Toyo Tire : Announcement Concerning Differences between Consolidated Financial Forecasts and Results for the Cumulative Second Quarter of FY2021, etc.

(Translation of report file with Tokyo Stock Exchange on August 10, 2021)

Announcement Concerning Differences between Consolidated Financial Forecasts and Results for the Cumulative Second Quarter of the Fiscal Year Ending December 31, 2021, and Revisions to the Consolidated Financial Forecasts for the Fiscal Year Ending December 31, 2021

Hyogo, Japan-August 10, 2021- Toyo Tire Corporation (President & CEO: Takashi Shimizu) announced today that there will be differences between the consolidated financial forecasts for the cumulative second quarter of the fiscal year ending December 31, 2021, announced on May 14, 2021, and the consolidated financial results for the same period announced today.

Please also be informed that we have revised our consolidated financial forecasts for the fiscal year ending December 31, 2021, as follows.

1. Differences between the consolidated financial forecasts and results for the cumulative second quarter of the fiscal year ending December 31, 2021 (January 1, 2021 to June 30, 2021)

					(Million yen)
		Operating	Ordinary	Profit	Earnings per
	Net sales	attributable to
	income	income	share (yen)
		owners of parent
Previous forecasts (A)	175,500	17,500	20,400	12,600	81.85
(announced May 14, 2021)
Results (B)	186,392	26,958	29,219	20,673	134.30
Change (B-A)	10,892	9,458	8,819	8,073	―
Percentage of change	6.2％	54.0％	43.2％	64.1％	―
Reference : the Cumulative	150,586	7,928	4,379	520	3.38
Second Quarter of FY2020

2．Revisions to the consolidated financial forecasts for the fiscal year ending December 31, 2021 (January 1, 2021 to December 31, 2021)

					(Million yen)
		Operating	Ordinary	Profit	Earnings per
	Net sales	attributable to
	income	income	share (yen)
		owners of parent
Previous forecasts (A)	372,000	44,000	46,400	28,900	187.74
(announced May 14, 2021)
Results (B)	392,000	48,000	49,600	32,800	213.07
Change (B-A)	20,000	4,000	3,200	3,900	―
Percentage of change	5.4％	9.1％	6.9％	13.5％	―
Reference : FY2020	343,764	36,328	30,887	11,682	75.89

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3. Reasons for the differences

For the cumulative second quarter of the fiscal year ending December 31, 2021, operating income, ordinary income, and profit attributable to owners of parent all overshot our previous forecasts announced on May 14, 2021, primarily due to the strong demand for tires in the North American market and the weaker-than-expected Japanese yen against foreign currencies, on top of the benefits of cost-cutting measures, despite the lingering difficulties of late, including a steep rise in raw materials prices and markups on ocean freight due to the shortage of containers. Given the recent performance trends, we have also made upward revisions to our previous full-year consolidated sales and income forecasts, as in table 2 above.

The forecasts above have been made based on the information available as of the date of this document. Actual results may be materially different depending on various factors.

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