Detailed Interim Results 1/5

Toyota Motor Corporation
24 December 2002

1. Semi-Annual Consolidated Financial Statements, etc.
(1) Semi-Annual Consolidated Financial Statements
(a) Semi-Annual Consolidated Balance Sheets                                                        (In millions of yen)

                                                FY2002 semi-annual          FY2003 semi-annual      FY2002 selected data
                                         (As of September 30, 2001)   (As of September 30,2002)   (As of March 31, 2002)
                                                                                           
                                                  Amount    Percentage       Amount   Percentage    Amount  Percentage
                     (Assets)                                     %                         %                         %
I Current assets
1.   Cash and deposits                             1,124,697                 1,042,984                 707,233
2.   Trade notes and accounts receivable           1,407,435                 1,317,877               1,561,623
3.   Marketable securities                         1,264,925                 1,447,001               1,605,460
4.  Inventories                                    918,718                   986,311                 1,022,718
5.  Installment credit from dealers                2,716,279                 3,480,274               3,334,357
6.  Short-term loans                               1,135,084                 1,260,688               1,192,054
7.  Deferred income taxes                          368,496                   383,622                 379,668
8.  Other                                          534,730                   812,948                 718,693
9.  Less: allowance for doubtful accounts          (68,971)                 (120,339)               (110,843)
Total current assets                               9,401,394        51.4    10,611,370        53.2  10,410,966      52.3

II Fixed assets
(1) Property, plant and equipment *1
1.   Buildings and structures                      1,190,186                 1,215,000               1,230,871
2.   Machinery and equipment                       1,106,401                 1,174,074               1,179,305
3.   Vehicles and delivery equipment *2            1,118,180                 1,237,833               1,269,275
4.   Land                                          1,055,608                 1,078,622               1,070,869
5.   Construction in progress                      164,266                   268,288                 270,497
6.   Other                                         416,051                   433,430                 416,958
Total property, plant and equipment                5,050,695        27.6     5,407,249        27.1   5,437,777      27.4
(2)   Intangible fixed assets
             Software                              4,278                     4,116                   4,328
        Total intangible fixed assets              4,278         0.0         4,116         0.0       4,328         0.0
(3)   Investments and other assets
1.   Investments in securities                     2,678,266                 2,599,479               2,642,122
2.   Long-term loans                               691,425                   727,049                 796,349
3.   Deferred income taxes                         392,614                   327,816                 465,193
4.   Other                                         102,533                   299,042                 159,450
5.   Less: allowance for doubtful accounts         (24,465)                  (19,187)                (27,251)
Total investments and other assets                 3,840,373        21.0     3,934,200        19.7   4,035,865      20.3
Total fixed assets                                 8,895,347        48.6     9,345,567        46.8   9,477,970      47.7

Total assets                                       18,296,742       100.0    19,956,937       100.0  19,888,937    100.0





                                                                                                   (In millions of yen)
                                                 FY2002 semi-annual        FY2003 semi-annual      FY2002 selected data
                                           (As of September 30, 2001)  (As of September 30, 2002) (As of March 31, 2002)

                                               Amount     Percentage    Amount     Percentage    Amount    Percentage
                  (Liabilities)                                    %                        %                        %
I Current liabilities
1.  Trade notes and accounts payable             1,340,797                1,420,607                1,483,170
2.  Current portion of bonds                     849,363                  1,008,708                1,020,930
3.  Short-term borrowings                        1,136,140                1,042,581                1,104,365
4.  Commercial paper                                    --                1,102,701                       --
5.  Accrued expenses and other accounts payable  1,054,462                1,170,114                1,203,969
6.  Income taxes payable                         256,947                  309,352                  339,304
7.  Deferred income taxes                        695                      1,391                    1,769
8.  Allowance for product warranties             201,356                  240,397                  229,246
9.  Allowance for employee bonus                 45,241                   35,679                   35,838
10.Other                                         1,379,908                833,916                  1,764,476
Total current liabilities                        6,264,913        34.2    7,165,451        35.9    7,183,071        36.1

II Long-term liabilities
1.  Bonds                                        2,874,677                3,231,027                3,132,372
2.  Convertible debentures                       13,308                       --                   13,308
3.  Long-term borrowings                *        529,334                  467,989                  481,007
                                        2
4.  Deferred income taxes                        350,149                  338,381                  398,273
5.  Allowance for retirement benefits            745,004                  674,750                  769,714
6.  Other                                        18,008                   96,184                   121,897
Total long-term liabilities                      4,530,482        24.8    4,808,334        24.1    4,916,572        24.8
Total liabilities                                10,795,395        59.0   11,973,785        60.0   12,099,644       60.9

     (Minority interest)
Minority interest in consolidated subsidiaries   456,828         2.5      472,094         2.4      464,220         2.3

     (Shareholders' equity)
I    Common stock                                397,049         2.2           --          --      397,049         2.0
II  Capital reserve                              415,150         2.3           --          --      415,150         2.1
III Consolidated earned surplus                  6,253,584        34.1           --          --    6,527,956        32.8
IV Net unrealized gains on other securities      168,926         0.9           --          --      152,809         0.8
V  Translation adjustments                       (151,885)       (0.8)           --          --    22,855          0.1
                                                                                                                        
                                                7,082,826        38.7           --          --    7,515,821        37.8
VI Less: treasury stock                            (4,270)       (0.0)           --          --    (157,766)       (0.8)
VII Less: common stock of the Parent held by      (34,038)       (0.2)           --          --     (32,983)       (0.2)
consolidated subsidiaries
Total shareholders' equity                      7,044,517        38.5           --          --    7,325,072        36.8

I    Common stock                                     --          --      397,049         2.0           --          --
II  Capital surplus                                   --          --      415,769         2.1           --          --
III Retained earnings                                 --          --    6,884,863        34.5           --          --
IV Net unrealized gains on other securities           --          --      151,609         0.7           --          --
V  Translation adjustments                            --          --     (83,968)       (0.4)           --          --
VI Less: treasury stock                               --          --    (254,265)       (1.3)           --          --  
                                  
Total shareholders' equity                            --          --    7,511,057        37.6           --          --

Total liabilities and shareholders' equity     18,296,742       100.0   19,956,937       100.0   19,888,937       100.0


(b) Semi--Annual Consolidated Statements of Income                                         (In millions of yen)     
                                          FY2002 semi-annual            FY2003 semi-annual       FY2002 selected data 
                                       April 1, 2001 through         April 1, 2002 through      April 1, 2001 through 
                                          September 30, 2001            September 30, 2002             March 31, 2002 
                                                                                                                      
                                                                                                                      
                                            Amount   Percentage         Amount   Percentage          Amount   Percentage
                                                           %                             %                          %
                                                                                       
                                                           
  I     Net sales                            6,833,560  100.0              7,886,681  100.0           15,106,297  100.0
                                                                                                                   
  II     Cost of                             5,231,678  76.6               5,933,485  75.2             11,518,782  76.3
  sales                                                                                                             
  Gross profit                               1,601,882  23.4               1,953,196  24.8             3,587,515   23.7
                                                                                                                     
  III     Selling,                                                                                                    
  general and                                                                                                         
  administrative                                                                                                      
  expenses                                                                                                            
  1.     Freight                     98,552                      104,463                     211,293                  
  and                                                                                                                 
  transportation                                                                                                      
  charges                                                                                                             
  2.     Selling                    192,218                      179,301                     388,881                  
  expenses                                                                                                            
  3.     Advertiseme                130,360                      136,710                     331,903                  
  nt                                                                                                                  
  4. Provision for                   76,734                      102,738                     180,100                  
  product                                                                                                             
  warranties                                                                                                          
  5. Salaries and                   273,665                      310,529                     615,181                  
  wages                                                                                                               
  6. Provision for                   24,314                       22,180                      23,233                  
  employee bonus                                                                                                      
  7. Net periodic                    13,036                       21,348                      43,435                  
  pension cost                                                                                                        
  8. Depreciation                    39,417                       43,814                      88,581                  
  and amortization                                                                                                    
  9. Provision for                   10,798                       47,097                      59,389                  
  doubtful accounts                                                                                                   
  10. Amortization                    1,888                       10,711                       1,649                  
  of goodwill                                                                                                         
  11. Other                        234,313   1,095,301  16.0     243,471   1,222,368  15.5   520,395   2,464,044  16.3
                                                                                                                     
  Operating income                            506,581    7.4                730,827    9.3             1,123,470  7.4 
                                                                                                                      
                                                                                                                      
  IV     Non-operati                                                                                                  
  ng income                                                                                                           
  1.     Interest                    27,546                       23,072                      46,958                  
  income                                                                                                              
  2.     Dividend                     7,161                        6,466                       8,691                  
  income                                                                                                              
  3. Gains on sale                    5,165                        1,767                      12,147                  
  of securities                                                                                                       
  4. Gains on                        13,715                        5,533                      36,262                  
  foreign exchange                                                                                                    
  5.     Equity in                   21,344                       51,627                      15,046                  
  earnings of                                                                                                         
  affiliates                                                                                                          
  6.     Other                       47,368   122,301    1.8      67,403    155,871    2.0   125,004    244,111   1.6 
                                                                                                                      
  V     Non-operatin                                                                                                  
  g expenses                                                                                                          
  1.     Interest                    17,690                       15,426                      29,838                  
  expenses                                                                                                            
  2. Interest on                        911                          459                       2,151                  
  commercial paper                                                                                                    
  3. Loss on                         14,906                       25,820                      52,637                  
  disposal of fixed                                                                                                   
  assets                                                                                                              
  4. Unrealized                      10,788                        2,034                      30,782                  
  holding loss on                                                                                                     
  securities                                                                                                          
  5.     Reduction                       68                          547                       6,082                  
  of acquisition                                                                                                      
  cost of fixed                                                                                                       
  assets                                                                                                              
  6. Donations                        3,063                        3,806                       7,593                  
  7.     Other                       54,802   102,232    1.5      44,575     92,671    1.2   124,971    254,057   1.6 
  Ordinary income                             526,649    7.7                794,028   10.1             1,113,524  7.4 
                                                                                                                      
                                                                                                                      
  VI     Extraordina                                                                                                  
  ry gains                                                                                                            
  Gains on return                        --        --     --     186,050    186,050    2.3        --         --    -- 
  of substituted                                                                                                      
  portion of                                                                                                          
  employee pension                                                                                                    
  fund                                                                                                                
  Income before                               526,649    7.7                980,078   12.4             1,113,524  7.4 
  income taxes and                                                                                                    
  minority interest                                                                                                   
  in consolidated                                                                                                     
  subsidiaries                                                                                                        
  Income taxes -                    266,806                      334,162                     591,327                  
  current                                                                                                             
  Income taxes -                    (37,607)  229,198    3.3      59,338    393,500    5.0   (111,169)   480,158   3.2 
  deferred                                                                                                         
  Minority interest                             6,337    0.1                 32,780    0.4               17,541   0.1 
  in consolidated                                                                                                     
  subsidiaries                                                                                                        
  Net income                                  291,114    4.3                553,797    7.0              615,824   4.1 
                                                                                                                      
 
 
 (c) Semi-Annual Consolidated Statements of Retained Earnings and Capital Surplus    (In millions of yen)  
                                                                                                                      
                                             FY2002 semi-annual           FY2003 semi-annual                   FY2002 
                                                                                                                      
                                          April 1, 2001 through        April 1, 2002 through    April 1, 2001 through 
                                             September 30, 2001           September 30, 2002           March 31, 2002 
                                                   Amount                       Amount                   Amount         
    

  I     Consolidated                                  6,162,656                           --                6,162,656 
  earned surplus at                                                                                                   
  beginning of period                                                                                                 
  II     Decreases in                                                                                                 
  consolidated earned                                                                                                 
  surplus                                                                                                             
  1.     Dividends                          50,905                           --                   98,638              
  2.     Bonuses to                          2,096                           --                    2,050              
  directors and                                                                                                       
  corporate auditors                                                                                                  
  3. Decrease resulting                     16,817                           --                   16,742              
  from increase in                                                                                                    
  consolidated                                                                                                        
  subsidiaries                                                                                                        
  4. Decrease resulting                      1,148                           --                    3,874              
  from decrease in                                                                                                    
  consolidated                                                                                                        
  subsidiaries                                                                                                        
  5.     Decrease                          129,218      200,186              --           --     129,218      250,524 
  resulting from share                                                                                                
  retirement by the                                                                                                   
  parent company                                                                                                      
  III     Net income                                    291,114                           --                  615,824 
  IV     Consolidated                                 6,253,584                           --                6,527,956 
  earned surplus at end                                                                                               
  of period                                                                                                           
  (Capital surplus)                                                                                                   
  I     Capital surplus                                                                                               
  at beginning of                                                                                                     
  period                                                                                                              
       Capital reserve                          --           --         415,150      415,150          --           -- 
  at beginning of                                                                                                     
  period                                                                                                              
  II     Increase in                                                                                                  
  capital surplus                                                                                                     
       Gain on disposal                         --           --             619          619          --           -- 
  of treasury stock                                                                                                   
  III     Capital                                            --                      415,769                       -- 
  surplus at end of                                                                                                   
  period                                                                                                              
  (Retained earnings)                                                                                                 
  I     Retained                                                                                                      
  earnings at beginning                                                                                               
  of period                                                                                                           
       Consolidated                             --           --       6,527,956    6,527,956          --           -- 
  earned surplus at                                                                                                   
  beginning of period                                                                                                 
  II     Increases in                                                                                                 
  retained earnings                                                                                                   
  1.     Net income                             --                      553,797                       --              
  2.     Increase                               --                        1,496                       --              
  resulting from                                                                                                      
  decrease in                                                                                                         
  consolidated                                                                                                        
  subsidiaries                                                                                                        
  3. Increase resulting                         --           --             272      555,567          --           -- 
  from increase in                                                                                                    
  affiliates accounted                                                                                                
  for under the equity                                                                                                
  method                                                                                                              
  III     Decreases in                                                                                                
  retained earnings                                                                                                   
  1.     Dividends                              --                       53,342                       --              
  2. Bonuses to                                 --                        2,316                       --              
  directors and                                                                                                       
  corporate auditors                                                                                                  
  3. Decrease resulting                         --                            9                       --              
  from increase in                                                                                                    
  consolidated                                                                                                        
  subsidiaries                                                                                                        
  4. Decrease resulting                         --           --         142,992      198,660          --           -- 
  from retirement of                                                                                                  
  share by the parent                                                                                                 
  company                                                                                                             
  IV     Retained                                            --                    6,884,863                       -- 
  earnings at end of                                                                                                  
  period                                                                                                              
                                                                                                                      



(d) Semi--Annual Consolidated Statements of Cash Flows                               (In millions of yen)

                                              FY2002 semi-annual     FY2003 semi-annual           FY2002
                                             April 1, 2001 through  April 1, 2002 through  April 1, 2001 through
                                              September 30, 2001     September 30, 2002       March 31, 2002
                                                     Amount                 Amount                 Amount
I   Cash flows from operating
activities
1. Income before income taxes and                    526,649                 980,078             1,113,524
minority interest in consolidated
subsidiaries
2.   Depreciation expenses                           382,075                 416,044               803,607
3.   Losses on disposal of fixed                      14,906                  25,820                52,637
assets
4.   Increase (Decrease) in                           38,908               (181,472)               131,187
allowance for retirement benefits
5.   Interest and dividend income                   (34,707)                (29,539)              (55,649)
6.   Interest expenses                                18,602                  15,886                31,990
7.   Equity in earnings of                          (21,344)                (51,627)              (15,046)
affiliates
8.   Increase in trade notes and                    (68,923)               (143,035)             (583,422)
accounts receivable
9.   Increase in loans receivable                   (58,889)                (98,704)              (91,321)
of consolidated financial
subsidiaries
10. Decrease in inventories                           67,788                   7,805                11,512
11. Increase (Decrease) in trade                   (113,443)                (45,766)                14,686
notes and accounts payable
12. Other                                           (40,935)                 (4,133)             (174,576)
             Subtotal                                710,687                 891,355             1,239,130
13. Interest and dividends                            43,310                  38,860                68,454
received
14. Interest paid                                   (18,860)                (15,574)              (31,475)
15. Income taxes paid                              (281,813)               (382,641)             (516,959)
Cash flows from operating                            453,325                 532,001               759,149
activities



                                                                                        (In millions of yen)   
                                                 FY2002 semi-annual       FY2003 semi-annual                   FY2002 
                                              April 1, 2001 through    April 1, 2002 through    April 1, 2001 through 
                                                 September 30, 2001       September 30, 2002           March 31, 2002 
                                                             Amount                  Amount                   Amount    
                                              
  II     Cash flows from                                                                                              
  investing activities                                                                                                
  1.      Net decrease                                       25,458                 (11,248)                   34,828 
  (increase) in time deposits                                                                                         
  2.     Payments for purchase                            (203,139)                (483,502)                (667,893) 
  of marketable securities and                                                                                        
  investments in securities                                                                                           
  3.     Proceeds from sales of                              82,373                  107,632                  159,139 
  marketable securities and                                                                                           
  investments in securities                                                                                           
  4.     Proceeds from                                      300,377                  462,247                  604,080 
  redemption of marketable                                                                                            
  securities and investments in                                                                                       
  securities                                                                                                          
  5.     Payments for                                     (461,419)                (533,773)                (961,402) 
  acquisition of property, plant                                                                                      
  and equipment (excluding                                                                                            
  vehicles for lease)                                                                                                 
  6.     Payments for                                     (287,774)                (256,877)                (566,690) 
  acquisition of vehicles for                                                                                         
  lease                                                                                                               
  7.     Proceeds from sales of                              32,050                   31,605                   65,119 
  property, plant and equipment                                                                                       
  (excluding vehicles for lease)                                                                                      
  8.     Proceeds from sales of                             234,186                  126,598                  408,422 
  vehicles for lease                                                                                                  
  9.     Other                                             (34,770)                   34,403                 (29,635) 
  Cash flows from investing                               (312,656)                (522,914)                (954,031) 
  activities                                                                                                          
  III     Cash flows from                                                                                             
  financing activities                                                                                                
  1.      Net increase                                       90,571                 (72,158)                   26,112 
  (decrease) in short-term                                                                                            
  borrowings                                                                                                          
  2.     Net increase (decrease)                          (176,912)                  207,884                   78,331 
  in commercial papers                                                                                                
  3.     Proceeds from                                      111,612                   49,762                  261,823 
  origination of long-term                                                                                            
  borrowings                                                                                                          
  4.     Payments for repayment                           (102,795)                 (63,047)                (293,559) 
  of long-term borrowings                                                                                             
  5.     Proceeds from issuance                             734,130                  840,917                1,493,896 
  of bonds                                                                                                            
  6.     Payments for redemption                          (244,134)                (498,603)                (830,294) 
  of bonds                                                                                                            
  7.     Payments for purchase                            (129,218)                (169,213)                (282,849) 
  of treasury stock                                                                                                   
  8.     Dividends paid                                    (50,905)                 (53,342)                 (98,638) 
  9.      Other                                             (4,818)                  (5,089)                  (6,816) 
  Cash flows from financing                                 227,530                  237,111                  348,005 
  activities                                                                                                          
  IV      Effect of exchange                               (10,741)                 (40,937)                   32,375 
  rate changes on cash and cash                                                                                       
  equivalents                                                                                                         
  V     Net increase in cash and                            357,457                  205,261                  185,499 
  cash equivalents                                                                                                    
  VI     Cash and cash                                    1,507,280                1,688,126                1,507,280 
  equivalents at beginning of                                                                                         
  period                                                                                                              
  VII     Decrease in cash and                              (4,654)                       --                  (4,654) 
  cash equivalents due to change                                                                                      
  in scope of consolidated                                                                                            
  subsidiaries                                                                                                        
  VIII     Cash and cash                                  1,860,083                1,893,387                1,688,126 
  equivalents at end of period                                                                                        
                                                                                                                      




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