Toyo Tire : Announcement Regarding Revisions to Results Forecasts
August 07, 2020 at 01:04 am EDT
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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
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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.
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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
Toyo Tire Corporation, formerly Toyo Tire & Rubber Co., Ltd., is a Japan-based company mainly engaged in the tire business and diver tech business, as well as the provision and maintenance of modules, financing and operation. The Company operates through two business segments. The Tire segment is engaged in the manufacturing and sale of various tires used in passenger cars, trucks, buses, construction equipment and industrial vehicles. The Diver Tech segment is engaged in the manufacturing and sale of industrial and construction materials, transportation equipment, heating insulating and waterproof materials and other related materials. The other business is engaged in the loan, credit purchase and real estate businesses.