TIDMMEL
RNS Number : 8818G
Mitsubishi Electric Corporation
29 July 2021
FOR IMMEDIATE RELEASE No. 3425
Investor Relations Inquiries Media Inquiries
Investor Relations Group, Corporate Public Relations Division
Finance Division
Mitsubishi Electric Corporation Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/
Mitsubishi Electric Announces Consolidated Financial Results
for the First Quarter of Fiscal 2022
TOKYO, July 29, 2021 - Mitsubishi Electric Corporation (TOKYO:
6503) announced today its consolidated financial results for the
first quarter, ended June 30, 2021, of the current fiscal year
ending March 31, 2022 (fiscal 2022).
Consolidated Financial Results
Revenue: 1,066.4 billion (24% increase from the same
yen period last year)
Operating profit: 82.7 billion (310% increase from the same
yen period last year)
Profit before income 89.5 billion (230% increase from the same
taxes: yen period last year)
Net profit attributable
to Mitsubishi Electric billion (246% increase from the same
Corp. stockholders: 61.8 yen period last year)
The economy in the first quarter, from April through June 2021,
of fiscal 2022 generally continued to see recovery in the corporate
sector in Japan, the U.S. and Europe, while the paces of recovery
in the household sector varied depending on the situation of the
expansion of the novel coronavirus diseases (COVID-19). China also
continued to see recovery primarily in export and manufacturing
since the first half of the previous fiscal year.
As a result, the financial results for the first quarter
improved significantly from the same period of the previous fiscal
year that experienced a serious impact of COVID-19.
Revenue
Revenue in the first quarter increased by 208.2 billion yen from
the same period of the previous fiscal year to 1,066.4 billion yen
due primarily to increased revenue in Industrial Automation
Systems, Home Appliances and Electronic Devices segments.
Industrial Automation Systems segment saw an increase in the
factory automation systems business due mainly to an increase in
demand relating to semiconductor, electronic components,
smartphones and lithium-ion battery worldwide. The automotive
equipment business also increased as demand for new cars recovered
in all regions except for China, where demand had been recovering
in the first quarter of the previous fiscal year. Home Appliances
segment increased due mainly to an increase in air conditioners
particularly in Europe and North America. Electronic Devices
segment increased due primarily to recovery in demand for power
modules .
Operating Profit
Operating profit increased by 62.5 billion yen from the same
period of the previous fiscal year to 82.7 billion yen due mainly
to increased operating profit in Industrial Automation Systems and
Home Appliances segments. Operating profit ratio improved by 5.4%
from the same period of the previous fiscal year to 7.8%.
The cost ratio improved by 2.1% from the same period of the
previous fiscal year due primarily to higher operating ratio caused
by increased revenue of Industrial Automation Systems and Home
Appliances segments in addition to the yen depreciating against
other currencies. Selling, general and administrative expenses
increased by 18.5 billion yen from the same period of the previous
fiscal year, but selling, general and administrative expenses to
revenue ratio improved by 3.2%. Other profit (loss) increased by
0.7 billion yen from the same period of the previous fiscal year,
while other profit (loss) to revenue ratio improved by 0.1%.
Profit before income taxes
Profit before income taxes increased by 62.4 billion yen from
the same period of the previous fiscal year to 89.5 billion yen due
primarily to an increase in operating profit. Profit before income
taxes to revenue ratio was 8.4%.
Net profit attributable to Mitsubishi Electric Corporation
stockholders
Net profit attributable to Mitsubishi Electric Corporation
stockholders increased by 43.9 billion yen from the same period of
the previous fiscal year to 61.8 billion yen due mainly to
increased profit before income taxes. Net profit attributable to
Mitsubishi Electric Corporation stockholders to revenue ratio was
5.8%.
Impact of Improper Testing at Nagasaki Works
Mitsubishi Electric Corporation announced that an internal
investigation conducted by the company revealed that inspections of
certain HVAC (Heating, Ventilation and Air Conditioning systems)
for railcars manufactured at its Nagasaki Works were different from
the inspections represented in specification documents provided by
customers, or that it had not actually conducted inspections or had
used improper statements in its inspection reports. Through further
investigation, the company also discovered that for certain air
compressor units for railcars it had previously shipped,
inspections differing from those represented in specification
documents had been conducted or that inspections had not actually
been conducted.
The company halted shipments of these products as soon as the
issues were discovered and currently is only shipping products for
which it has confirmed that the inspections were completed
properly. It is currently notifying railway operators and other
customers of the situation and discussing how to respond. The
company has confirmed that there are no issues with the safety,
functionality or performance of the products already shipped. The
company is not aware of any accident or other incident attributable
to this matter.
Taking this new discovery of improper inspections very
seriously, the company has established an emergency response
division led by the company president to investigate the facts
surrounding the improper conduct, elucidate the causes and
formulate measures for preventing any recurrence, as well as
implement reforms in the company's quality culture. In addition,
the company has set up an investigative committee chaired by an
external lawyer, aiming to incorporate external perspectives into
the process of clarifying the current situation. The committee will
conduct a company-wide investigation of the facts surrounding the
improper conduct and elucidate the causes, based on which it will
formulate recommendations for preventing any recurrence. The
emergency response division will receive reports and
recommendations from the investigative committee, based on which it
will establish and implement reforms in the company's quality
culture.
Depending on the progress of future discussions with customers
and investigations, the Group may incur losses, including
compensation costs to customers, increased costs to strengthen the
quality control system, the impact on sales activities, and the
need to take additional measures against the discovery of any other
quality improper inspection. The Group's business performance may
be affected by such factors.
At present, the company cannot foresee the impact and has not
incorporated it into its consolidated earnings forecast for the
current fiscal year. If any potential impact comes to light, it
will be disclosed promptly.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Revenue: 263.6 billion (1% decrease from the same period
yen last year which recorded 265.7
billion yen)
Operating profit: 11.8 billion (6.7 billion yen decrease from
yen the same period last year which
recorded 18.6 billion yen)
The market of the social infrastructure systems business saw a
decrease in demand relating to power generation in Japan and the
reconsideration of the capital expenditure plans by railway
companies in Japan due to the impact of COVID-19. In this
environment, the business saw a decrease in orders from the same
period of the previous fiscal year due primarily to a decrease in
the power systems business in Japan. Revenue also decreased due
mainly to a decrease in the transportation systems business in
Japan.
The market of the building systems business saw recovery from
stagnation caused by the impact of COVID-19 primarily in China,
while recovery is delayed in a part of regions including India. In
this environment, the business saw increases in both orders and
revenue from the same period of the previous fiscal year due
primarily to an increase in China.
As a result, revenue for this segment decreased by 1% from the
same period of the previous fiscal year to 263.6 billion yen.
Operating profit decreased by 6.7 billion yen from the same
period of the previous fiscal year to 11.8 billion yen due mainly
to decreased revenue and a shift in project portfolios.
Industrial Automation Systems
Revenue: 356.5 billion (51% increase from the same period
yen last year which recorded 236.2
billion yen)
Operating profit: 35.0 billion (38.4 billion yen improvement from
yen the same period last year which
recorded a loss of 3.4 billion
yen)
The market of the factory automation systems business saw an
increase in demand relating to semiconductor, electronic
components, smartphones and lithium-ion battery worldwide. In this
environment, the business saw increases in both orders and revenue
from the same period of the previous fiscal year.
The market of the automotive equipment business saw recovery in
demand for new cars in all regions except for China, where demand
had been recovering in the first quarter of the previous fiscal
year. In this environment, the business saw increases in both
orders and revenue from the same period of the previous fiscal year
due mainly to increases in electrical components and electric
vehicle-related equipment such as motors and inverters.
As a result, revenue for this segment increased by 51% from the
same period of the previous fiscal year to 356.5 billion yen.
Operating profit improved by 38.4 billion yen from the same
period of the previous fiscal year to 35.0 billion yen due mainly
to increased revenue and the yen depreciating against other
currencies.
Information and Communication Systems
Revenue: 64.1 billion (1% increase from the same period
yen last year which recorded 63.2 billion
yen)
Operating profit: 0.0 billion (0.5 billion yen improvement from
yen the same period last year which
recorded a loss of 0.5 billion
yen)
The market of the information systems and service business saw a
decrease in large-scale projects for the system integrations and
the IT infrastructure service businesses, while delayed system
development projects, particularly in the manufacturing industry,
restarted. In this environment, the business saw decreases in both
orders and revenue from the same period of the previous fiscal
year.
The electronic systems business saw a decrease in orders from
the same period of the previous fiscal year due primarily to a
decrease in large-scale projects for the space systems business,
while revenue increased from the same period of the previous fiscal
year due to an increase in the defense systems business.
As a result, revenue for this segment increased by 1% from the
same period of the previous fiscal year to 64.1 billion yen.
Operating profit improved by 0.5 billion yen from the same
period of the previous fiscal year to 0.0 billion yen due mainly to
increased revenue and a shift in project portfolios .
Electronic Devices
Revenue: 60.3 billion (21% increase from the same period
yen last year which recorded 49.7 billion
yen)
Operating profit: 3.2 billion (0.1 billion yen increase from
yen the same period last year which
recorded 3.0 billion yen)
The market of the electronic devices business saw recovery in
demand for power modules used in automotive and consumer
applications. In this environment, the business saw an increase in
orders from the previous fiscal year and revenue increased by 21%
from the same period of the previous fiscal year to 60.3 billion
yen due primarily to an increase in power modules used in
automotive and consumer applications.
Operating profit increased by 0.1 billion yen from the same
period of the previous fiscal year to 3.2 billion yen due mainly to
increased revenue and a shift in product mix .
Home Appliances
Revenue: 315.3 billion (33% increase from the same period
yen last year which recorded 237.3
billion yen)
Operating profit: 39.3 billion (25.7 billion yen increase from
yen the same period last year which
recorded 13.5 billion yen)
The market of the home appliances business saw an increase in
demand for residential air conditioners primarily in Europe and
North America as working from home becomes common. Demand for
industrial air conditioners also recovered gradually as capital
expenditures started to recover from the impact of COVID-19 . In
this environment, the business saw an increase in revenue by 33%
from the same period of the previous fiscal year to 315.3 billion
yen due primarily to an increase in air conditioners primarily in
Europe and North America.
Operating profit increased by 25.7 billion yen from the same
period of the previous fiscal year to 39.3 billion yen due mainly
to increased revenue and the yen depreciating against other
currencies.
Others
Revenue: 153.4 billion (22% increase from the same period
yen last year which recorded 125.4
billion yen)
Operating profit: 3.3 billion (4.7 billion yen improvement from
yen the same period last year which
recorded a loss of 1.3 billion
yen)
Revenue increased by 22% from the same period of the previous
fiscal year to 153.4 billion yen due primarily to increases in
materials procurement and logistics.
Operating profit improved by 4.7 billion yen from the same
period of the previous fiscal year to 3.3 billion yen due mainly to
increased revenue.
Financial Standing
An analysis on the status of assets, liabilities and equity on a
consolidated basis
Total assets as of the end of this fiscal quarter decreased from
the end of the previous fiscal year by 101.1 billion yen to 4,696.7
billion yen. The change in balance of total assets was mainly
attributable to decreases in trade receivables by 165.5 billion
yen, while inventories increased by 68.6 billion yen.
Trade receivables decreased due mainly to credit collection for
projects from the previous fiscal year. Inventories increased due
primarily to recovery in demand for Industrial Automation Systems
and Home Appliances segments.
Total liabilities decreased from the end of the previous fiscal
year by 108.2 billion yen to 1,819.0 billion yen due primarily to
decreases in trade payables by 19.8 billion yen and other current
liabilities by 70.7 billion yen. Bonds and borrowings decreased by
20.6 billion yen from the end of the previous fiscal year to 228.1
billion yen, with the ratio of bonds and borrowings to total assets
recording 4.9%, representing a 0.3 point decrease compared to the
end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity increased
by 5.1 billion yen compared to the end of the previous fiscal year
to 2,759.4 billion yen. The stockholders' equity ratio was recorded
at 58.8%, representing a 1.4 point increase compared to the end of
the previous fiscal year. These changes referred to above primarily
result from an increase from recording a net profit attributable to
Mitsubishi Electric Corporation stockholders of 61.8 billion yen,
despite a decrease due to dividend payment of 55.8 billion yen.
An analysis on the status of cash flow on a consolidated
basis
Cash flows from operating activities for this quarter was 121.7
billion yen (cash in), while cash flows from investing activities
was 31.8 billion yen (cash out). As a result, free cash flow was
89.8 billion yen (cash in). C ash flows from financing activities
was 93.5 billion yen (cash out), and cash and cash equivalents at
end of period decreased from the end of the previous fiscal year by
1.5 billion yen to 765.8 billion yen.
Net cash provided by operating activities decreased by 11.8
billion yen from the same period of the previous fiscal year due
primarily to the impact of credit collection despite increased
profit.
Net cash used in investing activities decreased by 23.3 billion
yen from the same period of the previous fiscal year due mainly to
a decrease in purchase of property, plant and equipment in this
quarter as a result of restricted capital expenditures in the
previous fiscal year.
Net cash used in financing activities was 93.5 billion yen (cash
out), while net cash provided by financing activities was 112.3
billion yen (cash in) in the same period of the previous fiscal
year. The change was mainly attributable to an increase in
expenditure for repayments of bonds and a decrease in proceeds of
short-term borrowings.
Forecast for Fiscal 2022
Revenue for fiscal 2022, ending March 31, 2022, is expected to
exceed the company's previous forecast announcement on April 28,
2021 by 20.0 billion yen due to strong business performance in the
first quarter, while the profits are expected to remain unchanged
as there are concerns about the procurement of semiconductor and
electronic components as well as the impact of material prices
soaring.
At present, the company cannot foresee the impact of improper
inspections at Nagasaki Works and has not incorporated it into its
consolidated earnings forecast for the current fiscal year. If any
potential impact comes to light, it will be disclosed promptly. For
more details, please see "Impact of improper testing at Nagasaki
Works."
Consolidated forecast for fiscal 2022
Consolidated Previous Current forecast Change from
forecast previous forecast
(announced
April 28)
Revenue: 4,470.0 billion 4,490.0 billion (7% increase from Up 20.0 billion
yen yen fiscal 2021) yen, or 0%
---------------- ---------------- ------------------- -------------------
Operating profit: 260.0 billion 260.0 billion (13% increase Unchanged, or
yen yen from fiscal 2021) 0%
---------------- ---------------- ------------------- -------------------
Profit before 285.0 billion 285.0 billion (10% increase Unchanged, or
income taxes: yen yen from fiscal 2021) 0%
---------------- ---------------- ------------------- -------------------
Net profit
attributable
to Mitsubishi
Electric Corp. 210.0 billion 210.0 billion (9% increase from Unchanged, or
stockholders: yen yen fiscal 2021) 0%
---------------- ---------------- ------------------- -------------------
Exchange rates in and after the second quarter of fiscal 2022 is
105 yen to the U.S. dollar, which is unchanged from the previous
announcement; 125 yen to the euro, which is unchanged from the
company's previous announcement; and 16.5 yen to the Chinese yuan,
which is unchanged from the previous announcement.
Note : The results forecast above is based on assumptions deemed
reasonable by the company at the present time, and actual results
may differ significantly from forecasts. Please refer to the cautionary
statement at the end.
Consolidated Financial Results Summary
(In billions of yen except where noted)
FY '21 Q1 FY '22 Q1 B - A B/A (%)
(A) (B)
(Apr. 1, 2020 (Apr. 1, 2021
- -
Jun. 30, 2020) Jun. 30, 2021)
---------------- ---------------- -------- --------
Revenue 858.1 1,066.4 208.2 124
---------------- ---------------- -------- --------
Operating profit 20.2 82.7 62.5 410
---------------- ---------------- -------- --------
Profit before income
taxes 27.1 89.5 62.4 330
---------------- ---------------- -------- --------
Net profit attributable
to
Mitsubishi Electric
Corp.
stockholders 17.8 61.8 43.9 346
---------------- ---------------- -------- --------
Basic earnings per
share attributable
to Mitsubishi Electric 20.(48)
Corp. stockholders 8.(34) yen 28.(82) yen yen 346
---------------- ---------------- -------- --------
Notes :
1) Consolidated financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS).
2) The company has 204 consolidated subsidiaries.
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss
and
Condensed Quarterly Consolidated Statement of Comprehensive
Income
(Condensed Quarterly Consolidated Statement of Profit or
Loss)
(In millions of yen)
FY '21 Q1 FY '22 Q1
(Apr. 1, 2020 (Apr. 1, 2021
- -
Jun. 30, 2020) Jun. 30, 2021)
(A) % of (B) % of B - A B/A
total total (%)
--------- -------
Revenue 858,151 100.0 1,066,442 100.0 208,291 124
Cost of sales 620,418 72.3 748,309 70.2 127,891 121
Selling, general and
administrative expenses 219,245 25.5 237,836 22.3 18,591 108
Other profit (loss) 1,712 0.2 2,471 0.3 759 144
Operating profit 20,200 2.4 82,768 7.8 62,568 410
Financial income 4,816 0.6 3,789 0.3 (1,027) 79
Financial expenses 720 0.1 1,138 0.1 418 158
Share of profit of investments
accounted for using the
equity method 2,813 0.3 4,094 0.4 1,281 146
---------------------------------- --------- ------- ---------- ------- -------- -----
Profit before income
taxes 27,109 3.2 89,513 8.4 62,404 330
Income taxes 7,377 0.9 22,409 2.1 15,032 304
--------- ------- ---------- ------- -------- -----
Net profit 19,732 2.3 67,104 6.3 47,372 340
--------- ------- ---------- ------- -------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 17,885 2.1 61,835 5.8 43,950 346
Non-controlling interests 1,847 0.2 5,269 0.5 3,422 285
--------- ------- ---------- ------- -------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive
Income)
(In millions of yen)
FY '21 Q1 (A) FY '22 Q1 (B) B - A
(Apr. 1, 2020 (Apr. 1, 2021
- -
Jun. 30, 2020) Jun. 30, 2021)
---------------- ----------------
Net profit 19,732 67,104 47,372
---------------- ---------------- ---------
(Other comprehensive income
(loss),
net of tax)
Items that will not be reclassified
to
net profit
Changes in fair value of financial
assets measured at fair value
through other comprehensive
income 17,322 (1,872) (19,194)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (162) (62) 100
---------------- ---------------- ---------
Subtotal 17,160 (1,934) (19,094)
---------------- ---------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations 11,659 (944) (12,603)
------------------------------------------ ---------------- ---------------- ---------
Net changes in the fair value
of cash flow hedges 50 (4) (54)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (272) 2,478 2,750
---------------- ---------------- ---------
Subtotal 11,437 1,530 (9,907)
---------------- ---------------- ---------
Total other comprehensive
income (loss) 28,597 (404) (29,001)
---------------- ---------------- ---------
Comprehensive income 48,329 66,700 18,371
---------------- ---------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 45,464 61,456 15,992
Non-controlling interests 2,865 5,244 2,379
---------------- ---------------- ---------
Condensed Quarterly Consolidated Statement of Financial
Position
(In millions of yen)
FY '21 (A) FY ' 22 Q1 B - A
(B)
(ended Mar. (ended Jun.
31, 2021) 30, 2021)
--------------------- ---------------------
(Assets)
Current assets 2,846,972 2,765,339 (81,633)
Cash and cash equivalents 767,406 765,849 (1,557)
Trade receivables 906,831 741,314 (165,517)
Contract assets 274,231 269,857 (4,374)
Inventories 743,782 812,403 68,621
Other current assets 154,722 175,916 21,194
Non-current assets 1,950,949 1,931,414 (19,535)
Investments accounted for using
the equity method 205,464 202,613 (2,851)
Other financial assets 353,624 350,082 (3,542)
Property, plant and equipment 857,645 860,578 2,933
Other non-current assets 534,216 518,141 (16,075)
--------------------- --------------------- ----------
Total assets 4,797,921 4,696,753 (101,168)
============================================ ===================== ===================== ==========
(Liabilities)
Current liabilities 1,505,381 1,395,238 (110,143)
Bonds, borrowings and lease liabilities 152,657 133,021 (19,636)
Trade payables 541,774 521,972 (19,802)
Other current liabilities 810,950 740,245 (70,705)
Non-current liabilities 421,929 423,794 1,865
Bonds, borrowings and lease liabilities 212,774 214,673 1,899
Net defined benefit liabilities 161,388 163,868 2,480
Other non-current liabilities 47,767 45,253 (2,514)
--------------------- --------------------- ----------
Total liabilities 1,927,310 1,819,032 (108,278)
--------------------- --------------------- ----------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,754,293 2,759,406 5,113
Common stock 175,820 175,820
Capital surplus 202,777 201,723 (1,054)
Retained earnings 2,266,490 2,272,464 5,974
Accumulated other comprehensive
income (loss) 111,801 111,467 (334)
Treasury stock, at cost (2,595) (2,068) 527
Non-controlling interests 116,318 118,315 1,997
--------------------- --------------------- ----------
Total equity 2,870,611 2,877,721 7,110
--------------------- --------------------- ----------
Total liabilities and equity 4,797,921 4,696,753 (101,168)
============================================ ===================== ===================== ==========
Bonds, borrowings and lease liabilities 365,431 347,694 (17,737)
Excluding lease liabilities 248,897 228,198 (20,699)
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations 17,866 19,412 1,546
Financial assets measured at fair
value through other comprehensive
income 93,893 92,019 (1,874)
Net changes in the fair value of
cash flow hedges 42 36 (6)
Condensed Quarterly Consolidated Statement of Changes in
Equity
FY '21 Q1 (Apr. 1, 2020 - Jun. 30, 2020)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total
equity interests equity
Common Capital Retained Accumulated Treasury Total
stock surplus earnings other stock,
comprehensive at cost
income
(loss)
----------
Balance at
beginning
of period 175,820 202,832 2,071,817 (17,802) (2,924) 2,429,743 109,116 2,538,859
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 17,885 17,885 1,847 19,732
Other
comprehensive
income (loss),
net of tax 27,579 27,579 1,018 28,597
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 17,885 27,579 45,464 2,865 48,329
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings (1) 1
Dividends (55,816) (55,816) (1,519) (57,335)
Purchase of
treasury
stock (366) (366) (366)
Disposal of
treasury
stock (696) 696 0 0
Transactions with
non-controlling
interests and
others 130 130 (135) (5)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,266 2,033,885 9,778 (2,594) 2,419,155 110,327 2,529,482
================== ======== ======== ========== ============== ========= ========== ================ ==========
FY '22 Q1 (Apr. 1, 2021 - Jun. 30, 2021)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total
equity interests equity
Common Capital Retained Accumulated Treasury Total
stock surplus earnings other stock,
comprehensive at cost
income
(loss)
----------
Balance at
beginning
of period 175,820 202,777 2,266,490 111,801 (2,595) 2,754,293 116,318 2,870,611
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 61,835 61,835 5,269 67,104
Other
comprehensive
income (loss),
net of tax (379) (379) (25) (404)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 61,835 (379) 61,456 5,244 66,700
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings (45) 45
Dividends (55,816) (55,816) (3,250) (59,066)
Purchase of
treasury
stock (526) (526) (526)
Disposal of
treasury
stock (1,053) 1,053
Transactions with
non-controlling
interests and
others (1) (1) 3 2
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 201,723 2,272,464 111,467 (2,068) 2,759,406 118,315 2,877,721
================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '21 Q1 FY '22 Q1 B - A
(Apr. 1, 2020 (Apr. 1,
- Jun. 30, 2021 - Jun.
2020) 30, 2021)
(A) (B)
--------------- --------------
I Cash flows from operating activities
1 Net profit 19,732 67,104 47,372
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 49,595 46,061 (3,534)
(2) Decrease in trade receivables 234,299 166,921 (67,378)
(3) Decrease in contract assets 48,774 4,356 (44,418)
(4) Decrease (increase) in inventories (83,465) (67,759) 15,706
(5) Increase (decrease) in trade
payables (95,155) (20,116) 75,039
(6) Others, net (40,239) (74,832) (34,593)
---- --------------------------------------- --------------- -------------- ----------
Cash flows from operating activities 133,541 121,735 (11,806)
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (50,655) (29,893) 20,762
Proceeds from sale of property,
2 plant and equipment 1,976 540 (1,436)
Purchase of investment securities
3 and others (4,130) (1,092) 3,038
Proceeds from sale of investment
securities and others (net of
4 cash disposed) 1,251 1,905 654
5 Others, net (3,681) (3,327) 354
---- --------------------------------------- --------------- -------------- ----------
Cash flows from investing activities (55,239) (31,867) 23,372
I +
II Free cash flow 78,302 89,868 11,566
III Cash flows from financing activities
Proceeds and repayments of bonds
1 and long-term borrowings (144) (20,198) (20,054)
Increase (decrease) in short-term
2 borrowings, net 183,170 (1,608) (184,778)
3 Repayments of lease liabilities (12,737) (13,775) (1,038)
4 Dividends paid (55,816) (55,816) 0
5 Purchase of treasury stock (366) (526) (160)
6 Disposal of treasury stock 0 (0)
7 Others, net (1,744) (1,602) 142
---- --------------------------------------- --------------- -------------- ----------
Cash flows from financing activities 112,363 (93,525) (205,888)
Effect of exchange rate changes
IV on cash and cash equivalents 2,128 2,100 (28)
---- --------------------------------------- --------------- -------------- ----------
Net increase (decrease) in cash
V and cash equivalents 192,793 (1,557) (194,350)
---- --------------------------------------- --------------- -------------- ----------
Cash and cash equivalents at
VI beginning of period 537,559 767,406 229,847
---- --------------------------------------- --------------- -------------- ----------
Cash and cash equivalents at
VII end of period 730,352 765,849 35,497
---- --------------------------------------- --------------- -------------- ----------
Consolidated Segment Information
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '21 Q1 FY '22 Q1 C - A D - B C/A
(Apr. 1, 2020 (Apr. 1, 2021 (%)
- -
Jun. 30, 2020) Jun. 30, 2021)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(loss) (D)
(B)
---------- ---------- ----------
Energy and Electric
Systems 265,755 18,646 263,640 11,863 (2,115) (6,783) 99
---------- ---------- ---------- ---------- --------- -------- -----
Industrial Automation
Systems 236,231 (3,414) 356,534 35,027 120,303 38,441 151
---------- ---------- ---------- ---------- --------- -------- -----
Information and
Communication Systems 63,285 (563) 64,103 0 818 563 101
---------- ---------- ---------- ---------- --------- -------- -----
Electronic Devices 49,711 3,090 60,387 3,269 10,676 179 121
---------- ---------- ---------- ---------- --------- -------- -----
Home Appliances 237,398 13,552 315,352 39,303 77,954 25,751 133
---------- ---------- ---------- ---------- --------- -------- -----
Others 125,424 (1,353) 153,453 3,398 28,029 4,751 122
---------- ---------- ---------- ---------- --------- -------- -----
Subtotal 977,804 29,958 1,213,469 92,860 235,665 62,902 124
---------- ---------- ---------- ---------- --------- -------- -----
Eliminations and
corporate (119,653) (9,758) (147,027) (10,092) (27,374) (334)
---------- ---------- ---------- ---------- --------- -------- -----
Consolidated total 858,151 20,200 1,066,442 82,768 208,291 62,568 124
---------- ---------- ---------- ---------- --------- -------- -----
*Notes: Inter-segment revenue are included in the above
chart.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '21 Q1 FY '22 Q1 B - A B/A (%)
(Apr. 1, 2020 (Apr. 1, 2021
- -
Jun. 30, 2020) Jun. 30, 2021)
--------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
-------- ----------- ---------- -----------
Japan 479,682 55.9 518,199 48.6 38,517 108
------------------------- -------- ----------- ---------- ----------- -------- --------
North America 74,354 8.7 117,455 11.0 43,101 158
-------- ----------- ---------- ----------- -------- --------
China 116,243 13.5 155,335 14.6 39,092 134
-------- ----------- ---------- ----------- -------- --------
Other than
China 89,895 10.5 121,675 11.4 31,780 135
----------------------- -------- ----------- ---------- ----------- -------- --------
Asia (excluding
Japan) 206,138 24.0 277,010 26.0 70,872 134
------------------------ -------- ----------- ---------- ----------- -------- --------
Europe 85,587 10.0 137,605 12.9 52,018 161
------------------------ -------- ----------- ---------- ----------- -------- --------
Others 12,390 1.4 16,173 1.5 3,783 131
------------------------ -------- ----------- ---------- ----------- -------- --------
Total overseas
revenue 378,469 44.1 548,243 51.4 169,774 145
------------------------- -------- ----------- ---------- ----------- -------- --------
Consolidated total 858,151 100.0 1,066,442 100.0 208,291 124
-------- ----------- ---------- ----------- -------- --------
Notes to the Condensed Consolidated Financial Statements
(Notes regarding the going concern assumption)
Not applicable
Cautionary Statement
While the statements herein including the forecast of the
Mitsubishi Electric Group are based on assumptions the Group
considers to be reasonable under the circumstances on the date of
announcement, actual results may differ significantly from
forecasts.
Such factors materially affecting the expectations expressed
herein shall include but are not limited to the following:
(1) Any change in worldwide economic and social conditions, as
well as laws, regulations, taxation and other legislation
(2) Changes in foreign currency exchange rates, especially JPY/U.S. dollar rates
(3) Changes in stock markets, especially in Japan
(4) Changes in balance of supply and demand of products that may
affect prices and volume, as well as material procurement
conditions
(5) Changes in the ability to fund raising, especially in Japan
(6) Uncertainties relating to patents, licenses and other
intellectual property, including disputes involving patent
infringement
(7) New environmental regulations or the arising of environmental issues
(8) Defects in products or services
(9) Litigation and legal proceedings brought and contemplated
against the Company or its subsidiaries and affiliates that may
adversely affect operations or finances
(10) Technological change, the development of products using new
technology, manufacturing and time-to-market
(11) Business restructuring
(12) Incidents related to information security
(13) Large-scale disasters including earthquakes, typhoons,
tsunami, fires and others
(14) Social or political upheaval caused by terrorism, war,
pandemics, or other factors
(15) Important matters related to the directors and executive
officers, major shareholders and affiliated companies of Mitsubishi
Electric Corporation
###
About Mitsubishi Electric Corporation
With 100 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO: 6503) is a
recognized world leader in the manufacture, marketing and sales of
electrical and electronic equipment used in information processing
and communications, space development and satellite communications,
consumer electronics, industrial technology, energy, transportation
and building equipment. Mitsubishi Electric enriches society with
technology in the spirit of its "Changes for the Better." The
company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8
billion*) in the fiscal year ended March 31, 2021. For more
information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of
111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange
Market on March 31, 2021
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