Toyo Tire : Announcement Regarding Revisions to the Consolidated Financial Forecasts for the Fiscal Year Ending December 31, 2023, and Revisions to Dividend Forecasts
November 14, 2023 at 10:14 am EST
Share
(Translation of report file with Tokyo Stock Exchange on November 14, 2023)
Announcement Regarding Revisions to the Consolidated Financial Forecasts for the Fiscal
Year Ending December 31, 2023, and Revisions to Dividend Forecasts
Hyogo, Japan-November 14, 2023- Toyo Tire Corporation (President & CEO: Takashi Shimizu, hereinafter "the Company") announced today that at its Board of Directors meeting held on November 14, 2023, as shown below it revised its consolidated financial forecasts and its dividend forecasts-all of which were originally announced on August 10, 2023-in light of its recent business performance trends.
1. Revisions to the consolidated financial forecasts for the fiscal year ending December 31, 2023
(1) Revisions to the consolidated financial forecasts for the fiscal year ending December 31, 2023 (January 1, 2023 to December 31, 2023)
(Million yen)
Profit
Net sales
Operating
Ordinary
attributable to
Earnings per
income
income
owners of
share (yen)
parent
Previous forecasts (A)
560,000
60,000
61,000
55,000
357.22
(announced Aug.10, 2023)
Revised forecasts (B)
560,000
65,000
70,000
60,000
389.69
Change (B-A)
―
5,000
9,000
5,000
―
Percentage of change
―
8.3%
14.8%
9.1%
―
Reference : FY2022
497,213
44,046
51,035
47,956
311.51
(2) Reasons for the revisions
We have made upward revisions to our previous full-year consolidated financial forecast for the fiscal year ending December 31, 2023 as detailed in (1) above, as rises in raw materials prices and ocean freight costs turned out to be lower than expected and the yen was weaker than anticipated against foreign currencies.
― 1 ―
2. Revisions to the dividend forecasts
(1) Revisions to the dividend forecasts
Annual Dividend (yen)
Payment at end of second
Year-end
Total
quarter
payment
Previous forecasts
58.00 yen
78.00 yen
Revised forecasts
70.00 yen
90.00 yen
Results for FY2023
20.00 yen
Reference : FY2022
30.00 yen
50.00 yen
80.00 yen
(2) Reasons for the revisions
The Company regards the return of part of its profits to its shareholders as an important management mission and has paid dividends to them every fiscal year in a stable manner. Going forward, adhering to this stable dividend policy, the Company will continue to meet the expectations of its shareholders by paying dividends that are linked to its business performance while maintaining the Company's financial soundness.
While the Company is considering setting a consolidated dividend payout ratio of 30% or higher every year during the period of its medium-term management plan, "Mid-term '21 Plan" (from FY2021 to FY2025), the Company is committed to realizing its stable and performance-linked profit distribution policy by adjusting non-recurring and special gains and losses included in net income and by linking the ratio to profits that are more reflective of the Company's real performance.
Pursuant to this basic dividend policy, and as a result of taking into account the revisions to the consolidated financial forecasts announced today, the Company has decided to pay a year-end dividend of 70.00 yen per share, up 12.00 yen from the earlier forecasts announced on August 10, 2023.
We plan to include the topic of the payment of this year-end dividend in the agenda for the annual general meeting of shareholders to be held in March 2024.
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.
― 2 ―
Attachments
Original Link
Original Document
Permalink
Disclaimer
Toyo Tire Corporation published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 15:12:06 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.
Toyo Tire : Announcement Regarding Revisions to the Consolidated Financial Forecasts for the Fiscal Year Ending December 31, 2023, and Revisions to Dividend Forecasts