Securities Report 10/12

Toyota Motor Corporation
24 June 2004


                                   FY2004

                       For the year ended March 31, 2004

24    Segment data

The operating segments reported below are the segments of Toyota for which
separate financial information is available and for which operating income/loss
amounts are evaluated regularly by executive management in deciding how to
allocate resources and in assessing performance.

The major portions of Toyota's operations on a worldwide basis are derived from
the Automotive and Financial Services business segments.  The Automotive segment
designs, manufactures, assembles and distributes passenger cars, sport-utility
vehicles, minivans, trucks and related parts and accessories.  The Financial
Services segment consists primarily of financing operations, and vehicle and
equipment leasing operations to assist in the merchandising of Toyota's products
as well as other products.  The All Other segment includes prefabricated housing
and various other business activities.

The following tables present certain information regarding Toyota's industry
segments and operations by geographic areas as of and for the year ended March
31, 2004:


(Segment operating results and assets)

                          Automotive       Financial        All Other       Intersegment     Consolidated
                                            Services                        Elimination/
                           (Yen in                           (Yen in        Unallocated        (Yen in
                          millions)         (Yen in         millions)          Amount         millions)
                                           millions)                          (Yen in
                                                                             millions)
Net revenues
(1)Sales to external   15,963,100       716,727          614,933          -                17,294,760
customers
(2)Inter-segment sales 10,726           20,125           281,311          (312,162)        -
    Total revenue      15,973,826       736,852          896,244          (312,162)        17,294,760
Operating expenses     14,454,872       590,854          880,997          (298,853)        15,627,870
Operating income       1,518,954        145,998          15,247           (13,309)         1,666,890
Segment assets         10,207,395       8,138,297        941,925          2,752,611        22,040,228
Investment in equity   1,092,713        211,657          -                60,407           1,364,777
method investees
Depreciation           772,829          175,533          21,542           -                969,904
Expenditures for       1,020,608        432,222          43,212           (7,501)          1,488,541
segment assets


Unallocated amounts included in segment assets represents assets held for
corporate purposes, which mainly consist of cash and cash equivalents and
marketable securities.  Such corporate assets were 3,270,973 million yen, as of
March 31, 2004.

Certain financial statement data on non-financial services and financial
services businesses

The financial data below presents separately Toyota's non-financial services and
financial services businesses.






                                        FY2004

                                    March 31, 2004

(1)    Consolidated balance sheets on non-financial services and financial 
services businesses


Item                                                         Yen in millions           Percentage
(Assets)
(Non-Financial Services Businesses)
1    Current assets
1  Cash and cash equivalents                                 1,618,876
2  Time deposits                                             16,689
3  Marketable securities                                     444,543
4  Trade accounts and notes receivable,                      1,555,606
less allowance for doubtful accounts
5  Finance receivables, net                                  14,599
6  Inventories                                               1,083,326
7  Prepaid expenses and other current assets                 1,391,600
Total current assets                                         6,125,239                   27.8
2    Noncurrent finance receivables, net                     7,960                       0.0
3    Investments and other assets                            4,246,665                   19.3
4    Property, plant and equipment                           4,398,163                   20.0
Total assets                                                 14,778,027                  67.1

(Financial Services Businesseses)
1    Current assets
1  Cash and cash equivalents                                 110,900
2  Time deposits                                             51,784
3  Marketable securities                                     3,914
4  Finance receivables, net                                  2,608,340
5  Prepaid expenses and other current assets                 605,019
Total current assets                                         3,379,957                   15.3
2    Noncurrent finance receivables, net                     3,221,013                   14.6
3    Investments and other assets                            580,843                     2.6
4    Property, plant and equipment                           956,484                     4.4
Total assets                                                 8,138,297                   36.9

(Eliminations)
Elimination of assets                                        (876,096)                   (4.0)

(Consolidated)
Total assets                                                 22,040,228                  100.0






                                        FY2004

                                     March 31, 2004

Item                                                         Yen in millions           Percentage
(Liabilities)
(Non-Financial Services Businesses)
1    Current liabilities
1    Short-term borrowings                                   718,396
2    Current portion of long-term debt                       62,634
3    Accounts payable                                        1,695,255
4    Accrued expenses                                        1,084,357
5    Income taxes payable                                    241,691
6    Other current liabilities                               971,796
Total current liabilities                                    4,774,129                   21.7
2    Long-term liabilities
1    Long-term debt                                          771,791
2    Accrued pension and severance costs                     724,369
3    Other long-term liabilities                             600,158
Total long-term liabilities                                  2,096,318                   9.5
Total liabilities                                            6,870,447                   31.2

(Financial Services Businesses)
1    Current liabilities
1    Short-term borrowings                                   2,029,258
2    Current portion of long-term debt                       1,088,762
3    Accounts payable                                        15,287
4    Accrued expenses                                        53,031
5    Income taxes payable                                    10,864
6    Other current liabilities                               259,826
Total current liabilities                                    3,457,028                   15.7
2    Long-term liabilities
1    Long-term debt                                          3,726,355
2    Accrued pension and severance costs                     1,200
3    Other long-term liabilities                             244,386
Total long-term liabilities                                  3,971,941                   18.0
Total liabilities                                            7,428,969                   33.7
(Elimination) Elimination of liabilities                     (884,048)                   (4.0)
(Consolidated) Total liabilities                             13,415,368                  60.9

(Minority interest in consolidated subsidiaries)
(Consolidated) Minority interest in consolidated             446,293                     2.0
subsidiaries

(Shareholders' equity)
(Consolidated) Total shareholder's equity                    8,178,567                   37.1
(Consolidated)                                               22,040,228                  100.0

Total liabilities, minority interest in consolidated

subsidiaries and shareholders' equity



(Note) Segment assets in non-financial services businesses include unallocated
corporate assets.






                                   FY2004

                        For the year ended March 31, 2004

(2)    Consolidated statement of income on non-financial services and financial 
services businesses


Item                                                         Yen in millions           Percentage
(Non- Financial Services Businesses)
1    Net revenues                                            16,586,814                  100.0
2    Costs and expenses                                      15,048,559                  90.7
1    Cost of revenues                                        13,507,835
2    Selling, general and administrative                     1,540,724
Operating income                                             1,538,255                   9.3
3    Other income, net                                       97,885                      0.6
Income before income taxes, minority interest and equity     1,636,140                   9.9
in earnings of affiliated companies
Provision for income taxes                                   627,038                     3.8
Income before minority interest and equity in earnings of    1,009,102                   6.1
affiliated companies
Minority interest in consolidated subsidiaries               (41,886)                    (0.3)
Equity in earnings of affiliated companies                   107,542                     0.7
Net income                                                   1,074,758                   6.5

(Financial Services Businesses)
1    Net revenues                                            736,852                     100.0
2    Costs and expenses                                      590,854                     80.2
1    Cost of revenues                                        365,750
2    Selling, general and administrative                     225,104
Operating income                                             145,998                     19.8
3    Other expense, net                                      (16,438)                    (2.2)
Income before income taxes, minority interest and equity     129,560                     17.6
in earnings of affiliated companies
Provision for income taxes                                   53,959                      7.3
Income before minority interest and equity in earnings of    75,601                      10.3
affiliated companies
Minority interest in consolidated subsidiaries               (815)                       (0.1)
Equity in earnings of affiliated companies                   12,753                      1.7
Net income                                                   87,539                      11.9

(Elimination)
Elimination of net income                                    (199)                       -

(Consolidated)
Net income                                                   1,162,098                   -






                                      FY2004

                         For the year ended March 31, 2004

(3)    Consolidated statement of cash flows on non-financial services business 
and financial services business


Item                                                      Yen in millions
(Non- Financial Services Businesses)
1    Cash flows from operating activities
1   Net income                                            1,074,758
2   Adjustments to reconcile net income to net cash
provided by operating activities
(1)   Depreciation                                        794,371
(2)   Provision for doubtful accounts and credit losses   13,356
(3)   Pension and severance costs, less payments          (159,291)
(4)   Loss on disposal of fixed assets                    38,708
(5)   Unrealized losses on available-for-sale             3,063
securities, net
(6)   Deferred income taxes                               82,918
(7)   Minority interest in consolidated subsidiaries      41,886
(8)   Equity in earnings of affiliated companies          (107,542)
(9)   Changes in other operating assets and               88,212
liabilities, and other
Net cash provided by operating activities                 1,870,439
2    Cash flows from investing activities
1   Additions to fixed assets excluding equipment         (923,105)
leased to others
2   Additions to equipment leased to others               (133,214)
3   Proceeds from sales of fixed assets excluding         63,211
equipment leased to others
4   Proceeds from sales of equipment leased to others     78,393
5   Purchases of marketable securities and security       (1,077,317)
investments
6   Proceeds from sales of and maturity of marketable     1,108,265
securities and security investments
7   Payment for additional investments in affiliated      (20,656)
companies, net of cash acquired
8   Changes in investments and other assets, and other    (16,051)
Net cash used in investing activities                     (920,474)
3    Cash flows from financing activities
1   Purchase of common stock                              (357,457)
2   Proceeds from issuance of long-term debt              48,373
3   Payments of long-term debt                            (140,384)
4   Decrease in short-term borrowings                     (105,051)
5   Dividends paid                                        (137,678)
6   Other                                                 (15,000)
Net cash used in financing activities                     (707,197)
4    Effect of exchange rate changes on cash and cash     (61,623)
equivalents
5    Net increase in cash and cash equivalents            181,145
6    Cash and cash equivalents at beginning of year       1,437,731
7    Cash and cash equivalents at end of year             1,618,876





                                   FY2004

                      For the year ended March 31, 2004


                         Item                                            Yen in millions
(Financial Services Businesses)
1    Cash flows from operating activities
1   Net income                                                           87,539
2   Adjustments to reconcile net income to net cash
provided by operating activities
(1)    Depreciation                                                      175,533
(2)    Provision for doubtful accounts and credit                        69,782
losses
(3)    Pension and severance costs, less payments                        24
(4)    Loss on disposal of fixed assets                                  1,034
(5)      Deferred income taxes                                           37,603
(6)   Minority interest in consolidated subsidiaries                     815
(7)   Equity in earnings of affiliated companies                         (12,753)
(8)    Changes in other operating assets and                             (13,546)
liabilities, and other
Net cash provided by operating activities                                346,031
2    Cash flows from investing activities
1   Additions to finance receivables                                     (8,126,880)
2   Collection of and proceeds from sale of finance                      6,878,953
receivables
3   Additions to fixed assets excluding equipment                        (22,698)
leased to others
4   Additions to equipment leased to others                              (409,524)
5   Proceeds from sales of fixed assets excluding                        10,714
equipment leased to others
6   Proceeds from sales of equipment leased to others                    210,288
7   Purchases of marketable securities and security                      (259,150)
investments
8     Proceeds from sales of and maturity of marketable                  327,877
securities and security investments
9   Changes in investments and other assets, and other                   (41,054)
Net cash used in investing activities                                    (1,431,474)
3    Cash flows from financing activities
1   Proceeds from issuance of long-term debt                             1,682,550
2   Payments of long-term debt                                           (1,187,219)
3   Increase in short-term borrowings                                    544,806
4   Other                                                                15,000
Net cash provided by financing activities                                1,055,137
4    Effect of exchange rate changes on cash and cash                    (13,091)
equivalents
5    Net decrease in cash and cash equivalents                           (43,397)
6    Cash and cash equivalents at beginning of year                      154,297
7    Cash and cash equivalents at end of year                            110,900


(Consolidated)
1    Effect of exchange rate changes on cash and cash                    (74,714)
equivalents
2    Net increase in cash and cash equivalents                           137,748
3    Cash and cash equivalents at beginning of year                      1,592,028
4    Cash and cash equivalents at end of year                            1,729,776





                                   FY2004

                    For the year ended March 31, 2004
                         (Geographic information)

                        Japan        North        Europe    Other foreign  Intersegment    Consolidated
                                    America                   countries    Elimination/
                       (Yen in                   (Yen in                    Unallocated
                      millions)     (Yen in     millions)      (Yen in        Amount
                                   millions)                  millions)                       (Yen in
                                                                              (Yen in        millions)
                                                                             millions)
Net revenues
(1) Sales to         7,167,704    5,910,422    2,018,969    2,197,665     -               17,294,760
external customers
(2) Intersegment     4,422,283    217,217      145,372      164,218       (4,949,090)     -
sales
       Total         11,589,987   6,127,639    2,164,341    2,361,883     (4,949,090)     17,294,760
Operating expenses   10,481,860   5,736,662    2,091,866    2,264,970     (4,947,488)     15,627,870
Operating income     1,108,127    390,977      72,475       96,913        (1,602)         1,666,890
Segment assets       10,210,904   6,674,694    1,842,947    1,567,276     1,744,407       22,040,228
Long-lived assets    3,032,629    1,536,550    448,954      336,514       -               5,354,647



Revenues are attributed to geographies based on the country location of the
parent company or the subsidiary that transacted the sale with the external
customer.

There are no any individually material countries with respect to net revenues,
operating expenses, operating income, segment assets and long-lived assets
included in other foreign countries.

Unallocated amounts included in segment assets represents assets held for
corporate purposes, which mainly consist of cash and cash equivalents and
marketable securities.  Such corporate assets were 3,270,973 million yen, as of
March 31, 2004.

Transfers between industry or geographic segments are made at amounts which
Toyota's management believes approximate arm's-length prices.  In measuring the
reportable segments' income or losses, operating income consists of net revenues
less operating expenses.



(Overseas Sales)

The following information shows net revenues that are attributed to countries
based on location of customers, excluding customers in Japan for the years ended
March 31, 2004.

In addition to the disclosure requirements under FAS No. 131, Disclosure about
Segments of an Enterprise and Related Information ('FAS 131'), Toyota discloses
this information in order to provide the Japanese readers with valuable
information.


                                   North America             Europe      Other foreign             Total
                                                                             countries
1  Overseas sales                      6,108,723          2,037,344          3,355,148        11,501,215

(Yen in millions)
2  Consolidated sales                          -                  -                  -        17,294,760

(Yen in millions)
3  Ratio of overseas sales to               35.3               11.8               19.4              66.5
consolidated sales (%)




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