Final Results 7

Toyota Motor Corporation
11 May 2004

                      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
                                                    (April 2003 through   (April 2002 through      (Decrease)
                                                        March 2004)           March 2003)

Net sales                                                 8,963,712             8,739,310             224,402
Cost of sales                                             7,186,182             6,932,356             253,826
Selling, general and administrative expenses                943,738               945,630             (1,892)
          Operating income                                  833,791               861,323            (27,532)
Non-operating income                                        180,108               167,814              12,294
          Interest income                                    16,492                20,482             (3,990)
          Dividend income                                    57,867                45,240              12,627
          Other non-operating income                        105,748               102,090               3,658
Non-operating expenses                                       98,170               136,460            (38,290)
          Interest expenses                                  10,847                11,023               (176)
          Other non-operating expenses                       87,323               125,437            (38,114)
          Ordinary income                                   915,728               892,676              23,052
Extraordinary gains                                               -               162,457           (162,457)
          Gains on return of substitutional                       -               162,457           (162,457)
portion of employee pension fund
Extraordinary losses                                         23,231                     -              23,231
     Losses on returned assets of                            23,231                     -              23,231
substitutional portion of employee pension fund                       
Income before income taxes                                  892,496             1,055,134           (162,638)
Income taxes - current                                      300,300               432,000           (131,700)
Income taxes - deferred                                      10,726              (10,925)              21,651
Net income                                                  581,470               634,059            (52,589)
Unappropriated retained earnings brought
forward                                                     470,341               306,006             164,335
Retirement of shares                                              -               142,992           (142,992)
Interim cash dividends                                       67,984                56,801              11,183
Unappropriated retained earnings
at end of year                                              983,826               740,272             243,554


Note: In conjunction with the enforcement of the Defined Benefit Enterprize
Pension Plan Law, TMC received approval on April 1, 2002 from the Minister of
Health, Labour and Welfare for an exemption from payment of future benefits
regarding the Substitutional Portion of the Employee Pension Fund. TMC applied
the transitional accounting treatment specified in paragraph 47-2 of the
'Practical Guidelines of Accounting for Retirement Benefits(Interim report)' and
recognized an extinguishment of retirement benefit obligation and assets(Plan
Assets) with respect to such Substitutional Portion as of the date of the
approval.

On September 1, 2003, TMC also received approval from the Minister of Health,
Labour and Walfare for the return of past benefits regarding Substitutional
Portion of Employee Pension Fund, and completed the return of the Plan Assets to
the  government during the year ended March 31, 2004. TMC reported 23,231
million yen of loss, as an extraordinary loss, incurred in managing Plan Assets
during the period between the date of approval for an exemption from the payment
of the future benefits and the date of the return.




           PROPOSED APPROPRIATION OF UNCONSOLIDATED RETAINED EARNINGS

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



(Million yen except 'Per share' amounts; amounts less than one million yen are
omitted)

                                                                FY2004                          FY2003

Unappropriated retained earnings at end of year                983,826                         740,272
Reversal of reserve for losses on overseas                           2                             141
investments
Reversal of reserve for special depreciation                         -                              49
Total                                                          983,829                         740,463

The proposed appropriation is as follows:
Cash dividends                                                  83,261                          69,032


                                                     <  JPY25 per share  >          <  JPY20 per share  >

Bonuses to directors                                               598                             660
Bonuses to corporate auditors                                       50                              51
Reserve for special depreciation                                   959                               -
Reserve for reduction of acquisition cost of                     1,092                             378
fixed assets
General reserve                                                400,000                         200,000
Unappropriated retained earnings to be carried                 497,867                         470,341
forward



Note: An interim dividend of JPY20 per share was paid on November 26, 2003, to
shareholders (including the beneficial shareholders notified by Japanese
Securities Depository Center) or registered pledgees of record as of September
30, 2003.  Total interim dividends paid were in amount of 67,984 million yen.




                         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
                                                (As of March 31,2004) (As of March 31,2003)       (Decrease)
                  Assets
Current assets                                          3,358,189             3,620,881            (262,692)
          Cash and deposits                                87,052               113,802             (26,750)
          Trade accounts receivable                     1,037,717               919,468              118,249
          Marketable securities                           995,893             1,373,742            (377,849)
          Finished goods                                  113,465               140,516             (27,051)
          Raw materials                                    13,615                13,807                (192)
          Work in process                                  70,877                64,881                5,996
          Supplies                                          7,639                 7,599                   40
          Short-term loans                                354,616               321,986               32,630
          Deferred income taxes                           244,726               250,469              (5,743)
          Others                                          437,584               423,307               14,277
          Less: allowance for doubtful accounts           (5,000)               (8,700)                3,700

Fixed assets                                            5,458,975             4,971,941              487,034
       Property, plant and equipment                    1,260,728             1,269,042              (8,314)
          Buildings                                       360,374               341,722               18,652
          Structures                                       40,770                40,908                (138)
          Machinery and equipment                         323,619               336,077             (12,458)
          Vehicle and delivery equipment                   10,973                10,528                  445
          Tools, furniture and fixtures                    84,473                81,750                2,723
          Land                                            394,616               400,863              (6,247)
          Construction in progress                         45,899                57,190             (11,291)

       Investments and other assets                     4,198,247             3,702,899              495,348
          Investments in securities                     2,160,160             1,720,649              439,511
          Investments in subsidiaries                   1,367,445             1,242,883              124,562
          Long-term loans                                 388,914               340,999               47,915
          Deferred income taxes                           135,922               298,167            (162,245)
          Others                                          166,404               111,398               55,006
          Less: allowance for doubtful accounts          (20,600)              (11,200)              (9,400)
Total assets                                            8,817,164             8,592,823              224,341





   (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
                                                 (As of March 31,2004) (As of March 31,2003)      (Decrease)

                Liabilities
Current liabilities                                     1,970,407             2,040,821             (70,414)
          Trade notes payable                                 932                   967                 (35)
          Trade accounts payable                          837,241               765,041               72,200
          Current portion of bonds                              -               50,000              (50,000)
          Other payables                                  378,831               374,758                4,073
          Income taxes payable                            127,807               221,320             (93,513)
          Accrued expenses                                409,709               401,121                8,588
          Deposits received                               197,750               184,763               12,987
          Allowance for EXPO 2005 Aichi                     2,548                   644                1,904
          Others                                           15,585                42,205             (26,620)

Long-term liabilities                                     862,081               848,679               13,402
          Bonds                                           500,600               500,600                    -
          Allowance for retirement benefits               292,493               293,039                (546)
          Others                                           68,988                55,039               13,949
Total liabilities                                       2,832,489             2,889,501             (57,012)


           Shareholders' equity
Common stock                                              397,049               397,049                    -
Capital surplus                                           416,970               416,970                    -
          Capital reserve                                 416,970               416,970                    -
Retained earnings                                       5,731,342             5,287,601              443,741
         Legal reserve                                     99,454                99,454                    -
         Reserve for losses on overseas                       254                   396                (142)
investments
         Reserve for special depreciation                   1,498                 1,547                 (49)
         Reserve for reduction of                           5,382                 5,004                  378
acquisition cost of fixed assets
         General reserve                                4,640,926             4,440,926              200,000
         Unappropriated retained earnings                 983,826               740,272              243,554
at end of year
Net unrealized gains on other securities                  305,725                69,019              236,706
Less: treasury stock                                    (866,413)             (467,320)            (399,093)
Total shareholders' equity                              5,984,675             5,703,321              281,354

 Total liabilities and shareholders' equity             8,817,164             8,592,823              224,341


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




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