Notice Concerning Recognition of Non-Operating Income (equity in earnings of affiliates)Nov. 13, 2018

TOYO ENGINEERING CORPORATION (hereinafter, “TOYO”) hereby announce that it recognized an equity in earnings of affiliates as non-operating income on its consolidated financial results for the second quarter of the fiscal year ending March 31, 2019.


1. Non-operating income (equity in earnings of affiliates)
Because of improvement of profitability associated with projects implemented by affiliate in Brazil, TOYO recognized 1,700 millions of Yen as non-operating income (equity in earnings of affiliates) for the second quarter of fiscal year ending March 31, 2019 (while 174 millions of Yen of equity in losses of affiliates for the first quarter of the fiscal year).

2. Future prospects
The impact of this non-operating income has been already included in the forecasts for the consolidated financial results for the fiscal year ending March 31, 2019 announced on May 15, 2018.

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