Consolidated Financial Results (Comprehensive) For First Quarter of FY 2019

(April 1, 2019 through June 30, 2019)

In 2019, Tadano Ltd. celebrates the 100th anniversary of its founding.

Notes:

  • 1) Tadano Ltd. provides this comprehensive financial results report in order to supplement the previously released quantitative report with qualitative information concerning business results for the period under review. Unless otherwise stated, no amendments have been made to the quantitative information herein.

  • 2) Forward-looking statements contained in this report are based on information available as of the date this report was prepared. A variety of factors may cause actual results to differfrom projections.

August 2, 2019

Income Statement （vs. Previous Year）

（ Unit: millions of yen）

[ Key Changes for this quarter (April-June) ] Sales increased while profits decreased

1Q FY2018

1Q FY2019

  • ◆ Net sales:

    Increase/ Decrease

    AmountPercentageAmountPercentage

    • Consolidated net sales increased by 15.7% compared with the previous 1Q.

      Net Sales

      34,894

      100.0%

      40,376

      100.0%

      5,481

    • Outside Japan sales ratio was 47.4%.

  • ◆ COGS ratio:

    Cost of Sales

    24,736

    70.9%

    30,003

    74.3%

    5,267

    Gross proft on installment sales

    77

    0.2%

    -11

    -0.0%

    -89

    • The COGS ratio deteriorated by 3.4% compared with the previous 1Q due to the increase in production costs and changes in the composition of sold cranes.

      Gross profit

      10,235

      29.3%

      10,360

      25.7%

      124

    • The COGS ratio was 74.3%.

    Selling, general, and administrative expenses

    7,958

    22.8%

    8,919

    22.1%

    961

  • ◆ Selling, general and administrative expenses:

    Operating income

    2,277

    6.5%

    1,440

    3.6%

    -836

    • SGA increased by ¥0.9 billion compared with the previous 1Q.

    Non-operating income and loss

    -69

    -0.2%

    -84

    -0.2%

    -14

  • ◆ Profits:

    Ordinary income

    2,207

    6.3%

    1,356

    3.4%

    -851

    • Operating income decreased by ¥0.8 billion compared with the previous 1Q.

      Extraordinary income and loss

      1

      0.0%

      -1

      -0.0%

      -2

    • Ordinary income decreased by ¥0.8 billion compared with the previous 1Q.

      Income before income taxes

      2,208

      6.3%

      1,354

      3.4%

      -854

    • Net income attributable to owners of the parent decreased by ¥1.1 billion compared with the previous 1Q.

    Corporate taxes

    398

    1.1%

    723

    1.8%

    324

  • ◆ Factors for change in operating income:

Net income attributable to noncontrolling interests Net income attribute to owners of parent

10

0.0%

-7

-0.0%

-18

  • ⇒ Sales Volume Effect

    +¥1.7 billion

  • ⇒ Sales Price Effect

    -¥0.0 billion

    1,799

    5.2%

    639

    1.6%

    -1,160

  • ⇒ Foreign Exchange Effect ⇒ Cost Change Effect ⇒ Other Effects

+¥0.1 billion

-¥1.2 billion

-¥1.4 billion

2

1

Balance Sheet （vs. End of Previous Fiscal Year）

（ Unit: millions of yen）

[Key changes]

FY2018 Year-End

1Q FY2019

Increase/ Decrease

AmountPercentageAmountPercentage

◆ Accounts receivable decreased:

Cash deposits

Accounts receivable

Inventories

Other current assets

65,952 50,836 62,757 6,610

25.8% 19.9% 24.5% 2.6%

61,672 41,448 74,432 5,252

24.0% 16.1% 29.0% 2.1%

-4,279

¥50.8 billion → ¥41.4 billion

⇒ The receivable turnover period ameliorated.

-9,388

(FY2018 1Q: 91.4 days, FY2018: 98.5 days

11,675

→ FY2019 1Q: 93.4 days)

-1,358

◆ Inventories increased:

Total current assets

Tangible fixed assets

186,156 52,597

72.8% 20.5%

182,806 57,197

71.2% 22.3%

-3,349

¥62.7 billion → ¥74.4 billion

4,600

(The ¥74.4 billion includes ¥21.0 billion at TFG.)

Intangible fixed assets

Investment and other assets

Total fixed assets

Total assets

1,703 15,336 69,637 255,793

0.7% 6.0% 27.2% 100.0%

1,685 15,132 74,014 256,821

0.7% 5.8% 28.8% 100.0%

-18

⇒ The inventory turnover period deteriorated.

-204

(FY2018 1Q: 165.3 days, FY2018: 121.5 days

→ FY2019 1Q: 167.8 days)

4,377

1,027

Accounts payable

41,792

16.3%

45,630

17.8%

3,838

◆ Interest-bearing debt increased: ¥30.1 billion → ¥32.3 billion ⇒ Short-term: increased by ¥1.3 billion;

Long-term: increased by ¥0.7 billion

Interest-bearing debt

30,165

11.8%

32,312

12.6%

2,147

Other liabilities

28,810

11.3%

25,582

9.9%

-3,227

Total liabilities

100,768

39.4%

103,526

40.3%

2,757

Total equity

155,025

60.6%

153,294

59.7%

-1,730

Total liabilities and equity

255,793

100.0%

256,821

100.0%

1,027

3

2

Net Sales by Product

(Unit: millions of yen)

(Millions of yen)

50,000

Mobile Cranes

Truck Loader Cranes

40,000

30,000

20,000

10,000

0

1Q FY2018

1Q FY2019

Increase / Decrease

Amount

Percentage

Amount

Percentage

Amount

Percentage

Mobile Cranes

18,924

54.2%

23,396

58.0%

4,471

23.6%

Truck Loader

Cranes

4,340

12.4%

5,584

13.8%

1,243

28.7%

Aerial Work Platforms

4,335

12.4%

4,002

9.9%

-333

-7.7%

Other

7,293

21.0%

7,393

18.3%

99

1.4%

Total

34,894

100%

40,376

100%

5,481

15.7%

Breakdown of Mobile Crane Sales Inside and Outside Japan

Japan

6,296

7,728

1,432

22.8%

Outside Japan

12,628

15,667

3,038

24.1%

Exchange Rate (January-March Average Rate)

USD

108.30

110.20

EUR

133.22

125.15

1Q FY2018

1Q FY2019

Since the fiscal year for subsidiaries outside Japan ends in December, the rates given here are January-March average.

Net Sales by Destination

Europe

(Millions of yen)North America

Caribbean, Central and South America

20,000

10,000

AsiaMiddle East

Other

16,173

0

19,147

1Q FY2018

3,980

5,560

207 3,064

1,559 1,801

1Q FY2019

4,483

5,666

726

3,635

1,539

3,096

1Q FY2018

1Q FY2019

Increase / Decrease

Amount

Percentage

Amount

Percentage

Amount

Percentage

Europe

3,980

11.4%

4,483

11.1%

502

12.6%

North America

5,560

15.9%

5,666

14.0%

105

1.9%

Caribbean,Central and South America

207

0.6%

726

1.8%

519

251.0%

Asia

3,064

8.8%

3,635

9.0%

570

18.6%

Middle East

1,559

4.5%

1,539

3.8%

-19

-1.3%

Other

1,801

5.2%

3,096

7.7%

1,294

71.9%

Subtotal (total outside Japan sales)

16,173

46.4%

19,147

47.4%

2,973

18.4%

Japan

18,720

53.6%

21,229

52.6%

2,508

13.4%

Total

34,894

100%

40,376

100%

5,481

15.7%

The graph on the left excludes Japan.

(Unit: millions of yen)

FY2019 First Half Forecast (Net Sales by Product)

Mobile Cranes

(Millions of yen)

100,000

Truck Loader CranesAerial Work PlatformsOther 100,000

82,272

80,000

60,000

40,000

48,515

14,943

9,208 9,605

20,000

63,200

16,700

9,900 10,200

0

FY2018 First HalfFY2019 First Half

FY2018 First Half

FY2019

First Half Forecast

Increase / Decrease

Amount

Percentage

Amount

Percentage

Amount

Percentage

Mobile Cranes

48,515

59.0%

63,200

63.2%

14,685

30.3%

Truck Loader

Cranes

9,605

11.7%

10,200

10.2%

595

6.2%

Aerial Work Platforms

9,208

11.2%

9,900

9.9%

692

7.5%

Other

14,943

18.1%

16,700

16.7%

1,757

11.8%

Total

82,272

100%

100,000

100%

17,728

21.5%

Breakdown of Mobile Crane Sales Inside and Outside Japan

(Unit: millions of yen)

Japan

17,915

24,500

6,585

36.8%

Outside Japan

30,600

38,700

8,100

26.5%

No changes from the forecast released on April 26, 2019.

Forecast

5

6

FY2019 First Half Forecast (Net Sales by Destination)

Europe

(Millions of yen)

50,000

North America

Caribbean, Central and South America

The graph on the left excludes Japan.

AsiaMiddle EastOther

40,000

30,000

20,000

10,000

14,973

37,864

9,528

582 6,183 2,556 4,041

0

47,600

8,500

21,000

1,400 6,900

3,300 6,500

FY 2018 First HalfFY 2019 First Half

FY2018 First Half

FY2019

First Half Forecast

Increase / Decrease

Amount

Percentage

Amount

Percentage

Amount

Percentage

Europe

9,528

11.6%

8,500

8.5%

-1,028

-10.8%

North America

14,973

18.2%

21,000

21.0%

6,027

40.3%

Caribbean,Central and South America

582

0.7%

1,400

1.4%

818

140.5%

Asia

6,183

7.5%

6,900

6.9%

717

11.6%

Middle East

2,556

3.1%

3,300

3.3%

744

29.1%

Other

4,041

4.9%

6,500

6.5%

2,459

60.9%

Subtotal (total outside Japan sales)

37,864

46.0%

47,600

47.6%

9,736

25.7%

Japan

44,407

54.0%

52,400

52.4%

7,993

18.0%

Total

82,272

100%

100,000

100%

17,728

21.5%

No changes from the forecast released on April 26, 2019.

(Unit: millions of yen)

Forecast

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Disclaimer

Tadano Ltd. published this content on 02 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2019 06:44:03 UTC