SANWA HOLDINGS CORPORATION FY2017 First Quarter consolidated financial result highlights
pages
Ⅰ. Overview of Consolidated financial Results
… 1Ⅱ. Summary of Consolidated Q1 FY2017 financial Results
Forecast of FY2017 Consolidated Net Sales and Operating Income
… 2Ⅲ. Order Intake and Net Sales by products / Sanwa Shutter
… 4July 31, 2017
Sanwa Holdings Corporation
Ⅰ. Overview of Consolidated Results
JPYm・USDk・EURk
FY2016 | FY2017 | ||||||||||||||||||||||
1Q | 2Q | Half Year | Full Year | 1Q | 2Q(F) | Half Year(F) | Full Year(F) | ||||||||||||||||
(＄115.72 €127.99) | profit ratio | Y/Y | Y/Y | (＄111.80 €124.36) | profit ratio | Y/Y | (＄109.44 €120.63) | profit ratio | Y/Y | (＄112.85 €120.17) | profit ratio | Y/Y | Y/Y | (＄110.00 €120.00) | profit ratio | Y/Y | (＄110.00 €120.00) | profit ratio | Y/Y | ||||
Net Sales [assumed forex rate same as the previous year] | 68,602 | 2.6 | 91,855 | -2.3 | 160,457 | -0.3 | 353,922 | -3.2 | 71,381 [72,966] | 4.1 [6.4] | 99,118 | 7.9 | 170,500 [172,409] | 6.3 [7.4] | 383,000 ［382,747］ | 8.2 [8.1] | |||||||
Sanwa Shutter | 27,084 | 0.6 | 48,151 | -1.7 | 75,235 | -0.9 | 176,248 | -2.2 | 27,801 | 2.7 | 51,898 | 7.8 | 79,700 | 5.9 | 189,600 | 7.6 | |||||||
Japanese Subsidiaries | 5,615 | 4.4 | 7,825 | 2.9 | 13,441 | 3.5 | 30,497 | -1.1 | 5,773 | 2.8 | 9,126 | 16.6 | 14,900 | 10.9 | 35,600 | 16.7 | |||||||
ODC (U.S.A.) | $212,862 24,632 | 4.5 1.4 | $234,293 25,359 | 5.3 -6.3 | $447,155 49,991 | 4.9 -2.6 | $948,110 103,761 | 4.2 -5.7 | $225,439 25,440 | 5.9 3.3 | $251,560 27,029 | 7.4 6.6 | $477,000 52,470 | 6.7 5.0 | $1,008,000 110,880 | 6.3 6.9 | |||||||
Novoferm (Europe) | € 101,745 13,022 | 15.3 11.2 | € 108,182 13,084 | 15.0 3.0 | € 209,928 26,106 | 15.1 7.0 | €442,872 53,423 | 11.0 0.2 | € 119,997 14,420 | 17.9 10.7 | € 121,002 14,499 | 11.9 10.8 | € 241,000 28,920 | 14.8 10.8 | €494,000 59,280 | 11.5 11.0 | |||||||
O | perating Income | -110 | -0.2 | ＋> | 8,087 | 12.1 | 7,976 | 5.0 | 31.8 | 26,440 | 7.5 | -1.6 | 7 [55] | 0.0 | +117 [+165] | 8,192 | 1.3 | 8,200 [8,278] | 4.8 | 2.8 [3.8] | 30,300 ［30,270］ | 7.9 | 14.6 [14.5] |
[assumed forex rate same as the previous year] | |||||||||||||||||||||||
Sanwa Shutter | -486 | -1.8 | －> | 5,666 | -3.1 | 5,179 | 6.9 | -7.5 | 16,641 | 9.4 | -10.9 | -706 | -2.5 | -219 | 5,906 | 4.2 | 5,200 | 6.5 | 0.4 | 19,000 | 10.0 | 14.2 | |
Japanese Subsidiaries | -98 | -1.7 | －> | 404 | -15.0 | 305 | 2.3 | -22.0 | 1,186 | 3.9 | -32.5 | -211 | -3.7 | -113 | 506 | 25.3 | 295 | 2.0 | -3.6 | 2,200 | 6.2 | 85.4 | |
ODC (U.S.A.) | $6,664 771 | 3.1 | ＋ > ＋> | $15,572 1,714 | 72.2 57.6 | $22,237 2,486 | 5.0 | 179.3 159.2 | $71,548 7,830 | 7.5 | 35.6 22.7 | $8,852 998 | 3.9 | +2,187 +227 | $16,147 1,751 | 3.7 2.1 | $25,000 2,750 | 5.2 | 12.4 10.6 | $78,000 8,580 | 7.7 | 9.0 9.6 | |
Novoferm (Europe) | €1,853 237 | 1.8 | ＋ > ＋> | € 5,230 643 | 231.9 209.6 | € 7,083 880 | 3.4 | ＋ > ＋> | €18,134 2,187 | 4.1 | 44.4 30.3 | €2,863 344 | 2.4 | +1,009 +106 | € 4,636 555 | -11.4 -13.6 | € 7,500 900 | 3.1 | 5.9 2.2 | €22,000 2,640 | 4.5 | 21.3 20.7 | |
C | urrent Income | -184 | -0.3 | ＋> | 7,391 | 6.5 | 7,207 | 4.5 | 27.8 | 25,278 | 7.1 | -3.4 | -153 [-112] | -0.2 | +31 [+72] | 7,953 | 7.6 | 7,800 [7,869] | 4.6 | 8.2 [9.2] | 29,700 [29,672] | 7.8 | 17.5 [17.4] |
[assumed forex rate same as the previous year] | |||||||||||||||||||||||
Sanwa Shutter | -464 | -1.7 | －> | 5,722 | -2.7 | 5,257 | 7.0 | -7.6 | 16,817 | 9.5 | -10.8 | -665 | -2.4 | -201 | 5,965 | 4.3 | 5,300 | 6.6 | 0.8 | 19,100 | 10.1 | 13.6 | |
Japanese Subsidiaries | -89 | -1.6 | －> | 425 | -10.8 | 336 | 2.5 | -17.1 | 1,238 | 4.1 | -31.3 | -200 | -3.5 | -111 | 515 | 21.3 | 315 | 2.1 | -6.3 | 2,240 | 6.3 | 80.8 | |
ODC (U.S.A.) | $6,696 774 | 3.1 | ＋ > ＋> | $14,756 1,623 | 84.7 69.0 | $21,452 2,398 | 4.8 | 246.2 221.3 | $68,157 7,459 | 7.2 | 37.4 24.2 | $7,924 894 | 3.5 | +1,228 +119 | $14,675 1,591 | -0.5 -2.0 | $22,600 2,486 | 4.7 | 5.4 3.7 | $73,000 8,030 | 7.2 | 7.1 7.7 | |
Novoferm (Europe) | €1,465 187 | 1.4 | ＋ > ＋> | € 4,545 559 | 473.7 442.9 | € 6,010 747 | 2.9 | ＋ > ＋> | €16,049 1,935 | 3.6 | 45.2 31.0 | €2,321 278 | 1.9 | +855 +91 | € 4,279 513 | -5.9 -8.4 | € 6,600 792 | 2.7 | 9.8 6.0 | €20,000 2,400 | 4.0 | 24.6 24.0 | |
Other Affiliates | -102 | ＋> | -524 | －> | -627 | －> | -566 | －> | -94 | +8 | -3 | ＋> | -98 | ＋> | 135 | ＋> | |||||||
Net Income attributable to owners of the parent [assumed forex rate same as the previous year] | -490 | -0.7 | ＋> | 4,494 | 0.0 | 4,003 | 2.5 | 24.1 | 17,070 | 4.8 | 16.7 | 47 [89] | 0.1 | +537 [+579] | 4,844 | 0.1 | 4,800 [4,851] | 2.8 | 19.9 [21.2] | 19,200 ［19,183］ | 5.0 | 12.5 [12.4] | |
Sanwa Shutter | -335 | -1.2 | －> | 3,918 | -2.9 | 3,582 | 4.8 | -5.4 | 11,863 | 6.7 | -7.4 | -448 | -1.6 | -112 | 3,948 | 0.8 | 3,500 | 4.4 | -2.3 | 12,900 | 6.8 | 8.7 | |
Japanese Subsidiaries | -138 | -2.5 | －> | 326 | -12.7 | 187 | 1.4 | -31.8 | 850 | 2.8 | -29.4 | -120 | -2.1 | +17 | 327 | 0.5 | 115 | 0.8 | -38.7 | 1,375 | 3.9 | 61.7 | |
ODC (U.S.A.) | $4,383 507 | 2.1 | ＋ > ＋> | $9,493 1,044 | 87.7 71.8 | $13,876 1,551 | 3.1 | 271.7 244.9 | $44,311 4,849 | 4.7 | 43.6 29.8 | $5,105 576 | 2.3 | +721 +68 | $9,194 996 | -3.1 -4.5 | $14,300 1,573 | 3.0 | 3.0 1.4 | $46,500 5,115 | 4.6 | 4.9 5.5 | |
Novoferm (Europe) | €314 40 | 0.3 | ＋ > ＋> | € 1,632 201 | 615.8 617.1 | €1,946 242 | 0.9 | ＋ > ＋> | €8,365 1,009 | 1.9 | 40.3 26.6 | €3,556 427 | 3.0 | +3,242 +387 | € 2,143 256 | 31.4 27.2 | €5,700 684 | 2.4 | 192.9 182.6 | €15,000 1,800 | 3.0 | 79.3 78.4 | |
Other Affiliates | -102 | ＋> | -524 | －> | -627 | －> | -566 | －> | -94 | +8 | -3 | ＋> | -98 | ＋> | 135 | ＋> | |||||||
1) The relevant financial periods for each entity are as follows: Sanwa Shutter & Japanese subsidiaries: | 1Q Apr.1 to Jun.30 | First HalfApr.1 to Sep.30 | Full Year Apr.1 to Mar.31 following year |
|
ODC & Novoferm: | Jan.1 to Mar.31 | Jan.1 to Jun.30 | Jan.1 to Dec.31 | 4) Forex rate is term average. 5）Figures in FY2017 1Q indicates insrease rates for sales and increase/decrease amounts for incomes. |
Ⅱ. Summary of Consolidated cumulative Q1 FY2017 Results
summary
■Net sales increased in all areas (Japan, US, and Europe). Overhead Door(USA) and Novoferm(Europe) net sales continued
to grow steadily from FY2016.■Consolidated operating income increased and turned into black. The favorable US & Europe businesses covered the
unfavorable Japanese business caused by the decrease of gross profit mainly due to steel price increase.Net Sales
■Consolidated net sales increased by 4.1% or 2.8 billion yen vs. Q1 2016 (if FY2016 currency rate applied, it would have
increased by 6.4% or 4.4 billion yen).Japan : Increased by 2.7% vs. Q1 2016. Sanwa Shutter increased by 2.7%. The products used for residences, retail stores, and hotels increased, but those for factories and warehouses decreased. By products, heavy-duty shutters decrease by 6.8% due to unfavorable factories and warehouses markets. Lightweight shutters increased by 1.1%, Buildings & condominium doors increased by 0.1%, and Partitions increased by 0.3%. Maintenance & Repair business (the 2nd year of the legal inspection of fire prevention equipment) increased by 7.6%. Japanese subsidiaries total (except Sanwa Shutter) increased by 2.8%. Sanwa Tajima decreased by 32.9% due to the reaction of substantial increase in FY2016, but Showa Front and Others increased.
Acquisition of Sanwa Partitions contributed to sales increase.
USA(ODC) ： Increased by 5.9% vs. Q1 2016 on a local currency basis. Door sales (Access Systems Division) increased by 7.8%, Garage door increased by 7.0%, and Commercial door increased by 3.8%. Install & Service increased by 5.9% due to strong performance at US sales center, partially offset by unfavorable Canadian business (CDS). Operators increased by 5.8% driven by sales increase
at both professional-channel and retail stores. Automatic doors increased by 4.1%. Truck doors decreased by 9.1% due to unfavorable of Heat insulating door.
Europe(NF) ： Increased significantly by 17.9% vs. Q1 2016 on a local currency basis. Even excluding new consolidations (Norsurd and Novoferm UK), it increased by 6.8%. By products, Hinge door decreased slightly by 0.5% due to the delay in projects.
Garage door increased by 21.5% driven by the recovery of market and the effect of Novoferm UK consolidation. Industrial Door
increased by 30.7% driven by favorable Alpha sales and Norsurd consolidation.
Operating
Income
■Consolidated operating income increased by 0.12 billion yen vs. Q1 2016 and turned into black. (if 2016 currency rate
applied, it would have increased by 0.17 bullion yen).Japan : Sanwa Shutter decreased by 0.22 billion yen. Gross profit decreased by 0.15 billion yen due to high steel costs. SG&A costs
decreased by 0.07 billion yen despite the efforts of cost cutback. However, the degree of deficit is lower than Forecast.
Japanese subsidiaries total (except Sanwa Shutter) decreased by 0.11 billion yen due to new consolidation's SG&A costs increase.
USA(ODC) : Increased by $2.2M vs. Q1 2016 on local currency basis due to volume increase and sales price increase overcoming the impact of steel price increase.
Europe(NF) : Increased by €1.0M vs. Q1 2016 on local currency basis due to gross profit increase by new consolidation, covering the increase of SG&A costs.
Current Income
■Consolidated current income improved slightly by 0.03 billion yen.
Non-operating profit decreased by 0.09 billion yen despite the improvement of profits of equity method affiliates.
Net Income attributable to owners
of the parent
■Net income attributable to owners of the parent increased by 0.54 billion yen and turned into black.
Extraordinary profits improved by 0.4 billion yen by profits of Novoferm's sales of closed plant.
Forecast of FY2017 Consolidated Net Sales and Operating Incomesummary ■ The company maintains its forecast (both 1st half and full year) from those announced on May 12, 2017.
Net Sales
■All sectors(Japan, US, and Europe) achieved as expected, and forecast to grow.
Japan : Expected to achieve its forecast since (1)Sanwa Shutter's sales from order backlog increase from 2nd half of FY2017 and (2)sales of Maintenance & Repair business increase significantly.
USA(ODC) : Expected to achieve its forecast driven by (1)steady Garage door, Commercial door, and Operator sales in a trend for increase.
(2)Those compensate weakening Truck doors sales.
Europe(NF) : Expected to achieve its forecast driven by (1)Hinge door's high order volume for large buildings despite the delay in projects. (2)Garage door sales are favorable across Europe. (3)Industrial Door are strong thanks to favorable performance of Alpha.
Operating
Income
■Japanese business achieved according to expectation, oversea business expected to achieve the original forecast.
Japan : Maintains its forecast since Sanwa Sutter expects to increase sales volume from 2nd half of FY2017. Steel costs increase are significant but within our expectation.
USA(ODC) : Maintains its forecast, expecting increase sales volume of Doors and Operators throughout the year. Sales price increase offset by the impact of steel price increase. Forex rate keeps within our expectation.
Europe(NF) : Maintains its forecast driven mainly by sales volume increase of Industrial doors increase and cost reduction.
Sanwa Holdings Corporation 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 06:31:02 UTC.
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