Consolidated Financial Results (Comprehensive) For First Quarter of FY 2018

Transcription

1 Consolidated Financial Results (Comprehensive) For First Quarter of FY 218 (April 1, 218 through June 3, 218) Notes: 1) 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. 2) 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, 218 2

2 Income Statement (vs. Previous Year) Increase/ Decrease Net sales 35,231 1.% 34,894 1.% -337 Cost of sales 25, % 24, % -319 Gross profit on installment sales 35.1% 77.2% 42 Gross profit 1, % 1, % 24 Selling, general, and administrative expenses 7, % 7, % 529 Operating income 2, % 2, % -55 Non-operating income and loss % % -24 Ordinary income 2, % 2,27 6.3% -529 Extraordinary income and loss % 1.% 15 Income before income taxes 2, % 2,28 6.3% -514 Corporate taxes % % -324 noncontrolling interests 13.% 1.% -3 1, % 1, % -187 [ Key Points for this quarter (April-June) ] Sales and profits decreased for the third consecutive year Net sales: Consolidated net sales decreased by 1.% Outside Japan sales ratio was 46.4%. COGS ratio: The COGS ratio improved by.2% compared with the previous 1Q. The COGS ratio was 7.9%. Selling, general and administrative expenses: SGA increased by.5 billion compared with the previous 1Q. Profits: Operating income decreased by.5 billion Ordinary income decreased by.5 billion decreased by.1 billion compared with the previous 1Q. Factors for change in operating income: Sales Volume Effect Sales Price Effect Foreign Exchange Effect Cost Change Effect Effects -.2 billion +.3 billion -.2 billion -.4 billion -. billion 13 Balance Sheet (vs. End of Previous Fiscal Year) FY217 Year-End Increase/ Decrease Cash deposits 86, % 8, % -6,234 Accounts receivable 45, % 35, % -1,437 Inventories 54, % 63, % 8,835 current assets 1,779.7% 2, % 1,218 Total current assets 188, % 182, % -6,618 Tangible fixed assets 41, % 42, % 641 Intangible fixed assets 1,187.5% 1,511.6% 324 Investment and other assets 13, % 17, % 3,579 Total fixed assets 56, % 61, % 4,546 Total assets 245,51 1.% 243,43 1.% -2,71 Accounts payable 36, % 38, % 2,71 Interest-bearing debt 33, % 33, % -38 liabilities 24, % 21,978 9.% -3, Total liabilities 95, % 94, % -968 Total equity 15, % 148, % -1,13 Total liabilities and equity 245,51 1.% 243,43 1.% -2,71 [Key changes] Accounts receivable decreased: 45.5 billion 35. billion The receivable turnover period ameliorated. (: 13. days, FY217: 95.6 days : 91.4 days) Inventories increased: 54.5 billion 63.3 billion (The 63.3 billion includes 2.8 billion at TFG.) The inventory turnover period deteriorated. (: days, FY217: days : days) Interest-bearing debt remains unchanged: 33.7 billion 33.7 billion Both short-term and long-term debt remain unchanged. A reclassification has been made for the Balance Sheet, in accordance with Partial Amendments to the Japanese Accounting Standard for Tax Effect Accounting. 24

3 Net Sales by Product 4, Mobile Cranes Truck Loader Cranes Aerial Work Platforms 35,231 34,894 3, 6,885 7,293 Mobile Cranes 18, % 18, % % Truck Loader Cranes 4, % 4, % % 4,759 4,335 Aerial Work Platforms 4, % 4, % % 2, 4,589 4,34 6, % 7, % % Total 35,231 1% 34,894 1% % 1, 18,996 18,924 Breakdown of Mobile Crane Sales Inside and Outside Japan Japan 5,626 6, % Outside Japan 13,369 12, % Exchange Rate (January-March Average Rate) USD EUR Since the fiscal year for subsidiaries outside Japan ends in December, the rates given here are January-March average. 35 Net Sales by Destination 2, Europe North America Caribbean, Central and South America Asia Middle East 16,767 3,6 16,173 3,98 Europe 3,6 8.7% 3, % % North America 6, % 5, % -1, % Caribbean,Central and South America 169.5% 27.6% % 1, 6,764 5,56 Asia 2,814 8.% 3,64 8.8% % Middle East 2, % 1, % -1, % 169 2, ,64 1, % 1,81 5.2% % Subtotal (total outside Japan sales) 16, % 16, % % Japan 18, % 18, % % 2,738 1,559 Total 35,231 1% 34,894 1% % 1,219 1,81 The graph on the left excludes Japan. "" is comprised of Oceania, Africa and the CIS. 46

4 Forecast (Announced on July 31, 218) FY217 (April 27) (July 31) Forecast Change Amount Percentage Net sales 82,88 1.% 9, 1.% 83, 1.% -7, -7.8% Operating income 8, % 7, 7.8% 5,5 6.6% -1,5-21.4% Ordinary income 8, % 7, 7.8% 5,5 6.6% -1,5-21.4% 5, % 4,5 5.% 4, 4.8% % Reason for forecast revision: Given the performance of our subsidiaries outside of Japan, we have revised our forecast for the first half of FY 218 (announced on April 27, 218). Full-Year Forecast (Unchanged) FY217 Forecast (April 27) Net sales 173,73 1.% 192, 1.% Operating income 15, % 17, 8.9% Ordinary income 14,97 8.6% 16,5 8.6% 9, % 11,5 6.% 57 8

5 (Net Sales by Product) 1, Mobile Cranes Truck Loader Cranes Aerial Work Platforms FY217 8, 6, 82,88 83, 15,8 16,2 12,117 8,7 1,74 9,3 Mobile Cranes 45, % 48,8 58.8% 3,12 6.8% Truck Loader Cranes Aerial Work Platforms 1, % 9,3 11.2% % 12, % 8,7 1.5% -3, % 15,8 18.1% 16,2 19.5% 1, % 4, Total 82,88 1% 83, 1% 119.1% Breakdown of Mobile Crane Sales Inside and Outside Japan 2, 45,679 48,8 Japan 18,16 17, % Outside Japan 27,519 31,3 3, % Forecast revised on July 31, 218. FY217 Forecast 69 (Net Sales by Destination) 5, 4, 3, Europe North America Caribbean, Central and South America Asia Middle East 39,6 34,984 7,694 9,5 Europe 7, % 9,5 11.4% 1, % North America 12,44 15.% 14,9 17.9% 2, % Caribbean,Central and South America FY % 9 1.1% % 2, 1, 12, ,694 6,2 6,95 3,7 2,65 FY217 14,9 4,4 Forecast Asia 5, % 6,2 7.5% % Middle East 6,95 7.3% 3,7 4.5% -2, % 2,65 3.2% 4,4 5.3% 1, % Subtotal (total outside Japan sales) 34, % 39,6 47.7% 4, % Japan 47, % 43,4 52.3% -4, % Total 82,88 1% 83, 1% 119.1% Forecast revised on July 31, 218. The graph on the left excludes Japan. "" is comprised of Oceania, Africa and the CIS. 71