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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 (Quantitative) For Second Quarter of FY 2019

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10/30/2019 | 02:02am EDT

Consolidated Financial Results (Quantitative) For Second Quarter of FY 2019

(April 1, 2019 through September 30, 2019)

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

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 comprehensive financial results report.
  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.

October 30, 2019

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 Interim Consolidated Financial Statements: B/S of Demag is included.

FY2019 Business Performance Forecast: P/L of Demag for 5 months from August to December 2019 is included.

Trends in Global Demand for Mobile Cranes: Crawler Cranes are excluded.

Market share: Demag products are excluded.

Unit: millions of yen

FY 2018

FY 2019

Increase/

First Half

First Half

Decrease

Amount

Percentage

Amount

Percentage

Net Sales

82,272

100.0%

100,304

100.0%

18,031

Cost of Sales

60,382

73.4%

74,195

74.0%

13,813

Gross proft on installment sales

121

0.1%

-56

-0.1%

-178

Gross profit

22,011

26.8%

26,051

26.0%

4,039

Selling, general, and

16,267

19.8%

18,478

18.4%

2,210

administrative expenses

Operating income

5,743

7.0%

7,573

7.6%

1,829

Non-operating income and loss

-70

-0.1%

-310

-0.3%

-240

Ordinary income

5,673

6.9%

7,262

7.2%

1,589

Extraordinary income and loss

-3

-0.0%

476

0.5%

479

Income before income taxes

5,669

6.9%

7,739

7.7%

2,069

Corporate taxes

1,569

1.9%

2,684

2.7%

1,115

Net income attributable to

19

0.0%

-9

0.0%

-29

noncontrolling interests

Net income attribute to

4,081

5.0%

5,064

5.0%

982

owners of parent

Balance Sheet vs. End of Previous Fiscal Year

(Unit: millions of yen)

FY 2018 Year-End

FY 2019 First Half

Increase/

Demag

(Included in

Decrease

Amount

Percentage

Amount

Percentage

the total)

Cash deposits

65,952

25.8%

77,441

24.4%

11,489

2,496

Accounts receivable

50,836

19.9%

52,187

16.4%

1,350

6,578

Inventories

62,757

24.5%

96,486

30.4%

33,729

27,938

Other current assets

6,610

2.6%

6,994

2.2%

384

1,444

Total current assets

186,156

72.8%

233,109

73.4%

46,953

38,458

Tangible fixed assets

52,597

20.5%

65,967

20.8%

13,370

4,461

Intangible fixed assets

1,703

0.7%

1,854

0.6%

150

198

Investment and other

15,336

6.0%

16,602

5.2%

1,265

-16,287

assets

Total fixed assets

69,637

27.2%

84,424

26.6%

14,787

-11,627

Total assets

255,793

100.0%

317,534

100.0%

61,740

26,830

Accounts payable

41,792

16.3%

44,652

14.0%

2,860

6,210

Interest-bearing debt

30,165

11.8%

69,124

21.8%

38,958

1,321

Other liabilities

28,810

11.3%

46,622

14.7%

17,811

18,767

Total liabilities

100,768

39.4%

160,399

50.5%

59,630

26,299

Total equity

155,025

60.6%

157,135

49.5%

2,109

531

Total liabilities and

255,793

100.0%

317,534

100.0%

61,740

26,830

equity

2

Net Sales by Product

Mobile Cranes

(Unit: millions of yen)

FY 2018

FY 2019

Increase /

(Millions of yen)

Truck Loader Cranes

Aerial Work Platforms

First Half

First Half

Decrease

120,000

Other

Amount

Percentage

Amount

Percentage

Amount

Percentage

100,304

Mobile Cranes

48,515

59.0%

64,199

64.0%

15,683

32.3%

15,332

Truck Loader

9,605

11.7%

11,265

11.2%

1,659

17.3%

Cranes

82,272

80,000

9,507

Aerial Work

9,208

11.2%

9,507

9.5%

299

3.3%

14,943

Platforms

11,265

14,943

18.1%

15,332

15.3%

388

2.6%

9,208

Other

9,605

Total

82,272

100%

100,304

100%

18,031

21.9%

40,000

64,199

Outside Japan sales

46.0%

46.0%

48,515

Breakdown of Mobile Crane Sales Inside and Outside Japan

0

Japan

17,915

24,984

7,069

39.5%

FY 2018 First Half FY 2019 First Half

Outside Japan

30,600

39,214

8,614

28.2%

3

Sales Trends by Market Outside Japan

Millions of yen

Sales grew 21.9% compared to the same quarter of the previous fiscal year.

120,000

Sales grew 40.5% in North America, 8.8% in Asia and 19.9% in Middle East,

but fell 9.5% in Europe compared to the same quarter of the previous fiscal year.

100,000

80,000

The GR-1600XL, one of the

60,000

world's largest-capacity Rough

Terrain Cranes

40,000

20,000

0

FY 18

FY 19

FY 00

FY 01

FY 02

FY 03

FY 04

FY 05

FY 06

FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

First

First

Half

Half

Europe

11,435

9,754

10,893

11,978

12,000

16,292

19,170

25,566

29,630

19,196

12,739

11,643

12,510

16,844

20,211

22,844

20,701

16,849

19,122

9,528

8,627

North America

2,671

2,739

2,755

3,402

4,547

9,798

12,324

18,342

20,145

15,301

6,616

13,938

20,406

27,782

36,836

39,127

25,438

29,428

40,412

14,973

21,043

Caribbean, Central and

948

586

287

457

866

1,721

2,420

2,542

2,722

887

1,691

3,012

2,201

2,449

3,475

826

1,513

1,014

1,445

582

1,317

South America

Asia

4,225

4,368

5,362

5,185

4,888

4,749

7,861

12,069

10,954

9,680

6,603

9,190

10,982

16,923

16,383

17,083

13,694

12,089

13,775

6,183

6,729

Middle East

2,142

3,098

3,602

5,663

7,347

8,507

11,708

13,878

15,836

5,948

6,686

7,432

10,090

18,167

17,052

17,680

10,375

9,699

6,156

2,556

3,064

Other

956

1,524

2,066

3,696

4,634

5,790

7,409

9,158

10,063

5,177

3,939

7,654

9,970

13,320

9,576

6,881

5,683

7,069

10,469

4,041

5,377

Total

22,379

22,072

24,968

30,384

34,285

46,859

60,894

81,557

89,354

56,191

38,277

52,872

66,160

95,487

103,535

104,444

77,406

76,152

91,381

37,864

46,159

Outside Japan Sales Ratio

23.8%

25.0% 30.1% 31.4% 33.7% 38.8%

42.1%

46.8%

54.9%

53.9%

42.6%

46.3%

49.1%

52.5%

50.7%

49.9%

43.1%

43.8%

48.5%

46.0%

46.0%

Exchange rate (USD)

107.83

121.54

125.35

115.99

108.24

110.21

116.38

117.84

103.46

93.57

87.81

79.84

79.82

97.65

105.85

121.05

108.84

112.19

110.43

108.68

110.05

Exchange rate (EUR)

99.63

108.8

118.41

131.03

134.47

136.92

146.14

161.24

152.44

130.2

116.39

111.12

102.63

129.68

140.42

134.31

120.33

126.67

130.42

131.64

124.32

Notes

• Other markets comprise Oceania, Africa, and the CIS.

  • The exchange rates indicated above are average rates over each period. (Since the fiscal year of subsidiaries outside Japan ends in December, full-year rates are averages for January-December; interim rates are averages for January-June.)
  • Euro figures for FY 2001 and earlier have been converted from Deutsche Mark.

4

(Unit: millions of yen)

FY 2018

FY 2019

forecast

Tadano

Demag

Percent

(Existing business)

change

Amount

Percentage

Amount

Percentage

Amount

Percentage

Amount

Percentage

Net sales

188,451

100.0%

228,000

100.0%

200,700

100.0%

27,300

100.0%

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

11,462

6.1%

5,000

2.2%

-56.4%

to owners of the parent

FY 2019 business performance forecast was revised on October 30.

Mid-year

¥13.00

Mid-year

¥14.00

[ FY2019 Management Policy ]

Dividends per share

Year-end

¥13.00

Year-end

¥14.00

(i)

Pursue the Tadano Group's Core Values

Full-year

¥26.00

Full-year

¥28.00

(Safety, Quality, Efficiency)

(ii)

Engage in last-year activities of the Mid-Term

Mid-year and year-end dividends for FY19 include ¥1 memorial dividend.

Management Plan (17-19)

Capital investment

¥14,458 million

¥11,500 million

(iii)

Focus on the Tadano Red Arrow, and engaging

in Tadano Yellow Arrow activities

Depreciation

¥2,984 million

¥3,800 million

(iv)

Prepare for and respond to Tadano Blue Arrow

Exchange rate (USD)

¥110.43

¥108.00(2nd Half)

changes and escalating competition

Exchange rate (EUR)

¥130.42

¥120.00(2nd Half)

FY 2019 proportion of sales

Figures for capital investment include leased assets.

The interim exchange rate of EUR was revised on October 30.

outside Japan: 55.5%

FY 2019 Forecast (Net Sales by Product)

(Unit: millions of yen)

(Millions of yen)

Mobile Cranes

FY 2019

Increase /

Truck Loader Cranes

FY 2018

Tadano

250,000

Aerial Work Platforms

Forecast

Demag

Decrease

Existing business

Other

228,000

Amount Percentage

Amount Percentage Amount Percentage

Amount Percentage

Amount Percentage

37,000

Mobile

117,556

62.4%

153,100

67.1%

131,150

65.3%

21,950

80.4%

35,544

30.2%

200,000

Cranes

188,451

16,900

Truck Loader

20,667

11.0%

21,000

9.2%

21,000

10.5%

0

-

333

1.6%

31,907

Cranes

21,000

Aerial Work

18,320

9.7%

16,900

7.4%

16,900

8.4%

0

-

-1,420

-7.8%

150,000

18,320

Platforms

20,667

Other

31,907

16.9%

37,000

16.2%

31,650

15.8%

5,350

19.6%

5,093

16.0%

100,000

Total

188,451

100%

228,000

100%

200,700

100%

27,300

100%

39,549

21.0%

153,100

Outside Japan sales ratio :

48.5% 55.5%

50,000

117,556

Breakdown of Mobile Crane Sales Inside and Outside Japan

Japan

42,250

48,400

48,300

100

6,150

14.6%

0

Outside Japan

75,306

104,700

82,850

21,850

29,394

39.0%

FY 2018

FY 2019

FY 2019 business performance forecast was revised on October 30.

Forecast

6

(Millions of yen)

150,000

Europe

North America

Caribbean, Central and South America

Asia

126,500

Middle East

Other

27,800

100,000

91,381

19,122

57,200

50,000

40,412

1,700

1,445

13,700

13,775

12,400

6,156

13,700

0

10,469

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%

27,800

12.2%

19,400

9.7%

8,400

30.8%

8,678

45.4%

North

40,412

21.4%

57,200

25.2%

46,600

23.2%

10,600

38.9%

16,788

41.5%

America

Caribbean,

1,445

0.8%

1,700

0.7%

1,600

0.8%

100

0.4%

255

17.6%

Central and

South America

Asia

13,775

7.3%

13,700

6.0%

12,500

6.2%

1,200

4.4%

-75

-0.5%

Middle East

6,156

3.3%

12,400

5.4%

6,600

3.3%

5,800

21.2%

6,244

101.4%

Other

10,469

5.6%

13,700

6.0%

12,650

6.3%

1,050

3.8%

3,231

30.9%

Subtotal

91,381

48.5%

126,500

55.5%

99,350

49.5%

27,150

99.5%

35,119

38.4%

(total outside

Japan sales)

Japan

97,069

51.5%

101,500

44.5%

101,350

50.5%

150

0.5%

4,431

4.6%

Total

188,451

100%

228,000

100%

200,700

100%

27,300

100%

39,549

21.0%

FY 2019 business performance forecast was revised on October 30. The graph on the left excludes Japan.

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

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Tadano Ltd. published this content on 30 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2019 07:01:03 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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Capitalization 101 B 967 M 966 M
EV / Sales 2021 0,51x
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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%
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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