QUARTERLY REPORT For the six months ended September 30, 2017
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1 QUARTERLY REPORT For the six months ended September 30, 2017
2 QUALITATIVE INFORMATION (1) Qualitative Information Relating to Consolidated Quarterly Operating Results During the six-month period under review, the Company posted net sales of 75,161 million (up 16.4% year on year), operating income of 2,823 million, and net income attributable to owners of the parent of 2,763 million on a consolidated basis. Orders received on a consolidated basis for the first half of the fiscal year amounted to 97,636 million (up 31.2% year on year). A large number of orders were concentrated in China and the United States. The details of orders by geographic region for the first half of the fiscal year are as follows: Makino Milling Machine Co., Ltd. and Its Consolidated Subsidiaries in Japan Domestic orders received by Makino Milling Machine Co., Ltd. slightly increased compared to the previous corresponding period because of an increase in orders received from parts machining customers, including those for robots and semiconductor manufacturing equipment. In the second half of the fiscal year, the Company will strengthen sales for new products for the die and mold industry. Demand from parts machining customers is expected to remain favorable and we forecast that orders will exceed the level of the previous corresponding period. MAKINO ASIA PTE LTD Orders received in Asia greatly exceeded the level of the previous corresponding period. In China, orders from the smartphone-related industry and automotive parts machining customers were settled. In the second half of the fiscal year, we expect demand to remain robust in China for higher-quality design and functions of smartphones, and higher precision in line with automotive fuel efficiency improvement, and forecast that orders will exceed the level of the previous corresponding period. MAKINO INC. Orders received in North America were on a par with the previous corresponding period, led by orders received from the aircraft industry. Orders from automotive parts machining customers were mainly small. We expect continued demand from the aircraft industry in the second half of the fiscal year. We will promote sales and marketing activities targeting manufacturers of medical equipment and semiconductor manufacturing equipment and forecast that orders will exceed the level of the previous corresponding period. 1
3 MAKINO Europe GmbH Orders received in Europe decreased compared to the previous corresponding period due to the absence of a major order from the aircraft industry, which we received in the previous corresponding period. Demand continued from parts machining customers in the auto industry in Italy and in general industries in Germany and Switzerland. In the second half of the fiscal year, we will make efforts to win orders from the aircraft industry centering on Southern Europe in addition to orders from parts machining customers and we forecast that orders will exceed the level of the previous corresponding period. (2) Qualitative Information on Consolidated Financial Position Total assets on a consolidated basis at the end of the second quarter under review increased by 11,610 million from the end of fiscal 2017 to 259,217 million. Major changes included an increase of 10,617 million in inventories, a decrease of 5,717 million in notes and accounts receivable, and an increase of 2,889 million in investment securities. Total liabilities increased by 5,572 million from the end of fiscal 2017 to 125,988 million. This was primarily attributable to an increase of 4,116 million in short-term loans, a decrease of 1,961 million in long-term debt, and an increase of 1,805 million in electronically recorded obligations-operating. Net assets increased by 6,038 million from the end of fiscal 2017 to 133,229 million, mainly owing to an increase of 1,882 million in retained earnings and an increase of 2,541 million in unrealized gains on available-for-sale securities. (3) Qualitative Information on Consolidated Performance Forecasts In view of the increase in orders received in the first half of the fiscal year and the outlook for orders, the Company has revised the consolidated performance forecasts for the full year of the fiscal year ending March 31, 2018 as follows: % figures indicate changes from the same period of the previous fiscal year Net sales Operating income Net income attributable to owners of the parent million % million % million % Forecasts for the full fiscal year 168, , ,
4 CONSOLIDATED BALANCE SHEETS Makino Milling Machine Co., Ltd. and Consolidated Subsidiaries March 31, 2017 and September 30, 2017 Millions of yen US$1= Thousands of dollars March 31, 2017 September 30, 2017 September 30, 2017 ASSETS Current assets: Cash and time deposits 51,668 53,723 $ 476,563 Marketable securities Notes and accounts receivable 44,569 38, ,646 Inventories 52,075 62, ,125 Deferred income taxes 1,448 1,642 14,565 Other current assets 5,345 5,657 50,181 Allowance for doubtful accounts (671) (764) (6,777) Total current assets 154, ,842 1,435,660 Investments and other assets: Investment securities 23,190 26, ,349 Long-term loans receivable ,583 Deferred income taxes 3,455 3,262 28,936 Net defined benefit assets ,525 Other long-term assets 5,522 5,917 52,488 Allowance for doubtful accounts (335) (324) (2,874) Total investments and other assets 32,433 35, ,018 Property, plant and equipment: Land 17,643 17, ,651 Buildings and structures 68,902 69, ,295 Machinery and equipment 36,936 38, ,953 Lease assets 2,257 2,195 19,471 Construction in progress 683 2,057 18, , ,824 1,151,636 Accumulated depreciation (65,725) (67,962) (602,874) Total property, plant and equipment 60,697 61, ,762 Total assets 247, ,217 $ 2,299,450 The accompanying notes are an integral part of these statements. 3
5 LIABILITIES AND NET ASSETS Current liabilities: Notes and accounts payable: Millions of yen US$1= Thousands of dollars March 31, 2017 September 30, 2017 September 30, 2017 Trade 15,100 14,965 $ 132,750 Other 7,990 9,422 83,580 Electronically recorded obligations-operating 15,112 16, ,066 Short-term loans 2,459 6,576 58,334 Current portion of long-term debt 20,558 20, ,917 Short-term lease obligations ,155 Accrued expenses 9,538 8,520 75,578 Income taxes payable 903 1,471 13,048 Other current liabilities 3,367 3,921 34,782 Total current liabilities 75,296 82, ,241 Long-term liabilities: Long-term debt 31,783 29, ,534 Long-term lease obligations 1, ,746 Net defined benefit liabilities 4,960 4,752 42,153 Allowance for directors and corporate auditors retirement benefits Deferred income taxes 5,924 6,285 55,752 Other long-term liabilities 1,289 1,291 11,452 Total long-term liabilities 45,119 43, ,358 Net assets: Shareholders equity Common stock, no par value 19,263 19, ,877 Authorized : 300,000,000 shares Issued : 119,944,543 shares as of March 31 and September 30, 2017 Capital surplus 32,602 32, ,204 Retained earnings 71,090 72, ,325 Treasury stock (5,633) (5,634) (49,977) 9,897,144 and 9,898,858 shares as of March 31 and September 30, 2017 respectively Total shareholders equity 117, ,203 1,057,420 Accumulated other comprehensive income Unrealized gains on available-for-sale securities 12,473 15, ,194 Foreign currency translation adjustments (43) 1,343 11,913 Remeasurements of defined benefit plans (3,312) (3,095) (27,454) Total accumulated other comprehensive income 9,117 13, ,652 Non-controlling interests ,750 Total net assets 127, ,229 1,181,841 Total liabilities and net assets 247, ,217 $ 2,299,450 The accompanying notes are an integral part of these statements. 4
6 CONSOLIDATED STATEMENTS OF INCOME Makino Milling Machine Co., Ltd. and Consolidated Subsidiaries For the September 30, 2016 and 2017 September 30, 2016 Millions of yen September 30, 2017 US$1= Thousands of dollars September 30, 2017 Net sales 64,561 75,161 $ 666,734 Cost of sales 46,162 53, ,176 Gross profit 18,399 22, ,558 Selling, general and administrative expenses 16,261 19, ,516 Operating income 2,137 2,823 25,042 Other income (expenses): Interest and dividend income ,891 Interest expense (203) (160) (1,419) Gain on sales of property, plant and equipment Gain on sales of investment securities Loss on disposal of property, plant and equipment (66) (5) (44) Exchange gain (loss), net (1,025) 322 2,856 Other, net ,820 Income before income taxes 1,468 3,692 32,750 Income taxes (Note 2) ,107 Net income 905 2,777 24,634 Net income attributable to non-controlling interests Net income attributable to owners of the parent 889 2,763 $ 24,509 Per share of common stock: Net income attributable to owners of the parent - Basic $ Diluted The accompanying notes are an integral part of these statements. Yen Dollars CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Makino Milling Machine Co., Ltd. and Consolidated Subsidiaries For the September 30, 2016 and 2017 September 30, 2016 Millions of yen September 30, 2017 US$1= Thousands of dollars September 30, 2017 Net income 905 2,777 $ 24,634 Other comprehensive income (loss): Unrealized losses on available-for-sale securities (141) 2,542 22,549 Foreign currency translation adjustments (5,250) 1,387 12,303 Remeasurements of defined benefit plans ,924 Other comprehensive income (loss) (4,805) 4,147 36,787 Total comprehensive income (loss) (3,900) 6,924 $ 61,421 Total comprehensive income (loss) attributable to: Owners of the parent (3,916) 6,909 61,288 Non-controlling interests (3,900) 6,924 $ 61,421 The accompanying notes are an integral part of these statements. 5
7 CONSOLIDATED STATEMENTS OF CASH FLOWS Makino Milling Machine Co., Ltd. and Consolidated Subsidiaries For the six months years ended September 30, 2016 and 2017 September 30, 2016 Millions of yen September 30, 2017 US$1= Thousands of dollars September 30, 2017 Cash flows from operating activities: Income before income taxes 1,468 3,692 $ 32,750 Adjustments for: Income taxes (paid) refund (1,373) (435) (3,858) Depreciation and amortization 2,664 2,785 24,705 Increase (decrease) in allowance for directors and corporate auditors retirement benefits Increase (decrease) in net defined benefit liabilities Increase (decrease) in allowance for doubtful accounts (196) (Gain) loss on sales of property, plant and equipment (69) (24) (212) Loss on disposal of property, plant and equipment (Gain) loss on sales of investment securities (7) (41) (363) (Increase) decrease in notes and accounts receivable, trade 4,597 6,610 58,635 (Increase) decrease in inventories (5,764) (9,536) (84,591) Increase (decrease) in notes and accounts payable, trade 3, ,768 Other, net (1,641) 659 5,845 Net cash provided by (used in) operating activities 3,285 4,612 40,911 Cash flows from investing activities: (Increase) decrease in time deposits (300) 150 1,330 Proceeds from sales of investment securities Purchases of investment securities (1,002) (2) (17) Purchases of property, plant and equipment (3,639) (3,593) (31,872) Proceeds from sales of property, plant and equipment ,419 Other, net (642) (697) (6,182) Net cash provided by (used in) investing activities (5,245) (3,927) (34,835) Cash flows from financing activities: Increase (decrease) in short-term loans, net (187) 3,935 34,906 Repayment of lease obligations (147) (166) (1,472) Proceeds from long-term loans payable 5,000 Repayment of long-term loans payable (702) (1,982) (17,581) Proceeds from issue of bonds 5,000 Purchases of treasury stock (0) (1) (8) Dividends paid (884) (883) (7,832) Net cash provided by (used in) financing activities 8, ,992 Effect of exchange rate changes on cash and cash equivalents (2,059) 618 5,482 Net increase (decrease) in cash and cash equivalents 4,057 2,204 19,551 Cash and cash equivalents, beginning of period 52,364 51, ,543 Cash and cash equivalents, end of period (Note 4) 56,421 53,332 $ 473,095 The accompanying notes are an integral part of these statements. 6
8 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Makino Milling Machine Co., Ltd. and Consolidated Subsidiaries 1. Basis of Presenting Financial Statements The accompanying consolidated financial statements of Makino Milling Machine Co., Ltd. (the Company ) have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Law and its related accounting regulations, and in conformity with accounting principles and practices generally accepted and applied in Japan, which are different in certain respects as to application and disclosure requirements of International Financial Reporting Standards. In preparing the consolidated financial statements, certain reclassifications and rearrangements have been made to the financial statements issued domestically in Japan in order to present these statements in a form which is more familiar to the readers outside Japan. In addition, the notes to the consolidated financial statements include information which is not required under generally accepted accounting principles and practices in Japan but is presented herein as additional information. Amounts of less than one million yen have been omitted as permitted under generally accepted accounting principles and practices in Japan. As a result, the totals shown in the accompanying consolidated financial statements (both in yen and dollars) do not necessarily agree with the sum of individual amounts. The United States dollar amounts presented in the accompanying consolidated financial statements are included solely for convenience and are stated, as a matter of arithmetical computation only, at the rate of = US$1, which was the prevailing exchange rate on September 30, Income Taxes The Company estimates an annual effective tax rate derived from projected annual income before taxes and calculates interim income taxes by applying the effective tax rate to the income before taxes at the end of each interim period. 3. Dividends A summary of information regarding dividends is as follows: (1) Dividends paid in the six months ended September 30, 2016 Resolution Class of shares Amount of dividends General shareholders meeting (June 22, 2016) Dividend per share Common stock 880 million 8.00 Funds for dividends Retained earnings Record date Effective date March 31, 2016 June 23, 2016 (2) Dividends in respect of the six months ended September 30, 2016 which become payable after the balance sheet date Resolution Class of shares Amount of dividends Board of Directors (October 31, 2016) Dividend per share Common stock 880 million 8.00 Funds for dividends Retained earnings Record date September 30, 2016 Effective date December 5, 2016 (3) Dividends paid in the six months ended September 30, 2017 Resolution Class of shares Amount of dividends General shareholders meeting (June 27, 2017) Common stock Dividend per share 880 million 8.00 $7,806 thousand $70.97 Funds for dividends Retained earnings Record date Effective date March 31, 2017 June 28, 2017 (4) Dividends in respect of the six months ended September 30, 2017 which become payable after the balance sheet date Resolution Class of shares Amount of dividends Board of Directors (November 1, 2017) Common stock Dividend per share 880 million 8.00 $7,806 thousand $70.97 Funds for dividends Retained earnings Record date September 30, 2017 Effective date December 5,
9 4. Cash Flows Reconciliation of cash and time deposits on the consolidated balance sheets to cash and cash equivalents on the consolidated statements of cash flows is as follows: Millions of yen As of September 30, Thousands of dollars Cash and time deposits 57,984 53,723 $476,563 Marketable securities Time deposits with maturities over three months (1,677) (430) (3,814) Cash and cash equivalents 56,421 53,332 $473, Segment Information Reportable segment information The Group s reportable segments are defined as individual units where independent financial information is available and which are subject to regular review by the Board of Directors to evaluate their results and decide the allocation of management resources. The reportable segments are summarized as follows: Reportable segment I is a segment for which Makino Milling Machine Co., Ltd. is responsible. Its main areas are Japan, the Republic of Korea, China, Oceania, Russia, Norway, the United Kingdom, and all other areas not included in reportable segments II, III or IV. Reportable segment II is a segment for which MAKINO ASIA PTE LTD (Singapore) is responsible. Its main areas are China, ASEAN and India. Reportable segment III is a segment for which MAKINO INC. (Mason, Ohio, the United States of America) is responsible. It covers all countries in North and South America. Reportable segment IV is a segment for which MAKINO Europe GmbH (Hamburg, Germany) is responsible. It covers all countries in the European continent except Norway. September 30, 2016 (Millions of yen) I II III IV Total Net sales: External customers 20,891 18,809 20,440 4,420 64,561 Intersegment 24,344 3, ,436 Total 45,236 22,733 20,581 4,446 92,997 Segment income (loss) 1,226 1, (414) 2,630 September 30, 2017 (Millions of yen) I II III IV Total Net sales: External customers 22,282 25,527 21,279 6,072 75,161 Intersegment 27,521 4, ,493 Total 49,803 30,108 21,648 6, ,655 Segment income (loss) 1,944 2,388 (109) (724) 3,497 8
10 September 30, 2017 (Thousands of dollars) I II III IV Total Net sales: External customers $ 197,658 $ 226,443 $ 188,760 $ 53,863 $ 666,734 Intersegment 244,131 40,636 3, ,237 Total 441, , ,034 54, ,980 Segment income (loss) $ 17,244 $ 21,183 $ (966) $ (6,422) $ 31,021 September 30, Millions of yen Thousands of dollars Segment income 2,630 3,497 $ 31,021 Elimination (492) (674) (5,978) Consolidated operating income 2,137 2,823 $ 25,042 9
11 10
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13 GLOBAL NETWORK NORTH AMERICA CENTRAL AMERICA MAKINO INC. Makino Europe GmbH EUROPE ASIA CHINA MAKINO ASIA PTE LTD (Singapore) INDIA MAKINO China Co., Ltd. MAKINO INDIA PRIVATE LIMITED Head Quarter Plant / Technical Center Technical Center Sales & Service Office 12
14 3-19, Nakane 2-chome, Meguro-ku, Tokyo , Japan Phone : Fax : URL :
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