Interim Results - Part 4

Toyota Motor Corporation
05 November 2003

                      UNCONSOLIDATED STATEMENTS OF INCOME

   (All financial information has been prepared in accordance with accounting
                    principles generally accepted in Japan)





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

                                           FY2004            FY2003        Increase                          FY2003
                                         semi-annual       semi-annual    (Decrease)                      (April 2002
                                         (April 2003       (April 2002                                      through
                                           through           through                                      March 2003)
                                       September 2003)   September 2002)


Net sales                                     4,302,173         4,204,777     97,396                           8,739,310
Cost of sales                                 3,393,804         3,276,590    117,214                           6,932,356
Selling, general and administrative             449,185           456,847    (7,662)                             945,630
expenses
          Operating income                      459,184           471,339   (12,155)                             861,323
Non-operating income                            106,079            79,881     26,198                             167,814
          Interest income                        10,053            10,672      (619)                              20,482
          Dividend income                        44,009            35,236      8,773                              45,240
          Other non-operating income             52,016            33,972     18,044                             102,090
Non-operating expenses                           54,674            69,470   (14,796)                             136,460
          Interest expenses                       5,514             5,356        158                              11,023
          Other non-operating                    49,160            64,113   (14,953)                             125,437
          expenses
           Ordinary income                      510,589           481,750     28,839                             892,676
Extraordinary gains                                   -           162,457  (162,457)                             162,457
          Gains on return of                          -           162,457  (162,457)                             162,457
          substitutional portion of employee
          pension fund
          Income before income taxes            510,589           644,208  (133,619)                           1,055,134
Income taxes - current                          174,700           238,200   (63,500)                             432,000
Income taxes - deferred                         (2,163)            23,789   (25,952)                            (10,925)
             Net income                         338,052           382,218   (44,166)                             634,059
Unappropriated retained earnings                470,341           306,006    164,335                             306,006
brought forward
Retirement of shares                                  -           142,992  (142,992)                             142,992
Interim cash dividends                                -                 -          -                              56,801
  Unappropriated retained earnings              808,393           545,233    263,160                             740,272
          at end of period


                         UNCONSOLIDATED BALANCE SHEETS

   (All financial information has been prepared in accordance with accounting
                    principles generally accepted in Japan)

                                                          (Million yen; amounts less than one million yen are omitted.)
                                           FY2004            FY2003        Increase                           FY2003
                                         semi-annual         (As of                                        semi-annual
                                          (As of        March 31, 2003)   (Decrease)                          (As of
                                        September 30,                                                      September 30,
                                            2003)                                                              2002)
               Assets
Current assets                               3,270,863         3,620,881  (350,018)                            3,538,809
      Cash and deposits                         95,407           113,802   (18,395)                              697,828
      Trade accounts receivable                869,956           919,468   (49,512)                              730,718
      Marketable securities                  1,053,485         1,373,742  (320,257)                            1,025,272
      Finished goods                           104,723           140,516   (35,793)                              132,343
      Raw materials                             12,188            13,807    (1,619)                               13,060
      Work in process                           69,697            64,881      4,816                               62,736
      Supplies                                   7,649             7,599         50                                6,564
      Short-term loans                         375,560           321,986     53,574                              241,698
      Deferred income taxes                    237,439           250,469   (13,030)                              235,126
      Others                                   450,555           423,307     27,248                              399,560
      Less: allowance for doubtful             (5,800)           (8,700)      2,900                              (6,100)
      accounts

Fixed assets                                 5,395,347         4,971,941    423,406                            4,945,282
Property, plant and equipment                1,250,797         1,269,042   (18,245)                            1,247,897
      Buildings                                351,515           341,722      9,793                              345,767
      Structures                                40,365            40,908      (543)                               40,953
      Machinery and equipment                  321,015           336,077   (15,062)                              353,392
      Vehicle and delivery equipment            10,433            10,528       (95)                                9,525
      Tools, furniture and fixtures             77,400            81,750    (4,350)                               78,388
      Land                                     394,803           400,863    (6,060)                              400,250
      Construction in progress                  55,263            57,190    (1,927)                               19,619

Investments and other assets                 4,144,549         3,702,899    441,650                            3,697,384
      Investments in securities              2,138,155         1,720,649    417,506                            1,764,662
      Investments in subsidiaries            1,353,739         1,242,883    110,856                            1,200,646
      Long-term loans                          368,424           340,999     27,425                              380,461
      Deferred income taxes                    204,532           298,167   (93,635)                              244,678
      Others                                    93,497           111,398   (17,901)                              117,935
      Less: allowance for doubtful            (13,800)          (11,200)    (2,600)                             (11,000)
      accounts
            Total assets                     8,666,210         8,592,823     73,387                            8,484,092




   (All financial information has been prepared in accordance with accounting
                    principles generally accepted in Japan)



                                                         (Million yen; amounts less than one million yen are omitted.)
                                            FY2004            FY2003        Increase                           FY2003
                                          semi-annual         (As of       (Decrease)                       semi-annual
                                            (As of        March 31, 2003)                                      (As of
                                         September 30,                                                     September 30,
                                             2003)                                                             2002)
            Liabilities
Current liabilities                          1,856,276         2,040,821   (184,545)                           1,775,776
      Trade notes payable                        1,024               967         57                                  928
      Trade accounts payable                   755,094           765,041    (9,947)                              716,985
      Current portion of bonds                       -            50,000   (50,000)                               50,000
      Other payables                           308,885           374,758   (65,873)                              278,517
      Income taxes payable                     171,463           221,320   (49,857)                              238,917
      Accrued expenses                         375,777           401,121   (25,344)                              361,263
      Deposits received                        194,330           184,763      9,567                               98,596
      Allowance for EXPO 2005 Aichi              1,548               644        904                                    -
      Others                                    48,153            42,205      5,948                               30,567

Long-term liabilities                          836,358           848,679   (12,321)                              868,107
      Bonds                                    500,600           500,600          -                              500,600
      Allowance for retirement                 293,269           293,039        230                              292,653
      benefits
      Others                                    42,489            55,039   (12,550)                               74,853
                 Total liabilities           2,692,635         2,889,501  (196,866)                            2,643,883


        Shareholders' equity
Common stock                                   397,049           397,049          -                              397,049
Capital surplus                                416,970           416,970          -                              415,150
      Capital reserve                          416,970           416,970          -                              415,150
Retained earnings                            5,555,909         5,287,601    286,308                            5,092,561
      Legal reserve                             99,454            99,454          -                               99,454
      Reserve for losses on overseas               254               396      (142)                                  396
      investments
      Reserve for special                        1,498             1,547       (49)                                1,547
      depreciation
      Reserve for reduction of                   5,382             5,004        378                                5,004
      acquisition cost of fixed assets
      General reserve                        4,640,926         4,440,926    200,000                            4,440,926
      Unappropriated retained                  808,393           740,272     68,121                              545,233
      earnings at end of period
Net unrealized gains on other                  232,829            69,019    163,810                              113,789
securities
Less: treasury stock                          (629,185)         (467,320)  (161,865)                           (178,342)
Total shareholders' equity                   5,973,575         5,703,321    270,254                            5,840,208

Total liabilities and shareholders'          8,666,210         8,592,823     73,387                            8,484,092
equity         

Note: The scope of subsidiaries is determined in accordance with the provisions
of the Japan's Commercial Code.




                      This information is provided by RNS
            The company news service from the London Stock Exchange         IIFIELRLEIIV