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Annual Report 2012Annual Report For the Year Ended March 31, 2012 31, Ended March Year the For MITSUBISHI HEAVY INDUSTRIES, LTD. Annual Report 2012 The Power of MHI Today and Tomorrow Since its foundation in 1884, the Mitsubishi Heavy As the march of globalization gains momentum Industries Group (MHI Group) has coexisted in partner- today, the MHI Group is confronting head-on the chal- ship with customers and society at large. For over a lenge of driving sustainable economic growth and century since, the MHI Group has consistently delivered resolving energy and environmental concerns—issues products that people everywhere depend on by being at shared by countries everywhere. the forefront in pioneering new approaches to manufac- The MHI Group will capitalize on its comprehensive turing in every era. strengths, leveraging experience and insight from its The array of 700 different types of products that have involvement in the development of social and industrial emerged from our passion for manufacturing range from infrastructure worldwide to contribute to society’s aerospace rockets and power-generation facilities to ongoing development by resolving issues faced by the ships, industrial equipment, and home air conditioners. entire planet. ANNUAL REPORT 2012 01 A MESSAGE FROM THE MANAGEMENT Kazuo Tsukuda Hideaki Omiya Chairman of the Board President and CEO Our Technologies, Your Tomorrow 02 MITSUBISHI HEAVY INDUSTRIES, LTD. In 2011, we were strongly reminded again of the vital impor- In June 2012, the MHI Group formulated the “MHI Environ- tance of our corporate mission. During the year, the MHI mental Vision 2030,” encapsulating its commitment to real- Group was dedicated to quickly supporting customers izing a sustainable future for the Earth and all mankind. Given involved in infrastructure and areas that suffered tremendous that total solutions incorporating our wide-ranging products damage in the Great East Japan Earthquake. The reconstruc- and technologies are applied on land, at sea, in the air and in tion effort is expected to take years. As a company that helps space, this vision articulates our pledge to help simultaneously undergird Japan’s social infrastructure, we will continue offer- achieve what we call the “3Es”: energy security, environmental ing the necessary support to rebuild the most affected areas protection, and economic growth. as soon as possible. We still recognize corporate social responsibility, or CSR, The Japanese economy is widely expected to mount a as a top priority for our management. Alongside efforts to modest recovery; however, a number of factors continue to contribute through our manufacturing prowess to the sustain- fuel uncertainty, among them a deflationary trend, global eco- able development of global society, we are determined to nomic stagnation, and the yen’s prolonged strength. move forward in creating a corporate culture that will meet the In this daunting economic climate, along with existing com- expectations and trust of our customers and society. We petitors from the United States and Europe, Chinese and would like to thank you for your continued understanding South Korean companies in the industry are also gaining and support. strength. Consequently, the business environment for the MHI Group is expected to become an even tougher one. Recognizing these challenges, one key issue the MHI Group now faces is to build the business scale, earnings capability, and financial condition necessary to compete on an equal footing with rival manufacturers overseas. Another is to develop a robust governance structure contributing to society’s sustainable development through our corporate activities. For these reasons, the MHI Group has pursued reform and growth programs outlined in the 2010 Medium-Term Business Plan. To better cope with changes in the social environment, the Group launched the new 2012 Medium-Term Business Kazuo Tsukuda, Chairman of the Board Plan in April 2012. The two targets of the new plan are to expand business scale and to improve capital efficiency and net income levels. This effort will be driven by five strategies: consolidate and restructure business segments into four Hideaki Omiya, President and CEO domains to realize strengths and synergies; accelerate global expansion; manage the business portfolio based on strategic evaluation; institute corporate reform and efficiency; and manage innovations in corporate governance and operations. ANNUAL REPORT 2012 03 CREED We strongly believe that the customer comes first and that 1 we are obligated to be an innovative partner to society. We base our activities on honesty, harmony, and a clear 2 distinction between public and private life. We shall strive for innovative management and technological 3 development from an international perspective. Reason for Instituting the Creed In Japan there are many enterprises with their own “creeds” which simply represent their management concept. Mitsubishi Heavy Industries, Ltd. has a creed of this type, also. This creed was insti- tuted in 1970 on the basis of the policy advocated by Koyata Iwasaki, president of Mitsubishi Goshi Kaisha in the 1920s, to indicate the essential attitude of the com- pany, the mental attitude of the employees, and the future directions of the com- pany. The reason for instituting the present creed is so that all of us can call to mind our one hundred years of tradition, and strive for further development in the future. 04 MITSUBISHI HEAVY INDUSTRIES, LTD. CONTENTS 02 A MESSAGE FROM THE MANAGEMENT 04 CREED THE POWER OF MHI 06 CONsolidated FINANCIAL HIGHLIGHTS TODay AND TOMORROW 08 CONsolidated FINANCIAL PERFORMANCE 10 MHI GROUP THROUGH THE YEAR 12 INterview WITH THE PRESIDENT 20 2012 MEDIUM-TERM BUSINESS PLAN P.12 (2012-2014) INTERVIEW WITH 21 BUSINESS Strategies BY DOMAIN THE PRESIDENT 26 MHI at A GLANCE 28 REVIEW OF OperatioNS 28 SHIPBUILDING & OCEAN DEVELOPMENT 30 POWER SYSTEMS P.20 32 MACHINery & STEEL 2012 MEDIUM-TERM BUSINESS PLAN (2012-2014) INFRASTRUCTURE SYSTEMS 34 Aerospace SYSTEMS P.21 36 GENERAL MACHINery & BUSINESS STRATEGIES BY DOMAIN SPECIAL VEHICLES Domain 1. Energy & Environment 38 OTHERS Domain 2. Machinery, Equipment & Systems 40 INTELLECTUAL Property AND R&D Domain 3. Transportation 42 TOPIC: PURPOSE BEHIND EstablishmeNT OF THE NEW ENGINEERING HEADQuarters Domain 4. Defense & Aerospace 43 FOUNdatioN FOR SustaiNABILITY 44 BOARD OF DIRECTORS AND Statutory AUDITORS 46 Corporate GOVERNANCE 52 Corporate SOCIAL RESPONSIBILITY 54 ENVIRONMENtal ACTIVITIES P.28 P.30 55 FINANCIAL SECTION SHIPBUILDING & POWER SYSTEMS OCEAN DEVELOPMENT 87 Corporate Data 88 MHI’S WORLDWIDE NETWORK P.32 P.34 MACHINery & STEEL Aerospace SYSTEMS INFRASTRUCTURE SYSTEMS Forward-Looking Statements Forecasts regarding future performance in these materials are based on judgments made in accordance with information available at the time this presentation was prepared. As such, these projections involve risks and insecurity. For this reason, investors are recommended not to depend solely on these projections for making investment decisions. It is possible that actual results may change significantly from these projections for a number of factors. Such factors include, but are not limited to, economic trends affecting the Company’s operating environment, currency P.36 P.38 movement of the yen value to the U.S. dollar and other foreign currencies, and GENERAL MACHINery & OTHERS trends of stock markets in Japan. Also, the results projected here should not be SPECIAL VEHICLES construed in any way as being guaranteed by the Company. ANNUAL REPORT 2012 05 CONSOLIDATED FINANciaL HIGHLIGHTS Mitsubishi Heavy Industries, Ltd. and Consolidated Subsidiaries Years ended March 31 of respective years In millions of U.S. dollars except per share In billions of yen except per share amounts In billions of yen except per share amounts amounts*1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 Net sales . ¥2,863.9 ¥2,593.8 ¥2,373.4 ¥2,590.7 ¥2,792.1 ¥3,068.5 ¥3,203.0 ¥3,375.6 ¥2,940.8 ¥2,903.7 ¥2,820.9 $34,321 Operating income ���������������������������������������������������������������������������������� 78.6 115.3 66.6 14.7 70.9 108.9 136.0 105.8 65.6 101.2 111.9 1,361 Interest expense—net of interest income and dividend income �������������� (9.4) (8.3) (6.3) (5.5) (1.9) (4.8) (5.7) (6.0) (15.6) (14.9) (12.6) (153) Ordinary income ������������������������������������������������������������������������������������ 67.9 78.1 29.7 12.5 50.3 83.0 109.5 75.3 24.0 68.1 86.1 1,047 Income before income taxes and minority interests �������������������������������� 48.0 66.1 50.1 16.3 52.3 83.7 101.3 64.9 28.1 39.4 69.8 849 Net income �������������������������������������������������������������������������������������������� 26.4 34.3 21.7 4.0 29.8 48.8 61.3 24.2 14.1 30.1 24.5 298 Research and development expenses . ¥ 118.5 ¥ 109.4 ¥ 99.5 ¥ 124.0 ¥ 100.7 ¥ 106.3 ¥ 107.9 ¥ 101.3 ¥ 129.2 ¥ 123.2 ¥ 121.4 $ 1,477 Capital investment . 109.7 119.1 109.8 112.2 140.5 175.9 191.4 196.6 177.1 126.6 120.7 1,468 Depreciation ������������������������������������������������������������������������������������������ 95.9 97.0 99.8 99.1 100.8 106.7 129.2 153.8 140.4 134.4 126.2 1,535 Per share information of common stock: (yen / U.S. dollars) Net income—basic ���������������������������������������������������������������������������� ¥ 7.84 ¥ 10.14 ¥ 6.46 ¥ 1.20 ¥ 8.85 ¥ 14.56 ¥ 18.28 ¥ 7.22 ¥ 4.22 ¥ 8.97 ¥ 7.31 $ 0.089 Net income—diluted �������������������������������������������������������������������������� 7.82 10.14 6.46 1.20 8.83 14.55 18.27 7.21 4.22 8.96 7.30 0.089 Net assets . 380.22 376.76 393.17 390.44 410.15 425.54 423.17 369.94 380.80 376.17 374.08 4.551 Cash dividends ���������������������������������������������������������������������������������� 4.00 6.00 6.00 4.00 4.00 6.00 6.00 6.00 4.00 4.00 6.00 0.073 Total assets .
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