Performance Analysis

Analysis of Consolidated Statement of Income (Years ended March 31)

Operating Revenue

The decline in au communications ARPA revenue and handset sales revenue was offset by an increase in income in the growth fields of Life Design Domain and Business Services segment. As a result, operating revenue grew 1.4% year on year to ¥5,312.6 billion.

Operating Income

Higher income in the growth fields of Life Design Domain and Business Services segment offset temporary factors that reduced profit in the first half in the energy business and a decline in au communications ARPA revenue. As a result, operating income rose 1.2% to ¥1,037.4 billion.

Profit for the Year Attributable to Owners of the Parent

Profit for the year attributable to owners of the parent increased 1.8% year on year to ¥651.5 billion, reflecting a decline in non-controlling interests and improvement in financial expenditures in addition to growth in operating income.


Dividends per Share

KDDI distributed an annual dividend of ¥120 per share, an increase of ¥5 compared with the previous year, for a consolidated dividend payout ratio of 42.2%. The Company’s dividend policy from FY2020.3 to FY2022.3 is to continue increasing dividends in line with sustainable profit growth and maintain a consolidated payout ratio of over 40% while taking into consideration stable business operations and investment needed for growth.

Analysis of Consolidated Statement of Financial Position (Years ended March 31)

Total Assets

Total assets were ¥10,535.3 billion, an increase of ¥955.2 billion from the previous fiscal year-end. The increase was attributable mainly to an increase in loans for the financial business and cash and cash equivalents due to the securitization of mortgage loans.

Total Equity

Total equity was ¥5,259.5 billion, up ¥400.4 billion, mainly due to an increase in retained earnings associated with the increase in profit and an increase in non-controlling interests, which outweighed share buybacks.

Interest-Bearing Debt

Interest-bearing debt fell ¥34.9 billion year on year to ¥1,645.5 billion,
mainly because of a decrease in bonds and borrowings.

D/E Ratio

The D/E ratio fell 0.04 of a point to 0.35 times as equity attributable to owners of the parent increased along with the increase in retained earnings, and interest-bearing debt grew.

Analysis of Capital Expenditures and Cash Flows

Capital Expenditures (Payment Basis)

Consolidated capital expenditures increased ¥12.9 billion compared with the fiscal year ended March 31, 2020, to ¥627.9 billion.

In the mobile business, capital expenditures were up ¥3.6 billion to ¥378.0 billion, mainly because investments for 5G have expanded despite a decrease in investments for 4G.

In the fixed-line businesses and others, capital expenditures increased ¥9.3 billion year on year to ¥249.9 billion due to a temporary increase in investment in the overseas data center business despite a decrease in FTTH-related investment.

Cash Flows

Net cash provided by operating activities was ¥1,682.2 billion, ¥358.8 billion more than in the previous fiscal year. The increase mainly reflects such temporary factors as an increase due to the effects of the financial business and an increase due to a decrease in installment sales receivable in addition to an increase in EBITDA.
Meanwhile, net cash used in investing activities was ¥658.9 billion, ¥48.0 billion higher than in the previous fiscal year. The decrease mainly reflects an expansion in capital expenditures, an increase in outflows from the financial business, and a decrease in proceeds from acquiring control of subsidiaries, despite a decrease in outflows due to acquiring shares of affiliates.
As a result, free cash flows, which are the total of net cash provided by operating activities and net cash used in investing activities, amounted to ¥1,023.2 billion, up ¥310.8 billion from the previous fiscal year.

  • As of March 2021
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