Mitsubishi Materials Corporation
Marunouchi Nijubashi Building 22F
3-2-3, Marunouchi, Chiyoda-ku, Tokyo 100-8117 Japan
https://www.mmc.co.jp/corporate/en/
Financial Section
2021
P2 Management's Discussion and Analysis
P4 Consolidated Balance Sheets
P6 Consolidated Statements of Profit or loss
P6 Consolidated Statements of Comprehensive Income
P7 Consolidated Statements of Changes in Net Assets
P9 Consolidated Statements of Cash Flows
P10 Notes to Consolidated Financial Statements
P48 Independent Auditor's Report
P53 Major Consolidated Subsidiaries and Affiliates
Management's Discussion and Analysis
Overview
owners of parent of ¥20.0 billion on the assumption of average | On a non-consolidated basis, the Company forecasts net sales |
exchange rates of ¥110/USD and ¥130/EUR and a copper price | of ¥970.0 billion, operating profit of ¥0.5 billion, ordinary profit of |
Economic and Business Environment
During the consolidated fiscal year ended March 31, 2021, the global economic activities experienced considerable constraints due to the global spread of COVID-19. In China, the economy appeared to be recovering mildly, but in Thailand and Indonesia, economic downturn continued. In Europe, the economic downturn
mainly due to an increase in investment securities.
Total liabilities increased ¥103.1 billion, or 7.8% from the end of previous period to ¥1,421.1 billion. Total current liabilities increased ¥60.9 billion, or 7.6% from the end of pervious period to ¥858.8 billion mainly due to an increase in notes and accounts payable - trade. Total non-current liabilities increased ¥42.1 billion, or 8.1%
of 345¢/lb. | ¥5.0 billion, and profit of ¥7.0 billion. |
Overview by Segment
Billions of yen | Millions of U.S. dollars |
continued as well, while it saw signs of a recovery in the U.S.
In Japan due to COVID-19, the employment and income environment remained subdued. However, exports and industrial production showed signs of recovery.
Regarding the business environment for the Mitsubishi Materials Group (hereinafter "the Group"), the Group was also affected by the global spread of COVID-19. In addition to hike in metal prices, demand in semiconductors-related sectors remained strong, while demand in automobile-related sectors substantially declined. Moreover, domestic demand for cement declined.
Business Performance Summary
Under such circumstances, the Group has implemented various measures to enhance corporate value, based on Mission and the Group's medium- to long-term goals from the fiscal year ending March 31, 2031 (hereinafter referred to as "FY2031") to FY2051, as well as the Medium-term Management Strategy for FY2021 to FY2023.
from the end of previous period to ¥562.3 billion mainly due to an increase in long-term borrowings. The balance of interest- bearing debts, which adds bonds payable and commercial papers to borrowings increased ¥81.8 billion, or 14.9% from the end of previous period to ¥629.4 billion.
Total net assets increased ¥28.3 billion, or 4.8% from the end of previous period and to ¥614.3 billion mainly due to an increase in retained earnings.
As a result, the consolidated shareholder's equity ratio increased from 26.6% at the end of previous period to 26.8%, and net assets per share based on the total number of shares outstanding as of March 31, 2021 increased from ¥3,870.35 at the end of previous period to ¥4,173.14.
Cash Flows
The cash flows during the consolidated fiscal year ended March 31, 2021 and their causes are as follows:
(Cash flows from operating activities)
For the year ended March 31, 2021 and 2020 | 2021 | 2020 | ||
Advanced Products | ||||
Net sales | ¥ | 357.1 | ¥ | 375.3 |
Operating profit | 2.8 | 3.2 | ||
Operating margin | 0.8% | 0.9% | ||
Metalworking Solutions Business | ||||
Net sales | ¥ | 119.3 | ¥ | 150.2 |
Operating profit | (1.1) | 7.7 | ||
Operating margin | (1.0%) | 5.2% | ||
Metals Business | ||||
Net sales | ¥ | 728.2 | ¥ | 665.0 |
Operating profit | 18.8 | 18.6 | ||
Operating margin | 2.6% | 2.8% | ||
Cement Business | ||||
Net sales | ¥ | 215.8 | ¥ | 247.5 |
Operating profit | 6.6 | 12.2 | ||
Operating margin | 3.1% | 4.9% | ||
Environment & Energy Business | ||||
Net sales | ¥ | 26.2 | ¥ | 27.0 |
Operating profit | 1.7 | 1.6 | ||
Operating margin | 6.8% | 6.2% | ||
Other Businesses | ||||
Net sales | ¥ | 266.7 | ¥ | 285.2 |
Operating profit | 8.8 | 2.0 | ||
Operating margin | 3.3% | 0.7% |
2021
$ 3,225.7
26.1
$ 1,078.4
(10.7)
$ 6,578.3
170.5
$ 1,949.6
60.0
$ 236.9
16.1
$ 2,409.2
79.9
Consequently, consolidated net sales for the fiscal year ended March 31, 2021 totaled ¥1,485.1 billion, down by 2.0% year-on- year. Consolidated operating profit decreased by 30.0% year-
Net cash provided by operating activities totaled ¥78.4 billion (increased by ¥10.8 billion from the previous fiscal year) mainly due to an increase of profit before income taxes as well as an
Total | ||||
Net sales | ¥ | 1,485.1 | ¥ | 1,516.1 |
Operating profit | 26.5 | 37.9 | ||
Operating margin | 1.8% | 2.5% |
$ 13,414.5
239.9
on-year to ¥26.5 billion, and consolidated ordinary profit fell by 10.2% year-on-year to ¥44.5 billion. Also, Mitsubishi Materials Corporation (hereinafter referred to as the "Company") recorded the extraordinary loss of ¥22.3 billion as loss on business restructuring and the extraordinary income of ¥28.0 billion as gain on sales of investment securities. As a result, profit attributable
increase in notes and accounts payable - trade.
(Cash flows from investing activities)
Net cash used in investing activities totaled ¥101.7 billion (increased by ¥34.8 billion from the previous fiscal year) mainly due to payment for capital expenditure and investment securities.
Note:
U.S. dollar amounts are translated from Japanese yen using the prevailing exchange rate at March 31, 2021, which was ¥110.71 to U.S.$1.
Capital Expenditures
to owners of parent was ¥24.4 billion (compared to loss of ¥72.8 billion in the previous fiscal year).
Financial Position and Liquidity
As of March 31, 2021, total assets increased ¥131.4 billion, or 6.9% from the end of previous period to ¥2,035.5 billion. Total current assets increased ¥84.4 billion, or 8.8% from the end of previous period to ¥1,039.8 billion mainly due to an increase in leased gold bullion. Total non-current assets increased ¥47.0 billion, or 5.0% from the end of previous period to ¥995.6 billion
(Cash flows from financing activities)
Net cash provided by financing activities totaled ¥41.5 billion (increased by ¥12.6 billion from the previous fiscal year) mainly due to proceeds from long-term borrowings.
After factoring in the impact of exchange rate fluctuation, cash and cash equivalents at the end of this consolidated fiscal year amounted to ¥147.5 billion (increased by ¥20.2 billion from the previous fiscal year end).
The Group determines capital expenditure allocations by carefully selecting investment projects in areas where future earnings and growth are expected while striving to reduce interest-bearing debt.
In the consolidated fiscal year ended March 31, 2021, total capital expenditures amounted to ¥81.5 billion, which consisted mainly of maintenance and repairs of existing facilities in each business, as well as the enhancement and streamlining of production facilities. Capital expenditures by business segment are as follows:
Advanced Products
Metals Business
The Group carried out maintenance and repair work at copper smelting and processing facilities. Capital expenditures in this business segment amounted to ¥18.3 billion.
Cement Business
In addition to the introduction of a fully automated analysis system and the reinforcement work of industrial waste disposal facilities at the Kyushu Plant (Kanda area), a large-scale apparatus for suppressing dust generation was introduced at the Higashitani Mine as an environmental measure. Additionally, the Group carried out maintenance and repair work at existing facilities mainly in
Forecast for Fiscal Year 2022
In addition to maintenance and repair work on existing facilities in this business as a whole, the Group carried out work to strengthen the production facilities in the Copper & copper alloy
Japan and the U.S. Capital expenditures in this business segment amounted to ¥17.9 billion.
Regarding the global economy going forward, it is expected that the economic activities continue to be materially restricted until the global spread of COVID-19 infection subsides. It is anticipated that the economy will continue to recover in China and the U.S. while the impact of COVID-19 is expected to continue in Europe.
Regarding the domestic economy, while there are concerns that the employment and income environment may continue to be sluggish because of the impact from COVID-19, exports and industrial production are expected to continue to pick up.
With regards to the business environment surrounding the Group in the future, there are concerns that the impact of the global spread of COVID-19 may continue, while it is anticipated that the solid demand for semiconductor-related products will continue and the demand for automobile related business will recover.
Under these circumstances, for the fiscal year ending March 31, 2022, our consolidated operating performance forecasts predict net sales of ¥1,620.0 billion, operating profit of ¥35.0 billion, ordinary income of ¥37.0 billion, and net income attributable to
products business, etc. Capital expenditures in this business segment amounted to ¥16.3 billion.
Metalworking Solutions Business
The Group carried out reinforcement and streamlining work in order to response the increased production in this business as a whole, as well as maintenance and repair work at existing facilities. Capital expenditures in this business segment amounted to ¥9.5 billion.
Environment & Energy Business
In addition to the construction of a new Komatagawa hydroelectric power plant, the Company carried out maintenance and repair works at its existing facilities. Capital expenditures in this business segment amounted to ¥4.7 billion.
Other Businesses
The Group carried out maintenance and repair work at existing facilities. Capital expenditures in the Other Businesses segment amounted to ¥14.5 billion.
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Consolidated Balance Sheets
Mitsubishi Materials Corporation and Consolidated Subsidiaries
As of March 31, 2021 and 2020
Millions of yen | Thousands of U.S. dollars | Millions of yen | Thousands of U.S. dollars | |||||||||||||||||
(Note 1) | (Note 1) | |||||||||||||||||||
2021 | 2020 | 2021 | 2021 | 2020 | 2021 | |||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Current assets: | Current Liabilities: | |||||||||||||||||||
Cash and deposits | ¥ | (*7) | 153,086 | ¥ | (*7) | 134,444 | $ | 1,382,772 | Notes and accounts payable - trade | ¥ | (*7) | 153,603 | ¥ | (*7) | 113,148 | $ | 1,387,442 | |||
Notes and accounts receivable - trade | (*7) | 220,522 | (*7) | 217,259 | 1,991,895 | Short-term borrowings | (*7) | 175,686 | (*7) | 191,038 | 1,586,908 | |||||||||
Merchandise and finished goods | (*7) | 117,498 | (*7) | 111,409 | 1,061,316 | Current portion of bonds payable | 20,000 | - | 180,652 | |||||||||||
Work in process | (*7) | 126,357 | (*7) | 112,908 | 1,141,340 | Commercial papers | 40,000 | 50,000 | 361,304 | |||||||||||
Raw materials and supplies | (*7) | 136,019 | (*7) | 127,908 | 1,228,609 | Income taxes payable | 6,781 | 10,221 | 61,255 | |||||||||||
Leased gold bullion | (*9) | 156,254 | (*9) | 95,557 | 1,411,389 | Provision for bonuses | 12,852 | 12,944 | 116,093 | |||||||||||
Other | 133,258 | 158,444 | 1,203,671 | Provision for loss on disposal of inventories | 756 | 670 | 6,832 | |||||||||||||
Allowance for doubtful accounts | (3,103) | (2,470) | (28,034) | Provision for product compensation | 578 | 809 | 5,223 | |||||||||||||
294,312 | ||||||||||||||||||||
Total current assets | 1,039,894 | 955,462 | 9,392,960 | Deposited gold bullion | (*9) | 323,505 | (*9) | 2,922,100 | ||||||||||||
Other | 125,072 | 124,746 | 1,129,734 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||
Property, plant and equipment: | Total current liabilities | 858,838 | 797,892 | 7,757,547 | ||||||||||||||||
Buildings and structures, net | 155,868 | |||||||||||||||||||
158,343 | 1,430,259 | Non-current liabilities: | ||||||||||||||||||
Machinery, equipment and vehicles, net | 241,391 | 233,923 | 2,180,397 | Bonds payable | 40,000 | 60,000 | 361,304 | |||||||||||||
Land, net | (*8) | 209,707 | (*8) | 216,487 | 1,894,209 | Long-term borrowings | (*7) | 353,795 | (*7) | 246,578 | 3,195,698 | |||||||||
Construction in progress | 33,864 | 29,298 | 305,887 | Deferred tax liabilities | 36,162 | 26,667 | 326,642 | |||||||||||||
Other, net | 22,093 | 23,720 | 199,565 | Deferred tax liabilities for land revaluation | (*8) | 21,094 | (*8) | 21,514 | 190,534 | |||||||||||
Total property, plant and equipment, net | (*1), (*3), (*7) 665,402 | (*1), (*3), (*7) | 659,298 | 6,010,318 | Provision for loss on business of subsidiaries and affiliates | 2,525 | 4,014 | 22,807 | ||||||||||||
Provision for loss on business restructuring | 30,272 | |||||||||||||||||||
Intangible assets: | - | - | ||||||||||||||||||
Goodwill | 31,670 | 35,586 | 286,070 | Provision for environmental measures | 26,555 | 32,581 | 239,862 | |||||||||||||
Other | 14,760 | 15,906 | 133,324 | Provision for product compensation | - | 392 | - | |||||||||||||
Total intangible assets | 46,431 | 51,492 | 419,394 | Provision for directors' retirement benefits | 1,677 | 1,710 | 15,154 | |||||||||||||
Provision for share based compensation plan | - | |||||||||||||||||||
Investments and other assets: | 220 | 1,990 | ||||||||||||||||||
Investment securities | (*2), (*7) | 217,477 | (*2), (*7) | 183,043 | 1,964,388 | Retirement benefit liability | 42,249 | 56,312 | 381,624 | |||||||||||
Retirement benefit asset | 4,934 | 3,211 | 44,574 | Other | 38,033 | 40,078 | 343,538 | |||||||||||||
Deferred tax assets | 15,572 | |||||||||||||||||||
14,801 | 133,692 | Total non-current liabilities | 562,313 | 520,123 | 5,079,156 | |||||||||||||||
Other | 40,081 | |||||||||||||||||||
(*2) | 50,996 | (*2) | 460,635 | Total liabilities | 1,421,151 | 1,318,016 | 12,836,704 | |||||||||||||
Allowance for doubtful accounts | (4,392) | (4,112) | (39,672) | |||||||||||||||||
Net assets | ||||||||||||||||||||
Total investments and other assets | 283,818 | 237,796 | 2,563,618 | Shareholders' equity: | ||||||||||||||||
Total non-current assets | 995,651 | 948,588 | 8,993,332 | Share capital | 119,457 | 119,457 | 1,079,016 | |||||||||||||
Total assets | ¥ | 2,035,546 | ¥ | 1,904,050 | $ | 18,386,292 | Capital surplus | 79,439 | 92,393 | 717,543 | ||||||||||
Retained earnings | 294,814 | 274,723 | 2,662,940 | |||||||||||||||||
Treasury shares | (2,868) | (2,157) | (25,906) | |||||||||||||||||
Total shareholders' equity | 490,843 | 484,416 | 4,433,594 | |||||||||||||||||
Accumulated other comprehensive income: | ||||||||||||||||||||
Valuation difference on available-for-sale securities | 42,940 | 22,806 | 387,862 | |||||||||||||||||
Deferred gains or losses on hedges | (1,119) | 708 | (10,109) | |||||||||||||||||
Revaluation reserve for land | (*8) | 27,097 | (*8) | 28,059 | 244,760 | |||||||||||||||
Foreign currency translation adjustment | (8,057) | (12,212) | (72,777) | |||||||||||||||||
Remeasurements of defined benefit plans | (6,470) | (16,997) | (58,449) | |||||||||||||||||
Total accumulated other comprehensive income | 54,390 | 22,364 | 491,286 | |||||||||||||||||
Non-controlling interests | 69,161 | 79,252 | 624,707 | |||||||||||||||||
Total net assets | 614,394 | 586,034 | 5,549,588 | |||||||||||||||||
Total liabilities and net assets | ¥ | 2,035,546 | ¥ | 1,904,050 | $ | 18,386,292 | ||||||||||||||
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Consolidated Statements of Profit or Loss
Mitsubishi Materials Corporation and Consolidated Subsidiaries
For the years ended March 31, 2021 and 2020
Millions of yen | |||||
2021 | 2020 | ||||
Net sales | ¥ | 1,485,121 | ¥ | 1,516,100 | |
Cost of sales | (*1), (*2)1,312,771 | (*1), (*2)1,325,438 | |||
Gross profit | 172,349 | 190,662 | |||
Selling, general and administrative expenses | (*3), (*4) | 145,781 | (*3), (*4) | 152,709 | |
Operating profit | 26,567 | 37,952 | |||
Non-operating income: | |||||
Interest income | 843 | 1,302 | |||
Dividend income | 17,585 | 18,403 | |||
Rental income from non-current assets | 4,895 | 5,110 | |||
Share of profit of entities accounted for using equity method | 4,692 | 3,521 | |||
Other | 10,260 | 3,023 | |||
Total non-operating income | 38,278 | 31,362 | |||
Non-operating expenses: | |||||
Interest expenses | 4,416 | 4,858 | |||
Expense for the maintenance and management of abandoned mines | 3,782 | 4,018 | |||
Rental expenses on non-current assets | 3,134 | 3,066 | |||
Loss on retirement of non-current assets | 2,674 | 2,346 | |||
Foreign exchange losses | - | 2,073 | |||
Other | 6,309 | 3,340 | |||
Total non-operating expenses | 20,318 | 19,704 | |||
Ordinary profit | 44,527 | 49,610 | |||
Extraordinary income: | |||||
Gain on sales of investment securities | 28,066 | 14,535 | |||
Other | 810 | 2,026 | |||
Total extraordinary income | 28,876 | 16,562 | |||
Extraordinary losses: | |||||
Loss on business restructuring | (*8) | 22,370 | - | ||
Impairment loss | (*5) | 3,532 | (*5) | 55,095 | |
Provision for loss on business restructuring | - | (*6) | 30,272 | ||
Loss on the Antimonopoly Act | - | (*7) | 10,423 | ||
Other | 4,160 | 10,881 | |||
Total extraordinary losses | 30,063 | 106,671 | |||
Profit (loss) before income taxes | 43,341 | (40,498) | |||
Income taxes - current | 13,944 | 18,248 | |||
Income taxes - deferred | (1,379) | 10,561 | |||
Total income taxes | 12,564 | 28,810 | |||
Profit (loss) | 30,777 | (69,308) | |||
Profit (loss) attributable to non-controlling interests | 6,369 | 3,541 | |||
Profit (loss) attributable to owners of parent | ¥ | 24,407 | ¥ | (72,850) | |
Thousands of U.S. dollars
(Note 1)
2021
$ 13,414,516
11,857,749
1,556,767
1,316,790
239,977
7,623
158,844
44,218
42,387
92,681
345,755
39,895
34,167
28,314
24,157
-
56,993
183,529
402,202
253,513
7,320
260,834
202,061
31,907
-
-
37,580
271,549
391,487
125,953
(12,463)
113,490
277,996
57,536
$ 220,460
Consolidated Statements of Changes in Net Assets
Mitsubishi Materials Corporation and Consolidated Subsidiaries
For the years ended March 31, 2021 and 2020
Millions of yen | |||||||||||||||
Shareholders' equity | |||||||||||||||
Total | |||||||||||||||
shareholders' | |||||||||||||||
Share capital | Capital surplus | Retained earnings | Treasury shares | equity | |||||||||||
Balance as of March 31, 2019 | ¥ | 119,457 | ¥ | 92,393 | ¥ | 352,932 | ¥ | (2,123) | ¥ | 562,659 | |||||
Changes during period: | |||||||||||||||
Cash dividends | (10,476) | (10,476) | |||||||||||||
Loss attributable to owners of parent | (72,850) | (72,850) | |||||||||||||
Reversal of revaluation reserve for land | 4,963 | 4,963 | |||||||||||||
Increase due to increase in the number of consolidated subsidiaries | 153 | 153 | |||||||||||||
Decrease due to increase in the number of consolidated subsidiaries | - | ||||||||||||||
Purchase of treasury shares | (34) | (34) | |||||||||||||
Disposal of treasury shares | (0) | 0 | 0 | ||||||||||||
Changes in ownership interest of parent due to transaction | (0) | (0) | |||||||||||||
with non-controlling interests | |||||||||||||||
Net changes in items other than shareholders' equity | |||||||||||||||
Total changes during period | - | (0) | (78,208) | (33) | (78,242) | ||||||||||
Balance as of March 31, 2020 | ¥ | 119,457 | ¥ | 92,393 | ¥ | 274,723 | ¥ | (2,157) | ¥ | 484,416 | |||||
Changes during period: | |||||||||||||||
Cash dividends | (5,237) | (5,237) | |||||||||||||
Profit attributable to owners of parent | 24,407 | 24,407 | |||||||||||||
Reversal of revaluation reserve for land | 962 | 962 | |||||||||||||
Increase due to increase in the number of consolidated subsidiaries | - | ||||||||||||||
Decrease due to increase in the number of consolidated subsidiaries | (41) | (41) | |||||||||||||
Purchase of treasury shares | (713) | (713) | |||||||||||||
Disposal of treasury shares | (1) | 3 | 2 | ||||||||||||
Changes in ownership interest of parent due to transaction | (12,952) | (12,952) | |||||||||||||
with non-controlling interests | |||||||||||||||
Net changes in items other than shareholders' equity | |||||||||||||||
Total changes during period | - | (12,954) | 20,090 | (710) | 6,426 | ||||||||||
Balance as of March 31, 2021 | ¥ | 119,457 | ¥ | 79,439 | ¥ | 294,814 | ¥ | (2,868) | ¥ | 490,843 | |||||
Millions of yen | |||||||||||||||
Accumulated other comprehensive income | |||||||||||||||
Valuation | Total accumulated | ||||||||||||||
difference on | Deferred gains | Foreign currency Remeasurements | other | ||||||||||||
available-for-sale | or losses on | Revaluation | translation | of defined | comprehensive | Non-controlling | |||||||||
securities | hedges | reserve for land | adjustment | benefit plans | income | interests | Total net assets | ||||||||
Balance as of March 31, 2019 | ¥ 51,220 | ¥ | 124 | ¥ | 33,023 | ¥ | (5,828) | ¥ | (7,617) | ¥ 70,922 | ¥ 89,754 | ¥ 723,337 | |||
Changes during period: | |||||||||||||||
Cash dividends | (10,476) | ||||||||||||||
Loss attributable to owners of parent | (72,850) | ||||||||||||||
Reversal of revaluation reserve for land | 4,963 | ||||||||||||||
Increase due to increase in the number | 153 | ||||||||||||||
of consolidated subsidiaries | |||||||||||||||
Decrease due to increase in the number of | - | ||||||||||||||
consolidated subsidiaries | |||||||||||||||
Purchase of treasury shares | (34) |
Consolidated Statements of Comprehensive Income
Mitsubishi Materials Corporation and Consolidated Subsidiaries
For the years ended March 31, 2021 and 2020
Millions of yen | Thousands of U.S. dollars | |
(Note 1) | ||
Disposal of treasury shares | 0 | |||||||||
Changes in ownership interest of parent | (0) | |||||||||
due to transaction with non-controlling interests | ||||||||||
Net changes in items other than shareholders' equity | (28,413) | 583 | (4,963) | (6,383) | (9,379) | (48,557) | (10,502) | (59,060) | ||
Total changes during period | (28,413) | 583 | (4,963) | (6,383) | (9,379) | (48,557) | (10,502) | (137,302) | ||
Balance as of March 31, 2020 | ¥ 22,806 ¥ | 708 | ¥ | 28,059 | ¥ (12,212) | (16,997) | ¥ | 22,364 ¥ | 79,252 | ¥ 586,034 |
Changes during period: |
2021 | 2020 | |||
Profit (loss) | ¥ | 30,777 | ¥ | (69,308) |
Other comprehensive income: | ||||
Valuation difference on available-for-sale securities | 19,613 | (28,544) | ||
Deferred gains or losses on hedges | (2,843) | 1,520 | ||
Foreign currency translation adjustment | 5,758 | (7,700) | ||
Remeasurements of defined benefit plans | 10,369 | (9,263) | ||
Share of other comprehensive income of entities accounted | 1,152 | (729) | ||
for using equity method | ||||
Total other comprehensive income | (*) | 34,050 | (*) (44,718) | |
Comprehensive income | ¥ | 64,827 | ¥ | (114,027) |
(Break down) | ||||
Comprehensive income attributable to: | ||||
Owners of parent | 57,567 | (116,068) | ||
Non-controlling interests | 7,259 | 2,040 |
2021
$ 277,996
177,158
(25,684)
52,010
93,667
10,412
307,565
$ 585,561
519,986
65,575
Cash dividends | (5,237) | |||||||
Profit attributable to owners of parent | 24,407 | |||||||
Reversal of revaluation reserve for land | 962 | |||||||
Increase due to increase in the number | - | |||||||
of consolidated subsidiaries | ||||||||
Decrease due to increase in the number | (41) | |||||||
of consolidated subsidiaries | ||||||||
Purchase of treasury shares | (713) | |||||||
Disposal of treasury shares | 2 | |||||||
Changes in ownership interest of parent | (12,952) | |||||||
due to transaction with non-controlling interests | ||||||||
Net changes in items other than shareholders' equity | 20,133 | (1,827) | (962) | 4,155 | 10,526 | 32,025 | (10,091) | 21,934 |
Total changes during period | 20,133 | (1,827) | (962) | 4,155 | 10,526 | 32,025 | (10,091) | 28,360 |
Balance as of March 31, 2021 | ¥ 42,940 ¥ | (1,119) ¥ | 27,097 ¥ | (8,057) ¥ | (6,470) ¥ | 54,390 | ¥ 69,161 | ¥ 614,394 |
6 | <<< Financial Section 2021_MITSUBISHI MATERIALS CORPORATION | MITSUBISHI MATERIALS CORPORATION_Financial Section 2021 >>> | 7 |
Thousands of U.S. dollars (Note 1) | |||||||||||||||||||||
Shareholders' equity | |||||||||||||||||||||
Total | |||||||||||||||||||||
Retained | shareholders' | ||||||||||||||||||||
Share capital | Capital surplus | earnings | Treasury shares | equity | |||||||||||||||||
Balance as of March 31, 2020 | $ 1,079,016 | $ | 834,553 | $ 2,481,467 | $ | (19,489) | $ 4,375,547 | ||||||||||||||
Changes during period: | |||||||||||||||||||||
Cash dividends | (47,309) | (47,309) | |||||||||||||||||||
Profit attributable to owners of parent | 220,460 | 220,460 | |||||||||||||||||||
Reversal of revaluation reserve for land | 8,693 | 8,693 | |||||||||||||||||||
Increase due to increase in the number of consolidated subsidiaries | - | ||||||||||||||||||||
Decrease due to increase in the number of consolidated subsidiaries | (370) | (370) | |||||||||||||||||||
Purchase of treasury shares | (6,448) | (6,448) | |||||||||||||||||||
Disposal of treasury shares | (12) | 31 | 18 | ||||||||||||||||||
Changes in ownership interest of parent due to transaction | (116,997) | (116,997) | |||||||||||||||||||
with non-controlling interests | |||||||||||||||||||||
Net changes in items other than shareholders' equity | |||||||||||||||||||||
Total changes during period | - | (117,009) | 181,473 | (6,417) | 58,046 | ||||||||||||||||
Balance as of March 31, 2021 | $ 1,079,016 | $ | 717,543 | $ 2,662,940 | $ | (25,906) | $ 4,433,594 | ||||||||||||||
Thousands of U.S. dollars (Note 1) | |||||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||
Valuation | Total accumulated | ||||||||||||||||||||
difference on | Deferred gains | Foreign currency Remeasurements | other | ||||||||||||||||||
available-for-sale | or losses on | Revaluation | translation | of defined | comprehensive | Non-controlling | |||||||||||||||
securities | hedges | reserve for land | adjustment | benefit plans | income | interests | Total net assets | ||||||||||||||
Balance as of March 31, 2020 | $ | 206,004 | $ | 6,395 | $ | 253,452 | $ | (110,310) | $ | (153,529) | $ | 202,012 | $ | 715,858 | $ | 5,293,418 | |||||
Changes during period: | |||||||||||||||||||||
Cash dividends | (47,309) | ||||||||||||||||||||
Profit attributable to owners of parent | 220,460 | ||||||||||||||||||||
Reversal of revaluation reserve for land | 8,693 | ||||||||||||||||||||
Increase due to increase in the number | - | ||||||||||||||||||||
of consolidated subsidiaries | |||||||||||||||||||||
Decrease due to increase in the number | (370) | ||||||||||||||||||||
of consolidated subsidiaries | |||||||||||||||||||||
Purchase of treasury shares | (6,448) | ||||||||||||||||||||
Disposal of treasury shares | 18 | ||||||||||||||||||||
Changes in ownership interest of parent | (116,997) | ||||||||||||||||||||
due to transaction with non-controlling interests | |||||||||||||||||||||
Net changes in items other than shareholders' equity | 181,857 | (16,504) | (8,691) | 37,533 | 95,080 | 289,274 | (91,150) | 198,123 | |||||||||||||
Total changes during period | 181,857 | (16,504) | (8,691) | 37,533 | 95,080 | 289,274 | (91,150) | 256,169 | |||||||||||||
Balance as of March 31, 2021 | $ | 387,862 | $ | (10,109) | $ | 244,760 | $ | (72,777) | $ | (58,449) | $ | 491,286 | $ | 624,707 | $ | 5,549,588 |
Consolidated Statements of Cash Flows
Mitsubishi Materials Corporation and Consolidated Subsidiaries
For the years ended March 31, 2021 and 2020
Thousands of U.S. | |||||||
Millions of yen | dollars | ||||||
(Note 1) | |||||||
2021 | 2020 | 2021 | |||||
Cash flows from operating activities: | |||||||
Profit (loss) before income taxes | ¥ | 43,341 | ¥ | (40,498) | $ | 391,487 | |
Depreciation | 61,962 | 64,208 | 559,687 | ||||
Amortization of goodwill | 4,374 | 4,449 | 39,517 | ||||
Increase (decrease) in allowance for doubtful accounts | 857 | (346) | 7,743 | ||||
Increase (decrease) in provision for loss on business of subsidiaries and affiliates | (1,489) | 3,209 | (13,451) | ||||
Increase (decrease) in provision for product compensation | (623) | (1,273) | (5,635) | ||||
Increase (decrease) in provision for environmental measures | (6,026) | (7,845) | (54,437) | ||||
Increase (decrease) in provision for loss on business restructuring | - | 30,272 | - | ||||
Increase (decrease) in retirement benefit liability and provision for directors' retirement benefits | (777) | (2,232) | (7,020) | ||||
Interest and dividend income | (18,429) | (19,706) | (166,467) | ||||
Interest expenses | 4,416 | 4,858 | 39,895 | ||||
Share of loss (profit) of entities accounted for using equity method | (4,692) | (3,521) | (42,387) | ||||
Loss (gain) on sales of property, plant and equipment | (235) | (598) | (2,129) | ||||
Loss on retirement of non-current assets | 2,674 | 2,507 | 24,157 | ||||
Impairment loss | 3,532 | 55,095 | 31,907 | ||||
Loss on business restructuring | 22,370 | - | 202,061 | ||||
Loss on the Antimonopoly Act | - | 10,423 | - | ||||
Loss (gain) on sales of investment securities | (26,097) | (13,086) | (235,732) | ||||
Loss (gain) on valuation of investment securities | 321 | 4,830 | 2,906 | ||||
Decrease (increase) in notes and accounts receivable - trade | (7,483) | 28,876 | (67,592) | ||||
Decrease (increase) in inventories | (28,007) | (18,698) | (252,983) | ||||
Proceeds from sales of gold bullion | 106,419 | 99,984 | 961,245 | ||||
Payment for purchase of gold bullion | (106,176) | (99,736) | (959,051) | ||||
Decrease (increase) in other current assets | (5,960) | (871) | (53,840) | ||||
Increase (decrease) in notes and accounts payable - trade | 38,918 | (31,249) | 351,535 | ||||
Increase (decrease) in accrued expenses | 6,316 | (5,693) | 57,051 | ||||
Increase (decrease) in other current liabilities | 1,972 | 8,650 | 17,817 | ||||
Increase (decrease) in other non-current liabilities | (288) | (81) | (2,603) | ||||
Other, net | (3,134) | (6,730) | (28,313) | ||||
Sub-total | 88,055 | 65,191 | 795,366 | ||||
Interest and dividend received | 20,399 | 22,597 | 184,260 | ||||
Interest paid | (4,413) | (4,861) | (39,866) | ||||
Income taxes (paid) refund | (15,175) | (15,381) | (137,072) | ||||
Payment for Loss on the Antimonopoly Act | (10,423) | - | (94,146) | ||||
Net cash provided by (used in) operating activities | 78,442 | 67,545 | 708,541 | ||||
Cash flows from investing activities: | |||||||
Payment for purchase of property, plant and equipment | (76,825) | (89,599) | (693,933) | ||||
Proceeds from sales of property, plant and equipment | 1,127 | 2,099 | 10,184 | ||||
Payment for purchase of intangible assets | (1,902) | (1,585) | (17,187) | ||||
Payment for purchase of investment securities | (40,889) | (47) | (369,340) | ||||
Proceeds from sales of investment securities | 65,731 | 23,827 | 593,722 | ||||
Payment for purchase of subsidiaries' shares | (1,158) | (1,657) | (10,467) | ||||
Proceeds from sales of subsidiaries' shares | - | 25 | - | ||||
Proceeds from liquidation of subsidiaries | - | 0 | - | ||||
Payment for sales of subsidiaries' shares resulting in change in scope of consolidation | (*2) (44,795) | - | (404,623) | ||||
Proceeds from sales of subsidiaries' shares resulting in change in scope of consolidation | 161 | 68 | 1,462 | ||||
Proceeds from transfer of businesses | 583 | 1,527 | 5,271 | ||||
Payment for loans | (3,865) | (4,330) | (34,915) | ||||
Proceeds from collection of loans | 524 | 484 | 4,734 | ||||
Other, net | (453) | 2,289 | (4,096) | ||||
Net cash provided by (used in) investing activities | (101,763) | (66,898) | (919,189) | ||||
Cash flows from financing activities: | |||||||
Net increase (decrease) in short-term borrowings | (3,828) | 9,013 | (34,584) | ||||
Proceeds from long-term borrowings | 139,184 | 32,578 | 1,257,194 | ||||
Repayment of long-term borrowings | (45,084) | (42,078) | (407,229) | ||||
Proceeds from issuance of bonds | - | 10,000 | - | ||||
Net increase (decrease) in commercial papers | (10,000) | 45,000 | (90,326) | ||||
Payment for purchase of treasury shares | (714) | (34) | (6,450) | ||||
Cash dividends paid | (5,237) | (10,476) | (47,309) | ||||
Cash dividends paid to non-controlling interests | (5,611) | (12,829) | (50,683) | ||||
Payment for purchase of subsidiaries' shares not resulting in change in scope of consolidation | (24,925) | - | (225,141) | ||||
Other, net | (2,267) | (2,300) | (20,485) | ||||
Net cash provided by (used in) financing activities | 41,514 | 28,873 | 374,983 | ||||
Effect of exchange rate changes on cash and cash equivalents | 1,010 | (1,960) | 9,124 | ||||
Net increase (decrease) in cash and cash equivalents | 19,203 | 27,559 | 173,460 | ||||
Cash and cash equivalents at beginning of period | 127,284 | 99,672 | 1,149,707 | ||||
Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation | 1,045 | 52 | 9,444 | ||||
Cash and cash equivalents at end of period | ¥ | (*1) 147,533 | ¥ (*1) | 127,284 | $ | 1,332,612 |
8 | <<< Financial Section 2021_MITSUBISHI MATERIALS CORPORATION | MITSUBISHI MATERIALS CORPORATION_Financial Section 2021 >>> | 9 |
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Mitsubishi Materials Corporation published this content on 05 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2021 08:15:08 UTC.