Construction Revolution
Third Quarter of FY2024 (September 2023 to May 2024)
GIKEN LTD.
Financial Results
Overview
July 10 , 2024Forward-Looking Statements Disclaimer
Except for historical facts, certain information provided in this document, such as our and our group's current policies and management strategies, contains "forward-looking statements" based on currently available information, including statements about the future. These statements, which are based on estimates, projections, or risky assumptions, involve uncertainties that could cause results to differ materially from those anticipated in the statements.
Such risks and uncertainties include general domestic and international economic conditions, such as national economic conditions, industrial and market conditions, interest rates, commodity prices, and exchange rate fluctuations.
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This document has been translated into English. In case of any difference in meaning between the original Japanese text and the English translation, the Japanese text shall prevail.
1
Financial Results Overview
for the Third Quarter of FY2024
2
Financial Results Trend
Unit: Millions of JPY | ||||||
FY2022 | FY2023 | FY2024 | ||||
First Nine | First Nine Months | First Nine Months | ||||
Months | YoY | YoY | ||||
Actual | Actual | |||||
Actual | ||||||
Net sales | 20,768 | 21,196 | +2.1% | 22,133 | +4.4% | |
Gross profit | 8,195 | 7,951 | -3.0% | 8,363 | +5.2% | |
(Gross Margin) | (39.5%) | (37.5%) | (37.8%) | |||
Operating profit | 3,174 | 2,176 | -31.4% | 2,837 | +30.4% | |
(Operating Profit Margin) | (15.3%) | (10.3%) | (12.8%) | |||
Ordinary profit | 3,315 | 2,253 | -32.0% | 3,132 | +39.0% | |
Profit※1 | 2,200 | 223※2 | -89.9% | 2,218 | +894.5% | |
Profit Per Share | JPY 80.05 | JPY 8.11 | -89.9% | JPY 82.78 +920.7% | ||
※1 Profit: Net income attributable to GIKEN LTD.
※2 An extraordinary losses of JPY1,367M for loss on a liquidation of subsidiaries and associates was recorded for the 3Q 3 of FY 2023.
Domestic and Overseas Sales Comparison
Unit: Millions of JPY
FY2022 | FY2023 | FY2024 | |||
First Nine | First Nine | First Nine | |||
Months | Months | YoY | Months | YoY | |
Actual | Actual | Actual | |||
Net sales | 20,768 | 21,196 | +2.1% | 22,133 | +4.4% |
Domestic | 16,834 | 18,044 | +7.2% | 19,351 | +7.2% |
Sales | |||||
Overseas | 3,934 | 3,151 | -19.9% | 2,782 | -11.7% |
Sales | |||||
Overseas | 18.9% | 14.9% | -4.0%pt | 12.6% | -2.3%pt |
Ratio | |||||
(Note) The number of overseas consolidated subsidiaries decreased by one in June 2023.
4
Net Sales and Operating Profit ー Comparison with Previous Year
Results for first | Results for first | [Factors in sales changes] | ||
nine months of | nine months of | |||
FY2023 | FY2024 | Unit: Millions | ■Construction Machinery Segment | |
22,133 | ・Overseas product sales increased | |||
21,196 | of JPY | |||
significantly. | ||||
・Spikes in construction material prices, etc. | ||||
6,980 | affected sales of large-scale specialized | |||
6,548 | machinery. | |||
■Press-in Work Segment | ||||
・Project orders steadily received for projects | ||||
related to post-disaster reconstruction, | ||||
national resilience strengthening, etc. | ||||
・The number of overseas consolidated | ||||
15,153 | subsidiaries decreased by one in June 2023. | |||
14,648 | [Factors in operating profit changes] | |||
・Gross profit increased in the Construction | ||||
Machinery Segment, driven by sales | ||||
2,837 | increases and first-half sale of products with | |||
2,176 | high gross margins. | |||
・Selling, general and administrative | ||||
expenses decreased thanks to downsized | ||||
Construction Machinery | Operating profit | U.S. operations. | ||
Segment Net Sales |
Press-in Work Segment Net | 5 |
Sales |
Trend of Net Sales by Segment
Construction Machinery | Unit: Millions of JPY | |||||||||||||||
16,000 | 50% | |||||||||||||||
14,648 | 15,153 | |||||||||||||||
13,699 | 45% | |||||||||||||||
14,000 | 1,181 | 2,577 | ||||||||||||||
1,179 | 40% | |||||||||||||||
12,000 | ||||||||||||||||
35% | ||||||||||||||||
10,000 | 12,520 | 13,466 | 12,575 | 30% | ||||||||||||
8,000 | 25% | |||||||||||||||
17.0% | ||||||||||||||||
6,000 | 20% | |||||||||||||||
8.6% | 15% | |||||||||||||||
4,000 | 8.1% | |||||||||||||||
10% | ||||||||||||||||
2,000 | 5% | |||||||||||||||
0 | 0% | |||||||||||||||
FY2022 | FY2023 | FY2024 | ||||||||||||||
First Nine Months | First Nine Months | First Nine Months | ||||||||||||||
Domestic Sales | Overseas Sales | Overseas Ratio |
[Factors in sales changes: 3Q (During the applicable 3 months)]
Domestic: ・ Solid sales for general machinery such as F112, a new hard- ground press-in machine.
- Spikes in construction material prices, etc. affected sales of
large-scale specialized machinery.
Overseas: ・ Delivered general machinery products to Macao's largest foundation work company, thanks to increased demand for pollution-free construction methods associated with urbanization, etc.
- Delivered general machinery products to a user in Taiwan.
- Delivered a hard-groundpress-in machine for an ODA project in Indonesia.
- Posted product sales in Brazil.
Press-in Work | Unit: Millions of JPY | |||||||||||||||
16,000 | 50% | |||||||||||||||
14,000 | 45% | |||||||||||||||
39.0% | 40% | |||||||||||||||
12,000 | ||||||||||||||||
35% | ||||||||||||||||
30.1% | ||||||||||||||||
10,000 | 30% | |||||||||||||||
8,000 | 25% | |||||||||||||||
7,069 | 6,548 | 6,980 | ||||||||||||||
204 | 20% | |||||||||||||||
6,000 | ||||||||||||||||
2,755 | 1,970 | 15% | ||||||||||||||
4,000 | ||||||||||||||||
4,578 | 6,775 | 10% | ||||||||||||||
2,000 | 4,313 | 2.9% | 5% | |||||||||||||
0 | 0% | |||||||||||||||
FY2022 | FY2023 | FY2024 | ||||||||||||||
First Nine Months | First Nine Months | First Nine Months | ||||||||||||||
Domestic Sales | Overseas Sales | Overseas Ratio |
[Factors in sales changes: 3Q (During the applicable 3 months)]
Domestic: ・ Project orders steadily received for projects related to post- disaster reconstruction, national resilience strengthening, etc.
Overseas: ・ Sales decreased in Oceania due to a decrease of one consolidated subsidiary in June 2023.
6
Trend of Operating Profit by Segment
Construction Machinery | Unit: Millions of JPY | |||||||||||||||
16,000 | 15,245 | 15,482 | ||||||||||||||
14,426 | 597 | 329 | ||||||||||||||
14,000 | 726 | |||||||||||||||
12,000 | ||||||||||||||||
10,000 | ||||||||||||||||
15,153 | ||||||||||||||||
8,000 | 13,699 | 14,648 | ||||||||||||||
6,000 | ||||||||||||||||
4,000 | ||||||||||||||||
3,917 | 3,317 | 3,537 | ||||||||||||||
2,000 | ||||||||||||||||
(27.2%) | (21.8%) | (22.8%) | ||||||||||||||
0 | ||||||||||||||||
FY2022 | FY2023 | FY2024 | ||||||||||||||
First Nine Months | First Nine Months | First Nine Months | ||||||||||||||
External Customer Sales | Internal Sales | Operating profit |
Figures in brackets show operating profit margins.
[Factors in profit margin changes: 3Q (the applicable 3 months)]
- Product price revisions introduced in the previous fiscal year contributed to earnings.
- Sales decreased for large-scale specialized machinery with high gross margins.
- Decreasing in R&D expenses due to changes in development plan.
Press-inWork Unit: Millions of JPY
16,000
14,000
12,000
10,000
8,000 | |||
7,185 | 6,784 | 7,105 | |
116 | 124 | ||
6,000 | 235 | ||
7,069 | 6,548 | 6,980 | ||||||||||||
4,000 | ||||||||||||||
946 | 831 | 1,126 | ||||||||||||
2,000 | (15.9%) | |||||||||||||
(13.2%) | (12.3%) | |||||||||||||
0 | ||||||||||||||
FY2022 | FY2023 | FY2024 | ||||||||||||
First Nine Months | First Nine Months | First Nine Months | ||||||||||||
External Customer Sales | Internal Sales | Operating profit |
Figures in brackets show operating profit margins.
[Factors in profit margin changes: 3Q (the applicable 3 months)] ・Orders steadily received for high-gross margin projects.
7
Full-Year Forecast for FY2024
FY2024
8
Forecast
Unit: Millions of JPY
FY2024 | ||||||
1Q (Sep- | 2Q (Dec- | 3Q (Mar- | 4Q (Jun- | |||
Full Year | ||||||
Nov) | Feb) | May) | Aug) | |||
Forecast | ||||||
Actual | Actual | Actual | Forecast | |||
Net sales | 7,418 | 8,117 | 6,598 | 7,866 | 30,000 | |
Operating profit | 1,198 | 1,219 | 420 | 462 | 3,300 | |
Ordinary profit | 1,265 | 1,324 | 542 | 267 | 3,400 | |
Profit* | 872 | 977 | 368 | 181 | 2,400 | |
Profit Per Share | JPY 32.49 | JPY 36.52 | JPY 13.76 | JPY 6.91 | JPY 89.68 | |
* Profit: Net income attributable to GIKEN LTD.
9
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Giken Ltd. published this content on 10 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 July 2024 06:29:07 UTC.