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22	22	* Japan’s Defense Ministry on April 14, 2023 announced that it has signed four contracts worth about 378.1 billion yen ($2.86 billion) with Mitsubishi Heavy Industries, to develop and mass-produce upgraded Type 12 surface-to-ship missiles (SSMs) and develop new submarine-launched standoff missiles.{{footnote}}https://thediplomat.com/2023/04/japan-awards-mitsubishi-heavy-industries-2-86-billion-contract-for-new-standoff-weapons/{{/footnote}}
23	23	* The company changed the name of Mitsubishi Aircraft Corporation to MSJ Asset Management effective from April 25, 2023.{{footnote}}https://www.mhi.com/news/230425.html{{/footnote}}
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	24	+* Mitsubishi Heavy Industries has decided in February 2023 to abandon more than a decade’s work on developing a short-haul commercial aircraft to focus on fighter jet production.{{footnote}}https://www.ft.com/content/c950b628-53b7-41c5-a845-741719cbc9a3{{/footnote}}
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26		-= Recent Financial Activities =
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31	31	= Financial Highlights =
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33		-== Q4'22 Financial Highlights ==
	28	+== Annual Performance Highlights ==
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36		-== Annual Financial Highlights ==
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38	38	During FY2022 ended March 31, 2023, Mitsubishi has received orders of ¥4,501.3 billion as compared to ¥4,067.7 billion a year earlier. Orders increased YoY in Energy Systems and Logistics, Thermal & Drive Systems. In terms of major businesses, orders grew YoY in Gas Turbine Combined Cycle (GTCC), Aero Engines, Logistics Systems, and HVAC. Revenue reported during the periods are ¥4,202.7 billion and ¥3,860.2 billion, respectively. Revenue exceeded FY2021 levels in all segments and hit an all-time high. In terms of major businesses, both new installations and services grew in GTCC. Aero Engines turnover expanded due to the recovery in demand.
39	39	Revenue increased in Logistics Systems due to higher deliveries in the second half and service businesses expansion.  Business profit of the company is ¥193.3 billion in FY22 as compared to ¥160.2 billion in FY21, an improvement of 21% year on year. Despite downward pressure from materials and logistics cost inflation as well as one-time expenses associated with certain Japanese domestic and international projects, business profit increased by 21% YoY to ¥193.3 bn due to revenue increases, stronger services business, price optimization, and sales of fixed assets. Net income is ¥130.4 billion and ¥113.5 billion for the years, respectively. Return on equity (ROE) has increased by 0.2% YoY to 7.9%, dividend per share is ¥130, an increase of ¥30 per share YoY.
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41		-Of the total revenue of ¥4,202.7 billion, energy systems segment represents ¥1,738.6 billion or 41.37%; plant & infrastructure systems represents ¥675.6 billion 16.07%; logistics, thermal & drive systems represents ¥1,203.7 billion or 28.64%; aircraft, defense & space segment represents ¥619.4 billion or 14.74%.
	33	+Of the total revenue of ¥4,202.7 billion, energy systems segment represents ¥1,738.6 billion or 41.37%; plant & infrastructure systems represents ¥675.6 billion 16.07%; logistics, thermal & drive systems represents ¥1,203.7 billion or 28.64%; aircraft, defense & space segment represents ¥619.4 billion or 14.74%; corporate & eliminations accounts for a -¥34.7 billion reduction in revenue.
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43	43	Total assets increased by ¥358.4 billion from the end of FY2021 to ¥5,474.8 billion at the end of FY2022. This increase includes approximately ¥120 billion in currency translation effects related to foreign currency-denominated assets resulting from the depreciation of the yen compared to the end of FY2021, and a ¥33.4 billion increase in cash and cash equivalents. The equity ratio increased by 1 percentage point to 31.8%, and the debt-to-equity (D/E) ratio improved by 0.04 to 0.40.
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	37	+Cash provided by operating activities of the company during the FY22 is ¥80.8 billion as compared to ¥285.5 billion a year earlier, cash flow used in FY22 is ¥45.5 billion and provided in FY21 is ¥16.3 billion, financing cash flow used for the periods are ¥18.9 billion and ¥255.7 billion, respectively.
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49	49	= Business Overview =
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51	51	(% id="cke_bm_243S" style="display:none" %) (%%)The company offers thermal, renewable energy, nuclear power generation, and engine power plants; oil and gas production plants; lithium-ion battery products and fuel cells; civil aircrafts and engines, aviation equipment, and maintenance, repair, and overhaul of aircrafts; and launch vehicles and services, rocket engines, reaction control systems, space stations, rocket launchers, rocket engine combustion test facilities, and electronic parts.{{footnote}}https://finance.yahoo.com/quote/7011.T/profile?p=7011.T{{/footnote}} It also provides passenger and commercial ships, LNG and LPG carriers, special purpose vessels, and IT services and systems; marine machineries, boilers, turbines, engines, and structures; and intelligent transport systems products and solutions, such as electronic toll collection system, road user charging system, highway traffic management system, EV management system, and development system. In addition, the company offers organic solvent exhaust gas treatment system, waste-to-energy system, sludge treatment system, air quality control system, and bio-treatment system; turbochargers, car air-conditioning and refrigeration systems, rubber and tire machinery, and testing equipment; forklift trucks; and printing, paper converting, and metals, and food & packaging machinery, pumps, compressors & mechanical turbines, hydraulic components. Further, it provides gas holders, vibration control systems, water pipes, tunnel excavation machinery, and cybersecurity solutions for industrial control systems; special vehicles, naval ship and maritime systems, defense aircrafts, helicopters, defense aeroengines, and guided weapon systems; CO2 capture plants; and after-sales services.