Consolidated Financial Results (Comprehensive)
For First Quarter of FY 2017
(April 1, 2017 through June 30, 2017)
Notes:
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.
Forward-looking statements 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.
August 2, 2017
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Tadano Ltd.
Income Statement (vs. Previous Year)
1Q FY2016 | 1Q FY2017 | Increase/ Decrease | |||
Amount | Percentage | Amount | Percentage | ||
Net sales | 41,987 | 100.0% | 35,231 | 100.0% | -6,755 |
Cost of sales | 28,786 | 68.6% | 25,055 | 71.1% | -3,731 |
Gross profit on installment sales | 35 | 0.1% | 35 | 0.1% | -0 |
Gross profit | 13,236 | 31.5% | 10,211 | 29.0% | -3,024 |
Selling, general, and administrative expenses | 7,448 | 17.7% | 7,428 | 21.1% | -19 |
Operating income | 5,788 | 13.8% | 2,783 | 7.9% | -3,005 |
Non-operating income and loss | -117 | -0.3% | -45 | -0.1% | 72 |
Ordinary income | 5,670 | 13.5% | 2,737 | 7.8% | -2,933 |
Extraordinary income and loss | -55 | -0.1% | -14 | -0.1% | 41 |
Income before income taxes | 5,615 | 13.4% | 2,723 | 7.7% | -2,891 |
Corporate taxes | 1,594 | 3.8% | 722 | 2.1% | -871 |
Net income attributable to noncontrolling interests | 19 | 0.0% | 13 | 0.0% | -5 |
Net income attributable to Tadano Ltd. | 4,001 | 9.5% | 1,986 | 5.6% | -2,014 |
(Unit: millions of yen)
[ Key changes of this quarter (April-June) ] Sales and profits decreased for the second consecutive year
Net sales:
Consolidated net sales decreased by 16.1% compared with the previous 1Q.
Outside Japan sales ratio was 47.6%.
COGS ratio:
Decreased sales and foreign exchange effects drove up the COGS ratio to 71.1%, by 2.5% points from the previous 1Q.
Selling, general and administrative expenses:
SGA decreased by ¥19 million compared with the previous 1Q.
Profits:
Operating income decreased by ¥3 billion compared with the previous 1Q.
Ordinary income decreased by ¥2.9 billion compared with the previous 1Q.
Net income attributable to Tadano Ltd. decreased by ¥2 billion compared with the previous 1Q.
Factors for change in operating income:
⇒ Sales Volume Effect - ¥2.5 billion
⇒ Sales Price Effect +¥0.1 billion
⇒ Foreign Exchange Effect - ¥0.1 billion
⇒ Cost Change Effect +¥0.1 billion
⇒ Other Effects - ¥0.6 billion
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1
Balance Sheet (vs. End of Previous Fiscal Year)
( Unit:millions of yen)
[Key changes]FY2016 Year-End
1Q FY2017
Increase/ Decrease
Amount
Percentage
Amount
Percentage
Cash deposit
68,745
29.9%
72,133
31.3%
3,388
Accounts receivable
48,717
21.2%
39,894
17.3%
-8,822
Inventories
54,877
23.9%
60,903
26.5%
6,026
Other current assets
5,624
2.4%
5,169
2.2%
-454
Total current assets
177,965
77.4%
178,101
77.3%
136
Tangible fixed assets
41,183
18.0%
41,152
17.9%
-31
Intangible fixed assets
1,181
0.5%
1,142
0.5%
-39
Investment and other assets
9,469
4.1%
9,866
4.3%
396
Total fixed assets
51,834
22.6%
52,160
22.7%
325
Total assets
229,799
100.0%
230,262
100.0%
462
-
Accounts receivable decreased:
¥ 48.7billion ¥ 39.8 billion
The receivable turnover period increased
(1Q FY2016: 98.6 days, FY2016: 99.0 days 1Q FY2017: 103.0 days)
-
Inventories increased:
¥ 54.8 billion ¥ 60.9 billion (The ¥60.9 billion includes ¥17.5 billion in TADANO FAUN GmbH)
The inventory turnover period increased. (1Q FY2016: 134.7 days, FY2016: 111.5 days
Accounts payable
26,080
11.3%
31,692
13.8%
5,611
Interest-bearing debt
37,235
16.3%
36,368
15.8%
-867
Other liabilities
23,934
10.4%
19,845
8.6%
-4,089
Total liabilities
87,250
38.0%
87,905
38.2%
654
Total equity
142,549
62.0%
142,357
61.8%
-192
Total liabilities and equity
229,799
100.0%
230,262
100.0%
462
1Q FY2017: 157.3 days)
- Interest-bearing debt decreased:
-
Accounts receivable decreased:
¥ 48.7billion ¥ 39.8 billion
Short-term: decreased by ¥0.9 billion; Long-term: increased by ¥0.0 billion
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2
Net Sales by PPrroodduucctt
(Millions of yen)
50,000
Mobile Cranes
Truck Loader Cranes Aerial Work Platforms
1Q FY2016 1Q FY2017
(Unit: millions of yen) Increase / Decrease
Other Amount Percentage Amount Percentage Amount Percentage
41,987 | Mobile Cranes 27,014 | 64.4% | 18,996 | 54.0% | -8,018 | -29.7% |
6,289 3 | Truck Loader 4,259 Cranes 5,231 | 10.1% | 4,589 | 13.0% | 330 | 7.8% |
4,423 | Aerial Work 4,423 6,885 Platforms | 10.5% | 4,759 | 13.5% | 336 | 7.6% |
4,259 | Other 6,289 | 15.0% | 6,885 | 19.5% | 595 | 9.5% |
4,759 Total 41,987 | 100% | 35,231 | 100% | -6,755 | -16.1% | |
4,589 Breakdown of Mobile Crane Sales Inside and Outside Japan | ||||||
Japan | 7,622 | 5,626 | -1,996 | -26.2% | ||
27,014 | Outside Japan | 19,392 | 13,369 | -6,022 | -31.1% | |
18,996 Exchange Rate (January-March Average Rate) |
40,000
30,000
20,000
10,000
USD EUR
115.48 113.64 127.23 121.080
1Q FY2016 1Q FY2017
Since the fiscal year for subsidiaries outside Japan ends in December, the rates given here are January-March average.
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3
Net Sales by Destination
(Millions of yen)
30,000
Europe
North America
Caribbean, Central and South America Asia
1Q FY2016 1Q FY2017
(Unit: millions of yen) Increase / Decrease
20,000
Middle East
Other
22,184
Amount Percentage Amount Percentage Amount Percentage
Europe 5,614 13.4% 3,060 8.7% -2,554 -45.5%
North America 7,756 18.5% 6,764 19.2% -991 -12.8%
5,614
16,767
Caribbean, Central
and South America
544 1.3% 169 0.5% -375 -68.9%
Asia | 4,330 | 10.3% | 2,814 | 8.0% | -1,515 | -35.0% |
Middle East | 2,711 | 6.4% | 2,738 | 7.8% | 26 | 1.0% |
Other | 1,227 | 2.9% | 1,219 | 3.4% | -7 | -0.6% |
3,060
7,756
10,000
544
2,814 | |
2,711 | 2,738 |
1,227 1Q FY2016 | 1,219 1Q FY2017 |
4,330
6,764
169
Japan | 19,802 | 47.2% | 18,464 | 52.4% | -1,338 | -6.8% |
Total | 41,987 | 100% | 35,231 | 100% | -6,756 | -16.1% |
Subtotal (total outside Japan sales)
22,184 52.8% 16,767 47.6% -5,417 -24.4%The graph on the left excludes Japan.
0 "Other" is comprised of Oceania, Africa and the CIS.
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4
FY2017 First Half Forecast (Net Sales by Product)
(Millions of yen)
100,000
90,914
Mobile Cranes
Truck Loader Cranes Aerial Work Platforms Other
FY2016
First Half
FY2017
First Half Forecast
(Unit: millions of yen) Increase / Decrease
80,000
60,000
13,178
10,831
9,534
83,200
14,100
11,600
9,900
Mobile Cranes
Truck Loader Cranes
Aerial Work Platforms
Other
Amount Percentage Amount Percentage Amount Percentage
40,000
57,369 | 63.1% | 47,600 | 57.2% | -9,769 | -17.0% |
9,534 | 10.5% | 9,900 | 11.9% | 365 | 3.8% |
10,831 | 11.9% | 11,600 | 13.9% | 768 | 7.1% |
13,178 | 14.5% | 14,100 | 17.0% | 921 | 7.0% |
90,914 | 100% | 83,200 | 100% | -7,714 | -8.5% |
Total
57,369
Breakdown of Mobile Crane Sales Inside and Outside Japan
20,000
47,600
Japan
Outside Japan
22,429 19,500 34,939 28,100 -2,929 -13.1% -6,839 -19.6%No changes from the forecast released on April 28, 2017.
0
FY2016
First Half
FY2017
First Half Forecast
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5
FY2017 First Half FFoorreeccaasstt (Net Sales by DDeessttiinnaattiioonn))
(Millions of yen)
50,000
Europe
North America
Caribbean, Central and South America Asia
Middle East
FY2016
First Half
FY2017
First Half Forecast
(Unit: millions of yen) Increase / Decrease
40,000
Other Amount Percentage Amount Percentage Amount Percentage
Europe | 12,141 | 13.3% | 7,600 | 9.1% | -4,541 | -37.4% |
North America | 12,788 | 14.1% | 12,500 | 15.0% | -288 | -2.3% |
41,158
30,000
12,141
35,400
7,600
Caribbean, Central 878 1.0% 600 0.7% -278 -31.7%
and South America
20,000
Asia | 7,811 | 8.6% | 5,800 | 7.0% | -2,011 | -25.8% |
Middle East | 4,900 | 5.4% | 6,100 | 7.3% | 1,199 | 24.5% |
Other | 2,636 | 2.9% | 2,800 | 3.4% | 163 | 6.2% |
12,788 12,500
10,000
878 600
7,8115,800
Subtotal (total outside Japan sales)
41,158 45.3% 35,400 42.5% -5,758 -14.0%4,9006,100
2,636 2,800
0
Japan 49,755 54.7 47,800 57.5 -1,955 -3.9%
Total 90,914 100% 83,200 100% -7,714 -8.5%
No changes from the forecast released on April 28, 2017.
FY2016
First Half
FY2017
First Half Forecast
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 02 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 August 2017 08:11:10 UTC.
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