Data

Introduction

Top Message

VisionStrategy

Materiality

Close-up

Governance

Data

Financial
Summary (11 years)
編集にあたって
FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

Net sales

370,218

393,782

407,789

381,635

404,999393,220

377,457

343,764

393,647

497,213552,825

Gross profit

115,810

132,911

153,500

136,267

136,982

134,169

130,822

123,239

161,041

197,976

216,511

Selling, general and administrative expenses

78,56985,401

90,11986,952

91,674

91,77992,374

86,911

107,960

153,930

139,612

Operating income

37,24047,51063,381

49,31545,30842,39038,44736,32853,08044,04676,899Profit (loss) attributable to owners of parent

11,596

31,2401,674(12,260)

15,476

10,55324,482

11,682

41,35047,956

72,273

Capital expenditure

28,99940,711

48,33823,93022,381

29,722

42,633

26,96737,76647,303

34,102

Depreciation and amortization

19,511

21,85824,82824,85625,53825,79525,16221,005

21,46826,74830,772

Net cash provided by (used in) operating activities

41,55837,78941,30538,865

13,43019,063

11,22953,796

34,465

15,17286,503

Net cash provided by (used in) investing activities(22,504)(30,122)(46,009)(13,785)(10,633)(28,428)(38,271)(27,856)(37,538)(16,712)(14,661)

Net cash provided by (used in) financing activities(5,095)(12,680)

19,051(31,317)(13,513)

12,82920,732(12,638)

11,697(16,231)(62,894)

Total assets

433,327

481,966

522,937

491,088473,876

469,377

468,746445,579

531,229598,889

645,480

Total liabilities

291,817297,327

347,572

345,466

310,061

312,130

244,237

222,885

251,073

277,974

250,281Interest-bearing debt

129,849

131,780

162,035

132,930

119,963

137,327

118,545

110,578

128,784

135,436

102,714

Net assets

141,510

184,638

175,364

145,621

163,815

157,251

224,509

222,694

280,155

320,915395,199

3,793

4,062

3,513

4,043

4,735

4,511

1,747

1,918

201

231

－

137,716

180,576

171,851

141,578

159,079

152,739

222,761

220,776

279,954

320,683

395,19945.65

245.9713.19(96.54)121.8783.11

161.41

75.89

268.62311.51

469.42

12

45

45

45

45

45

45

45

76

80

100

542.15

1,421.84

1,353.19

1,114.82

1,252.66

1,202.75

1,447.23

1,434.23

1,818.60

2,083.00

2,566.76

Operating income margin

10.06

12.07

15.54

12.92

11.19

10.78

10.19

10.57

13.48

8.86

13.91

Gross profit margin

31.28

33.75

37.64

35.71

33.82

34.12

34.66

35.85

40.91

39.82

39.16

Selling, general and administrative expenses margin (%)

21.22

21.69

22.10

22.78

22.64

23.34

24.47

25.28

27.43

30.96

25.25

Return on equity (ROE) (%)

9.60

19.63

0.95

(7.82)

10.30

6.77

13.04

5.27

16.52

15.97

20.19

Return on assets (ROA) (%)

9.72

10.17

11.31

8.70

8.33

8.14

7.81

6.76

11.45

9.03

13.83

Capital ratio

31.78

37.47

32.86

28.83

33.57

32.54

47.52

49.55

52.70

53.55

61.23

Debt / equity ratio (Times)

0.94

0.73

0.94

0.94

0.75

0.90

0.53

0.50

0.46

0.42

0.26

Payout ratio

26.29

18.29

341.26

－

36.92

54.15

27.88

59.30

28.29

25.68

21.30

Year-end consolidated financial position (millions of yen)

Year-end consolidated financial position (millions of yen)

Non-controlling interests
Equity capital
Data per share (yen)Earnings per share (EPS)
Cash dividends per share (annual)
Net assets per share (BPS)
Financial ratio (%)

71

TOYO TIRE Integrated Report 2024

TOYO TIRE Integrated Report 2024

72

Introduction

Data

Top Message

VisionStrategy

Materiality

Close-up

Governance

Data

Consolidated
Balance Sheets
編集にあたってMillions of yen

Previous fiscal year
(As of December 31, 2022)

Previous fiscal year
(As of December 31, 2022)

AssetsCurrent fiscal year
(As of December 31, 2023)

Liabilities
Current liabilities

Current assets
Cash and deposits

41,601

52,879Notes and accounts payable – trade42,57738,262

Notes and accounts receivable – trade109,468

107,794

Commercial papers

43,000－

Merchandise and finished goods

78,31577,465

Short-term loans payable

24,78011,653Work in process

5,091

5,060

Accounts payable – other

31,22532,527

Raw materials and supplies

29,477

24,536

Income taxes payable

11,816

18,783

Other

25,95231,504

Provision for directors’ bonuses

110

85

(328)

(269)

Allowance for doubtful accounts
Total current assets

289,579

298,972

Fixed assets
Property, plant and equipment

Provision for product compensation

4,820

456

－

1,997

Other

32,71639,055

Total current liabilities

191,048

142,822

Provision for loss on liquidation of subsidiaries and associates

140,461

150,674

Non-current liabilities

Accumulated depreciation(58,960)(63,878)

Bonds payable

10,00025,000

Buildings and structures, net

81,50186,796Long-term loans payable

51,36645,992

Buildings and structures

380,917407,350

Provision for directors’ retirement benefits

10

6

Accumulated depreciation(264,069)(280,329)

Provision for environmental measures

86

86

Machinery, equipment and vehicles, net

Machinery, equipment and vehicles

116,847

127,020

Provision for product compensation

1,380

928

Tools, furniture and fixtures

73,48778,975

Provision for loss on litigation

1,340

1,432

Accumulated depreciation(63,610)(65,417)Retirement benefit liability

3,523

3,524

9,876

13,557

Deferred tax liabilities

10,478

8,138

17,972

17,862

Other

8,740

22,351

1,445

1,434

(1,001)(938)

Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation

Total non-current liabilities
Total liabilities

86,926

107,459

277,974

250,281

Net assets

Lease assets, net

443

496

Right-of-use assets

13,25630,694

Shareholders’ equity

Accumulated depreciation(5,273)(9,549)Common stock

55,93555,935Right of use assets, net

7,983

21,145

Capital surplus

54,341

54,197

159,837

221,333

(132)

(120)

269,981

331,344

12,743

6,812

Construction in progress

30,426

19,911Retained earnings

Total property, plant and equipment

265,051

286,790

Treasury stock
Total shareholders’ equity

Intangible assets
Software
Other
Total intangible assets

8,144

15,515

384

287

8,529

15,802

Investment securities

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

58

103

32,35945,170Remeasurements of defined benefit plans

5,541

11,767

Total accumulated other comprehensive income

50,702

63,854Foreign currency translation adjustments

Investments and other assets
27,20417,750Long-term loans receivable

142

118

Retirement benefit asset

1,993

10,936

Non-controlling interests

Deferred tax assets

2,847

7,601

Total net assets

Other

3,643

7,610

Allowance for doubtful accounts

(102)

(102)

35,72943,915309,310

346,508

598,889

645,480

Total investments and other assets
Total fixed assets
Total assets

73

Millions of yen

Current fiscal year
(As of December 31, 2023)

TOYO TIRE Integrated Report 2024

Total liabilities and net assets

231－

320,915395,199598,889

645,480

TOYO TIRE Integrated Report 2024

74

Introduction

Data

Consolidated Statements of Income
Millions of yen
Previous fiscal year

Consolidated Statements ofComprehensive Income
Millions of yen
Previous fiscal year

Current fiscal year

(From January 1, 2022 (From January 1, 2023
to December 31, 2022) to December 31, 2023)

497,213552,825

ProfitCost of sales

299,237

336,314Gross profit

197,976

216,511

Other comprehensive
income153,930

139,612

Operating income

44,04676,899Interest income

523

883

Dividends income

1,084

868

Foreign exchange gains

7,736

8,620

199

－

Non-operating income

Equity in earnings ofaffiliates
Other

1,741

1,866

Total non-operating
income11,286

12,239Non-operating expenses
Interest expenses

1,278

1,068

Deferred gains or losses
on hedges
Foreign currencytranslation adjustment

51,03586,047

Owners of the parent

32－

Total extraordinary
incomeComprehensive income

Non-controlling interests

Gain on sale of sharesof subsidiaries andassociates

18,583

15,106Extraordinary losses

12,706

Decrease (increase) in
retirement benefit asset

4,476

(151)

Interest and dividend
income(1,608)(1,752)

Interest expenses

1,278

1,068

Foreign exchange losses(gains)(4,438)(5,998)Equity in losses (earnings)
of affiliates

(199)

30

Loss (gain) on sale ofnon-current assets

(299)

－

Loss (gain) on sale ofinvestment securities(18,245)(15,106)

Loss (gain) on sale ofshares of subsidiaries andassociates

(32)

－

Loss on retirement of
non-current assets

395

620

Impairment losses

736

85,352(Comprehensive income
attributable to)15,106(4)

53,977

3,090

18,252(390)

13,166

4,297

Gain on sale ofinvestment securities

45

Increase (decrease) in
retirement benefit liability

6,020

Total non-operating
expenses－

30,772

Total other comprehensive
income30

299

26,7486,226

119

53,94685,425

30

(72)

6,135

119

Purchase of intangible
assets(3,360)(8,039)Purchase of investments
in securities

(16)

(14)

Proceeds from sale andredemption of investment
securities

21,623

15,998Proceeds from sale ofshares of subsidiaries andassociates

86

－

1,849

(61)

(16,712)(14,661)

Net increase (decrease) inshort-term loans payable

7,159(4,401)

Net increase (decrease) incommercial papers

16,000(43,000)

2,051

Proceeds from long-term
debt

10,400

400

－

2,166

Payments of long-term
debt(32,562)(15,905)456

230

Purchase of repayment oflease obligations(4,023)(3,926)

Provision for loss on
litigation

1,340

－

Proceeds from issuanceof bonds－

15,000Decrease (increase) innotes and accounts
receivable-trade(17,887)

7,484

Loss on liquidation ofsubsidiaries andassociates
Loss on productcompensation－

Impairment losses

736

2,051

Decrease (increase) ininventories(23,794)

11,909Loss on liquidation ofsubsidiaries andassociates

－

2,166

Increase (decrease) innotes and accounts
payable-trade

7,573(4,999)456

230

Other, net(9,172)(10,141)

1,340－

Subtotal

33,563

114,265

1,528

1,820

58

－

Interest and dividends
income received

2,994

5,069

Interest expense paid

(1,292)(1,187)

Profit before income taxes

66,62496,084

Income taxes - current

20,452

31,292

Payments of productcompensation(3,086)(4,705)

Income taxes - deferred(1,783)(7,394)

Income taxes paid

(16,067)(24,407)527

717

15,17286,503

Total income taxes

18,66823,898

Income taxes refunded

Profit47,95672,1860(87)

Net cash provided by(used in) operating activities

47,956

72,273

Profit attributable to ownersof parent

TOYO TIRE Integrated Report 2024

Other, net
Net cash provided by(used in) investing activities
Cash flows from financing
activities

Cash dividends paid

7

Loss attributable tonon-controlling interests(From January 1, 2022 (From January 1, 2023
to December 31, 2022) to December 31, 2023)

Proceeds from saleof property, plant andequipment

Loss on sale ofinvestment securities

Total extraordinary losses

Current fiscal year

(22,664)

620

Loss on COVID-19

Millions of yen
Previous fiscal year

(43,030)

395

Provision for loss on
litigation

Data

Purchase of property,
plant and equipment

Loss on retirement of
non-current assets

Loss on productcompensation

GovernanceCash flows from investing
activities

Depreciation andamortization

48

1,991

Gain on sale ofnon-current assets

20,912

Cash flows from operating
activities
96,084

Share of othercomprehensive income ofassociates accounted forusing equity method－

Extraordinary income

75

Close-up(From January 1, 2022 (From January 1, 2023
to December 31, 2022) to December 31, 2023)

66,624(5,930)Materiality

Current fiscal year

Income before incometaxes(1,309)3,018

Ordinary income(13,706)

72,186Strategy

Millions of yen
Previous fiscal year

Current fiscal year

Remeasurements ofdefined benefit plans, netof tax

Other

Loss in earnings of affiliates

75

Valuation difference
on available-for-salesecurities

47,956

VisionConsolidated Statements of Cash Flows(From January 1, 2022 (From January 1, 2023
to December 31, 2022) to December 31, 2023)

Net sales

Selling, general andadministrative expenses

Top Message(13,228)(10,768)

Payments from changes
in investments in capitalof subsidiaries that do not
result in change in scopeof consolidation

－

(313)

Other, net

2222

Net cash providedby (used in) financing
activities(16,231)(62,894)

Effect of exchange rate on
cash and cash equivalents

5,779

2,249

Net increase (decrease) incash and cash equivalents(11,992)

11,197

Cash and cash equivalents
at beginning of the year

53,592

41,600Cash and cash equivalents
at end of the year

41,60052,798TOYO TIRE Integrated Report 2024

76

Introduction

Data

Top Message

Investor Information

Corporate Data

Stock information (As of December 31, 2023)

Overview

VisionStrategy

Materiality

154,111,029

Number of shareholders:

28,225

Stock exchange listing:Tokyo Stock Exchange
Mitsubishi UFJ Trust andBanking Corporation

Independent auditor:

KPMG AZSA LLC

Fiscal year:

January 1 – December 31

Annual general meeting ofshareholders:March

Number ofshares held
(thousand shares)

Shareholding
ratio
(%)

Mitsubishi Corporation

30,82220.01

The Master Trust Bank of Japan, Ltd.
(Trust Account)

22,745

14.77

Custody Bank of Japan, Ltd.
(Trust Account)

10,6006.88

Bridgestone Corporation

5,000

3.24

Toyota Motor Corporation

4,774

3.10

JP MORGAN CHASE BANK 385632

4,748

3.08

CEP LUXーORBIS SICAV

3,446

2.23

Shareholder

Consolidated subsidiaries

Unit: thousands of shares unless otherwise indicatedShareholder register administrator
and account management institution
for special account:

STATE STREET BANK AND TRUSTCOMPANY 505223

2,928

BBH（LUX） FOR FIDELITY
FUNDSーJAPAN ADVANTAGE POOL

1,947

1.26

THE BANK OF NEW YORK MELLON
140044

1,879

1.22

Japanese financial
instrument firms
4,711
3.06%

Japanese financial
institutions
43,27828.08%

Foreign corporations
and others
45,56729.57%

154,111

Japanese individuals
and other investors(including treasury stock)
15,203
9.86%

Less than 5,000 shares
9,096
5.90%

Less than
50,000 shares
4,227
2.74%

154,111

Changes (Reduction) of Strategic shareholdings
Balance sheet amount (Millions of yen)
Listed, unlisted
Deemed shareholdings
Percentage of consolidated net assets (including deemed shareholdings) (%)
Number of issues (Security titles)

24.5

13.5
49

57,969Year-end dividends

120
100

100
76

80
60
45
40

56

(105)

20

20

2020

2021

2022

15,42842,541TOYO TIRE Integrated Report 2024

U.S.A

11,267 (consolidated, including temporary employees)* As of December 31, 2023

TOYO TIRE U. S. A. CORP.

U.S.A

Headquarters

2-2-13 Fujinoki, Itami City, Hyogo 664-0847, Japan
Phone: +81-72-789-9100

NITTO TIRE U. S. A. INC.

U.S.A

PlantsSendai Plant / Kuwana Plant, others

TOYO TIRE NORTH AMERICAOE SALES LLC

U.S.A

Lines ofbusiness[Tire Business] Tires (for passenger vehicles, lighttrucks, trucks & buses)[Automotive Parts Business] Automotive anti-vibration
rubberTOYO TIRE NORTH AMERICA MANUFACTURING INC.

U.S.A

TOYO AUTOMOTIVE PARTS (USA), INC.

U.S.A

TMM (USA), INC.

U.S.A

TOYO TIRE CANADA INC.

CanadaAddress

Headquarters

2-2-13 Fujinoki, Itami City, Hyogo 664-0847

Central & South America

19F Shinagawa Seaside Park Tower, 4-12-4
Higashishinagawa, Shinagawa-ku, Tokyo
140-0002

NT MEXICO S. DE R. L. DE C. V.

MexicoTokyo Office

TOYO AUTOMOTIVE PARTS
DE MEXICO, S. A. DE C. V.

MexicoNagoya Office

3 Syogayama, Uchikoshi-cho, Miyoshi City,
Aichi 470-0213

EuropeHiroshima Office

13-20 Hikari machi 1-chome, Higashi-Ku,
Hiroshima City, Hiroshima 732-0052

Sendai Plant

3-5-1 Fukiage, Iwanuma City, Miyagi
989-2484

Kuwana Plant

2400 Oaza Nakagami, Toin-cho, Inabe-gun,Mie 511-0294

Hyogo Manufacturing
Complex

1183 Rokubuichi, Inami-cho, Kako-gun,
Hyogo 675-1112

Corporate Technology Center 3-10-1 Yato, Kawanishi, Hyogo 666-0131
Tire Technical Center

2-2-13 Fujinoki, Itami City, Hyogo 664-0847

Automotive Parts TechnicalCenter

3 Syogayama, Uchikoshi-cho, Miyoshi City,
Aichi 470-0213

Miyazaki Tire Proving Ground2318 Kawakita, Tsuno-cho, Koyu-gun,Miyazaki 889-1201

Saroma Tire Proving GroundNishitomi, Saroma-cho, Tokoro-gun,
Hokkaido 093-0504

Consolidated subsidiaries

21,05543,456

15,914

TOYO TIRE HOLDINGS OF
EUROPE GMBH

Germany

TOYO TIRE DEUTSCHLAND GMBH

Germany

TOYO TYRE (UK) LTD.

U.K.

TOYO TIRE BENELUX B. V.

Netherlands

TOYO TIRE ITALIA S. P. A.

Italy

TOYO TIRE RUS LLC

RussiaTOYO TIRE SERBIA D. O. O.

SerbiaOceania
TOYO TYRE AUSTRALIA PTY LTD

Australia

Asia
SILVERSTONE BERHAD

Malaysia

38,122

2020

47,85025,3312021

SILVERSTONE MARKETING SDN BHD

Malaysia

SILVERSTONE POLYMER INDUSTRIES SDN BHD

Malaysia

TOYO TYRE MALAYSIA SDN BHD

Malaysia

TOYO TYRE SALES AND MARKETING MALAYSIA SDN.BHD.

Malaysia

Toyo Tire Japan Co., Ltd.

2-2-13 Fujinoki, Itami City, Hyogo 664-0847

25,905

Toyo Tires Logistics Co., Ltd.

2-2-13 Fujinoki, Itami City, Hyogo 664-0847

Orient Machinery Co., Ltd.

2-3-6 Fujinoki, Itami City, Hyogo 664-0847

Toyo Chemical Industrial
Products Co., Ltd.

1183 Rokubuichi, Inami-cho, Kako-gun,
Hyogo 675-1112

Fukushima Rubber Co., Ltd.

28 Aza Domae, Miyashiro, Fukushima City,
Fukushima 960-0116

TOYO TIRE (THAILAND) CO., LTD.

ThailandAyabe Toyo Rubber Co., Ltd.

115 Kuri-cho, Sawa, Ayabe City, Kyoto
623-0222

TOYO TIRE (SHANGHAI) CO., LTD.

China

Toyo Tire Refine Corporation

2-2-13 Fujinoki, Itami City, Hyogo 664-0847

TOYO TIRE ZHANGJIAGANG CO., LTD.

China

TOYO TIRE (ZHUCHENG) CO., LTD.

China

TOYO AUTOMOTIVE PARTS (GUANGZHOU) CO., LTD

China

16,1062022

Category
Numberof issues(Security titles)

20
2023

2024

(forecast)

(FY)

2023

(FY)

2019

2020

2021

2022

2023

Listed

28

28

18

13

12

Unlisted

38

38

37

36

34

Total

66

66

55

49

46

42,187

37,77047,49924,983

15,764

354

352

350

347

342

15,42815,914

21,055

18,12525,905

①＋②

18.9%

17.1%

17.0%

7.8%

4.1%

①＋②＋③

25.8%

24.2%

24.5%

13.5%

10.6%

① Listed
Balancesheet amount ② Unlisted(Millions of yen) ③ D eemedshareholdings

Address

42,01180

Percentage ofconsolidated
net assets

77

54,036

2019

(50)
30

46

18,125

(55)

25

20
0

80

50

TOYO TIRE HOLDINGS OF AMERICAS INC.

68,905Interim dividends(yen)Country

North America

Number of
employees

10.6

55

Changes in dividends per share

August 1, 1945

OfficeLess than 10,000 shares
1,957
1.27%

66

Data

Network in Japan

50,000 shares or more
138,83190.09%

66

Established

45,35229.43%

Unit: thousands of shares unless otherwise indicated24.2

Toyo Tire Corporation

Other Japanese
corporations

Breakdown by number of shares held

25.8

Trade namePaid-in capital 55,935 million yen

1.90*The shareholding ratio is calculated excluding treasury stock (142,724 shares).

Governance

Global network

Breakdown by shareholder type
Total number of issued shares:

Close-up

TOYO RUBBER CHEMICAL PRODUCTS (THAILAND) LIMITED Thailand

TOYO TIRE Integrated Report 2024

78