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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 Third Quarter of FY 2019

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02/05/2020 | 02:09am EDT

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

(April 1, 2019 through December 31, 2019)

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-lookingstatements 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.

February 5, 2020

Tadano Ltd.

  • The acquisition of the Demag Mobile Cranes business (Hereafter "Demag") completed on July 31, 2019. In this report, Demag is treated as follows:
  • FY2019 3Q Consolidated Financial Statements: B/S as of September 30 and P/L from August to September are included.
  • FY2019 Business Performance Forecast: P/L for 5 months from August to December 2019 is included.

Income Statement vs. Same Period of Previous Year

Unit: millions of yen

3Q FY2018

3Q FY2019

Increase/

Decrease

Amount

Percentage

Amount

Percentage

Net sales

125,276

100.0%

148,877

100.0%

23,600

Cost of sales

91,679

73.2%

109,822

73.8%

18,142

Gross profit on installment

128

0.1%

-27

-0.0%

-155

sales

Gross profit

33,725

26.9%

39,027

26.2%

5,302

Selling, general, and

24,771

19.8%

28,427

19.1%

3,656

administrative expenses

Operating income

8,953

7.1%

10,599

7.1%

1,645

Non-operating income and loss

-224

-0.2%

-651

-0.4%

-426

Ordinary income

8,729

7.0%

9,947

6.7%

1,218

Extraordinary income and loss

-1,906

-1.5%

475

0.3%

2,382

Income before income taxes

6,822

5.4%

10,423

7.0%

3,600

Corporate taxes

1,834

1.5%

3,667

2.5%

1,832

Net income attributable to

21

0.0%

11

0.0%

-9

noncontrolling interests

Net income attributable to

4,966

4.0%

6,744

4.5%

1,777

owners of the parent

[ Key changes of this quarter (April-December) ] Cumulative 3Q sales and profit increased

  • Net sales:

Consolidated net sales increased by 18.8% compared with the previous 3Q.

Outside Japan sales ratio was 52.3%.

  • COGS ratio:

The COGS ratio deteriorated by 0.6% points compared with the previous 3Q due to the increase in production costs and changes in the composition of sold cranes.

  • Selling, general and administrative expenses:

SGA increased by ¥3.6 billion compared with the previous 3Q.

  • Profits
    Operating income increased by ¥1.6 billion

compared with the previous 3Q.

Ordinary income increased by ¥1.2 billion compared with the previous 3Q.

Net income attributable to owners of the parent increased by ¥1.7 billion compared with the previous 3Q.

  • Factors for change in operating income:

Sales Volume Effect

7.2 billion

Sales Price Effect

1.2 billion

Foreign Exchange Effect

0.1 billion

Cost Change Effect

3.5 billion

Other Effects

1.2 billion

Demag Business

2.2 billion

includes one-time expenses -¥0.7billion)

1

Balance Sheet vs. End of Previous Fiscal Year

(Unit: millions of yen)

FY 2018 Year-End

3Q FY2019

Increase/

Decrease

Amount

Percentage

Amount

Percentage

Cash deposits

65,952

25.8%

98,089

28.5%

32,137

Accounts receivable

50,836

19.9%

45,788

13.3%

-5,048

Inventories

62,757

24.5%

107,287

31.2%

44,530

Other current assets

6,610

2.6%

9,105

2.6%

2,495

Total current assets

186,156

72.8%

260,271

75.6%

74,115

Tangible fixed assets

52,597

20.5%

66,205

19.2%

13,608

Intangible fixed assets

1,703

0.7%

1,811

0.5%

107

Investment and other

15,336

6.0%

16,014

4.7%

678

assets

Total fixed assets

69,637

27.2%

84,032

24.4%

14,394

Total assets

255,793

100.0%

344,303

100.0%

88,509

Accounts payable

41,792

16.3%

48,129

14.0%

6,337

Interest-bearing debt

30,165

11.8%

99,894

29.0%

69,728

Other liabilities

28,810

11.3%

40,661

11.8%

11,851

Total liabilities

100,768

39.4%

188,685

54.8%

87,917

Total equity

155,025

60.6%

155,617

45.2%

592

Total liabilities and

255,793

100.0%

344,303

100.0%

88,509

equity

[Key changes]

  • Accounts receivable decreased:

¥50.8 billion → ¥45.7 billion

(The ¥45.7 billion includes ¥4.8 billion at TDG)

  • The receivable turnover period ameliorated. FY2018 3Q: 76.0 days, FY2018: 98.5 days
    • FY2019 3Q: 71.2 days)
  • Inventories increased:

¥62.7 billion → ¥107.2 billion

(The ¥107.2 billion includes ¥20.7 billion at TFG and ¥25.2 billion at TDG.

  • The inventory turnover period deteriorated. (FY2018 3Q: 155.8 days, FY2018:121.5 days
    • FY2019 3Q: 166.9 days)
  • Interest-bearingdebt increased:

¥30.1 billion → ¥99.8 billion

  • Short-term:increased by ¥36.6 billion; Long-term: increased by ¥33.0 billion

*¥30.0 billion of straight bonds were issued on Dec 13. ¥35.6 billion of bridge loan were repaid on Jan 24. Cash deposits and interest-bearing debt decreased by same amount after the repayment.

2

Net Sales by Product

(Millions of yen)

180,000

Mobile Cranes

Truck Loader Cranes

Aerial Work Platforms

Other

150,000148,877

125,276

25,573

120,000

23,323

12,108

16,549

12,608

90,000

14,911

60,000

94,646

74,433

30,000

0

3Q FY2018

3Q FY2019

(Unit: millions of yen)

3Q FY2018

3Q FY2019

Increase /

Tadano

Demag

Decrease

Existing business

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Mobile

74,433

59.4%

94,646

63.6%

88,829

63.1%

5,817

73.0%

20,212

27.2%

Cranes

Truck

Loader

14,911

11.9%

16,549

11.1%

16,549

11.7%

-

-

1,638

11.0%

Cranes

Aerial Work

12,608

10.1%

12,108

8.1%

12,108

8.6%

-

-

-499

-4.0%

Platforms

Other

23,323

18.6%

25,573

17.2%

23,422

16.6%

2,151

27.0%

2,249

9.6%

Total

125,276

100%

148,877

100%

140,909

100%

7,968

100%

23,600

18.8%

Breakdown of Mobile Crane Sales Inside and Outside Japan

Japan

24,403

30,260

30,260

-

5,856

24.0%

Outside Japan

50,029

64,385

58,568

5,817

14,355

28.7%

Exchange Rate

USD

109.61

109.15

EUR

130.97

122.66

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

3

Net Sales by Destination

(Millions of yen)

Europe

North America

90,000

Caribbean, Central and South America

Asia

Middle East

77,831

Other

15,890

61,844

60,000

15,039

34,756

24,773

30,000

3,137

802

10,097

9,588

4,091

5,327

7,548

8,620

0

3Q FY2018

3Q FY2019

(Unit: millions of yen)

3Q FY2018

3Q FY2019

Increase /

Tadano

Demag

Decrease

(Existing business)

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Europe

15,039

12.0%

15,890

10.7%

12,821

9.1%

3,069

38.5%

850

5.7%

North

24,773

19.8%

34,756

23.3%

33,386

23.7%

1,370

17.3%

9,982

40.3%

America

Caribbean,

802

0.6%

3,137

2.1%

1,671

1.2%

1,466

18.4%

2,335

291.1%

Central and

South America

Asia

9,588

7.7%

10,097

6.8%

9,831

7.0%

266

3.3%

509

5.3%

Middle East

4,091

3.3%

5,327

3.6%

3,585

2.5%

1,742

21.9%

1,235

30.2%

Other

7,548

6.0%

8,620

5.8%

8,586

6.1%

34

0.4%

1,071

14.2%

Subtotal

61,844

49.4%

77,831

52.3%

69,881

49.6%

7,950

99.8%

15,986

25.9%

(total outside

Japan sales)

Japan

63,432

50.6%

71,046

47.7%

71,029

50.4%

17

0.2%

7,613

12.0%

Total

125,276

100%

148,877

100%

140,909

100%

7,968

100%

23,600

18.8%

The graph on the left excludes Japan.

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

4

FY 2019 Business Performance Forecast

FY 2019 Business Performance Forecast released on January 31

(Unit: millions of yen)

FY 2018

FY 2019

Percent

Tadano

Demag

Forecast as of Jan 31

(Existing business)

change

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Net sales

188,451

100%

228,000

100%

203,300

100%

24,700

100%

21.0%

Operating income

15,835

8.4%

11,600

5.1%

15,300

7.5%

-3,700

-15.0%

-26.7%

Ordinary income

15,604

8.3%

11,600

5.1%

-25.7%

Net income attributable to

11,462

6.1%

7,000

3.1%

-38.9%

owners of the parent

*As a result of the review of FY2019 business performance forecast in consideration of cumulative 3Q business performance, operating income, ordinary income, and net income attributable to owners of the parent are expected to exceed the previous forecast.

The forecast above doesn't take into account the effects of purchase price adjustment, etc. after the closing of Demag acquisition.

(Reference) FY 2019 Business Performance Forecast released on October 30

(Unit: millions of yen)

FY 2018

FY 2019

Percent

Tadano

Demag

Forecast as of Oct 30

(Existing business)

change

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Net sales

188,451

100%

228,000

100%

200,700

100%

27,300

100%

21.0%

Operating income

15,835

8.4%

10,000

4.4%

14,500

7.2%

-4,500

-16.5%

-36.8%

Ordinary income

15,604

8.3%

10,000

4.4%

-35.9%

Net income attributable to

11,462

6.1%

5,000

2.2%

-56.4%

owners of the parent

5

FY 2019 Forecast (Net Sales by Product)

(Millions of yen)

Mobile Cranes

250,000

Truck Loader Cranes

Aerial Work Platforms

(Unit: millions of yen)

200,000

Other

188,451

31,907

228,000

37,400

17,450

22,400

FY 2018

FY 2019

Tadano

Increase /

Forecast

Demag

Decrease

Existing business

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Mobile

117,556

62.4%

150,750

66.1%

131,400

64.6%

19,350

78.3%

33,194

28.2%

Cranes

Truck

20,667

11.0%

22,400

9.8%

22,400

11.0%

-

-

1,733

8.4%

Loader

150,000 18,320

20,667

100,000

150,750

117,556

50,000

0

FY 2018

FY 2019

Forecast

Cranes

Aerial Work

18,320

9.7%

17,450

7.7%

17,450

8.6%

-

-

-870

-4.7%

Platforms

Other

31,907

16.9%

37,400

16.4%

32,050

15.8%

5,350

21.7%

5,493

17.2%

Total

188,451

100%

228,000

100%

203,300

100%

24,700

100%

39,549

21.0%

Breakdown of Mobile Crane Sales Inside and Outside Japan

Japan

42,250

47,900

47,750

150

5,650

13.4%

Outside Japan

75,306

102,850

83,650

19,200

27,544

36.6%

FY 2019 business performance forecast was revised on January 31.

6

FY 2019 Forecast (Net Sales by Destination)

(Millions of yen)

Europe

150,000

North America

Caribbean, Central and South America

Asia

Middle East

Other

124,050

24,450

100,000

91,381

19,122

54,250

50,000

40,412

6,250

1,445

13,950

13,775

10,950

6,156

10,469

14,400

0

FY 2018

FY 2019

Forecast

(Unit: millions of yen)

FY 2018

FY 2019

Increase /

Tadano

Forecast

Demag

Decrease

(Existing business)

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Europe

19,122

10.1%

24,250

10.6%

16,400

8.1%

7,850

31.8%

5,128

26.8%

North

40,412

21.4%

54,250

23.9%

49,600

24.4%

4,650

18.9%

13,838

34.2%

America

Caribbean,

1,445

0.8%

6,250

2.7%

1,600

0.8%

4,650

18.8%

4,805

332.5%

Central and

South America

Asia

13,775

7.3%

13,950

6.1%

13,200

6.5%

750

3.0%

175

1.3%

Middle East

6,156

3.3%

10,950

4.8%

6,600

3.2%

4,350

17.6%

4,794

77.9%

Other

10,469

5.6%

14,400

6.3%

12,150

6.0%

2,250

9.1%

3,931

37.5%

Subtotal

91,381

48.5%

124,050

54.4%

99,550

49.0%

24,500

99.2%

32,669

35.8%

(total outside

Japan sales)

Japan

97,069

51.5%

103,950

45.6%

103,750

51.0%

200

0.8%

6,881

7.1%

Total

188,451

100%

228,000

100%

203,300

100%

24,700

100%

39,549

21.0%

FY 2019 business performance forecast was revised on January 31.

The graph on the left excludes Japan.

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

7

Disclaimer

Tadano Ltd. published this content on 05 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2020 06:08:04 UTC


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Sales 2021 200 B 1 906 M 1 906 M
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
Yield 2021 1,25%
Capitalization 101 B 967 M 966 M
EV / Sales 2021 0,51x
EV / Sales 2022 0,42x
Nbr of Employees 5 084
Free-Float 94,7%
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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%
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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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