Sustained Innovation and Creativity - Toyota Industries Corporation

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Letter to ShareholdersDear Shareholders:Toyota Industries made tremendous strides in strengthening our management structureand expanding our business foundation under a fi ve-year Medium-Term ManagementPlan that was completed in the fi scal year ended March 31, 2006 (fi scal 2006). As a result,we are pleased to report that in fi scal 2006, the plan’s fi nal year, Toyota Industries achievedconsolidated net sales of ¥1,506.0 billion and consolidated ordinary income of ¥80.6billion, thereby surpassing the targets of ¥1,200 billion in consolidated net sales and ¥80.0billion in consolidated ordinary income.In spite of these positive results, we will continue to push ahead to realize a potentiallygreater level of performance. In the fi scal year ending March 31, 2007, Toyota Industriesinitiated a new fi ve-year Medium-Term Management Plan (April 2006 – March 2011)that we believe will guide us on a path to further growth. Under the new plan, we havesignifi cantly raised the bar for performance by setting the extremely challenging targetsof surpassing ¥2,000 billion in consolidated net sales and ¥140.0 billion in consolidatedordinary income. To achieve these objectives, we will strive to further reinforce the strengthsof such core businesses as the Materials Handling Equipment and automobile-relatedbusinesses while actively cultivating the Logistics Solutions and other new businesses. Inessence, our new management plan clearly articulates the strategic directions ToyotaIndustries plans to pursue as we enter a new phase of growth.Along with the new management plan, we have devised the 2010 Vision, whichenvisions the desired status of the Toyota Industries Group in 2010—namely, the attainmentby each business division of an overwhelmingly dominant competitive advantage inthe areas of quality, cost and delivery. To achieve this, we need to continue to developleading-edge technologies that anticipate the needs of the times and enhance ourvalue chain by forging deeper synergies among business divisions, which would not bepossible without the combined efforts and capabilities of our employees. Accordingly, weintend to commit our energy to the development of personnel with superior skills as well asthe augmentation of workplace strengths that foster a spirit of teamwork.4 Toyota Industries Corporation Annual Report 2006
Tadashi IshikawaChairmanTetsuro ToyodaPresidentTo achieve stable growth over the long term, it is essential that companies undertakebusiness activities with a view toward promoting harmony between society and theglobal environment while maintaining healthy relationships with stakeholders. Furthermore,we believe that initiatives to ensure thorough compliance and strengthen corporategovernance are also indispensable. With an eye toward the future, we remain committedto attaining sustainable growth and raising our corporate value to meet the expectationsof our shareholders and other stakeholders.August 2006Tadashi IshikawaChairmanTetsuro ToyodaPresidentToyota Industries Corporation Annual Report 20065
Page 1 and 2: ANNUAL REPORTYear ended March 31, 2
Page 3 and 4: Contents24614Consolidated Financial
Page 5: Net SalesOperating IncomeNet Income
Page 9 and 10: Record-Breaking Results for Fiscal
Page 11 and 12: Further Deploying Our Engine Busine
Page 13 and 14: examples, each division undertakes
Page 15 and 16: progress in globalizing its busines
Page 17 and 18: Logistics SegmentTextile Ma chin er
Page 19 and 20: Toyota Material Handling Group—Ma
Page 21 and 22: Business Activities in Fiscal 2006J
Page 23 and 24: Looking AheadJapanese MarketThe yea
Page 25 and 26: Products for the Japanese MarketPro
Page 27 and 28: Products for the European MarketPle
Page 29 and 30: Breakthrough Innovations and Cuttin
Page 31 and 32: variable-displacementcompressors, w
Page 33 and 34: Vehicle BusinessAdvantages as a Com
Page 35 and 36: Project. This project involves the
Page 37 and 38: Car ElectronicsToyota Industries’
Page 39 and 40: Semiconductor Package SubstratesToy
Page 41 and 42: Creating Logistics Solutions by Ado
Page 43 and 44: Focus onBusiness6Textile Ma chin er
Page 45 and 46: ExploringToyota IndustriesToyota In
Page 47 and 48: of the Toyota Material Handling Gro
Page 49 and 50: New Products Developed and Launched
Page 51 and 52: Corporate Governance Structure of T
Page 53 and 54: Environmental and Social Contributi
Page 55 and 56: Social Contribution ActivitiesToyot
Page 57 and 58:
1990s - 2000s -1990Sprinter Carib (
Page 59 and 60:
Directors, Corporate Auditors and M
Page 61 and 62:
Company NameLocationCapital(thousan
Page 63 and 64:
Fi nan cial Sec tion626474767778799
Page 65 and 66:
Millions of yen2002 2001 2000 1999
Page 67 and 68:
Operating Income andOperating Incom
Page 69 and 70:
Net Sales ofTextile MachinerySegmen
Page 71 and 72:
Cash Flows(¥ Billion)150100500(50)
Page 73 and 74:
Toyota Industries intends to use re
Page 75 and 76:
Signifi cant Accounting Policies an
Page 77 and 78:
LIABILITIES, MINORITY INTERESTS AND
Page 79 and 80:
Consolidated Statements of Sharehol
Page 81 and 82:
Notes to Consolidated Financial Sta
Page 83 and 84:
(15) Hedge accounting(a) Method of
Page 85 and 86:
(2) As of and for the year ended Ma
Page 87 and 88:
7. Assets pledged as collateral(1)
Page 89 and 90:
13. Derivative instruments(1) Quali
Page 91 and 92:
15. Income taxes(1) The signifi can
Page 93 and 94:
(2) Operating leases (as a lessee)P
Page 95 and 96:
2006 2005 20042006Assets:Automobile
Page 97 and 98:
2006 2005 20042006Assets:Japan ¥ 8
Page 99 and 100:
20. Net income per share (EPS)Basis
Page 101 and 102:
Toyota Industriesin NumbersToyota I
Page 103 and 104:
(Years ended March 31)Net Sales and
Page 105 and 106:
(Years ended March 31)Cash Dividend
Page 107 and 108:
PublicationsOur Corporate Brochure
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