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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Tadano Ltd.    6395   JP3465000002

TADANO LTD.

(6395)
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Tadano : Consolidated Financial Results(Comprehensive) For First Quarter of FY 2020

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08/04/2020 | 03:06am EDT

Consolidated Financial Results(Comprehensive) For First Quarter of FY 2020

(April 1, 2020 through June 30, 2020)

Notes:

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.

August 4, 2020

< Notes >

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 differ from projections.

1

Income Statement

While net sales increased due to the consolidation of Demag business, cost of sales ratio went up due to changes in the composition of sold cranes. Operating loss recorded for the first time in nine years since the

first quarter of FY2011.

(Unit: millions of yen)

FY2019

FY2020

Increase/

1Q

1Q

Decrease

Amount

Percentage

Amount

Percentage

Net sales

40,376

100%

43,213

100%

2,836

Cost of sales

30,003

74.3%

33,846

78.3%

3,842

Gross profit on installment sales

-11

-0.0%

-15

-0.0%

-3

Gross profit

10,360

25.7%

9,351

21.6%

-1,008

Selling, general, and

8,919

22.1%

9,921

23.0%

1,001

administrative expenses

Operating income

1,440

3.6%

-569

-1.3%

-2,010

Non-operating income and loss

-84

-0.2%

-227

-0.5%

-142

Ordinary income

1,356

3.4%

-796

-1.8%

-2,152

Extraordinary income and loss

-1

-0.0%

101

0.2%

103

Income before income taxes

1,354

3.4%

-694

-1.6%

-2,049

Corporate taxes

723

1.8%

314

0.7%

-408

Net income attributable to

-7

-0.0%

-4

-0.0%

3

noncontrolling interests

Net income attributable to

639

1.6%

-1,005

-2.3%

-1,645

owners of the parent

2

Major Factors Leading to Change in Operating Income

Despite expenses reduction, operating income decreased by ¥2.0 billion due to the decrease in sales volume and the consolidation of Demag business.

(Millions of yen)

2,000

1,440

-1,700

700

-617

1,000

600

0

-992

0

-569

-1,000

Volume

Sales Prices

Foreign

Expenses

Other

Demag

3

FY2019

FY2020

1Q

Exchange

Business

1Q

3

Balance Sheet

Accounts receivable decreased.

Inventories increased.

(¥107.2 billion total includes ¥18.9 billion at TFG and ¥27.9 billion at TDG

(Unit: millions of yen)

FY2019

FY2020

Increase/

FY2019

FY2020

Increase/

Year-end

1Q

Decrease

Year-end

1Q

Decrease

Cash deposits

57,075

60,262

3,186

Accounts payable

40,745

37,766

-2,978

Accounts receivable

63,725

45,103

-18,621

Interest-bearing debt

63,070

63,883

812

Inventories

97,457

107,258

9,800

Other liabilities

48,621

44,206

-4,415

11,723

7,310

-4,412

Other current assets

Total liabilities

152,437

145,855

-6,581

Total current assets

229,982

219,935

-10,046

Total equity

159,609

155,475

-4,134

Tangible fixed assets

66,417

65,827

-590

Total liabilities

312,047

301,331

-10,715

and equity

Intangible fixed assets

1,705

1,613

-91

Investment and

13,942

13,955

12

other assets

FY2019

FY2019

FY2020

Total fixed assets

82,064

81,396

-668

1Q

1Q

Total assets

312,047

301,331

-10,715

Receivable turnover

93.4 days

88.7 days

95.0 days

Inventory turnover

167.8 days

135.6 days

225.9 days

Equity ratio

59.3%

50.8%

51.2%

4

Net Sales by Product

Crane sales outside of Japan increased due to the consolidation of Demag business.

(Unit: millions of yen)

FY2019

FY2020

Increase/Decrease

1Q

1Q

Amount Percentage

Mobile Cranes

23,396

26,567

3,171

13.6%

Truck Loader

5,584

4,273

-1,310

-23.5%

Cranes

Aerial Work

4,002

3,147

-855

-21.4%

Platforms

Other

7,393

9,224

1,831

24.8%

Total

40,376

43,213

2,836

7.0%

Breakdown of Mobile Crane Sales Inside and Outside Japan

Japan

7,728

5,913

-1,815

-23.5%

Outside Japan

15,667

20,653

4,986

31.8%

Total

23,396

26,567

3,171

13.6%

Exchange Rate

* Since the fiscal year for subsidiaries outside Japan ends in December,

the rates given here are January-March average.

USD

110.20

108.92

EUR

125.15

120.11

Net Sales by Product

Millions of yen

250,000

200,000

150,000

100,000

50,000

0

FY10 FY11

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

FY19

FY20

1Q

1Q

Mobile Cranes

Truck Loader Cranes

Aerial Work Platforms

Other

5

Net Sales by Destination

While demand decreased in all regions, net sales increased in North America and Europe due to the consolidation of Demag business.

(Unit: millions of yen)

FY2019

FY2020

Increase/Decrease

1Q

1Q

Amount

Percentage

Europe

4,483

8,457

3,974

88.6%

North America

5,666

9,865

4,199

74.1%

Caribbean, Central

726

1,799

1,072

147.8%

and South America

Asia

3,635

2,836

-798

-22.0%

Middle East

1,539

1,353

-186

-12.1%

Other

3,096

1,829

-1,266

-40.9%

Subtotal

19,147

26,141

6,994

36.5%

(total outside Japan sales)

Japan

21,229

17,071

-4,157

-19.6%

Total

40,376

43,213

2,836

7.0%

Outside Japan

47.4%

60.5%

Sales Ratio

Millions of yen

Net Sales by Destination

140,000

70%

120,000

60%

100,000

50%

80,000

40%

60,000

30%

40,000

20%

20,000

10%

0

0%

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY19

FY20

Europe

North America

1Q

1Q

Caribbean,Central and South America

Asia

Middle East

Other

Outside Japan Sales ratio

The graph above excludes Japan.

"Other" is comprised of Oceania, Africa and the CIS.

6

7

FY 2020 First Half Business Performance Forecast

FY2020 First HalfReleased on July 31,2020

(Unit: millions of yen)

FY2019

FY2020

Increase/Decrease

First Half

First Half Forecast

Amount

Percentage

Amount

Percentage

Amount

Percentage

Net sales

100,304

100%

88,000

100%

-12,304

-12.3%

Operating income

7,573

7.6%

-2,100

-2.4%

-9,673

-

Ordinary income

7,262

7.2%

-2,500

-2.8%

-9,762

-

Net income attributable to

5,064

5.0%

-3,100

-3.5%

-8,164

-

owners of the parent

FY2019

FY2020

Mid-year

¥14.00

Mid-year

¥0.00

Dividends per share

Year-end

¥14.00

Year-end

Undetermined

Full-year

¥28.00

Full-year

Undetermined

*The consolidated business performance forecast for FY 2020 has not yet been formulated due to the difficulty in reasonably assessing the impact of the novel coronavirus disease (COVID-19).

The forecast will be disclosed after it becomes possible to assess these matters to a higher degree.

*The mid-year dividends will not be paid. The year-end dividends forecast has not yet been determined and will be disclosed when the consolidated business performance forecast for FY 2020 becomes available.

8

Major Factors Leading to Change in Operating Income

Despite expenses reduction, operating income decreased by ¥9.6 billion due to the decrease in sales volume and the consolidation of Demag business.

(Millions of yen)

9,000

-9,600

7,573

6,000

3,000

2,900

-573

-3,000

-2,100

0

600

0

-3,000

FY2019

Volume

Sales Prices

Foreign

Expenses

Other

Demag

FY2020

First Half

Exchange

Business

First Half

Forecast

9

FY 2020 First Half Forecast (Net Sales by Product)

(Unit: millions of yen)

FY2019

FY2020

Increase/Decrease

First Half

First Half

Forecast

Amount Percentage

Mobile Cranes

64,199

53,800

-10,399

-16.2%

Truck Loader

11,265

9,300

-1,965

-17.4%

Cranes

Aerial Work

9,507

8,000

-1,507

-15.9%

Platforms

Other

15,332

16,900

1,568

10.2%

Total

100,304

88,000

-12,304

-12.3%

Breakdown of Mobile Crane Sales Inside and Outside Japan

Japan

24,984

17,500

-7,484

-30.0%

Outside Japan

39,214

36,300

-2,914

-7.4%

Total

64,199

53,800

-10,399

-16.2%

Exchange Rate

* Since the fiscal year for subsidiaries outside Japan ends in December,

the rates given here are January-June average.

USD

110.05

108.27

EUR

124.32

119.30

Millions of yen

Net Sales by Product

250,000

200,000

150,000

100,000

50,000

0

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY19

FY20

First Half

First Half

Forecast

Mobile Cranes

Truck Loader Cranes

Aerial Work Platforms

Other

10

FY 2020 First Half Forecast (Net Sales by Destination)

(Unit: millions of yen)

FY2019

FY2020

Increase/Decrease

First Half

First Half

Amount Percentage

Forecast

Europe

8,627

13,600

4,973

57.6%

North America

21,043

18,100

-2,943

-14.0%

Caribbean, Central

1,317

2,300

983

74.6%

and South America

Asia

6,729

5,100

-1,629

-24.2%

Middle East

3,064

3,500

436

14.2%

Other

5,377

3,900

-1,477

-27.5%

Subtotal

46,159

46,500

341

0.7%

(total outside Japan sales)

Japan

54,144

41,500

-12,644

-23.4%

Total

100,304

88,000

-12,304

-12.3%

Outside Japan

46.0%

52.8%

Sales ratio

Millions of yen

Net Sales by Destination

140,000

60%

120,000

50%

100,000

40%

80,000

30%

60,000

20%

40,000

20,000

10%

0

0%

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY19

FY20

First Half

First Half

Forecast

Europe

North America

Caribbean,Central and South America

Asia

Middle East

Other

Outside Japan Sales ratio

The graph above excludes Japan.

"Other" is comprised of Oceania, Africa and the CIS.

11

Effects of Coronavirus Disruption and Future Outlook

12

Effects of Coronavirus Disruption (Production, Sales, etc.)

Effects on Production

Situation through June

From July

Japan

No large effects

No effects on procurement or production

Responding to downturns in demand

Mar 23 - 31: Temporary closures of factories and offices

Jul./Aug.: Continuation of short work hour

measures, including temporary stoppages for

Germany

From Apr. 1: Short work hour measures, including temporary

certain factory lines

stoppages for certain factory lines

(Stoppage: approx. 30% of factory work)

USA

No large effects

No large effects

India

Mar 23 - May 6: Temporary closures of factories, offices

Gradual production rate increase

From May 7: Gradual factory restart

Currently at 70-80% capacity

Apr. 25 - May 3: Temporary closures of factories, offices

Jul.: Continuation of one-day closures of

Thailand

May 23 - May 31: Temporary closures of factories, offices

factories, offices each week

June: One-day closures of factories, offices each week

Aug.: Planned return to normal operations

Effects on Sales and Customer Support

No large effects due to our teams continuing to work remotely and communicate via telephone and other methods.

Effects on R&D and other Processes

No large effects at present, due to implementation of remote working measures (remote work rate: 80%)

13

Effects of Coronavirus Disruption (Demand)

Demand by RegionCompared to same period of previous fiscal year

Region

2020

Jan-Mar

Apr-Jun

Jul-Sep

Japan

-7%

-24%

Middle East

-12%

-28%

North

-16%

-47%

America

Europe

-9%

-23%

Fiscal Year 1st Half

Latin

-15%

-34%

Fiscal Year 2nd Half

America

Asia

-1%

-26%

Other

-16%

+5%

14

Future OutlookTotal Market

Future Outlook of Total Market

When the coronavirus disruption ends, the crane industry should recover relatively quickly

The industry's demand cruising speed pre- and post-corona should not change drastically

Until a vaccine is developed we will see a severe cycle of progress followed by retreat. We must be prepared for two years of hardship: One year to contain the pandemic and one year for market recovery.

We must pay attention to changes in the measures implemented in each country. (As government policies shift from supporting the citizens in their life and work to supporting the greater economy through further stimulus).

15

135.2 billion yen

Future Outlook (By Region)

Immediate Future Outlook by Region

Region

Immediate Future Outlook

Japan

Gradual recovery barring sudden new outbreaks

Reduced sales opportunities since emergence of second

USA

coronavirus wave in late June. Need to monitor situation at least

through this year's Presidential election.

Europe

Recovery slow to take effect despite travel restrictions being eased

since Jun. 15

Latin

Sales opportunities have stopped since June due to expanding

America

outbreaks.

Asia

While outbreaks have largely subsided (outside India), severe

situation continues as economic activity restarts only gradually.

Australia: Demand gradually recovering due to economic stimulus

Other

in form of increasing public works.

Russia/Middle East: Slowdowns due in part to drop in oil prices.

16

Preparations for Prolonged

Coronavirus Disruption

Newly acquired reserves: 53 billion yen

Short-term borrowing:15 billion yen

(2.5 billion yen on Jun. 30, 12.5 billion yen on Jul. 3) Issued Corporate (Straight) Bonds: 10 billion yen

(Jul. 10)

Increased Committed Credit Line: 28 billion yen (Jul.31)

(Reference)

Cash reserves on Jun. 30:

60.2 billion yen

+ newly acquired funds in Jul.:

22.5 billion yen

+ pre-existing commitment line:

24.5 billion yen

+ newly increased commitment line: 28.0 billion yen= Total:

17

Disclaimer

Tadano Ltd. published this content on 04 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2020 06:06:10 UTC


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Net income 2021 4 007 M 38,3 M 38,3 M
Net Debt 2021 881 M 8,42 M 8,42 M
P/E ratio 2021 25,3x
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EV / Sales 2021 0,51x
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 840,00 JPY
Last Close Price 799,00 JPY
Spread / Highest target 37,7%
Spread / Average Target 5,13%
Spread / Lowest Target -12,4%
EPS Revisions
Managers
NameTitle
Koichi Tadano President & Representative Director
Yuji Tadano Executive Officer, Head-Technology & Research
Tadashi Suzuki Representative Director, VP & Senior Head-Sales
Nobuhiko Ito Independent Outside Director
Yasuyuki Yoshida Independent Outside Director
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