Announcement of Revised Performance Forecast
(April 28, 2008)
Toyo Tire & Rubber Co., Ltd. has made the following revisions to its consolidated and non-consolidated performance forecasts for the fiscal year ending March 31, 2008 (April 1, 2007 to March 31, 2008). The last forecasts were released on February 13, 2008.
1. Revisions to the consolidated performance forecast for the fiscal year ending March 31, 2008 (April 1, 2007 to March 31, 2008)
| Net sales | Operating income |
Ordinary income |
Net income |
Net income per share (yen) |
|
| Previously announced forecast (A) (Released February 13, 2008) |
356,000 | 11,000 | 8,200 | 4,100 | 19.61 |
| Revised forecast (B) | 357,000 | 13,100 | 9,800 | 6,100 | 29.18 |
| Difference (B-A) | 1,000 | 2,100 | 1,600 | 2,000 | 9.57 |
| Percentage change | 0.3% | 19.1% | 19.5% | 48.8% | 48.8% |
| Results from the previous fiscal year ended March 31, 2007 |
320,427 | 9,369 | 5,789 | 6,015 | 28.77 |
2. Revisions to the non-consolidated performance for the fiscal year ending March 31, 2008 (April 1, 2007 to March 31, 2008)
| Net sales | Operating income |
Ordinary income |
Net income |
Net income per share (yen) |
|
| Previously announced forecast (A) (Released February 13, 2008) |
244,000 | 900 | 1,700 | -600 | -2.87 |
| Revised forecast (B) | 246,000 | 2,900 | 3,200 | 400 | 1.91 |
| Difference (B-A) | 2,000 | 2,000 | 1,500 | 1,000 | 4.78 |
| Percentage change | 0.8% | 222.2% | 88.2% | - | - |
| Results from the previous fiscal year ended March 31, 2007 |
244,158 | 5,327 | 5,901 | 2,986 | 14.29 |
3. Reasons for the revisions
(Consolidated performance forecast)
Operating income and ordinary income increased by 2,100 million yen and 1,600 million yen, respectively, over the previous forecast, largely due to the improvement in non-consolidated performance. Net income increased by 2,000 million yen over the previous forecast, owing to a decrease in income taxes as well as to the aforementioned main factors.
(Non-consolidated performance forecast)
Operating income increased by 2,000 million yen over the forecast, mainly thanks to an improvement in gross profit margin due to a change in the tire product mix as well as the benefits brought about by cost rationalization and cost reduction initiatives. Ordinary income and net income exceeded the forecast by 1,500 million yen and 1,000 million yen, respectively. This is because the increase in operating income was partially offset by an increase in foreign exchange losses due to the appreciation of the yen.
(Note) The above performance forecasts have been prepared based on information currently available on the release date of this material and actual results may differ as a result of various factors.