Message from the Chairman and the President

To Our Shareholders and Investors

Firstly, we would like to extend our sincere appreciation for your continued support of Toyota Industries Corporation and the Toyota Industries Group.

On March 17, 2023, Toyota Industries announced its violation of regulations regarding the certification of engines for lift trucks. We would like to take this opportunity to express our deepest and sincerest apologies for causing great inconvenience to our customers and many other stakeholders.

We are currently compiling a report on the full picture of the incident, including causes and background, as well as measures to prevent recurrence. Toyota Industries is determined to make concerted efforts to resolve the inconveniences caused to our customers, suppliers, and all other parties concerned as soon as possible. We will also commit ourselves to providing comprehensive explanations and disclosing detailed information to our stakeholders.

Turning to the surrounding business environment in fiscal 2023 (ended March 31, 2023), although the global economy showed signs of recovery thanks to the easing of restrictions on economic activities to prevent the spread of COVID-19, uncertainties abound. They include global inflation triggered by soaring raw material and energy prices due to the conflict in Ukraine as well as heightened concerns over an economic recession arising from higher interest rates in various countries.

In this operating environment, Toyota Industries undertook efforts to ensure customer trust through placing a priority on quality. We also strived to expand sales by responding flexibly to market trends. As a result, we posted increases in both net sales and profits.

Toyota Industries determined the year-end cash dividend to be ¥100.0, an increase of ¥10.0. Including the interim cash dividend, we paid annual cash dividends per share of ¥190.0, an increase of ¥20.0. The same as last fiscal year, we decided to pay the year-end cash dividend early based on a resolution by the Board of Directors instead of basing our decision on the resolution of the General Shareholders’ Meetings as we usually do.

Turning to the surrounding business environment, uncertainties abound with regard to the outlook of the global economy. In addition, in the political, economic and technological areas, changes are occurring at a growing pace such as accelerating global efforts to realize a carbon neutral society and advancements in digitalization. In this climate, we will renew our commitment to safety and compliance and strengthen our management platform while at the same time further enhancing corporate value through the development of innovative technologies and products.

In closing, we would like to sincerely ask for your continued understanding and support.

June 2023

Tetsuro Toyoda  Chairman
Akira Onishi    Vice Chairman
Koichi Ito     President