling for the dismissal or non-reappointment to be submitted to
the Shareholders’ Meeting.

(5)

Audit of the Major Subsidiaries and Overseas Subsidiaries of the Company
Of the major subsidiaries of the Company, overseas subsidiaries are subject to audits by audit firms otherthan the Accounting Auditor of the Company.

36

5.

Toyota Industries’ Corporate Governance(1)

Basic Perspective on Corporate GovernanceToyota Industries regards the most important managerial task is to earn trust broadly from society andenhance our corporate value on a stable, long-term basis. We aim to do this task based on our Basic
Philosophy, which consists of “Respect for the Law,” “Respect for Others,” “Respect for the Natural
Environment,” “Respect for Customers” and “Respect for Employees,” and earnestly fulfilling oursocial responsibilities. Our basic focus is on contributing to the creation of an enriched society throughbusiness activities, and we believe it is essential to cultivate good relationships with stakeholders,
including shareholders, customers, business partners, creditors, local communities and employees.
Accordingly, we strive to enhance our corporate governance in order to maintain and improve
management efficiency, fairness and transparency. For example, we have established a structure toquickly and flexibly respond to changes in the business environment and have been working toaugment management oversight and ensure the timely disclosure of information.
More specifically, the following basic policies drive our initiatives.
1) We seek to ensure shareholders’ rights and equality.
2) We seek to promote appropriate collaboration with stakeholders other than shareholders(including customers, business partners, creditors, local communities and employees).
3) We seek to conduct appropriate information disclosure and ensure transparency.
4) We seek to perform the roles and duties of the Board of Directors appropriately in order to makedecisions in a transparent, fair, quick and resolute manner.
5) We seek to promote a constructive dialogue with shareholders.

(2)

Implementation Structure
Toyota Industries convenes monthly meetings of the Board of Directors to resolve importantmanagement matters and monitor the execution of duties by directors. We appoint outside directors
who have a wealth of experience and knowledge such as business management. They attend meetingsof the Board of Directors and give opinions and ask questions as deemed necessary based on theirindividual, wide-ranging experience and insights related to the management of globally operatingcompanies and monozukuri (manufacturing). Through this supervisory function of outside directors,
we ensure the legality and validity of the Board's decisions as well as the directors' execution of duties
from an objective perspective. Moreover, a variety of issues concerning important management matters,such as our corporate vision, management policies, medium-term business strategies and major
investments, as well as crucial projects in each business division, are discussed by the Management
Committee, which is composed of president, executive vice president, chief officers and audit &supervisory board members as well as relevant senior executive officers and other executives, prior todeliberation by the Board of Directors.
At the Executive Officers' Meeting, president, executive vice president, chief officers and senior
executive officers convene to report and confirm the monthly status of business operations and discuss
divisional and functional issues, etc.

37

In addition, issues pertaining to quality, production and human resources are discussed at thecorresponding functional meetings. We have also put in place committees to deliberate on more
specific matters, such as compliance, risk management, sustainability, the environment, safety andhealth, and export transaction controls. These functional meetings and committees discuss importantmatters and action themes in respective areas.
Furthermore, in response to the Engine Certification Issue, we established a Restart Committee topromote recurrence prevention measures.
Moreover, we strive to maintain and improve internal controls by establishing the Internal Audit Officeand conducting internal audits of Toyota Industries' business divisions and departments as well as our
subsidiaries.
Structure of Corporate Governance

38

6.

Structure to Ensure the Propriety of Operations and Overview of the Status ofOperation of this Structure

Based on the findings of the investigations conducted by the Special Investigation Committee regarding
the domestic engine certification issue announced on January 29, 2024, the Board of Directors passed thefollowing resolutions at a meeting held on April 26, 2024, so that Toyota Industries would return to thebasics, strive to prevent the recurrence to restart as a company that will never commit such a misconduct
and revise its basic policy for improving internal control.
(1) Structure to Ensure the Propriety of Operations
1) Structure to Ensure the Execution of Duties by Members of the Board, etc. Conforms to Laws,
Regulations and the Articles of Incorporationⅰ)

Toyota Industries will establish the Toyota Industries Corporation Employee Code of Conduct thatthe directors, senior executive officers, executive officers and other business managers (collectively,“Directors, etc.”) and employees must comply with. The Directors, etc. themselves express theirstrong commitment to prioritize compliance in all phases of business activities, and this will be
communicated thoroughly to all employees.

ⅱ) To accurately understand the laws and regulations required of them and their obligations,
responsibilities, the various risks the Company faces and the changes in social response, the Directors,
etc. will attend training programs for newly appointed officers and executive lectures on laws andregulations held as appropriate to increase their knowledge of these matters, raise awareness, heighten
their risk sensitivity and ensure that they act in line with laws and regulations, the spirit of the law,
the Articles of Incorporation and the Toyota Industries Corporation Employee Code of Conduct.
ⅲ) The Company will establish the positions of chief officers who will coordinate company-wide
functions in terms of compliance, laws and regulations and quality (“chief officers” is a collective
term for the Global Chief Compliance Officer, who will oversee global compliance and risk
management, the Chief Quality Officer in charge of quality assurance and the Chief Legal Officer
responsible for legal affairs). The President and chief officers will attend the Chief Officer Meeting
to be held regularly, in which the chief officers will report and share issues and initiatives in theirrespective areas of responsibility so that Head Office departments have stronger checks and balanceson business divisions.
ⅳ) Decisions in the execution of duties shall be made after comprehensive considerations of the various
risks surrounding the Company at Meetings of the Board, Executive Officers' Meeting, Management
Committee and at cross-organization functional meetings and committees. The agenda items to be
decided at these meetings and comittees shall be properly submitted and discussed as prescribed byrelevant regulations. Additionally, these meetings and committees shall be attended by Audit &Supervisory Board Members while opportunities for viewing important documents by the Audit &Supervisory Board Members shall be assured at all times.
ⅴ) The Compliance Committee will be established, whose members include the President, businessdivision heads, chief officers, other relevant directors and regional chief compliance officers. The
committee will deliberate on compliance-related risks and concerns, monitor the operating status of
the whistleblowing system and discuss company-wide policies, issues, countermeasures and activity
plans to further improve and strengthen the Company’s legal compliance system.
ⅵ) Multiple hotlines, including a whistleblowing hotline using an independent third party, will beestablished to detect compliance-related concerns and issues and find solutions at an early stage. The
Company will establish and operate an environment and system that allows employees to feel securein reporting compliance-related questions, concerns or violations by ensuring that the confidentialityof whistleblowers is protected and that they will not be subject to unfair treatment for making suchreports.

392) Structure for the Safekeeping and Management of Information Pertaining to the Execution of
Duties by Members of the Board, etc.
The preparation, safekeeping and management of information pertaining to the execution of duties
by Members of the Board, etc. shall be undertaken appropriately pursuant to internal rules, laws andregulations concerning the identification of the subject information for safeguarding, departments
responsible for preparation, departments responsible for safeguarding, safeguarding methods andsafeguarding period. A condition shall be maintained that enables viewing and verification of
information at all times as needed.
3) Regulations and Other Structures Concerning the Management of Risk of Lossⅰ)

Risks associated with businesses and investments will be managed appropriately by the businessdivision heads responsible for business operations, chief officers and heads of functional departments
within their respective areas and roles. Significant risks will be managed across the entire company,in consultation with the Board of Directors, the Business Operation Committee and the Management
Committee.

ⅱ) In addition to the above, the Risk Management Committee, composed of the President, businessdivision heads, chief officers and other relevant directors will be established. The committee will
strive to continuously increase corporate resilience to risks by developing effective measures, which
are based on the company-wide risk assessment and take into account the allocation of management
resources, and by inspecting and evaluating progress and results.
ⅲ) Each business shall establish a system and conduct daily management of risks related to quality,
safety, environment, human resources, information security, export trade control, and other mattersunder the duty and responsibility of the business division heads, based on an accurate understandingof the various risks surrounding the relevant business and changes in how society perceives suchrisks.
ⅳ) Among the risks listed above, to counter the risk of quality-related misconduct especially, necessary
education will be provided to engineers by including data integrity and other ethics matters in thebasic education program. A standardized development schedule that ensures a reasonable
development timeline will also be developed to build a system for properly implementing thenecessary development processes. In addition, the Company will establish a system of operations
related to regulations and certification that will never allow misconduct to occur by formulating
relevant regulations, securing adequate personnel and developing human resources to build achecking system in the certification application process and to improve the audit function for laws,
regulations and certification.
ⅴ) As a precaution against disasters and other contingencies, manuals shall be prepared and training
implemented and, when necessary, responses shall be made that include taking risk diversification
measures and arranging insurance coverage against losses.
ⅵ) The Risk Management Committee will identify the risks surrounding each of our businesses, andperiodically inspect the organizational structure and business processes to ensure that they correspondto those risks. In the event that risk materializes and a serious problem occurs, propercountermeasures and steps shall be taken in accordance with the Risk Response Manual and essential
information shall be quickly disclosed.
ⅶ) Funds will be appropriately managed through a budget system and decision-makers and operation
managers will be appointed based on significance through an approval procedure to manage risks inoperations and budgeting. Additionally, the chief officers and members of relevant departments will
deliberate all matters in which the President is the decision-maker as designated by approval
regulations to ensure that risks are appropriately assessed.
ⅷ) The Company will work to ensure the reliability of financial reports by, for instance, clarifying
financial risks, documenting activities to control these risks and checking the progress of risk control
measures. The Company will also ensure that information is disclosed in an appropriate and timely
manner through the Information Disclosure Committee.
404) Structure for Assuring the Efficient Execution of Duties by Members of the Board, etc.
ⅰ)

The Medium-Term Management Plan and the company policies for each fiscal year shall be
formulated in accordance with policy management systems. Based on these, each business division
shall clarify the implementation items for business division policies, profit plans and eachorganization with respect to the responsibilities of the head of business divisions and carry out
appropriate and efficient policy management and daily management, giving full consideration to theactual resource conditions at each workspace. The status of the execution of these duties shall be
confirmed through Meetings of the Board, Executive Officers' Meeting and the President’s on-site
inspections.

ⅱ) The responsible business division head shall properly manage new product development, systems
development and newly established production lines to assure quality, costs and delivery periods forthese under the design review (DR) system that sets examination steps from product planning to
product design, production preparation, production migration and initial production.
5) Structure for Assuring the Execution of Duties by Employees Conforms to Laws, Regulations andthe Articles of Incorporationⅰ)

The Company will ensure that employees are fully ingrained with the Toyota Industries Corporation
Employee Code of Conduct and provide training and hold workplace meetings to explain theimportance of compliance, risk management and related matters so that they will act in line with laws
and regulations, the spirit of the law, the Articles of Incorporation and the Toyota Industries
Corporation Employee Code of Conduct. The Company will thoroughly communicate that
employees will not be treated unfairly for actions to prioritize compliance.

ⅱ) The Company will clarify the division of duties, responsibilities, and authority in each organization,and incorporate compliance and risk management mechanisms into our business processes. The
effectiveness of these systems will be confirmed through operational audits and self-inspections.
ⅲ) The Company will enable reporting lines to function through office organizations and establish asystem for reporting compliance-related problems and issues faced by individual organizations in atimely and appropriate manner. Multiple hotlines, including a whistleblowing hotline using an
independent third party, will be established to detect compliance-related concerns and issues and findsolutions at an early stage. The Company will establish and operate an environment and system thatallows employees to feel secure in reporting compliance-related questions, concerns or violations bythoroughly ensuring that the confidentiality of whistleblowers is protected and that they will not be
subject to unfair treatment for making such reports.
6) Structure for Ensuring the Propriety of Business Operations in the Corporate Group Consistingof the Company and its Subsidiariesⅰ)

The responsible business divisions managing and supervising subsidiaries shall promote theCompany’s Basic Philosophy, code of conduct, corporate policies, business division policies andimportant policies regarding finance, quality, safety, the environment and personnel and labor at eachsubsidiary. The Members of the Board, etc. of subsidiaries, in accordance with their responsibilities,
shall establish and operate an internal control system for assuring the propriety and legality ofbusiness execution at the relevant subsidiaries.

ⅱ) The responsible business divisions of subsidiaries shall confirm the propriety and legality of theexecution of duties of the Members of the Board, etc. of subsidiaries through the exchange of
information with the Members of the Board, etc., Audit & Supervisory Board Members andemployees of the subsidiaries regularly or as needed or by management supervision by non-executive
Members of the Board, etc. dispatched by the Company.
ⅲ) Functional departments of the Head Office shall support the responsible business divisions of thesubsidiaries as well as the subsidiaries in the deployment of important policies at subsidiaries and theestablishment of internal control systems.

41ⅳ) Subsidiary control regulations shall be established and operated as a structure for Members of theBoard, etc. and employees of subsidiaries to report to the Company on important matters related tothe management of relevant subsidiaries.
ⅴ) The Company will encourage the use of the whistleblowing hotline that uses an independent third
party and demand that subsidiaries share any important reports submitted via the whistleblowing
hotlines established by the respective subsidiaries by thoroughly ensuring the Directors, etc. andemployees of subsidiaries that the confidentiality of whistleblowers is protected and that they will
not be subject to unfair treatment for making such reports, in order to detect and find solutions to thecompliance-related issues committed by their Directors, etc. and employees at an early stage.
7) Matters Related to Employees in Cases Where the Audit & Supervisory Board Members Request
Employees Be Assigned to Assist Their Duties
The Audit & Supervisory Board Office shall be established as a dedicated organization that assists
with the duties of the Audit & Supervisory Board Members, and multiple persons not subject to theorders of Members of the Board shall be posted at this office.
8) Matters Related to the Independence of Employees from Members of the Board, etc. Described in
the Previous Item and to the Assurance of the Effectiveness of Instructions Given to the Relevant
Employeesⅰ)

The assignment of personnel to the Audit & Supervisory Board Office shall be subject to the priorapproval of the Audit & Supervisory Board or from the Full-time Audit & Supervisory Board
Members as determined by the Audit & Supervisory Board.

ⅱ) Members of the Board, etc. or employees of the Company or subsidiaries shall cooperate withinvestigations and information gathering of staff of the Audit & Supervisory Board Office based on
instructions from the Audit & Supervisory Board Members.
9) Structure for Reporting to Audit & Supervisory Board Members by Members of the Board, etc.
and Employees, by Members of the Board, etc. and Employees of Subsidiaries and by Parties
Receiving Reports from These Personsⅰ)Members of the Board, etc. and employees shall report regularly or as needed on the status of theexecution of business in response to requests by Audit & Supervisory Board Members. They shallalso immediately report to Audit & Supervisory Board Members when discovering any actual mattersthat could cause material damage to the Company.

ⅱ) Members of the Board, etc. and employees of subsidiaries shall report on business operations asneeded in response to requests by the Audit & Supervisory Board Members. The responsible businessdivision in charge of the subsidiary and the functional departments of the Head Office shallappropriately report to the Audit & Supervisory Board Members on any significant management
matters concerning subsidiaries.
ⅲ) Mechanisms shall be established and operated to ensure the Members of the Board, etc. or employeesof the Company or of subsidiaries are not treated disadvantageously by reason of reporting to the
Audit & Supervisory Board Members.
10) Other Structures for Assuring Audits by the Audit & Supervisory Board Members Are Performed
Effectively
The Audit & Supervisory Board Members shall attend principal officer conferences, while access toimportant documents by the Audit & Supervisory Board Members, opportunities for exchanging
information with the Accounting Auditors on a regular basis or as needed, and cooperation with theinternal audit sections shall be assured. Necessary expenses for the duties of the Audit & Supervisory
Board Members shall be covered, including for the direct recruitment of external human resources whenneeded.

42

(2) Overview of the Status of Operation of the Structure to Ensure the Propriety of Business Operations
1) Compliance by Members of the Board, etc. and Employees
・To accurately understand the various risks the Company faces and the changes in social response, theDirectors, etc. attended training programs for newly appointed officers and executive lectures on laws
and regulations (roles of executives in the company-wide prevention of the recurrence of complianceviolations and the implementation of appropriate actions) held to increase their knowledge of thesematters as well as raise an awareness of and heighten their risk sensitivity to compliance.
・The Company established the positions of chief officers who will coordinate company-wide functionsin terms of compliance, laws and regulations and quality. The President and chief officers attended theregularly held Chief Officer Meeting, in which the chief officers reported and shared issues andinitiatives in their respective areas of responsibility so that Head Office departments have stronger
checks and balances on business divisions.
・We are striving to instill the top management's mindset within the company and to foster an awarenessamong all employees that “compliance is the top priority',' by continuously disseminating messages
from top management, e.g., that compliance is the basic premise for business activities, and thatcompliance is prioritized without hesitation, through briefings from the president, videos, company
newsletters, individual letters, and other methods.
・To further deepen employees’ understanding of compliance, employees were thoroughly informed of
the Toyota Industries Corporation Employee Code of Conduct through new employee education, rankbased training and company-wide workplace meetings. The Company translated into six languages thevideo materials that were created for familiarizing the Employee Code of Conduct so that it could be
used outside Japan. Also, the Company distributed e-learning educational materials based on themes
decided each month and worked to create an environment for autonomously enhancing sensitivity
toward compliance.
・To enable the whistleblowing hotline using an independent third party and various internal advice desks
to function effectively, the Company made it known that it has established an environment and systemthat allows employees to feel secure in reporting concerns and issues by thoroughly ensuring that theconfidentiality of whistleblowers is protected and that they will not be subject to unfair treatment formaking such reports. In addition, the Company appropriately responded to issues and concerns raised
and reported the status of use of the whistleblowing system to the Directors. etc.
・Based on the findings of the investigations conducted by the Special Investigation Committee regarding
the domestic engine certification issue announced on January 29, 2024, the Company reinforced
organizations and systems, including responses to the issue. At the same time, the Company revised its
basic policy regarding internal control and is in the process of building a mechanism to notice andpause if any misconduct is committed, never engage in misconduct again and manufacture products inthe correct way.
2) Management of Risk of Loss
・The Company has established the positions of chief offers as mentioned above, who engage inappropriate risk management in their respective fields and roles in collaboration with the heads ofbusiness divisions responsible for business operations and functional departments. The Company
operates a mechanism for periodically checking the laws and regulations that apply to individual
business divisions and departments, identifying changes in operations, specifying areas yet to behandled or vulnerabilities, appointing the department responsible for addressing them and improving
the problem-solving capabilities of the managers of the responsible department.
・Evaluated business opportunities and risks and executed decision-making for major matters such alarge-scale investments through the Meetings of the Board and Management Committee based on
agenda criteria.
・Convenes functional meetings and committees for safety, quality, the environment and other areas ofcompliance and risk and undertaking company-wide management.
43

・Convened the Disaster and Fire Prevention Conference in preparation for disasters (earthquakes, fires,
explosions and flooding). In addition to implementing evacuation drills at all plants, each plant
independently conducted headquarters training (initial fire extinguishing, information gathering,
emergency transport and other role-assigning training).
・To prevent the leakage of confidential information, the Company formulated a manual on information
security and confidential information leakage and conducted employee education, while carrying out
practical drills based on the assumption that a confidential information leakage accident occurred.
・Based on the results of investigation by the Special Investigation Committee into the engine
certification issue announced on January 29, 2024, the Company is strengthening our efforts
throughout the Company regarding compliance and risk management as part of measures to prevent
recurrence of such problems.
3) Efficient Execution of Members of the Board, etc. ’s Duties
・Formulated the Medium-Term Management Plan and fiscal-year corporate policies under policy
management systems, and based on these, clarified major implementation items for each organizationand carried out policy management and day-to-day management. Discussed and resolved major
implementation items in accordance with the agenda criteria at the Meetings of the Board andManagement Committee as well as confirmed the status of execution through the Meetings of the Board,
Management Council, and the President’s on-site inspections.
4) Propriety of Business Operations in the Corporate Group・The responsible business divisions of subsidiaries promoted important policies such as the Basic
Philosophy and corporate policies at subsidiaries, established opportunities for exchanging information
with subsidiaries on a regular basis or as needed, and confirmed and followed up on the status ofpromotion of corporate policies as well as safety, quality, the environment and compliance.
・The internal audit sections as well as the environment, safety and health and other functional
departments confirmed and followed up on compliance through such means as subsidiary operational
audits and subsidiary self-checks using check sheets.
5) Reporting to Audit & Supervisory Board Members and Ensuring the Effectiveness of Audits
・The status of the execution of duties was reported to the Audit & Supervisory Board Members by theMembers of the Board, etc. of the Company and its subsidiaries. In addition, the Audit & Supervisory
Board Members attend principal meetings and committees to ascertain the status of decision-making
by Members of the Board, etc. and their execution of duties and compliance, and share information.

44

7. Policies Regarding the Determination of Distribution of Surplus
Toyota Industries is to meet the expectations of shareholders for continuous dividends while giving fullconsideration to business performance, funding requirements, the dividend payout ratio and other factors.
Toyota Industries will effectively use retained earnings for capital investment, research and development, andother activities to achieve future business growth, , while flexibly implementing shareholder return programs,
including repurchase of our common stock, while taking into consideration trends in stock prices and capital
structure.
With regard to the dividend for shareholders at the end of the current fiscal year, the resolution has passed at
Meetings of the Board held on April 26, 2024 to pay a dividend of 140 yen per share of the Company's
common stock (total dividend; ¥43,466,784,900), with the effective date set for May 27, 2024. The total
shareholder dividend for FY2024, including the interim dividend, is 240 yen per share.
Dividends per share

(yen)

240
150
80

170
90

190

140

100

80

90

100

70

FY2021

FY2022

FY2023

FY202445

Consolidated Financial Statements
Consolidated Statement of Financial Position

Unit: millions of yen(Amounts less than 1 million yen are omitted)

Description(Reference)
FY2024FY2023(As of March(As of March
31, 2024)
31, 2023)(Assets)
Current assets

Description(Reference)
FY2024FY2023(As of March(As of March
31, 2024)
31, 2023)(Liabilities)
Current liabilities
Trade payables and otherpayables

1,639,197

1,517,112

876,925

807,474

420,173

Corporate bonds and loans

424,486

519,749

1,638,998

1,398,757

Other financial liabilities

93,95083,749

5,564

5,399

Accrued income taxes

110,079

29,696Inventories

619,082

524,385

Provisions

85,89041,827

Income tax receivables

14,48726,262Other current liabilities

47,864

34,615

Other current assets

111,189

99,313

Non-current assets
Property, plant andequipment
Goodwill and intangible
assetsTrade receivables and otherreceivables
Investments accounted forby the equity method
Other financial assets

7,948,931

5,144,161

3,285,906

2,368,671

1,448,343

1,237,540

Corporate bonds and loans

1,281,779

1,179,390

537,974

468,368

Other financial liabilities

142,323

104,404

813

1,459

Net defined benefit
liabilities

68,76781,42230,01623,987

Provisions

15,05911,0255,828,188

3,338,505

1,730,231

952,960

Net defined benefit assets

44,193

27,88747,74339,467

Deferred tax assets

51,59737,992

4,925,103

3,885,784

Other non-current assets

7,803

8,421
6,045,759

3,837,416

80,46280,462

Cash and cash equivalents
Time deposits with deposit
terms of over three months
Trade receivables and otherreceivables
Other financial assets

3,129,531

2,677,024

496,849

202,731

243,358

Non-current liabilities

Deferred tax liabilities
Other non-current
liabilities
Total liabilities(Equity)
Share of equity attributableto owners of the parent
Capital stock
Capital surplus

99,581

101,245

Retained earnings

1,990,203

1,652,648

Treasury stock
Other components ofshareholders' equity(59,369)(59,345)3,934,880

2,062,404

107,599

97,985

6,153,359

3,935,401

11,078,462

7,821,185

Non-controlling interests
Total equity
Total assets

11,078,462

7,821,185

Total liabilities and equity

46

Consolidated Statement of Profit or Loss

Unit: millions of yen(Amounts less than 1 million yen are omitted)

FY2024(April 1, 2023
- March 31, 2024)

Description-(Reference)
FY2023(April 1, 2022
March 31, 2023)

Net sales

3,833,205

3,379,891

Cost of sales(2,932,058)(2,623,707)

Gross profit

901,147

756,183

Selling, general and administrative expenses(656,749)(576,761)

Other income

24,33628,230

Other expenses(68,330)(37,748)

Operating profit

200,404

169,904

126,899

103,728

Financial expenses
Share of profit (loss) of investments accounted forby the equity method
Profit before income taxes(21,391)(13,976)

3,276

3,311

309,190

262,967

Income taxes(72,335)(64,250)

Profit236,854

198,716

Owners of the parent

228,778

192,861

Non-controlling interests

8,076

5,855

Financial income

Profit attributable to:47

Consolidated Statement of Changes in Equity(April 1, 2023 - March 31, 2024)
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Share of equity attributable to owners of the parent
Other components ofshareholders’ equity
Capitalstock

Balance as of March 31, 2023

80,462

CapitalsurplusRetainedearnings

101,245

Profit1,652,648

Treasury stock Net changes in Remeasurements

revaluation ofof defined benefit
FVTOCIplans
financial assets(59,345)

1,960,101－

1,882,077

18,282

1,882,077

18,282(152,590)(18,282)

228,778

Other comprehensive income
Total comprehensive income

228,778

Repurchase of treasury stock(24)

Disposal of treasury stock0

Dividends

0(62,095)

Changes in ownership interestof subsidiaries
Changes in non-controllinginterests as a result of change
in scope of consolidation(0)

Reclassified into retained
earnings

170,872

Other increases (decreases)(1,663)

Total transactions with owners－(1,663)

108,776(24)(152,590)(18,282)

Balance as of March 31, 2024

80,462

99,581

1,990,203(59,369)3,689,589－

48

Share of equity attributable to owners of the parent
Other components of shareholders’ equity

Balance as of March 31, 2023

Translation
adjustmentsof foreign
operations

Cash flow
hedges96,032

6,269

Total
2,062,404

ProfitOther comprehensive income
Total comprehensive income

Noncontrollinginterests

Total equity

3,837,416

97,985

3,935,401

228,778

8,076

236,854

Total

143,406(418)

2,043,348

2,043,348

5,692

2,049,040

143,406(418)

2,043,348

2,272,126

13,7682,285,895

Repurchase of treasury stock

(24)

(24)

Disposal of treasury stock00

Dividends(62,095)(3,167)(65,262)

Changes in ownership interestof subsidiaries

(0)

(986)

(986)

Changes in non-controllinginterests as a result of change
in scope of consolidation

－

－

－

－

(1,663)(1,663)

Reclassified into retained
earnings(170,872)

Other increases (decreases)
Total transactions with owners－－(170,872)(63,783)(4,154)(67,937)

Balance as of March 31, 2024

239,439

5,851

3,934,880

6,045,759

107,599

6,153,359

49

Notes to the Consolidated Financial Statements
Ⅰ. Notes to the Basis for Preparation of Consolidated Financial Statements
1. Basis of preparation of consolidated financial statements
Toyota Industries Group’s consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) pursuant to the provisions of Article 120 (1) of the Ordinance on
Accounting of Companies. These consolidated financial statements are prepared with the partial omission of thedisclosure items required by IFRS as allowed by the provisions of the latter part of the Article.
2. Matters regarding the scope of consolidation
Number of consolidated
277 companies
subsidiaries
Names of major subsidiaries
Tokyu Co., Ltd.,
Tokaiseiki Co., Ltd.,
Izumi Machine Manufacturing Co., Ltd.,
Toyota L&F Tokyo Co., Ltd.,
Taikoh Transportation Co., Ltd.,
Aichi Corporation,
Toyota Material Handling Manufacturing France SAS,
Michigan Automotive Compressor, Inc.,
Toyota Industries Europe AB,
Toyota Material Handling Europe AB,
Toyota Industries North America, Inc.,
Toyota Material Handling, Inc.,TD Deutsche Klimakompressor GmbH,
Toyota Material Handling Australia Pty Limited,
TD Automotive Compressor Georgia, LLC,
Uster Technologies AG,
Industrial Components and Attachments, Inc.
Cascade Corporation,
Toyota Industry (Kunshan) Co., Ltd.,
Toyota Industries Commercial Finance, Inc.,
Yantai Shougan Toyota Industries Co., Ltd.,TD Automotive Compressor Kunshan Co., Ltd.,
P.T. TD Automotive Compressor Indonesia,
Bastian Solutions, LLC,
Vanderlande Industries B.V.
Toyota Industries Engine India Pvt. Ltd.
Toyota Industries Electric Systems North America, Inc.
and other 250 subsidiaries
3. Application of the equity method
Number of affiliates to which theequity method applied
Names of major affiliates

18 companies
TOYOTA L&F Kinki Co., Ltd.,UMC Electronics Co., Ltd.,
1 group company of Aichi Corporation Group,
2 group companies of Toyota Industries North America, Inc. Group,
2 group companies of The Raymond Corporation Group,
1 group company of Vanderlande Industries B.V. Group,
UMW Toyota Material Handling SDN BHD
and other 9 affiliates50

4. Matters regarding changes in the scope of consolidation and the application of the equity method
Subsidiaries newly consolidated
10 companies
1 group company of Toyota Industries Europe AB Group, 2 groupcompanies of Cascade Corporation Group and 7 group companies ofToyota Industries North America, Inc. Group joined the subsidiaries of theCompany and have been included in the scope of consolidation.
Subsidiaries excluded
4 companies
from the scope of consolidation
1 group company of The Raymond Corporation Group, 1 group companyof Uster Technologies AG Group, 1 group company of Aichi Corporation
Group and 1 group company of Cascade Corporation Group have been
excluded from the scope of consolidation according to extinction throughmerger, liquidation.
Affiliates to which the
2 companies
equity method newly applied
1 group company of Toyota Industries North America, Inc. Group and
UMW Toyota Material Handling SDN BHD have been included in thecompanies to which the equity method applied.
Affiliates excluded from
2 companies
the companies to which the equity
TOYOTA L&F Iwate Co., Ltd. has been excluded from the companies tomethod applied
which the equity method applied due to the sale of all of equity held by theCompany.
1 group company of Toyota Industries North America, Inc. Group has been
excluded from the companies to which the equity method applied due toadditional acquisition of their stocks.
5. Matters regarding fiscal years of the consolidated subsidiaries
Among the consolidated subsidiaries, the fiscal year-end of the following subsidiaries is different from theconsolidated fiscal year-end (March 31).
Toyota Industry (Kunshan) Co., Ltd. (December 31), TD Automotive Compressor Kunshan Co., Ltd. (December31), Yantai Shougan Toyota Industries Co., Ltd. (December 31) and 7 other subsidiaries
These subsidiaries use financial statements based on the provisional settlement of accounts performed on March
31, which is the consolidated fiscal year-end.
6. Matters regarding the standards for accounting policies(1) Standards and methods for valuation of financial assets
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity. The Group recognizes a financial asset or a financial liability when it
becomes a party to the contract of a financial instrument. A purchase or sale of financial assets is recognized orderecognized at the trade date.
(i) Non-derivative financial assets
Toyota Industries categorizes non-derivative assets into financial assets measured at amortized cost, financial
assets measured at fair value through other comprehensive income (FVTOCI) and financial assets measured
at fair value through profit or loss (FVTPL).

51

(Financial assets measured at amortized cost)
Toyota Industries categorizes financial assets as financial assets measured at amortized cost if financial assets
are held with the objective of collecting contractual cash flows and their contractual terms provide cash flows
on specified dates that are solely payments of principal and interest on the principal amount outstanding.
Financial assets measured at amortized cost are initially measured at fair value. The carrying amount offinancial assets measured at amortized cost is subsequently measured using the effective interest method.
(Financial assets measured at fair value)
Toyota Industries categorizes financial assets other than financial assets measured at amortized cost as
financial assets measured at fair value. Financial assets measured at fair value are further divided into thefollowing classifications according to holding purpose.
(Equity instruments measured at fair value through other comprehensive income (FVTOCI))
Shares and other financial assets held mainly for the purpose of maintaining or enhancing business
relationships with investees are designated at initial recognition as financial assets at FVTOCI.
Equity instruments at FVTOCI are measured at fair value at initial recognition and changes in fair value
thereafter are recognized in other comprehensive income. However, dividends arising from financial assets at
FVTOCI are in principle recognized in profit or loss.
If an equity instrument at FVTOCI is derecognized, the cumulative amount of other comprehensive income
recognized in other components of equity on the consolidated statements of financial position is directlytransferred to retained earnings.
(Financial assets measured at fair value through profit or loss (FVTPL))
Financial assets not designated as financial assets at FVTOCI of financial assets measured by Toyota
Industries are classified as financial assets at FVTPL.
Financial assets at FVTPL are measured at fair value at initial recognition and changes in fair value thereafter
are recognized in profit or loss.
(ii) Non-derivative financial liabilities
Non-derivative financial liabilities are measured at fair value at initial recognition and thereafter at
amortization costusing the effective interest method.
A financial liability is derecognized when its contractual obligations are discharged or canceled, or expire.
(iii) Derivatives
Toyota Industries holds derivative financial instruments to hedge foreign currency and interest rate fluctuation
risks, including foreign currency forward contracts, currency options, currency swaps, interest rate swaps,
interest rate currency swaps and interest rate options.
For all these derivatives, Toyota Industries recognizes financial assets or financial liabilities when it becomesthe party to these derivatives contracts.
Some of derivatives Toyota Industries holds for hedging purposes do not meet hedge accounting requirements.
Changes in fair value of these derivatives are immediately recognized in profit or loss.
Toyota Industries adopts cash flow hedges and fair value hedges as a hedge accounting method.

52

(2) Standards and methods for valuation of inventories
Inventories are stated at the lower of cost or net realizable value. Cost of inventories includes purchase costs,
processing costs and all other costs incurred in bringing them to their existing location and condition, and is
calculated primarily using the moving average method.
Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs ofcompletion and the estimated costs necessary to sell.
(3) Method for depreciation and amortization of property, plant and equipment and intangible assets(i) Property, plant and equipment
Property, plant and equipment, excluding land and construction in progress, are depreciated on a straight-line
basis over their estimated useful lives. Right-of-use assets are depreciated on a systematic basis from thecommencement date to the earlier of the end of the economic life of theunderlying asset or the end of the lease term.
The estimated useful lives for major classes of assets are as follows.
Buildings and structures: 5 to 60 years
Machinery and vehicles: 3 to 22 years(ii) Intangible assets
Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives.
The estimated useful lives of major classes of assets are as follows.
Software: 3 to 5 years
Development assets: 2 to 10 years
Customer-related assets: 12 to 20 years
Technology-related assets: 10 to 20 years(4) Impairment losses(i) Financial assets
Financial assets measured at amortized cost are assessed for impairment losses based on expected credit losses.
At the end of the reporting period, if credit risk has not increased significantly after initial recognition, theamount of loss allowance is calculated based on the expected credit losses resulting from default events thatare possible within 12 months after the reporting date (12-month expected credit losses). On the other hand,at the end of the reporting period, if credit risk has increased significantly after initial recognition, the amountof loss allowance is calculated based on the expected credit losses resulting from all possible default events
over the life of the financial instrument (lifetime expected credit losses).
However, regardless of the above, lifetime expected credit loss measurement always applies to tradereceivables and lease investment assets without a significant financing component.
(ii) Non-financial assets
Toyota Industries reviews carrying amounts of non-financial assets, excluding inventories and deferred tax
assets, at every reporting fiscal year-end to determine whether there is any indication of impairment. If there
is any indication of impairment, impairment testing is conducted based on the recoverable amount of the asset.
Goodwill and intangible assets with indefinite useful lives are tested annually for impairment regardless ofwhether there is any indication of impairment.

53

A cash-generating unit (CGU), which is a unit for conducting impairment testing, is the smallest group ofassets that generates cash inflows that are generally independent of cash flows of other assets or groups ofassets. A CGU for goodwill is the smallest unit monitored for internal control purposes and is no larger thanan operating segment before aggregation. Impairment testing for goodwill is conducted at a CGU or a groupof CGUs for the smallest unit monitored for internal control purposes and within the scope of an operating
segment before aggregation.
The recoverable amount of an asset or CGU is the greater of its value in use or its fair value less cost to sell.
In calculating the value in use, estimated future cash flows are discounted to the present value using a pre-tax
discount rate that reflects the time value of money and risks specific to the asset not considered in estimating
future cash flows.
Because corporate assets do not generate independent cash inflows, if there is an indication that a corporate
asset may be impaired, impairment testing is conducted based on the recoverable amount for the CGU towhich the corporate asset belongs.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.
An impairment loss recognized in relation to a CGU is allocated to reduce the carrying amount of assets
within the CGU on a pro rata basis determined by the relative carrying amount of each asset.
An asset or CGU impaired in prior years is reviewed at every reporting fiscal year-end to determine whether
there is any indication of a reversal of impairment loss recognized in prior years. The recoverable amount isestimated for an impairment loss recognized in prior years for an asset or CGU with an indication of reversalof impairment, and the impairment loss is reversed if the recoverable amount exceeds the carrying amount.
The carrying amount after reversal of the impairment loss must not exceed the carrying amount of the asset
that would be determined if no impairment had been recognized and the asset had been depreciated oramortized until the reversal. An impairment loss recognized for goodwill is not reversed.
(5) Standards for recording provisions
The Company recognizes provisions if it has a present legal or constructive obligation as a result of past events,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligationand the amount of obligation can be reliably estimated.
In case the time value of money is material, the amount of a provision is measured at the present value of theamount of expenditures expected to be required to settle the obligation.
(6) Employee benefits(i) Post-employment benefits
Toyota Industries adopts the pension and lump-sum payment defined benefit plan and the defined contribution
plan.
Toyota Industries' liabilities (assets) in respect of defined benefit plans is calculated for each plan by
estimating the amount of future benefits earned by employees in the previous fiscal year and the fiscal year
under review, discounting that amount to the present value, deducting the fair value of plan assets, making
adjustments concerning the asset ceiling to that amount and, where necessary, considering economic benefits
available. Remeasurements of liabilities (assets) in respect of defined benefit plans are recognized in othercomprehensive income and at the time of their occurrence directly transferred from other components ofequity to retained earnings. Prior service cost is recognized in profit or loss as it occurs. Market yields onhigh-quality corporate bonds with roughly the same maturity as that of Toyota Industries' net defined benefit
liabilities at the end of the reporting period are used as the discount rate. Interest expenses on liabilities (asset)
in respect of defined benefit plans are presented as financial expenses.
Contributions under the defined contribution plan are expensed as the employees' services are provided.

54

(ii) Short-term employee benefits
Short-term employee benefits are expensed as the relevant services are provided and are not discounted.
For bonuses, if Toyota Industries has the present legal and constructive obligation to pay them as the result of
past services provided by employees and the amount can be reliably estimated, the amount estimated to be
paid is recognized as a liability.
(iii) Other long-term employee benefits
The amount of an obligation in respect of the long-service travel award scheme is calculated by estimating
the amount of future benefits earned by employees in the current and prior fiscal years and discounting thatamount to the present value.
Market yields on high-quality corporate bonds with roughly the same maturity as that of Toyota Industries'
long-term employee benefits at the end of the reporting period are used as the discount rate.
(Ⅳ) Share-based compensation
Toyota Industries adopts the cash-settled share-based compensation plan for some of its subsidiaries outside
Japan. Cash-settled share-based compensation is measured at the fair value of the goods or services received
and liabilities incurred. The fair value of the liabilities is remeasured at the end of each reporting period andon the settlement date, and changes in fair value are recognized in profit or loss.
(7) Revenues
Toyota Industries recognize revenue based on the following five-step model.
Step 1: Identify the contract with a customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
Toyota Industries sells automotive-related products such as vehicles, engines, foundry parts for engines, car airconditioning compressors, electronics components and batteries in the Automobile Business; lift trucks,
warehouse trucks and aerial work platforms in the Materials Handling Equipment Business; and weaving
machinery, spinning machinery, instruments for yarn testing and cotton classing in the Textile Machinery
Business. For sales of such products, since the customer obtains control over the product when a customer
accepts goods after inspection, and therefore performance obligation is judged to have been satisfied, Toyota
Industries normally recognizes revenue when a customer accepts goods after inspection.
Revenue is measured at the amount of consideration promised in a contract with the customer, net of discounts,
incentives to distributors and other items.
For maintenance contracts and other services that include construction contracts such as automated storage andretrieval systems, and logistics solutions, Toyota Industries recognizes revenue based on the progress of
performance obligation. The progress level is mainly computed according to the ratio of cumulative cost incurredagainst the total amount of estimated cost.

55

(8) Foreign currencies(i) Foreign currency transactions
Foreign currency transactions are converted into the functional currency of each company of Toyota Industries
using the exchange rate prevailing at the transaction date. Monetary assets and liabilities denominated inforeign currencies are converted into the functional currency using the exchange rate at the end of thereporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured atfair value are retranslated into the functional currency at the spot rate using the exchange rate at the fair value
calculation date.
Any exchange difference arising from the retranslation and settlement is recognized in profit or loss of theperiod.
(ii) Foreign operations
Assets and liabilities of foreign operations including goodwill and fair value adjustments arising fromacquisition are translated at the exchange rates at the end of the reporting period. Income and expenses offoreign operations are translated at the average exchange rates during the fiscal year, except in cases where
exchange rates fluctuate significantly. If exchange rates fluctuate significantly, the exchange rate at thetransaction date is used.
Foreign currency differences from the translation are recognized in other comprehensive income. When aforeign operation is disposed of, or control or significant influence or joint control is lost, the cumulative
amount of exchange differences related to that foreign operation is reclassified to profit or loss as part of thegain or loss on the disposal.
7. Notes to accounting estimates(1) Valuation for goodwill and intangible assets with indefinite useful lives(i) Amount as of the end of this fiscal year
Goodwill
267,736 million yen
Intangible assets with indefinite useful lives
51,198 million yen(ii) Information regarding contents of significant accounting estimates on identified items
Toyota Industries performs, with respect to goodwill and intangible assets with indefinite useful lives,
impairment testing as necessary during each period or in case there is a sign of impairment. The recoverable
value in impairment testing is calculated based on value in use.
Value in use is calculated by discounting the estimated amount of cash flows based on the business plan for
the next five years that has been primarily approved by the management in present value. The estimation of
cash flows is based on the assumption that cash flows of more than five years will increase at a certain growthrate. The growth rate is determined by referencing the long-term expected growth rate of the market in which
cash-generating units belong (about 1 to 4%). The discount rate is calculated based on the weighted-average
capital cost before tax of cash generating units (about 8 to 11%).
Toyota Industries concluded that even if there were reasonably possible changes in key assumptions used in
the impairment assessment, it is unlikely that a material impairment would arise.
(2) Post-employment benefits - Actuarial assumptions(i) Amount as of the end of this fiscal year

68,767 million yen(ii) Information regarding contents of significant accounting estimates on identified items
The calculation method of the amount is as described in “6. Matters regarding the standards for accounting
policies (6) Employee Benefits (i) Post-employment benefits”.

56

Important actuarial assumptions (weighted average) used for the calculation of the present value of the defined
benefit obligation consist of the following.
Japan
Discount rate

Outside Japan
1.63%

4.49%

In cases where the discount rate fluctuates at the ratios indicated below, assuming there are no changes toother assumptions, the defined benefit obligation as of the end of the fiscal year ended March 31, 2024, would
have been impacted as follows. While the sensitivity analysis assumes that there are no changes in otherassumptions, it is possible that changes in other assumptions could impact the sensitivity analysis.
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Japan
Discount rate
Outside Japan

0.5% increase(8,615)

0.5% decrease

9,603

0.5% increase(6,823)

0.5% decrease

7,257(3) Warranty provision(i) Amount as of the end of this fiscal year

30,818 million yen(ii) Information regarding contents of significant accounting estimates on identified items
The warranty provision is recorded by recognizing the amount of expected expenditure required for future
repairs without charge. Regarding specific products for which the implementation of countermeasures against
failures has been determined, the warranty provision is recorded by individually assessing the amounts
expected to be incurred, based on estimates of fault rectification cost per unit, the number of units subject tofault rectification, and other factors. Moreover, the number of units subject to fault rectification is estimatedbased on the actual result of past recalls and other market measures.
In the event that a warranty obligation arises due to defects in the Company’s products which were notanticipated in the initial estimate of the provision or that the amount of warranty expense exceeds the amountof the provision, there is a possibility that an additional warranty provision will be required. On the other
hand, if the actual warranty expense is lower than the initial estimate, a reversal of the warranty provision will
be recorded.
(4) Other domestic certification-related provision(i) Amount as of the end of this fiscal year

49,984 million yen(ii) Information regarding contents of significant accounting estimates on identified items
Other provisions related to domestic certification include expenses incurred in connection with the suspensionof lift trucks and engine shipments due to domestic certification issues, such as compensation to customers ofautomotive and industrial vehicle engines, domestic lift trucks customer support costs, and coverage forsuppliers.
The estimated amount is recorded based on the monthly cost incurred. This calculation is based on estimatesand is subject to inherent uncertainty. Accordingly, actual expenses may differ from estimates, and there is apossibility that additional provisions or a reversal of provisions will become necessary.

57II. Notes to Consolidated Statement of Financial Position
1. Accumulated depreciation of property, plant and equipment
The accumulated depreciation includes accumulated impairment loss.

1,986,005 million yen

2. Loss valuation provisions directly deducted from assets
Trade receivables and other receivables

18,902 million yen

3. Pledged assets, and assets pledged as collateral for secured debts(1) Assets pledged as collateral
Trade receivables and other receivables
Inventories
Property, plant and equipment
Investment securities
Total

56,743 million yen
5,604 million yen
4 million yen
306,480 million yen
368,832 million yen(2) Secured debts
Short-term loans payable
Other liabilities
Total

36,312 million yen
32,123 million yen
68,435 million yen

4. Export bills discounted

274 million yen

5. The last day of this fiscal year fell on a financial institution holiday. Therefore, 1,352 million yen in trade notes
within trade receivables and other receivables and 1,361 million yen in trade notes within trade payables and otherpayables on the date of March 31 were accounted for as money received and money withdrawn on that date.
III. Notes to Consolidated Statement of Changes in Equity
1. Type and total number of outstanding shares at the end of the consolidated fiscal year
Common stock
325,840,640 shares
2. Matters regarding dividends payable(1) Dividends paid for the year ended March 31, 2024
Total amount of
Resolution
Class of stock
dividends payable
April 27, 2023,
CommonBoard of Directors
31,047 million yen
stockmeeting
October 31, 2023,
Board of Directors
meeting

Commonstock

31,047 million yen

Dividends
per share

Record date

Effective date

100 yenMarch 31, 2023

May 25,2023

100 yen

September 30,
2023

November 27,
2023(2) Dividends with a record date in the fiscal year ended March 31, 2024 for which the effective date falls in thefollowing fiscal year
Class of
Total amount of
Source ofDividends
Effective
Resolution
Record datestock
dividends payable
dividends
per share
date
April 26, 2024,
CommonRetained
March 31,
May 27,
Board of Directors
43,466 million yen
140 yenstock
earnings
2024
2024
meeting58

Ⅳ. Notes to Financial Instruments
1. Matters concerning financial instruments(1) Capital management
Toyota Industries' financial policy is to ensure sufficient financing and liquidity for its business activities and tomaintain strong financial position. Using such current assets as cash and cash equivalents and short-term
investments, as well as cash flows from operating activities, issuance of corporate bonds and loans from financial
institutions, Toyota Industries believes that it will be able to provide sufficient funds for the working capitalnecessary to expand existing businesses and develop new projects. The Company defines equity capital as theamount of share of equity attributable to owners of the parent excluding the subscription rights to shares.
The Company is not subject to external capital controls as of March 31, 2024.
(2) Matters concerning risk management
Risk management policy
Toyota Industries is exposed to financial risks related to its marketing activities (credit risk, liquidity risk, market
risk, etc.). These risks are managed, based on the treasury policy for avoiding or reducing the effects of suchrisks.
The Company uses derivatives to avoid the risks explained below and does not engage in speculative transactions.
(i) Credit risk
The main receivables of Toyota Industries such as accounts receivable, lease investment assets and loans
receivable related to the sales financing business have credit risk (risk concerning non-performance of anagreement by the counterparty). In accordance with internal rules including the treasury policy, Toyota
Industries strives to promptly identify and reduce concerns about collection due to a deterioration in thefinancial conditions and others of its main counterparties by regularly monitoring their situation based on
their financial statements, ratings and others, and conducting due date management and balance management.
Collection risk of lease investment assets is minimal because their ownership is not transferred and due datemanagement and balance management are conducted. Toyota Industries has no significant concentrations ofcredit risk with any counterparty.
When using derivative transactions, Toyota Industries mainly deals with only financial institutions evaluatedas highly creditworthy by rating agencies to mitigate the counterparty risk.
Regarding accounts receivable, lease investment assets and loans receivable related to the sales financing
business, if all or part of them cannot be collected or are deemed to be extremely difficult to collect, they are
regarded as nonperforming.
The total carrying amount of financial assets represents the maximum exposure to credit risk.
Measuring expected credit loss for accounts receivable and lease investment assets
Because there is no significant financing component in accounts receivable, the loss evaluation allowanceis calculated as lifetime expected credit losses until collection of accounts receivable. For lease investment
assets, the loss evaluation allowance is calculated as lifetime expected credit losses until collection of lease
investment assets. Regarding accounts receivable and lease investment assets of debtors who have nosignificant problems in their business conditions, the expected credit loss rate is measured collectively,
considering the past track record of bad debts and others. If it is affected by significant economic
fluctuations, the policy is to correct the rate based on past record of bad debts by reflecting current andfuture economic forecasts.

59

Measuring expected credit loss for loans receivable related to the sales financing businessIf credit risk has not increased significantly as of the end of the fiscal year since initial recognition, the loss
evaluation allowance for loans receivable related to the sales financing business is calculated by collectively
estimating the expected credit loss rate for the following 12 months based on the past track record of bad
debts and others. If there are significant effects of changes in economic and other conditions, the loan loss
provision ratio based on the past track record of bad debts will be adjusted and reflected in the forecast ofpresent and future economic situations. On the other hand, if credit risk has increased significantly as ofthe end of the fiscal year since the initial recognition, the loss evaluation allowance for financial instruments
is calculated by individually estimating the lifetime expected credit losses of collecting financial
instruments based on the past track record of bad debts and the collectible amount in the future among otherfactors. Assets that are regarded as non-performing are recorded as credit impaired financial assets.
(ii) Liquidity risk
With financing through corporate bonds and loans, Toyota Industries is exposed to liquidity risk that apayment cannot be made on the due date because of a deterioration in financing and other conditions. In
accordance with the treasury policy, Toyota Industries prepares funding plans and secures liquidity with funds
on hand and commitment lines.
(iii) Market riski) Foreign currency risk
Engaged in business globally, Toyota Industries conducts transactions in foreign currencies and is exposedto the risk that profit or loss, cash flow and others will be affected by exchange rate fluctuations. In
accordance with its treasury policy, in principle, Toyota Industries uses foreign currency forward contracts,
foreign currency option contracts and foreign currency swaps to hedge foreign currency risk for eachcurrency for its monetary credits and liabilities denominated in foreign currencies.
ii) Interest rate risk
Toyota Industries procures funds through borrowings from financial institutions and issuances of corporate
bonds and is exposed to interest rate risks associated with raising and managing funds. Regarding interest
rate risks, in principle, Toyota Industries hedges such risks by interest rate swaps, interest rate options andmatching cash flows of receivables and payables, among other methods.
iii) Price fluctuation risk of equity financial instruments
Toyota Industries holds listed shares of companies with business relationships and is exposed to pricefluctuation risk of equity financial instruments. Toyota Industries constantly reviews the status of its
holdings of these financial instruments, considering relationships with and financial conditions of business
partners.
Toyota Industries does not hold equity financial instruments for trading purposes and does not actively
trade these investments.

60

2. Matters concerning the fair value of financial instruments
The following three levels of inputs are used to measure fair value.
(Level 1)
The market prices of the same assets or liabilities in active markets (which continuously ensure sufficient trading
frequencies and transaction volumes) that Toyota Industries has access to as of the measurement date are usedwithout adjustments.
(Level 2)
This level includes the published prices of similar assets or liabilities in active markets; the published prices of thesame assets or liabilities in inactive markets; inputs other than the observable published prices of assets andliabilities; and inputs calculated or supported mainly by observable market data.
(Level 3)
Because data are available only from limited markets, Toyota Industries uses unobservable inputs which reflect the
judgment of Toyota Industries in the assumptions used by market participants to decide the prices of assets andliabilities. Toyota Industries calculates inputs based on the best available information, including the data of Toyota
Industries itself.
When using multiple inputs to measure fair value, the fair value level is determined based on the significant input
from the lowest level in the fair value hierarchy.
Fair value is measured by the Accounting Department in accordance with the evaluation policy and procedures ofToyota Industries, using the evaluation model that can most appropriately reflect individual characteristics, featuresand risks of financial instruments. Moreover, changes are continuously examined for important indicators which
affect fluctuations of fair value.
(1) Financial instruments measured at amortized cost
The carrying amount and fair values of financial instruments measured at amortized cost consist of the following.
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Carrying
amountFair value
Level 1

Level 2

Level 3

Total

Financial assets:
Loans receivable andLoans receivable
related to the sales
financing business

354,185－－

376,830

376,830

Lease investment assets

559,666－－

541,597541,597

Corporate bonds

428,293－425,612－425,612Long-term loans

1,057,287－

1,050,726－

1,050,726

Financial liabilities:(Note) The above items include the balance to be corrected, redeemed and repaid within one year.

61

Notes are omitted for such short-term financial assets as cash equivalents and trade receivables and other receivables(excluding loans receivable and loans receivable related to the sales financing business and lease investment assets)
as well as for such short-term financial liabilities as trade payables and other liabilities that are measured at amortizedcost because the fair value approximates the carrying amount.
The fair value of lease investment assets is calculated with present value obtained by discounting the total amount of
future lease receivables with the expected interest rate when newly undertaking similar lease transactions.
The fair value of loans receivable and loans receivable related to the sales financing business is calculated withpresent value obtained by discounting the total amount of principal and interest with the expected interest rate when
newly undertaking similar lending.
The fair values of corporate bonds and long-term loans are calculated with present value obtained by discounting thetotal amount of future principal and interest with the expected interest rate when newly undertaking similarborrowings.
(2) Fair values of financial assets and liabilities continuously at fair value
The fair-value hierarchy of financial instruments measured at fair value consist of the following. Financial assets
measured at fair value through other comprehensive income include debt instruments, but they were immaterial.
Moreover, there is no transfer between different levels.
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Level 1
Financial assets measured at fair value
through profit or loss:
Derivative assets

Level 2

Level 3

Total－

36,812－36,812

3,743

－

6,475

10,219Financial assets measured at fair value
through other comprehensive income

5,617,499

785

155,7095,773,995

Total

5,621,243

37,598

162,185

5,821,027

Financial liabilities measured at fair value
through profit or loss:
Derivative liabilities－

18,621－

18,621

Total－

18,621－

18,621OthersDerivatives are transactions for forward exchange contracts, foreign currency option contracts, interest rate
swaps, interest rate and currency swaps and interest rate options.
Fair value of forward exchange contracts is calculated based on observable market data including forward
exchange rates. Data for the fair value of foreign currency option contracts, interest rate swaps, interest rate andcurrency swaps and interest rate options are calculated by financial institutions based on observable market data.
Toyota Industries uses the modified book value method when measuring the fair value of unlisted shares andother equity securities categorized as financial assets measured at fair value through other comprehensive
income. The illiquidity discount, which is an important unobservable input used to measure the fair value of
unlisted shares, is calculated as 30%.

62

Changes in financial instruments classified as Level 3 consist of the following.
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Balance at beginning of period

155,549

Gains and losses included in other comprehensive income

7,097

Purchase

653

Sales

(1,147)

Others33

Balance at end of period

162,185(Note) Gains and losses included in other comprehensive income are those for financial assets measured at fair value
through other comprehensive income as of the closing date.
Ⅴ. Notes to Revenue Recognition(1) Disaggregation of revenues
The reporting segments of the Toyota Industries consist of Automobile, Materials Handling Equipment andTextile Machinery. Within the Automobile Segment, vehicles, engines, car air-conditioning compressors andothers are included due to the similarity of their trend of sales and other economic characteristics. In addition,
sales are geographically broken down according to the location of customers. The disaggregation of sales ofthese sub-segments as well as sales of each reporting segment are as follows.
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Japan

U.S.A.

Others

Total

Vehicle100,846－－

100,846

Engine264,057

298

66,492

330,848

100,791

154,347

211,300

466,439

164,022

15,231

19,314

198,569

226,539903,228

981,800

2,111,568

Textile Machinery

1,414

3,155

88,791

93,361Others55,979－237

56,216

Revenues from contracts with customers

913,651

1,076,261

1,367,936

3,357,849

5,197

248,974

221,184

475,356

918,848

1,325,236

1,589,120

3,833,205

Automobile

Car Air-Conditioning
Compressor
Electronics Parts,
and Others

Materials Handling Equipment

Revenues from other sources
Total(Notes) 1. Revenue from contracts with customers, which is recognized over a certain period, is recorded in Materials
Handling Equipment segment and amounts to 510,575 million yen.
2. Revenues from other sources includes lease income based on IFRS 16, which is recorded mainly inMaterials Handling Equipment segment.

63

The Automobile Segment sells automotive-related products such as vehicles, engines, foundry parts, car airconditioning compressors, electronics components and batteries. Its primary customers include automotiverelated manufacturers in and outside Japan.
The Materials Handling Equipment Segment sells and provides maintenance for lift trucks, warehouse trucks,
aerial work platforms and other products as well as provides services including the construction of automatedstorage and retrieval systems, and logistics solutions. Its primary customers include users and dealers in andoutside Japan.
The Textile Machinery Segment sells weaving machinery, spinning machinery, instruments for yarn testing andcotton classing, and other products. Its primary customers include dealers in and outside Japan.
Sales derived from the sale of these products accounted for in accordance with (7) Revenues in 6. Mattersregarding the standards for accounting policies.
(2) Contract balances
Receivables from contracts with customers, contract assets and contract liabilities consist of the following.
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Receivables from contracts
Contract assets
Contract liabilities
with customers
Balance as of April 1,
579,620
74,386
120,428
2023
Balance as of March 31,
625,705
61,294
151,300
2024
Receivables from contracts with customers and Contract assets are included in "Trade receivables and otherreceivables" and Contract liabilities are included in "Trade payables and other payables" in the consolidated
statement of financial position.
Revenue recognized in this fiscal year, which was included in the balance at beginning of period of contract
liabilities, amounted to 115,951 million yen. During this fiscal year, the profit amount recognized fromperformance obligations satisfied (or partially satisfied) in previous fiscal years was immaterial.
(3) Transaction price allocated to remaining performance obligations
The total transaction price allocated to the remaining performance obligations at the end of this fiscal year andthe period over which revenue is expected to be recognized are as follows. Since the Toyota Industries applies
the convenience method of accounting in practice, the following amounts do not include transactions withindividual expected contract periods of one year or less.
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Due within one year

393,514

Due after one year but within five years

384,706

Due after five years

26,985

Total

805,206

Ⅵ. Notes to Per Share Information
1. Equity per share: attributable to owners of the parent

19,472.48 yen

2. Earnings per share- basic

736.86 yen

64

Ⅶ. Contingencies
As announced on May 21, 2021, due to the delay in obtaining the U.S. engine emissions certification for the engines
installed in some models of forklifts sold in North America, the Company's subsidiary Toyota Material Handling, Inc.
in Indiana, United States had suspended production and shipments of such models. On May 17, 2022, the Company
has announced that it had obtained engine certification for its main models of small liquefied petroleum gas (LPG)
forklifts and resumed shipments on May 12, 2022.
Subsequently, the Company confirmed the excess over the domestic (Japanese) emissions regulation values due toaging degradation, and potential violation of regulations related to Japanese certification of emissions, of engines forforklifts for the Japanese market. Given these, March 17, 2023, Toyota Industries decided to suspend the shipping inJapan of forklifts equipped with two models of diesel engines and one model of gasoline engines, a total of threemodels, and made a report to the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT), theJapanese Ministry of the Environment, and the Japanese Ministry of Economy, Trade and Industry. Of these models
for which shipments have been suspended, the two diesel engine models and any folklifts with these engines installed
were subject to an administrative action imposed by the MLIT on April 26, 2023, and the designation and certificationof the said types of engines were revoked.
On January 29, 2024, the Company received the results of the domestic engine certification by a Special Investigation
Committee made up of outside experts and made report to MLIT and other competent ministries, of the content ofsuch investigation and of the initiatives the Company is promoting to prevent recurrence. It was newly discovered inthis investigation that there were violation of domestic laws and regulations in domestic certification relating toemissions performance involving six models of engines for forklifts (of which, five were old types) and one engine
for construction machinery (old type), as well as violations of laws and regulations in the output test of three models
of engines for automobiles. In addition, regarding one current model of engine for construction machinery shippingof which was suspended, it was learned that emission regulation values had been exceeded. Therefore, in addition to
one model of engine for forklifts for the Japanese market that have been under a suspension of shipping since March
17, 2023, shipping has been stopped as of January 29, 2024, for one model of engines for forklifts for the Japanesemarket, forklifts in which said engines were installed and three models of diesel engines for automobiles which inthis investigation were newly found to involve violations of domestic laws and regulations.
After that, on February 22, 2024, the Company received correction order from MLIT urging to make fundamental
changes to our system to prevent misconduct from occurring and on March 5, 2024, MLIT notified the Company of
its decision to impose administrative sanction of revoking the Type Approval for two models of engines forklifts andone model of engines for construction machinery. On the other hand, On February 27, 2024, MLIT announced thatthree models of automobile diesel engines comply with the domestic standards, and it has lifted its instruction tosuspend shipments of subject engine models, and the Company resumed production and shipment of diesel engines
for automobiles for the Japanese market from March 4, 2024. Furthermore, on March 22, 2024, considering
recommendations to the Company provided by the Special Investigation Committee, the Company summarized
fundamental preventive measures, and reported the same to MLIT.
The issue of the certification of engines for markets in North America and Japan is currently subject to ongoinginvestigation as well as discussion with relevant parties. Currently, it is not possible to make a reasonable estimate of
the impact of the matter on the Company’s consolidated financial statements, except for the amount of impact alreadyidentified.

65

Accounting Auditor’s report on the Consolidated Financial Statements (duplicated copy)

Independent Auditor’s Report(English Translation)
May 7, 2024
To the Board of Directors of Toyota Industries Corporation
PricewaterhouseCoopers Japan LLC
Nagoya office
Masahide Kobayashi, CPA
Designated limited liability Partner
Engagement Partner
Junji Ichihara, CPA
Designated limited liability Partner
Engagement Partner
OpinionWe have audited, pursuant to Article 444 (4) of the Companies Act of Japan, the accompanying consolidated
financial statements, which comprise the consolidated statement of financial position, the consolidated statement of
profit or loss, the consolidated statement of changes in equity and notes to the consolidated financial statements ofToyota Industries Corporation (hereinafter referred to as the "Company") for the fiscal year from April 1, 2023 toMarch 31, 2024.
In our opinion, the above consolidated financial statements prepared by partially omitting the disclosure items
required by International Financial Reporting Standards in accordance with the provision of the latter part of Article
120 (1) of the Ordinance of Accounting of Companies present fairly, in all material respects, the financial position
and its financial performance of the corporate group which consists of the Company and its consolidated
subsidiaries for the period covered by the consolidated financial statements .
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Company and its consolidated subsidiaries inaccordance with the ethical requirements that are relevant to our audit of the consolidated financial statements inJapan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
The other information includes the business report and its supplementary details. It is the management’s
responsibility to create and disclose the other information. The responsibilities of the Audit & Supervisory Board
Members and the Audit & Supervisory Board lie in monitoring the directors’ performance of their duties in thedevelopment and operation of the reporting process of the other information.
The subject of the audit opinion on the consolidated financial statements does not include the other information,
and we do not express an opinion on the other information.
Our responsibilities in auditing the consolidated financial statements are to read through the other information toconsider whether there are any major discrepancies between the other information and the consolidated financial
statements or the knowledge that we acquire in the process of the audit, and to pay attention to any signs of material
errors in the other information besides those major discrepancies.
We are required to report the facts when we determine that there is a material error in the other information basedon the conducted procedure. There are no matters to be reported regarding the other information.
66

Responsibilities of Management, Audit & Supervisory Board Members and Audit & Supervisory Board for theConsolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements inaccordance with the provision of the latter part of Article 120 (1) of the Ordinance of Accounting of Companies thatallow the partial omission of the disclosure items required by International Financial Reporting Standards, and forsuch internal control as management determines is necessary to enable the preparation of the consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability
to continue as a going concern and disclosing, as applicable, matters related to going concern in accordance withthe provision of the latter part of Article 120 (1) of the Ordinance of Accounting of Companies that allow the partial
omission of the disclosure items required by International Financial Reporting Standards.
Audit & Supervisory Board Members and Audit & Supervisory Board are responsible for overseeing theCompany’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:- Identify and assess the risks of material misstatement of the consolidated financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, while the purpose of the financial statement audit is not to express an opinion
on the effectiveness of the Company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.
- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate whether the presentation and disclosures of the consolidated financial statements are in accordancewith the provision of the latter part of Article 120 (1) of the Ordinance of Accounting of Companies that allow
the partial omission of the disclosure items required by International Financial Reporting Standards, theoverall presentation, structure and content of the consolidated financial statements, including the disclosures,and whether the consolidate financial statements represent the underlying transactions and events in a mannerthat achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its
consolidated subsidiaries to express an opinion on the consolidated financial statements. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.
67

We communicate with Audit & Supervisory Board Members and Audit & Supervisory Board regarding, among
other matters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide Audit & Supervisory Board Members and Audit & Supervisory Board with a statement that wehave complied with relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,
related measures to remove disincentives or safeguards to reduce disincentives to an acceptable level.
Interest required to be disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Company and its consolidated
subsidiaries which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act ofJapan.

68

Non-consolidated Financial Statements (JGAAP)
Non-consolidated Balance Sheet
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Description(Assets)
Current assets(Reference)
FY2024FY2023(As of March(As of March
31, 2024)
31, 2023)

Cash and deposits
Trade notes receivable

1,077,290
523,230
18,059908,280
502,329
24,932

Accounts receivable

180,860

189,654

6,724

6,901

74,476
19,058748
254,175

66,90917,291806
99,483(42)(28)

6,654,837

4,142,217

Merchandise and finished
goodsWork in process
Raw materials and supplies
Prepaid expenses
Other current assets
Allowance for doubtful
accounts

Fixed assets
Property, plant andequipment

377,704

362,666

Buildings
Structures
Machinery and equipment
Vehicles and delivery
equipment

105,151
15,112
134,762

98,831
14,687
127,761

1,711

1,500

Tools, furniture and fixtures

8,756

8,023

Land
Construction in progress

87,632
24,57785,511
26,35026,42026,42019,46919,469Intangible assets
SoftwareInvestments and otherassetsDescription(Liabilities)
Current liabilities(Reference)
FY2024FY2023(As of March(As of March
31, 2024)
31, 2023)
656,124
16,507
234,823597,904
21,330247,775

10,00050,000102,654

63,353

14,35363,905
76,152
4,936

14,04961,727
7,084
5,139

Deposits received

24,041

62,022

Provisions
Other current liabilities

74,176
34,572

32,471
32,948

Bonds payable
Long-term loans payable

2,117,803
82,329477,252

1,448,864
90,575530,010Deferred tax liabilities

1,509,656

778,726

45,01845,8193,547
2,773,927

3,732
2,046,769

Capital stock

1,309,766
80,462

1,099,556
80,462

Capital surplus

105,540

105,540

Trade notes payable
Trade Accounts payable
Current portion of bonds
payableCurrent portion oflong term loans payable
Accounts payable-otherAccrued expenses
Accrued income taxes
Contract liabilities

Long-term liabilities

Allowance for retirement
benefits
Other long-term liabilities

Total liabilities(Net assets)
Shareholders’ equity

6,250,711

3,760,082

Investments securities
Stocks of subsidiaries andaffiliates
Investments in capital
Investments in capital ofsubsidiaries and affiliates
Long-term loans receivable

1,122,557

926,202

Legal capital surplus

101,766

101,766

5,008,770

2,720,543

Other capital surplus

3,774

3,773

5,015

4,937

1,183,133

972,898

34,82834,828Legal retained earnings

17,00417,00444,26640,155

1,166,128

955,893Long-term prepaid expenses

33,841

31,962Other retained earnings
Reserve for advanced
depreciation of noncurrent assets

205

208

1,461

1,481

General reserve

280,000

280,000

(29)

(29)

885,922675,685(59,369)(59,345)

3,648,433

1,904,172

3,648,647

1,904,325

(214)

(153)

4,958,200

3,003,728

7,732,127

5,050,498

Other investments and otherassetsAllowance for doubtful
accounts

Retained earnings

Retained earnings
brought forward
Treasury stock

Valuation and translation
adjustments

Total assets

7,732,127

Valuation difference on
available-for-sale securities
Deferred gains or losses onhedgesTotal net assets
Total liabilities and net
assets5,050,498

69

Non-consolidated Statement of Income
Unit: millions of yen(Amounts less than 1 million yen are omitted)
FY2024(April 1, 2023
- March 31, 2024)

Description-(Reference)
FY2023(April 1, 2022
March 31, 2023)

Net sales

1,223,629

1,157,785

Cost of sales

1,061,604

988,528

Gross profit

162,025

169,256

Selling, general and administrative expenses

107,779

116,267

Operating income

54,24652,989Non-operating income

139,109110,468

Interest and dividends income

133,165

103,871

Other non-operating income

5,944

6,597

Non-operating expenses

14,736

13,043

Interest expenses

3,713

3,368

Other non-operating expenses

11,022

9,674

Ordinary income

178,619

150,414Extraordinary gain

219,370－219,370－

49,387

20,751

49,387

20,751

Income before income taxes

348,602129,663

Income taxes - current

96,49024,820

Income taxes - deferred(20,217)(7,722)

Net income

272,330

112,565

Gain on sales of investments securities
Extraordinary loss
Domestic certification-related loss70

Non-consolidated Statement of Changes in Net Assets(April 1, 2023 - March 31, 2024)
Unit: millions of yen(Amounts less than 1 million yen are omitted)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

Capital stock

Balance as of March 31, 2023

Legal capital Other capital Total capital Legal retained Reserve foradvancedsurplussurplusearnings
surplusdepreciationof non-current
assets101,766

675,685

972,898

2－

Dividends paid

(62,095)(62,095)

Net income for the period

272,330

272,330

80,462

3,773

105,540

17,004

Reversal of reserves

208

Total
retainedearnings

Retainedearnings
brought
forwardGeneralreserve

280,000(2)

Repurchase of treasury stock
Disposal of treasury stock

00Change to items other thanshareholders’ equity duringaccounting period
Total changes of items during
the period
Balance as of March 31, 2024

－

－

0

0

－

(2)

－

210,237

210,234

80,462

101,766

3,774

105,540

17,004205

280,000

885,922

1,183,133

Shareholders’ equity
Treasury stock
Balance as of March 31, 2023

(59,345)

Reversal of reserves

Valuation and translation adjustments

Totalshareholders’ equity

Valuation difference
on available-forsale securities

Deferred gains orlosses on hedges

Total valuation andtranslation
adjustments

1,099,556

1,904,325(153)

1,904,172

Total
net assets

3,003,728－－

Dividends paid

(62,095)(62,095)

Net income for the period

272,330

272,330

Repurchase of treasury stock

(24)

(24)

(24)

Disposal of treasury stock

0

0

0

Change to items other thanshareholders’ equity duringaccounting period
Total changes of items during
the period
Balance as of March 31, 2024

1,744,321(60)

1,744,260

1,744,260(24)

210,210

1,744,321(60)

1,744,260

1,954,471(59,369)

1,309,766

3,648,647(214)

3,648,433

4,958,20071

Notes to Non-consolidated Financial Statements
Ⅰ. Notes to Significant Accounting Policies
1. Standards and methods of valuation of assets(1) Marketable Securities
Stocks of subsidiaries and affiliates
Stated at cost using the moving-average method
Other securities- Other than stocks etc. without market priceStated at fair market value with unrealized gains and losses reported in a separate component of net assets.
The cost of securities sold is calculated by the moving- average method.
- Stocks etc. without market priceStated at cost using the moving-average method(2) Inventories
Stated at cost determined by the moving-average method (the values on the non-consolidated balance sheet arecalculated through the write-down method based on the deterioration of profitability).
2. Depreciation method for fixed assets
Property, plant and equipment
Declining-balance method
Intangible assets
Straight-line method
3. Method of accounting for deferred assets
As for bond issuance cost, full amount is treated as expenses at the time of payout.
4. Standards of accounting for reserves(1) Allowance for doubtful accounts
The Company is applying the policy of providing an allowance for doubtful accounts in an amount sufficient tocover possible losses on collection by estimating individually uncollectible amounts and applying to theremaining accounts a percentage determined by certain factors such as historical collection experiences.
(2) Allowance for retirement benefits
The Company accrues an amount which is considered to be incurred in the period based on the estimatedprojected benefit obligations and estimated pension assets at the end of the year.
A. Method of attributing expected benefit to periods
The value of accrued benefit obligations is calculated using benefit formula standard.
B. Treatment of actuarial gains and losses and past service costs
Unrecognized past service costs are amortized by the straight-line method over the remaining average service
period of the employees. Unrecognized actuarial gain or loss at the end of prior year is amortized by thestraight-line method over the remaining average service period of the employees.
To provide for the retirement benefits for directors, an amount which is calculated at the end of the year as
required by an internal policy describing the retirement benefits for directors and managing officers is accrued.

72

(3) Warranty provision
To provide for repair work free of charge for defects in specific products, costs that can be individually estimatedas of the end of the fiscal year under review are recorded.
(4) Other domestic certification-related provision
To provide for losses that may arise from the suspension of shipments, including compensation to customers ofautomotive and industrial vehicle engines, and domestic lift trucks customer support costs etc., costs that can be
individually estimated as of the end of the fiscal year under review are recorded.
5. Standards of accounting for revenues and expenses
The Company recognizes revenue based on the following five-step model.
Step 1: Identify the contract with a customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
The Company sells automotive-related products such as vehicles, engines, foundry parts for engines, car airconditioning compressors, electronics components and batteries in the Automobile Business; lift trucks andwarehouse trucks in the Materials Handling Equipment Business; and weaving machinery and spinning machineryin the Textile Machinery Business. For sales of such products, since the customer obtains control over the productwhen a customer accepts goods after inspection, and therefore the performance obligation is judged to have beensatisfied, the Company normally recognizes revenue when a customer accepts goods after inspection. Revenue ismeasured at the amount of consideration promised in a contract with the customer, net of discounts, incentives to
distributors and other items.
For maintenance contracts and other services that include construction contracts such as automated storage andretrieval systems, and logistics solutions, the Company recognizes revenue based on the progress of performanceobligation. The progress level is mainly computed according to the ratio of cumulative cost incurred against the
total amount of estimated cost.
Mainly in the Automobile Business, royalty income is generated by the licensee producing products, including
licenses related to the Company’s intellectual property. Royalty income is calculated based on the production
volume of the licensee. It is recognized when the licensee uses the license related to the Company’s intellectual
property or when performance obligations, in which a part or all the royalty based on the production volume isallocated, are satisfied, whichever is later.
6. Method of hedge accounting
Mainly the deferral method of hedge accounting is applied. In the case of foreign currency forward contracts,
foreign currency option contracts and foreign currency swaps, the hedged items are translated at contracted forward
rates if certain conditions are met.
As for the interest rate swap contracts, which meet the requirements of preferential accounting method, thepreferential accounting method is applied.
In order to hedge the risk of changes in foreign exchange rates on transactions denominated in loans payable, bonds
payable, loans receivable, receivable and payable, and forecasted transactions, and the risk of changes in interest
rates on loans payable, bonds payable and loans receivable, the Company uses derivative instruments (foreign
currency forwards contracts, foreign currency option contracts, foreign currency swaps and interest rate swaps)
during the fiscal year under review.

737. Accounting treatment of retirement benefits
The accounting method of unrecognized actuarial gain and loss and past service cost are different from theconsolidated financial statement.
II. Notes to Accounting estimates
1. Valuation of stocks of subsidiaries and affiliates without market price(1) Amount recognized for FY2024

467,370 million yen(2) Information regarding contents of significant accounting estimates on identified items
If the actual price of any stocks of subsidiaries without market price declines more than approximately 50%
compared with its acquisition cost due to the deterioration of financial conditions of an issuing company of thesaid subsidiary’s stocks, the Company determines that the actual price has decreased significantly and recognizes
an impairment loss at the end of a fiscal year, except when recovery within approximately 5 years is substantiatedby sufficient evidence in business plans and other strategies.
If assumptions such as business plans fluctuate significantly due to changes in the business environment in the
future, the recoverability may not be substantiated by sufficient evidence and impairment loss may be required.
2. Allowance for retirement benefits(1) Amount recognized for FY2024

45,018 million yen(2) Information regarding contents of significant accounting estimates on identified items
Method of calculating amount is as detailed in "I. Notes to Significant Accounting Policies 4. Standards ofaccounting for reserves (2) Allowance for retirement benefits".
Discount rate used for the calculation of the present value of the defined benefit obligation is 0.45%.
In cases where the discount rate fluctuates at the ratios indicated below, assuming there are no changes to otherassumptions, the defined benefit obligation as of the end of the fiscal year would have been impacted as follows.
While the sensitivity analysis assumes that there are no changes in other assumptions, it is possible that changes
in other assumptions could impact the sensitivity analysis.
0.5% increase(10,893) million yen
0.5% decrease
12,123 million yen
3. Warranty provision(1) Amount recognized for FY2024

24,191 million yen(2) Information regarding contents of significant accounting estimates on identified items
Method of calculating amount is as detailed in "I. Notes to the Basis for Preparation of Consolidated Financial
Statements 7. Notes to accounting estimates (3) Warranty provision”.
4. Other domestic certification-related provision(1) Amount recognized for FY2024

49,984 million yen(2) Information regarding contents of significant accounting estimates on identified items
Method of calculating amount is as detailed in "I. Notes to the Basis for Preparation of Consolidated Financial
Statements 7. Notes to accounting estimates (4) Other domestic certification-related provision”.

74III. Notes to Non-consolidated Balance Sheet
1. Pledged assets, and assets pledged as collateral for secured debts(1) Assets pledged as collateral
Investment securities

306,480 million yen(2) Secured debts
Other current liabilities

32,118 million yen

2. Accumulated depreciation of property, plant and equipment
The accumulated depreciation includes accumulated impairment loss.

758,550 million yen

3. Guarantee liabilities(1) Guarantee liabilities to financial institutions

339,901 million yen(2) Guarantee liabilities from operating transactions

11,394 million yen

4. Export bills discounted

274 million yen

5. Monetary receivables from and payables to subsidiaries and affiliates(1) Short-term monetary assets

326,928 million yen(2) Long-term monetary assets

43,297 million yen(3) Short-term monetary liabilities

141,001 million yen(4) Long-term monetary liabilities

689 million yen

6. For accounting treatment of notes maturing at the end of the fiscal year, the notes are treated as if they were received
on the due date. Since the last day of this fiscal year fell on a financial institution holiday, the following matured
notes are treated as if they were received on the due date.
Trade notes receivable
118 million yen
IV. Notes to Non-consolidated Statement of Income
1. Transactions with subsidiaries and affiliates(1) Net sales

842,136 million yen(2) Net purchases

180,559 million yen(3) Transactions other than operating transactions

105,725 million yen

V. Notes to Non-consolidated Statement of Changes in Net Assets
Matters regarding the numbers of treasury stock
Class of stock
Common stock

Number of shares as of
Increase in the number Decrease in the number
the beginning ofof shares in FY2024
of shares in FY2024
FY2024
15,361,522 shares

2,133 shares

75

50 shares

Number of shares
as of the end of
FY2024
15,363,605 sharesVI. Notes to Tax Effect Accounting
The main contributing factors to the deferred tax assets incurred are allowance for retirement benefits and accrued
expenses, exceeding provision limit for tax deductible expenses (amount of valuation reserve deducted), and the main
contributing factor to the deferred tax liabilities incurred is net unrealized gains or losses on available-for-salesecurities.
VII. Notes to Transactions with Affiliates
1. Parent company and major corporate shareholders
Unit: millions of yen
Class

Name

Owning(or owned)
Contents of relationshipshares withvoting rights(owned)Other Toyota Motor
affiliate Corporation

Contents oftransaction

Sales of
Automobilesand engines
etc. *1

24.7%(directly)

Sales of the Company’s
products and purchaseof automobile parts
Purchase ofparts of0.0%
automobiles(indirectly)
and engines
etc. *2

Balance as ofAmount of
Description the end oftransactions
FY2024
Trade notes
receivable

16,860Accounts
receivable

54,728

Accounts
payable96,523

486,641

42,651(Notes) Transaction price and determination policies etc.
*1 As for the sales of automobiles and engines etc., the Company offers prices on such products based on
their overall costs, considering conditions on arm’s-length transactions, and negotiates prices for eachfiscal year. Conditions other than the prices are determined based on arm’s-length transactions.
*2 As for the purchase of parts of automobiles and engines etc., the Company negotiates prices for eachfiscal year, considering offered prices on such products and conditions on arm’s-length transactions.
Conditions other than the prices are determined based on arm’s-length transactions.

76

2. Subsidiaries, affiliates to which the equity method applied and others
Unit: millions of yen
Class

Name

Owning(or owned)
Contents of relationshipshares withvoting rights

Loan of funds
ToyotaIndustries
OwningSubsidiary Commercial
100.0%
Finance,(indirectly)
Guarantee of liability
Inc.

Loan of funds

Subsidiary

ToyotaIndustries
Finance
InternationalAB

Owning100.0%(indirectly)
Guarantee of liability

Contents oftransaction

Balance as ofAmount of
Description the end oftransactions
FY2024

Loan offunds *1

83,235Other
current
assetsGuarantee of
liability formediumterm note *2

241,953－

Loan offunds *3

Othercurrent
assets22,973Long-term
loans
receivable

Guarantee of
liability formediumterm note
andcommercial
paper *4

97,948－83,235－

21,221
16,324－(Notes) Conditions of transactions and determination policies etc.
*1 For loan of funds to Toyota Industries Commercial Finance, Inc., interest rates are determined inconsideration of market interest rates and other factors. The transaction amount represents the change inloans receivable during FY2024.
*2 Guarantee of liability provided to Toyota Industries Commercial Finance, Inc. is for Medium Term Noteissued by them and the Company receives guarantee fees based on a fix rate. The amounts of transactions
are balances of guarantee of liability as of the end of FY2024.
*3 For loan of funds to Toyota Industries Finance International AB, interest rates are determined inconsideration of market interest rates and other factors. The transaction amount represents the change inloans receivable during FY2024.
*4 Guarantee of liability provided to Toyota Industries Finance International AB is for Medium Term Noteand Commercial Paper issued by them, and the Company receives guarantee fees based on a fix rate.
The amounts of transactions are balances of guarantee of liability as of the end of FY2024.
VIII. Notes to Per Share Information
1. Net assets per share

15,969.62 yen

2. Net income per share

877.13 yen

77

IX. Contingencies
As announced on May 21, 2021, due to the delay in obtaining the U.S. engine emissions certification for the engines
installed in some models of forklifts sold in North America, the Company's subsidiary Toyota Material Handling, Inc.
in Indiana, United States had suspended production and shipments of such models. On May 17, 2022, the Company
has announced that it had obtained engine certification for its main models of small liquefied petroleum gas (LPG)
forklifts and resumed shipments on May 12, 2022.
Subsequently, the Company confirmed the excess over the domestic (Japanese) emissions regulation values due toaging degradation, and potential violation of regulations related to Japanese certification of emissions, of engines forforklifts for the Japanese market. Given these, March 17, 2023, Toyota Industries decided to suspend the shipping inJapan of forklifts equipped with two models of diesel engines and one model of gasoline engines, a total of threemodels, and made a report to the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT), theJapanese Ministry of the Environment, and the Japanese Ministry of Economy, Trade and Industry. Of these models
for which shipments have been suspended, the two diesel engine models and any folklifts with these engines installed
were subject to an administrative action imposed by the MLIT on April 26, 2023, and the designation and certificationof the said types of engines were revoked.
On January 29, 2024, the Company received the results of the domestic engine certification by a Special Investigation
Committee made up of outside experts and made report to MLIT and other competent ministries, of the content ofsuch investigation and of the initiatives the Company is promoting to prevent recurrence. It was newly discovered inthis investigation that there were violation of domestic laws and regulations in domestic certification relating toemissions performance involving six models of engines for forklifts (of which, five were old types) and one engine
for construction machinery (old type), as well as violations of laws and regulations in the output test of three models
of engines for automobiles. In addition, regarding one current model of engine for construction machinery shippingof which was suspended, it was learned that emission regulation values had been exceeded. Therefore, in addition to
one model of engine for forklifts for the Japanese market that have been under a suspension of shipping since March
17, 2023, shipping has been stopped as of January 29, 2024, for one model of engines for forklifts for the Japanesemarket, forklifts in which said engines were installed and three models of diesel engines for automobiles which inthis investigation were newly found to involve violations of domestic laws and regulations.
After that, on February 22, 2024, the Company received correction order from MLIT urging to make fundamental
changes to our system to prevent misconduct from occurring and on March 5, 2024, MLIT notified the Company of
its decision to impose administrative sanction of revoking the Type Approval for two models of engines forklifts andone model of engines for construction machinery. On the other hand, On February 27, 2024, MLIT announced thatthree models of automobile diesel engines comply with the domestic standards, and it has lifted its instruction tosuspend shipments of subject engine models, and the Company resumed production and shipment of diesel engines
for automobiles for the Japanese market from March 4, 2024. Furthermore, on March 22, 2024, considering
recommendations to the Company provided by the Special Investigation Committee, the Company summarized
fundamental preventive measures, and reported the same to MLIT.
The issue of the certification of engines for markets in North America and Japan is currently subject to ongoinginvestigation as well as discussion with relevant parties. Currently, it is not possible to make a reasonable estimate of
the impact of the matter on the Company’s non-consolidated financial statements, except for the amount of impact
already identified.

78

Accounting Auditor’s report on the Non-consolidated Financial Statements (duplicated copy)

Independent Auditor’s Report(English Translation)
May 7, 2024
To the Board of Directors of Toyota Industries Corporation
PricewaterhouseCoopers Japan LLC
Nagoya office
Masahide Kobayashi, CPA
Designated limited liability Partner
Engagement Partner
Junji Ichihara, CPA
Designated limited liability Partner
Engagement Partner
OpinionWe have audited, pursuant to Article 436 (2) (i) of the Companies Act of Japan, the accompanying financial
statements, which comprise the balance sheet, profit and loss statement, statement of changes in net assets andnotes to the financial statements, and the supplementary schedules of Toyota Industries Corporation (hereinafterreferred to as the "Company") for the 145th fiscal year from April 1, 2023 to March 31, 2024.
In our opinion, the financial statements and the supplementary schedules referred to above present fairly, in allmaterial respects, the financial position and its financial performance for the period covered by the financial
statements and the supplementary schedules in accordance with accounting principles generally accepted in Japan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements and the Supplementary Schedules section of our report. We are independent of the Company inaccordance with the ethical requirements that are relevant to our audit of the financial statements and the
supplementary schedules in Japan, and we have fulfilled our other ethical responsibilities in accordance with theserequirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Other information
The other information includes the business report and its supplementary details. It is the management’s
responsibility to create and disclose the other information. The responsibilities of the Audit & Supervisory Board
Members and the Audit & Supervisory Board lie in monitoring the directors’ performance of their duties in thedevelopment and operation of the reporting process of the other information.
The subject of the audit opinion on the financial statements does not include the other information, and we do not
express an opinion on the other information.
Our responsibilities in auditing financial statements are to read through the other information to consider whether
there are any major discrepancies between the other information and financial statements or the knowledge that we
acquire in the process of the audit, and to pay attention to any signs of material errors in the other information
besides those major discrepancies.
We are required to report the facts when we determine that there is a material error in the other information basedon the conducted procedure. There are no matters to be reported regarding the other information.

79

Responsibilities of Management, Audit & Supervisory Board Members and Audit & Supervisory Board for the
Financial Statements and the Supplementary Schedules
Management is responsible for the preparation and fair presentation of the financial statements and the
supplementary schedules in accordance with accounting principles generally accepted in Japan, and for suchinternal control as management determines is necessary to enable the preparation of the financial statements and the
supplementary schedules that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements and the supplementary schedules, management is responsible for assessing theCompany’s ability to continue as a going concern and disclosing, as applicable, matters related to going concern inaccordance with accounting principles generally accepted in Japan.
Audit & Supervisory Board Members and Audit & Supervisory Board are responsible for overseeing theCompany’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements and the Supplementary Schedules
Our objectives are to obtain reasonable assurance about whether the financial statements and the supplementaryschedules as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’sreport that includes our opinion. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements and the supplementary schedules.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:- Identify and assess the risks of material misstatement of the financial statements and the supplementaryschedules, whether due to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, while the purpose of the financial statement audit is not to express an opinion
on the effectiveness of the Company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.
- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in thefinancial statements and the supplementary schedules or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate whether the presentation and disclosures of the financial statements and the supplementary schedules
are in accordance with accounting principles generally accepted in Japan, the overall presentation, structure
and content of the financial statements and the supplementary schedules, including the disclosures, andwhether the financial statements and the supplementary schedules represent the underlying transactions andevents in a manner that achieves fair presentation.
We communicate with Audit & Supervisory Board Members and Audit & Supervisory Board regarding, among
other matters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide Audit & Supervisory Board Members and Audit & Supervisory Board with a statement that wehave complied with relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,
related measures to remove disincentives or safeguards to reduce disincentives to an acceptable level.

80Interest required to be disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Company which is required to bedisclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

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Audit & Supervisory Board’s report (duplicated copy)

Audit Report(English Translation)
The Audit & Supervisory Board, following deliberations on the reports made by each Audit & Supervisory Board
member concerning the audit of execution of duties by Members of the Board of the Company for the 146th fiscal
year from April 1, 2023 to March 31, 2024, has prepared this Audit Report and hereby submit it as follows:
1. Summary of Auditing Methods by Audit & Supervisory Board members and Audit & Supervisory Board(1) The Audit & Supervisory Board established the auditing policies and plans, received reports and explanations
regarding the status of audits and the results thereof from each Audit & Supervisory Board member, as well asreports and explanations regarding the status of the execution of duties from the Members of the Board andAccounting Auditor, and requested explanation as necessary.
(2) In accordance with the auditing policies and plans determined by the Audit & Supervisory Board, each Audit &Supervisory Board Member communicated with the Members of the Board and employees in charge of internal
auditing and other duties of the Company, made their best efforts to collect information and improve the auditing
environment, and conducted an audit in the following way.
1. Each Audit & Supervisory Board Member attended the Board of Directors’ meetings and other important
meetings to receive reports regarding the execution of duties from Members of the Board and employees
and requested explanations as necessary. Each Audit & Supervisory Board Member inspected the approved
documents and examined the status of operations and conditions of assets at its head office and principal
offices. Audit & Supervisory Board Members also received from subsidiaries their business reports asnecessary through communication and information sharing with their Members of the Board and Audit &Supervisory Board Members.
2. Each Audit & Supervisory Board Member received status reports from Members of the Board, employeesof the internal control department and other employees on a regular basis about the resolutions adopted by
the Board of Directors as to establishing the system set forth in Paragraph 4, Item 6 of Article 362 of theCompanies Act as well as Paragraphs 1 and 3 of Article 362 of the Companies Act, and the status of such
system (Internal Control System) established in accordance with the resolution of the Board of Directors
and requested explanations as necessary.
3.

The Audit & Supervisory Board Members monitored and verified whether the Accounting Auditor
maintained independence and conducted the audits appropriately, received reports and explanations
regarding the status of the execution of duties from the Accounting Auditor and requested explanations asnecessary. The Audit & Supervisory Board Members were also informed by the Accounting Auditor of its
arrangements, as appropriate, under the Article 131 of the Ordinance for Corporate Accounting with respect
to standards for quality control of audit work and requested explanations as necessary.

In accordance with the procedures mentioned above, the Audit & Supervisory Board Members reviewed the business
reports and supplementary schedules, the non-consolidated financial statements (non-consolidated balance sheet, thenon-consolidated statement of income, the non-consolidated statement of changes in net assets and notes to nonconsolidated financial statements) and the supplementary schedules thereof, and the consolidated financial statements(consolidated statement of financial position, consolidated statements of profit or loss, consolidated statements ofchanges in equity and the notes to the consolidated financial statements) for the fiscal year under review.
822. Results of Audit(1) Results of Audit of Business Report and Other Relevant Documents
1. In our opinion, the business report and the supplementary schedules are in accordance with the related laws
and regulations and Articles of Incorporation, and fairly represent the Company’s condition.
2. The Audit & Supervisory Board has found no wrongdoing in relation to the Directors’ execution of theirduties or significant facts violating laws, regulations or the Articles of Incorporation.
3. In our opinion, resolutions of the meetings of the Board of Directors regarding the internal control system
are fair and reasonable. Given the fact that the statutory violation in relation to the domestic engine
certification could not be prevented in the operation, however, the Audit & Supervisory Board conclude thatissues to be improved exist. Management has embarked on reforms, including further enhancement of thebasic policy regarding the development of internal control, in order to return to our roots and restart its
activities as a company that will never commit unfair practices again and the Audit & Supervisory Board will
monitor the implementation status.
(2) Results of Audit of Non-consolidated Financial Statements and Supplementary Schedules
In our opinion, the methods and results employed and rendered by PricewaterhouseCoopers Japan LLC, are fairand reasonable.
(3) Results of Audit of Consolidated Financial Statements
In our opinion, the methods and results employed and rendered by PricewaterhouseCoopers Japan LLC, are fairand reasonable.
May 8, 2024
Audit & Supervisory Board, Toyota Industries Corporation
Full-Time Audit & Supervisory Board Member
Full-Time Audit & Supervisory Board Member

Toru Inagawa
Toru Watanabe

Outside Audit & Supervisory Board Member
Outside Audit & Supervisory Board Member

Akihisa Mizuno
Masanao Tomozoe

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