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    5802   JP3407400005

SUMITOMO ELECTRIC INDUSTRIES, LTD.

(5802)
  Report
Delayed Japan Exchange  -  02:00 2022-09-27 am EDT
1542.00 JPY   +1.08%
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Sumitomo Electric Industries : Year Ended March 31, 2022

06/30/2022 | 10:23pm EDT

Consolidated Financial Statements

Year ended March 31, 2022

Five-Year Financial Data and Indexes

SUMITOMO ELECTRIC INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES

Millions of yen

Thousands of

U.S. dollars

FY2021

FY2020

FY2019*7

FY2018

FY2017*6

FY2021

For the years ended Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2018

Mar. 31, 2022

For the Year:

Net sales

Cost of sales

Selling, general and administrative expenses

Operating income

Profit before income taxes

Profit attributable to owners of the parent

Capital expenditures*1 Depreciation and amortization R&D expenses

At Year-End:

Total assets

Total interest-bearing liabilities Total net assets*2

Per Share Data:

Profit attributable to owners of the parent*3:

Basic

Diluted Cash dividends Owner's equity*4

Weighted average number of shares outstanding (in thousands)

Number of employees (at year-

end)

Average number of temporary employees

Financial Indexes:

Operating income / net sales (%) Profit attributable to owners

of the parent / net sales (%) Operating income / invested

assets*5 (ROIC) (%)

Return on owner's equity (%) Owner's equity ratio (%) Current ratio (times)

R&D expenses / net sales (%)

¥3,367,863 ¥2,918,580 ¥3,107,027

¥3,177,985 ¥3,082,247

$27,517,469

2,793,919

2,387,237

2,553,902

2,593,363

2,507,434

22,828,001

451,749

417,417

425,909

418,362

401,674

3,691,061

122,195

113,926

127,216

166,260

173,139

998,407

159,921

110,340

133,198

181,388

193,337

1,306,651

96,306

56,344

72,720

118,063

120,328

786,878

189,719

172,246

208,834

190,314

171,110

1,550,118

180,508

168,040

163,581

148,916

146,098

1,474,859

123,060

118,820

125,449

129,627

117,735

1,005,474

3,807,390

3,381,914

3,100,260

3,053,263

2,999,903

31,108,669

859,794

685,087

636,262

540,745

492,567

7,025,035

2,052,938

1,892,506

1,766,647

1,776,313

1,764,086

16,773,740

Yen

U.S. dollars

FY2021

FY2020

FY2019*7

FY2018

FY2017*6

FY2021

¥ 123.49

¥ 72.25

¥ 93.24

¥ 151.38

¥ 154.29

$ 1.009

152.88

50.00

32.00

40.00

48.00

46.00

0.409

2,269.31

2,088.51

1,946.93

1,988.58

1,973.95

18.542

779,884

779,893

779,893

779,897

779,888

281,075

286,784

283,910

272,796

255,133

(48,275)

(38,227)

(37,065)

(40,134)

(38,136)

3.6

3.9

4.1

5.2

5.6

2.9

1.9

2.3

3.7

3.9

4.5

4.6

5.4

7.3

7.9

5.7

3.6

4.7

7.6

8.1

46.5

48.2

49.0

50.8

51.3

1.6

1.7

1.7

1.7

1.7

3.7

4.1

4.0

4.1

3.8

Note: All dollar figures herein refer to U.S. currency. Yen amounts have been translated, for convenience only, at the rate of ¥122.39 to U.S. $1.00, the approximate exchange rate prevailing on March 31, 2022.

*1 Capital expenditures are recorded as property, plant and equipment.

*2 See Note 9.

*3 From the year ended March 31, 2019 to the year ended March 31, 2022, there were no potentially dilutive common shares.

*4 Owner's equity is the sum of total shareholders' equity and total accumulated other comprehensive income.

*5 Invested assets = total assets - interest-free liabilities

*6 The "Partial Amendments to Accounting Standard for Tax Effect Accounting" (ASBJ Statement No. 28, February 16, 2018) has been adopted from the beginning of the fiscal year ended March 31, 2019. The financial data and indexes for the year ended March 31, 2018 have been adjusted retrospectively to conform to this accounting standard.

*7 The U.S. consolidated subsidiaries have adopted IFRS to replace U.S. GAAP from the beginning of the fiscal year ended March 31, 2021. The financial data and indexes for the year ended March 31, 2020 have been adjusted retrospectively to reflect the changes in accounting policy.

- 1 -

Management's Discussion and Analysis

Business Conditions in FY2021

With respect to the world economy, the economy in various regions, including Japan, Europe, America, and other Asian countries, recovered moderately with the widespread use of vaccines against COVID-19 during this fiscal year. However, due to the expansion of people infected with variant strains of the virus, measures to restrict economic activity were taken intermittently in various countries. In addition, the global semiconductor supply shortage, soaring material prices, and logistics stagnation have become more serious. Moreover, since February this year, the situation in Ukraine has been tense. Due to such factors mentioned above, the outlook has continued to be uncertain.

Review of Operations in FY2021

The business circumstances of the Sumitomo Electric Group, were challenging due to soaring material prices, logistics cost increases mainly caused by container shortages and harbor congestion, in addition to a decrease in the production of automobiles caused by a shortage of semiconductors and other components. In this environment, we worked to thoroughly reduce costs and maintain our supply chain.

As a result, regarding the consolidated financial results for this fiscal year, net sales were ¥3,367,863 million (preceding fiscal year: ¥2,918,580 million; +15.4%). Operating income was ¥122,195 million (preceding fiscal year: ¥113,926 million; +7.3%), with an operating margin of 3.6% (preceding fiscal year: 3.9%; -0.3 percentage points).

Profit attributable to owners of the parent was ¥96,306 million (preceding fiscal year: ¥56,344 million; +70.9%). In this way, income and profits increased from the preceding fiscal year, on which the impact of COVID-19 was enormous.

Segment Information

Automotive:

Due to an increase in the price of copper and the effect of depreciation of the yen, net sales increased by ¥152,153 million (9.5% compared with the preceding fiscal year) to ¥1,754,195 million. Operating income decreased by ¥35,934 million to ¥12,264 million due to soaring material prices and a significant increase in logistics cost caused by global logistics confusion, and also due to a decline in production efficiency caused by a succession of decreases in the production of automobiles resulting from a short supply of semiconductors and other factors. The operating income margin fell by 2.3 percentage points to 0.7%.

Infocommunications:

Net sales increased by ¥14,574 million (6.5% compared with the preceding fiscal year) to ¥239,150 million as a result of expanding sales of products such as optical wiring equipment for data centers, optical fibers for submarine cables, and access network equipment. Operating income decreased by ¥945 million to ¥23,398 million due to a decline in profitability associated with changes in the composition of product classes of optical/electronic devices. The operating income margin fell by 1.0 percentage points to 9.8%.

Electronics:

Net sales increased by ¥39,891 million (15.8% compared with the preceding fiscal year) to ¥292,509 million as a result of an increase in sales by TECHNO ASSOCIE Co., Ltd., in addition to capturing demands for electronic wire products and irradiation tubes. Operating income increased by ¥9,778 million to ¥19,825 million, mainly due to the improvement of profitability associated with an increase in sales of high-performance products of FPCs (flexible printed circuits) for mobile devices. The operating income margin improved by 2.8 percentage points to 6.8%.

- 2 -

Environment and Energy:

Net sales increased by ¥199,234 million (31.4% compared with the preceding fiscal year) to ¥833,425 million, and operating income increased by ¥19,000 million to ¥44,024 million due to the effect of an increase in the price of copper, in addition to the expansion of sales of power cables, flat magnet wires for electric vehicles, etc.; an increase in Sumitomo Densetsu Co., Ltd.'s electric work; and an increase in demand for substation equipment, etc. form Nissin Electric Co., Ltd. The operating income margin improved by 1.4 percentage points to 5.3%. Meanwhile, orders received for plant and installation work came to ¥369,982 million (the order backlog at end of this fiscal year being ¥384,610 million), a rise of ¥28,304 million (8.3%).

Industrial Materials and Others:

Due to an increase in demand for cemented carbide tools, diamond and CBN tools, sintered powder metal parts, prestressed concrete, steel tire cords, etc., net sales increased by ¥25,359 million (8.4% compared with the preceding fiscal year) to ¥327,883 million. Operating income increased by ¥16,364 million to ¥23,024 million, mainly due to the improvement of profitability associated with an increase in the operation rate of factories. The operating income margin improved by 4.8 percentage points to 7.0%.

Cash Flows

Net cash provided by operating activities recorded ¥76,002 million, a decrease by ¥93,654 million compared with the preceding fiscal year, after adjustment of the fluctuation in working capital made in the cash flow generated by business activities of ¥340,429 million, represented by an addition of depreciation and amortization of ¥180,508 million back in profit before income taxes of ¥159,921 million.

Net cash used in investing activities recorded ¥165,447 million, an increase by ¥2,017 million compared with the preceding fiscal year, due to capital expenditure of ¥174,059 million on the purchase of property, plant and equipment.

Free cash flow, represented by net cash used in investing activities offset against net cash provided by operating activities, was negative ¥89,445 million, while free cash flow was positive ¥6,226 million in the preceding fiscal year.

Cash flow from financing activities recorded an increase of ¥82,816 million, while a decrease of ¥13,099 million was recorded in the preceding fiscal year, due to a net increase in loans payable offset against redemption of bonds and payment of dividends.

Year-end balance of cash and cash equivalents stood at ¥255,540 million, a year-on-year increase of ¥4,099 million (1.6%).

- 3 -

Consolidated Balance Sheet

SUMITOMO ELECTRIC INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES

Thousands of

Millions of yen

U.S. dollars

(Note 1)

FY2021

FY2020

FY2021

As of

March 31, 2022

March 31, 2021

March 31, 2022

ASSETS

Current Assets:

Cash and time deposits (Notes 3 and 4)

¥ 259,581

¥ 253,668

$ 2,120,933

Trade notes and accounts receivable (Note 4)

784,647

755,258

6,411,038

Contract assets (Note 22)

30,030

245,363

Inventories (Note 7)

844,837

606,343

6,902,827

Other current assets

140,152

116,068

1,145,126

Allowance for doubtful receivables

(2,319)

(1,966)

(18,948)

Total current assets

2,056,928

1,729,371

16,806,340

Non-current Assets:

Property, Plant and Equipment (Note 8):

Buildings and structures

786,964

748,670

6,429,970

Machinery, equipment and others

2,113,611

1,948,047

17,269,475

Land

98,637

93,806

805,924

Construction in progress

64,054

62,012

523,360

3,063,266

2,852,535

25,028,728

Accumulated depreciation

(2,036,482)

(1,871,376)

(16,639,284)

Net property, plant and equipment

1,026,784

981,159

8,389,444

Intangible Assets

36,062

36,232

294,648

Investments and Other Assets:

Investments in unconsolidated subsidiaries and affiliates

299,986

263,222

2,451,066

(Note 4)

Investment securities (Notes 4 and 5)

143,910

144,184

1,175,831

Net defined benefit asset (Note 13)

173,434

158,447

1,417,060

Deferred tax assets (Note 12)

32,329

29,519

264,147

Other

38,810

40,869

317,101

Allowance for doubtful receivables

(853)

(1,089)

(6,970)

Total investments and other assets

687,616

635,152

5,618,237

Total non-current assets

1,750,462

1,652,543

14,302,329

Total assets

¥3,807,390

¥3,381,914

$31,108,669

The accompanying notes to the consolidated financial statements are an integral part of these statements.

- 4 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Sumitomo Electric Industries Ltd. published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 02:22:03 UTC.


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