Detailed Interim Results 3/5

Toyota Motor Corporation
24 December 2002

NOTES TO SEMI-ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

(Semi-Annual Consolidated Balance Sheets)

Note 1.  Accumulated depreciation of property, plant and equipment as of
September 30, 2001, September 30, 2002 and March 31, 2002 were JPY7,483,403
million, JPY7,770,939 million and JPY7,771,307 million, respectively.

              Vehicles and delivery equipment as of September 30, 2001,
September 30, 2002 and March 31, 2002 included assets under lease agreements
(Toyota as lessor) in the amounts of JPY1,021,510 million, JPY1,109,561 million
and JPY1,153,861, respectively.

Note 2.  Assets pledged as collateral at September 30, 2001, September 30, 2002
and March 31, 2002 were as follows:
                                                               September 30,            March 31,
                                                         2001             2002              2002
                                                                 (in millions of Yen)
Notes receivable                                      75,270           42,874           47,007
Installment credit from dealers                       168,019          94,699           138,102
Buildings and structures                              67,557           68,954           67,504
Machinery and equipment                               18,647           18,167           18,028
Land                                                  76,276           103,622          106,072
Other                                                 41,736           22,285           20,618
                   Total                              447,507          350,603          397,334



              Secured liabilities at September 30, 2001, September 30, 2002 and
March 31, 2002 were as follows:
                                                             September 30,               March 31,
                                                          2001            2002             2002
                                                                 (in millions of Yen)

Short-term borrowings                                  80,919           147,280         141,136
Long-term borrowings                                   191,245          76,378          73,220
Bonds                                                  128,550          94,699          138,102
                   Total                               400,715          318,359         352,459



Note 3.  Guarantees
                                                              September 30,              March 31,
                                                          2001             2002             2002
                                                                   (in millions of Yen)
Debt guarantees related to the operation of             755,889         795,818          783,339
consolidated financial subsidiaries
Other guarantees                                       22,524           27,532           25,336
Other acts similar to guarantees                       13               16               34
                   Total                               778,428          823,367          808,710



Note 4.  Notes receivable
                                                              September 30,               March 31,
                                                          2001             2002             2002
                                                                   (in millions of Yen)
Discounts on notes receivable                          8,195            12,014           7,109
Transfer by endorsement of notes receivable            68               55               61



Note 5. Unfunded loans under overdraft contracts and loan commitments

                                                              September 30,               March 31,
                                                          2001             2002             2002
                                                                   (in millions of Yen)
Unfunded loans provided by consolidated financial      350,637          1,003,915        731,702
subsidiaries under overdraft contracts and loan
commitments



              The above funds are not necessarily fully executed, as some of the
revolving contracts and loan commitments referred above are contingent upon a
satisfactory review of the creditworthiness of the customer.


(Semi-Annual Consolidated Statements of Cash Flows)

Note 1.  The correlation between cash and cash equivalents as of the end of each
period and items presented on the semi-annual consolidated balance sheets

                                                              September 30,               March 31,
                                                          2001             2002             2002
                                                                   (in millions of Yen)
Cash and deposits                                      1,124,697        1,042,984        707,233
Marketable securities                                  1,264,925        1,447,001        1,605,460
                   Total                               2,389,622        2,489,986        2,312,694
Time deposits and bonds with a maturity of over 3      (529,539)        (596,599)        (624,568)
months
Cash and cash equivalents                              1,860,083        1,893,387        1,688,126



Note 2.      In connection with the consolidation of Hino Motors, Ltd. and its
subsidiaries resulting from the acquisition of shares of Hino Motors, Ltd.
during FY2002, the following shows the correlation between the assets and
liabilities of Hino Motors, Ltd. and its subsidiaries as of the start of
consolidation, the acquisition price, and net payment to acquire Hino Motors,
Ltd.:

                                                                     (in millions of Yen)
Current assets                                                              381,853
Fixed assets                                                                436,295
Current liabilities                                                         (461,628)
Long-term liabilities                                                       (157,665)
Goodwill                                                                    (3,575)
Minority interest and other                                                 (128,994)
Acquisition cost of shares of Hino Motors, Ltd.                             66,286
Cash and cash equivalents of Hino Motors Ltd. and its subsidiaries          (36,972)
Net acquisition cost                                                        29,314



              The above net acquisition cost was included in 'Other' under 'Cash
flows from investing activities'.

Note 3.  During FY2002, no non-cash transaction that will have a material impact
on cash flows in subsequent fiscal years had occurred.


(Lease)

1. Finance lease transactions not involving a transfer of title to the lessee:

(1)   Leases entered into by TMC or its consolidated subsidiaries as lessee:

(a)   Equivalents of acquisition costs, accumulated depreciation and book value
at September 30, 2001, September 30, 2002 and March 31, 2002 were as follows:

                                                              September 30,               March 31,
                                                          2001             2002             2002
                                                                   (in millions of Yen)
Machinery and equipment:
        Acquisition cost equivalent                    42,671           30,389           19,711
        Accumulated depreciation equivalent            13,870           8,053            12,455
        Book value equivalent                          28,800           22,335           7,256
Vehicles and delivery equipment:
        Acquisition cost equivalent                    2,805            2,797            1,489
        Accumulated depreciation equivalent            894              1,343            722
        Book value equivalent                          1,910            1,454            767
Other:
        Acquisition cost equivalent                    39,761           34,032           30,411
        Accumulated depreciation equivalent            19,084           15,368           17,673
        Book value equivalent                          20,677           18,664           12,738
Total:
        Acquisition cost equivalent                    85,238           67,219           51,613
        Accumulated depreciation equivalent            33,849           24,765           30,851
        Book value equivalent                          51,389           42,454           20,762



(b) The equivalent amounts of outstanding future lease payments at September 30,
2001, September 30, 2002 and March 31, 2002 were as follows:

                                                          September 30,              March 31,
                                                       2001            2002             2002
                                                                  (in millions of Yen)
Due within one year                                 10,590           7,351           9,371
Due after one year                                  32,626           42,207          13,040
                   Total                            43,217           49,558          22,412



(c)   Lease payments, depreciation expense equivalent and interest expense
equivalent for the six months ended September 30, 2001, September 30, 2002 and
for the year ended March 31, 2002 were as follows:

                                                         Six months ended         Year ended 
                                                            September 30,           March 31,
                                                       2001            2002             2002
                                                                 (in millions of Yen)
Lease payments                                      5,006            6,113           8,855
Depreciation expense equivalent                     5,260            5,463           8,055
Interest expense equivalent                         1,138            1,098           819



(d) Calculation of depreciation expense equivalent

        Depreciation expense equivalent is calculated by applying the
straight-line method with no residual value over the useful life of the leased
property.

(e)    Calculation of interest expense equivalent

        Interest expense equivalent is calculated as the difference between the
total lease payments and the acquisition cost equivalent of the leased property,
with the amount allocated to each accounting period using the interest method.




(2)   Leases entered into by TMC or its consolidated subsidiaries as lessor:

(a)   Acquisition costs, accumulated depreciation and book included in property,
plant and equipment value at September 30, 2001, September 30, 2002 and March
31, 2002 were as follows:

                                                          September 30,              March 31,
                                                       2001            2002             2002
                                                                  (in millions of Yen)
Machinery and equipment:
        Acquisition cost                            15,139           17,817          30,891
        Accumulated depreciation                    5,367            6,590           16,900
        Book value                                  9,772            11,226          13,991
Vehicles and delivery :
        Acquisition cost                            56,248           58,024          62,167
        Accumulated depreciation                    30,306           29,157          32,706
        Book value                                  25,941           28,866          29,461
Other:
        Acquisition cost                            36,728           42,181          59,971
        Accumulated depreciation                    16,109           19,155          30,326
        Book value                                  20,618           23,026          29,644
Total:
        Acquisition cost                            108,117          118,023         153,030
        Accumulated depreciation                    51,784           54,903          79,933
        Book value                                  56,332           63,119          73,097



(b) The equivalent amounts of outstanding future lease income at September 30,
2001, September 30, 2002 and March 31, 2002 were as follows:

                                                          September 30,              March 31,
                                                       2001            2002             2002
                                                                (in millions of Yen)
Due within one year                                 21,329           21,902          30,770
Due after one year                                  45,882           44,149          64,522
                   Total                            67,211           66,051          95,293



(c)   Lease income, depreciation expense and interest income equivalent for the
six months ended September 30, 2001, September 30, 2002 and for the year ended
March 31, 2002 were as follows:

                                                          Six months ended         Year ended 
                                                             September 30,           March 31,
                                                          2001            2002         2002
                                                               (in millions of Yen)
Lease income                                        12,831           14,296          35,728
Depreciation expense                                8,224            9,599           21,252
Interest income equivalent                          1,308            1,215           3,407



(d)   Calculation of interest income equivalent

        Interest income equivalent is calculated by subtracting the acquisition
cost of the leasing property from the sum of total lease income and estimated
residual value, with the amount allocated to each accounting period using the
interest method.




2. Operating lease

(1)   Leases entered into by TMC or its consolidated subsidiaries as lessee:

              Outstanding future lease payments
                                                              September 30,               March 31,
                                                          2001             2002             2002
                                                                   (in millions of Yen)
Due within one year                                    8,700            10,113           10,451
Due after one year                                     29,329           30,675           34,640
                   Total                               38,029           40,788           45,092



(2)   Leases entered into by TMC or its consolidated subsidiaries as lessor:

              Outstanding future lease income
                                                             September 30,               March 31,
                                                          2001            2002              2002
                                                                    (in millions of Yen)
Due within one year                                    251,802          275,755         264,478
Due after one year                                     290,900          344,899         335,432
                   Total                               542,702          620,655         599,910




(Securities)

(FY 2002 semi-annual) (As of September 30, 2001)

1. Bonds with fair value that are classified as be held to maturity

                     Category                        Carrying value     Fair value       Difference
                                                     on semi-annual
                                                      consolidated
                                                     balance sheet
                                                                   (in millions of Yen)
(1)   Government bonds, municipal bonds, etc.             ----             ----             ----
(2)   Corporate bonds                                     ----             ----             ----
(3)   Other                                               ----             ----             ----
                       Total                              ----             ----             ----



2. Other securities with fair value
                     Category                        Purchased cost   Carrying value     Difference
                                                                      on semi-annual
                                                                       consolidated
                                                                      balance sheet
                                                                   (in millions of Yen)
(1)   Equity securities                             430,662          660,004          229,342
(2)   Bonds
            Government bonds, municipal bonds, etc. 489,045          499,784          10,739
            Corporate bonds                         759,286          771,235          11,949
            Other                                         ----             ----             ----
(3)   Other                                         423,366          423,031          (335)
                       Total                        2,102,361        2,354,056        251,695



3. The main categories of securities not practicable to determining fair value
and their carrying value on the semi-annual consolidated balance sheet:

                                                                       (in millions of Yen)
(1)   Securities classified as held to maturity
            Government bonds, municipal bonds, etc.                            ----
            Corporate bonds                                                    ----
            Other                                                              ----
(2)   Other securities
            Unlisted equity securities (excluding over-the-counter    34,032
            stocks)
            Unlisted bonds
              Government bonds, municipal bonds, etc.                 20
              Corporate bonds                                         79
            Other unlisted securities                                 488,336






(FY 2003 semi-annual) (As of September 30, 2002)

1. Bonds with fair value that are classified as be held to maturity

                     Category                        Carrying value     Fair value       Difference
                                                     on semi-annual
                                                      consolidated
                                                     balance sheet
                                                                   (in millions of Yen)
(1)   Government bonds, municipal bonds, etc.             ----             ----             ----
(2)   Corporate bonds                                     ----             ----             ----
(3)   Other                                               ----             ----             ----
                       Total                              ----             ----             ----



2. Other securities with fair value

                     Category                        Purchased cost   Carrying value     Difference
                                                                      on semi-annual
                                                                       consolidated
                                                                      balance sheet
                                                                   (in millions of Yen)
(1)   Equity securities                             413,640          628,744          215,104
(2)   Bonds
            Government bonds, municipal bonds, etc. 406,979          417,605          10,626
            Corporate bonds                         912,449          925,076          12,627
            Other                                   ----             ----             ----
(3)   Other                                         392,166          391,691          (475)
                       Total                        2,125,235        2,363,117        237,882



3. The main categories of securities not practicable to determining fair value
and their carrying value on the semi-annual consolidated balance sheet:

                                                                    (in millions of Yen)
(1)   Securities classified as be held to maturity
            Government bonds, municipal bonds, etc.                         ----
            Corporate bonds                                                 ----
            Other                                                           ----
(2)   Other securities
            Unlisted equity securities (excluding over-the-counter    44,922
             stocks)
            Unlisted bonds
              Government bonds, municipal bonds, etc.                 ----
              Corporate bonds                                         8,432
            Other unlisted securities                                 574,102






(FY 2002) (As of March 31, 2002)

1. Bonds with fair value that are classified as be held to maturity

                      Category                        Carrying value on    Fair value       Difference
                                                        consolidated
                                                        balance sheet
                                                                     (in millions of Yen)
(1)   Government bonds, municipal bonds, etc.               ----              ----             ----
(2)   Corporate bonds                                       ----              ----             ----
(3)   Other                                                 ----              ----             ----
                        Total                               ----              ----             ----



2. Other securities with fair value
                      Category                         Purchased cost    Carrying value     Difference
                                                                        on consolidated
                                                                         balance sheet
                                                                     (in millions of Yen)
(1)   Equity securities                               410,629           589,576          178,947
(2)   Bonds
            Government bonds, municipal bonds, etc.   593,591           598,988          5,397
            Corporate bonds                           755,336           776,309          20,973
            Other                                     ----              ----             ----
(3)   Other                                           391,124           388,888          (2,236)
                        Total                         2,150,682         2,353,763        203,081



3. The main categories of securities not practicable to determining fair value
and their carrying value on the consolidated balance sheet:
                                                                       (in millions of Yen)
(1)   Securities classified as held to maturity
            Government bonds, municipal bonds, etc.                            ----
            Corporate bonds                                                    ----
            Other                                                              ----
(2)   Other securities
            Unlisted equity securities (excluding over-the-counter    43,211
             stocks)
            Unlisted bonds
              Government bonds, municipal bonds, etc.                 2
              Corporate bonds                                         9,150
            Other unlisted securities                                 723,004




(Derivative Transaction)

     The contract amount, fair value and unrealized holding gains (loss) of
                                   derivative



                                                  (In millions of Yen)

 type of     Type of         September 30, 2001            September 30, 2002              March 31, 2002
underlying transaction
                        Contract    Fair   Unrealized Contract    Fair   Unrealized Contract    Fair   Unrealized
                         amount    value    holding    amount    value    holding    amount    value    holding
                                             gains                         gains                         gains
                                             (loss)                        (loss)                        (loss)
 Currency    Foreign
             exchange
             forward
             contract
             Selling
             contract
             Japanese yen ----      ----      ----      1,000     (1)       (1)       ----      ----      ----
             British      ----      ----      ----      ----      ----      ----      8,243     (96)      (96)
              pound
              Other       ----      ----      ----     10,124     (51)      (51)      2,714     (31)      (31)
              Buying
             contract
           U.S. dollar    ----      ----      ----     14,860     (81)      (81)      ----      ----      ----
              Other       ----      ----      ----      1,594      16        16       ----      ----      ----

               Swap
           transactions
            Receipt in   36,297   (1,290)   (1,290)    118,482  (4,877)   (4,877)    29,274    (667)     (667)
           U.S. dollar
           and payment
           in Japanese
               yen
            Receipt in    1,093      34        34       4,308     741       741       4,156    1,517     1,517
           U.S. dollar
           and payment
             in euro
            Receipt in    5,029    1,428     1,428      ----      ----      ----      ----      ----      ----
           U.S. dollar
           and payment
            in Deutsch
               mark
            Receipt in    ----      ----      ----     111,450  (3,817)   (3,817)     ----      ----      ----
             euro and
            payment in
           U.S. dollars
              Other      32,327    3,656     3,656     87,957    (766)     (766)     42,683      541       541

 Interest      Swap
   rate    transactions
             Receive     552,958   9,675     9,675     652,802   12,846    12,846    606,198   5,577     5,577
            fixed pay
             floating
             Receive    1,465,166 (24,090)  (24,090)  1,544,884 (43,287)  (43,287)  1,959,721 (5,362)   (5,362)
           floating pay
              fixed
             Receive     296,709    272       272      354,068     762       762     431,463     59        59
           floating pay
             floating

             Options
               Cap       382,080   1,610     1,610     956,280   4,648     4,648     812,825   12,224    12,224
            purchased
         Total            ----      ----    (8,702)     ----      ----    (33,866)    ----      ----     13,762



(Notes)

1. Derivative transactions to which the hedge accounting is applied were not
included in the above presentation.

2. Derivative transactions allocated to receivables or payables denominated in
foreign currencies in accordance with the 'Accounting Standard for Foreign
Currency Transaction, etc.' were not included in the above presentation.




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