TIDMMEL
RNS Number : 6671J
Mitsubishi Electric Corporation
28 April 2022
FOR IMMEDIATE RELEASE No. 3516
Investor Relations Inquiries Media Inquiries
Investor Relations Group, Corporate Public Relations Division
Finance Division
Mitsubishi Electric Corporation Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/
Mitsubishi Electric Announces Consolidated Financial Results for
Fiscal 2022
TOKYO, April 28, 2022 - Mitsubishi Electric Corporation (TOKYO:
6503) announced today its consolidated financial results for fiscal
2022 (April 1, 2021 - March 31, 2022).
Cons olidated Financial Results
billion (7% increase compared to the
Revenue: 4,476.7 yen previous fiscal year)
billion (9% increase compared to the
Operating profit: 252.0 yen previous fiscal year)
Profit before income billion (8% increase compared to the
taxes: 279.6 yen previous fiscal year)
Net profit attributable
to Mitsubishi Electric billion (5% increase compared to the
Corp. stockholders: 203.4 yen previous fiscal year)
The economy in fiscal 2022 generally continued to see recovery
in the corporate sector in the U.S., Europe and Japan. The
household sector continued to recover in the U.S. and Europe, while
in Japan there was the downward pressure stemming from the novel
coronavirus diseases (COVID-19), despite recovery owing to
normalization of economic activities. China continued to see
recovery in export and manufacturing, while the pace of recovery in
the household sector slowed down. There was also the impact of the
rise in material prices and logistics costs as well as a prolonged
components shortage.
In this environment, the Mitsubishi Electric Group has been
working even harder than before to uplift profitability by
strengthening its business portfolio strategy towards sustainable
growth, while continuously implementing initiatives to strengthen
its competitiveness and business structure.
Revenue
Revenue increased by 285.3 billion yen compared to the previous
fiscal year to 4,476.7 billion yen due primarily to increased
revenue in Industrial Automation Systems, Home Appliances and
Electronic Device segments, despite decreased revenue in Energy and
Electric Systems and Information and Communication Systems
segments. Industrial Automation Systems segment saw an increase in
the factory automation systems business due mainly to an increase
in demand for capital expenditures relating to digital equipment
and decarbonization worldwide. The automotive equipment business
also increased due to the expansion of the electric vehicle market.
Home Appliances segment increased due mainly to an increase in air
conditioners particularly in Europe and North America, despite a
decrease in air conditioners in Japan due primarily to a
semiconductor shortage. Electronic Devices segment increased due
primarily to recovery in demand for power modules .
Operating profit
Operating profit increased by 21.8 billion yen compared to the
previous fiscal year to 252.0 billion yen due mainly to increased
operating profit in Industrial Automation Systems and Electronic
Devices segments, despite decreased operating profit in Energy and
Electric Systems and Home Appliances segments. Operating profit
ratio improved by 0.1 points compared to the previous fiscal year
to 5.6% due mainly to increased revenue.
The cost ratio improved by 0.2 points compared to the previous
fiscal year due primarily to higher operating ratio owing to
increased revenue in Industrial Automation Systems segment and the
yen depreciating against other currencies, despite the rise in
material prices. Selling, general and administrative expenses
increased by 60.0 billion yen compared to the previous fiscal year,
but selling, general and administrative expenses to revenue ratio
improved by 0.2 points. Other profit (loss) decreased by 8.2
billion yen compared to the previous fiscal year due mainly to
decreased profit from sales of land, and other profit (loss) to
revenue ratio deteriorated by 0.3 points compared to the previous
fiscal year.
Profit before income taxes
Profit before income taxes increased by 20.9 billion yen
compared to the previous fiscal year to 279.6 billion yen due
primarily to an increase in operating profit. Profit before income
taxes to revenue ratio was 6.2%.
Net profit attributable to Mitsubishi Electric Corporation
stockholders
Net profit attributable to Mitsubishi Electric Corporation
stockholders increased by 10.3 billion yen compared to the previous
fiscal year to 203.4 billion yen due mainly to increased profit
before income taxes. Net profit attributable to Mitsubishi Electric
Corporation stockholders to revenue ratio was 4.5%.
ROE deteriorated by 0.4% compared to the previous fiscal year to
7.1%.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Revenue: 1,238.1 billion (3% decrease compared to the previous
yen fiscal year, which recorded 1,270.2
billion yen)
Operating profit: 62.1 billion (46.7 billion yen decrease compared
yen to the previous fiscal year, which
recorded 108.9 billion yen)
The market for the social infrastructure systems business saw
buoyant investment in the public utility business in Japan, while
demand relating to power systems decreased in Japan and there was
the reconsideration of the capital expenditure plans by railway
companies in Japan due to the impact of COVID-19. In this
environment, orders won by the business remained substantially
unchanged compared to the previous fiscal year due primarily to an
increase in the public utility systems business in Japan despite a
decrease in the power systems and the transportation systems
businesses in Japan. Revenue decreased compared to the previous
fiscal year due mainly to decreases in the power systems and the
transportation systems businesses in Japan.
The market for the building systems business saw recovery from
stagnation stemming from COVID-19 primarily in China, while
recovery is delayed in some parts of Asia. In this environment, the
business saw increases in both orders and revenue compared to the
previous fiscal year due mainly to an increase primarily in
China.
As a result, revenue for this segment decreased by 3% compared
to the previous fiscal year to 1,238.1 billion yen.
Operating profit decreased by 46.7 billion yen compared to the
previous fiscal year to 62.1 billion yen due mainly to decreased
revenue and a shift in project portfolios .
Industrial Automation Systems
Revenue: 1,460.3 billion (17% increase compared to the previous
yen fiscal year, which recorded 1,248.5
billion yen)
Operating profit: 96.8 billion (56.2 billion yen increase compared
yen to the previous fiscal year, which
recorded 40.5 billion yen)
The market for the factory automation systems business saw a
global increase in demand for capital expenditures relating to
digital equipment such as semiconductors, electronic components and
smartphones, and products in the decarbonization area such as
lithium-ion batteries. In this environment, the business saw
increases in both orders and revenue compared to the previous
fiscal year.
The market for the automotive equipment business saw an increase
in electric vehicle-related equipment due to the expansion of
electric vehicle market, while sales of new cars decreased in
Japan, China Europe and the U.S. due primarily to a semiconductor
shortage compared to the previous fiscal year. In this environment,
the business saw increases in both orders and revenue compared to
the previous fiscal year due mainly to increases in electric
vehicle-related equipment such as motors and inverters, as well as
electrical components.
As a result, revenue for this segment increased by 17% compared
to the previous fiscal year to 1,460.3 billion yen.
Operating profit for this segment increased by 56.2 billion yen
compared to the previous fiscal year to 96.8 billion yen, as
operating profit for the factory automation systems business
increased due mainly to increased revenue and the yen depreciating
against other currencies, while operating profit for the automotive
equipment business decreased due primarily to the rise in material
prices and logistics costs.
Information and Communication Systems
Revenue: 354.1 billion (7% decrease compared to the previous
yen fiscal year, which recorded 380.1
billion yen)
Operating profit: 14.7 billion (1.7 billion yen decrease compared
yen to the previous fiscal year, which
recorded 16.4 billion yen)
The market for the information systems and service business saw
a decrease in large-scale projects for the IT infrastructure
service business, while delayed system development projects
restarted, particularly in the manufacturing industry. In this
environment, the business saw an increase in orders but a decrease
in revenue compared to the previous fiscal year.
The electronic systems business saw an increase in orders
compared to the previous fiscal year due primarily to an increase
in large-scale projects for the defense systems business, while
revenue decreased compared to the previous fiscal year due mainly
to a decrease in large-scale projects for the defense systems
business.
As a result, revenue for this segment decreased by 7% compared
to the previous fiscal year to 354.1 billion yen.
Operating profit decreased by 1.7 billion yen compared to the
previous fiscal year to 14.7 billion yen due mainly to decreased
revenue.
Electronic Devices
Revenue: 241.4 billion (18% increase compared to the previous
yen fiscal year, which recorded 205.2
billion yen)
Operating profit: 16.8 billion (10.5 billion yen increase compared
yen to the previous fiscal year, which
recorded 6.2 billion yen)
The market for the electronic devices business saw recovery in
demand for power modules used in consumer, industrial and
automotive applications. In this environment, the business saw an
increase in orders compared to the previous fiscal year and revenue
also increased by 18% compared to the previous fiscal year to 241.4
billion yen due primarily to an increase in power modules used in
consumer, industrial and automotive applications.
Operating profit increased by 10.5 billion yen compared to the
previous fiscal year to 16.8 billion yen due mainly to increased
revenue.
Home Appliances
Revenue: 1,144.7 billion (10% increase compared to the previous
yen fiscal year, which recorded 1,038.3
billion yen)
Operating profit: 70.9 billion (4.8 billion yen decrease compared
yen to the previous fiscal year, which
recorded 75.7 billion yen)
The market for the home appliances business saw an increase in
demand for residential air conditioners primarily in Europe and
North America as working from home becomes common, despite the
impact of a semiconductor shortage. Demand for industrial air
conditioners also recovered gradually as capital expenditures
started to recover from the impact of COVID-19. In this
environment, the business saw an increase in revenue by 10%
compared to the previous fiscal year to 1,144.7 billion yen due
mainly to an increase in air conditioners primarily in Europe and
North America as well as the yen depreciating against other
currencies, despite a decrease in air conditioners in Japan due
primarily to a semiconductor shortage.
Operating profit decreased by 4.8 billion yen compared to the
previous fiscal year to 70.9 billion yen due mainly to the rise in
material prices and logistics costs despite increased revenue and
the yen depreciating against other currencies.
Others
Revenue: 676.2 billion (12% increase compared to the previous
yen fiscal year, which recorded 603.0
billion yen)
Operating profit: 21.9 billion (8.3 billion yen increase compared
yen to the previous fiscal year, which
recorded 13.6 billion yen)
Revenue increased by 12% compared to the previous fiscal year to
676.2 billion yen due primarily to increases in materials
procurement and logistics.
Operating profit increased by 8.3 billion yen compared to the
previous fiscal year to 21.9 billion yen due mainly to increased
revenue.
Fundamental Dividend Distribution Policy and Fiscal 2022
Dividend
Fundamental dividend distribution policy
Mitsubishi Electric's fundamental policy is to comprehensively
promote improvement in shareholders' profits from the viewpoints of
appropriate profit distribution commensurate with earnings
performance of the respective fiscal year, as well as strengthening
our financial standing through Mitsubishi Electric's internal
reserves, with the ultimate goal of enhancing corporate value.
Fiscal 2022 dividend
Considering the business performance and financial conditions in
fiscal 2022, Mitsubishi Electric has decided to pay a year-end
retained earnings dividend of 26 yen per share for fiscal 2022.
Upon adding the interim dividend of 14 yen per share, the total
annual dividend will be 40 yen per share. Payment is planned to
begin on June 2, 2022.
The retained earnings dividend for fiscal 2023 is still
undecided.
cf. In fiscal 2021, the interim dividend was 10 yen and the
year-end dividend was 26 yen per share. (For an annual dividend of
36 yen per share)
Financial Standing
An analysis on the status of assets, liabilities and equity on a
consolidated basis
Total assets as of the end of fiscal 2022 increased compared to
the end of the previous fiscal year by 310.0 billion yen to 5,107.9
billion yen. The change in balance of total assets was mainly
attributable to increases in inventories by 215.8 billion yen and
other non-current assets by 85.1 billion yen.
Inventories increased due primarily to recovery in demand for
Industrial Automation Systems and Home Appliances segments as well
as the impact of semiconductor and electronic components shortages.
Other non-current assets increased due mainly to an increase in net
defined benefit assets mainly reflecting a rise in stock
prices.
Total liabilities increased compared to the end of the previous
fiscal year by 83.2 billion yen to 2,010.5 billion yen due
primarily to increases in trade payables by 59.8 billion yen and
other current liabilities by 60.9 billion yen. Bonds and borrowings
decreased compared to the end of the previous fiscal year by 31.7
billion yen to 217.1 billion yen, with the ratio of bonds and
borrowings to total assets recording 4.3%, representing a 0.9 point
decrease compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity increased
by 221.6 billion yen compared to the end of the previous fiscal
year to 2,975.9 billion yen. The stockholders' equity ratio was
recorded at 58.3%, representing a 0.9 point increase compared to
the end of the previous fiscal year. These changes mainly result
from increases due to recording a net profit attributable to
Mitsubishi Electric Corporation stockholders of 203.4 billion yen
and accumulated other comprehensive income by 72.7 billion yen
mainly reflecting the yen depreciating against other currencies,
despite a decrease due to a dividend payment of 85.7 billion
yen.
An analysis on the status of cash flow on a consolidated
basis
Cash flows from operating activities for fiscal 2022 were 282.3
billion yen (cash in), while cash flows from investing activities
were 114.8 billion yen (cash out). As a result, free cash flow was
167.5 billion yen (cash in). Cash flows from financing activities
were 241.3 billion yen (cash out), and cash and cash equivalents at
end of period decreased compared to the end of the previous fiscal
year by 40.2 billion yen to 727.1 billion yen.
Net cash provided by operating activities decreased by 259.7
billion yen compared to the previous fiscal year due primarily to
an increase in inventories despite increased profit.
Net cash used in investing activities decreased by 61.6 billion
yen compared to the previous fiscal year due mainly to an increase
in proceeds from sale of investment securities and a decrease in
purchase of property, plant and equipment in fiscal 2022 as a
result of restricted capital expenditures in the previous fiscal
year.
Net cash used in financing activities increased by 83.9 billion
yen compared to the previous fiscal year due primarily to an
increase in the purchase of treasury stock and a decrease in
proceeds of short-term borrowings.
Forecast for Fiscal 2023
The global economy in fiscal 2023 is expected to continue
recovering but growth is anticipated to slow down due to the
expansion of COVID-19 variants and supply constraints causing
rising inflation in various countries and regions, as well as a
slowdown in the U.S. and China. There is also an increase in
uncertainty about recent geopolitical risks and the rise in
material prices, which might exert more downward pressure on the
global economy.
Under these circumstances, the Mitsubishi Electric Group aims to
raise profitability by strengthening its business portfolio
strategy and promoting global operations particularly of its Key
Growth Businesses, while creating new business and expanding
solution business by exploring open innovations to respond to the
changing social structure and customer values. The Group also aims
to build a stable revenue base that tolerates change in order to
minimize the impact of the rise in material prices and logistics
costs as well as components shortages.
Based on a certain premise , Mitsubishi Electric has taken into
consideration the impact of improper testing, including costs for
additional inspections and strengthening the quality control
system. Depending on the progress of future discussions with
customers and investigations, the Group may incur losses exceeding
this premise or relating to the discovery of any other improper
quality-related conduct. If any potential impact comes to light, it
will be disclosed promptly. For more information regarding improper
testing, please see "Relevant documents" of "Restoring trust: Our
roadmap for reform."
https://reform.MitsubishiElectric.com/relevant-documents/
The current financial performance forecast for fiscal 2023
follows below.
Current consolidated forecast for fiscal 2023
Revenue: billion (7% increase compared to
4,770.0 yen fiscal 2022)
Operating profit: billion (7 % increase compared
270.0 yen to fiscal 2022)
Profit before income billion (5% increase compared to
taxes: 295.0 yen fiscal 2022)
Net profit attributable
to Mitsubishi Electric billion (6% increase compared to
Corp. stockholders: 215.0 yen fiscal 2022)
Exchange rates for this forecast are 115 yen to the U.S. dollar,
125 yen to the euro and 18 yen to the Chinese yuan.
Note : The results forecast above is based on assumptions deemed
reasonable by Mitsubishi Electric at the present time, and actual
results may differ significantly from forecasts. Please refer to
the cautionary statement at the end.
Policy Regarding Financial Reporting Standards
Mitsubishi Electric has voluntarily adopted International
Financial Reporting Standards (IFRS) for its consolidated financial
statements from the first quarter of the fiscal year ended March
31, 2019, in order to enhance international comparability of its
financial information in the capital markets.
Consolidated Financial Results Summary
(In billions of yen except where noted)
FY '21 (A) FY '22 (B) B - A B/A (%)
(Apr. 1, 2020 (Apr. 1, 2021
- -
Mar. 31, 2021) Mar. 31, 2022)
---------------- ---------------- ----------- --------
Revenue 4,191.4 4,476.7 285.3 107
---------------- ---------------- ----------- --------
Operating profit 230.1 252.0 21.8 109
---------------- ---------------- ----------- --------
Profit before income
taxes 258.7 279.6 20.9 108
---------------- ---------------- ----------- --------
Net profit attributable
to
Mitsubishi Electric
Corp.
stockholders 193.1 203.4 10.3 105
---------------- ----------------
Basic earnings per share
attributable to Mitsubishi
Electric Corp. stockholders 90.(03) yen 95.(41) yen 5.(38) yen 106
============================== ================ ================ =========== ========
Dividend per share
Annual dividend 36 yen 40 yen 4 yen 111
Interim dividend 10 yen 14 yen
Year-end dividend 26 yen 26 yen
---------------- ---------------- ----------- --------
Notes :
1) Consolidated financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS).
2) The company has 203 consolidated subsidiaries.
Consolidated Financial Statements
Consolidated Statement of Profit or Loss and Consolidated
Statement of Comprehensive Income (Fiscal 2022)
(Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '21 FY '22
(Apr. 1, 2020 (Apr. 1, 2021
- -
Mar. 31, 2021) Mar. 31, 2022)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Revenue 4,191,433 100.0 4,476,758 100.0 285,325 107
Cost of sales 3,017,059 72.0 3,212,216 71.8 195,157 106
Selling, general and
administrative expenses 953,602 22.8 1,013,674 22.6 60,072 106
Other profit (loss) 9,423 0.3 1,183 0.0 (8,240) 13
Operating profit 230,195 5.5 252,051 5.6 21,856 109
Financial income 12,136 0.3 11,910 0.3 (226) 98
Financial expenses 2,828 0.1 2,702 0.1 (126) 96
Share of profit of investments
accounted for using the
equity method 19,251 0.5 18,434 0.4 (817) 96
---------------------------------- ---------- ------- ---------- ------- -------- -----
Profit before income
taxes 258,754 6.2 279,693 6.2 20,939 108
Income taxes 57,071 1.4 61,808 1.3 4,737 108
---------- ------- ---------- ------- -------- -----
Net profit 201,683 4.8 217,885 4.9 16,202 108
---------- ------- ---------- ------- -------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 193,132 4.6 203,482 4.5 10,350 105
Non-controlling interests 8,551 0.2 14,403 0.4 5,852 168
---------- ------- ---------- ------- -------- -----
(Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '21 (A) FY '22 (B) B - A
(Apr. 1, 2020 (Apr. 1, 2021
- -
Mar. 31, 2021) Mar. 31, 2022)
---------------- ----------------
Net profit 201,683 217,885 16,202
---------------- ---------------- ---------
(Other comprehensive income
(loss),
net of tax)
Items that will not be reclassified
to
net profit
Changes in fair value of financial
assets measured at fair value
through other comprehensive
income 64,457 6,762 (57,695)
------------------------------------------ ---------------- ---------------- ---------
Remeasurements of defined
benefit plans 84,501 64,720 (19,781)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 2,159 342 (1,817)
---------------- ---------------- ---------
Subtotal 151,117 71,824 (79,293)
---------------- ---------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations 61,880 80,060 18,180
------------------------------------------ ---------------- ---------------- ---------
Net changes in the fair value
of cash flow hedges 92 (2) (94)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 1,182 9,118 7,936
---------------- ---------------- ---------
Subtotal 63,154 89,176 26,022
---------------- ---------------- ---------
Total other comprehensive
income (loss) 214,271 161,000 (53,271)
---------------- ---------------- ---------
Comprehensive income 415,954 378,885 (37,069)
---------------- ---------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 401,559 356,926 (44,633)
Non-controlling interests 14,395 21,959 7,564
---------------- ---------------- ---------
Consolidated Statement of Financial Position
(In millions of yen)
FY '21 (A) FY '22 (B) B - A
(ended Mar. (ended Mar.
31, 2021) 31, 2022)
------------- -------------
(Assets)
Current assets 2,846,972 3,090,296 243,324
Cash and cash equivalents 767,406 727,179 (40,227)
Trade receivables 906,831 944,405 37,574
Contract assets 274,231 287,697 13,466
Inventories 743,782 959,660 215,878
Other current assets 154,722 171,355 16,633
Non-current assets 1,950,949 2,017,677 66,728
Investments accounted for using
the equity method 205,464 221,467 16,003
Other financial assets 353,624 321,056 (32,568)
Property, plant and equipment 857,645 855,746 (1,899)
Other non-current assets 534,216 619,408 85,192
------------- ------------- ---------
Total assets 4,797,921 5,107,973 310,052
============================================ ============= ============= =========
(Liabilities)
Current liabilities 1,505,381 1,646,722 141,341
Bonds, borrowings and lease liabilities 152,657 173,213 20,556
Trade payables 541,774 601,606 59,832
Other current liabilities 810,950 871,903 60,953
Non-current liabilities 421,929 363,854 (58,075)
Bonds, borrowings and lease liabilities 212,774 156,248 (56,526)
Net defined benefit liabilities 161,388 162,353 965
Other non-current liabilities 47,767 45,253 (2,514)
------------- ------------- ---------
Total liabilities 1,927,310 2,010,576 83,266
------------- ------------- ---------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,754,293 2,975,941 221,648
Common stock 175,820 175,820
Capital surplus 202,777 202,695 (82)
Retained earnings 2,266,490 2,464,966 198,476
Accumulated other comprehensive
income (loss) 111,801 184,528 72,727
Treasury stock, at cost (2,595) (52,068) (49,473)
Non-controlling interests 116,318 121,456 5,138
------------- ------------- ---------
Total equity 2,870,611 3,097,397 226,786
------------- ------------- ---------
Total liabilities and equity 4,797,921 5,107,973 310,052
============================================ ============= ============= =========
Bonds, borrowings and lease liabilities 365,431 329,461 (35,970)
Excluding lease liabilities 248,897 217,171 (31,726)
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations 17,866 99,293 81,427
Financial assets measured at fair
value through other comprehensive
income 93,893 85,204 (8,689)
Net changes in the fair value of
cash flow hedges 42 31 (11)
Consolidated Statement of Changes in Equity
FY '21 (Apr. 1, 2020 - Mar. 31, 2021)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total
equity interests equity
Common Capital Retained Accumulated Treasury Total
stock surplus earnings other stock,
comprehensive at cost
income
(loss)
----------
Balance at
beginning
of period 175,820 202,832 2,071,817 (17,802) (2,924) 2,429,743 109,116 2,538,859
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 193,132 193,132 8,551 201,683
Other
comprehensive
income (loss),
net of tax 208,427 208,427 5,844 214,271
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 193,132 208,427 401,559 14,395 415,954
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings 78,824 (78,824)
Dividends (77,283) (77,283) (7,107) (84,390)
Purchase of
treasury
stock (367) (367) (367)
Disposal of
treasury
stock (696) 696 0 0
Transactions with
non-controlling
interests and
others 641 641 (86) 555
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,777 2,266,490 111,801 (2,595) 2,754,293 116,318 2,870,611
================== ======== ======== ========== ============== ========= ========== ================ ==========
FY '22 (Apr. 1, 2021 - Mar. 31, 2022)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total
equity interests equity
Common Capital Retained Accumulated Treasury Total
stock surplus earnings other stock,
comprehensive at cost
income
(loss)
----------
Balance at
beginning
of period 175,820 202,777 2,266,490 111,801 (2,595) 2,754,293 116,318 2,870,611
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 203,482 203,482 14,403 217,885
Other
comprehensive
income (loss),
net of tax 153,444 153,444 7,556 161,000
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 203,482 153,444 356,926 21,959 378,885
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings 80,717 (80,717)
Dividends (85,723) (85,723) (13,673) (99,396)
Purchase of
treasury
stock (50,526) (50,526) (50,526)
Disposal of
treasury
stock (1,053) 1,053 0 0
Transactions with
non-controlling
interests and
others 971 971 (3,148) (2,177)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,695 2,464,966 184,528 (52,068) 2,975,941 121,456 3,097,397
================== ======== ======== ========== ============== ========= ========== ================ ==========
Consolidated Statement of Cash Flows
(In millions of yen)
FY '21 FY '22 B - A
(Apr. 1, (Apr. 1,
2020- Mar. 2021-Mar.
31, 2021) 31, 2022)
(A) (B)
------------- ------------
I Cash flows from operating activities
1 Net profit 201,683 217,885 16,202
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 221,146 210,893 (10,253)
(2) Decrease (increase) in trade
receivables 13,005 (7,319) (20,324)
(3) Decrease (increase) in contract
assets 70,164 (12,145) (82,309)
(4) Decrease (increase) in inventories (28,115) (183,436) (155,321)
(5) Increase in trade payables 6,938 50,011 43,073
(6) Others, net 57,298 6,482 (50,816)
---- --------------------------------------- ------------- ------------ ----------
Cash flows from operating activities 542,119 282,371 (259,748)
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (168,920) (134,337) 34,583
Proceeds from sale of property,
2 plant and equipment 14,226 3,122 (11,104)
Purchase of investment securities
3 and others (net of cash acquired) (15,903) (13,558) 2,345
Proceeds from sale of investment
securities and others (net of
4 cash disposed) 13,445 53,227 39,782
5 Others, net (19,400) (23,321) (3,921)
---- --------------------------------------- ------------- ------------ ----------
Cash flows from investing activities (176,552) (114,867) 61,685
I +
II Free cash flow 365,567 167,504 (198,063)
III Cash flows from financing activities
Proceeds and repayments of bonds
1 and long-term borrowings (37,389) (34,689) 2,700
Increase in short-term borrowings,
2 net 20,225 1,677 (18,548)
3 Repayments of lease liabilities (54,992) (55,896) (904)
4 Dividends paid (77,283) (85,723) (8,440)
5 Purchase of treasury stock (367) (50,526) (50,159)
6 Disposal of treasury stock 0 0 0
7 Others, net (7,546) (16,162) (8,616)
---- --------------------------------------- ------------- ------------ ----------
Cash flows from financing activities (157,352) (241,319) (83,967)
Effect of exchange rate changes
IV on cash and cash equivalents 21,632 33,588 11,956
---- --------------------------------------- ------------- ------------ ----------
Net increase (decrease) in cash
V and cash equivalents 229,847 (40,227) (270,074)
---- --------------------------------------- ------------- ------------ ----------
Cash and cash equivalents at beginning
VI of period 537,559 767,406 229,847
---- --------------------------------------- ------------- ------------ ----------
Cash and cash equivalents at end
VII of period 767,406 727,179 (40,227)
---- --------------------------------------- ------------- ------------ ----------
Consolidated Segment Information (Fiscal 2022)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '21 FY '22 C - A D - B C/A
(Apr. 1, 2020 (Apr. 1, 2021 (%)
- -
Mar. 31, 2021) Mar. 31, 2022)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (D)
---------- ---------- ----------
Energy and Electric
Systems 1,270,287 108,944 1,238,111 62,170 (32,176) (46,774) 97
---------- ---------- ---------- ---------- --------- --------- -----
Industrial Automation
Systems 1,248,566 40,582 1,460,368 96,839 211,802 56,257 117
---------- ---------- ---------- ---------- --------- --------- -----
Information and
Communication Systems 380,159 16,437 354,128 14,727 (26,031) (1,710) 93
---------- ---------- ---------- ---------- --------- --------- -----
Electronic Devices 205,260 6,292 241,405 16,814 36,145 10,522 118
---------- ---------- ---------- ---------- --------- --------- -----
Home Appliances 1,038,310 75,760 1,144,788 70,960 106,478 (4,800) 110
---------- ---------- ---------- ---------- --------- --------- -----
Others 603,089 13,628 676,257 21,993 73,168 8,365 112
---------- ---------- ---------- ---------- --------- --------- -----
Subtotal 4,745,671 261,643 5,115,057 283,503 369,386 21,860 108
---------- ---------- ---------- ---------- --------- --------- -----
Eliminations and
corporate (554,238) (31,448) (638,299) (31,452) (84,061) (4)
---------- ---------- ---------- ---------- --------- --------- -----
Consolidated Total 4,191,433 230,195 4,476,758 252,051 285,325 21,856 107
---------- ---------- ---------- ---------- --------- --------- -----
*Notes: 1) Inter-segment revenue are included in the above
chart.
2) Gain on sales of land within other profit (loss) presented in
the 'Consolidated Statement of Profit or Loss' is allocated to each
segment.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '21 FY '22 B - A B/A (%)
(Apr. 1, 2020 (Apr. 1, 2021
- -
Mar. 31, 2021) Mar. 31, 2022)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 2,430,839 58.0 2,332,402 52.1 (98,437) 96
------------------------- ---------- ----------- ---------- ----------- --------- --------
North America 379,253 9.1 461,931 10.3 82,678 122
---------- ----------- ---------- ----------- --------- --------
China 481,882 11.5 588,864 13.2 106,982 122
---------- ----------- ---------- ----------- --------- --------
Other than
China 444,658 10.6 526,087 11.7 81,429 118
----------------------- ---------- ----------- ---------- ----------- --------- --------
Asia (excluding
Japan) 926,540 22.1 1,114,951 24.9 188,411 120
------------------------ ---------- ----------- ---------- ----------- --------- --------
Europe 391,618 9.3 495,308 11.1 103,690 126
------------------------ ---------- ----------- ---------- ----------- --------- --------
Others 63,183 1.5 72,166 1.6 8,983 114
------------------------ ---------- ----------- ---------- ----------- --------- --------
Total overseas
revenue 1,760,594 42.0 2,144,356 47.9 383,762 122
------------------------- ---------- ----------- ---------- ----------- --------- --------
Consolidated total 4,191,433 100.0 4,476,758 100.0 285,325 107
---------- ----------- ---------- ----------- --------- --------
Notes to the Consolidated Financial Statements
(Matters regarding the scope of consolidation and application of
the equity method: changes against the previous fiscal year
end)
Number of subsidiaries: 203 (Added: 3; Excluded: 5)
Number of equity method associates: 39 (Added: 1; Excluded:
0)
(Per share information)
FY '21 FY '22
(Apr. 1, 2020 - (Apr. 1, 2021 -
Mar. 31, 2021) Mar. 31, 2022)
Net profit attributable
to Mitsubishi Electric Corp. 193,132 million 203,482 million
stockholders yen yen
--------------------- ---------------------
Effect of potential ordinary
shares
--------------------- ---------------------
Diluted Net profit attributable
to Mitsubishi Electric Corp. 193,132 million 203,482 million
stockholders yen yen
-------------------------------- --------------------- ---------------------
Average ordinary shares
outstanding 2,145,244,653 shares 2,132,753,929 shares
--------------------- ---------------------
Cause of dilution
Stock options
--------------------- ---------------------
Adjusted ordinary shares
outstanding 2,145,244,653 shares 2,132,753,929 shares
-------------------------------- --------------------- ---------------------
Mitsubishi Electric Corp.
stockholders' equity per
share 1,283.(88) yen 1,409.(08) yen
--------------------- ---------------------
Basic earnings per share
attributable to Mitsubishi
Electric Corp. stockholders 90.(03) yen 95.(41) yen
--------------------- ---------------------
Diluted earnings per share
attributable to Mitsubishi
Electric Corp. stockholders 90.(03) yen 95.(41) yen
--------------------- ---------------------
(Notes regarding the going concern assumption)
Not applicable
(Significant subsequent events)
Not applicable
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss and
Condensed Quarterly Consolidated Statement of Comprehensive Income
(Fourth Quarter, Fiscal 2022)
(Condensed Quarterly Consolidated Statement of Profit or
Loss)
(In millions of yen)
FY '21 FY '22
(Jan. 1, 2021 (Jan. 1, 2022
- -
Mar. 31, 2021) Mar. 31, 2022)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Revenue 1,250,822 100.0 1,295,495 100.0 44,673 104
Cost of sales 893,289 71.4 948,771 73.2 55,482 106
Selling, general and
administrative expenses 272,789 21.8 282,520 21.8 9,731 104
Other profit (loss) 7,743 0.6 (2,342) (0.2) (10,085)
Operating profit 92,487 7.4 61,862 4.8 (30,625) 67
Financial income 4,250 0.3 5,140 0.4 890 121
Financial expenses 764 0.1 773 0.1 9 101
Share of profit of investments
accounted for using the
equity method 4,428 0.4 6,232 0.5 1,804 141
---------------------------------- ---------- ------- ---------- ------- --------- -----
Profit before income
taxes 100,401 8.0 72,461 5.6 (27,940) 72
Income taxes 12,573 1.0 14,163 1.1 1,590 113
---------- ------- ---------- ------- --------- -----
Net profit 87,828 7.0 58,298 4.5 (29,530) 66
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 85,351 6.8 55,017 4.2 (30,334) 64
Non-controlling interests 2,477 0.2 3,281 0.3 804 132
---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive
Income)
(In millions of yen)
FY '21 (A) FY '22 (B) B - A
(Jan. 1, 2021 (Jan. 1, 2022
- -
Mar. 31, 2021) Mar. 31, 2022)
---------------- ----------------
Net profit 87,828 58,298 (29,530)
---------------- ---------------- ---------
(Other comprehensive income
(loss),
net of tax)
Items that will not be reclassified
to
net profit
Changes in fair value of financial
assets measured at fair value
through other comprehensive
income 12,175 (383) (12,558)
------------------------------------------ ---------------- ---------------- ---------
Remeasurements of defined
benefit plans 84,501 64,720 (19,781)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 1,457 122 (1,335)
---------------- ---------------- ---------
Subtotal 98,133 64,459 (33,674)
---------------- ---------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations 40,365 62,303 21,938
------------------------------------------ ---------------- ---------------- ---------
Net changes in the fair value
of cash flow hedges (29) 22 51
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 1,702 5,097 3,395
---------------- ---------------- ---------
Subtotal 42,038 67,422 25,384
---------------- ---------------- ---------
Total other comprehensive
income (loss) 140,171 131,881 (8,290)
---------------- ---------------- ---------
Comprehensive income 227,999 190,179 (37,820)
---------------- ---------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 221,032 181,771 (39,261)
Non-controlling interests 6,967 8,408 1,441
---------------- ---------------- ---------
Cautionary Statement
While the statements herein including the forecast of the
Mitsubishi Electric Group are based on assumptions the Group
considers to be reasonable under the circumstances on the date of
announcement, actual results may differ significantly from
forecasts.
Such factors materially affecting the expectations expressed
herein shall include but are not limited to the following:
(1) Any change in worldwide economic and social conditions, as
well as laws, regulations, taxation and other legislation
(2) Changes in foreign currency exchange rates, especially
JPY/U.S. dollar rates
(3) Changes in stock markets, especially in Japan
(4) Changes in balance of supply and demand of products that may
affect prices and volume, as well as material procurement
conditions
(5) Changes in the ability to fund raising, especially in
Japan
(6) Uncertainties relating to patents, licenses and other
intellectual property, including disputes involving patent
infringement
(7) New environmental regulations or the arising of
environmental issues
(8) Defects in products or services
(9) Litigation and legal proceedings brought and contemplated
against the Company or its subsidiaries and affiliates that may
adversely affect operations or finances
(10) Technological change, the development of products using new
technology, manufacturing and time-to-market
(11) Business restructuring
(12) Incidents related to information security
(13) Large-scale disasters including earthquakes, typhoons, tsunami, fires and others
(14) Social or political upheaval caused by terrorism, war, pandemics, or other factors
(15) Important matters related to the directors and executive
officers, major shareholders and affiliated companies of Mitsubishi
Electric Corporation
###
About Mitsubishi Electric Corporation
With more than 100 years of experience in providing reliable,
high-quality products, Mitsubishi Electric Corporation (TOKYO:
6503) is a recognized world leader in the manufacture, marketing
and sales of electrical and electronic equipment used in
information processing and communications, space development and
satellite communications, consumer electronics, industrial
technology, energy, transportation and building equipment.
Mitsubishi Electric enriches society with technology in the spirit
of its "Changes for the Better." The company recorded a revenue of
4,476.7 billion yen (U.S.$ 36.7 billion*) in the fiscal year ended
March 31, 2022. For more information, please visit
www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of
122=U.S.$1, the approximate rate on the Tokyo Foreign Exchange
Market on March 31, 2022
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FR IPMITMTATMTT
(END) Dow Jones Newswires
April 28, 2022 02:00 ET (06:00 GMT)
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