Doosan Bobcat

□ Doosan Bobcat announced on April 27 sales and revenue of $1.099 billion and operating profit of $154 million in the first quarter of 2021, which was the largest quarterly earnings in the last ten years.

□ Sales increased by 23.3% YoY due to increased demand and the economic recovery compared to the 1st quarter of last year. The operating profit increased by 111% due to increased sales, an improved product mix, reduced promotional costs, and the margin reached to the 14%. In addition, net profit increased by 268.8% YoY to $104 million.

□ Doosan Bobcat showed an even regional growth this quarter. In North America, sales of its main products (compact loaders and mini excavators) and agricultural/landscaping equipment (GME) increased due to the rise in demand stimulated by reflationary policy and low interest rates, boosting sales by 26% YoY.

□ In the EMEA region (Europe, Middle East, and Africa), despite the delayed market recovery, sales increased by 9.4% YoY due to the robust sales of mini-excavators. The market share of mini excavators in the first quarter increased by 0.7% to 9.3% compared to the end of last year, maintaining the steady growth trend recorded since 2017.

□ Sales in emerging markets (Asia/Latin America/Oceania) increased by 42.5% YoY as demand is increasing - mainly in Oceania and China.

□ Since 2019, Doosan Bobcat has focused on expanding its product line-ups by releasing new products such as compact tractors, zero-turn mowers, and small articulated loaders. Since then, the new product lines has successfully settled in the market, along with the rising demand for the new products amid pandemic.

□ “With the increasing demand for construction equipment in the U.S. market, the demand for agricultural and landscaping equipment looks likely to remain strong, so our business performance is expected to continue improving in the remaining quarters. Once the recently announced acquisition of the Doosan Forklift division is completed, its external growth should accelerate.” said a Doosan Bobcat executive.

□ In the first quarter, Doosan Bobcat posted sales revenues of KRW 1,224.8 billion (+15.1% YoY) and an operating profit of KRW 171,380 billion (+97.3% YoY).
* Exchange rate comparison 1st Q of 2020: KRW 1,193.60, 1st Q of 2021: KRW 1,114.05