Notice of Revision to the Consolidated financial forecast For the fiscal year ending March 31, 2021Mar. 25, 2021

Based on the forecast of current financial performance, the board of directors of Toyo Engineering Corporation (TOYO) resolved the following revision to the consolidated financial forecasts for the fiscal year ending March 31, 2021, which were announced on June 18, 2020.

1.Revision to the consolidated financial forecasts for the fiscal year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
2. Reason of Revisions
Because of lower construction progress than expected at some projects, net sales is forecasted to decrease by 25,000 millions of Yen from the previous forecast, down to 185,000 millions of Yen.
Operating income is forecasted to increase by 1,000 millions of Yen from the previous forecast, up to 1,500 millions of Yen as a result of improving profitability in some projects undertaken by overseas subsidiaries and saving proposal costs in SG&A expenses while there is a decrease in profit due to a decrease of net sales.
Because of improvement of equity in earnings of affiliates in Brazil and decrease in the amount of foreign exchange loss that was expected at previous forecast, ordinary income is forecasted to increase by 2,000 millions of Yen up to 2,500 millions of Yen. As a result, profit attributable to owners of parents after tax is forecasted to increase by 1,000 millions of Yen up to 1,000 millions of Yen.
(Remark) The forecast of consolidated results above was compiled based on the information available at the time of announcement. Due to various factors, actual business results may differ from the predicted figures in some cases.
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