Notice Relating to Liquidation of Specified Subsidiary

Mitsubishi Heavy Industries, Ltd. (MHI) hereby gives notice that on September 29, 2021, it took the decision to liquidate its specified subsidiary MHI Holding Denmark ApS.

　

  1. Reasons for the Liquidation
    (1) At the time MHI established its joint venture (JV) with Vestas Wind Systems A/S (Vestas) specialized in offshore wind power generation facilities, MHI Holding Denmark ApS (MHD) was established to hold the JV’s shares.
    (2) As described in “(Progress of the Disclosed Matters) Notice of Share Transfer of Joint Venture with Vestas” dated December 18, 2020, all shares of the JV held by MHD were transferred on December 14, 2020 to Vestas and shares in Vestas were newly acquired.
    (3) As MHD has now completed the purpose for which it was originally established as described above, MHI has taken the decision to acquire all shares of Vestas held by MHD and to liquidate MHD.

  2. Overview of MHD
    Corporate name MHI Holding Denmark ApS
    Location Copenhagen, Denmark
    President Hiroshi Matsuda
    Scope of business Management of shares of joint venture with Vestas specialized in wind power generation facilities
    Capitalization 315.7 million EUR
    Establishment August 26, 2013
    Major shareholder and ownership ratio Mitsubishi Heavy Industries, Ltd.　100％
    Relationship between listed company and the JV
    Capital 100％ provided by MHI
    Personnel MHI officer simultaneously serving as JV president
    Nature of transaction Capital borrowed from MHD to acquire Vestas shares
    JV’s business results and financial situation in most recent 3 fiscal years
    Fiscal term FY2018 FY2019 FY2020
    Net assets 315 million EUR 315 million EUR 759 million EUR
    Total assets 315 million EUR 315 million EUR 759 million EUR
    Net assets per share 1.6 EUR 1.6 EUR 4.0 EUR
    Revenue 0 million EUR 0 million EUR 0 million EUR
    Operating income 0 million EUR 0 million EUR 0 million EUR
    Net profit 0 million EUR 0 million EUR 443 million EUR
    Net profit per share 0.0 EUR 0.0 EUR 2.3 EUR
    Dividend per share 0.0 EUR 0.0 EUR 0.0 EUR

  3. Liquidation Schedule
    Scheduled completion of liquidation As soon as all necessary procedures are completed in accordance with local laws and regulations (expected completion date: first half of FY2022)

  4. Impact on Financial Results
    In tandem with the foregoing liquidation, MHI will receive dividends from MHD. Said dividends will be booked as non-operating income to the Company’s FY2021 non-consolidated balance sheets in the amount of approximately 53 billion JPY. The liquidation will have no impact on the Company’s consolidated financial results.