FY2017 Third Quarter consolidated financial result highlights
pages
Ⅰ . | Overview of Consolidated Financial Results | … 1 |
Ⅱ. | Summary of Consolidated Q3 FY2017 Financial Results | … 2 |
Forecast of FY2017 Consolidated Net Sales and Operating Income | ||
Ⅲ. | Order Intake and Net Sales by Product / Sanwa Shutter | … 4 |
Jan 31, 2018
Sanwa Holdings Corporation
Ⅰ . Overview of Consolidated Financial Results
JPYm・USDk・EURk
FY2016
FY2017
3Q
3Q YTD
4Q
Full Year
3Q
3Q YTD
4Q (Forecast)
Full Year (Forecast)
Y/Y
($108.83 €121.12)profit ratioY/Y
Y/Y
($109.44 €120.63)profit ratioY/Y
Y/Y
($111.81 €125.24)profit ratioY/Y
Y/YOriginal F ($110.00 €120.00)
($110.00 €125.00)profit ratioY/Y
Net Sales
【assumed forex rate same as the previous year】
75,745 -6.5
236,203
-2.4
117,719 -4.8
353,922
-3.2
[80,185]
[△1]
[248,828]
[3]
[121,866]
[△1]
[370,695]
[1]
83,869 10.7
256,995
8.8
128,004 8.7
[82,586]
[9.0]
[253,275]
[7.2]
[128,977]
[9.6]
383,000
385,000
[382,252]
8.8
[8.0]
Sanwa Shutter
Japanese Subsidiaries
ODC (U.S.A.)
33,327 -6.1
6,740 2.8
$247,067
4.7
25,560 -11.0
108,562
-2.6
20,182 $694,223 75,552
3.3
4.8
-5.6
€109,830 19.9
€319,758 16.7
Novoferm (Europe)
12,622 1.6
38,729 5.2
67,685 -1.5
10,315 -8.5
$253,887
2.7
28,208 -6.0
176,248 -2.2
30,497 -1.1
$948,110 103,761
4.2
-5.7
€123,114 -1.4
€442,872 11.0
14,694 -10.9
53,423 0.2
34,693 4.1
6,796 0.8
$259,837 5.2
28,895 13.0
115,212 6.1
21,044 4.3
$734,339 5.8
82,106 8.7
€123,574 12.5
€371,735 16.3
16,225 28.5
46,556 20.2
73,787 9.0
13,955 35.3
$270,660 6.6
28,443 0.8
189,600
189,000 7.2
35,600 $1,008,000 110,880 € 494,000 59,280
35,000 14.8
$1,005,000 6.0
110,550 6.5
€128,264 4.2
€500,000 12.9
15,943 8.5
62,500 17.0
Operating Income
【assumed forex rate same as the previous year】
3,598 -10.5
11,575
4.9 14.9
14,865 -11.5
26,440
7.5 -1.6
-2.0
21.9
-9.4
2.4
4,164 15.7
13,209
5.1 14.1
[4,069] [13.1]
[13,001][12.3]
17,090 15.0
30,300
30,300
7.9 14.6
[17,160] [15.4]
[30,160][14.1]
Sanwa Shutter
Japanese Subsidiaries
ODC (U.S.A.)
891 -49.9
85 -44.6
$23,288 46.9
2,468 28.6
6,071 5.6 -17.7
391 1.9 -28.4
$45,526 91.2
4,954 6.6 72.1
€4,785 24.6
€11,869 304.0
Novoferm (Europe)
556 8.0
1,437 3.7 264.0
10,570 -6.4
795 -34.4
$26,022
-10.1
2,875 -18.0
16,641
9.4 -10.9
1,186
3.9 -32.5
$71,548 35.6
7,830 7.5 22.7
€6,264
-34.9 749 -41.6
€18,134 44.4
2,187 4.1 30.3
1,174 31.8
42 -50.1
$22,388
-3.9
2,494 1.0
6,789
5.9 11.8
237
1.1 -39.3
$50,009 9.8
5,591 6.8 12.9
€6,844 43.0
€14,416 21.5
880 58.1
1,805 3.9 25.6
12,210 15.5
1,652 107.7
$27,990 7.6
2,988 3.9
€7,583 21.1
19,000
19,000 | 10.1 | |
1,890 | 5.4 | |
$78,000 | ||
8,580 | 7.8 | 9.6 |
€22,000 | 21.3 | |
2,750 | 4.4 | 25.7 |
29,700 | 7.7 | 17.5 |
[29,571][17.0]
14.2
2,200 $78,000 8,580 € 22,000 2,640
59.3 9.0
944 26.0
Current Income
【assumed forex rate same as the previous year】
3,362 -13.6
10,569
4.5 10.9
14,708 -11.5
25,278
7.1 -3.4
-5.3
17.8
-9.5
0.4
4,038 20.1
12,836
5.0 21.4
[3,947] [17.4]
[12,639][19.6]
16,863 14.6
29,700
[16,932] [15.1]
Sanwa Shutter
Japanese Subsidiaries
ODC (U.S.A.)
Novoferm (Europe)
Equity-method affiliates
943 -48.3
99 -45.4
$22,641 49.5
2,400 30.9
€3,942 8.7
458 -5.9
6,201
5.7 -17.4
435 $44,094 4,798 €9,953 1,205 -680
2.2 -25.8
106.6
6.4 86.0
389.9
-53 <+>
10,616 -6.4
803 -34.0
$24,063
-14.8
2,660 -22.3
3.1 341.5 <->
€6,095
-32.4 730 -39.4
16,817
9.5 -10.8
1,238
4.1 -31.3
$68,157 37.4
7,459 7.2 24.2
€16,049 45.2
1,935 3.6 31.0
1,215 28.8
57 -42.3
$21,645
-4.4
2,411 0.5
€6,505 65.0
835 82.3
6,920
6.0 11.6
277
1.3 -36.3
$47,825 8.5
5,347 6.5 11.4
€13,216 32.8
1,655 3.6 37.3
12,179 14.7
1,662 107.0
$26,174 8.8
2,792 5.0
€6,783 11.3
844 15.7
19,100
19,100
10.1 13.6
2,240 $73,000 8,030 € 20,000
1,940
5.5 56.6
$74,000 8.6
8,140 7.4 9.1
€20,000 24.6
2,400
2,500 4.0 29.1
113
<+>
-566
<->
-31 <+>
-141
<+>
181 59.2
135
40
<+>
Net income attributable to owners of the parent
【assumed forex rate same as the previous year】
2,033 -10.0
6,037
2.6 10.1
11,033 20.7
17,070
4.8 16.7
-0.5
17.5
23.0
21.0
2,545 25.2
[2,486] [22.3]
8,271
[8,135]
3.2 37.0
[34.8]
10,928 -0.9
[10,973] [-0.5]
19,200
19,200
[19,108]
5.0 12.5
[11.9]
Sanwa Shutter
Japanese Subsidiaries
ODC (U.S.A.)
Novoferm (Europe)
Equity-method affiliates
621 -45.8
48 -47.0
$15,418 56.0
1,636 36.8
€2,142 5.9
253 -6.6
4,204 3.9 -14.8
236 1.2 -35.6
$29,295 115.2
3,188 4.2 93.7
€4,088 1,290.5
495 1.3 1,152.9
7,658 -2.8
613 -26.6
$15,016
-12.9
1,661 -20.5
€4,277
-24.5 513 -32.1
11,863 6.7 -7.4
850 2.8 -29.4
$44,311 43.6
4,849 4.7 29.8
€8,365 40.3
1,009 1.9 26.6
807 29.8
39 -19.4
$13,766 -10.7
1,533 -6.3
€4,359
103.5 565 123.3
4,607
4.0 9.6
179
0.9 -24.0
$30,608 4.5
3,422 4.2 7.3
€10,761 163.2
1,347 2.9 172.2
8,392 9.6
1,020 66.3
$16,391
9.2
1,747 5.2
€4,238
-0.9
527 2.6
12,900
13,000
6.9 9.6
1,375
1,200
3.4 41.1
$46,500 5,115 €15,000
$47,000 6.1
5,170 4.7 6.6
€15,000 79.3
1,800
1,875 3.0 85.8
-53 <+>
-680
<->
113
<+>
-566
<->
-31
<+>
-141
<+> 181 59.2
135
40
<+>
1) The relevant financial periods for each entity are as follows: Q3YTDQ3YTDSanwa Shutter & Japanese subsidiaries: ODC & Novoferm:
Oct.1 tOocDt.e1s.t3o1Des.31 July.1 tJoulSy.e1p.t3o0Sep.30
Full YeFaurll Year
Apr.1 tAopMr.a1r.t3o1Mfaorll.o3w1infoglloyweainrg year Jan.1 tJoanD.e1c.t3o1Dec.31
2) Figures are round off. <+> is for increase, <-> is for decrease from the previous year.
3) Each figure by entities is before consolidation adjustment.
4) Forex rate is term average.
- 1 -
Ⅱ. Summary of Consolidated Q3 and YTD FY2017 Financial Results
■ YTD 2017 consolidated net sales increased by 8.8% or 20.8 billion yen vs. same period of 2016 (if using 2016 currency rate, it would have increased by 7.2% or 17.1billion yen).
Japan
: Increased by 5.8% vs. YTD Q3 2016. Sanwa Shutter's net sales increased by 6.1%, and its 3Q 2017 net sales increased by 4.1%. Both residential and non-residential were good, especially demands for office building and hotel were strong.
Net Sales
By products, three major products (Lightweight shutters increased by 4.6%, Heavy-duty shutters increased by 4.6%, and Hinge doors for commercial buildings increased by 4.4%) sold well. Maintenance & Repair business increased significantly by 11.7% driven by demands for the legal inspection of fire prevention equipment. Partitions (main product of multi-product sales strategy) continued to increase by 6.6%. On the other hand, order intake decreased vs. same period of 2016 due to delay in projects and enhancement of order backlog control. Japanese subsidiaries total (except Sanwa Shutter) increased by 4.3% driven by favorable of Sanwa EX Niigata and Venix. Their Q3 2017 net sales increased slightly by 0.8%.
USA(ODC) : Increased by 5.8% on local currency basis. Its Q3 2017 net sales increased by 5.2% driven by favorable residential markets and strong sales of operators. YTD 2016 net sales for ASD (mainly door sales) increased by 8.4%. Garage doors and Commercial doors continued to strong sales ,increased by 7.8% and 4.7%. Operators increased by 8.2% driven by strong sales at professional-channel and retail. Installation & Services increased by 1.5%. The strong Nation Serve (USA) sales covered Canadian business shortfall in commercial markets. Automatic doors decreased by 3.4% due to slump in USA and UK. Truck doors decreased by 14.0% due to intensified competition.
Europe(NF) : Increased significantly by 16.3% on local currency basis. Even excluding new consolidations (Norsurd and Novoferm UK) of €28.7M, it increased by 7.3%. Hinge doors increased by 4.8% driven by good progress in big projects. Industrial Doors increased by 7.8% driven by favorable Alpha sales. Garage Doors increased by 5.3% driven by the recovery of markets across Europe.
Operating Income
■ YTD 2017 consolidated operating income increased significantly by 14.1% or 1.63 billion yen (if using 2016 currency rate, it would have increased by 12.3% or 1.43 billion yen).
Japan
: Sanwa Shutter increased by 0.72 billion yen driven mainly by sales volume increase. Q3 2017 operating income increased by 0.28 billion yen, showing some efforts of price hike covering the increase of material price. Japanese subsidiaries total (except Sanwa Shutter) decreased by 0.15 billion yen because Sanwa Spindle's income (new consolidation) is concentrated in 4Q.
USA(ODC) : Increased by $4.5M driven by sales volume increase, effect of sales price increase shifting the material price impact, and improvement in
Operators' productivity. Q3 2017 operating income decreased slightly by $0.9M due to SG&A increase such as advertising expense.
Europe(NF) : Increased by €2.5M driven mainly by sales volume increase including effect of new consolidation. The increase of material costs were shifted to sales price. Q3 2017 operating income increased by €2.1M.
Current Income
■ Consolidated current income increased significantly by 2.27 billion yen.
Non-operating profit/loss increased by 0.63 billion yen driven by the improvement of profits of equity method affiliates.
Net Income attributable to owners of the parent
■ Net income attributable to owner of the parent increased significantly by 2.23 billion yen.
Extraordinary profits improved by 0.56 billion yen driven by gains from sale of fixed assets in Europe business.
- 2 -
Forecast of FY2017 Consolidated Net Sales and Operating Income
summary
■ The company maintains its revised forecast announced on October 31, 2017.
Net Sales
■ The company maintains its consolidated net sales forecast of 385 billion yen driven by strong sales in both Japanese and overseas business.
Japan : Sanwa Shutter is working to achieve the revised forecast driven by (1) increased number of completed projects and (2) increased sales of
Maintenance & Repair business.
USA(ODC) : It is expected to achieve the revised forecast since (1) Doors expected to increase driven by continuing favorable residential market condition throughout the year and (2) steady Commercial doors & Operators sales in a trend for increase.
Europe(NF) : It is expected to achieve the revised forecast since (1) Hinge doors in project sales are favorable, (2) Garage doors sales will increase driven by the recovery of markets, and (3) Industrial doors sales will increase driven by the favorable performance of Alpha and the number of big project is increase.
Operating Income
■ The company maintains its consolidated operating income forecast of 30.3 billion yen driven by the favorable performance of overseas business.
Japan : Sanwa Shutter and other Japanese subsidiaries are working to achieve the revised forecast by continued efforts to increase sales price to cover material price hike and to reduce COGS & SG&A.
USA(ODC) : It is expected to reach the revised forecast due to sales price increase to cover the material cost increase and sales volume increase. Europe(NF) : It is expected to reach the revised forecast since NF also passes the increase of material price to sales price and increases sales volume in all segments.
- 3 -
Ⅲ. Order Intake and Net Sales by products / Sanwa Shutter
JPYm・%
amount | amount | amount | amount | |
Outstanding Order Intake Work-in-process | 112,488 | 95,805 | 124,602 | 110,256 |
29,691 | 15,939 | 32,392 | 19,800 |
1) < >=⊿% year on year
2) Outstanding Order Intake = Balance of orders taken but not yet sold
- 4 -
Sanwa Holdings Corporation published this content on 06 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 06 February 2018 03:54:05 UTC.
Original documenthttp://www.sanwa-hldgs.co.jp/english/pdf/20180131kessaneng.pdf
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