Highlights
Financial Highlights
Five-Year Summary
Mitsubishi Electric Corporation and Subsidiaries
| Yen (millions) | |||||
| Years ended March 31 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Revenue | ¥4,519,921 | ¥4,462,509 | ¥4,191,433 | ¥4,476,758 | ¥5,003,694 |
| Operating profit | 290,477 | 259,661 | 230,195 | 252,051 | 262,352 |
| Profit before income taxes | 315,958 | 281,986 | 258,754 | 279,693 | 292,179 |
| Net profit attributable to Mitsubishi Electric Corp. stockholders |
226,648 | 221,834 | 193,132 | 203,482 | 213,908 |
| Total assets | 4,356,211 | 4,409,771 | 4,797,921 | 5,107,973 | 5,582,519 |
| Cash and cash equivalents | 514,224 | 537,559 | 767,406 | 727,179 | 645,870 |
| Bonds and borrowings | 298,438 | 267,008 | 248,897 | 217,171 | 252,265 |
| Mitsubishi Electric Corp. stockholders' equity | 2,399,946 | 2,429,743 | 2,754,293 | 2,975,941 | 3,239,027 |
| Cash flows from operating activities | 239,817 | 395,834 | 542,119 | 282,371 | 166,711 |
| Cash flows from investing activities | (210,668) | (203,997) | (176,552) | (114,867) | (148,533) |
| Free cash flows | 29,149 | 191,837 | 365,567 | 167,504 | 18,178 |
| Cash flows from financing activities | (112,067) | (156,454) | (157,352) | (241,319) | (119,568) |
| Per Share Amounts: Earnings per share attributable to Mitsubishi Electric Corp. stockholders (Yen) |
|||||
| Basic | ¥105.65 | ¥103.41 | ¥90.03 | ¥95.41 | ¥101.3 |
| Diluted | 105.65 | 103.41 | 90.03 | 95.41 | 101.3 |
| Cash dividends declared (Yen) | 40 | 40 | 36 | 40 | 40 |
| Mitsubishi Electric Corp. stockholders' equity (Yen) | ¥1,118.83 | ¥1,132.69 | ¥1,283.88 | ¥1,409.08 | ¥1,533.98 |
| Financial Ratios | |||||
| Operating profit ratio (%) | 6.4 | 5.8 | 5.5 | 5.6 | 5.2 |
| Return on revenue (%) | 5.0 | 5.0 | 4.6 | 4.5 | 4.3 |
| Return on equity (ROE) (%) | 9.7 | 9.2 | 7.5 | 7.1 | 6.9 |
| Return on assets (ROA) (%) | 5.2 | 5.1 | 4.2 | 4.1 | 4.0 |
| Mitsubishi Electric Corp. stockholders' equity ratio (%) |
55.1 | 55.1 | 57.4 | 58.3 | 58.0 |
| Bonds and borrowings to total assets (%) | 6.9 | 6.1 | 5.2 | 4.3 | 4.5 |
NOTES:
- The balance of bonds and borrowings and the ratio of bonds and borrowings to total assets include lease liabilities until the fiscal year ended March 31, 2019.
- Diluted earnings per share attributable to Mitsubishi Electric Corp. stockholders is equal to Basic earnings per share attributable to Mitsubishi Electric Corp. stockholders under IFRS, as no dilutive securities existed.
Overview
(Year ended March 31, 2023)
The economy in the fiscal year ended March 31, 2023 continued to see recovery in the corporate and household sectors in the U.S. In China, there was downward pressure due to the impact of movement restrictions caused by the expansion of COVID-19, and the subsequent recovery was only moderate. In Japan, gradual recovery continued primarily in the household sector. In Europe, the paces of recovery were even slower in the corporate and household sectors. There was also the impact of the rise in some material prices, high logistics costs and the prolonged electronic components shortage.
In this environment, the Mitsubishi Electric Group has been working harder than ever to maximize profitability by accelerating business transformation and its business portfolio strategy under a new business area management structure, while continuously implementing initiatives to bolster its competitiveness and business structure.
As a result, the business performance for the fiscal year ended March 31, 2023 is as follows.
Financial Position
(Year ended March 31, 2023)
Total assets as of the end of this fiscal year increased by 474.5 billion yen compared to the end of the previous fiscal year to 5,582.5 billion yen. The change in balance of total assets was mainly attributable to increases in inventories by 249.5 billion yen, trade receivables by 107.2 billion yen and other non-current assets by 59.5 billion yen.
Inventories increased due primarily to the weaker yen, an increase in demand for the Industry & Mobility segment and the Life segment, as well as the semiconductor and other electronic components shortage.
Total liabilities increased by 208.7 billion yen compared to the end of the previous fiscal year to 2,219.2 billion yen due primarily to increases in bonds, borrowings and lease liabilities by 71.2 billion yen, contract liabilities by 50.9 billion yen and trade payables by 42.8 billion yen. Bonds and borrowings increased by 35.0 billion yen compared to the end of the previous fiscal year to 252.2 billion yen, with the ratio of bonds and borrowings to total assets recording 4.5%, representing a 0.2 point increase compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders’ equity increased by 263.0 billion yen compared to the end of the previous fiscal year to 3,239.0 billion yen due mainly to net profit attributable to Mitsubishi Electric Corporation stockholders of 213.9 billion yen and an increase in accumulated other comprehensive income of 92.3 billion yen, mainly reflecting the weaker yen, despite a decrease due primarily to a dividend payment of 84.5 billion yen. The stockholders’ equity ratio was 58.0%, representing a 0.3 point decrease compared to the end of the previous fiscal year.
Cash Flows
(Year ended March 31, 2023)
Cash flows from operating activities for fiscal 2023 were 166.7 billion yen (cash in), while cash flows from investing activities were 148.5 billion yen (cash out). As a result, free cash flow was 18.1 billion yen (cash in). Cash flows from financing activities were 119.5 billion yen (cash out), and cash and cash equivalents at the end of the period decreased by 81.3 billion compared to the end of the previous fiscal year to 645.8 billion yen.
Net cash provided by operating activities decreased by 115.6 billion yen year-on-year due primarily to the impact of credit collection and an increase in inventories, despite an increase in profit.
Net cash used in investing activities increased by 33.6 billion yen year-on-year due mainly to a decrease in proceeds from sale of investment securities and others and an increase in the purchase of property, plant and equipment, despite an increase in proceeds from sale of property, plant and equipment.
Net cash used in financing activities decreased by 121.7 billion yen year-on-year due primarily to an increase in long-term borrowings and a decrease in purchase of treasury stock.