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Summary Report of Consolidated Business Results

OSAKA, JAPAN - August 12, 2008 - TOYO TIRE & RUBBER CO., LTD. (President and CEO: Kenji Nakakura) has announced its consolidated business results for the first quarter of FY 2008 (from April 1, 2008 to June 30, 2008). Compared with the same period of FY2007, net sales increased to 86,639 million yen (up 3,862 million yen or 4.6%), operating income decreased to 1,259 million (down 2,958 million yen or 70.1%), due to the increasing raw material prices, and ordinary income decreased to 1,205 million yen (down 3,035 million yen or 71.6%). Net loss was 1,438 million yen. (Net income of the first quarter of FY2007 was 3,632 million yen.)

Results by business segment are as follows:

1. Tires
The tire segment posted net sales of 62,141 million yen (up 3,673 million or 6.3% compared to the same period of the previous year), accounting for 71.7% of total net sales. Sales of original equipment tires for the domestic market significantly exceeded those of the first quarter of FY 2007 due to expanded sales of high value-added products. Sales volumes of replacement tires for the domestic market drastically decreased and net sales fell below the level of the same quarter of a year earlier, due to sluggish demand partly caused by increasing gasoline prices. Meanwhile, overseas sales volumes and amounts exceeded the levels of the same period of the previous year. In North American market, sales volumes increased, while net sales were on par with the level of the same period of the previous year, due to the impact of forex. In European and South East Asian market, sales volumes significantly increased thanks to steady growth in sales.

2. DT (DiverTech) and other business segments

DT and other business segments posted net sales of 24,498 million yen (up 190 million yen or 0.8% compared to the same period of FY2007), accounting for 28.3% of total net sales. In the transportation machinery field, net sales of anti-vibration rubber products for automobiles, the mainstay of this segment, significantly exceeded compared to the same period of a year earlier, owing to a steady increase in incoming orders both at home and abroad. However, orders for air springs for railway cars, anti-vibration rubber parts and automobile seat cushion fell below the levels of the same period of the previous year. In the fields of thermal insulation/waterproofing materials, net sales drastically decreased compared to the first quarter of FY2007, due to the sagging market of rigid polyurethane for thermal insulation applications. In the fields of industrial/building materials, net sales of standard anti-vibration rubber, rubber coated fabric, anti-vibration rubber for construction drastically decreased.


【Consolidated Financial Highlights】
(Unit: Millions of yen)
FY2008
(From April 1, 2008
to June 30, 2008)
FY2007
(From April 1, 2007
to June 30, 2007)
♦Business Results
Net Sales 86,639 82,777
Operating Income 1,259 4,217
Ordinary Income 1,205 4,240
Net Income (1,438) 3,632
Net Income per share (Yen) (6.88) 17.38
♦Financial Position
Total Assets 331,622 333,892
Net Assets 86,880 92,604
Capital Ratio (%) 25.6 27.0
Net Assets per Share (Yen) 406.54 432.04
♦Results By Business Segment
Tires
Net Sales
Operating Income
62,141
1,257
58,468
4,075
DT(DiverTech) and other business
Net Sales
Operating Income
24,498
(0)
24,308
136
Note: 1. Segmentation in the above is based on the Company's internal rule and is for management purposes.
2. Net sales do not include intersegment transactions and transfers.
3. Operating incomes do not include elimination of intersegment transactions.
♦Results By Geographic Segment
Japan
Net Sales
Operating Income
44,546
(724)
42,369
2,263
North America
Net Sales
Operating Income
28,040
1,139
27,558
1,370
Other
Net Sales
Operating Income
14,052
545
12,849
475
Note: 1. Geographic segmentation of countries and regions is based on geographical proximity. ("North America" includes the U.S.A. and Canada, and "Other" includes Europe, Oceania and other regions.)
2. Net sales do not include intersegment transactions and transfers.
3. Operating incomes do not include elimination of intersegment transactions.


【Consolidated Balance Sheets】
(Unit: Millions of yen)
  FY2008 1Q
(As of June 30, 2008)
FY2007
(As of March 31, 2008)
Assets    
Current Assets    
Cash on hand and in banks 14,601 10,737
Notes and accounts receivable - trade 72,329 68,175
Short-term investment securities 9 8
Merchandise and finished goods 36,345 35,480
Work in process 3,564 2,976
Raw materials and supplies 8,003 7,638
Other current assets 18,088 30,577
Allowance for doubtful accounts (848) (683)
Total Current Assets 152,092 154,912
Fixed Assets    
Property, Plant and Equipment    
Buildings and structures net 36,807 38,370
Machinery and equipment net 44,348 44,816
Other fixed assets net 37,705 36,334
Total Property, Plant and Equipment 118,861 119,520
Intangible Fixed Assets    
Goodwill 692 935
Other intangible assets 2,396 2,531
Total Intangible Fixed Assets 3,088 3,467
Investments and Other Assets    
Investment in securities 40,727 38,514
Other assets 17,322 17,968
Allowance for doubtful accounts (470) (491)
Investments and other assets 57,579 55,992
Total Fixed Assets 179,530 178,980
     
Total assets 331,622 333,892


【Consolidated Balance Sheets】
(Unit: Millions of yen)
  FY2008 1Q
(As of June 30, 2008)
FY2007
(As of March 31, 2008)
Liabilities    
Current Liabilities    
Notes and accounts payable - trade 80,052 82,474
Commercial papers 6,500 2,000
Short-term bank loans 45,677 44,801
Corporate bonds due within one year 5,000 5,000
Income and enterprise taxes payable 797 1,481
Accounts payable - other 17,550 21,216
Provision for product compensation 2,571 3,262
Other current liabilities 14,827 12,054
Total Current Liabilities 172,975 172,290
Long-term Liabilities    
Bonds 13,000 18,000
Long-term debt due after one year 32,205 26,464
Severance and retirement benefits 14,754 13,657
Other reserves 564 560
Other long-term liabilities 11,241 10,315
Total Long-term Liabilities 71,766 68,998
Total Liabilities 244,742 241,288
     
Net Assets    
Shareholders' Equity    
Common stock 23,974 23,974
Capital surplus 21,998 21,998
Retained earnings 27,512 30,952
Treasury stock (102) (100)
Total Shareholders' Equity 73,383 76,825
Accumulated Gains (Losses) from Revaluation and Translation Adjustments    
Net unrealized holding gains on securities 14,835 13,294
Unrealized gains (losses) on hedging derivatives (26) 55
Other comprehensive loss - (26)
Foreign currency translation adjustments (3,221) 151
Total Accumulated Gains (Losses) from Revaluation and Translation Adjustments 11,587 13,474
Minority Interests in Consolidated Subsidiaries 1,910 2,303
Total Net Assets 86,880 92,604
Total Liabilities and Net Assets 331,622 333,892


【Consolidated Statements of Income】
(Unit: Millions of yen)
  FY2008 1Q
(Three months ended June 30, 2008)
Net sales 86,639
Cost of sales 65,013
Gross profit 21,625
Selling, general and administrative expenses 20,365
Operating Income 1,259
Other income  
Interest income 17
Dividend income 451
Equity in net income of unconsolidated subsidiaries and affiliates 312
Others 538
Total other income 1,320
Other expenses  
Interest expense 863
Others 511
Total other expenses 1,375
Ordinary Income 1,205
Extraordinary losses  
Loss on disposal of fixed assets 195
Loss on revaluation of inventories 1,001
Severance and retirement allowance expenses 1,237
Total extraordinary losses 2,435
Loss Before Taxes (1,230)
Income taxes - current 250
Minority interests in net loss of consolidated subsidiaries (42)
Net Loss (1,438)


【Consolidated Statements of Cash Flows】
(Unit: Millions of yen)
  FY2008 1Q
(Three months ended June 30, 2008)
Cash Flows from Operating Activities  
Loss before taxes (1,230)
Depreciation and amortization 4,776
Increase (decrease) in accrued retirement benefits for employees 1,128
Increase in provision for product compensation (691)
Interest and dividend income (469)
Interest expense 863
Foreign exchange loss (gain) (502)
Equity in net income of unconsolidated subsidiaries and affiliates (312)
Loss on disposal of fixed assets 195
Decrease (increase) in trade notes and accounts receivable (7,534)
Decrease (increase) in deposits on factored trade receivables 10,834
Decrease (increase) in inventory (4,653)
Increase (decrease) in accounts payable 1,683
Others, net 878
Sub-total 4,966
Interest and dividends received 829
Interest paid (951)
Income taxes paid (1,384)
Net cash provided by operating activities 3,460
   
Cash Flows from Investing Activities  
Acquisition of property, plant and equipment (7,201)
Proceeds from sale of property, plant and equipment 42
Acquisition of intangible fixed assets (58)
Investment in securities (2)
Others, net 370
Net cash used in investing activities (6,850)
   
Cash Flows from Financing Activities  
Net Increase (decrease) in short-term loans payable 4,157
Net Increase in commercial papers 4,500
Proceeds from long-term debt 7,711
Repayment of long-term debt (1,031)
Payment for redemption of corporate bonds (5,000)
Dividends paid (1,881)
Dividends paid to minority shareholders (49)
Others, net (53)
Net cash provided by (used in) financing activities 8,352
   
Effect of foreign exchange on cash and cash equivalents (1,098)
Net increase (decrease) in cash and cash 3,863
Cash and cash equivalents at beginning of the 10,733
Cash and cash equivalents at end of the period 14,597

来源:      时间:2008-11-1 13:52:58
 
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