MITSUBISHI STEEL MFG. CO., LTD. Summary of Financial Statements for the Fiscal Year Ended March 31, 2023
[Japanese GAAP] (Consolidated)
May 15, 2023 | ||
Name of listed company: | Shares listed on: Tokyo Stock Exchange | |
MITSUBISHI STEEL MFG. CO., LTD. | ||
Code No.: | 5632 | URL: https://www.mitsubishisteel.co.jp/ |
Representative: | Jun Yamaguchi , Representative Director and President/Executive Officer | |
Contact: | Koichi Yaginuma, Executive Officer/Manager, Accounting Department | |
Tel.: +81-3-3536-3135 |
Scheduled date of regular general meeting of shareholders: | June 28, 2023 |
Scheduled start date of dividend payments: | June 29, 2023 |
Scheduled date for filing securities report: | June 28, 2023 |
Supplementary briefing materials on results available: | Yes |
Briefing on results held: | Yes (For securities analysts and institutional investors) |
(All figures are rounded down to the nearest million yen.) |
1. Financial results for fiscal year ended March 31, 2023 (April 1, 2022 - March 31, 2023)
(1) Consolidated operating results | (Percentages represent year-on-year changes.) | ||||||||
Net sales | Operating income | Ordinary income | Net income attributable to | ||||||
owners of parent | |||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
170,537 | 16.6 | 5,547 | (11.5) | 3,743 | (35.2) | 2,190 | (46.2) | ||
March 31, 2023 | |||||||||
Fiscal year ended | 146,292 | 49.6 | 6,270 | ― | 5,780 | ― | 4,068 | ― | |
March 31, 2022 | |||||||||
Note: Comprehensive income: Fiscal year ended March 31, 2023: 1,957 million yen ((52.4)%); Fiscal year ended March 31, 2022: 4,117 million yen (--%)
Net income per | Diluted net income | Return on | Ordinary income | Operating income to | |
share | per share | equity | to total assets | net sales | |
Fiscal year ended | Yen | Yen | % | % | % |
142.62 | ― | 5.1 | 2.5 | 3.3 | |
March 31, 2023 | |||||
Fiscal year ended | 264.78 | ― | 10.0 | 4.2 | 4.3 |
March 31, 2022 | |||||
Reference: Equity in earnings (losses) of affiliates: Fiscal year ended March 31, 2023: 23 million yen; Fiscal year ended March 31, 2022: 0 million yen
(2) Consolidated financial position
Total assets | Net assets | Shareholders' | Net assets per | ||||||||||||||
equity ratio | share | ||||||||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||||||
Fiscal year ended March 31, 2023 | 156,409 | 49,406 | 27.6 | 2,813.13 | |||||||||||||
Fiscal year ended March 31, 2022 | 142,962 | 48,647 | 29.8 | 2,774.13 | |||||||||||||
Reference: Shareholders' equity: Fiscal year ended March 31, 2023: 43,198 million yen; Fiscal year ended March 31, | |||||||||||||||||
2022: 42,600 million yen | |||||||||||||||||
(3) Consolidated cash flows | |||||||||||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash | ||||||||||||||
equivalents at end of | |||||||||||||||||
operating activities | investing activities | financing activities | |||||||||||||||
period | |||||||||||||||||
Fiscal year ended March 31, 2023 | Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||||||||
(2,777) | (1,439) | 14,789 | 30,599 | ||||||||||||||
Fiscal year ended March 31, 2022 | (1,924) | 1,967 | (3,523) | 19,951 | |||||||||||||
2. Dividends | |||||||||||||||||
Annual dividends per share | Total annual | Payout ratio | Dividends to net | ||||||||||||||
End Q1 | End Q2 | End Q3 | Year-end | Total | dividends | (consolidated) | assets (consolidated) | ||||||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |||||||||
― | 10.00 | ― | 40.00 | 50.00 | 771 | 18.9 | 1.9 | ||||||||||
March 31, 2022 | |||||||||||||||||
Fiscal year ended | ― | 10.00 | ― | 40.00 | 50.00 | 771 | 35.1 | 1.8 | |||||||||
March 31, 2023 | |||||||||||||||||
Fiscal year ending | |||||||||||||||||
March 31, 2024 | ― | 25.00 | ― | 35.00 | 60.00 | 30.7 | |||||||||||
(forecast) |
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3. Forecast of consolidated financial results for fiscal year ending March 31, 2024 (April 1, 2023 - March 31, 2024)
(Percentages represent year-on-year changes in the case of full-year figures and changes from the same quarter of the previous fiscal year in the case of quarterly figures)
Net income | Net income per | |||||||||
Net sales | Operating income | Ordinary income | attributable to | |||||||
share | ||||||||||
owners of parent | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||
1st half | 80,000 | (2.8) | 3,500 | 105.8 | 2,200 | 28.4 | 1,200 | (11.5) | 78.15 | |
Full year | 165,000 | (3.2) | 8,000 | 44.2 | 5,500 | 46.9 | 3,000 | 37.0 | 195.36 |
Notes
- Changes in significant subsidiaries during period under review (changes in specific subsidiaries accompanied by changes in the scope of consolidation): None
Newly added: | - companies (name: -) |
Removed: | - companies (name: -) |
(2) Changes in accounting policies, changes in accounting estimates, and retrospective restatements
- Changes in accounting policies due to the revisions of accounting standards, etc.: None Any changes in accounting policies other than those under above: None
- Changes in accounting estimates: None
- Retrospective restatements: None
(3) Number of shares outstanding (common shares)
- Number of shares outstanding at the end of the period (including treasury stock)
- Number of treasury shares at the end of the period Average number of shares during the period
Fiscal year ended | 15,709,968 shares | Fiscal year ended | 15,709,968 shares |
March 31, 2023 | March 31, 2022 | ||
Fiscal year ended | 354,074 shares | Fiscal year ended | 353,774 shares |
March 31, 2023 | March 31, 2022 | ||
Fiscal year ended | 15,356,037 shares | Fiscal year ended | 15,367,053 shares |
March 31, 2023 | March 31, 2022 | ||
Reference: Overview of non-consolidated financial results
1. Non-consolidated financial results for fiscal year ended March 31, 2023 (April 1, 2022 - March 31, 2023)
(1) Non-consolidated operating results | (Percentages represent year-on-year changes.) | ||||||||||||
Net sales | Operating income | Ordinary income | Net income | ||||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||
90,036 | 16.6 | 7,352 | (4.8) | 3,199 | (36.6) | 1,738 | (63.8) | ||||||
March 31, 2023 | |||||||||||||
Fiscal year ended | 77,222 | 56.1 | 7,722 | ― | 5,045 | ― | 4,796 | ― | |||||
March 31, 2022 | |||||||||||||
Net income per share | Diluted net income per | ||||||||||||
share | |||||||||||||
Fiscal year ended | Yen | Yen | |||||||||||
113.19 | ― | ||||||||||||
March 31, 2023 | |||||||||||||
Fiscal year ended | 312.15 | ― | |||||||||||
March 31, 2022 | |||||||||||||
(2) Non-consolidated financial position | |||||||||||||
Total assets | Net assets | Shareholders' equity | Net assets per share | ||||||||||
ratio | |||||||||||||
Fiscal year ended | Millions of yen | Millions of yen | % | Yen | |||||||||
97,397 | 33,354 | 34.2 | 2,172.10 | ||||||||||
March 31, 2023 | |||||||||||||
Fiscal year ended | 80,340 | 32,763 | 40.8 | 2,133.56 | |||||||||
March 31, 2022 | |||||||||||||
Reference: Shareholders' equity: Fiscal year ended March 31, 2023: 33,354 million yen; Fiscal year ended March 31, 2022: 32,763 million yen
- Summaries of financial results are not subject to audit procedures by a certified public accountant or audit firm.
-
Explanation of the proper use of financial results forecast and other notes.
The forecasts of financial results were prepared based on information available at this time. Actual results may differ from forecasts depending on various future factors.
For detailed information on financial forecasts, refer to 1. Overview of Operating Results, etc.: (4) Future Outlook on page 6 of the Attached Materials.
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MITSUBISHI STEEL MFG. CO., LTD. (5632): Summary of Financial Statements for Fiscal Year Ended March 31, 2023
- Table of Contents for Attached Materials
(4) | Future Outlook | 6 | |
2. | Basic Approach to Selection of Accounting Standards | 6 | |
3. | Consolidated Financial Statements and Major Notes | 7 | |
(1) | Consolidated Balance Sheet | 7 | |
(2) | Consolidated Statement of Income and Consolidated Statement of Comprehensive Income | 9 | |
(3) | Consolidated Statement of Changes in Equity | 11 | |
(4) | Consolidated Statement of Cash Flows | 13 | |
(5) | Notes on Consolidated Financial Statements | 15 | |
(Notes on the Going Concern Assumption) | 15 | ||
(Segment Information, etc.) | 15 | ||
(Revenue recognition) | 17 | ||
(Per Share Information) | 18 | ||
(Material Subsequent Events) | 18 | ||
4. | Appendix (Consolidated) | 19 |
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MITSUBISHI STEEL MFG. CO., LTD. (5632): Summary of Financial Statements for Fiscal Year Ended March 31, 2023
1. Overview of Operating Results, etc.
- Overview of This Year's Operating Results
[Operating Results] | (Unit: millions of yen) | |||||
Net sales | Operating | Ordinary | Net income attributable | Net income per | ||
income | income | to owners of parent | share | |||
Fiscal year ended | 170,537 | 5,547 | 3,743 | 2,190 | 142.62 yen | |
March 31, 2023 | ||||||
Fiscal year ended | 146,292 | 6,270 | 5,780 | 4,068 | 264.78 yen | |
March 31, 2022 | ||||||
Change | 24,245 | (723) | (2,036) | (1,878) |
Within the Group's operating environment in the consolidated fiscal year under review (April 2022 through March 2023), production volumes in the automotive industry recovered, even as the industry continued to be affected by the Shanghai COVID-19 lockdowns and lingering shortages of semiconductors and other components. Demand remained strong in the construction machinery industry. With regard to procurement, previously soaring prices for iron ore and coking coal cooled. Despite signs in the fourth quarter suggesting corrections from last year's trends of rapid yen depreciation, the yen has yet to return to the levels of the previous year. Prices of imported raw materials remain high year on year. Energy prices remained high.
Under these circumstances, thanks to efforts to reflect the rising cost of raw materials in selling prices, the Group posted consolidated net sales of 170,537 million yen in the fiscal year under review. This marks an increase of 24,245 million yen (16.6%) year on year. Operating income was 5,547 million yen, down 723 million yen (11.5%) from the previous fiscal year.
Net income attributable to owners of the parent company was 1,878 million yen, down 2,190 million yen (46.2%) year on year. Results by business segment are reviewed below.
Segment results | (Unit: millions of yen) | |||||||||
Fiscal year ended | Fiscal year ended | Year-on-year changes | ||||||||
March 31, 2023 | March 31, 2022 | |||||||||
Net sales | Operating | Net sales | Operating | Net sales | Operating income | |||||
income | income | |||||||||
Special Steel Bars | 100,145 | 6,350 | 86,503 | 6,615 | 13,642 | 15.8% | (264) | (4.0%) | ||
Business | ||||||||||
Springs Business | 59,858 | (2,166) | 48,555 | (1,827) | 11,303 | 23.3% | (338) | ― | ||
Formed & | ||||||||||
Fabricated Products | 10,210 | 522 | 10,357 | 857 | (147) | (1.4%) | (334) | (39.1%) | ||
Business | ||||||||||
Machinery Business | 10,303 | 725 | 9,584 | 560 | 718 | 7.5% | 164 | 29.4% | ||
Other businesses | 3,563 | 107 | 3,802 | 102 | (239) | (6.3%) | 5 | 5.5% | ||
Subtotal | 184,081 | 5,539 | 158,803 | 6,307 | ||||||
Adjustments | (13,544) | 8 | (12,511) | (36) | ||||||
Total | 170,537 | 5,547 | 146,292 | 6,270 | 24,245 | 16.6% | (723) | (11.5%) |
The Special Steel Bars Business posted net sales of 100,145 million yen, up 13,642 million yen (15.8%) year on year. While sales volumes in Japan fell due to a decline in demand other than for construction machinery, demand from our overseas operations in Indonesia remained strong. Sales prices were further adjusted to reflect the sharp increase in raw material and energy prices in Japan and overseas as well as the continuing depreciation of the yen. Operating income was 6,350 million yen, down 264 million yen (4.0%) from the previous fiscal year. While quality improvements and cost reductions due to facility modifications and the accompanying increase in sales boosted profits in the Indonesian overseas business, profits in the domestic business fell due to lower sales volumes.
The Springs Business posted net sales of 59,858million yen, up 11,303 million yen (23.3%) year on year. In springs for automotive use, despite the impact of the Shanghai COVID-19 lockdowns and the tight supply of semiconductors and other components, production is gradually recovering. Demand for springs for construction machinery also showed steady growth. Negotiations to reflect soaring raw material and energy prices in selling prices achieved significant progress in Japan and North America, to which yen depreciation also contributed. Losses in operating income grew by 338 million yen from the
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MITSUBISHI STEEL MFG. CO., LTD. (5632): Summary of Financial Statements for Fiscal Year Ended March 31, 2023
previous year, resulting in an operating loss of 2,166 million yen (vs. operating loss of 1,827 million yen in the previous year). This was primarily attributable to rising procurement costs due to the weaker yen. Losses at the North American subsidiary continued to increase through the third quarter due to production disruptions; these disruptions are now being addressed through progress with various measures, including measures to ensure stable inventory levels. Progress in negotiations, including price increases for unprofitable products and the termination of transactions, led to significant improvements in the fourth quarter results.
Formed & Fabricated Products Business posted net sales of 10,210 million yen, down 147 million yen (1.4%) year on year. Despite improved selling prices of special alloy powder products and receiving orders for new products, sales volumes fell due to the discontinuation of production of Esco cast steel products and customer inventory adjustments on automotive parts for internal combustion engines. Operating income was 522 million yen, down 334 million yen (39.1%) from the previous fiscal year. This was mainly due to lower sales volumes and the failure of price increases to keep pace with various rising costs, including the rising cost of raw materials.
The Machinery Business posted net sales of 10,303 million yen, up 718 million yen (7.5%) year on year. Sales of machinery for offshore wind power and other products helped offset declines associated with major orders for forging machinery recorded in the same period of last year. Operating income was 725 million yen, up 164 million yen (29.4%) from the previous fiscal year. This was due to improved productivity and increased sales of machinery for offshore wind power and other products.
Other businesses, including the distribution and service businesses, posted net sales of 3,563 million yen, down 239 million yen (6.3%) from the previous year, and operating income of 107 million yen, up 5 million yen (5.5%) from the previous fiscal year.
(2) Overview of This Year's Financial Position
Total assets at the end of the consolidated fiscal year under review were 156,409 million yen, up 13,447 million yen from the end of the previous consolidated fiscal year due to increased cash equivalents from borrowings. Total liabilities at the end of the consolidated fiscal year under review were 107,003 million yen, up 12,687 million yen from the end of the previous consolidated fiscal year due to an increase in long-term loans payable. Net assets at the end of the current fiscal year were 49,406 million yen, up 759 million yen from the end of the previous consolidated fiscal year due to higher retained earnings.
(3) Overview of This Year's Cash Flows
During the consolidated fiscal year under review, net cash used in operating activities was 2,777 million yen; net cash used in investing activities was 1,439 million yen; and net cash provided by financing activities was 14,789 million yen.
Cash and cash equivalents increased by 10,648 million yen during the consolidated fiscal year under review to 30,599 million yen at year's end.
[Cash flows from operating activities]
Cash flows from net income before taxes and other adjustments of 4,726 million yen and depreciation and amortization of 4,071 million yen were offset by cash outflow from income taxes paid of 4,583 million yens, an increase in other accounts receivable of 3,561 million yen, and increases of 3,284 million yen in inventory, resulting in overall net cash used in operating activities of 2,777 million yen.
[Cash flows from investing activities]
Net cash provided by investment activities totaled 1,439 million yen, reflecting sales of investment securities of 1,165 million yen and expenditures for the purchase of property, plant, and equipment of 2,553 million yen, among others.
[Cash flows from financing activities]
Net cash used in financing activities totaled 14,789 million yen, reflecting, among other factors, cash inflow from loans payable of 28,030 million yen, cash outflow from repayment of long-term loans payable of 8,975 million yen, and the repayment of lease obligations of 562 million yen.
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Mitsubishi Steel Mfg. Co. Ltd. published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 11:14:05 UTC.
