Consolidated Financial Results for the Year Ended March 31, 2021
(IFRS) | April 27, 2021 |
Listed company: Hitachi Construction Machinery Co., Ltd. (HCM) | |
Stock exchange: Tokyo (first section) | Code number: 6305 |
URL https://www.hitachicm.com/global/ |
Representative: Kotaro Hirano, Executive Officer, President & CEO
Scheduled date of ordinary General Meeting of Shareholders: June 28, 2021
Scheduled date of commencement of payment of dividends: May 31, 2021
Scheduled date for submission of Securities Report: June 29, 2021
Supplementary materials to the financial statements have been prepared: Yes
Presentation will be held to explain the financial statements: Yes (for institutional investors, analysts and journalists) (Rounded off to the nearest million)
1. Consolidated results for the year ended March 2021 (April 1, 2020 to March 31, 2021)
- Consolidated results
Adjusted | Income before | Net income | |||||||||||||||||||
Revenue | Net income | attributable to | |||||||||||||||||||
Operating income | income taxes | ||||||||||||||||||||
owners of the parent | |||||||||||||||||||||
Millions of | % | Millions of | % | Millions of | % | Millions of | % | Millions of | % | ||||||||||||
yen | yen | yen | yen | yen | |||||||||||||||||
March 31, 2021 | 813,331 | (12.7) | 32,710 | (57.3) | 25,578 | (61.9) | 14,627 | (67.3) | 10,340 | (74.9) | |||||||||||
March 31, 2020 | 931,347 | (9.9) | 76,618 | (34.4) | 67,103 | (34.7) | 44,768 | (39.7) | 41,171 | (39.9) | |||||||||||
Notes: "Adjusted operating income" is presented as revenues less cost of sales as well as selling, general and administrative expenses. | |||||||||||||||||||||
Net income attributable to | Net income attributable to | Profit on equity attributable | Ratio of income before | Operating income to | |||||||||||||||||
owners of the Parent per share | owners of the Parent per share | ||||||||||||||||||||
to owners of the parent | income taxes | Revenue | |||||||||||||||||||
(basic) | (diluted) | ||||||||||||||||||||
Yen | Yen | % | % | % | |||||||||||||||||
March 31, 2021 | 48.62 | 48.62 | 2.1 | 2.1 | 3.5 | ||||||||||||||||
March 31, 2020 | 193.61 | 193.61 | 8.6 | 5.7 | 7.8 | ||||||||||||||||
References: Share of profits (losses) of investments accounted for using the equity method | |||||||||||||||||||||
March 31, 2021: ¥1,428million | March 31, 2020: ¥2,682million |
- Consolidated financial position
Total equity attributable to | Equity attributable to owners | Equity per share | |||
Total assets | Total equity | attributable to owners of | |||
owners of the parent | of the parent ratio | ||||
the parent | |||||
Millions of yen | Millions of yen | Millions of yen | % | Yen | |
March 31, 2021 | 1,220,571 | 569,245 | 514,291 | 42.1 | 2,418.46 |
March 31, 2020 | 1,167,567 | 525,111 | 473,537 | 40.6 | 2,226.80 |
(3) | Consolidated cash flows | ||||
Net cash from operating activities | Net cash from investing activities | Net cash from financing activities | Cash and cash equivalents at | ||
end of year | |||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||
March 31, 2021 | 91,339 | (32,281) | (46,011) | 80,330 | |
March 31, 2020 | 22,682 | (34,749) | 10,993 | 62,165 |
2. Dividends status
Cash dividends per share | Dividend Payout | Dividend | |||||||
Dividends paid | attributable to | ||||||||
First | Second | Third | Year end | Total | (Total) | Ratio | owners of the parent | ||
(Consolidated) | |||||||||
Quarter | Quarter | Quarter | (Consolidated) | ||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||
March 31, 2020 | - | 36.00 | - | 24.00 | 60.00 | 12,759 | 31.0 | 2.7 | |
March 31, 2021 | - | 10.00 | - | 10.00 | 20.00 | 4,253 | 41.1 | 0.9 | |
March 31, 2022 | - | - | - | - | - | - | |||
(Projection) | |||||||||
Interim and year-end dividends for the fiscal year ending March 2022 are to be determined.
(English translation of "KESSAN TANSHIN" originally issued in the Japanese language.)
3. Consolidated earnings forecast for the full year ending March 2022 (April 1, 2021 to March 31, 2022)
Net income | |||||||||||
Adjusted | Income before | Net income attributable to | attributable | ||||||||
Revenue | to owners of | ||||||||||
Operating income | income taxes | owners of the parent | |||||||||
the parent | |||||||||||
per share | |||||||||||
March 31, | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||
2022 | 880,000 | 8.2 | 62,000 | 89.5 | 56,000 | 118.9 | 32,300 | 212.4 | 151.89 | ||
Notes: The percentages indicated show changes from the same period of the previous fiscal year.
*Notes
- Important changes in the scope of the consolidation during period(changes involving specific subsidiaries accompanying changes in the scope of consolidation): None
- Changes in accounting policies; changes in accounting estimates
[1] | Changes in accounting policies required by IFRS | None |
[2] | Changes in accounting policies other than those in [1] | None |
[3] | Changes in accounting estimates | None |
- Number of outstanding shares (common shares)
[1] Number of outstanding shares (including treasury shares)
March 2021 | 215,115,038 | |||||||||||
March 2020 | 215,115,038 | |||||||||||
[2] Number of treasury shares | ||||||||||||
March 2021 | 2,463,047 | |||||||||||
March 2020 | 2,461,867 | |||||||||||
[3] Average number of common shares outstanding during the fiscal year (shares) | ||||||||||||
March 2021 | 212,652,631 | |||||||||||
March 2020 | 212,654,154 | |||||||||||
(Reference) Non-consolidated Financial Results | ||||||||||||
1. Non-consolidated results for the year ended March 2021(April 1, 2020 to March 31, 2021) | ||||||||||||
(1) Non-consolidated results | (Rounded off to the nearest million) | |||||||||||
Net sales | Operating income | Ordinary income | Net income | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||
March 31, 2021 | 392,842 | (18.6) | (23,550) | - | 8,951 | (74.0) | 12,142 | (64.1) | ||||
March 31, 2020 | 482,571 | (11.6) | (4,665) | - | 34,434 | (40.3) | 33,832 | (33.0) | ||||
Notes: The percentages indicated show changes from the same period of the previous fiscal year.
Net income per share | Net income per share (Diluted) | |
Yen | Yen | |
March 31, 2021 | 57.10 | 57.10 |
March 31, 2020 | 159.10 | 159.10 |
(2) Non-consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |||
Millions of yen | Millions of yen | % | Yen | |||
March 31, 2021 | 609,918 | 300,991 | 49.3 | 1,415.42 | ||
March 31, 2020 | 608,967 | 295,232 | 48.5 | 1,388.33 | ||
(Reference) Total equity at fiscal year-end | March 2021: ¥300,991 million | March 2020: ¥295,232 million |
Indication of audit procedure implementation status
This earnings report is exempt from audit procedure.
(English translation of "KESSAN TANSHIN" originally issued in the Japanese language.)
Explanation on the appropriate use of results forecasts and other important items
Any forward-looking statements in the report, including results forecasts, are based on certain assumptions that were deemed rational as well as information currently available to the Company at this time. However, various factors could cause actual results to differ materially. Please refer to ''1. Management Performance and Financial Conditions,
- Outlook for the Fiscal Year Ending March 2022'' of the attachment for conditions serving as assumptions for results forecasts.
(English translation of "KESSAN TANSHIN" originally issued in the Japanese language.)
Index of the Attachment | ||
1. Management Performance and Financial Conditions ........................................................................... | 2 | |
(1) Management Results......................................................................................................................... | 2 | |
(2) | Outlook for the Fiscal Year Ending March 2022 ............................................................................. | 4 |
(3) | Analysis of Financial Condition ....................................................................................................... | 5 |
(4) | Dividend Policy................................................................................................................................. | 7 |
2. Our Fundamental Position Concerning Selection of Accounting Standards Policy............................... | 8 | |
3. Consolidated Financial Statements......................................................................................................... | 9 | |
(1) | Consolidated Balance Sheets ............................................................................................................ | 9 |
(2) | Consolidated Statements of Income and Comprehensive Income.................................................. | 10 |
Consolidated Statements of Income ............................................................................................... | 10 | |
Consolidated Statements of Comprehensive Income ..................................................................... | 11 | |
(3) | Consolidated Statements of Changes in Equity .............................................................................. | 12 |
(4) | Consolidated Statements of Cash Flows......................................................................................... | 14 |
(5) | Notes on Consolidated Financial Statements.................................................................................. | 15 |
(Notes on the Preconditions for a Going Concern) ........................................................................ | 15 | |
(Important matters for compiling consolidated financial statements) ............................................ | 16 | |
(Segment Information) ................................................................................................................... | 18 | |
(Note on consolidated statements of income) ................................................................................ | 22 | |
(Earnings per share)........................................................................................................................ | 23 | |
(Important subsequent events)........................................................................................................ | 23 |
(English translation of "KESSAN TANSHIN" originally issued in the Japanese language.)
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1. Management Performance and Financial Conditions
(1) Management Results
As the HCM Group's medium-term management plan starting in the fiscal year under review,, "Realizing Tomorrow's Opportunities 2022," in order to further strengthen the value chain business, on which the Group continues to focus, the Group is using state-of-the-art digital technology to provide deeper solutions at every point of contact with customers, and is working to make its corporate structure resilient to change.
During the fiscal year under review (April 1, 2020 to March 31, 2021), revenue was ¥813,331 million (a decrease of 12.7% year-on-year), mainly due to the impact of the yen's appreciation, despite an increase in sales of rental and used machinery in the value chain business, on which we are focusing. This was due to a decrease in new machinery sales and parts and service caused by the deteriorating market conditions due to COVID-19 and a decrease in new mining machinery sales and parts and service due to customers restraining capital expenditure. As for consolidated income items, adjusted operating income was ¥32,710 million (a decrease of 57.3% year-on-year), mainly due to a decrease in revenue, an increase in the cost of sales ratio, and the impact of yen appreciation. Profit attributable to owners of the parent company was ¥10,340 million (a decrease of 74.9% year-on-year), mainly due to a decrease in adjusted operating income, a decrease in equity in earnings of unconsolidated subsidiaries and affiliates, and an increase in the contribution of non-controlling interests.
Business results by segment are described below.
1. Construction machinery business
Demand for hydraulic excavators in the fiscal year under review was lower than that in the same period of the previous fiscal year in major regions such as Europe and North America, while worldwide demand increased from the previous fiscal year mainly due to a significant recovery in China. Mining companies continue to restrain their capital investment, and the demand from small and medium-sized mining companies decreased in particular.
Consequently, in the consolidated fiscal year under review, revenue was ¥734,207 million (a decrease of 12.7% year-on-year), reflecting the impact of lockdowns in various countries, a decrease in new machinery sales and parts and service, and the impact of yen appreciation, despite an increase in rentals and used machinery. Adjusted operating income was ¥25,798 million (a decrease of 62.4% year-on-year), mainly due to a decrease in revenue and the impact of yen appreciation.
2. Solution business
This segment consists primarily of Bradken Pty Limited and its subsidiaries, which are engaged in the parts service business in the after-sales of mining facilities and machinery, and H-E Parts International LLC and its subsidiaries, which provide service solutions.
Revenue for the fiscal under review was ¥82,437 million (a decrease of 10.4% year-on-year) due to a decline in demand.
Adjusted operating income was ¥6,912 million (a decrease of 14.6% year-on-year), due to the decrease in revenue.
The above revenues of segment 1 and 2 are figures before intersegment adjustments.
(English translation of "KESSAN TANSHIN" originally issued in the Japanese language.)
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HCM - Hitachi Construction Machinery Co. Ltd. published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 06:38:03 UTC.