Sustained Innovation and Creativity - Toyota Industries Corporation

Report of Independent AuditorsReport of Independent AuditorsTo the Board of Directors and Shareholders ofToyota Industries CorporationWe have audited the accompanying consolidated balance sheets of Toyota IndustriesCorporation and its consolidated subsidiaries as of March 31, 2005 and 2006, and the relatedconsolidated statements of income, shareholders’ equity, and cash fl ows for each of the threeyears in the period ended March 31, 2006, all expressed in Japanese Yen. These consolidatedfi nancial statements are the responsibility of the Company’s management. Our responsibility isto express an opinion on these consolidated fi nancial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted inJapan. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the consolidated fi nancial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amountsand disclosures in the consolidated fi nancial statements. An audit also includes assessingthe accounting principles used and signifi cant estimates made by management, as well asevaluating the overall consolidated fi nancial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.In our opinion, the consolidated fi nancial statements referred to above present fairly, in allmaterial respects, the consolidated fi nancial position of Toyota Industries Corporation and itsconsolidated subsidiaries as of March 31, 2005 and 2006, and the consolidated results of theiroperations and their cash fl ows for each of the three years in the period ended March 31,2006 in conformity with accounting principles generally accepted in Japan.The amounts expressed in U.S. dollars, which are provided solely for the convenience ofthe reader, have been translated on the basis set forth in Note 1 to the accompanyingconsolidated fi nancial statements.ChuoAoyama PricewaterhouseCoopersNagoya, JapanJune 22, 200698 Toyota Industries Corporation Annual Report 2006