Jan. 26, 2012
Notice of Change of Accounting Period
Osaka, Japan -26 January, 2012- Toyo Tire & Rubber Co., Ltd. (President: Kenji Nakakura) (hereinafter “Company”) has announced that the Board of Directors today resolved to change the Company’s accounting period. This change will require a partial amendment to the Company’s Articles of Incorporation, which must be approved at the 96th Annual General Meeting of Shareholders scheduled for late June 2012.
- Reasons for the change
By conforming the Company’s accounting period with its overseas consolidated subsidiaries, the Company intends to:
- Enhance the timely and accurate disclosure of corporate information, and improve the efficiency of its business operations, including the budgetary process and performance management methods.
- Prepare for possible new International Financial Reporting Standards (IFRS) requirements that may necessitate synchronization of the accounting periods among consolidated companies.
- Changing the accounting period
Current closing date: March 31 of each year New closing date: December 31 of each year
As a result of the change to the accounting period, FY2012 will span a 9 month period from April 1, 2012 to December 31, 2012.
The same change to the accounting period will be made to those consolidated subsidiaries that currently have a closing date that is other than December 31.
- Future Forecast
The Company will announce its FY2012 (ending December 31, 2012) fiscal year forecast in May 2012 when the FY2011 (ending March 31, 2012) Business Results are scheduled to be disclosed.
TOYO TIRE & RUBBER CO., LTD. CORPORATE COMMUNICATIONS PLANNING
Osaka Head office Telephone: +81-72-789-9100 Facsimile: +81-72-773-3272
Tokyo office Telephone: +81-3-5822-6621 Facsimile: +81-3-3865-2240