(TRANSLATION)
This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.
Consolidated Quarterly Financial Results
(based on Japanese standards)
For the three months ended June 30, 2020
July 28, 2020 | ||
Company name: FANUC CORPORATION | Stock exchange listing: Tokyo Stock Exchange | |
Stock code: | 6954 | URL: https://www.fanuc.co.jp/eindex.html |
Representative: (Title) President | (Name) Kenji Yamaguchi | |
Contact: | (Title) Manager, Public Relations | (Name) Keisuke Fujii TEL: (0555)84-5555 |
Scheduled date of filing quarterly report: August 6, 2020
Scheduled date of commencing of dividend payments: -
Availability of supplementary briefing material on quarterly financial results: Available
Schedule of quarterly financial results briefing session: Scheduled
1. Consolidated Financial Results for the Three Months Ended June 30, 2020 (April 1, 2020 - June 30, 2020)
(1) Consolidated Results of Operations
(% represents changes from the previous corresponding Three-month period.)
Three months | Net sales | Operating income | Ordinary income | Net income | |||||||||||||||||
attributable to owners | |||||||||||||||||||||
ended June 30 | |||||||||||||||||||||
of parent | |||||||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||||||||
2020 | 109,260 | (18.8) | 11,078 | (61.3) | 13,140 | (59.0) | 9,091 | (61.0) | |||||||||||||
2019 | 134,634 | (26.4) | 28,595 | (47.5) | 32,063 | (47.2) | 23,282 | (47.9) | |||||||||||||
Note: Consolidated | comprehensive income: April-June 2020: | ¥12,650 million (6.3)% | |||||||||||||||||||
April-June 2019: ¥13,503 million (69.0)% | |||||||||||||||||||||
Three months | Net income | Net income | |||||||||||||||||||
per share | |||||||||||||||||||||
ended June 30 | per share | ||||||||||||||||||||
(diluted) | |||||||||||||||||||||
2020 | Yen | Yen | |||||||||||||||||||
47.39 | - | ||||||||||||||||||||
2019 | 120.75 | - | |||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||||
Total assets | Net assets | Equity ratio | |||||||||||||||||||
Millions of yen | Millions of yen | % | |||||||||||||||||||
June 30, 2020 | 1,475,032 | 1,342,173 | 90.4 | ||||||||||||||||||
March 31, 2020 | 1,512,499 | 1,362,865 | 89.6 | 1,355,100 million | |||||||||||||||||
(Reference) Equity: June 30, 2020: ¥1,334,097 million | March 31, 2020: ¥ | ||||||||||||||||||||
2. Dividends | |||||||||||||||||||||
Dividends per share | |||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | Year-end | Full year | |||||||||||||||||
Dividends | |||||||||||||||||||||
FY2019 | Yen | Yen | Yen | Yen | Yen | ||||||||||||||||
- | 125.35 | - | 174.65 | 300.00 | |||||||||||||||||
FY2020 | - | ||||||||||||||||||||
FY2020 | - | - | - | - | |||||||||||||||||
(forecast) | |||||||||||||||||||||
Note: We have not changed the forecasts of dividends from the latest ones.
Note: The year-end dividends for the year ended March 31, 2020 consist of ordinary dividends of ¥103.79 and special dividends of ¥70.86.
Note: The forecasts of the 2nd quarter-end and year-end dividends for the year ending March 31, 2021, will be disclosed promptly upon their availability.
3. Consolidated Financial Forecasts for the Year Ending March 31, 2021 (April 1, 2020 - March 31, 2021)
(% for the 2Q cumulative period and for the full year represent changes from the same quarter of the previous
fiscal year and changes from the previous fiscal year.)
Net sales | Operating income | Ordinary income | Net income | Net income | |||||
attributable to | |||||||||
per share | |||||||||
owners of parent | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
2nd Quarter | 212,400 | (18.6) | 20,400 | (58.4) | 25,900 | (54.6) | 18,700 | (53.5) | 97.48 |
(Cumulative) | |||||||||
Fiscal period | 423,300 | (16.7) | 38,500 (56.4) | 47,700 (53.6) | 34,500 | (53.0) | 179.85 | ||
Note: We have | changed the forecasts | of financial results | from the latest ones. |
Note: Actual results may differ from these forecasts, subject to various conditions, including how far the coronavirus (COVID-19) will further spread, and when the pandemic will end. We will promptly publish new information, which may greatly affect actual results if any, upon their availability.
*Notes
(1) Changes in Significant Subsidiaries during the period
(changes in specific subsidiaries that caused change in scope of consolidation) : No
(2) Adoption of Simplified and Specifically Applied Accounting Method for Quarterly | |||
Consolidated Financial Reporting | : | No | |
(3) Changes in Accounting Principles and Accounting Estimates, and Revisions/Restatements | |||
1. | Changes associated with changes in accounting standards | : | No |
2. | Changes in accounting principles other than 1 | : | No |
3. | Changes in accounting estimates | : | No |
4. | Revisions/restatements | : | No |
(4) Number of shares outstanding (Common shares) | |||
1. Number of shares outstanding at the end of the period (including treasury stocks) | 204,031,841 | ||
June 30, 2020 | 201,922,097 | March 31, 2020 | |
shares | shares | ||
2. Number of treasury stocks | 10,097,565 | March 31, 2020 | 12,205,848 |
June 30, 2020 | |||
shares | shares | ||
3. Average number of shares during the period | April-June 2019 | 192,813,688 | |
April-June 2020 | 191,825,011 | ||
shares | shares |
- The report of the quarterly financial results is not subject to audit by certified public accountant or audit firm.
- Any forward looking statements such as financial forecasts described in this report are subject to uncertain factors such as supply and demand trends, industry competition, economic conditions, and others in major markets. Actual results may differ from these forecasts. The forecasts of the 2nd quarter-end and the year-end dividends for the year ending March 31, 2021, will be disclosed promptly upon their availability.
Table of Contents of Accompanying Documents
1. | Results of Operations and Financial Position | 2 | |
(1) | Results of Operations | 2 | |
(2) | Financial Position | 3 | |
(3) | Financial Results Forecasts | 3 | |
2. | Consolidated Quarterly Financial Statements | 5 | |
(1) | Consolidated Quarterly Balance Sheet | 5 | |
(2) | Consolidated Quarterly Statement of Income and | ||
Consolidated Quarterly Statement of Comprehensive Income | 7 | ||
Consolidated Quarterly Statement of Income | 7 | ||
Consolidated Quarterly Statement of Comprehensive Income | 8 | ||
3. | Other Information | 9 | |
(1) | Changes in Significant Subsidiaries during the period | 9 |
- Adoption of Simplified and Specifically Applied Accounting
Method for Quarterly Consolidated Financial Reporting | 9 |
- Changes in Accounting Principles and Accounting Estimates, and
Revisions/Restatements | 9 | |
(4) | Note on Premise of a Going Concern | 9 |
(5) | Note on the Substantial Change in Shareholders' Equity | 9 |
1
1. Results of Operations and Financial Position
(1) Results of Operations
Regarding the circumstances surrounding the FANUC Group during the first quarter (from April 1 to June 30, 2020), the market conditions became even harsher, due to the spread of the coronavirus (COVID-19) amid the ongoing reduction in capital investment stemming from the impact of the trade friction between the United States and China and other factors. Under these circumstances, the FANUC Group has striven to maintain delivery of products and service activities for our customers while placing highest priority on preventing the spread of the coronavirus (COVID-19). In addition, to deal with the current strenuous market conditions, we have steadily fortified our corporate structure by reducing expenses, reviewing unnecessary and non-urgent capital investment, and streamlining business operations.
During the three months from April to June 2020, FANUC posted consolidated net sales totaling ¥109,260 million, down 18.8%, consolidated ordinary income totaling ¥13,140 million, down 59.0%, and net income attributable to owners of parent totaling ¥9,091 million, down 61.0%, compared with the corresponding period of the previous fiscal year.
An overview of the results for each business division is as follows:
In the FA Division, in the machine tool industry, the primary market for FANUC CNC systems, although demand recovered and remained solid in China, demands in Japan, South Korea and Taiwan remained sluggish. In addition, demand declined in Europe and India as well, where the impact of lockdowns was significant. With regard to our lasers, there was a slowdown in demand, and competition with overseas manufacturers is further intensifying. As a result, net sales in the FA Division totaled ¥34,848 million, down 19.9% compared with the corresponding period of the previous fiscal year.
In the Robot Division, although sales for the automobile industries in the Americas were slow, sales for the general industries were solid. Sales mainly for the IT-related industry in China remained favorable. However, sales remained sluggish in Japan and Europe. As a result, net sales in the Robot Division totaled ¥40,630 million, down 13.7% compared with the corresponding period of the previous fiscal year.
In the Robomachine Division, although demand for ROBODRILLs (compact machining centers) for the computer and tablet markets in China remained positive, sales declined due to decreased demand in other regions and markets. Although sales of ROBOSHOTs (electric injection molding machines) also decreased compared with the corresponding period of the previous fiscal year, we focused efforts on expanding sales mainly in the medical market. With regard to ROBOCUTs (wire-cut electric discharge machines), sales also declined. As a result, net sales in the Robomachine Division totaled ¥18,367 million, down 16.8% compared with the corresponding period of the previous fiscal year.
2
In the Service Division, lockdowns imposed by the coronavirus (COVID-19) in countries throughout the world, brought about closure of customers' factories, decrease in factories' operating rates among others, resulting in the decrease in requests for our services. As a result, net sales in the Service Division totaled ¥15,415 million, down 29.8% compared with the corresponding period of the previous fiscal year.
(2) Financial Position
Total assets were ¥1,475,032 million, down ¥37,467 million compared with the end of the previous fiscal year.
Total liabilities were ¥132,859 million, down ¥16,775 million compared with the end of the previous fiscal year.
Total net assets were ¥1,342,173 million, down ¥20,692 million compared with the end of the previous fiscal year.
We cancelled our treasury shares exceeding the 5% of the total number of issued shares (2,109,744 shares, ¥22,095 million) on May 29, 2020, based on the shareholder return policy that we announced on April 24, 2019. (This policy is written in the Consolidated Annual Financial Results for the Year ended March 31, 2019) (There was no effect on the amount of total net assets.)
(3) Financial Results Forecasts
Regarding the consolidated financial forecasts for the year ending March 31, 2021, since it has been difficult to reasonably estimate how far the coronavirus (COVID-19) will further spread and when the pandemic will end, only the forecast for the second quarter (cumulative) of the year ending March 31, 2021 was disclosed on April 24, 2020, and not the full-year forecast.
At this time, we have decided to revise the forecast for the consolidated financial results for the second quarter (cumulative) of the year ending March 31, 2021, and announce the forecast for the consolidated financial results for the full-year, based on calculations considering the foreseeable impact of the spread of the coronavirus (COVID-19) on the FANUC Group.
However actual results may differ from these forecasts, subject to various conditions, including how far the coronavirus (COVID-19) will further spread, and when the pandemic will end. We will promptly publish new information, which may greatly affect actual results if any, upon their availability.
3
For the first half of the fiscal year 2020 (April 1, 2020 through September 30, 2020)
(Millions of yen)
Previous forecast | Comparison with | ||
(released on | New forecast | ||
Previous forecast (%) | |||
April 24, 2020) | |||
Net sales | 197,900 | 212,400 | 7.3 |
Operating income | 18,900 | 20,400 | 7.9 |
Ordinary income | 23,100 | 25,900 | 12.1 |
Net income | 16,400 | 18,700 | 14.0 |
attributable to owners | |||
of parent |
For the fiscal year 2020 (April 1, 2020 through March 31, 2021)
(Millions of yen)
Previous forecast | New forecast | Comparison with | |
(released on | |||
Previous forecast (%) | |||
April 24, 2020) | |||
Net sales | - | 423,300 | - |
Operating income | - | 38,500 | - |
Ordinary income | - | 47,700 | - |
Net income | - | 34,500 | - |
attributable to owners | |||
of parent |
Note: The currency rate applied to the period from July 1, 2020 to March 31, 2021 is averaged at 100 yen/US dollar and 115 yen/Euro.
4
2. Consolidated Quarterly Financial Statements
(1) Consolidated Quarterly Balance Sheet
(Millions of yen) | ||
March 31, 2020 | June 30, 2020 | |
Assets | ||
Current assets | ||
Cash and bank deposits | 405,861 | 373,075 |
Notes and accounts receivables, trade | 85,266 | 84,621 |
Marketable securities | 126,700 | 126,600 |
Finished goods | 65,122 | 69,004 |
Work in progress | 51,979 | 47,465 |
Raw materials and supplies | 25,450 | 27,839 |
Other current assets | 10,833 | 11,751 |
Allowance for doubtful accounts | (831) | (751) |
Total current assets | 770,380 | 739,604 |
Noncurrent assets | ||
Property, plant and equipment | ||
Buildings | 310,060 | 316,269 |
Land | 146,085 | 146,579 |
Other, net | 140,991 | 130,061 |
Total property, plant and equipment | 597,136 | 592,909 |
Intangible assets | 10,219 | 9,893 |
Investments and other assets | ||
Investment securities | 83,337 | 84,170 |
Others | 51,883 | 48,913 |
Allowance for doubtful accounts | (456) | (457) |
Total investments and other assets | 134,764 | 132,626 |
Total noncurrent assets | 742,119 | 735,428 |
Total assets | 1,512,499 | 1,475,032 |
5
(Millions of yen) | |||
March 31, 2020 | June 30, 2020 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payables, trade | 26,974 | 25,529 | |
Accrued income taxes | 9,270 | 4,809 | |
Warranty reserves | 8,306 | 8,003 | |
Other current liabilities | 56,413 | 45,668 | |
Total current liabilities | 100,963 | 84,009 | |
Long-term liabilities | |||
Net defined benefit liability | 44,652 | 44,862 | |
Other long-term liabilities | 4,019 | 3,988 | |
Total long-term liabilities | 48,671 | 48,850 | |
Total liabilities | 149,634 | 132,859 | |
Net assets | |||
Shareholders' equity | |||
Common stock | 69,014 | 69,014 | |
Capital surplus | 96,265 | 96,265 | |
Retained earnings | 1,351,122 | 1,304,963 | |
Treasury stock, at cost | (127,822) | (105,753) | |
Total shareholders' equity | 1,388,579 | 1,364,489 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale | 5,058 | 8,352 | |
securities | |||
Foreign currency translation adjustment | (26,608) | (27,256) | |
Remeasurements of defined benefit plans | (11,929) | (11,488) | |
Total accumulated other comprehensive | (33,479) | (30,392) | |
income | |||
Non-controlling interests | 7,765 | 8,076 | |
Total net assets | 1,362,865 | 1,342,173 | |
Total liabilities and net assets | 1,512,499 | 1,475,032 | |
6
(2) Consolidated Quarterly Statement of Income and | |||
Consolidated Quarterly Statement of Comprehensive Income | |||
Consolidated Quarterly Statement of Income | (Millions of yen) | ||
Three months ended | Three months ended | ||
June 30, 2019 | June 30, 2020 | ||
Net sales | 134,634 | 109,260 | |
Cost of goods sold | 82,153 | 77,782 | |
Gross profit | 52,481 | 31,478 | |
Selling, general and administrative expenses | 23,886 | 20,400 | |
Operating income | 28,595 | 11,078 | |
Non-operating income | |||
Interest income | 1,067 | 729 | |
Dividends income | 537 | 184 | |
Equity in earnings of affiliates | 2,259 | 1,447 | |
Miscellaneous income | 868 | 566 | |
Total non-operating income | 4,731 | 2,926 | |
Non-operating expenses | |||
Removal expenses of noncurrent assets | 363 | 138 | |
Donations | 62 | 215 | |
Foreign exchange losses | 747 | 448 | |
Miscellaneous expenses | 91 | 63 | |
Total non-operating expenses | 1,263 | 864 | |
Ordinary income | 32,063 | 13,140 | |
Income before income taxes | 32,063 | 13,140 | |
Income taxes-current | 5,924 | 2,615 | |
Income taxes-deferred | 2,532 | 1,002 | |
Total taxes and others | 8,456 | 3,617 | |
Net income | 23,607 | 9,523 | |
Net income attributable to non-controlling interests | 325 | 432 | |
Net income attributable to owners of parent | 23,282 | 9,091 | |
7
Consolidated Quarterly Statement of Comprehensive Income
(Millions of yen) | ||
Three months ended | Three months ended | |
June 30, 2019 | June 30, 2020 | |
Net income | 23,607 | 9,523 |
Other comprehensive income | ||
Valuation difference on available-for-sale | 345 | 3,294 |
securities | ||
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of affiliates accounted for using equity method
(11,892)1,142
772441
671(1,750)
Total other comprehensive income | (10,104) | 3,127 |
Comprehensive income for the three months ended | 13,503 | 12,650 |
June 30 | ||
Comprehensive income attributable to: | ||
Owners of parent | 13,540 | 12,177 |
Non-controlling interests | (37) | 473 |
8
3. Other Information
-
Changes in Significant Subsidiaries during the period
(changes in specific subsidiaries that caused change in scope of
consolidation): | None | |
(2) | Adoption of Simplified and Specifically Applied Accounting Method | |
for Quarterly Consolidated Financial Reporting: | None | |
(3) | Changes in Accounting Principles and Accounting Estimates, and | |
Revisions/Restatements: | None | |
(4) | Note on Premise of a Going Concern: | None |
- Note on the Substantial Change in Shareholders' Equity:
As resolved at the Board of Directors' meeting held on April 24, 2020, the Company cancelled 2,109,744 treasury shares on May 29, 2020. As a result, the Company's retained earnings and treasury stock each decreased by ¥22,095 million during the three months ended June 30, 2020.
9
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Fanuc Corporation published this content on 28 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2020 06:05:19 UTC