REG - Mitsubishi Elect. - Final Results
FOR IMMEDIATE RELEASE
No. 3408
Investor Relations Inquiries
Media Inquiries
Investor Relations Group, Corporate Finance Division
Public Relations Division
Mitsubishi Electric Corporation
Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/
Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2021
TOKYO, April 28, 2021 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for fiscal 2021 (April 1, 2020- March 31, 2021).
Consolidated Financial Results
Revenue:
4,191.4
billion yen
(6% decrease from the previous fiscal year)
Operating profit:
230.1
billion yen
(11% decrease from the previous fiscal year)
Profit before income taxes:
258.7
billion yen
(8% decrease from the previous fiscal year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:
193.1
billion yen
(13% decrease from the previous fiscal year)
The economy in fiscal 2021 continued to see recovery in China mainly owing to an increase in capital expenditures for fixed assets, particularly in public investment, as an effect of political measures. Japan, the U.S. and Europe experienced a significant economic slowdown due to the serious impact of the novel coronavirus diseases (COVID-19) in the first quarter, but saw recovery in the corporate sector in general, while the paces of recovery in the household sector varied depending on the situation of the expansion of COVID-19.
Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies rooted in its advantages, while continuously implementing initiatives to strengthen its competitiveness and business structure.
Revenue
Revenue increased for the second half of fiscal 2021 but decreased in the annual results by 271.0 billion yen from the previous fiscal year to 4,191.4 billion yen as revenue decreased in all segments due to the serious impact of COVID-19 primarily in the first half. Industrial Automation Systems segment saw a decrease in the automotive equipment business due to decreased demand for new cars in all regions except for China. The factory automation systems business remained substantially unchanged from the previous fiscal year due to an increase in demand relating to 5G and semiconductor despite stagnation in automotive-related demand worldwide and machinery- and building-related demand in Japan. Home Appliances segment saw a decrease in a part of air conditioners due to limited economic activities outside Japan and restrained capital expenditures worldwide. Meanwhile, there was some demand for residential air conditioners during stay-at-home period.
Operating Profit
Operating profit increased for the second half but decreased in the annual results by 29.4 billion yen from the previous fiscal year to 230.1 billion yen as operating profit decreased in all segments except for Energy and Electric Systems segment. Operating profit ratio decreased by 0.3% from the previous fiscal year to 5.5% due primarily to decreased revenue.
The cost ratio increased by 0.3% from the previous fiscal year due primarily to lowered operation caused by decreased revenue of Industrial Automation Systems segment despite an improvement in Energy and Electric Systems segment due to a shift in project portfolios. Selling, general and administrative expenses decreased by 63.4 billion yen from the previous fiscal year due mainly to reduced cost, while selling, general and administrative expenses to revenue ratio remained substantially unchanged from the previous fiscal year. Other profit (loss) decreased by 4.9 billion yen from the previous fiscal year due primarily to increased loss on impairment of fixed assets, while other profit (loss) to revenue ratio remained substantially unchanged from the previous fiscal year.
Profit before income taxes
Profit before income taxes decreased by 23.2 billion yen from the previous fiscal year to 258.7 billion yen due mainly to a decrease in operating profit despite an improvement in non-operating expenses owing to improved gain/loss on foreign exchange. 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 decreased by 28.7 billion yen from the previous fiscal year to 193.1 billion yen due primarily to decreased profit before income taxes and the impact of reduced income taxes as a result of the reorganization of its affiliated company outside Japan in the previous fiscal year. Net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 4.6%.
ROE decreased by 1.7% from the previous fiscal year to 7.5%.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Revenue:
1,270.2
billion yen
(3% decrease from the previous fiscal year which recorded 1,307.3 billion yen)
Operating profit:
108.9
billion yen
(26.6 billion yen increase from the previous fiscal year which recorded 82.3 billion yen)
The market of the social infrastructure systems business saw a decrease in demand relating to power generation worldwide and the reconsideration of the capital expenditure plans by railway companies in Japan due to the impact of COVID-19, while investment in public utilities for preventing and reducing disaster risks and demand relating to the electricity systems reform remained buoyant in Japan. In this environment, the business saw a decrease in orders from the previous fiscal year due primarily to decreases in the transportation systems and the power systems businesses in Japan, while revenue increased from the previous fiscal year due mainly to progress in orders already received for projects in the power systems business and an increase in the public utility systems business in Japan.
The market of the building systems business saw decreased demand in new installations and renewals of elevators and escalators worldwide due to delay in construction and the reconsideration of the capital expenditure plans that happened in stagnation caused by the impact of COVID-19. In this environment, the business saw decreases in both orders and revenue from the previous fiscal year due primarily to decreases in Asia and Japan.
As a result, revenue for this segment decreased by 3% from the previous fiscal year to 1,270.2 billion yen.
Operating profit increased by 26.6 billion yen from the previous fiscal year to 108.9 billion yen due mainly to a shift in project portfolios and cost improvement.
Industrial Automation Systems
Revenue:
1,248.5
billion yen
(7% decrease from the previous fiscal year which recorded 1,349.4 billion yen)
Operating profit:
40.5
billion yen
(28.3 billion yen decrease from the previous fiscal year which recorded 68.9 billion yen)
The market of the factory automation systems business saw an increase in demand relating to 5G and semiconductor outside Japan and demand relating to increased mask production in China, while there was continuing stagnation in automotive-related demand worldwide and machinery- and building-related demand in Japan. In this environment, the business saw an increase in orders due primarily to an increase in demand relating to semiconductor and lithium-ion battery, while revenue remained substantially unchanged from the previous fiscal year.
The market of the automotive equipment business saw a decrease in demand for new cars in all regions except for China due to the impact of COVID-19 primarily in the first half. In this environment, the business saw decreases in both orders and revenue from the previous fiscal year due mainly to a decrease in electrical components despite an increase in electric vehicle-related equipment such as motors and inverters.
As a result, revenue for this segment decreased by 7% from the previous fiscal year to 1,248.5 billion yen.
Operating profit decreased by 28.3 billion yen from the previous fiscal year to 40.5 billion yen due mainly to decreased revenue.
Information and Communication Systems
Revenue:
380.1
billion yen
(17% decrease from the previous fiscal year which recorded 455.5 billion yen)
Operating profit:
16.4
billion yen
(10.0 billion yen decrease from the previous fiscal year which recorded 26.4 billion yen)
The market of the information systems and service business saw delays and cancellations of system development projects, particularly in the manufacturing industry, due to the impact of COVID-19. In this environment, the business saw decreases in both orders and revenue from the previous fiscal year due mainly to a decrease in the system integrations business.
The electronic systems business saw decreases in both orders and revenue from the previous fiscal year due primarily to a decrease in large-scale projects for the defense systems business.
As a result, revenue for this segment decreased by 17% from the previous fiscal year to 380.1 billion yen.
Operating profit decreased by 10.0 billion yen from the previous fiscal year to 16.4 billion yen due mainly to decreased revenue.
Electronic Devices
Revenue:
205.2
billion yen
(2% decrease from the previous fiscal year which recorded 208.7 billion yen)
Operating profit:
6.2
billion yen
(2.4 billion yen decrease from the previous fiscal year which recorded 8.7 billion yen)
The market of the electronic devices business saw a slowdown in demand for power modules used in railcar and industrial applications, while demand for high frequency and optical devices relating to next-generation data centers remained buoyant. In this environment, the business saw an increase in orders from the previous fiscal year due primarily to an increase in power modules used in automotive applications, while revenue decreased by 2% from the previous fiscal year to 205.2 billion yen due mainly to decreases in TFT-LCD modules and power modules used in industrial and railcar applications despite an increase in high frequency and optical devices, particularly in optical communication devices.
Operating profit decreased by 2.4 billion yen from the previous fiscal year to 6.2 billion yen due mainly to decreased revenue.
Home Appliances
Revenue:
1,038.3
billion yen
(5% decrease from the previous fiscal year which recorded 1,090.2 billion yen)
Operating profit:
75.7
billion yen
(2.4 billion yen decrease from the previous fiscal year which recorded 78.2 billion yen)
The market of the home appliances business saw a decrease in demand for a part of air conditioners globally due primarily to the impact of COVID-19 causing lockdowns and considerable limitation of economic activities outside Japan, particularly in the first half, and restrained capital expenditure worldwide. Meanwhile, there was demand for residential air conditioners due to increased time at home. In this environment, the business saw a decrease in revenue by 5% from the previous fiscal year to 1,038.3 billion yen due primarily to a decrease in a part of air conditioners.
Operating profit decreased by 2.4 billion yen from the previous fiscal year to 75.7 billion yen due mainly to decreased revenue.
Others
Revenue:
603.0
billion yen
(9% decrease from the previous fiscal year which recorded 659.6 billion yen)
Operating profit:
13.6
billion yen
(12.4 billion yen decrease from the previous fiscal year which recorded 26.0 billion yen)
Revenue decreased by 9% from the previous fiscal year to 603.0 billion yen due primarily to decreases in services and engineering at affiliated companies.
Operating profit decreased by 12.4 billion yen from the previous fiscal year to 13.6 billion yen due mainly to decreased revenue.
Fundamental Dividend Distribution Policy and Fiscal 2021 Dividend
Fundamental dividend distribution policy
Mitsubishi Electric's fundamental policy is to comprehensively promote improvement in shareholder profit from the viewpoints of appropriate profit distribution commensurate with earnings performance of the respective fiscal year, as well as strengthening our financial standing through the company's internal reserves, with the ultimate goal of enhancing corporate value.
Fiscal 2021 dividend
Considering the company's business performance and financial conditions in fiscal 2021, the company has decided to pay a year-end retained earnings dividend of 26 yen per share for fiscal 2021. Adding the interim dividend of 10 yen per share, the total annual dividend will be 36 yen per share. Payment is planned to begin on June 2, 2021.
The retained earnings dividend for fiscal 2022 is still undecided.
cf. In fiscal 2020, interim dividend was 14 yen and year-end dividend was 26 yen per share. (Annual dividend of 40 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 this fiscal year increased from the end of the previous fiscal year by 388.1 billion yen to 4,797.9 billion yen. The change in balance of total assets was mainly attributable to increases in cash and cash equivalents by 229.8 billion yen, and other financial assets by 91.2 billion yen. Working capital saw a decrease in the sum of trade receivables and contract assets by 63.0 billion yen, while inventories increased by 49.8 billion yen.
Cash and cash equivalents increased due to reduced use of materials and cost which exceeds a decrease in trade receivables reflecting decreased revenue for fiscal 2021. Other financial assets increased due primarily to an increase in investment securities mainly reflecting a rise in stock prices.
Total liabilities increased from the end of the previous fiscal year by 56.3 billion yen to 1,927.3 billion yen due primarily to an increase in other current liabilities by 68.9 billion yen, while balances of bonds, borrowings and lease liabilities decreased by 11.5 billion yen. Bonds and borrowings decreased by 18.1 billion yen from the end of the previous fiscal year to 248.8 billion yen, with the ratio of bonds and borrowings to total assets recording 5.2%, representing a 0.9 point decrease compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity increased by 324.5 billion yen compared to the end of the previous fiscal year to 2,754.2 billion yen. The stockholders' equity ratio was recorded at 57.4%, representing a 2.3 point increase compared to the end of the previous fiscal year. These changes mainly result from increases from recording a net profit attributable to Mitsubishi Electric Corporation stockholders of 193.1 billion yen and accumulated other comprehensive income by 129.6 billion yen mainly reflecting a rise in stock prices and the yen depreciating against other currencies, despite a decrease due to dividend payment of 77.2 billion yen.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for fiscal 2021 was 542.1 billion yen (cash in), while cash flows from investing activities was 176.5 billion yen (cash out). As a result, free cash flow was 365.5 billion yen (cash in). Cash flows from financing activities was 157.3 billion yen (cash out), and cash and cash equivalents at end of period increased from the end of the previous fiscal year by 229.8 billion yen to 767.4 billion yen.
Net cash provided by operating activities increased by 146.2 billion yen from the previous fiscal year due primarily to reduced use of materials and cost throughout fiscal 2021 and increased trade payables to deal with increased orders in the fourth quarter, despite decreased profit.
Net cash used in investing activities decreased by 27.4 billion yen from the previous fiscal year due mainly to a decrease in purchase of property, plant and equipment.
Net cash used in financing activities increased by 0.8 billion yen from the previous fiscal year.
Forecast for Fiscal 2022
The global economy in fiscal 2022 is expected to experience a progress in recovery in general as an effect of political measures in various countries and regions, particularly the U.S. and China, although the impact of COVID-19 on economy remains uncertain.
Under these circumstances, the Mitsubishi Electric Group aims to uplift the profitability of its main businesses by promoting its global operations. The Group also aims to further strengthen its business foundation by accelerating business model transformations with active exploration of open innovations, reinforcing its solution businesses for increasingly diverse social issues, and reviewing its business portfolios for higher profitability and more effective use of business resources.
The current financial performance forecast for fiscal 2022 follows below.
Current consolidated forecast for fiscal 2022
Revenue
4,470.0
billion yen
(7% increase from fiscal 2021)
Operating profit
260.0
billion yen
(13% increase from fiscal 2021)
Profit before income taxes
285.0
billion yen
(10% increase from fiscal 2021)
Net profit attributable to Mitsubishi Electric Corp. stockholders
210.0
billion yen
(9% increase from fiscal 2021)
Exchange rates for this forecast is 105 yen to the U.S. dollar, 125 yen to the euro and 16.5 yen to the Chinese yuan.
Note: The results forecast above is based on assumptions deemed reasonable by the company 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 '20 (A)
(Apr. 1, 2019 -
Mar. 31, 2020)
FY '21 (B)
(Apr. 1, 2020 -
Mar. 31, 2021)
B - A
B/A (%)
Revenue
4,462.5
4,191.4
(271.0)
94
Operating profit
259.6
230.1
(29.4)
89
Profit before income taxes
281.9
258.7
(23.2)
92
Net profit attributable to
Mitsubishi Electric Corp.
stockholders221.8
193.1
(28.7)
87
Basic earnings per share attributable to Mitsubishi Electric Corp. stockholders
103.41 yen
90.03 yen
(13.38 yen)
87
Dividend per share
Annual dividend
40 yen
36 yen
(4 yen)
90
Interim dividend
14 yen
10 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 205 consolidated subsidiaries.
Consolidated Financial Statements
Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income (Fiscal 2021)
(Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '20
(Apr. 1, 2019 -
Mar. 31, 2020)
FY '21
(Apr. 1, 2020 -
Mar. 31, 2021)
(A)
% of total
(B)
% of total
B - A
B/A
(%)
Revenue
4,462,509
100.0
4,191,433
100.0
(271,076)
94
Cost of sales
3,200,170
71.7
3,017,059
72.0
(183,111)
94
Selling, general and
administrative expenses1,017,075
22.8
953,602
22.8
(63,473)
94
Other profit (loss)
14,397
0.3
9,423
0.3
(4,974)
65
Operating profit
259,661
5.8
230,195
5.5
(29,466)
89
Financial income
10,285
0.2
12,136
0.3
1,851
118
Financial expenses
7,008
0.1
2,828
0.1
(4,180)
40
Share of profit of investments accounted for using the equity method
19,048
0.4
19,251
0.5
203
101
Profit before income taxes
281,986
6.3
258,754
6.2
(23,232)
92
Income taxes
48,474
1.1
57,071
1.4
8,597
118
Net profit
233,512
5.2
201,683
4.8
(31,829)
86
Net profit attributable to:
Mitsubishi Electric Corp.
stockholders221,834
5.0
193,132
4.6
(28,702)
87
Non-controlling interests
11,678
0.2
8,551
0.2
(3,127)
73
(Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '20 (A)
(Apr. 1, 2019 -
Mar. 31, 2020)
FY '21 (B)
(Apr. 1, 2020 -
Mar. 31, 2021)
B - A
Net profit
233,512
201,683
(31,829)
(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
(31,874)
64,457
96,331
Remeasurements of defined benefit plans
(23,574)
84,501
108,075
Share of other comprehensive income of investments accounted for using the equity method
(1,528)
2,159
3,687
Subtotal
(56,976)
151,117
208,093
Items that may be reclassified to net profit
Exchange differences on translating foreign operations
(49,360)
61,880
111,240
Net changes in the fair value of cash flow hedges
20
92
72
Share of other comprehensive income of investments accounted for using the equity method
(2,434)
1,182
3,616
Subtotal
(51,774)
63,154
114,928
Total other comprehensive income (loss)
(108,750)
214,271
323,021
Comprehensive income
124,762
415,954
291,192
Comprehensive income attributable to:
Mitsubishi Electric Corp. stockholders
117,132
401,559
284,427
Non-controlling interests
7,630
14,395
6,765
Consolidated Statement of Financial Position
(In millions of yen)
FY '20 (A)
(ended Mar. 31, 2020)
FY '21 (B)
(ended Mar. 31, 2021)
B - A
(Assets)
Current assets
2,628,033
2,846,972
218,939
Cash and cash equivalents
537,559
767,406
229,847
Trade receivables
900,430
906,831
6,401
Contract assets
343,637
274,231
(69,406)
Inventories
693,890
743,782
49,892
Other current assets
152,517
154,722
2,205
Non-current assets
1,781,738
1,950,949
169,211
Investments accounted for using the equity method
196,237
205,464
9,227
Other financial assets
262,367
353,624
91,257
Property, plant and equipment
854,382
857,645
3,263
Other non-current assets
468,752
534,216
65,464
Total assets
4,409,771
4,797,921
388,150
(Liabilities)
Current liabilities
1,402,665
1,505,381
102,716
Bonds, borrowings and lease liabilities
133,369
152,657
19,288
Trade payables
527,307
541,774
14,467
Other current liabilities
741,989
810,950
68,961
Non-current liabilities
468,247
421,929
(46,318)
Bonds, borrowings and lease liabilities
243,634
212,774
(30,860)
Net defined benefit liabilities
163,240
161,388
(1,852)
Other non-current liabilities
61,373
47,767
(13,606)
Total liabilities
1,870,912
1,927,310
56,398
(Equity)
Mitsubishi Electric Corp. stockholders' equity
2,429,743
2,754,293
324,550
Common stock
175,820
175,820
－
Capital surplus
202,832
202,777
(55)
Retained earnings
2,071,817
2,266,490
194,673
Accumulated other comprehensive income (loss)
(17,802)
111,801
129,603
Treasury stock, at cost
(2,924)
(2,595)
329
Non-controlling interests
109,116
116,318
7,202
Total equity
2,538,859
2,870,611
331,752
Total liabilities and equity
4,409,771
4,797,921
388,150
Bonds, borrowings and lease liabilities
377,003
365,431
(11,572)
Excluding lease liabilities
267,008
248,897
(18,111)
Accumulated other comprehensive income (loss):
Exchange differences on translating foreign operations
(39,519)
17,866
57,385
Financial assets measured at fair value through other comprehensive income
21,754
93,893
72,139
Net changes in the fair value of cash flow hedges
(37)
42
79
Consolidated Statement of Changes in Equity
FY '20 (Apr. 1, 2019 - Mar. 31, 2020)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' equity
Non-controlling interests
Total equity
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost
Total
Balance at beginning of period
175,820
202,834
1,960,466
63,809
(2,983)
2,399,946
111,209
2,511,155
Cumulative effects of changes in accounting policies
(1,521)
(1,521)
(7)
(1,528)
Restated balance at beginning of period
175,820
202,834
1,958,945
63,809
(2,983)
2,398,425
111,202
2,509,627
Comprehensive income
Net profit
221,834
221,834
11,678
233,512
Other comprehensive income (loss), net of tax
(104,702)
(104,702)
(4,048)
(108,750)
Comprehensive income
－
－
221,834
(104,702)
－
117,132
7,630
124,762
Reclassification to retained earnings
(23,091)
23,091
－
－
Dividends
(85,871)
(85,871)
(7,826)
(93,697)
Purchase of treasury stock
(785)
(785)
(785)
Disposal of treasury stock
(844)
844
0
0
Transactions with non-controlling interests and others
842
842
(1,890)
(1,048)
Balance at end of period
175,820
202,832
2,071,817
(17,802)
(2,924)
2,429,743
109,116
2,538,859
FY '21 (Apr. 1, 2020 - Mar. 31, 2021)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' equity
Non-controlling interests
Total equity
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost
Total
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
Consolidated Statement of Cash Flows
(In millions of yen)
FY '20
(Apr. 1, 2019- Mar. 31, 2020)
(A)
FY '21
(Apr. 1, 2020-Mar. 31, 2021)
(B)
B - A
I
Cash flows from operating activities
1
Net profit
233,512
201,683
(31,829)
2
Adjustments to cash flows from operating activities
(1) Depreciation, amortization and other
212,018
221,146
9,128
(2) Decrease in trade receivables
23,956
13,005
(10,951)
(3) Decrease (increase) in contract assets
(48,213)
70,164
118,377
(4) Decrease (increase) in inventories
18,504
(28,115)
(46,619)
(5) Increase (decrease) in trade payables
(28,582)
6,938
35,520
(6) Others, net
(15,361)
57,298
72,659
Cash flows from operating activities
395,834
542,119
146,285
II
Cash flows from investing activities
1
Purchase of property, plant and equipment
(192,833)
(168,920)
23,913
2
Proceeds from sale of property, plant and equipment
19,571
14,226
(5,345)
3
Purchase of investment securities (net of cash acquired)
(20,019)
(15,903)
4,116
4
Proceeds from sale of investment securities (net of cash disposed)
13,687
13,445
(242)
5
Others, net
(24,403)
(19,400)
5,003
Cash flows from investing activities
(203,997)
(176,552)
27,445
I + II
Free cash flow
191,837
365,567
173,730
III
Cash flows from financing activities
1
Proceeds and repayments of bonds and long-term borrowings
(6,326)
(37,389)
(31,063)
2
Increase (decrease) in short-term borrowings, net
(2,093)
20,225
22,318
3
Repayments of lease liabilities
(53,947)
(54,992)
(1,045)
4
Dividends paid
(85,871)
(77,283)
8,588
5
Purchase of treasury stock
(785)
(367)
418
6
Disposal of treasury stock
0
0
0
7
Others, net
(7,432)
(7,546)
(114)
Cash flows from financing activities
(156,454)
(157,352)
(898)
IV
Effect of exchange rate changes on cash and cash equivalents
(12,048)
21,632
33,680
V
Net increase (decrease) in cash and cash equivalents
23,335
229,847
206,512
VI
Cash and cash equivalents at beginning of period
514,224
537,559
23,335
VII
Cash and cash equivalents at end of period
537,559
767,406
229,847
Consolidated Segment Information (Fiscal 2021)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment
FY '20
(Apr. 1, 2019 -
Mar. 31, 2020)
FY '21
(Apr. 1, 2020 -
Mar. 31, 2021)
C - A
D - B
C/A
(%)
Revenue (A)
Operating profit (B)
Revenue
(C)Operating profit (D)
Energy and Electric Systems
1,307,389
82,309
1,270,287
108,944
(37,102)
26,635
97
Industrial Automation Systems
1,349,429
68,962
1,248,566
40,582
(100,863)
(28,380)
93
Information and
Communication Systems
455,596
26,457
380,159
16,437
(75,437)
(10,020)
83
Electronic Devices
208,750
8,701
205,260
6,292
(3,490)
(2,409)
98
Home Appliances
1,090,248
78,206
1,038,310
75,760
(51,938)
(2,446)
95
Others
659,636
26,050
603,089
13,628
(56,547)
(12,422)
91
Subtotal
5,071,048
290,685
4,745,671
261,643
(325,377)
(29,042)
94
Eliminations and corporate
(608,539)
(31,024)
(554,238)
(31,448)
54,301
(424)
－
Consolidated Total
4,462,509
259,661
4,191,433
230,195
(271,076)
(29,466)
94
*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 '20
(Apr. 1, 2019 -
Mar. 31, 2020)
FY '21
(Apr. 1, 2020 -
Mar. 31, 2021)
B - A
B/A (%)
Revenue (A)
% of total revenue
Revenue (B)
% of total revenue
Japan
2,610,322
58.5
2,430,839
58.0
(179,483)
93
North America
432,096
9.7
379,253
9.1
(52,843)
88
China
420,529
9.4
481,882
11.5
61,353
115
Other than China
499,444
11.2
444,658
10.6
(54,786)
89
Asia (excluding Japan)
919,973
20.6
926,540
22.1
6,567
101
Europe
437,214
9.8
391,618
9.3
(45,596)
90
Others
62,904
1.4
63,183
1.5
279
100
Total overseas revenue
1,852,187
41.5
1,760,594
42.0
(91,593)
95
Consolidated total
4,462,509
100.0
4,191,433
100.0
(271,076)
94
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: 205 (Added: 3; Excluded: 1)
Number of equity method associates: 38 (Added: 1; Excluded: 2)
(Per share information)
FY '20
(Apr. 1, 2019 -
Mar. 31, 2020)
FY '21
(Apr. 1, 2020 -
Mar. 31, 2021)
Net profit attributable to Mitsubishi Electric Corp. stockholders
221,834 million yen
193,132 million yen
Effect of potential ordinary shares
－
－
Diluted Net profit attributable to Mitsubishi Electric Corp. stockholders
221,834 million yen
193,132 million yen
Average ordinary shares outstanding
2,145,093,215 shares
2,145,244,653 shares
Cause of dilution
Stock options
－
－
Adjusted ordinary shares outstanding
2,145,093,215 shares
2,145,244,653 shares
Mitsubishi Electric Corp. stockholders' equity per share
1,132.69 yen
1,283.88 yen
Basic earnings per share attributable to Mitsubishi Electric Corp. stockholders
103.41 yen
90.03 yen
Diluted earnings per share attributable to Mitsubishi Electric Corp. stockholders
103.41 yen
90.03 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 2021)
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '20
(Jan. 1, 2020 -
Mar. 31, 2020)
FY '21
(Jan. 1, 2021 -
Mar. 31, 2021)
(A)
% of total
(B)
% of total
B - A
B/A
(%)
Revenue
1,212,380
100.0
1,250,822
100.0
38,442
103
Cost of sales
868,290
71.6
893,289
71.4
24,999
103
Selling, general and
administrative expenses269,235
22.2
272,789
21.8
3,554
101
Other profit (loss)
2,549
0.2
7,743
0.6
5,194
304
Operating profit
77,404
6.4
92,487
7.4
15,083
119
Financial income
1,503
0.1
4,250
0.3
2,747
283
Financial expenses
1,436
0.1
764
0.1
(672)
53
Share of profit of investments accounted for using the equity method
5,733
0.5
4,428
0.4
(1,305)
77
Profit before income taxes
83,204
6.9
100,401
8.0
17,197
121
Income taxes
19,263
1.6
12,573
1.0
(6,690)
65
Net profit
63,941
5.3
87,828
7.0
23,887
137
Net profit attributable to:
Mitsubishi Electric Corp.
stockholders62,124
5.1
85,351
6.8
23,227
137
Non-controlling interests
1,817
0.2
2,477
0.2
660
136
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '20 (A)
(Jan. 1, 2020 -
Mar. 31, 2020)
FY '21 (B)
(Jan. 1, 2021 -
Mar. 31, 2021)
B - A
Net profit
63,941
87,828
23,887
(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
(45,411)
12,175
57,586
Remeasurements of defined benefit plans
(23,574)
84,501
108,075
Share of other comprehensive income of investments accounted for using the equity method
(1,390)
1,457
2,847
Subtotal
(70,375)
98,133
168,508
Items that may be reclassified to net profit
Exchange differences on translating foreign operations
(44,379)
40,365
84,744
Net changes in the fair value of cash flow hedges
(58)
(29)
29
Share of other comprehensive income of investments accounted for using the equity method
439
1,702
1,263
Subtotal
(43,998)
42,038
86,036
Total other comprehensive income (loss)
(114,373)
140,171
254,544
Comprehensive income
(50,432)
227,999
278,431
Comprehensive income attributable to:
Mitsubishi Electric Corp. stockholders
(48,608)
221,032
269,640
Non-controlling interests
(1,824)
6,967
8,791
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 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 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of \111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021
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