Sumitomo Rubber Industries : Notice Regarding Revisions to Forecasts for Financial Results and Dividends
November 09, 2023
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November 10, 2023
To whom it may concern,
Company name:
Sumitomo Rubber Industries, Ltd.
Representative:
Satoru Yamamoto,
President and CEO,
Representative Director
Code number:
5110 (TSE Prime Market)
Contact:
Shinji Araki,
General Manager,
Accounting & Finance Headquarters
Phone:
+81-78-265-3000
Notice Regarding Revisions to Forecasts for Financial Results and Dividends
Sumitomo Rubber Industries, Ltd. (the "Company") announces that it has revised its forecasts for the full-year financial results and the dividends for the fiscal year ending December 31, 2023, which were previously released on August 7, 2023, as follows.
1. Revisions to the full-year consolidated financial results forecasts
Revisions to the full-year consolidated financial results forecasts for the fiscal year ending December 31, 2023 (from January 1, 2023 to December 31, 2023)
Profit attributable
Basic profit per
Sales revenue
Business profit
Operating profit
to owners of
share
parent
Previous forecast (A)
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Yen
(announced on August
1,170,000
50,000
41,000
23,000
87.45
7, 2023)
Revised forecast (B)
1,180,000
63,000
46,000
29,000
110.26
Change (B−A)
10,000
13,000
5,000
6,000
-
Percentage change
0.9
26.0
12.2
26.1
-
(Reference)
Results for the previous
1,098,664
21,963
14,988
9,415
35.80
fiscal year ended
December 31, 2022
Reasons for revision
As for the consolidated financial results for the fiscal year ending December 31, 2023, sales revenue is expected to exceed the previously announced forecast due to an easing of the downward trend in automotive production volume due to the shortage of semiconductors, and the effect of foreign currency translation. In addition, the business profit, operating profit and profit attributable to owners of parent are supposed to exceed the previously announced forecast due to alleviation of the rising prices of raw materials, improvement of the sales mix by focusing on advanced tires and other factors.
2. Revision to the dividend forecasts
Revisions to the dividend forecasts for the fiscal year ending December 31, 2023
Annual dividends
1st
2nd
3rd
Year-end
Total
quarter-end
quarter-end
quarter-end
Previous forecast
Yen
Yen
Yen
Yen
Yen
(announced on August 7,
-
-
-
35.00
40.00
2023)
Revised forecast
-
-
-
40.00
45.00
Results for the fiscal year
-
5.00
-
-
-
ending December 31, 2023
(Reference)
Results for the previous
-
20.00
-
15.00
35.00
fiscal year ended
December 31, 2022
Reasons for revision
The Company considers the return of gains to shareholders to be a matter deserving of the utmost priority. Accordingly, our basic policy is to ensure a long-term, stable shareholder returns based on comprehensive consideration of dividend payout ratios, business outlook, retained earnings levels and other such indicators on a consolidated basis. As stated in "1. Revisions to the full-year consolidated financial results forecasts", we currently plan to pay a year-end dividend of ¥40 per share, totaling an annual dividend of ¥45 per share, since the consolidated financial results forecasts for the fiscal year ending December 31, 2023 are expected to exceed the previously announced forecasts.
(Note) The forecasts and other forward-looking statements herein are based on certain assumptions made in light of the information currently available to the Company and its group companies (collectively, the "Group") at present, and do not constitute any promises by the Company that they will be realized. Actual results may differ significantly from these forecasts due to changes in various factors surrounding the businesses of the Company and the Group.
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Disclaimer
SRI - Sumitomo Rubber Industries Ltd. published this content on 10 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 15:05:13 UTC.
Sumitomo Rubber Industries, Ltd. is a Japan-based tire manufacturer. The Company operates in three business segments. The Tire segment manufactures and sells tires and tubes for automobiles, construction vehicles, industrial vehicles, race rallies and motorcycles. The Sports segment is engaged in the manufacture and sale of sports items, including golf clubs, golf balls and other golf-related supplies, and tennis-related supplies, as well as the operation of golf tournaments, golf and tennis schools and fitness center. The Industrial Products and Others segment offers vibration suppression dampers, printing blankets, medical precision rubber, slope for wheelchair, and fenders, among others.