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October 28, 2013
Hitachi Construction Machinery Co., Ltd.
© Hitachi Construction Machinery Co., Ltd. 2013. All rights reserved.
Business Results for the Second Quarter ended
September 30, 2013
Business Results for the Second Quarter ended September 30, 2013
Yukie Nakayama, who belongs to the Public Relations Strategy Office (left in the
photo) received the Silver Medal at the World Championship for Clay Shooting.
(Billions of yen)
Ⅰ. Summary of Consolidated Results
• On a regional basis, while net sales of Asia/Oceania and North America decreased compared to the
previous year, net sales of the other regions mainly in Japan/China increased, and considering the
influence of the favorable exchange rate and the exclusion of TCM from the consolidated results (-14.8
billion yen), total net sales increased from the previous year.
• Though mining sales decreased, operating income and ordinary income increased because of the cost
reduction and the favorable exchange rate.
• Net income of the 1st half of FY 2013 (Q1+Q2) decreased from the same period of the previous year due
to the influence of a decrease in extraordinary gains.
1
Change
Net Sales -1%
Operating Income 20%
22%
-34%Exchange rate (YEN/USD)
Exchange rate (YEN/EUR)
Exchange rate (YEN/RMB)
Apr 1~Sep 30
of FY 2013
(395.0)
373.7(28.0)
25.0(21.0)
(13.5)
20.9
376.9
Apr 1~Sep 30
of FY 2012
10.7
16.8
79.5
101.0
12.6
98.8
130.0
16.1
16.1
13.7Ordinary Income
Net Income
F
X
Cash dividends per share (yen) 25 20 5
( ) Previous forecast as of July 2013
(Billions of yen)
Summary of Consolidated Results
• On a regional basis, while net sales of Asia/Oceania and North America decreased compared to the
previous year, net sales of the other regions mainly in Japan/China increased, and the total net sales
increased from the previous year.
• Though mining sales decreased, operating income and ordinary income increased because of the cost
reduction and the favorable exchange rate.
• Net income of the 2nd quarter of FY 2013 (Q2 only) increased from the same period of the previous year
although extraordinary gain decreased.
2
Amount
Net Sales 10.9
(4.4%)
Operating Income 7.8
(3.5%)
7.9
(6.1%)
1.0
Exchange rate (YEN/USD)
Exchange rate (YEN/EUR)
Exchange rate (YEN/RMB)
July 1~Sep 30 July 1~Sep 30
of FY 2013 of FY 2012
(7.4%)
Ordinary Income 13.9 6.1
(6.3%)
187.2 176.2
(8.3%)
15.5 7.7
Net Income 11.8 10.8
F
X
99.0 78.6
131.1 98.4
16.2 12.4
129%
10%
Increase(Decrease)
%
6%
102%
Consolidated Statements of Income 3
Increase (Decrease)
Amount %
Net Sales 373.7 376.9 (3.1) -1%
Cost of Sales 269.7 279.5 (9.8) -4%
SGA Expenses 79.0 76.4 2.6 3%
Operating Income 25.0 20.9 4.1 20%
Non-operating Income (Loss) (8.3) (7.2) (1.1) 15%
Ordinary Income 16.8 13.7 3.0 22%
Extraordinary Income 2.1 8.6 (6.5) -75%
Income Taxes 5.3 3.9 1.4 36%
Minority Interests 2.9 2.3 0.6 24%
Net Income 10.7 16.1 (5.4) -34%
Apr 1 ~ Sep 30
of FY 2012
Apr 1 ~ Sep 30
of FY 2013
(Billions of yen)
Sales by Geographic Region (Consolidated)
• Sales in China increased by 15.7 billion yen (142%) year on year.
• Sales in Japan also increased 20.6 billion yen (125%) considering the influence of the exclusion of TCM
(9.7 billion yen) from the consolidated results. On the other hand, sales in Asia & Oceania decreased by
23.3 billion yen (82%) year-on-year.
4
Overseas Sales
Ratio 73%
Overseas Sales
Ratio 76%
376.9
(Year-on-Year)
82%
70%
118%
142%
112%
119%
99%
Year-on-Year Change
Japan
The
Americas
China
Europe
Russia
CIS Middle East
Africa
Asia &
Oceania
Japan 28%
28%
10%
China14%
Asia & Oceania The Americas
11%
Europe
9%
Russia, CIS, Middle
East, Africa
FY13
(Apr 1-Sep 30)
Actual 373.7 bil. yen
Japan
24%
34%
8%
China
10%
Asia & Oceania
Russia, CIS, Middle
East, Africa
Europe
8%
The Americas
16%
FY12
(Apr 1-Sep 30)
Actual
376.9 bil. yen
(Billions of yen)
FY 12
(Apr 1–Sep 30)
Actual
FY 13
(Apr 1 – Sep 30)
Actual
%
373.7
39.4 44.1 56.2 67.9 66.2
15.1 16.3 31.4
72.8 63.8 68.5
82.5 97.2
15.7 12.9
28.6
0
20
40
60
80
100
120
140
160
180
2008 2009 2010 2011 2012 2013(Q1)
2013(Q2)
2013Q1+Q2
Parts/Service Main Unit
39.4 44.1 56.2
67.9 66.2
15.1 16.3 31.4
90.5 77.1
82.5
98.2 96.6
27.3 24.0
51.3
0
20
40
60
80
100
120
140
160
180
200
2008 2009 2010 2011 2012 2013
(Q1)
2013
(Q2)
2013
Q1+Q2
Mining Construction
Mining/Parts & Service Sales (Actual) 5
Mining (Note) is the percentage of the total sales of the
company as a whole.
%
15% 18% 16%
18% 21%
16%
17% 16%
112.2
163.4
29.2 30.8
60.0
107.9 124.7
150.4
17% 20%
18%
20% 21%
22% 23%
22%
129.9 121.2
138.7
166.1 162.8
40.3 42.4
82.7
(Billions of Yen) Parts & Service
(-27%)
(-42%)
(-5%)
(-13%)
(-29%)
(6%)
(-37%)
(-50%)
(-14%)
(1%)
(4%)
(-5%)
(10%)
(6%)
(8%) (-6%)
( - )
(-14%)
(9%)
(18%)
(-3%)
(-2%)
(-1%)
(-3%)
(Note) (%) is the change ratio from the same period
the previous year.
(Billions of Yen)
Parts & Service
Q1 Q2
Q2 Q1
Machinery
Consolidated Statements of Income 6
Increase (Decrease)
Amount %
Net Sales 373.7 376.9 (3.1) -1%
Cost of Sales (72.2%)269.7
(74.2%)279.5 (9.8) -4%
SGA Expenses (21.1%)79.0
(20.3%)76.4 2.6 3%
Operating Income (6.7%)25.0
(5.6%)20.9 4.1 20%
Non-operating Income (Loss) (8.3) (7.2) (1.1) 15%
Ordinary Income (4.5%)16.8
(3.6%)13.7 3.0 22%
Extraordinary Income 2.1 8.6 (6.5) -75%
Income Taxes 5.3 3.9 1.4 36%
Minority Interests 2.9 2.3 0.6 24%
Net Income (2.9%) 10.7 (4.3%) 16.1 (5.4) -34%
Apr 1~Sep 30 Apr 1~Sep 30
of FY 2013 of FY 2012
(Billions of yen)
10.4% 10.3%
6.6%
2.4%
0.6%
9.3%
2.6%
4.5%
5.7%
7.7%
4.7%
6.5% 6.1%
8.6%
6.6%
4.4% 4.2%
10.6%
5.1%
8.3%
△8.0%
△6.0%
△4.0%
△2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
500
1,000
1,500
2,000
2,500
3,000
第1四半期
第2四半期
第3四半期
第4四半期
第1四半期
第2四半期
第3四半期
第4四半期
第1四半期
第2四半期
第3四半期
第4四半期
第1四半期
第2四半期
第3四半期
第4四半期
第1四半期
第2四半期
第3四半期
第4四半期
第1四半期
第2四半期
2008年度 2009年度 2010年度 2011年度 2012年度 2013年度
売上高
営業損益率 and loss ratio
Operating Profit
Net Sales
1Q
2Q
3Q
4Q
-5.5% -1.8%
300
250
200
150
100
50
4Q
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Sales 233.9 220.2 146.1 144.0 132.3 140.0 141.4 192.0 167.3 178.8 184.0 243.6 176.0 188.9 188.4 263.9 200.6 176.2 177.6 217.9 186.6 187.2Operating
income/loss 24.4 22.8 9.6 (7.9) (2.4) 3.4 0.9 17.8 4.3 8.0 10.6 18.7 8.2 12.2 11.5 22.8 13.3 7.7 7.4 23.2 9.6 15.5
FY 2013FY 2012FY 2008 FY 2009 FY 2010 FY 2011
EX rate/quarter 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
US$ 105.4 107.0 95.0 95.2 96.8 92.8 90.1 90.8 92.0 85.9 82.6 82.3 81.7 77.9 77.4 79.3 80.2 78.6 81.2 92.4 98.8 99.0EUR 164.8 159.5 125.7 123.2 133.5 133.0 132.6 123.7 117.0 110.7 112.2 112.6 117.4 110.2 104.3 104.0 102.9 98.4 105.3 122.0 129.0 131.1RMB 15.2 15.7 13.9 13.9 14.2 13.6 13.2 13.3 13.4 12.6 12.4 12.5 12.6 12.1 12.2 12.6 12.7 12.4 13.0 14.9 16.1 16.2
FY 2012FY 2008 FY 2009 FY 2010 FY 2011 FY 2013
Billions of Yen
※Rounded off per quarter
Summary of quarterly consolidated sales and operating income (ratio) 7
FY 2008 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
2Q
3Q
1Q
1Q
2Q
3Q
4Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
2
Q
3
Q
1
Q
3
Q
4
Q
1
Q
2
Q
3
Q
4
Q
1
Q
2
Q
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
4
Q
-2.0%
-4.0%
-6.0%
-8.0%
(Billions of yen)
Consolidated Non-operating Income (Actual) 8
Apr 1~Sep 30
FY 2013
Apr 1~Sep 30
FY 2012 Change
Dividends/Interest income and
expenses (3.1) (4.6) 1.5Gains or loses on equity earnings
of affiliated companies (0.1) (0.1) 0.0
Foreign exchange losses, net(6.3) (2.4) (3.9)
Others1.2 (0.1) 1.3
Total (8.3) (7.2) (1.1)
Consolidated Statements of Income 9
Increase (Decrease)
Amount %
Net Sales 373.7 376.9 (3.1) -1%
Cost of Sales (72.2%)269.7
(74.2%)279.5 (9.8) -4%
SGA Expenses (21.1%)79.0
(20.3%)76.4 2.6 3%
Operating Income (6.7%)25.0
(5.6%)20.9 4.1 20%
Non-operating Income(Loss) (8.3) (7.2) (1.1) 15%
Ordinary Income (4.5%)16.8
(3.6%)13.7 3.0 22%
Extraordinary Income 2.1 8.6 (6.5) -75%
Income Taxes 5.3 3.9 1.4 36%
Minority Interests 2.9 2.3 0.6 24%
Net Income (2.9%) 10.7 (4.3%) 16.1 (5.4) -34%
Apr 1~Sep 30 Apr 1~Sep 30
of FY 2013 of FY 2012
(Billions of Yen)
-40-20
020406080
100120140160180200
(Billions of Yen)
Comparison of Consolidated Profit & Loss (Actual)
•Profit decrease of 17.4 billion yen due to a decrease in sales volume.
•Profit increase of 11.3 billion yen from Yen depreciation and 8.6 billion yen from price increase
and material cost down.
Ord
ina
ry Inco
me
Ord
ina
ry Inco
me
Ord
ina
ry Inco
me
Sa
les V
olu
me
De
cre
ase
Pric
e In
cre
ase
Fo
reig
n E
xch
an
ge
Ga
ins
Ma
teria
l Co
st D
ow
n
Ove
rhe
ad
Co
st U
p
Oth
ers
(Mix A
cco
un
t)
13.7
16.8
-17.4
2.2
11.3
6.4 -2.7 3.3 N
et In
co
me
Ne
t Inco
me
Extra
ord
ina
ry Lo
ss
Co
rpo
rate
Tax, e
tc.
16.1
10.7
3.0 -6.5
-1.9
FY 12
1Q+2Q Actual
FY 13
1Q+2Q Actual
10
FY 12
1Q+2Q Actual
FY 13
1Q+2Q Actual
Consolidated Balance Sheets
• Accounts receivable (notes and accounts receivable, lease receivables and investment assets) decreased
by 33.4 billion yen from the end of the previous year.
• Inventory increase of 6.9 billion yen from the production increase for Japan, and temporary increase in the
parts.
11
(Billions of yen)
(A)
13- 2Q
(B)
FY 12
(C)
12-2Q
(A-B)
Change
(D)
13-2Q
(E)
FY 12
(F)
12-2Q
(D-E)
Change
Cash and bank deposit 65.9 62.6 48.2 3.3Notes and accounts
payable 129.7 149.1 162.2 (19.4)
Accounts receivable 274.8 308.2 273.7 (33.4) Others 323.5 298.2 287.8 25.3
Inventories 321.8 314.9 284.1 6.9 Total current liabilities 453.2 447.3 450.0 5.9
Others 56.0 48.1 62.3 7.9 Total non-current liabilities 209.4 236.0 182.4 (26.6)
Total liabillities 662.6 683.2 632.4 (20.6)
Total current assets 718.5 733.8 668.3 (15.3) Minority interests 54.7 54.7 44.3 0.0Property, plant and
equipment 279.9 271.2 242.9 8.7Common stock, capital surplus,
and retained earnings 373.6 365.9 362.7 7.7
Intangible assets 29.3 32.7 34.8 (3.4) Others (7.4) (3.9) (35.8) (3.5)
Others 55.8 62.2 57.7 (6.4) (Shareholder's equity ratio) (33.7%) (32.8%) (32.5%) (0.9%)
Total fixed assets 365.0 366.1 335.3 (1.1) Total net assets 420.9 416.7 371.2 4.2
Total assets 1083.5 1099.9 1003.6 (16.4)Total liabilities and net
assets 1083.5 1099.9 1003.6 (16.4)
Unit 114.0 111.0 106.2 3.0 (37.3%) (35.7%) (35.0%) (1.6%)
Parts 108.3 97.1 59.7 11.2 Interest-bearing debt 404.2 393.1 351.3 11.1
Others 99.5 106.8 118.2 (7.3) Cash and Cash equivalents 67.7 68.1 63.6 (0.4)
Total inventories 321.8 314.9 284.1 6.9 (Deposit) (1.8) (5.4) (15.4) ((3.6))
(Days) Interest-bearing debt, net (31.1%) (29.6%) (28.7%) (1.5%)
Accounts receivable 130 146 121 (16) Debt 336.5 325.1 287.7 11.4
Inventories 153 149 125 4Notes and accounts
payable 62 70 71 (8) Net D/E Ratio 0.92 0.90 0.88 0.02
Net working capital 221 225 175 (4)
Inventories breakdown
On hand days(divided by net sales)
Consolidated Free Cash Flows
• Cash flows from operating activities is increased by 4.3 billion yen year-on-year to
30.4 billion yen, which generated positive cash flows of 5.3 billion yen.
12
(Billions of yen)
Apr 1~Sep 30 of
FY 2013
Apr 1~Sep 30 of
FY 2012Change
Income before income taxes and minority interest 18.9 22.3 (3.4)
Depreciation and amortization 37.3 18.4 39.7 17.4 (2.4) 1.0
(Increase)decrease in accounts receivable 39.7 51.3 (11.6)
(Increase)decrease in inventories (5.5) (38.9) 33.4
(Increase)decrease in notes and accounts payable 13.1 (21.1) (9.9) (2.5) 3.2 (18.6)
Income taxes paid (11.8) (13.8) 2.0
Ohters, net (8.2) (9.7) 1.5
Net cash provided by (used in) operating activities 30.4 26.1 4.3
Cash flow margin for operating activities 8.2% 6.9% 1.3%
Net cash provided by (used in) investing activities (25.1) (11.4) (13.7)
Free cash flows 5.3 14.7 (9.4)
Year-on-Year change by region
Japan
Western Europe
North America
China
Asia & Oceania
Others
Total
Previous
forecast
Latest
forecast
Global Demand Trend for Hydraulic Excavator *Source HCM
(Distributing, copying, or forwarding is prohibited.)
*Excluding Chinese manufacturer
Year-on-year Change
7%
10%
6%
48%
19%
10%
-6%
52% -2%
6%
10%
5%
50%
17%
12%
10%
12%
8%
32%
21%
17%
-10%
14%
12%
12%
21%
22%
19%
8%
16%
11%
11%
23%
20%
19%
Ⅱ. Consolidated Earnings Forecasts
• In Japan, in addition to rehabilitation demand, the demand for rental service continued to increase strongly and it is expected to
increase by 34% year-on-year to 38,000 units.
• Although demand in China has been in recovery trend, the forecast is unchanged at an increase of 21% year-on-year to 51,000
units.
• The global forecast is decreased by 1,000 units, resulted as an 8% increase year-on-year after reflecting decrease in the demand of
Asia & Oceania.
13
8%
19%
18%
23%
11%
12%
17%
'12 '13 '13Previous forecast Latest forecast
+25% +27% +34%-7% -8% +2%
+26% +4% +0%-41% +21% +21%
India -21% -9% -22%Indonesia -19% -9% -27%
Others +9% +5% +2%-8% -2% -11%
Russia, EEurope,
CIS-3% +8% +8%
Africa +39% -9% -9%Middle East -2% +0% +0%Latin America -4% +13% +13%
+2% +5% +5%-10% +8% +8%
Asia & Oceania
Others
Total
JapanW EuropeN America
China
Thousands Units
Summary of Consolidated Earnings Forecasts
• As the sales increase in Japan/Europe, and the significant sales increase of crane products
as well as cost reduction offset the decrease in other slowdown regions that are mainly
affected by decreased mining sales, the current forecast is unchanged from the previous
forecast.
14
(Billions of yen)
Change
Net Sales 7%
Operating Income 61%
90%
57%Exchange rate (YEN/USD)
Exchange rate (YEN/EUR)
Exchange rate (YEN/RMB)
10
( ) Previous forecast as of July 2013
15.8
83.0 51.5
96.9
69.0
82.4
127.1 107.5
FY2013 FY2012
Forecast Actual
(830.0)
40
23.5
F
Y
830.0 772.4
(83.0)
(69.0)
Cash dividends per share (yen) 50
36.4
13.5
(37.0)
Net Income 37.0
Ordinary Income
Exchange rate in and after the third quarter of FY
2013 (Previous)
Yen/USD 95.0 (94.0)
Yen/EUR 125.0 (123.0)
Yen/RMB 15.6 (15.2)
Sales by Geographic Region (Consolidated)
• Although sales in Japan and Europe increased, the current forecast is unchanged as the
sales in Asia & Oceania and North America decreased.
15
Overseas Sales Ratio 75%
Overseas Sales Ratio 73%
Overseas Sales Ratio 74%
Year-on-Year change %
772.4 (Billions of yen)
(Yr-on-Yr)
105%
75%
111%
132%
114%
114%
(Yr-on-Yr)
830.0 830.0
107%
Japan
The
Americas
Europe
China
Russia
CIS
M. East
Africa
Asia &
Oceania
96%
71%
131%
133%
119%
122%
107%
830 billion yen
FY13
Previous Forecast
Asia & Oceania
Russia, CIS
Middle East and
Africa
Europe
8%
The Americas
10%
The Americas
10%
Asia & Oceania
Russia, CIS
Middle East and
Africa
Japan
27%
China
15%
Europe
9%
China
15% Japan
26%
FY13
Latest Forecast
830 billion yen
Russia, CIS
Middle East and
Africa 10%
China
12% Japan
25%
Asia & Oceania
31%
The Americas
15%
Europe
7%
FY12
Actual
772.4 billion yen
39.4 44.1 56.2 67.9 66.2 66.0 68.4
31.4 37.0
90.5 77.1 82.5
98.2 96.6 112.2 102.3
51.3 51.0
0
20
40
60
80
100
120
140
160
180
200
2008 2009 2010 2011 2012 2013
Previous
forecast
2013
Latest
forecast
2013
1st half
actual
2013
2nd half
forecast
Mining Construction
Mining/Parts & Service Sales Trend (Forecast) 16
Parts & Service
Mining (注) は全社売上高に占める比率 % (Billions of Yen)
(Billions of Yen)
15% 18% 16%
18% 21%
17% 20%
18%
20% 21%
18% 18%
21% 21%
22% 19%
16%
19% 112.2
163.4
129.9 121.2
138.7
166.1 162.8
107.9 124.7
150.4 148.5 145.5
60.0
85.5
178.2 170.7
82.7 88.0
(Note) is the percentage of total sales of the
company as a whole.
%
(Note) (%) is the change ratio from the same period the
previous year.
.
(5%)
(1%)
(12%)
(-27%)
(-42%)
(-5%)
(-9%)
(-15%)
(0%)
(-11%)
(-21%)
(3%)
(9%)
(16%)
(0%)
(5%)
(6%)
(3%)
(1%)
(4%)
(-5%)
(9%)
(7%)
(12%)
Parts & Service Machinery
Comparison of Consolidated Profit & Loss (Forecast)
•Although sales of mining decreased from the previous forecast, due to the effect of costs and
overhead costs decrease, the previous forecast remains unchanged.
17
36.4
69.0
23.5 37.0
-5.1
FY 12
Actual
FY 12
Actual
FY 13
Forecast
FY 13
Forecast
Ord
ina
ry In
co
me
Ord
ina
ry Inco
me
Sa
les V
olu
me
De
cre
ase
Pric
e In
cre
ase
Fo
reig
n E
xch
an
ge
Ga
in
Ma
teria
l Co
st D
ow
n
Ove
rhe
ad
Co
st D
ow
n
Oth
ers
(Mix
Acco
un
t)
Ne
t Inco
me
Ne
t Inco
me
Ord
ina
ry Inco
me
Extra
ord
ina
ry L
oss
Co
rpo
rate
Tax e
tc.
2.4
25.8
11.4 -3.3 1.4
32.6 -11.4 -7.7 ( -5.0 )
( 2.1 )
( 31.6 )
( 13.8 ) ( -9.2 )
( -0.7 )
※( ) is forecast announced in July
100
0
Billions of yen
TEL : 03-3830-8065
FAX : 03-3830-8224
For further inquiries:
Norio Hayamizu Public Relations Strategy Office
END
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