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MHI REPORT 2020 MITSUBISHI HEAVY INDUSTRIES GROUP FINANCIAL SECTION For the Year Ended March 31, MHI REPORT 2020 FINANCIAL SECTION For the Year Ended March 31, 2020 SEGMENT INFORMATION Mitsubishi Heavy Industries, Ltd. and Consolidated Subsidiaries Fiscal years ended March 31, 2019 and 2020 REVENUE Thousands of Millions of yen U.S. dollars Billions of yen 5,000 Industry Segment 2019 2020 2020 Power Systems ¥1,525,108 ¥1,590,293 $14,612,634 4,000 Industry & Infrastructure 1,907,871 1,778,095 16,338,279 Power Systems Aircraft, Defense & Space 677,577 704,985 6,477,855 3,000 Others 71,661 75,190 690,894 2,000 Industry & Subtotal 4,182,218 4,148,565 38,119,682 Infrastructure 1,000 Eliminations or Corporate (103,874) (107,189) (984,921) Aircraft, Defense & Space Total ¥4,078,344 ¥4,041,376 $37,134,760 0 2019 2020 Others, Eliminations or Corporate PROFIT FROM BUSINESS ACTIVITIES Thousands of Millions of yen U.S. dollars Billions of yen Industry Segment 2019 2020 2020 240 Power Systems ¥133,196 ¥144,383 $1,326,683 Power Systems Industry & Infrastructure 70,753 54,883 504,300 120 Aircraft, Defense & Space (28,230) (208,792) (1,918,515) Industry & Infrastructure 0 Others 39,156 6,565 60,323 Aircraft, Defense Subtotal 214,876 (2,958) (27,180) & Space -120 Eliminations or Corporate (14,305) (26,579) (244,224) Others, Eliminations Total ¥200,570 ¥ (29,538) $ (271,414) or Corporate -240 2019 2020 DEPRECIATION AND AMORTIZATION Thousands of Millions of yen U.S. dollars Industry Segment 2019 2020 2020 Power Systems ¥ 42,861 ¥ 47,085 $ 432,647 Industry & Infrastructure 51,187 57,015 523,890 Aircraft, Defense & Space 29,982 27,082 248,846 Others 6,263 1,970 18,101 Subtotal 130,294 133,154 1,223,504 Corporate 5,364 11,485 105,531 Total ¥135,658 ¥144,639 $1,329,036 1 MHI REPORT 2020 FINANCIAL SECTION IMPAIRMENT LOSS Thousands of Millions of yen U.S. dollars Industry Segment 2019 2020 2020 Power Systems ¥ 1,263 ¥ 717 $ 6,588 Industry & Infrastructure 658 258 2,370 Aircraft, Defense & Space 61,459 177,563 1,631,562 Others 2,081 — — Subtotal 65,463 178,538 1,640,521 Corporate 700 833 7,654 Total ¥66,163 ¥179,372 $1,648,185 SHARE OF PROFIT OF INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Millions of yen Thousands of U.S. dollars Industry Segment 2019 2020 2020 Power Systems ¥8,187 ¥ 8,299 $ 76,256 Industry & Infrastructure 2,036 (699) (6,422) Aircraft, Defense & Space — — — Others 1,668 4,552 41,826 Subtotal 11,891 12,153 111,669 Corporate (954) 745 6,845 Total ¥10,937 ¥12,898 $118,515 REVENUE Millions of yen Thousands of Composition of Overseas Revenue U.S. dollars Breakdown of Revenue by by Geographic Distribution Customer Location 2019 2020 2020 Japan ¥1,877,497 ¥1,944,758 $17,869,686 Middle East 2.3% U.S.A. 627,167 663,779 6,099,228 Africa Others 1.5% 1.8% Asia 737,650 700,385 6,435,587 Central and South America Europe 418,514 374,459 3,440,770 3.3% Europe Central and South America 132,015 131,706 1,210,199 9.3% Japan Africa 91,304 60,379 554,801 48.1% Asia Middle East 123,721 91,267 838,619 17.3% Others 70,473 74,640 685,840 U.S.A. Total ¥4,078,344 ¥4,041,376 $37,134,760 16.4% Note: ‌U.S. dollar amounts in this annual report are translated from yen, for convenience only, at the rate of ¥108.83=US$1, the exchange rate prevailing at March 31, 2020. MITSUBISHI HEAVY INDUSTRIES GROUP 2 MANAGEMENT’S DISCUSSION AND ANALYSIS » ANALYSIS OF OPERATING RESULTS decrease in non-controlling interests as a result of the above- mentioned settlement. Consolidated revenue decreased ¥36.9 billion, or 0.9% year on year, to ¥4,041.3 billion, due to lower revenue from the Industry & Infrastructure segment, despite increased revenue » SOURCE OF FUNDS AND LIQUIDITY in the Power Systems segment and the Aircraft, Defense & Cash Flow Analysis Space segment. Although profit from business activities rose Net cash provided by operating activities amounted to ¥452.5 in the Power Systems segment, an impairment loss on assets billion, ¥32.2 billion more than in the prior year. This figure related to the Mitsubishi SpaceJet was recorded in the reflected a decrease in indemnification asset for South African Aircraft, Defense & Space segment. As a result, profit from projects, despite a decline in profit before income taxes. business activities deteriorated ¥230.1 billion, to a loss of Investing activities used net cash of ¥239.5 billion, ¥77.6 ¥29.5 billion, and profit before income taxes worsened ¥227.7 billion more than in the prior year. Major uses of cash were for billion, to a loss of ¥32.6 billion. Profit attributable to owners purchases of property, plant and equipment and intangible of the parent decreased ¥23.1 billion, or 21.0%, to ¥87.1 billion, assets, as well as payments for acquisition of subsidiaries. despite the recognition of deferred tax assets. Net cash used in financing activities came to ¥204.4 billion, ¥66.5 billion less than in the preceding fiscal year. A key » ANALYSIS OF FINANCIAL POSITION source of cash was proceeds from long-term borrowings. Total assets as of March 31, 2020, were ¥4,985.6 billion, down Primary Funding Requirements ¥254.6 billion from the prior year, mainly due to a decrease in MHI Group primarily requires funds in operating activities for indemnification asset for South African projects as a result of working capital for manufacturing activities (materials, out- the receipt of settlement payments from Hitachi, Ltd. (herein- sourcing, and personnel costs), business development after referred to as “Hitachi”). expenses and other selling expenses related to winning new Total liabilities were ¥3,695.6 billion, up ¥183.9 billion from orders, and R&D expenses that enhance the competitiveness the fiscal year ended March 31, 2019. The increase was the of its products, strengthen manufacturing capabilities and result of a rise in other financial liabilities due to a settlement enable the launch of new businesses. In investing activities, agreement with Hitachi, under which all the shares of funds are required for capital investments to grow busi- Mitsubishi Hitachi Power Systems, Ltd., held by Hitachi are to nesses, raise productivity, and enable the launch of new be acquired by MHI. businesses, as well as for the purchase of investment securi- Total equity came to ¥1,290.0 billion, down ¥438.6 billion ties related to the execution of business strategies. from the end of the previous fiscal year, mainly due to a CONSOLIDATED BALANCE SHEETS In billions of yen Total assets Total assets 5,240.3 4,985.6 Cash and Cash and cash Interest-bearing cash Interest-bearing equivalents liabilities equivalents liabilities 283.2 813.1 281.6 598.2 Other assets Other liabilities 4,957.1 2,741.7 Other assets Other liabilities 4,704.0 3,097.3 Non-controlling interests Non-controlling 317.1 interests 71.7 Equity attributable Equity attributable to owners of the to owners of the parent parent 1,411.5 1,218.3 FY2018 FY2019 Equity ratio ............................................... ��������������������������� 26.9% Equity ratio ............................................... ��������������������������� 24.4% D/E ratio ������������������������������������������������������������������������������������������������������������������������������� 38.48% D/E ratio ������������������������������������������������������������������������������������������������������������������������������� 46.38% ROE . �������������������������������� 7.9% ROE . ��������������������������������� 6.6% 3 MHI REPORT 2020 FINANCIAL SECTION In growth areas, MHI Group is planning to purchase invest- trade receivables and inventories and by raising the utilization ment securities and execute necessary capital investments rate of its property, plant and equipment. and R&D investment. As a whole, the Group plans to stream- MHI Group considers the repurchase of treasury stock by line its assets and selectively concentrate on core investment taking into overall account a number of factors, including the schemes, while anticipating funding requirements in future state of progress on business plans, the Company’s perfor- growth fields and closely monitoring the latest market envi- mance outlook, stock price trends, financial condition, and ronments and order trends. improvements in the financial market environment. Breakdown of Interest-Bearing Debt and its Applications » DIVIDEND POLICY The breakdown of interest-bearing debt as of March 31, 2020, Under the 2018 Medium-Term Business Plan, the Group for- was as follows: mulated a basic policy of providing returns to shareholders at In billions of yen a dividend payout ratio of around 30%, while giving consider- Due within Due after Total one year one year ation to the balance between business growth and financial Short-term borrowings 64.7 64.7 — stability. We will continue to uphold our basic policy on provid- Commercial paper 85.0 85.0 — ing returns to shareholders. (Evaluation of the dividend payout Long-term borrowings 308.5 58.0 250.5 ratio excludes the investments in Mitsubishi SpaceJet because of its long-term payback period.) Bonds 140.0 10.0 130.0 As decided in MHI’s Articles of Incorporation, the Group Total 598.2 217.7 380.5 pays dividends from retained earnings to shareholders twice MHI Group is involved in various projects with compara- a year. These payments consist of an interim dividend with a tively long construction periods. It also owns numerous record date of September 30 and a year-end dividend with a manufacturing facilities that employ large-scale machinery. record date of March 31. Decisions on interim dividend pay- Consequently, MHI Group must secure a stable level of work- ments are made by the Board of Directors, and decisions on ing capital and funds for capital investments.
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