COMPANY NEWS
Toyo 2012 tyre figures at a glance
Toyo sales & profits up, further growth expected in 2013
Net sales: Operating income: Tyre profit margin:
228,744 million yen (up 4.2 per cent) 13,014 million yen 5.7 per cent
TOYO TIRE & RUBBER CO. LTD. has published its consoli- period was 13,645 million yen (£93.6 million), a rise of 51.2 per dated business results for the 2012 financial year – a cent on a synchronised basis, while net income stood at 13,218 shortened, nine-month period owing to the Japanese million yen (£90.6 million). From this total, Toyo’s Tire business unit posted net sales of firm’s changeover to a January to December fiscal year 228,744 million yen (£1.6 billion), up 4.42 per cent year-on-year in 2012.
on a synchronised basis, and operating income of 13,014 million yen (£89.2 million), which using the same measure increaDuring the period between 1 April and 31 December 2012, Toyo sed 30.9 per cent. Tire profit margins rose from 4.5 per cent to Tire & Rubber achieved consolidated net sales of 291,110 milli- 5.7 per cent. on yen (£2.0 billion), almost exactly the projected figure given The company’s current outlook for the 2013 financial year – on 9 November 2012. On a synchronised basis, looking at 2011 results from April to December for Toyo’s companies in Japan this time a 12 month reporting period – is for net sales of and January to December for its overseas companies, this 2012 360,000 million yen (£2.5 billion), operating income of 22,000 sales figure represents a year-on-year sales increase of 3.97 per million yen (£150.9 million) and a margin of 6.1 per cent, ordinacent. Actual 2011 sales, calculated from 1 April to 31 March, ry income of 19,000 million yen (£130.3 million) and net income were 320,569 million yen. Operating income for April – of 12,000 million yen. Projected 2013 sales for the Tire business December 2012 came to 15,650 million yen (£107.3 million), just unit stand at 284,100 million yen (£1.9 billion), while an operaa touch higher than the 9 November projection and up 30.7 per ting income of 18,800 million yen (£128.9 million) and an operacent on a synchronised basis. Operating margin rose from 4.3 ting margin of 6.5 per cent are expected. sg per cent to 5.4 per cent. Ordinary income for the 2012 reporting
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Yokohama enjoys a record 2012 Last year was a new high water mark for Yokohama Rubber Co., Ltd., with the 2012 fiscal year delivering record net sales, operating income and net income. The company says these results reflect the strong growth of original equipment sales to Japanese vehicle manufacturers, a business recovery in industrial products, success in securing market acceptance for price increases, a decline in raw material costs, continuing progress in reducing costs, and the weakening of the yen toward the end of the year. The 2012 fiscal year was Yokohama’s first 12-month fiscal period since the company shifted to calendar-year accounting in 2011, from April-to-March accounting. For this reason, Yokohama Rubber states that formal year-on-year comparisons are impossible. Instead, the percentage changes it gives refer to arbitrary, 12month sums of the figures for January to March 2011 (the fourth quarter of the fiscal year ended March 2011) and April to
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December 2011 (the irregular, nine-month fiscal term that resulted from the shift in fiscal accounting periods). Using this means of calculation, Yokohama states that its net income increased 187.3 per cent over the previous year to 32.6 billion yen (£223.6 million), on an 85.7 per cent increase in operating income, to 49.7 billion yen (£340.8 million), and a 0.3 per cent increase in net sales, to 559.7 billion yen (£3.8 billion). With these results, Yokohama bettered its projections of 30.0 billion yen for net income and 49.0 billion yen for operating income, though the total for net sales was lower than the company’s projection of 576.0 billion yen. Yokohama management intends to increase the annual dividend by two yen above the amount announced in November 2012, to 20 yen - an interim dividend of eight yen and a year-end dividend of 12 yen. In Yokohama’s tyre operations, operating income increased 91.9 per cent to
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Yokohama 2012 tyre figures at a glance Net sales: Operating income:
444.6 billion yen 43.4 billion yen
43.4 billion yen (£297.6 million), despite a 0.6 per cent decline in sales, to 444.6 billion yen (£3.0 billion). Sales to vehicle manufacturers in Japan increased strongly, as noted above; sales in Japan’s replacement market were described as solid, led by winter tyre sales; and success in securing market acceptance for price increases partly offset a decline in demand in overseas markets. Yokohama’s fiscal projections for 2013 call for another year of record sales and earnings. The company projects that net income will reach 36.0 billion yen (£246.9 million) on operating income of 59.0 billion yen (£404.6 million) and net sales of 630.0 billion yen (£4.3 billion). sg
TYRES & ACCESSORIES 3/2013