Consolidated Financial Results(Quantitative) For First Quarter of FY 2021
(April 1, 2021 through June 30, 2021)
Notes: | |
1) For the purpose of timely English-language financial | |
information disclosure, Tadano Ltd. provides quantitative | |
financial results reports in concurrence with the disclosure of | |
its original Japanese-language financial results. Detailed | |
qualitative information will be disclosed at a later date in a | July 30, 2021 |
comprehensive financial results report. | |
Tadano Ltd. |
< Notes >
- 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.
- Adjustments are made retroactively on FY2020 1Q Consolidated Financial Statements due to PPA accompanied with acquisition of Demag business. PPA("Purchase Price Allocation") is a process to appraise assets and liabilities at fair value and allocate purchase price.
1
Income Statement
While net sales were comparable to same period of previous fiscal year, operating income increased due to an improved cost of sales ratio and reductions in SG&A.
First quarterly operating profit recorded since FY 2019 4Q.
Profits related to restructuring of European Operations were recorded as extraordinary gains.
(Unit: millions of yen)
FY2020 | FY2021 | Increase/ | |||
1Q | 1Q | ||||
Decrease | |||||
Amount | Percentage | Amount | Percentage | ||
Net sales | 43,213 | 100% | 42,306 | 100% | -906 |
Cost of sales | 33,871 | 78.4% | 32,353 | 76.5% | -1,518 |
Gross profit on installment sales | -15 | -0.0% | - | - | 15 |
Gross profit | 9,325 | 21.6% | 9,953 | 23.5% | 627 |
Selling, general, and | 9,924 | 23.0% | 9,161 | 21.7% | -762 |
administrative expenses | |||||
Operating income | -598 | -1.4% | 791 | 1.9% | 1,389 |
Non-operating income and loss | -227 | -0.5% | -55 | -0.1% | 171 |
Ordinary income | -825 | -1.9% | 735 | 1.7% | 1,561 |
Extraordinary income and loss | 101 | 0.2% | 10,850 | 25.6% | 10,748 |
Income before income taxes | -723 | -1.7% | 11,586 | 27.4% | 12,309 |
Corporate taxes | 306 | 0.7% | 916 | 2.2% | 610 |
Net income attributable to | -5 | -0.0% | 18 | 0.0% | 23 |
noncontrolling interests | |||||
Net income attributable to | -1,024 | -2.4% | 10,651 | 25.2% | 11,676 |
owners of the parent | |||||
2 |
Balance Sheet
- Inventories increased due to a ramp up in production.
- Interest-bearingdebt denominated in currencies other than Japanese yen increased in response to temporary working capital needs in North America and Europe.
- Allowances for retirement benefits decreased due to restructuring procedures for European
Operations.(Unit: millions of yen)
FY2020 | FY2021 | Increase/ | FY2020 | FY2021 | Increase/ | |||||
Year-end | 1Q | Decrease | Year-end | 1Q | Decrease | |||||
Cash deposits | 103,110 | 103,212 | 102 | Accounts payable | 32,043 | 26,799 | -5,243 | |||
Accounts receivable | 48,774 | 41,581 | -7,192 | Interest-bearing debt | 94,586 | 102,543 | 7,956 | |||
Inventories | 82,010 | 88,477 | 6,467 | Other liabilities | 51,885 | 39,725 | -12,160 | |||
Other current assets | 5,254 | 9,103 | 3,848 | Total liabilities | 178,515 | 169,068 | -9,447 | |||
Total equity | 145,404 | 157,318 | 11,914 | |||||||
Total current assets | 239,149 | 242,374 | 3,225 | |||||||
Total liabilities | 323,920 | 326,387 | 2,467 | |||||||
Tangible fixed assets | 68,046 | 67,739 | -307 | and equity | ||||||
Intangible fixed assets | 1,692 | 1,763 | 71 | |||||||
Investment | and | 15,031 | 14,508 | -522 | FY2020 | FY2020 | FY2021 | |||
other assets | ||||||||||
1Q | Year-end | 1Q | ||||||||
Total fixed assets | 84,770 | 84,012 | -758 | |||||||
Total assets | 323,920 | 326,387 | 2,467 | Receivable turnover | 94.0 days | 95.7 days | 89.4 days | |||
Inventory turnover | 225.8 days | 160.9 days | 190.3 days | |||||||
Equity ratio | 50.9% | 44.5% | 47.8% |
3
Net Sales by Product
- Mobile crane sales increased in Japan, but decreased outside of Japan.
- Truck loader crane and aerial work platform sales increased.
(Unit: millions of yen) | ||||
FY2020 | FY2021 | Increase/Decrease | ||
1Q | 1Q | Amount | Percentage | |
Mobile Cranes | 26,567 | 23,727 | -2,840 | -10.7% |
Truck Loader | 4,273 | 4,868 | 595 | 13.9% |
Cranes | ||||
Aerial Work | 3,147 | 3,647 | 500 | 15.9% |
Platforms | ||||
Other | 9,224 | 10,062 | 837 | 9.1% |
Total | 43,213 | 42,306 | -906 | -2.1% |
Breakdown of Mobile Crane Sales Inside and Outside Japan | ||||
Japan | 5,913 | 7,750 | 1,837 | 31.1% |
Outside Japan | 20,653 | 15,976 | -4,677 | -22.6% |
Total | 26,567 | 23,727 | -2,840 | -10.7% |
Exchange Rate | * Since the fiscal year | for subsidiaries outside Japan ends in December, | ||
the rates given here are January-March average. | ||||
USD | ¥108.92 | ¥105.90 | ||
EUR | ¥120.11 | ¥127.69 |
Net Sales by Product
(Millions of Yen)
250,000
200,000
150,000
100,000
50,000
0
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 | FY20 FY21 | ||
Mobile Cranes | Truck Loader Cranes | 1Q 1Q | |
Aerial Work Platforms | Other | ||
4
Net Sales by Destination
- Sales in Europe, North America and Latin America decreased.
- Within the "Other" category, sales in Oceania increased.
FY2020 | |
1Q | |
Europe | 8,457 |
North America | 9,865 |
Latin America | 1,799 |
Asia | 2,836 |
Middle East | 1,353 |
Other | 1,829 |
Subtotal | 26,141 |
(total outside Japan sales) | |
Japan | 17,071 |
Total | 43,213 |
Outside Japan | 60.5% |
Sales Ratio | |
FY2021
1Q
4,816
8,450
160
2,920
1,611
3,851
21,811
20,494
42,306
51.6%
(Unit: millions of yen)
Increase/Decrease Amount Percentage
-3,640-43.0%
-1,415-14.3%
-1,638-91.1%
- 2.9%
- 19.1%
2,022 110.5%
-4,330-16.6%
3,423 20.1%
-906-2.1%
(Millions of yen) | Net Sales by Destination |
140,000
120,000 | ||||||
100,000 | ||||||
80,000 | ||||||
60,000 | ||||||
40,000 | ||||||
20,000 | ||||||
0 | ||||||
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 | FY20 FY21 | |||||
Europe | North America | 1Q | 1Q | |||
Latin America | Asia | |||||
Middle East | Other | |||||
Outside Japan Sales ratio |
The graph above excludes Japan.
"Other" is comprised of Oceania, Africa and the CIS.
70%
60%
50%
40%
30%
20%
10%
0%
5
6
FY 2021 First Half Business Performance Forecast
(Unit: millions of yen) | ||||||||
FY2020 | FY2021 | FY2021 | ||||||
First Half Forecast | First Half Forecast | Increase/Decrease | ||||||
First Half | ||||||||
(as of April 28th) | (as of July 30th) | |||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | Amount | Percentage | |
Net sales | 91,106 | 100% | 100,000 | 100% | 100,000 | 100% | - | - |
Operating income | -1,038 | -1.1% | 500 | 0.5% | 1,500 | 1.5% | 1,000 | 200.0% |
Ordinary income | -1,590 | -1.7% | 100 | 0.1% | 1,200 | 1.2% | 1,100 | - |
Net income attributable to | -2,566 | -2.8% | 9,000 | 9.0% | 10,400 | 10.4% | 1,400 | 15.6% |
owners of the parent | ||||||||
Although net sales for the first quarter progressed in line with the initial April, 28, 2021 forecast, improvements in the cost of sales ratio and reductions in SG&A expenses were better than forecast. Therefore, the FY 2021 first half forecast has been revised as listed above. The forecast for the full year remains unchanged from the announced forecast.
7
FY 2021 First Half Forecast (Net Sales by Product)
(Unit: millions of yen)
FY2020 | FY2021 | Increase/Decrease | (Millions of Yen) | Net Sales by Product | |||||||||
First Half | |||||||||||||
First Half | Forecast | Amount | Percentage | ||||||||||
250,000 | |||||||||||||
Mobile Cranes | 55,106 | 61,200 | 6,093 | 11.1% | |||||||||
Truck Loader | 9,099 | 10,100 | 1,000 | 11.0% | 200,000 | ||||||||
Cranes | |||||||||||||
Aerial Work | 8,493 | 7,900 | -593 | -7.0% | |||||||||
Platforms | |||||||||||||
150,000 | |||||||||||||
Other | 18,406 | 20,800 | 2,393 | 13.0% | |||||||||
Total | 91,106 | 100,000 | 8,893 | 9.8% | 100,000 | ||||||||
Breakdown of Mobile Crane Sales Inside and Outside Japan | |||||||||||||
Japan | 18,122 | 20,100 | 1,978 | 10.9% | 50,000 | ||||||||
Outside Japan | 36,984 | 41,100 | 4,116 | 11.1% | |||||||||
Total | 55,106 | 61,200 | 6,093 | 11.1% | 0 | ||||||||
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 | FY20 FY21 | ||||||||||||
First First Half | |||||||||||||
Exchange Rate | Mobile Cranes | Truck Loader Cranes | Half Forecast | ||||||||||
the rates given here are January-June average. | |||||||||||||
* Since the fiscal year for subsidiaries outside Japan ends in December, | |||||||||||||
USD | ¥108.27 | Aerial Work Platforms | Other | ||||||||||
¥107.69 | |||||||||||||
EUR | ¥119.30 | ¥129.82 |
8
FY 2021 First Half Forecast (Net Sales by Destination)
(Unit: millions of yen) | ||||
FY2020 | FY2021 | Increase/Decrease | ||
First Half | ||||
First Half | Amount | Percentage | ||
Forecast | ||||
Europe | 13,675 | 14,000 | 324 | 2.4% |
North America | 18,385 | 18,500 | 114 | 0.6% |
Latin America | 2,185 | 800 | -1,385 | -63.4% |
Asia | 5,421 | 7,500 | 2,078 | 38.3% |
Middle East | 3,445 | 4,100 | 654 | 19.0% |
Other | 4,475 | 8,500 | 4,024 | 89.9% |
Subtotal | 47,588 | 53,400 | 5,811 | 12.2% |
(total outside Japansales) | ||||
Japan | 43,517 | 46,600 | 3,082 | 7.1% |
Total | 91,106 | 100,000 | 8,893 | 9.8% |
Outside Japan | 52.2% | 53.4% | ||
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% | ||||||||||||||
FY11 | FY12 | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY20 | FY21 | ||||
First | First Half | ||||||||||||||
First | First Half | ||||||||||||||
Europe | North America | Half | Forecast | ||||||||||||
Half | Forecast | ||||||||||||||
Latin America | Asia | ||||||||||||||
Middle East | Other | ||||||||||||||
Outside Japan Sales ratio |
The graph above excludes Japan.
"Other" is comprised of Oceania, Africa and the CIS.
9
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Disclaimer
Tadano Ltd. published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 06:08:17 UTC.