Highlights

Results by Business Segment

Revenue breakdown by business segment

(Year ended March 31, 2021)

graph: Financial data are presented in accordance with U.S. GAAP and IFRS.

Energy and Electric Systems

(Year ended March 31, 2021)

The market of the social infrastructure systems business saw a decrease in demand relating to power generation worldwide and the reconsideration of the capital expenditure plans by railway companies in Japan due to the impact of COVID-19, while investment in public utilities for preventing and reducing disaster risks and demand relating to the electricity systems reform remained buoyant in Japan. In this environment, the business saw a decrease in orders from the previous fiscal year due primarily to decreases in the transportation systems and the power systems businesses in Japan, while revenue increased from the previous fiscal year due mainly to progress in orders already received for projects in the power systems business and an increase in the public utility systems business in Japan.

The market of the building systems business saw decreased demand in new installations and renewals of elevators and escalators worldwide due to delay in construction and the reconsideration of the capital expenditure plans that happened in stagnation caused by the impact of COVID-19. In this environment, the business saw decreases in both orders and revenue from the previous fiscal year due primarily to decreases in Asia and Japan.

As a result, revenue for this segment decreased by 3% from the previous fiscal year to 1,270.2 billion yen.

Operating profit increased by 26.6 billion yen from the previous fiscal year to 108.9 billion yen due mainly to a shift in project portfolios and cost improvement.

graph: Energy and Electric Systems Revenue & Operating profit

<Main Products and Business Lines>

Turbine generators, hydraulic turbine generators, nuclear power plant equipment, motors, transformers, power electronics equipment, circuit breakers, gas insulated switchgears, switch control devices, surveillance-system control and security systems, transmission and distribution ICT systems, large display devices, (open new window)electrical equipment for locomotives and rolling stock, wireless and wired communications systems, network camera systems, (open new window)elevators, (open new window)escalators, building security systems, building management systems, and others

Industrial Automation Systems

(Year ended March 31, 2021)

The market of the factory automation systems business saw an increase in demand relating to 5G and semiconductor outside Japan and demand relating to increased mask production in China, while there was continuing stagnation in automotive-related demand worldwide and machinery- and building-related demand in Japan. In this environment, the business saw an increase in orders due primarily to an increase in demand relating to semiconductor and lithium-ion battery, while revenue remained substantially unchanged from the previous fiscal year.

The market of the automotive equipment business saw a decrease in demand for new cars in all regions except for China due to the impact of COVID-19 primarily in the first half. In this environment, the business saw decreases in both orders and revenue from the previous fiscal year due mainly to a decrease in electrical components despite an increase in electric vehicle-related equipment such as motors and inverters.

As a result, revenue for this segment decreased by 7% from the previous fiscal year to 1,248.5 billion yen.

Operating profit decreased by 28.3 billion yen from the previous fiscal year to 40.5 billion yen due mainly to decreased revenue.

graph: Industrial Automation Systems Revenue & Operating profit

<Main Products and Business Lines>

(open new window)Programmable logic controllers, (open new window)inverters, (open new window)servomotors, (open new window)human-machine interface, motors, hoists, magnetic switches, no-fuse circuit breakers, short circuit breakers, transformers for electricity distribution, time and power meters, uninterruptible power supply, industrial fans, (open new window)computerized numerical controllers, (open new window)electrical discharge machines, (open new window)laser processing machines, (open new window)industrial robots, clutches, (open new window)automotive electrical equipment, (open new window)electric powertrain system, (open new window)car electronics and car mechatronics, (open new window)car multimedia, and others

Information and Communication Systems

(Year ended March 31, 2021)

The market of the information systems and service business saw delays and cancellations of system development projects, particularly in the manufacturing industry, due to the impact of COVID-19. In this environment, the business saw decreases in both orders and revenue from the previous fiscal year due mainly to a decrease in the system integrations business.

The electronic systems business saw decreases in both orders and revenue from the previous fiscal year due primarily to a decrease in large-scale projects for the defense systems business.

As a result, revenue for this segment decreased by 17% from the previous fiscal year to 380.1 billion yen.

Operating profit decreased by 10.0 billion yen from the previous fiscal year to 16.4 billion yen due mainly to decreased revenue.

graph: Information and Communication Systems Revenue & Operating profit

<Main Products and Business Lines>

(open new window)Satellite communications equipment, (open new window)satellites, radar equipment, antennas, missile systems, fire control systems, broadcasting equipment, network security systems, information systems equipment, systems integration, and others

Electronic Devices

(Year ended March 31, 2021)

The market of the electronic devices business saw a slowdown in demand for power modules used in railcar and industrial applications, while demand for high frequency and optical devices relating to next-generation data centers remained buoyant. In this environment, the business saw an increase in orders from the previous fiscal year due primarily to an increase in power modules used in automotive applications, while revenue decreased by 2% from the previous fiscal year to 205.2 billion yen due mainly to decrease in TFT-LCD modules and power modules used in industrial and railcar applications despite an increase in high frequency and optical devices, particularly in optical communication devices.

Operating profit decreased by 2.4 billion yen from the previous fiscal year to 6.2 billion yen due mainly to decreased revenue.

graph: Electronic Devices Revenue & Operating profit

<Main Products and Business Lines>

(open new window)Power modules, (open new window)high-frequency devices, (open new window)optical devices, (open new window)LCD devices, and others

Home Appliances

(Year ended March 31, 2021)

The market of the home appliances business saw a decrease in demand for a part of air conditioners globally due primarily to the impact of COVID-19 causing lockdowns and considerable limitation of economic activities outside Japan, particularly in the first half, and restrained capital expenditure worldwide. Meanwhile, there was demand for residential air conditioners due to increased time at home. In this environment, the business saw a decrease in revenue by 5% from the previous fiscal year to 1,038.3 billion yen due primarily to a decrease in a part of air conditioners.

Operating profit decreased by 2.4 billion yen from the previous fiscal year to 75.7 billion yen due mainly to decreased revenue.

graph: Home Appliances Revenue & Operating profit

<Main Products and Business Lines>

Room air conditioners, package air conditioners, chillers, showcases, compressors, refrigeration units, air-to-water heat pump boilers, ventilators, hot water supply systems, IH cooking heaters, LED bulbs, indoor lighting, LCD televisions, refrigerators, electric fans, dehumidifiers, air purifiers, vacuum cleaners, jar rice cookers, microwave ovens, and others

Others

(Year ended March 31, 2021)

Revenue decreased by 9% from the previous fiscal year to 603.0 billion yen due primarily to decreases in services and engineering at affiliated companies.

Operating profit decreased by 12.4 billion yen from the previous fiscal year to 13.6 billion yen due mainly to decreased revenue.

graph: Others Revenue & Operating profit