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:
- 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.
- 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.
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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