Summary Report of Consolidated Business Results
(November 9, 2005)
OSAKA, JAPAN - November 9, 2005 - Toyo Tire & Rubber Co., Ltd. (President: Yoshio Kataoka) announces its consolidated business results for the interim period (from April 1, 2005 to September 30, 2005) of FY2005. Net sales were 141,352 million yen (an increase of 10.3%); operating income was 5,454 million yen (an increase of 30.5%); ordinary income was 5,687 million yen (an increase of 20.0%); net income for the interim period totaled 2,190 million yen (an increase of 0.9%). All increases are relative to the same period of the previous year. Both sales and ordinary income marked a record high for an interim period.
Results for each business segment are presented in the following sections.
| 1. | Tires Sales of both original equipment tires and replacement tires in the domestic market increased both in volume and amount over the corresponding period of the previous year; this is a result of marketing efforts focused on high-value-added products including the key brands TRANPATH and PROXES. In overseas markets, sales were also significantly increased over the same period of the previous year, helped by brisk sales in major markets including North America. Due to the favorable sales, and also to the greater depreciation of the yen in the exchange markets than expected in the beginning of the period, net sales in this segment totaled 92,181 million yen (an increase of 12.6% over the same period of the previous year), and operating income was 5,174 million yen (an increase of 24.9% over the same period of the previous year). |
| 2. | Chemical & Industrial Products Despite some negative factors, including the public sector's lack of investment, the market slump, and raw material prices remaining high, sales in the industrial materials area of both rubber and polyurethane products increased over the same period of the previous year, due to efforts by the business unit towards sales expansion and rationalization. As a result, net sales in this segment were 21,073 million yen (an increase of 14.6% over the same period of the previous year), and operating income was 655 million year (an increase of 962 million yen over the same period of the previous year). |
| 3. | Automotive Parts Sales of anti-vibration rubber products increased over the same period of the previous year, due to an increase in production/sales at home and abroad. Sales of seat cushions also increased over the same period of the previous year, due to an increase in new orders. However, due to soaring raw material prices and the delay in developing production bases at home and abroad, as well as other factors, net sales in this segment totaled 27,300 million yen (an increase of 1.0% over the same period of the previous year), with an operating loss of 613 million yen (a decrease of 703 million yen from the same period of the previous year). |
The projected business results for the FY2005 have been revised from the previously released (May 11, 2005) projection.
| Net sales; | Ordinary income | Net income | |
| Previously released projection (May 11, 2005) |
290,000 | 12,000 | 7,000 |
| Revised projection | 300,000 | 12,700 | 6,200 |
Note: The above earnings estimates are forward-looking statements, which are based on our current assumptions in light of the information currently available to us and involve potential risks, uncertainties and other factors. Such risk, uncertainties and other factors may cause our actual results to be materially different from these estimates.
| Interim period of FY2005 (From April 1 through September 30, 2005) |
Interim period of FY2004 (From April 1 through September 30, 2004) |
FY2004 (From April 1, 2004 through March 31, 2005) |
|
| ♦Business Results | |||
| Net Sales | 141,352 | 128,098 | 269,974 |
| Operating Income | 5,454 | 4,180 | 12,067 |
| Ordinary Income | 5,687 | 4,740 | 12,603 |
| Net Income | 2,190 | 2,171 | 7,480 |
| ♦Financial condition | |||
| Total assets | 294,702 | 284,039 | 284,464 |
| Shareholders' Equity | 81,444 | 70,327 | 74,723 |
| Shareholders' Equity Ratio:% |
27.6 | 24.8 | 26.3 |
| Shareholders' Equity per Share: yen |
389.49 | 336.25 | 357.17 |
| ♦By Business Segment | |||
| Tires Net SalesOperating Income |
92,181 5,174 |
81,848 4,142 |
173,945 11,097 |
| Chemical & Industrial Products Net Sales Operating Income |
21,073 655 |
18,395 -307 |
39,897 277 |
| Automotive Parts Net Sales Operating Income |
27,300 -613 |
27,035 90 |
54,500 146 |
| Other Businesses Net Sales Operating Income |
796 199 |
818 243 |
1,631 478 |
| ♦By Geographic Segment | |||
| Japan Net Sales Operating Income |
89,975 5,107 |
84,042 3,181 |
187,828 10,539 |
| North America Net Sales Operating Income |
39,302 28 |
33,648 952 |
66,339 1,138 |
| Others Net Sales Operating Income |
12,073 868 |
10,406 571 |
15,806 536 |
"Others" includes Europe, Oceania and others.