Tokyo, April 28, 2022 --- Hitachi, Ltd. (TSE:6501) today announced its consolidated financial results for fiscal 2021, ended March 31, 2022.
Note: All figures were converted at the rate of 122 yen to the U.S. dollar, as of March 31, 2022.
Summary
Years ended March 31
Billions of yen
(B)/(A) (%)
Millions of
U.S. dollars
2021(A)
2022(B)
2022
1. Revenues
8,729.1
10,264.6
118
84,136
2. Adjusted operating income
495.1
738.2
149
6,051
3. EBIT
(Earnings before interest and taxes)
850.2
850.9
100
6,975
4. Income from continuing operations, before income taxes
844.4
839.3
99
6,880
5. Net income
518.5
670.8
129
5,499
6. Net income attributable to Hitachi, Ltd. stockholders
501.6
583.4
116
4,783
7. Earnings per share attributable to Hitachi, Ltd. stockholders
Basic
Diluted
(Yen)
(Yen)
116
116
(U.S.dollars)
519.29
518.51
603.75
602.96
4.95
4.94
Notes: 1. The Companys consolidated financial statements are prepared based on IFRS.
Adjusted operating income is presented as revenues less cost of sales as well as selling, general and administrative expenses.
EBIT is presented as income from continuing operations, before income taxes less interest income plus interest charges.
The figures of the company are for 853 consolidated subsidiaries and 287 equity-method associates and joint ventures.
A part of the thermal power generation systems business is classified as discontinued operations in accordance with the provision of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, which was not transferred to Mitsubishi Hitachi Power Systems, Ltd. (currently Mitsubishi Power, Ltd.) for the business integration in the thermal power generation systems with Mitsubishi Heavy Industries, Ltd. The results of the discontinued operations are reported separately from continuing operations.
1. Qualitative Information Concerning Consolidated Business Results
(1) Summary of Fiscal 2021 Consolidated Business Results
Year ended March 31, 2022
Yen (billions)
Year over year change
(billion yen)
U.S. dollars (millions)
Revenues
10,264.6
18%
84,136
Adjusted operating income
738.2
243.0
6,051
EBIT
850.9
0.6
6,975
Income from continuing operations, before income taxes
839.3
(5.1)
6,880
Income from continuing operations
670.8
151.6
5,499
Income from discontinued operations
0.0
0.6
0
Net income
670.8
152.3
5,499
Net income attributable to Hitachi, Ltd. stockholders
583.4
81.8
4,783
For fiscal 2021, the Hitachis consolidated revenues were 10,264.6 billion yen, increased 18% year over year. While revenues in Smart Life segment decreased due to the sale of diagnostic imaging-related business and the overseas home appliance business, the revenues increased mainly in Automotive Systems segment where the revenues were affected by the integration impact from the establishment of Hitachi Astemo, Energy segment where the power grids business was acquired from ABB, Ltd., and Hitachi Construction Machinery segment where was benefited from firm demand due to market recovery.
Adjusted operating income increased 243.0 billion yen year over year, to 738.2 billion yen. The increase was mainly due to the increase in Energy segment, Hitachi Construction Machinery segment and Industry segment, despite the decrease in profit in IT segment and Smart Life segment.
EBIT increased 0.6 billion yen year over year, to 850.9 billion yen, led by adjusted operating income increase, despite gains from selling of Hitachi Chemical stock and gains from selling of diagnostic imaging-related business in Smart Life segment in fiscal 2020.
Income from continuing operations, before income taxes, decreased 5.1 billion yen year over year, to
839.3 billion yen. After deducting income taxes of 168.4 billion yen, Hitachi posted income from continuing operations of 670.8 billion yen, up 151.6 billion yen year over year. Net income increased
152.3 billion yen year over year, to 670.8 billion yen. Net income attributable to Hitachi, Ltd. stockholders increased 81.8 billion yen year over year, to 583.4 billion yen.
(2) Revenues, Adjusted Operating Income and EBIT by Segment
Please visit www.hitachi.com and refer to the presentation material, Outline of Consolidated Financial Results for the Year Ended March 31, 2022.
(3) Outlook for Fiscal 2022
Year ending March 31, 2023
Yen (billions)
Year over year change
(billion yen)
U.S. dollars (millions)
Revenues
9,500.0
(7%)
77,869
Adjusted operating income
700.0
(38.2)
5,738
Adjusted EBITA
820.0
(35.3)
6,721
Income from continuing operations, before income taxes
871.0
31.6
7,139
Net income
656.0
(14.8)
5,377
Net income attributable to Hitachi, Ltd. stockholders
600.0
16.5
4,918
Reflecting these business environments, Hitachi forecasts the results shown above for fiscal 2022, the year ending March 31, 2023.
Projections for fiscal 2022 assume exchange rates of 120 yen to the U.S. dollar and 130 yen to the euro.
Hitachi will accelerate the global expansion of its Social Innovation Business through collaborative creation with customers, persist with its business structural reforms and pursue efforts to strengthen its business foundations by reviewing its business portfolio, with the aim of achieving sustainable growth.
2. Financial Position
(1) Financial Position
As of March 31, 2022
Yen (billions)
Change from March 31, 2021 (billion yen)
U.S. dollars (millions)
Total assets
13,887.5
2,034.6
113,832
Total liabilities
8,532.2
1,137.6
69,936
Interest-bearing debt
3,126.7
729.3
25,629
Total Hitachi, Ltd. stockholders' equity
4,341.8
816.3
35,589
Non-controlling interests
1,013.4
80.7
8,307
Cash Conversion Cycle
78.1 days
2.9 days decrease
-
Total Hitachi, Ltd. stockholders' equity ratio
31.3%
1.6 points increase
-
D/E ratio (includin
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Tokyo, April 28, 2022 --- Hitachi, Ltd. (TSE:6501) today announced its consolidated financial results for fiscal 2021, ended March 31, 2022.
