MITSUBISHI HEAVY INDUSTRIES, LTD. 2024-05-08
Outline of FY2023 Financial Results (Consolidated)
(billions of yen) | |||
FY2023 | FY2022 | Changes | |
From April 1 to | From April 1 to | ||
(%) | |||
March 31, 2024 | March 31, 2023 | ||
Order intake | 6,684.0 | 4,501.3 | 48.5 |
Revenue | 4,657.1 | 4,202.7 | 10.8 |
Profit from business activities | 282.5 | 193.3 | 46.1 |
Profit before income taxes | 315.1 | 191.1 | 64.9 |
Profit attributable to owners of | 222.0 | 130.4 | 70.2 |
parent | |||
Cash flows from operating | 331.1 | 80.8 | |
activities | |||
Cash flows from investing | (131.0) | (45.5) | |
activities | |||
Cash flows from financing | (158.9) | (18.9) | |
activities | |||
Earnings per share attributable | 66.07 yen | 38.84 yen | 70.1 |
to owners of parent | |||
Note 1: Figures in parentheses are negative.
Note 2: On April 1, 2024, the Company executed a ten-for-one stock split of its common shares. Earnings per share attributable to owners of parent shown here assumes that the stock split occurred at the beginning of FY2022.
1/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
Revenue by Operational Segment
FY2023
From April 1 to
March 31, 2024
(billions of yen)
FY2022
From April 1 to
March 31, 2023
Energy Systems | 1,761.5 | 1,738.6 |
Plants & Infrastructure | ||
795.2 | 675.6 | |
Logistics, Thermal & Drive Systems | 1,314.5 | 1,203.7 |
Aircraft, Defense & Space | 791.5 | 619.4 |
Corporate and Eliminations | (5.8) | (34.7) |
Total | 4,657.1 | 4,202.7 |
Profit (Loss) From Business Activities by Operational Segment | (billions of yen) |
FY2023
From April 1 to March 31, 2024
FY2022
From April 1 to March 31, 2023
Energy Systems | 141.5 | 85.1 |
Plants & Infrastructure | 54.8 | 32.7 |
Logistics, Thermal & Drive Systems | 72.8 | 38.9 |
Aircraft, Defense & Space | 72.6 | 39.9 |
Corporate and Eliminations | (59.3) | (3.5) |
Total | 282.5 | 193.3 |
Note 1: Figures in parentheses are negative.
2/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
Estimate of Consolidated Financial Results for FY 2024
For the fiscal year 2024 ending March 31, 2025, MHI is expecting 4,900 billion yen in revenue, 350 billion yen in Profit from business activities, 330 billion yen in profit before income tax, and 230 billion yen in profit attributable to owners of parent. This estimate is based on a currency exchange rate assumption of US$ 1.00 = ¥145 and €1.00 = ¥155 for the portion yet to be fixed.
We have decided to voluntarily adopt IFRS from beginning with the first quarter ending June 30, 2018, onward, so estimate of consolidated financial results have been made based on IFRS.
Please note that this estimate has been projected with currently available information and data. As such, these projections involve risks and uncertainties. For this reason, investors are recommended not to depend solely on these projections for making investment decisions. The actual results, therefore, may diverge broadly with the influence of a variety of outside factors such as economics surrounding MHI, currency movement of the yen to the U.S. dollar and other foreign currencies, and trends of stock markets in Japan. Also, the results projected here should not be construed in any way as being guaranteed by the company.
3/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
(1) Condensed Consolidated Statement of Financial Position [IFRS]
(Millions of Yen) | ||
As of Mar. 31, | As of Mar. 31, | |
2023 | 2024 | |
Assets | ||
Current assets | ||
Cash and cash equivalents | 347,663 | 431,287 |
Trade and other receivables | 804,613 | 916,011 |
Other financial assets | 35,382 | 39,771 |
Contract assets | 731,820 | 776,399 |
Inventories | 876,878 | 974,577 |
Other current assets | 245,943 | 281,895 |
Total current assets | 3,042,302 | 3,419,942 |
Non-current assets | ||
Property, plant and equipment | 839,813 | 908,448 |
Goodwill | 131,181 | 172,493 |
Intangible assets | 70,161 | 93,786 |
Right-of-use assets | 86,295 | 93,496 |
Investments accounted for using the equity method | 227,045 | 268,978 |
Investments in securities and other financial assets | 521,135 | 538,126 |
Deferred tax assets | 358,758 | 297,017 |
Other non-current assets | 198,117 | 463,969 |
Total Non-current assets | 2,432,509 | 2,836,316 |
Total assets | 5,474,812 | 6,256,259 |
Liabilities and Equity | ||
Current liabilities | ||
Bonds, borrowings and other financial liabilities | 349,075 | 379,210 |
Trade and other payables | 895,286 | 958,891 |
Income taxes payable | 19,661 | 55,228 |
Contract liabilities | 936,765 | 1,095,138 |
Provisions | 229,582 | 216,220 |
Other current liabilities | 193,791 | 235,829 |
Total Current liabilities | 2,624,163 | 2,940,518 |
Non-current liabilities | ||
Bonds, borrowings and other financial liabilities | 843,359 | 763,754 |
Deferred tax liabilities | 10,465 | 9,987 |
Retirement benefit liability | 76,146 | 73,165 |
Provisions | 60,817 | 79,747 |
Other non-current liabilities | 25,874 | 28,429 |
Total non-current liabilities | 1,016,663 | 955,085 |
Total liabilities | 3,640,827 | 3,895,604 |
Equity | ||
Share capital | 265,608 | 265,608 |
Capital surplus | 41,256 | 41,187 |
Treasury shares | (5,385) | (4,828) |
Retained earnings | 1,243,565 | 1,433,267 |
Other components of equity | 195,929 | 509,385 |
Equity attributable to owners of parent | 1,740,974 | 2,244,620 |
Non-controlling interests | 93,010 | 116,034 |
Total Equity | 1,833,984 | 2,360,654 |
Total Liabilities and Equity | 5,474,812 | 6,256,259 |
4/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
(2) Condensed Consolidated Statement of Profit or Loss [IFRS]
(Millions of Yen) | ||
FY2022 | FY2023 | |
(From Apr. 1, 2022 | (From Apr. 1, 2023 | |
to Mar. 31, 2023) | to Mar. 31, 2024) | |
Revenue | 4,202,797 | 4,657,147 |
Cost of sales | 3,437,779 | 3,727,034 |
Gross Profit | 765,017 | 930,112 |
Selling, general and administrative expenses | 623,638 | 695,342 |
Share of profit of investments accounted for using the equity method | 13,502 | 2,149 |
Other income | 103,710 | 63,595 |
Other expenses | 65,267 | 17,973 |
Profit from business activities | 193,324 | 282,541 |
Finance income | 28,984 | 49,945 |
Finance cost | 31,181 | 17,298 |
Profit before income taxes | 191,126 | 315,187 |
Income taxes | 44,818 | 71,622 |
Profit | 146,308 | 243,565 |
Profit attributable to: | ||
Owners of parent | 130,451 | 222,023 |
Non-controlling interests | 15,857 | 21,542 |
(Yen) | ||
Earnings per share attributable to owners of parent | ||
Basic earnings per share | 38.84 | 66.07 |
Diluted earnings per share | 38.83 | 66.04 |
5/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
(3) Condensed Consolidated Statement of Comprehensive Income [IFRS]
(Millions of Yen) | ||
FY2022 | FY2023 | |
(From Apr. 1, 2022 | (From Apr. 1, 2023 | |
to Mar. 31, 2023) | to Mar. 31, 2024) | |
Profit | 146,308 | 243,565 |
Other comprehensive income (loss) | ||
Items that will not be reclassified to profit or loss | ||
Net gains and losses from financial assets measured at FVTOCI | 3,436 | 58,624 |
Remeasurement of defined benefit plans | 18,208 | 173,848 |
Share of other comprehensive income (loss) of entities | ||
accounted for by the equity method | 815 | 329 |
Total | 22,459 | 232,803 |
Items that may be reclassified to profit or loss | 2,094 | (1,488) |
Cash flow hedges | ||
Hedging cost | 185 | - |
Exchange differences on translating foreign operations | 41,345 | 99,394 |
Share of other comprehensive income (loss) of entities | ||
accounted for by the equity method | 7,061 | 13,641 |
Total | 50,688 | 111,547 |
Total other comprehensive income (loss) | 73,148 | 344,350 |
Comprehensive income | 219,456 | 587,916 |
Comprehensive income (loss) attributable to | ||
Owners of parent | 201,231 | 556,434 |
Non-controlling interests | 18,225 | 31,482 |
*FVTOCI means "Fair Value Through Other Comprehensive Income".
6/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
(4) Condensed Consolidated Statement of changes in equity [IFRS]
(Millions of Yen) | ||||||||
Equity attributable to owners of parent | Non- | Total | ||||||
Share | Capital | Treasury | Retained | Other | controlling | |||
components | Total | Equity | ||||||
capital | surplus | shares | earnings | interests | ||||
of equity | ||||||||
Balance as of Apr. 1 ,2022 | 265,608 | 45,061 | (5,946) | 1,099,158 | 172,728 | 1,576,611 | 85,918 | 1,662,529 |
Cumulative effects of changes | 44,394 | (44,394) | - | - | ||||
in accounting policies | ||||||||
Restated balance | 265,608 | 45,061 | (5,946) | 1,143,553 | 128,333 | 1,576,611 | 85,918 | 1,662,529 |
Profit | 130,451 | 130,451 | 15,857 | 146,308 | ||||
Other comprehensive income (loss) | 70,780 | 70,780 | 2,367 | 73,148 | ||||
Comprehensive income (loss) | - | - | - | 130,451 | 70,780 | 201,231 | 18,225 | 219,456 |
Transfer to retained earnings | 7,873 | (7,873) | - | - | ||||
Purchase of treasury shares | (16) | (16) | (16) | |||||
Disposal of treasury shares | 29 | 97 | 127 | 127 | ||||
Dividends | (38,616) | (38,616) | (6,304) | (44,920) | ||||
Transactions with non-controlling | (958) | 4,689 | 3,731 | (3,735) | (4) | |||
interests | ||||||||
Other | (2,877) | 480 | 303 | (2,093) | (1,093) | (3,187) | ||
Total transactions with owners | - | (3,805) | 560 | (38,312) | 4,689 | (36,868) | (11,133) | (48,001) |
Balance as of Mar. 31 ,2023 | 265,608 | 41,256 | (5,385) | 1,243,565 | 195,929 | 1,740,974 | 93,010 | 1,833,984 |
Profit | 222,023 | 222,023 | 21,542 | 243,565 | ||||
Other comprehensive income (loss) | 334,411 | 334,411 | 9,939 | 344,350 | ||||
Comprehensive income (loss) | - | - | - | 222,023 | 334,411 | 556,434 | 31,482 | 587,916 |
Transfer to retained earnings | 20,937 | (20,937) | - | - | ||||
Purchase of treasury shares | (39) | (39) | (39) | |||||
Disposal of treasury shares | 22 | 96 | 118 | 118 | ||||
Dividends | (50,398) | (50,398) | (6,898) | (57,296) | ||||
Transactions with non-controlling | (208) | (18) | (226) | (1,631) | (1,857) | |||
interests | ||||||||
Other | 117 | 499 | (2,860) | (2,243) | 71 | (2,171) | ||
Total transactions with owners | - | (68) | 557 | (53,258) | (18) | (52,788) | (8,458) | (61,246) |
Balance as of Mar. 31 ,2024 | 265,608 | 41,187 | (4,828) | 1,433,267 | 509,385 | 2,244,620 | 116,034 | 2,360,654 |
7/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
(5) Condensed Consolidated Statement of Cash Flows [IFRS] (1/2)
(Millions of Yen) | ||
FY2022 | FY2023 | |
(From Apr. 1, 2022 | (From Apr. 1, 2023 | |
to Mar. 31, 2023) | to Mar. 31, 2024) | |
Cash flows from operating activities | ||
Profit before income taxes | 191,126 | 315,187 |
Depreciation, amortization and impairment loss | 148,549 | 155,899 |
Finance income and costs (profit) | (2,147) | (32,582) |
Share of loss (profit) of investments accounted for using equity method | (13,502) | (2,149) |
Loss (gain) on sale of property, plant and equipment | (29,018) | (29,028) |
Loss on disposal of property, plant and equipment, and intangible assets | 7,154 | 7,594 |
Decrease (increase) in trade receivables | (32,978) | (60,305) |
Decrease (increase) in contract assets | (64,500) | (29,697) |
Decrease (increase) in inventories and advanced payments | (65,690) | (70,402) |
Increase (decrease) in trade payables | (55,676) | 20,734 |
Increase (decrease) in contract liabilities | 32,436 | 118,637 |
Increase (decrease) in provisions | 27,285 | (3,445) |
Increase (decrease) in retirement benefit liabilities | (3,102) | 14,938 |
Others | (4,691) | (38,908) |
Subtotal | 135,244 | 366,472 |
Interest received | 7,755 | 9,630 |
Dividends received | 26,898 | 15,467 |
Interest paid | (13,114) | (11,181) |
Income taxes refund (paid) | (75,894) | (49,201) |
Net cash provided by operating activities | 80,888 | 331,186 |
Cash flows from investing activities | ||
Payments into time deposits | (26,067) | (25,556) |
Proceeds from withdrawal of time deposits | 28,809 | 18,728 |
Purchases of property, plant and equipment and intangible assets | (131,905) | (160,486) |
Proceeds from sales of property, plant and equipment and intangible assets | 38,062 | 37,263 |
Purchases of investments | (7,788) | (11,892) |
(including investments accounted for using equity method) | ||
Proceeds from sales and redemption of investments | 59,111 | 63,174 |
(including investments accounted for using equity method) | ||
Payments for acquisition of businesses (including subsidiaries) | (4,420) | (73,589) |
Proceeds from acquisition of businesses (including subsidiaries) | 1,863 | - |
Net decrease (increase) in short-term loans | (1,932) | 1,420 |
Disbursement of long-term loans | (48) | (417) |
Collection of long-term loans | 711 | 102 |
Payments for derivative transactions | (38,918) | (52,232) |
Proceeds from derivative transactions | 42,268 | 76,619 |
Others | (5,320) | (4,181) |
Net cash used in investing activities | (45,575) | (131,048) |
8/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
(5) Condensed Consolidated Statement of Cash Flows [IFRS] (2/2)
(Millions of Yen) | ||
FY2022 | FY2023 | |
(From Apr. 1, 2022 | (From Apr. 1, 2023 | |
to Mar. 31, 2023) | to Mar. 31, 2024) | |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | (4,532) | 9,284 |
Proceeds from long-term borrowings | 50,966 | 23,000 |
Repayment of long-term borrowings | (97,656) | (64,649) |
Proceeds from issuance of bonds | 20,000 | 25,000 |
Payment for redemption of bonds | (10,000) | (15,000) |
Payments for acquisition of interests in subsidiaries | (24,473) | (1,024) |
from non-controlling interests | ||
Dividends paid to owners of the parent | (38,531) | (50,289) |
Dividends paid to non-controlling interests | (6,769) | (8,511) |
Proceeds from factoring agreements | 200,235 | 171,544 |
Repayment of liabilities under factoring agreements | (80,738) | (215,845) |
Repayment of lease liabilities | (26,850) | (30,380) |
Others | (551) | (2,030) |
Net cash provided by (used in) financing activities | (18,902) | (158,903) |
Effect of exchange rate changes on cash and cash equivalents | 16,995 | 42,388 |
Net increase (decrease) in cash and cash equivalents | 33,406 | 83,623 |
Cash and cash equivalents at the beginning of the year | 314,257 | 347,663 |
Cash and cash equivalents at the end of period | 347,663 | 431,287 |
9/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
2024-05-08
Outline of FY2023 Financial Results (Non-Consolidated)
(billions of yen) | |||
FY2023 | FY2022 | Changes | |
From April 1 to | From April 1 to | ||
(%) | |||
March 31, 2024 | March 31, 2024 | ||
Order intake | 3,490.4 | 1,557.9 | 124.0 |
Net Sales | 1,729.6 | 1,549.4 | 11.6 |
Operating Income | 73.5 | 11.3 | 548.2 |
Ordinary Income | 120.2 | 89.3 | 34.7 |
Income Before Income Taxes | 166.7 | 101.7 | 63.9 |
Net Income | 153.0 | 98.5 | 55.3 |
Net Income Per Share | 45.55 yen | 29.35 yen | 55.2 |
Dividend Per Share | 200.00 yen | 130.00 yen | |
Note 1: Figures in parentheses are negative.
Note 2: On April 1, 2024, the Company executed a ten-for-one stock split of its common shares. Net income per share shown here assumes the stock split occurred at the beginning of FY2022.
Note 3: Dividend per share shown here is the actual figure before the stock split came into effect.
10/10
Mitsubishi Heavy Industries, Ltd.
Marunouchi Nijubashi Bldg., 3-2-3 Marunouchi, Chiyoda-ku, Tokyo, 100-8332, Japan
www.mhi.com
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Mitsubishi Heavy Industries Ltd. published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 04:53:07 UTC.
