FY2020 First Quarter consolidated financial result highlights

1. Overview of Consolidated Results

July 31, 2020

JPYm・%

FY2019

FY2020

1Q

2Q

1H

Full Year

1Q

2Q（F）

1H（F）

Full Year（F）

profit

Y/Y

Y/Y

profit

Y/Y

profit

Y/Y

profit

Y/Y

Y/Y

profit

Y/Y

profit

Y/Y

ratio

ratio

ratio

ratio

ratio

ratio

Net Sales

82,385

7.5

116,781

8.8

199,167

8.3

440,161

7.4

82,843

0.6

95,156

-18.5

178,000

-10.6

390,000

-11.4

[assumed forex rate same as the previous year]

[83,886]

[1.8]

[182,542]

[-8.3]

［397,942］

[-9.6]

Sanwa Shutter

32,198

8.7

61,463

14.7

93,661

12.6

210,407

6.0

31,199

-3.1

54,700

-11.0

85,900

-8.3

191,300

-9.1

Japanese Subsidiaries

7,762

30.0

11,011

21.7

18,774

25.0

51,180

44.6

9,172

18.2

14,727

33.7

23,900

27.3

52,700

3.0

ODC (U.S.A.)

27,436

6.1

28,951

-3.1

56,387

1.1

118,477

1.6

27,654

0.8

18,860

-34.9

46,515

-17.5

98,752

-16.6

Novoferm (Europe)

17,609

-1.1

18,908

3.3

36,517

1.2

74,923

2.0

17,271

-1.9

12,398

-34.4

29,670

-18.8

63,595

-15.1

ASIA

1,123

1,500

2,624

6,421

1,307

16.3

1,860

24.0

3,168

20.7

7,367

14.7

Operating Income

696

0.8

+684

10,368

6.6

11,064

5.6

13.6

34,217

7.8

8.3

344

0.4

-351

4,755

-54.1

5,100

2.9

-53.9

22,000

5.6

-35.7

[assumed forex rate same as the previous year]

[370]

[-325]

[5,116]

[-53.8]

［22,229］

[-35.0]

Sanwa Shutter

-305

-0.9

+480

7,858

26.3

7,553

8.1

39.0

21,172

10.1

15.4

-281

-0.9

+23

5,681

-27.7

5,400

6.3

-28.5

17,000

8.9

-19.7

Japanese Subsidiaries

-132

-1.7

+263

335

-19.1

203

1.1

1,007.0

2,583

5.0

112.8

-587

-6.4

-455

1,011

201.8

424

1.8

108.8

2,360

4.5

-8.7

ODC (U.S.A.)

979

3.6

-119

1,720

-27.9

2,700

4.8

-22.5

9,033

7.6

2.9

1,098

4.0

+118

-957

<－>

140

0.3

-94.8

3,045

3.1

-66.3

Novoferm (Europe)

486

2.8

+11

863

1.6

1,349

3.7

1.9

3,692

4.9

-3.7

335

1.9

-150

-212

<－>

123

0.4

-90.9

1,702

2.7

-53.9

ASIA

-78

-6.9

-53

-132

-5.1

-348

-5.4

42

3.2

+121

-30

<＋>

11

0.3

<＋>

60

0.8

<＋>

Ordinary Income

630

0.8

+647

10,156

9.6

10,786

5.4

16.6

33,469

7.6

10.0

12

0.0

-617

4,587

-54.8

4,600

2.6

-57.4

21,000

5.4

-37.3

[assumed forex rate same as the previous year]

[26]

[-604]

[4,592]

[-57.4]

[21,186]

[-36.7]

Sanwa Shutter

-252

-0.8

+460

7,915

25.9

7,662

8.2

37.5

21,396

10.2

15.2

-233

-0.7

+18

5,733

-27.6

5,500

6.4

-28.2

17,200

9.0

-19.6

Japanese Subsidiaries

-112

-1.4

+269

362

-18.2

250

1.3

308.9

2,674

5.2

108.6

-568

-6.2

-456

1,021

181.6

453

1.9

80.9

2,409

4.6

-9.9

ODC (U.S.A.)

788

2.9

-226

1,547

-31.3

2,335

4.1

-28.5

8,453

7.1

3.1

930

3.4

+142

-1,182

<－>

-252

-0.5

<－>

2,226

2.3

-73.7

Novoferm (Europe)

487

2.8

+41

814

1.5

1,302

3.6

4.3

3,574

4.8

-2.7

94

0.5

-392

-48

<－>

46

0.2

-96.5

1,552

2.4

-56.6

ASIA

-83

-7.4

-57

-140

-5.4

-398

-6.2

35

2.7

+118

-42

<＋>

-6

-0.2

<＋>

22

0.3

<＋>

Equity method Affiliates

-20

+53

-18

<＋>

-38

<＋>

-148

<＋>

-66

-46

-75

<－>

-142

<－>

-225

<－>

Net Income attributable

280

0.3

+414

6,664

9.8

6,945

3.5

17.1

21,647

4.9

3.5

-172

-0.2

-452

2,472

-62.9

2,300

1.3

-66.9

12,500

3.2

-42.3

to owners of the parent

[assumed forex rate same as the previous year]

[-163]

[-443]

[2,284]

[-67.1]

［12,630］

[-41.7]

Sanwa Shutter

-167

-0.5

+310

5,263

26.5

5,095

5.4

38.4

14,614

6.9

14.3

-176

-0.6

-8

3,876

-26.4

3,700

4.3

-27.4

11,700

6.1

-19.9

Japanese Subsidiaries

-84

-1.1

+175

210

-16.3

125

0.7

<＋>

1,469

2.9

80.7

-385

-4.2

-300

646

207.5

261

1.1

108.0

1,562

3.0

6.3

ODC (U.S.A.)

566

2.1

-163

1,146

-28.4

1,713

3.0

-26.5

6,234

5.3

34.8

677

2.4

+111

-929

<－>

-252

-0.5

<－>

1,680

1.7

-73.1

Novoferm (Europe)

377

2.1

+75

454

-17.8

832

2.3

-2.6

2,269

3.0

-11.6

35

0.2

-342

-92

<－>

-57

-0.2

<－>

1,000

1.6

-55.9

ASIA

-83

-7.4

-56

-140

-5.4

-412

-6.4

15

1.1

+99

-29

<＋>

-13

-0.4

<＋>

-7

-0.1

<＋>

Equity method Affiliates

-20

+53

-18

<＋>

-38

<＋>

-148

<＋>

-66

-46

-75

<－>

-142

<－>

-225

<－>

《Local currency》

USDk・EURk・%

FY2019

FY2020

1Q

2Q

1H

Full Year

1Q

2Q（F）

1H（F）

Full Year（F）

profit

Y/Y

Y/Y

profit

Y/Y

profit

Y/Y

profit

Y/Y

Y/Y

profit

Y/Y

profit

Y/Y

ratio

ratio

ratio

ratio

ratio

ratio

Sales

ODC (U.S.A.)

$248,813

3.4

$263,942

-3.4

$512,755

-0.2

$1,084,559

2.6

$253,455

1.9

$189,544

-28.2

$443,000

-13.6

$940,500

-13.3

Novoferm (Europe)

€140,573

4.5

€153,759

8.5

€294,332

6.5

€613,370

8.5

€143,856

2.3

€114,143

-25.8

€258,000

-12.3

€553,000

-9.8

Operating

ODC (U.S.A.)

$8,886

3.6

-1,339

$15,667

-28.5

$24,553

4.8

-23.6

$82,693

7.6

3.9

$10,066

4.0

+1,179

-$8,726

< －>

$1,340

0.3

-94.5

$29,000

3.1

-64.9

Income

Novoferm (Europe)

€3,880

2.8

+292

€6,997

6.9

€10,878

3.7

7.3

€30,228

4.9

2.5

€2,796

1.9

-1,084

-€1,726

< －>

€1,070

0.4

-90.2

€14,800

2.7

-51.0

  1. Figures in［］are FY2020 figures calculated on the last year's FX rates (USD/EURO).
  2. Figures are round off. <+> is for increase,<-> is for decrease from the previous year.
    Figures in 1Q"Y/Y" indicates increase rates for sales and increase/decrease amounts for incomes.
  3. Figures in 2020 2Q (forecast) is calculated by subtracting the 2020 1Q results from the first half of 2020 (forecast).
  1. Forex rate is term average.
  2. Figures by entities are before consolidation adjustment and do not add up to total.
  3. From FY2020, Suzuki Shutter (Hong Kong) has been newly consolidated into "ASIA".

F2019

FY2020

Forex Rate

1Q

1H

FY

1Q

1H

FY

Actual

Actual

Actual

Actual

Forecast

Forecast

USD

110.27

109.97

109.24

109.11

105.00

105.00

EUR

125.27

124.07

122.15

120.06

115.00

115.00

1

FY2020 First Quarter consolidated financial result highlights

2. Consolidated FY2020 1Q Results & first half and full year forecasts

July 31, 2020

〈Summary〉

Net sales

Operating income

Ordinary income

Net Income attributable to owners of the parent

〈Summary〉

FY2020 First Quarter Results

New consolidation contributed to the increase in sales, while profit decreased vs. 1Q FY2019

■ Consolidated net sales increased by 0.6% or 460 million yen vs. 1Q FY2019. Excluding currency impact, it would have increased by 1.8% or 1.5 billion yen.

JAPAN: Increased by 1.0% YoY (before consolidation adjustment). Sanwa Shutter decreased by 3.1%. By products, heavy-duty shutters and shutter-related products struggled, decreased by 11.2% and 15.7% respectively. On the other hand building & condominium doors increased by 17.8% and maintenance & repair business by 2.1%, both progressed steadily. Japanese subsidiaries increased by 18.2% or 1.4 billion yen, mainly contributed by the increase in sales of Sanwa Tajima and the consolidation of Suzuki Shutter since 2nd half of FY2019.

USA(ODC): Increased by 1.9% Y/Y on local currency basis. Door sales in total increased slightly by 0.6%. By products, garage doors increased by 4.5% and commercial doors decreased by 3.3%. Operators increased by 20.7%, with a steady growth of e-commerce. Automatic doors decreased by 7.4%.

Europe(NF): Increased by 2.3% Y/Y on local currency basis. The shutdown in Italy, France, and Spain since March due to COVID-19 affected negatively, but new consolidation contributed to the increase in sales. Hinged doors increased by 17.3% due to

the consolidation of Robust AB. Garage doors decreased by 8.0%, while industrial doors progressed steadily with an increase of 1.4%. ASIA: Increased by 16.3% or 180million yen Y/Y. The consolidation of Suzuki Shutter(Hong Kong) contributed to the growth.

■ Consolidated operating income decreased by 350 million yen vs. 1Q FY2019

JAPAN: Sanwa Shutter increased by 20 million yen. The drop in sales volume was covered by the raise of selling price and cost reduction. As for Japanese subsidiaries, Showa Front and Sanwa Tajima improved performance while Suzuki Shutter struggled with delay in maintenance & repair business due to COVID-19.

USA(ODC): Increased by $1.2 million Y/Y. Both door business and operator business increased in profit.

Europe(NF): Decreased by €1.1 million Y/Y. Affected by the decrease in sales volume due to COVID-19.

ASIA: Increased by 120million yen Y/Y. An-Ho Metal and Sanwa Shutter(H.K) improved performance, combined with the consolidation of Suzuki Shutter(H.K), contributed to turn to positive.

Consolidated ordinary income decreased by 620 million yen.

Non-operating income worsened by 200 million yen due to exchange loss.

Net income attributable to owners of the parent decrease by 450 million yen.

Extraordinary profit/loss worsened by 40 million yen.

FY2020 First Half and Full Year Forecasts

Maintain forecasts for first half and full year announced on May 14.

However, alteration may be made and announced if necessary depending on future situation.

2

FY2020 First Quarter consolidated financial result highlights

3. Order Intake and Net Sales by products / Sanwa Shutter

July 31, 2020

JPYm・%

FY2019

FY2020

1Q

1H

Full Year

1Q

Order

% to

Sales

% to

Order

% to

Sales

% to

Order

% to

Sales

% to

Order

% to

Sales

% to

Intake

total

total

Intake

total

total

Intake

total

total

Intake

total

total

Lightweight Shutters

<3.0>

<0.9>

<1.3>

<4.7>

<-1.9>

<-1.6>

<-1.2>

<-0.4>

5,627

11.5

4,802

14.9

11,400

11.3

10,949

11.7

22,527

11.0

22,422

10.7

5,560

11.7

4,782

15.3

Heavy-duty Shutters

<2.0>

<5.9>

<8.5>

<15.8>

<9.6>

<4.0>

<2.1>

<-11.2>

6,165

12.6

3,363

10.4

12,918

12.8

11,300

12.1

26,530

13.0

26,175

12.4

6,294

13.3

2,986

9.6

Overhead Doors

<21.4>

<-5.0>

<8.4>

<9.6>

<6.3>

<1.5>

<7.7>

<6.5>

1,358

2.8

765

2.4

2,623

2.6

2,268

2.4

5,214

2.6

5,057

2.4

1,463

3.1

814

2.6

Shutter-related

<9.3>

<24.8>

<7.5>

<24.2>

<-2.7>

<13.0>

<-7.4>

<-15.7>

Products

3,481

7.1

2,236

6.9

7,044

7.0

6,721

7.2

13,735

6.7

14,402

6.8

3,223

6.8

1,884

6.0

Comm. Bldgs/

<6.6>

<14.0>

<5.5>

<12.7>

<4.7>

<12.1>

<-0.5>

<17.8>

Condominiums Doors

12,684

25.9

5,922

18.4

26,551

26.3

23,507

25.1

53,816

26.4

60,963

29.0

12,626

26.7

6,976

22.4

Residential Doors

<-5.3>

<-5.2>

<-11.8>

<-7.9>

<-17.3>

<-15.7>

<-30.2>

<-30.9>

959

2.0

961

3.0

1,974

2.0

2,009

2.1

3,741

1.8

3,759

1.8

670

1.4

663

2.1

Window-related

<9.9>

<8.7>

<5.6>

<9.0>

<0.0>

<1.7>

<-1.7>

<-3.7>

Products

2,130

4.4

2,069

6.4

4,488

4.4

4,467

4.8

8,830

4.3

8,829

4.2

2,095

4.4

1,993

6.4

Exterior Fittings

<-5.0>

<-16.9>

<-3.9>

<-7.8>

<-2.4>

<-8.2>

<-18.1>

<-14.7>

995

2.0

822

2.6

1,973

2.0

1,968

2.1

3,888

1.9

3,898

1.9

814

1.7

701

2.2

Partitions

<16.6>

<23.9>

<6.1>

<21.7>

<11.8>

<14.8>

<-13.0>

<-4.5>

3,430

7.0

1,695

5.3

7,044

7.0

5,619

6.0

14,656

7.2

13,923

6.6

2,983

6.3

1,618

5.2

Stainless-Steel

<-22.8>

<-10.3>

<-3.0>

<11.6>

<-0.8>

<22.6>

<-28.8>

<-11.2>

Entrances

2,326

4.8

1,063

3.3

4,842

4.8

4,359

4.7

9,381

4.6

10,777

5.1

1,655

3.5

944

3.0

Aluminum Fronts

<-22.5>

<-18.0>

<-8.9>

<-30.4>

<8.3>

<-16.5>

<29.2>

<22.0>

491

1.0

319

1.0

1,121

1.1

887

0.9

2,677

1.3

2,367

1.1

635

1.3

390

1.3

Automatic door

<6.2>

<-0.8>

<-0.4>

<-8.2>

<0.6>

<-4.3>

<-12.3>

<-17.1>

oprators

640

1.3

481

1.5

1,292

1.3

1,141

1.2

2,597

1.3

2,496

1.2

561

1.2

399

1.3

Maintenance & Repair

<13.6>

<9.9>

<11.5>

<14.9>

<6.8>

<7.6>

<2.2>

<2.1>

8,101

16.6

6,074

18.9

16,580

16.4

15,498

16.5

33,863

16.6

33,949

16.1

8,279

17.5

6,203

19.9

Others

<-20.1>

<57.0>

<-39.5>

<73.7>

<-16.3>

<-57.0>

<-6.0>

<-48.2>

491

1.0

1,619

5.0

1,077

1.1

2,961

3.2

2,666

1.3

1,383

0.7

461

1.0

839

2.7

Total

<4.8>

<8.7>

<4.4>

<12.6>

<3.4>

<6.0>

<-3.2>

<-3.1>

48,885

100.0

32,198

100.0

100,934

100.0

93,661

100.0

204,128

100.0

210,407

100.0

47,324

100.0

31,199

100.0

Amount

Amount

Amount

Amount

Outstanding Order

Backlog

113,705

105,078

88,329

104,882

1) < >=⊿% year on year

2) Outstanding Order Backlog = Backlog of orders including orders worked-in-process

3

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Sanwa Holdings Corporation published this content on 31 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2020 02:35:04 UTC