Final Results - 4/7

Toyota Motor Corporation
08 May 2003


                     FY2003 Consolidated Financial Results

                     (April 1, 2002 through March 31, 2003)

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

        English translation from the original Japanese-language document



                                                                                                             May 8, 2003

Company name                                       : Toyota Motor Corporation
Stock exchanges on which the shares are listed     : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo

                                                   Stock Exchanges in Japan
Code number                                        : 7203
Location of the head office                        : Aichi Prefecture
URL                                                : http://www.toyota.co.jp
Representative                                     : Fujio Cho, President
Contact person                                     : Takahiko Ijichi, General Manager, Accounting Division

                                                   Tel. [phone]
Date of the meeting of the Board of Directors for  : Thursday, May 8, 2003
FY2003 financial results
Whether or not to be prepared in accordance with   : No
accounting principles generally accepted in the
United States


     Results of FY2003 (April 1, 2002 through March 31, 2003)
     (1) Consolidated financial results
                                                                      (Amounts less than one million yen are omitted.)
                                     Net sales               Operating income              Ordinary income       
                                    Million yen          %      Million yen            %     Million yen            % 

  FY2003                             16,054,290      (6.3)       1,363,679        (21.4)      1,414,003        (27.0) 
  FY2002                             15,106,297     (12.5)       1,123,470        (29.1)      1,113,524        (14.5) 
                                                                                                                      
                         Net income                  Net income    Net income     Return on      Ratio of      Ratio of 
                                                     per share     per share       equity        ordinary      ordinary 
                                                       - basic     - diluted                    income to     income to 
                                                                                                  total       net sales 
                                                                                                  assets                
 
                        Million yen          %           Yen            Yen             %             %             % 
  FY2003                  944,671       (53.4)        272.75         272.73          12.8           7.0           8.8 
  FY2002                  615,824       (30.7)        170.69         170.69           8.5           6.0           7.4 

  Note 1: Equity in earnings of affiliates: FY2003 81,966 million yen, FY2002 
          15,046 million yen                      

  Note 2: Average number of shares issued and outstanding in each year 
          (consolidated): FY2003 3,454,704,711 shares, FY2002 3,607,780,460 
          shares                                                                                         

  Note 3: Regarding net sales, operating income, ordinary income and net income, 
          the figures in parentheses show percentage of changes from the 
          previous year.                                                                       
                                                                               

(2) Consolidated financial position  
                                                                                                                 
                  Total assets        Shareholders' equity            Ratio of                      Shareholders' equity
                                                                shareholders' equity                      per share     
                 
                   Million yen             Million yen                       %                               Yen 
       FY2003       20,742,386               7,460,267                    36.0                          2,226.34 
       FY2002       19,888,937               7,325,072                    36.8                          2,059.94 
                                                                                                                      

  Note:     Number of shares issued and outstanding at the end of each year 
           (consolidated): FY2003 3,350,903,108 shares, FY2002 3,555,963,016 
           shares                                                                                 
                                                                           
(3) Consolidated cash flows  
                                                                                                                      
                       From operating         From investing activities        From financing            Cash and cash  
                         activities                                             activities        equivalents at the end
                                                                                                         of the year    
  
                         Million yen                 Million yen                Million yen               Million yen 
  FY2003                   1,329,472                 (1,385,814)                     33,555                 1,623,241 
  FY2002                     759,149                   (954,031)                    348,005                 1,688,126 
                                                                                   
(4) Scope of consolidation and equity method  
                                                                                                                      
  Number of consolidated subsidiaries      581 companies                                                              
  Number of unconsolidated subsidiaries    -                                                                          
  Number of affiliates                     233 companies (including 51 affiliates accounted for under the equity      
                                           method)                                                                    
                                                                                         
(5) Changes in scope of consolidation and equity method  
                                                                                                                      
  Consolidated subsidiaries                                                                                           
       (increase)                                    41 companies    Toyota Motor Europe n.v./s.a., Toyota Motor      
                                                                     Manufacturing, Texas, Inc., Toyota South Africa  
                                                                     Motors (Pty.) Ltd., Toyota Espana S.L., Toyota   
                                                                     Woodyou Home Corporation, etc.                   
       (decrease)                                    24 companies    Let's Corporation, Toyota Media Station Inc.,    
                                                                     etc.                                             
  Affiliates accounted for under the equity method                                                                    
       (increase)                                    6 companies     Sichuan Toyota Motor Co., Ltd., Tianjin Toyota   
                                                                     Motor Co., Ltd., Fukushima Toyota Motor Co.,     
                                                                     Ltd., etc.                                       
       (decrease)                                    5 companies     Toyota South Africa Motors (Pty.) Ltd., Toyota   
                                                                     Espana S.L., Toyota Woodyou Home Corp., etc.     
 

                      This information is provided by RNS
            The company news service from the London Stock Exchange    
FR MGGGKVNFGFZM