Cash flow Tadano Ltd.

Equities

6395

JP3465000002

Heavy Machinery & Vehicles

Delayed Japan Exchange Other stock markets 08:45:13 2024-09-19 pm EDT			5-day change	1st Jan Change
951.20 ^JPY	+1.53%		+5.03%	-19.36%

Sep. 12	Manitex International Shares Surge After Acquisition by Tadano for $223 Million	MT
Sep. 12	Manitex International to Go Private in $223 Million Tadano Merger	MT

3aa2046a8a81532.rrEzaq75Yu1dbnJFtoB1SvjtFD2N0_746C1QL0KZX0U.yd9GOv3ACaoIIBAi_7c5PJu5TVTggrS231dgWhHSHBLc92Ik3o0qrBU7Ow

Published financial data: TADANO LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	188B	228B	186B	259B	280B
Total Revenues	188B	228B	186B	259B	280B
Cost of Goods Sold, Total	137B	171B	151B	195B	205B
Gross Profit	50.99B	57.12B	35.15B	64.14B	75.35B
Selling General & Admin Expenses, Total	26.27B	30.79B	28.27B	41.86B	44.71B
Provision for Bad Debts	-1M	392M	114M	156M	183M
R&D Expenses	6.92B	7.82B	8.44B	9.57B	9.35B
Depreciation & Amortization - (IS)	899M	1.19B	1.39B	1.56B	1.73B
Amortization of Goodwill and Intangible Assets - (IS)	188M	358M	288M	36M	-
Other Operating Expenses	876M	943M	843M	812M	1.02B
Other Operating Expenses, Total	35.15B	41.49B	39.35B	54B	57B
Operating Income	15.84B	15.62B	-4.2B	10.14B	18.35B
Interest Expense, Total	-370M	-663M	-631M	-829M	-1.85B
Interest And Investment Income	253M	229M	174M	450M	354M
Net Interest Expenses	-117M	-434M	-457M	-379M	-1.49B
Currency Exchange Gains (Loss)	-269M	-351M	35M	-220M	-919M
Other Non Operating Income (Expenses)	153M	624M	-67M	250M	428M
EBT, Excl. Unusual Items	15.6B	15.46B	-4.68B	9.79B	16.36B
Gain (Loss) On Sale Of Investments	688M	-1.93B	-687M	599M	57M
Gain (Loss) On Sale Of Assets	-30M	-29M	48M	2.39B	28M
Asset Writedown	-44M	-	-	-1.28B	-
Other Unusual Items	-	-	-7.04B	-430M	1.84B
EBT, Incl. Unusual Items	16.22B	13.5B	-12.36B	11.07B	18.29B
Income Tax Expense	4.73B	5.7B	599M	7.77B	10.17B
Earnings From Continuing Operations	11.49B	7.8B	-12.96B	3.3B	8.11B
Net Income to Company	11.49B	7.8B	-12.96B	3.3B	8.11B
Minority Interest	-27M	77M	-29M	706M	-339M
Net Income - (IS)	11.46B	7.88B	-12.99B	4.01B	7.77B
Net Income to Common Incl Extra Items	11.46B	7.88B	-12.99B	4.01B	7.77B
Net Income to Common Excl. Extra Items	11.46B	7.88B	-12.99B	4.01B	7.77B
Per Share Items
Net EPS - Basic	90.52	62.2	-102.53	31.61	61.26
Basic EPS - Continuing Operations	90.52	62.2	-102.53	31.61	61.26
Basic Weighted Average Shares Outstanding	127M	127M	127M	127M	127M
Net EPS - Diluted	90.52	62.2	-102.53	31.61	61.26
Diluted EPS - Continuing Operations	90.52	62.2	-102.53	31.61	61.26
Diluted Weighted Average Shares Outstanding	127M	127M	127M	127M	127M
Normalized Basic EPS	76.8	76.92	-23.34	53.83	77.94
Normalized Diluted EPS	76.8	76.92	-23.34	53.83	77.94
Dividend Per Share	26	26	3	7	19
Payout Ratio	28.72	43.41	-13.64	16.87	19.58
Supplemental Items
EBITDA	19.01B	20.13B	1.79B	16.69B	24.36B
EBITA	16.02B	15.98B	-3.91B	10.14B	18.35B
EBIT	15.84B	15.62B	-4.2B	10.14B	18.35B
Effective Tax Rate - (Ratio)	29.15	42.25	-4.85	70.17	55.64
Normalized Net Income	9.72B	9.74B	-2.96B	6.83B	9.89B
Non-Cash Pension Expense	345M	278M	970M	-1.03B	842M
Supplemental Operating Expense Items
Advertising Expense	425M	1.01B	606M	1.65B	1.3B
Selling and Marketing Expenses	4.98B	5.87B	4.17B	8.94B	11.74B
Research And Development Expense From Footnotes	6.92B	7.82B	8.44B	9.57B	9.35B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	65.95B	57.08B	103B	98.16B	94.34B
Total Cash And Short Term Investments	65.95B	57.08B	103B	98.16B	94.34B
Accounts Receivable, Total	50.7B	63.26B	48.19B	48.18B	49.86B
Total Receivables	50.7B	63.26B	48.19B	48.18B	49.86B
Inventory	62.76B	97.46B	82.01B	109B	122B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	6.75B	12.2B	5.84B	14.84B	11.74B
Total Current Assets	186B	230B	239B	271B	278B
Net Property Plant And Equipment	52.6B	66.42B	68.05B	66.4B	65.95B
Long-term Investments	8.3B	7.07B	8.38B	8.78B	12.03B
Other Intangibles, Total	1.7B	1.7B	1.69B	2.54B	2.61B
Deferred Tax Assets Long-Term	7.04B	6.87B	6.65B	8.39B	6.43B
Other Long-Term Assets, Total	1M	1M	2M	1M	2M
Total Assets	256B	312B	324B	357B	365B
Liabilities
Accounts Payable, Total	41.79B	40.74B	32.04B	48.89B	48.44B
Short-term Borrowings	10.64B	9.74B	31.62B	40.21B	34.6B
Current Portion of Long-Term Debt	-	-	-	-	10B
Current Portion of Leases	222M	1.02B	1.01B	1.33B	1.24B
Current Income Taxes Payable	10.18B	11.44B	10.69B	10.04B	16.77B
Unearned Revenue Current, Total	41M	111M	55M	-	-
Other Current Liabilities	8.44B	14.96B	19.23B	19.26B	13.95B
Total Current Liabilities	71.31B	78.01B	94.65B	120B	125B
Long-Term Debt	18.92B	49.85B	59.58B	53.51B	42.45B
Long-Term Leases	383M	2.46B	2.37B	3.29B	3.02B
Pension & Other Post Retirement Benefits	7.32B	16.72B	18.54B	8.6B	9.46B
Deferred Tax Liability Non Current	2.2B	2.2B	2.49B	2.82B	2.8B
Other Non Current Liabilities	642M	3.2B	886M	976M	1.16B
Total Liabilities	101B	152B	179B	189B	184B
Common Stock, Total	13.02B	13.02B	13.02B	13.02B	13.02B
Additional Paid In Capital	16.85B	16.85B	16.84B	16.84B	17.42B
Retained Earnings	129B	133B	117B	129B	135B
Treasury Stock	-2.64B	-2.64B	-2.58B	-2.45B	-2.38B
Comprehensive Income and Other	-2.03B	-1.84B	-256M	10.62B	17.51B
Total Common Equity	154B	159B	144B	167B	181B
Minority Interest	1.05B	977M	1.35B	539M	329M
Total Equity	155B	160B	145B	168B	181B
Total Liabilities And Equity	256B	312B	324B	357B	365B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	127M	127M	127M	127M	130M
ECS Total Common Shares Outstanding	127M	127M	127M	127M	127M
Book Value / Share	1.22K	1.25K	1.14K	1.32K	1.43K
Tangible Book Value	152B	157B	142B	165B	178B
Tangible Book Value Per Share	1.2K	1.24K	1.12K	1.3K	1.41K
Total Debt	30.16B	63.07B	94.59B	98.34B	91.32B
Net Debt	-35.79B	5.99B	-8.52B	177M	-3.03B
Debt Equivalent of Unfunded Proj. Benefit Obligation	7.29B	16.69B	18.52B	8.57B	9.42B
Minority Interest, Total (Incl. Fin. Div)	1.05B	977M	1.35B	539M	329M
Inventories - Raw Materials, Total	14B	18.28B	13.08B	25.52B	29.25B
Inventories - Work In Process, Total	20.4B	32.43B	24.09B	32.25B	34.06B
Inventories - Finished Goods, Total	28.36B	46.75B	44.84B	51.64B	58.97B
Full Time Employees	3.4K	5.08K	5.07K	4.65K	4.69K
Accumulated Allowance for Doubtful Accounts (Supple)	136M	470M	582M	592M	486M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	16.22B	13.5B	-12.36B	10.16B	18.29B
Depreciation & Amortization - CF	2.98B	4.15B	5.7B	6.55B	6.01B
Amortization of Goodwill and Intangible Assets - (CF)	188M	358M	288M	36M	-
Depreciation & Amortization, Total	3.17B	4.5B	5.98B	6.55B	6.01B
(Gain) Loss From Sale Of Asset	73M	28M	-47M	-2.18B	-27M
(Gain) Loss on Sale of Investments - (CF)	-688M	2.42B	687M	-22.67M	-
Other Operating Activities, Total	-4.44B	-6.86B	-3.05B	-9.94B	-10.27B
Change In Accounts Receivable	-5.49B	-5.46B	14.32B	3.07B	-113M
Change In Inventories	-9.3B	-6.22B	15.54B	-26.85B	-4.8B
Change In Accounts Payable	5.65B	-7.15B	-7.98B	8.28B	-1.21B
Change in Other Net Operating Assets	-2.68B	2.26B	7.36B	-16.31B	2.24B
Cash from Operations	2.52B	-2.98B	20.45B	-27.23B	10.12B
Capital Expenditure	-12.52B	-11.91B	-3.85B	-5.05B	-3.12B
Sale of Property, Plant, and Equipment	94M	145M	416M	7.65B	145M
Cash Acquisitions	-795M	-14.8B	-	-29M	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-2.98B	-108M	-140M	4.39B	-9M
Other Investing Activities, Total	-851M	-4.87B	-154M	-965M	-1B
Cash from Investing	-17.05B	-31.54B	-3.73B	6.02B	-3.98B
Short Term Debt Issued, Total	-	469M	21.47B	1.6B	-
Long-Term Debt Issued, Total	6.2B	31.76B	10.95B	-	-
Total Debt Issued	6.2B	32.23B	32.42B	1.6B	-
Short Term Debt Repaid, Total	-2.08B	-	-	-3.19B	-4.35B
Long-Term Debt Repaid, Total	-6.8B	-1.76B	-950M	-183M	-5.9B
Total Debt Repaid	-8.88B	-1.76B	-950M	-4.5B	-10.25B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-1M	-
Common & Preferred Stock Dividends Paid	-3.29B	-3.42B	-1.77B	-676M	-1.52B
Common & Preferred Stock Dividends Paid	-3.29B	-3.42B	-1.77B	-676M	-1.52B
Other Financing Activities, Total	252M	-1.1B	-658M	-1.55B	-1.48B
Cash from Financing	-5.72B	25.95B	29.04B	-6.73B	-13.25B
Foreign Exchange Rate Adjustments	-615M	-185M	241M	4.99B	3.25B
Miscellaneous Cash Flow Adjustments	-2M	1M	-	-1M	-
Net Change in Cash	-20.87B	-8.76B	46B	-22.94B	-3.86B
Supplemental Items
Cash Interest Paid	372M	494M	571M	915M	1.83B
Cash Income Tax Paid (Refund)	4.44B	6.86B	3.06B	9.79B	4.3B
Levered Free Cash Flow	-6.2B	-43.95B	30.75B	14.18B	2.72B
Unlevered Free Cash Flow	-5.97B	-43.54B	31.14B	14.59B	3.88B
Change In Net Working Capital	6.52B	45.9B	-31.63B	-8.33B	10.49B
Net Debt Issued / Repaid	-2.68B	30.47B	31.47B	-4.5B	-10.25B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.95	3.44	-0.82	0.98	3.18
Return on Total Capital	5.36	4.79	-1.13	1.32	4.26
Return On Equity %	7.53	4.96	-8.5	8.57	4.65
Return on Common Equity	7.55	5.04	-8.58	8.64	4.46
Margin Analysis
Gross Profit Margin %	27.06	25.06	18.89	24.74	26.88
SG&A Margin	13.94	13.51	15.2	16.15	15.95
EBITDA Margin %	10.09	8.83	0.96	6.44	8.69
EBITA Margin %	8.5	7.01	-2.1	3.91	6.55
EBIT Margin %	8.4	6.85	-2.25	3.91	6.55
Income From Continuing Operations Margin %	6.1	3.42	-6.97	1.27	2.89
Net Income Margin %	6.08	3.46	-6.98	1.55	2.77
Net Avail. For Common Margin %	6.08	3.46	-6.98	1.55	2.77
Normalized Net Income Margin	5.16	4.27	-1.59	2.63	3.53
Levered Free Cash Flow Margin	-3.29	-19.28	16.53	6.9	0.97
Unlevered Free Cash Flow Margin	-3.17	-19.1	16.74	7.1	1.38
Asset Turnover
Asset Turnover	0.75	0.8	0.59	0.62	0.78
Fixed Assets Turnover	3.99	3.83	2.77	3.04	4.24
Receivables Turnover (Average Receivables)	3.93	4	3.34	4.29	5.72
Inventory Turnover (Average Inventory)	2.34	2.13	1.68	1.93	1.77
Short Term Liquidity
Current Ratio	2.61	2.95	2.53	2.26	2.23
Quick Ratio	1.64	1.54	1.6	1.22	1.15
Operating Cash Flow to Current Liabilities	0.04	-0.04	0.22	-0.23	0.08
Days Sales Outstanding (Average Receivables)	92.85	91.48	109.33	84.98	63.84
Days Outstanding Inventory (Average Inventory)	155.74	171.62	217.06	189.51	206.34
Average Days Payable Outstanding	98.37	73.49	98.08	80.5	81.56
Cash Conversion Cycle (Average Days)	150.22	189.62	228.31	194	188.62
Long Term Solvency
Total Debt/Equity	19.46	39.51	65.05	58.61	50.35
Total Debt / Total Capital	16.29	28.32	39.41	36.95	33.49
LT Debt/Equity	12.45	32.77	42.61	33.86	25.07
Long-Term Debt / Total Capital	10.42	23.49	25.82	21.34	16.68
Total Liabilities / Total Assets	39.39	48.85	55.11	52.97	50.35
EBIT / Interest Expense	42.8	23.56	-6.65	12.23	9.93
EBITDA / Interest Expense	51.37	30.36	2.83	20.14	13.19
(EBITDA - Capex) / Interest Expense	17.54	12.4	-3.27	14.04	11.5
Total Debt / EBITDA	1.59	3.13	52.9	5.89	3.75
Net Debt / EBITDA	-1.88	0.3	-4.77	0.01	-0.12
Total Debt / (EBITDA - Capex)	4.65	7.67	-45.8	8.45	4.3
Net Debt / (EBITDA - Capex)	-5.51	0.73	4.13	0.02	-0.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.49	20.96	-18.39	10.55	8.1