Hitachi Construction Machinery : Notice Concerning Difference between Forecast and Actual Financial Result
April 27, 2021 at 02:39 am EDT
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April 27, 2021
Corporate name
Hitachi Construction Machinery Co., Ltd.
(Code: 6305, First Section of the Tokyo Stock Exchange)
Name of representative
Kotaro Hirano
President and Executive Officer
Our parent company
Hitachi, Ltd. (Code: 6501)
Name of representative
Toshiaki Higashihara
Executive Officer, President & CEO
Notice Concerning Difference between Forecast and Actual Financial Result
Hitachi Construction Machinery Co., Ltd. hereby announces that the actual financial result for the FY2020 reported today is different from the forecast announced on May 28, 2020. The details are as follows.
Consolidated earnings for the FY2020 (April 1, 2020 to March 31, 2021)
Adjusted
Income
Net
income
Net income
attributable to
Revenue
Operating
before
attributable to
Operating
owners of
income
income
owners of
Income
the parent
taxes
the
parent
per
share (basic)
Previous forecast
(A)
¥Millions
¥Millions
¥Millions
¥Millions
¥Millions
Yen
770,000
40,000
36,000
34,000
20,000
94.05
Result (B)
813,331
32,710
28,235
25,578
10,340
48.62
Change (B)-(A)
43,331
(7,290)
(7,765)
(8,422)
(9,660)
% Change
5.6
(18.2)
(21.6)
(24.8)
(48.3)
(Reference)
¥Millions
¥Millions
¥Millions
¥Millions
¥Millions
Yen
FY2019
931,347
76,618
72,849
67,103
41,171
193.61
Reasons for the differences
Sales revenues for the year ended March 31, 2021 (April 1, 2020 to March 31, 2021) increased compared with the forecast. Because demand for construction machinery mainly in China was higher than we had expected in the second half of the fiscal year, sales revenue of new machinery increased, which boosted sales revenue.
On the other hand, adjusted operating income fell short of the forecast due to lower sales revenue in the highly profitable mining new machinery sales and parts and service business compared to the forecast, and because the increase in the manufacturing cost ratio accompanying the production reconciliation in the first half of the fiscal year could not be recovered in the second half of the fiscal year.
Net income attributable to owners of the parent company decreased mainly due to a decrease in adjusted operating income, a decrease in equity in earnings of affiliates of overseas bases, and an increase in contribution to non-controlling interests.
For details, please refer to the "Consolidated Financial Results for the Fiscal Year Ended March 31, 2021" announced on April 27, 2021.
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Disclaimer
HCM - Hitachi Construction Machinery Co. Ltd. published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 06:38:03 UTC.
Hitachi Construction Machinery Co specializes in manufacturing and marketing construction machines. The group offers hydraulic excavators, cranes, wheel loaders, scissor lifts, etc.
Net sales break down by family of products between construction machines (84.4%) and mining machines (15.6%).
Net sales are distributed geographically as follows: Japan (19.9%), China (11.6%), Asia and Oceania (31%), Europe/Middle East/Africa (19.5%) and Americas (18%).