I. Summary of consolidated results

Transcription

1 I. Summary of consolidated results 1 Net sales increased compared to the previous year due to the increase in Europe and North America and also favorable foreign exchange rates, despite decreases in China. On the other hand, operating profit decreased compared to the previous year due to the regional & model sales mix. FY2013 change Net Sales % Operating Income % Ordinary Income Net Income Rate (YEN/US$) F Rate (YEN/EURO) X Rate (YEN/RMB) % -11%

2 Sales by geographic region (consolidated) 2 Net sales in overseas increased compared to the previous year due to the favorable foreign exchange rate, showing increases of 20.7 billion yen (136%) in the Americas, 14.7 billion yen (131%) in Europe and 10.9 billion yen (120%) in Russia-CIS, the Middle East & Africa particularly in Africa and the Middle East. On the other hand, sales significantly decreased by 22.6 billion yen (71%) in China. Overseas sales ratio 72% Russia-CIS, Middle East & Africa 11% Europe 11% China 10% Japan 28% The Americas 13% Asia & Oceania 27% Overseas sales ratio 71% Russia-CIS, Middle East & Africa 10% China 14% Japan 29% Europe 9% The Americas 10% Asia & Oceania 28% % year on year change

3 Mining / Parts & Service sales 3 18% 21% 18% 16% 16% 15% 15% 16% 13% 20% 21% 21% 20% 18% 22% 23% 21% 23%

4 Consolidated statement of income 4 Operating income in decreased by 1.7 billion yen compared to that of the FY2013 to 38.6 billion yen due to the regional & model sales mix, despite sales price rises, reduced material costs and favorable foreign exchange rates. FY2013 amount Net Sales Cost of Sales (72.5%) (71.3%) SGA expenses (20.9%) (21.5%) Operating Income (6.7%) 38.6 (7.2%) Non-operating Income/Loss Ordinary Income (6.3%) 36.6 (5.8%) Extraordinary Income Income Taxes Minority Interest Net Income (2.6%) 15.3 (3.1%) increase (decrease) % 4% 6% 1% -4% -75% 14% - 36% -10% -11%

5 Summary of quarterly consolidated sales and operating profit/loss (ratio) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Sales Operating profit/loss FX rate Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q US$ RMB

6 Consolidated non-operating income/loss 6 Dividend / interest income and expenses, gain or loss on equity earnings of affiliated companies and foreign exchange gain or loss (net) were improved compared to those of the previous year. FY2013 increase (decrease) amount % Dividend/interest income and expenses % Gain or loss on equity earnings of affiliated companies Foreign exchange gain or loss (net) % Others % Total %

7 Consolidated statement of income 7 FY2013 amount Net Sales Cost of Sales (72.5%) (71.3%) SGA expenses (20.9%) (21.5%) Operating Income (6.7%) 38.6 (7.2%) Non-operating Income/Loss Ordinary Income (6.3%) 36.6 (5.8%) Extraordinary Income Income Taxes Minority Interest Net Income (2.6%) 15.3 (3.1%) increase (decrease) % 4% 6% 1% -4% -75% 14% - 36% -10% -11%

8 Comparison of consolidated profit & loss 8 Ordinary income increased by 4.5 billion yen compared to that of the previous year to 36.6 billion yen due to continued sales price rises and reductions in material costs and, further more, favorable foreign exchange rates, in addition to increased sales volume. (* 1) 9.2 for operating and 4.5 for non operating (* 1) (* 2) (* 3) (* 2) excluded 2.4 impact from favorable foreign exchange rates (* 3) sales decreased in China -5.0 sales model mix in Japan -5.2 (decreased mid-size excavators sales)

9 Consolidated balance sheet 9 Total assets increased by 60.7 billion yen from the end of March 2014 due to the impact from foreign exchange rates and, also interest bearing debt excluding cash and cash equivalents improved by 44.5 billion yen from the end of March (A) (B) (C) (A)-(B) (D) (E) (F) (D)-(E) FY14-3Q Mar '2014 FY13-3Q change FY14-3Q Mar '2014 FY13-3Q change Cash and bank deposit Notes and accounts payable Accounts receivable Loans and bonds Inventories Total liabillities Total current assets (Shareholder's equity ratio) (36.3%) (35.7%) (33.7%) (0.6%) Total fixed assets Total net assets Total assets 1, , , Total liabilities and net assets 1, , , Inventories by products Unit (31.6%) (33.4%) (35.0%) (-1.8%) Parts Interest-bearing debt Raw materials, WIP and etc Cash and Cash equivalents Total inventories (Deposit) (18.4) (1.1) (1.1) (17.3) On hand days (divided by net sales) (Days) Interest-bearing debt, net (%) (23.0%) (28.4%) (28.7%) -5.4%) Accounts receivable Debt Inventories Notes and accounts payable Net D/E Ratio Net working capital

10 Consolidated cash flow 10 Net cash provided by operating activities improved by 15.6 billion yen year on year to a positive 87.8 billion yen. Free cash flows improved by 34.9 billion yen year on year to a positive 76.7 billion yen. FY2013 change Income before income taxes and minority interest Depreciation and amortization (Increase)decrease in accounts receivable (Increase)decrease in inventories (Increase)decrease in notes and accounts payable Income taxes paid Others, net Net cash provided by (used in) operating activities Cash flow margin ratio for operating activities 15.1% 12.9% 2.2% Net cash provided by (used in) investing activities Free cash flows

11 II. Consolidated earnings forecast 11 The latest forecast for hydraulic excavator demand in in China will decrease by 3,000 units from the previous forecast as of October 2014 to 34,000 units and Western Europe will also decrease by 3,000 units from the previous forecast to 32,000 units. Worldwide hydraulic excavators demand in will be revised downwards by 4,000 units from the previous forecast to 188,000 units. * incld. India year on year change by region Total '13 '14 Previous Forecast '14 Latest Forecast +4% -9% -11% Russia-CIS & E.Europe -17% -11% -15% Africa -5% -5% -5% Middle East -19% +2% +3% Latin America -17% -14% -12% Others -14% -12% -9% India -26% -8% -1% Indonesia -20% -21% -25% Others -13% -10% -10% Asia & Oceania China North America Western Europe Japan -18% -11% -11% +19% -26% -32% +2% +4% +8% +9% +30% +19% +43% -18% -18%

12 Summary of consolidated earnings forecast 12 The financial forecast for will not to be changed based on the favorable foreign exchange, despite a decrease in demand for excavators in China and the decline in the mining market. Forecast (740.0) FY2013 Actual change Net Sales % (60.0) Operating Income % (55.0) Ordinary Income % (30.0) Net Income % Rate (YEN/US$) F Rate (YEN/EURO) X Rate (YEN/RMB) Cash dividend per share (yen) note : ( ) shows previous forecast as of October 2014 Exchange rate for 4Q of ( ) : previous rate Yen / US$ (100.0) Yen / EURO (134.0) Yen / RMB 18.0 (16.3)

13 Sales forecast by geographic region (consolidated) 13 Sales forecasts by geographic region will be the same as the previous forecasts in October 2014 due to an increase of 7.4 billion yen from the previous forecast in Japan and 5.8 billion yen from the previous forecast in the Americas, despite a further significant decrease of billion yen from the previous forecast in China. Overseas sales ratio 72% Latest Forecast bil. yen Overseas sales ratio 73% Overseas sales ratio 71% Previous Forecast bil. yen FY2013 Actual bil. yen % year on year change

14 Mining / Parts & Service sales forecast 14 18% 21% 18% 16% 16% 16% 16% 15% 22% 20% 21% 21% 23% 24% 20% 18% 22% 29%

15 Comparison of consolidated profit & loss forecast 15 Ordinary income in the latest forecast for will not be changed compared to the previous forecast due to continuing sales price rises and reducing material costs and furthermore, the contributions from parts, service and machine rental activities and favorable foreign exchange rates, despite significantly decreased sales volume compared to the previous year. ( ) shows previous forecast as of October 2014 (* 1) exclude 3.4 from currency exchange (* 2) 9.0 for sales product mix for parts and service (-25.7) (12.2) (4.6) (-2.8) (* 1) (10.6) (* 2) 2.1 for sales product mix for machine rental and others (2.4)