Announcement of Revised Performance Forecast
(February 9, 2009)
OSAKA, JAPAN . February 9, 2009 . 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, 2009 (April 1, 2008 to March 31, 2009. These forecasts were initially announced on November 11, 2008.
1. Revisions to the consolidated performance forecast (April 1, 2008 to March 31, 2009) of the fiscal year ending March 31, 2009
(Unit: Millions of yen)
| Net sales | Operating income | Ordinary income | Net income | Net income per share (yen) |
|
| Previously announced forecast (A) (Released on November 11, 2008) |
349,000 | 1,000 | (800) | (2,600) | (11.87) |
| Revised forecast (B) | 332,000 | (2,000) | (5,400) | (12,700) | (57.99) |
| Difference (B-A) | (17,000) | (3,000) | (4,600) | (10,100) | - |
| Percentage change | (4.9%) | - | - | - | - |
| (Ref.) Results from the fiscal year ended March 31, 2008 |
357,233 | 13,168 | 9,893 | 6,137 | 29.36 |
2. Revisions to the non-consolidated performance forecast (April 1, 2008 to March 31, 2009) of the fiscal year ending March 31, 2009
(Unit: Millions of yen)
| Net sales | Operating income | Ordinary income | Net income | Net income per share (yen) |
|
| Previously announced forecast (A) (Announced on November 11, 2008) |
249,000 | (4,900) | (2,800) | (3,300) | (15.07) |
| Revised forecast (B) | 220,000 | (9,300) | (8,000) | (14,300) | (65.29) |
| Difference (B-A) | (29,000) | (4,400) | (5,200) | (11,000) | - |
| Percentage change | (11.7%) | - | - | - | - |
| (Ref.) Results from the fiscal year ended March 31, 2008 |
246,221 | 2,989 | 3,277 | 451 | 2.16 |
3. Reasons for the revisions
(The consolidated performance forecasts)
Net sales, operating income and ordinary income are expected to fall below its previously announced (November 11, 2008) forecasts, mainly due to the rapid demand decreases and steep appreciation of the yen as a result of the global economic slowdown. Also, net income is expected to fall below its previously announced forecasts, due to posting tax expense as a result of reversal for the portion of its deferred tax assets in addition to the reasons the above.
(The non-consolidated performance forecast)
Net sale, operating income, ordinary income and net income are expected to fall below its previously announced (November 11, 2008) forecasts, due to the same reasons as the revision of the consolidated performance forecasts.
Also, assumed exchange rate for the business performance of the 4th quarter is 1$=90 yen and 1 Euro=120 yen.
Under this situation, the Company formulated measures to recover earnings and set them into action in order to improve performance as soon as possible. The details are given in a today’s announcement, “Efforts for recovering earnings”.
Note: The above earnings estimates are projected 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 risks, uncertainties and other factors may cause our actual results to be materially different from these estimates.