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    5105   JP3610600003

TOYO TIRE CORPORATION

(5105)
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Toyo Tire : Announcement Regarding Revisions to Results Forecasts

08/07/2020 | 01:04am EDT

Aug 7, 2020

To whom it may concern

Company name

Toyo Tire Corporation

(Stock code: 5105, TSE 1st Section)

Representative

Takashi Shimizu

Representative Director, President & CEO

Contact

Takehiko Sasamori

Director, Corporate Officer

TEL: +81-72-789-9100

Announcement Regarding Revisions to Results Forecasts

Hyogo, Japan - Aug 7, 2020 - Toyo Tire Corporation (President & CEO: Takashi Shimizu) announced today that it has revised its consolidated results forecasts for the fiscal year ending December 31, 2020 (January 1, 2020 - December 31, 2020), which were originally announced on May 12, 2020.

1. Revisions to the full-year consolidated results forecasts for the fiscal year ending December 31, 2020 (January 1, 2020 to December 31, 2020)

(Millions of yen)

Profit (loss)

Net sales

Operating

Ordinary

attributable to

Earnings per

income

income

owners of

share (yen)

parent

Previous forecasts (A)

TBD

TBD

TBD

TBD

TBD

(announced on May 12, 2020)

Revised forecasts (B)

330,000

30,000

25,400

14,000

90.95

Change (B-A)

Percentage of change

(Reference) FY2019

377,457

38,447

36,645

24,482

161.41

(Jan. 1, 2019 to Dec. 31, 2019)

2. Reasons for the revisions

Given the impossibility of foreseeing the end to the COVID-19 pandemic, it was difficult to reasonably assess the impact of the pandemic on the earnings results of the Toyo Tire Group, so we made the decision to withdraw our results forecasts for the fiscal year ending December 31, 2020, which was announced on May 12, 2020 in the original Japanese version of the Summary Report of Consolidated Business Performance for the First Quarter of Fiscal Year 2020 .

As of this writing, there is no sign of the pandemic ending in the near future. Now that economic activities have been resuming in phases as the Japanese government completely lifted its emergency declaration on May 25, 2020, and the governments in the U.S. and European countries

― 1 ―

are relaxing lockdown and other restrictions in their cities, we have decided to announce our full-year earnings forecasts for the fiscal year ending December 31, 2020, which have been calculated based on the information currently available to us.

Our calculations are premised on the assumption that economic activities will start to recover gradually from the third quarter of the fiscal year ending December 31, 2020. Should the COVID-19 pandemic further spread or become prolonged, which would inevitably lead to continued restrictions by governments around the globe, however, consumer behavior and economic activities by private enterprises would likely remain sluggish, which would affect the Group's business performance. We thus believe it necessary to keep a close eye on how the situation develops going forward.

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.

― 2 ―

Disclaimer

Toyo Tire & Rubber Co. Ltd. published this content on 07 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 05:03:15 UTC


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Sales 2021 390 B 3 535 M 3 535 M
Net income 2021 36 150 M 328 M 328 M
Net Debt 2021 78 557 M 713 M 713 M
P/E ratio 2021 10,3x
Yield 2021 2,48%
Capitalization 365 B 3 310 M 3 311 M
EV / Sales 2021 1,14x
EV / Sales 2022 1,06x
Nbr of Employees 11 258
Free-Float 71,3%
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Technical analysis trends TOYO TIRE CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 2 621,43 JPY
Last Close Price 2 371,00 JPY
Spread / Highest target 16,0%
Spread / Average Target 10,6%
Spread / Lowest Target -2,99%
EPS Revisions
Managers and Directors
NameTitle
Takashi Shimizu President & Representative Director
Yasuhiro Yamada Chairman
Masao Takiwaki Executive Officer, GM-Compliance & Legal Affairs
Ken Morita Independent Outside Director
Atsushi Takeda Independent Outside Director
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