Financial Statement 1

Toyota Motor Corporation
07 August 2002


                            TOYOTA MOTOR CORPORATION



                   INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


                                                                            Page

Report of independent accountants                                         F - 2
Consolidated balance sheets at March 31, 2001 and 2002                    F - 3
Consolidated statements of income for the years                           F - 5
ended March 31, 2000, 2001 and 2002
Consolidated statements of shareholders' equity for the years ended March F - 6
31, 2000, 2001 and 2002
Consolidated statements of cash flows for the years                       F - 8
ended March 31, 2000, 2001 and 2002
Notes to consolidated financial statements                                F - 10



All financial statement schedules are omitted because they are not applicable or
the required information is shown in the financial statements or the notes
thereto.



Financial statements of 50% or less owned persons accounted for by the equity
method have been omitted because the registrant's proportionate share of the
income from continuing operations before income taxes is less than 20% of
consolidated income from continuing operations before income taxes and the
investment in and advances to each company is less than 20% of consolidated
total assets.



                                      F-1




                       Report of Independent Accountants



To the Shareholders and Board of Directors of

Toyota Jidosha Kabushiki Kaisha

('Toyota Motor Corporation')



In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of income, shareholders' equity and cash flows present
fairly, in all material respects, the financial position of Toyota Motor
Corporation and its consolidated subsidiaries at March 31, 2001 and 2002, and
the results of their operations and their cash flows for each of the three years
in the period ended March 31, 2002, in conformity with accounting principles
generally accepted in the United States of America.  These financial statements
are the responsibility of the company's management; our responsibility is to
express an opinion on these financial statements based on our audits.  We
conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
  We believe that our audits provide a reasonable basis for the opinion
expressed above.



June 26, 2002

Nagoya, Japan



                                      F-2




                            TOYOTA MOTOR CORPORATION

                          CONSOLIDATED BALANCE SHEETS

                                     ASSETS

                                                                                                          U.S. dollars 
                                                                              Yen in millions              in millions 
                                                                                  March 31                   March 31, 
                                                                           2001               2002               2002 
  Current assets:                                                                                                     
  Cash and cash equivalents                                         Y 1,510,892        Y 1,657,160           $ 12,436 
  Time deposits                                                          48,917             19,977                150 
  Marketable securities                                                 488,096            600,737              4,508 
  Trade accounts and notes receivable, less allowance for                                       
   doubtful accounts of Y33,050 million in 2001                                                                        
   and Y28,182 million ($211 million) in 2002                         1,271,820          1,456,935             10,934   
  Finance receivables, net                                            1,633,247          2,020,491             15,163 
  Other receivables                                                     357,380            508,970              3,821 
  Inventories                                                           876,252            961,840              7,218 
  Deferred income taxes                                                 355,051            433,524              3,253 
  Prepaid expenses and other current assets                             323,485            413,211              3,101 
     Total current assets                                             6,865,140          8,072,845             60,584 

  Noncurrent finance receivables, net                                 2,068,768          2,671,460             20,048 

  Investments and other assets:                                                                                       
    Marketable securities and other securities investments            1,862,389          1,531,126             11,491 
    Affiliated companies                                              1,397,604          1,321,950              9,921 
    Officers and employees receivables                                   21,740             21,151                159 
    Other                                                               346,240            580,188              4,354 
                                                                      3,627,973          3,454,415             25,925 
  Property, plant and equipment:                                                                                      
    Land                                                                847,635          1,032,381              7,748 
    Buildings                                                         2,075,147          2,421,918             18,176 
    Machinery and equipment                                           6,213,626          6,959,054             52,225 
    Vehicles and equipment on operating leases                        1,525,164          1,584,161             11,889 
    Construction in progress                                            142,278            234,224              1,758 
                                                                     10,803,850         12,231,738             91,796 
  Less - Accumulated depreciation                                   (6,345,948)        (7,124,728)           (53,469) 
                                                                      4,457,902          5,107,010             38,327 
  Total assets                                                      Y17,019,783        Y19,305,730           $144,884 

    The accompanying notes are integral part of these financial statements.



                                      F-3




                            TOYOTA MOTOR CORPORATION

                          CONSOLIDATED BALANCE SHEETS

                      LIABILITIES AND SHAREHOLDERS' EQUITY

                                                                                                    U.S. dollars
                                                                         Yen in millions             in millions 
                                                                             March 31                   March 31, 
                                                                      2001               2002               2002 
        Current liabilities:                                                                                     
        Short-term borrowings                                  Y 1,469,007        Y 1,825,564           $ 13,700 
        Current portion of long-term debt                          714,674          1,158,814              8,696 
        Accounts payable                                         1,290,072          1,420,608             10,661 
        Other payables                                             607,170            575,011              4,315 
        Accrued expenses                                           814,153            928,160              6,966 
        Income taxes payable                                       252,235            327,713              2,459 
        Other current liabilities                                  405,976            436,288              3,275 
           Total current liabilities                             5,553,287          6,672,158             50,072 


        Long-term liabilities:                                                                                   
        Long-term debt                                           3,083,344          3,722,706             27,938 
        Accrued pension and severance costs                        505,150            754,403              5,662 
        Deferred income taxes                                      553,266            467,061              3,505 
        Other long-term liabilities                                 62,208            133,669              1,003 
           Total long-term liabilities                           4,203,968          5,077,839             38,108 


        Minority interest in consolidated subsidiaries             185,117            291,621              2,189 
        Shareholders' equity:                                                                                    
          Common stock, Y50 par value in 2001 and                                               
          no par value in 2002, authorized:                                                                        
          9,815,185,400 shares in 2001 and                                                                         
          9,780,185,400 shares in 2002;                                                                            
          issued and outstanding:                                                                                  
          3,684,997,492 shares in 2001 and                                                                         
          3,649,997,492 shares in 2002                             397,050            397,050              2,980        
           

        Additional paid-in capital                                 488,655            490,538              3,681 
        Retained earnings                                        6,479,073          6,804,722             51,067 
        Accumulated other comprehensive loss                     (282,491)          (267,304)            (2,006) 
        Treasury stock, at cost                                    (4,876)          (160,894)            (1,207) 
        Total shareholders' equity                               7,077,411          7,264,112             54,515 
        Commitments and contingencies                                                                            

           Total liabilities and shareholders' equity          Y17,019,783        Y19,305,730           $144,884 


The accompanying notes are an integral part of these financial statements. 

                                      F-4 

                             TOYOTA MOTOR CORPORATION 
                         CONSOLIDATED STATEMENTS OF INCOME 

                                                                                                         U.S. dollars
                                                            Yen in millions                               in millions 
                                                        For the year ended March 31                For the year ended
                                                                                                            March 31, 
                                                  2000               2001               2002                     2002 
  Net revenues:                                                                                                       
    Sales of products                      Y12,121,428        Y12,583,937        Y13,626,210                 $102,260 
    Financing operations                       528,349            553,133            690,664                    5,183 
                                            12,649,777         13,137,070         14,316,874                  107,443 
  Costs and expenses:                                                                                                 
    Cost of products sold                    9,839,833         10,218,599         10,874,455                   81,609 
    Cost of financing                          401,998            427,340            459,195                    3,446 
    operations                                                                                                          
    Selling, general and                     1,709,385          1,700,402          1,889,592                   14,181 
    administrative                                                                                                      
                                            11,951,216         12,346,341         13,223,242                   99,236 
  Operating income                             698,561            790,729          1,093,632                    8,207 
  Other income (expense):                                                                                             
    Interest and dividend                       73,972             71,358             55,778                      419 
    income                                                                                                              
    Interest expense                           (47,348)           (40,886)           (26,786)                    (201) 
    Foreign exchange gain                       91,267            (5,954)               (16)                      (0) 
    (loss), net                                                                                                         
    Other income (loss), net                    64,228            292,042          (150,507)                  (1,130) 
                                               182,119            316,560          (121,531)                    (912) 
  Income before income                          
    taxes, minority interest                                      
    and equity in earnings of                  880,680          1,107,289            972,101                    7,295   
  affiliated companies                                                                                                
  Provision for income taxes                   422,731            523,876            422,789                    3,173 

  Income before minority                       457,949            583,413            549,312                    4,122   
    interest and equity in                                          
    earnings of affiliated                                                                                              
    companies                                                                                                           
  Minority interest in                         (7,632)           (12,129)           (10,835)                     (81) 
    consolidated subsidiaries                                                                                           
  Equity in earnings of                         31,619            103,614             18,090                      136 
    affiliated companies                                                                                                
  Net income                                 Y 481,936          Y 674,898          Y 556,567                  $ 4,177 
                                                                 Yen                                     U.S. dollars 
  Net income per share:                                                                                               
  - Basic                                      Y128.27            Y180.65            Y152.26                    $1.14 
  - Diluted                                    Y128.27            Y180.65            Y152.26                    $1.14 
  Cash dividends per share:                     Y24.00             Y25.00             Y28.00                    $0.21 


The accompanying notes are an integral part of these financial statements. 

                                       F-5 

                              TOYOTA MOTOR CORPORATION 
                    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY 

                                                                                                                      
                                                                Yen in millions 

                                                                             Accumulated              
                                           Additional                              other      Treasury                  
                                   Common     paid-in           Retained   comprehensive        stock,              
                                   stock      capital           earnings    income (loss)      at cost          Total   
                                    
         
  Balance at March 31,          Y397,020     Y487,531         Y5,807,875       Y (34,155)    Y (2,988)     Y6,655,283 
  1999                                                                                                                
  Comprehensive income:                                                                                               
    Net income                                                   481,936                                      481,936 
    Other comprehensive                                                                                                 
    income (loss) -                                                                                                     
      Foreign currency                                                          (181,313)                    (181,313) 
      translation                                                                                                       
      adjustments                                                                                                       
      Unrealized gains on                                                         82,870                      82,870 
      securities, net of                                                                                                
      reclassification                                                                                                  
      adjustment                                                                                                        
    Minimum pension                                                                7,251                       7,251 
    liability adjustment                                                                                                
    Total comprehensive                                                                                      390,744 
    income                                                                                                              

  Dividends paid                                                (87,958)                                     (87,958) 
  Purchase and                                                  (45,457)                          (472)      (45,929) 
  retirement of common                                                                                                
  stock                                                                                                               
  Balance at March 31,           397,020      487,531          6,156,396        (125,347)       (3,460)     6,912,140 
  2000                                                                                                                

  Issuance during the                 30        1,124                                                           1,154 
  year                                                                                                                

  Comprehensive income:                                                                                               
    Net income                                                   674,898                                      674,898
    Other comprehensive                                                                                                 
    income (loss) -                                                                                                     
      Foreign currency                                                          161,280                       161,280 
      translation                                                                                                       
      adjustments                                                                                                       
      Unrealized losses on                                                      (304,995)                    (304,995) 
      securities,                                                                                                       
      net of                                                                                                            
      reclassification                                                                                                  
      adjustment                                                                                                        
    Minimum pension                                                              (13,429)                    (13,429) 
    liability adjustment                                                                                                
    Total comprehensive                                                                                       517,754 
    income                                                                                                              


  Dividends paid                                                (88,625)                                     (88,625) 
  Purchase and                                                 (263,596)                        (1,416)     (265,012) 
  retirement of common                                                                                                
  stock                                                                                                               
  Balance at March 31,           397,050      488,655          6,479,073       (282,491)       (4,876)      7,077,411 
  2001                                                                                                                

  Issuance during the                           1,883                                                           1,883 
  year                                                                                                                


  Comprehensive income:                                                                                               
    Net income                                                     556,567                                      556,567 
    Other comprehensive                                                                                                 
    income (loss) -                                                                                                     
      Foreign currency                                                           133,897                        133,897 
      translation                                                                                                       
      adjustments                                                                                                       
      Unrealized losses on                                                        (3,576)                        (3,576)
      securities,                                                                                                       
      net of                                                                                                            
      reclassification                                                                                                  
      adjustment                                                                                                        
 
    Minimum pension                                                             (114,344)                      (114,344)
    liability adjustment                                                                                                
    Net losses on                                                                   (790)                          (790)
    derivative                                                                                                          
    instruments                                                                                                         
    Total comprehensive                                                                                         571,754 
    income                                                                                                              


  Change in                                                      (3,061)                                      (3,061) 
  subsidiaries'                                                                                                       
  year-ends                                                                                                           
  Dividends paid                                                (98,639)                                     (98,639) 
  Purchase and                                                 (129,218)                      (156,018)     (285,236) 
  retirement of common                                                                                                
  stock                                                                                                               


  Balance at March 31,          Y397,050     Y490,538         Y6,804,722       Y(267,304)    Y(160,894)    Y7,264,112 
  2002                                                                                                                


The accompanying notes are an integral part of these financial statements. 

                                        F-6 

                               TOYOTA MOTOR CORPORATION 
          CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (CONTINUED) 

                                                                                                                      
                                                              U.S. dollars in millions 
                                                                                  Accumulated              
                                                Additional                              other      Treasury             
                                       Common      paid-in           Retained   comprehensive        stock,             
                                        stock      capital           earnings    income (loss)      at cost     Total 

  Balance at March 31,                 $2,980       $3,667            $48,623         $(2,120)      $ (37)    $53,113 
  2001                                                                                                                
  Issuance during the year                              14                                                         14 
  Comprehensive income:                                                                                               
    Net income                                                            4,177                                 4,177 
    Other comprehensive                                                                                                 
    income (loss) -                                                                                                     
      Foreign currency                                                                   1,005                  1,005 
      translation adjustments                                                                                           
      Unrealized losses on                                                                (27)                    (27) 
      securities, net of                                                                                                
      reclassification                                                                                                  
      adjustment                                                                                                        
    Minimum pension                                                                      (858)                   (858) 
    liability adjustment                                                                                                
    Net losses on derivative                                                               (6)                     (6) 
    instruments                                                                                                         
    Total comprehensive                                                                                         4,291 
    income                                                                                                              


  Change in subsidiaries'                                                (23)                                     (23) 
  year-ends                                                                                                           
  Dividends paid                                                        (740)                                    (740) 
  Purchase and retirement                                               (970)                      (1,170)     (2,140) 
  of common stock                                                                                                     


  Balance at March 31,                 $2,980       $3,681            $51,067         $(2,006)    $(1,207)    $54,515 
  2002                                                                                                                
The accompanying notes are an integral part of these financial statements. 

                                      F-7



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