explanatory material of group company for the third quarter of … · 2020. 11. 2. · for the...

Copyright @ 2005 Makino Milling Machine Co.,Ltd. All Rights Reserved2019.2.1

Makino Milling Machine Co., Ltd.

Explanation Note

-1--1-

Makino Milling Machine Co., LtdFebruary 1, 2019

Explanatory Material of Group Companyfor the Third Quarter of

the Fiscal Year Ending March 31, 2019


Explanation Note


Explanation Note

-2-Consolidated Order by destination

FY2018 Plan (Apr. 2018) 1,900

FY2018 Plan (Oct. 2018) 2,059

FY2018 Plan (Feb. 2019) 2,011

(100 mil yen)



Explanation Note

0

100

200

300

400

500

600

700

1Q

2Q

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1Q

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4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

2010 2011 2012 2013 2014 2015 2016 2017 2018

（100 mil. yen）

（FY）

OthersDie&MoldAerospaceProduction Machinery

-3-Order by industryConsolidated

(FY)

(100 mil yen)FY2018 Plan (Apr. 2018) 1,900

FY2018 Plan (Oct. 2018) 2,059

FY2018 Plan (Feb. 2019) 2,011



Explanation Note

Monthly order of Makino -4-Non-Consolidated

0

20

40

60

80

100

120

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018（Year）

(100 mil. yen)

OthersEuropeNorth AmericaAsiaJapan

(100 mil yen)



Explanation Note

-5-Monthly order of JMTBA

Source: Japan Machine Tool Builders’ Association

0

500

1,000

1,500

2,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

（年）

（億円）

OthersEuropeNorth AmericaAsiaJapan

(100 mil yen)

(Year)



Explanation Note

-6-JMTBA・Makino (non-consolidated) Order

（100 mil yen）

Source : Japan Machine Tool Builders’ Association

Non-Consolidated

0

400

800

1,200

1,600

2,000

2,400

0

20

40

60

80

100

120

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

JMTBAMakino

（Year）



Explanation Note

-7-JMTBA・Makino (non-consolidated) Domestic OrderNon-Consolidated

（100 mil yen）


0

200

400

600

800

1,000

0

10

20

30

40

50

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

JMTBAMakino

（Year）



Explanation Note

-8-JMTBA・Makino (non-consolidated) Overseas Order

（100 mil yen）


Non-Consolidated

0

400

800

1,200

1,600

0

20

40

60

80

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

JMTBAMakino

（Year）



Explanation Note

0

50

100

150

200

250

300

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

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3Q

4Q

1Q

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3Q

4Q

1Q

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3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

2010 2011 2012 2013 2014 2015 2016 2017 2018

（億円）

（FY）

Overseas

Domestic

-9-Quarterly order of Makino Non-Consolidated

FY2018 Plan (Apr. 2018) 980

FY2018 Plan (Oct. 2018) 1,016

FY2018 Plan (Feb. 2019) 1,070

(100 mil yen)



Explanation Note

0

20

40

60

80

100

120

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

2010 2011 2012 2013 2014 2015 2016 2017 2018

（億円）

（FY）

Others

Die&Mold

Aerospace

Production Machinery

-10-Domestic OrderNon-Consolidated

FY2018 Plan (Apr. 2018) 372

FY2018 Plan (Oct. 2018) 379

FY2018 Plan (Feb. 2019) 401

(100 mil yen)



Explanation Note

-11-Asian subsidiary Order by industry

0

50

100

150

200

250

300

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

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2Ｑ

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4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

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3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

2010 2011 2012 2013 2014 2015 2016 2017 2018

(mil S$)

（FY）

Others

Die&Mold

Aerospace


FY2018 Plan (Apr. 2018) 860

FY2018 Plan (Oct. 2018) 919

FY2018 Plan (Feb. 2019) 867



Explanation Note

-12-Asian subsidiary Order by area

0

50

100

150

200

250

300

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

2010 2011 2012 2013 2014 2015 2016 2017 2018

(mil S$)

(FY）

Other Areas

India

China

China/India/Other

FY2018 Plan (Apr. 2018) 545/134/181

FY2018 Plan (Oct. 2018) 558/166/195

FY2018 Plan (Feb. 2019) 528/158/181



Explanation Note

-13-US subsidiary Order

0

30

60

90

120

150

180

１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

３Ｑ

４Ｑ

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３Ｑ

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１Ｑ

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１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

３Ｑ

４Ｑ

2010 2011 2012 2013 2014 2015 2016 2017 2018

（mil US$)

（FY）

Others

Die&Mold

Aerospace


FY2018 Plan (Apr. 2018) 463

FY2018 Plan (Oct. 2018) 514

FY2018 Plan (Feb. 2019) 510



Explanation Note

-14-Europe subsidiary Order

0

10

20

30

40

50

60

１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

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１Ｑ

２Ｑ

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１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

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４Ｑ

１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

３Ｑ

４Ｑ

2010 2011 2012 2013 2014 2015 2016 2017 2018

（mil €）

（ＦＹ）

Others

Die&Mold

Aerospace


FY2018 Plan (Apr. 2018) 158

FY2018 Plan (Oct. 2018) 151

FY2018 Plan (Feb. 2019) 160


Explanation Note


Explanation Note

-15-Definition for industries shown in explanatory note

Makino categorizes its market to the following industries according to what purpose the customers use Makino products for;

Die & Mold： where Makino products are used to manufacture Die or Mold to shape mainly plastic or die-cast products

Production where Makino products are used to manufacture componentMachinery： parts for automobiles or various kinds of machines or devices

other than aerospace products.

Aerospace： where Makino products are used to manufacture component parts of aerospace products.


Explanation Note


Explanation Note

-16-Sales and Operating Income -16--16-

Sales / Operating Income

USD 111.09 111.06 111.70 110.85 109.07 110.26 111.14

EUR 122.19 126.29 128.53 129.70 130.06 129.85 129.49

SGD 79.79 80.69 81.60 81.74 81.79 81.64 81.80

0.0%

4.0%

8.0%

12.0%

16.0%

0

200

400

600

800

1Q ofFY2017

2Q ofFY2017

3Q ofFY2017

4Q ofFY2017

1Q ofFY2018

2Q ofFY2018

3Q ofFY2018

SalesOperating IncomeOperating Income ratio

80 / 8 Bil. Yen

0

60 / 6 Bil. Yen

40 / 4 Bil. Yen

20 / 2 Bil. Yen

Exchange rate


Explanation Note


Explanation Note

-17-Sales and income increase by exchange rate fluctuations(Comparison with the same period of last year)

-17-

(Million yen)

External salesExchange

rate

Exchange rateof the same

period of lastyear

USD USD 362M 111.14 (111.70) -202 -224

EUR EUR 97M 129.49 (128.53) 93 96

SGD SGD 548M 81.80 (81.60) 110 11

Total 1 -117

The influence ofexchange ratefluctuations in

Sales

The influence ofexchange ratefluctuations in

Operatingincome

The YTD Q3 of FY2018

-17-


Explanation Note


Explanation Note

-18-Consolidated Operating Results

for the Third Quarter of the Fiscal Year Ending March 31, 2019(Comparison with the same period of last year)

3Q of FY2017 3Q of FY2018 Change

(Million yen)(From Apr. 1, 2017 to Dec 31, 2017)

(From Apr. 1, 2018 to Dec 31, 2018) (%)

22,787(18.7%)

7,595 14,476 6,881(6.2%) (10.0%) (90.6%)

8,720 15,407 6,687(7.2%) (10.7%) (76.7%)

5,900 11,987 6,086(4.8%) (8.3%) (103.2%)

Exchange rate,against USD 111.70 111.14

Exchange rate,against EUR 128.53 129.49

Exchange rate,against SGD 81.60 81.80

Net sales 121,691 144,478

Operating income

Ordinary income

Net incomeattributable to owners of

the parent

-18--18-


Explanation Note


Explanation Note

-19-Segments -19-

(Million yen)1-３Q

of FY2018Net sales 99,441 52,211 40,464 12,661 -60,300 144,478

(Sales in foreign currency) (616,576) (364,090) (97,783)

Operating income/loss 10,467 4,761 1,253 -596 -1,410 14,476

1-３Qof FY2017

Net sales 79,698 44,822 37,076 11,808 -51,713 121,691(Sales in foreign currency) (529,212) (331,925) (91,873)

Operating income/loss 4,012 3,949 1,140 -389 -1,117 7,595

1-３Qof FY2016

Net sales 67,114 32,161 31,597 7,569 -38,299 100,144(Sales in foreign currency) (404,004) (296,332) (64,138)

Operating income/loss 1,468 1,921 976 -546 68 3,887

Ⅰ(Japan)

Ⅱ(Asia)

Ⅰ(Japan)

Ⅱ(Asia)

Ⅲ(America)

Ⅳ(Europe)

Ⅲ(America)

Ⅳ(Europe) Eliminations Consolidated

Eliminations ConsolidatedⅠ(Japan)

Ⅱ(Asia)

Ⅲ(America)

Ⅳ(Europe)

Eliminations Consolidated

-19-


Explanation Note


Explanation Note

-20-Sales amount by destination -20-

(Million yen)1-3Q

of FY2018Net sales 34,937 53,675 39,385 13,198 3,281 144,478

Ratio 24.1% 37.1% 27.2% 9.1% 2.2%(Million yen)

1-3Q of FY2017Net sales 26,376 42,227 36,713 13,297 3,076 121,691

Ratio 21.6% 34.7% 30.1% 10.9% 2.5%(Million yen)

1-3Q of FY2016Net sales 27,742 30,959 31,064 9,409 967 100,144

Ratio 27.7% 30.9% 31.0% 9.4% 0.9%

Others ConsolidatedJapan Asia America Europe

Japan Asia

Japan Asia America Europe

Consolidated

Consolidated

America Europe Others

Others

-20-


Explanation Note


Explanation Note

Assets (Million yen)

Cash and time deposits 50,175 47,882 -2,293

Notes and accounts receivable 51,134 45,842 -5,292

Marketable securities 38 37 -1

Inventories 59,112 69,629 10,517

Other current assets 7,492 6,397 -1,095

Allowance for doubtful accounts -757 -676 80

Total 167,196 169,113 1,916

Property, plant and equipment 63,855 65,843 1,987

Intangible assets 3,550 3,805 254

Investments and other assets 33,779 25,469 -8,309

Total 101,185 95,118 -6,066

268,382 264,231 -4,150Total assets

End of FY2017(As of Mar. 31, 2018)

End of Q3/ FY2018(As of Dec. 31, 2018)

Change

Current assets

Item

Noncurrentassets

Consolidated Balance Sheets -21--21-


Explanation Note


Explanation Note

Liabilities and net assets （Million yen）

End of FY2017 End of Q3/ FY2018(As of Mar. 31, 2018) (As of Dec. 31, 2018)

Notes and accounts payable 35,462 34,672 -790

Short-term loans from banks 1,196 4,111 2,915

Current portion of long-term debt 11,256 1,980 -9,276

Other current liabilities 29,523 28,348 -1,174

Total 77,438 69,112 -8,326

Bonds payable 5,000 10,000 5,000

Long-term loans payable 20,687 21,575 887

Other noncurrent liabilities 12,735 9,613 -3,122

Total 38,423 41,188 2,765

115,862 110,301 -5,560

Common stock 21,142 21,142 -

Capital surplus 37,070 37,070 -

Retained earnings 81,292 90,789 9,497

Treasury stock -6 -2,009 -2,003

Total 139,499 146,993 7,493

12,224 6,120 -6,103

796 816 20

152,519 153,930 1,410

268,382 264,231 -4,150

Current

liabilities

Total liabilities and net assets

ChangeItem

Noncurrentliabilities

Valuation and translation adjustmentsNon-controlling interests

Total net assets

Total liabilities

Shareholders'equity

Consolidated Balance Sheets -22--22-


Explanation Note


Explanation Note

-23-Consolidated Statements of Cash Flow -23-

（Million yen）

FY2017 FY2018(From Apr. 1, 2017to Dec. 31, 2017)

(From Apr. 1, 2018to Dec. 31, 2018)

I. Cash flows from operating activities:Income (loss) before income taxes 8,789 15,782Depreciation and amortization 4,251 4,298(Increase) decrease in notes and accounts receivable, trade 7,332 6,199(Increase) decrease in inventories -13,108 -9,867Increase (decrease) in notes and accounts payable, trade 3,505 -1,453Other, net 1,313 -5,166Cash flows from operating activities 12,084 9,792II. Cash flows from investing activities:Purchase of property, plant and equipment -6,246 -6,497Proceeds from sales of property, plant and equipment 219 537Other, net -846 -923Cash flows from investing activities -6,874 -6,883III. Cash flows from financing activities:Increase (decrease) in short-term loans payable, net 643 2,907Repayment of finance-lease obligations -244 -239Proceeds from long-term loans payable 5,000 1,000Repayment of long-term loans payable -8,499 -9,336Proceeds from bonds payable - 5,000Payment for purchases of treasury stock -4 -2,003Dividends paid by the parent company -1,753 -2,220Dividends paid to minority shareholders -4 -2Cash flows from financing activities -4,862 -4,894IV. Effect of exchange rate changes on cash and cash equivalents 1,006 -307V. Net increase (decrease) in cash and cash equivalents 1,354 -2,292VI. Cash and cash equivalents, beginning of period 51,128 49,785VII. Cash and cash equivalents, end of period 52,482 47,492

Item


Explanation Note


Explanation Note

-24--24-Capital Investment (Forecast)

4454 52

3927 32

7071

8185

0

40

80

120

FY2014 FY2015 FY2016 FY2017 FY2018 1-3Q FY2018 Plan

Consolidated

Non-Consolidated86

75

Capital investment (100 million yen)


Explanation Note


Explanation Note

-25--25-Depreciation (Forecast)

34 37 37 37

2837

49 5147

43

55

0

25

50

75

FY2014 FY2015 FY2016 FY2017 FY2018 1-3Q FY2018 Plan

ConsolidatedNon-consolidated

51

Depreciation(100 million yen)


Explanation Note


Explanation Note

-26-Employees

1,5011,485

4,8194,455

4,593

0

2,000

4,000

6,000

End of FY2014 End of FY2015 End of FY2016 End of FY2017 End of 3Q FY2018

ConsolidatedNon-consolidated

4,279

1,4791,354 1,507

4,731

-26--26-

Number of employees(Persons)


Explanation Note


Explanation Note

-27-Forecast of Consolidated Income Statement -27-

3Q YTD of FY2018 4Q of FY2018 FY2018

(Actual) (Forecast) (Forecast)

(Million yen) (From Apr. 1, 2018to Dec 31, 2018)

(From Jan. 1, 2019to Mar 31, 2019)

(From Apr. 1, 2018to Mar 31, 2019)

(as of Jul. 31, 2018)

14,476 3,124 17,600(10.0%) (6.9%) (9.3%)

15,407 2,893 18,300(10.7%) (6.4%) (9.6%)

11,987 2,913 14,900(8.3%) (6.4%) (7.8%)

Exchange rate,against USD 111.14 105.00 107.50

Exchange rate,against EUR 129.49 127.00 128.50

Exchange rate,against SGD 81.80 78.00 80.00

Net income attributable toowners of the parent

Net sales 144,478 190,000

Operating income

Ordinary income

45,522



Explanation Note

-28--28-

Reference Materials


Explanation Note


Explanation Note

-29-Net Sales and Operating Income (by Segment)

683756

671

796

994

42

60

14

40

104

0

50

100

150

0

300

600

900

1,200

1-3Q of FY2014 1-3Q of FY2015 1-3Q of FY2016 1-3Q of FY2017 1-3Q of FY2018

Net Sales Operating income

(100 million yen)

Japan


Explanation Note


Explanation Note


309

379

321

448

522

18 22

19

39

47

0

20

40

60

80

0

150

300

450

600


Net sales Operating income

Asia (100 million yen)


Explanation Note


Explanation Note


346318 315

370404

11 9 9

1112

0

5

10

15

20

0

150

300

450

600



(100 million yen)

America


Explanation Note


Explanation Note


95 99

75

118126

-0

-0

-3

-6

-4

-2

0

2

4

0

40

80

120

160



-5 -5

(100 million yen)

Europe


Explanation Note


Explanation Note

-33--33-Changes in Major Items in Consolidated Balance Sheets

2,4542,342

2,4762,683 2,642

0

1,000

2,000

3,000

4,000


Total assets(100 million yen)

*for ReferenceNet Sales(100 million yen) 1,495 1,619 1,536 1,815 1,444


Explanation Note


Explanation Note


440

533 517 502 479

0

250

500

750


Cash and time deposits + securities(100 million yen)



Explanation Note


Explanation Note


458

386

445

511

458

0.0

2.0

4.0

6.0

8.0

0

150

300

450

600

750


Notes and accounts receivable, trade Turnover of accounts receivable(100 million yen) (month)



Explanation Note


Explanation Note

-36--36-

570513 520

591

696

0.0

2.0

4.0

6.0

8.0

0

300

600

900

End of FY2014 End of FY2015 End of FY2016 End of FY2017 End of 3Q FY2018*for ReferenceNet Sales(100 million yen) 1,495 1,619 1,536 1,815 1,444

Inventories Inventory turnover(month)(100 million yen)

Changes in Major Items in Consolidated Balance Sheets


Explanation Note


Explanation Note


273243

302

354 346

0

100

200

300

400

500



Notes and accounts payable, trade(100 million yen)


Explanation Note


Explanation Note


621580

548

381 376

0

200

400

600

800

End of FY2014 End of FY2015 End of FY2016 End of FY2017 End of 3Q FY2018*for ReferenceNet Sales(100 million yen) 1,495 1,619 1,536 1,815 1,444

Interest-bearing debt(100 million yen)


Explanation Note


Explanation Note

-39-Note

Forward-looking statements contained in this explanatory material, including results forecasts, are based on information available at the time of disclosure and contain potential risks and uncertainties. Therefore, please note that actual results may materially differ from the forecasts written in this material because of various factors. Significant factors that could have an impact on actual results include, but are not limited to, economic conditions and social developments surrounding the Company, as well as changes in relative competitiveness due to trends in demand for the products and services provided by the Company.

-39-

explanatory material of group company for the third quarter of … · 2020. 11. 2. · for the...

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