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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mitsubishi Electric Corporation | LSE:MEL | London | Ordinary Share | JP3902400005 | COM STK Y50 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,886.8026 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMMEL
RNS Number : 1546H
Mitsubishi Electric Corporation
30 July 2019
Hot Features
Premium
FOR IMMEDIATE RELEASE No. 3291
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 2020
TOKYO, July 30, 2019 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2019, of the current fiscal year ending March 31, 2020 (fiscal 2020).
Consolidated Financial Results
Revenue: 1,050.7 billion (Substantially unchanged from
yen the same period last year)
Operating profit: 54.9 billion (11% decrease from the same
yen period last year)
Profit before income 59.7 billion (13% decrease from the same
taxes: yen period last year)
Net profit attributable
to Mitsubishi Electric billion (10% decrease from the same
Corp. stockholders: 42.7 yen period last year)
The economy in the first quarter, from April through June 2019, of fiscal 2020 saw an expansion in the U.S. mainly owing to buoyant consumer consumption, while China experienced a slowdown in economic growth. In addition, Japan saw decreases in export and production, and Europe also experienced a decrease in production, making the economic recovery trend in both markets more moderate.
Under these circumstances, revenue in the first quarter remained substantially unchanged compared to the same period of the previous fiscal year to 1,050.7 billion yen with increased revenue in the Energy and Electric Systems, Information and Communication Systems and Home Appliances segments, as well as decreased revenue in the Industrial Automation Systems and Electronic Devices segments.
Operating profit decreased by 11% compared to the same period of the previous fiscal year to 54.9 billion yen, due to decreased profits in the Industrial Automation Systems and Electronic Devices segments.
Profit before income taxes decreased by 13% compared to the same period of the previous fiscal year to 59.7 billion yen.
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 10% compared to the same period of the previous fiscal year to 42.7 billion yen.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Revenue: 275.8 billion (3% increase from the same period
yen last year which recorded 267.3
billion yen)
Operating profit: 9.1 billion (3.2 billion yen increase from
yen the same period last year which
recorded 5.9 billion yen)
The social infrastructure systems business saw increases in both orders and revenue from the same period of the previous fiscal year due primarily to increases in the transportation systems business in Japan and the power systems business outside Japan.
The building systems business saw a decrease in orders compared to the same period of the previous fiscal year due to a stagnation in China and the Middle East, while revenue in this business experienced an increase compared to the same period of the previous fiscal year due to an increase in new installations of elevators and escalators in Japan, mainly in the Tokyo metropolitan area.
As a result, revenue for this segment increased by 3% from the same period of the previous fiscal year to 275.8 billion yen. Operating profit increased by 3.2 billion yen from the same period of the previous fiscal year to 9.1 billion yen mainly due to an increase in revenue.
Industrial Automation Systems
Revenue: 332.3 billion (8% decrease from the same period
yen last year which recorded 360.9
billion yen)
Operating profit: 21.1 billion (23.6 billion yen decrease from
yen the same period last year which
recorded 44.8 billion yen)
The factory automation systems business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to a slowdown in capital expenditures in semiconductors, machinery and automotive-related equipment in Japan, and also to stagnation in the fields of organic light emitting diodes (OLED) and smartphones outside Japan.
The automotive equipment business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to decreases in Japan and other markets in Asia, despite increased sales in electric-vehicle related equipment in response to market growth worldwide.
As a result, revenue for this segment decreased by 8% from the same period of the previous fiscal year to 332.3 billion yen. Operating profit decreased by 23.6 billion yen from the same period of the previous fiscal year to 21.1 billion yen mainly due to a decrease in revenue, a shift in product mix and upfront investment for growth drivers.
Information and Communication Systems
Revenue: 86.4 billion (8% increase from the same period
yen last year which recorded 79.7 billion
yen)
Operating profit: 1.3 billion (3.2 billion yen improvement from
yen the same period last year which
recorded a loss of 1.8 billion
yen)
The telecommunications systems business saw increases in both orders and revenue compared to the same period of the previous fiscal year due primarily to increased demand in communications infrastructure equipment.
The information systems and service business saw increases in both orders and revenue compared to the same period of the previous fiscal year mainly due to an increase in the system integrations business.
The electronic systems business saw an increase in orders compared to the same period of the previous fiscal year due to increased orders for large projects in the space systems business, while revenue experienced an increase compared to 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 8% compared to the same period of the previous fiscal year to 86.4 billion yen. Operating profit improved by 3.2 billion yen from the same period of the previous fiscal year to 1.3 billion yen due primarily to an increase in revenue and a shift in project portfolios.
Electronic Devices
Revenue: 50.9 billion (1% decrease from the same period
yen last year which recorded 51.4 billion
yen)
Operating profit: 0.5 billion (0.8 billion yen decrease from
yen the same period last year which
recorded 1.4 billion yen)
The electronic devices business saw an increase in orders from the same period of the previous fiscal year due primarily to increased demand for power modules used in automotive and railcar applications, while revenue decreased by 1% from the same period of the previous fiscal year to 50.9 billion yen mainly due to decreased demand for optical communication devices.
Operating profit decreased by 0.8 billion yen compared to the same period of the previous fiscal year to 0.5 billion yen due primarily to a decrease in revenue.
Home Appliances
Revenue: 296.0 billion (6% increase from the same period
yen last year which recorded 280.3
billion yen)
Operating profit: 31.1 billion (11.1 billion yen increase from
yen the same period last year which
recorded 20.0 billion yen)
The home appliances business saw an increase in revenue by 6% from the same period of the previous fiscal year to 296.0 billion yen mainly due to an increase in air conditioners for Japan, North America and Europe.
Operating profit increased by 11.1 billion yen compared to the same period of the previous fiscal year due primarily to an increase in revenue.
Others
Revenue: 149.5 billion (4% decrease from the same period
yen last year which recorded 155.6
billion yen)
Operating profit: 2.1 billion (0.9 billion yen increase from
yen the same period last year which
recorded 1.1 billion yen)
Revenue decreased by 4% compared to the same period of the previous fiscal year to 149.5 billion yen due primarily to a decrease in procurements for the Mitsubishi Electric Group at affiliated companies involved in materials procurement.
Operating profit increased by 0.9 billion yen compared to the same period of the previous fiscal year to 2.1 billion yen due primarily to cost improvements.
Financial Standing
An analysis on the status of assets, liabilities and equity on a consolidated basis
The Mitsubishi Electric Group has applied IFRS 16 Lease from the first quarter of the current fiscal year, thereby, as of the date of the initial application, it has added lease assets of 93.0 billion yen mainly as property, plant and equipment, and liabilities of 95.1 billion yen as bonds, borrowings and lease liabilities. (For details, refer to the 'Changes in Accounting Policies' in 'Notes to the Condensed Consolidated Financial Statements.')
Total assets as of the end of this fiscal quarter decreased from the end of the previous fiscal year by 61.3 billion yen to 4,294.9 billion yen. The change in balance of total assets was mainly attributable to increases in property, plant and equipment by 81.2 billion yen, while trade receivables and contract assets decreased by 184.0 billion yen primarily as a result of credit collection.
Total liabilities decreased from the end of the previous fiscal year by 24.9 billion yen to 1,820.1 billion yen. The outstanding balances of bonds, borrowings and lease liabilities increased by 83.4 billion yen, while trade payables decreased by 56.2 billion yen, and other current liabilities also decreased by 49.7 billion yen. Meanwhile, bonds and borrowings decreased by 12.3 billion yen from the end of the previous fiscal year to 263.6 billion yen, with the ratio of bonds and borrowings to total assets recording 6.1%.
Mitsubishi Electric Corporation stockholders' equity decreased by 35.9 billion yen compared to the end of the previous fiscal year to 2,364.0 billion yen. The stockholders' equity ratio was recorded at 55.0%, representing a 0.1 point decrease compared to the end of the previous fiscal year. These changes referred to above primarily result from a decrease in dividend payment of 55.8 billion yen and a decrease in accumulated other comprehensive income by 20.5 billion yen mainly reflecting the yen's appreciation against foreign currencies, despite an increase from recording a net profit attributable to Mitsubishi Electric Corporation stockholders of 42.7 billion yen.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for this quarter increased by 29.2 billion yen compared to the same period of the previous fiscal year to 126.4 billion yen (cash in). Cash flows from investing activities increased by 12.2 billion yen compared to the same period of the previous fiscal year to 51.0 billion yen (cash out), due primarily to an increase in purchase of property, plant and equipment. As a result, free cash flow was 75.4 billion yen (cash in). Cash flows from financing activities were 82.0 billion yen (cash out) mainly due to dividend payments.
Forecast for Fiscal 2020
The current consolidated earnings forecast for fiscal 2020, ending March 31, 2020, is unchanged from the announcement on April 26, 2019 as stated below.
Current consolidated forecast for fiscal 2020
Revenue 4,630.0 billion (2% increase from fiscal
yen 2019)
Operating profit 295.0 billion (2% increase from fiscal
yen 2019)
Profit before income 320.0 billion (1% increase from fiscal
taxes yen 2019)
Net profit attributable 240.0 billion (6% increase from fiscal
to Mitsubishi Electric yen 2019)
Corp. stockholders
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 '19 Q1 FY '20 Q1 B - A B/A (%)
(A) (B)
(Apr. 1, 2018 (Apr. 1, 2019
- -
Jun. 30, 2018) Jun. 30, 2019)
---------------- ---------------- -------- --------
Revenue 1,050.9 1,050.7 (0.2) 100
---------------- ---------------- -------- --------
Operating profit 61.5 54.9 (6.6) 89
---------------- ---------------- -------- --------
Profit before income
taxes 68.7 59.7 (8.9) 87
---------------- ---------------- -------- --------
Net profit attributable
to
Mitsubishi Electric
Corp.
stockholders 47.5 42.7 (4.8) 90
---------------- ---------------- -------- --------
Basic earnings per
share attributable
to Mitsubishi Electric (2.(24)
Corp. stockholders 22.(18) yen 19.(94) yen yen) 90
---------------- ---------------- -------- --------
Notes:
1) Consolidated financial charts made 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 '19 Q1 FY '20 Q1
(Apr. 1, 2018 (Apr. 1, 2019
- -
Jun. 30, 2018) Jun. 30, 2019)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Revenue 1,050,982 100.0 1,050,764 100.0 (218) 100
Cost of sales 741,047 70.5 749,869 71.4 8,822 101
Selling, general and
administrative expenses 250,206 23.8 246,896 23.5 (3,310) 99
Other profit (loss) 1,860 0.2 912 0.1 (948) 49
Operating profit 61,589 5.9 54,911 5.2 (6,678) 89
Financial income 4,758 0.4 4,299 0.4 (459) 90
Financial expenses 610 0.1 2,760 0.2 2,150 452
Share of profit of investments
accounted for using the
equity method 2,993 0.3 3,295 0.3 302 110
---------------------------------- ---------- ------- ---------- ------- -------- -----
Profit before income
taxes 68,730 6.5 59,745 5.7 (8,985) 87
Income taxes 18,723 1.7 12,935 1.2 (5,788) 69
---------- ------- ---------- ------- -------- -----
Net profit 50,007 4.8 46,810 4.5 (3,197) 94
---------- ------- ---------- ------- -------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 47,578 4.5 42,777 4.1 (4,801) 90
Non-controlling interests 2,429 0.3 4,033 0.4 1,604 166
---------- ------- ---------- ------- -------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '19 Q1 (A) FY '20 Q1 (B) B - A
(Apr. 1, 2018 (Apr. 1, 2019
- -
Jun. 30, 2018) Jun. 30, 2019)
---------------- ----------------
Net profit 50,007 46,810 (3,197)
---------------- ---------------- ---------
(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 7,388 (3,973) (11,361)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 131 (65) (196)
---------------- ---------------- ---------
Subtotal 7,519 (4,038) (11,557)
---------------- ---------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (9,152) (18,979) (9,827)
------------------------------------------ ---------------- ---------------- ---------
Net changes in the fair value
of cash flow hedges (18) (39) (21)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (1,844) 434 2,278
---------------- ---------------- ---------
Subtotal (11,014) (18,584) (7,570)
---------------- ---------------- ---------
Total other comprehensive
income (loss) (3,495) (22,622) (19,127)
---------------- ---------------- ---------
Comprehensive income 46,512 24,188 (22,324)
---------------- ---------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 44,730 22,219 (22,511)
Non-controlling interests 1,782 1,969 187
---------------- ---------------- ---------
Condensed Quarterly Consolidated Statement of Financial Position
(In millions of yen)
FY '19 (A) FY ' 20 Q1 B - A
(B)
(ended Mar. (ended Jun.
31, 2019) 30, 2019)
--------------------- ---------------------
(Assets)
Current assets 2,624,293 2,497,073 (127,220)
Cash and cash equivalents 514,224 500,644 (13,580)
Trade receivables and contract
assets 1,233,916 1,049,818 (184,098)
Inventories 729,098 756,930 27,832
Other current assets 147,055 189,681 42,626
Non-current assets 1,731,918 1,797,838 65,920
Investments accounted for using
the equity method 197,959 190,469 (7,490)
Other financial assets 303,834 304,500 666
Property, plant and equipment 760,540 841,764 81,224
Other non-current assets 469,585 461,105 (8,480)
--------------------- --------------------- ----------
Total assets 4,356,211 4,294,911 (61,300)
============================================ ===================== ===================== ==========
(Liabilities)
Current liabilities 1,416,335 1,333,905 (82,430)
Bonds, borrowings and lease liabilities 104,969 128,544 23,575
Trade payables 559,641 503,375 (56,266)
Other current liabilities 751,725 701,986 (49,739)
Non-current liabilities 428,721 486,251 57,530
Bonds, borrowings and lease liabilities 193,469 253,356 59,887
Net defined benefit liabilities 176,087 176,240 153
Other non-current liabilities 59,165 56,655 (2,510)
--------------------- --------------------- ----------
Total liabilities 1,845,056 1,820,156 (24,900)
--------------------- --------------------- ----------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,399,946 2,364,044 (35,902)
Common stock 175,820 175,820
Capital surplus 202,834 201,990 (844)
Retained earnings 1,960,466 1,945,901 (14,565)
Accumulated other comprehensive
income (loss) 63,809 43,256 (20,553)
Treasury stock, at cost (2,983) (2,923) 60
Non-controlling interests 111,209 110,711 (498)
--------------------- --------------------- ----------
Total equity 2,511,155 2,474,755 (36,400)
--------------------- --------------------- ----------
Total liabilities and equity 4,356,211 4,294,911 (61,300)
============================================ ===================== ===================== ==========
Bonds, borrowings and lease liabilities 298,438 381,900 83,462
Excluding lease liabilities 275,972 263,617 (12,355)
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations 8,368 (8,134) (16,502)
Financial assets measured at fair
value through other comprehensive
income 55,503 51,473 (4,030)
Net changes in the fair value of
cash flow hedges (62) (83) (21)
Condensed Quarterly Consolidated Statement of Changes in Equity
FY '19 Q1 (Apr. 1, 2018 - Jun. 30, 2018)
(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 175,820 199,442 1,811,348 109,492 (1,928) 2,294,174 103,045 2,397,219
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 47,578 47,578 2,429 50,007
Other
comprehensive
income
(loss),
net of tax (2,848) (2,848) (647) (3,495)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 47,578 (2,848) 44,730 1,782 46,512
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Transfer to
retained
earnings (203) 203
Dividends (55,816) (55,816) (2,585) (58,401)
Purchase of
treasury
stock (1,054) (1,054) (1,054)
Transactions with
non-controlling
interests and
others 3,197 3,197 4,596 7,793
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,639 1,802,907 106,847 (2,982) 2,285,231 106,838 2,392,069
================== ======== ======== ========== ============== ========= ========== ================ ==========
FY '20 Q1 (Apr. 1, 2019 - Jun. 30, 2019)
(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 175,820 202,834 1,960,466 63,809 (2,983) 2,399,946 111,209 2,511,155
================== ======== ======== ========== ============== ========= ========== ================ ==========
Cumulative
effects
of changes in
accounting
policies (1,521) (1,521) (7) (1,528)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Restated balance
at beginning of
period 175,820 202,834 1,958,945 63,809 (2,983) 2,398,425 111,202 2,509,627
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 42,777 42,777 4,033 46,810
Other
comprehensive
income
(loss),
net of tax (20,558) (20,558) (2,064) (22,622)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 42,777 (20,558) 22,219 1,969 24,188
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Transfer to
retained
earnings (5) 5
Dividends (55,816) (55,816) (1,642) (57,458)
Purchase of
treasury
stock (784) (784) (784)
Disposal of
treasury
stock (844) 844 0 0
Transactions with
non-controlling
interests and
others (818) (818)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 201,990 1,945,901 43,256 (2,923) 2,364,044 110,711 2,474,755
================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '19 Q1 FY '20 Q1 B - A
(Apr. 1, 2018 (Apr. 1,
- Jun. 30, 2019 - Jun.
2018) 30, 2019)
(A) (B)
--------------- --------------
I Cash flows from operating activities
1 Net profit 50,007 46,810 (3,197)
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 38,093 46,780 8,687
(2) Decrease in trade receivables
and contract assets 164,962 176,039 11,077
(3) Decrease (increase) in inventories (62,155) (36,211) 25,944
(4) Increase (decrease) in trade
payables (39,220) (54,838) (15,618)
(5) Others, net (54,451) (52,131) 2,320
---- --------------------------------------- --------------- -------------- ---------
Cash flows from operating activities 97,236 126,449 29,213
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (36,350) (43,096) (6,746)
Proceeds from sale of property,
2 plant and equipment 1,102 714 (388)
3 Purchase of investment securities (4,129) (6,401) (2,272)
Proceeds from sale of investment
4 securities (net of cash disposed) 1,944 3,646 1,702
5 Others, net (1,288) (5,864) (4,576)
---- --------------------------------------- --------------- -------------- ---------
Cash flows from investing activities (38,721) (51,001) (12,280)
I +
II Free cash flow 58,515 75,448 16,933
III Cash flows from financing activities
Proceeds and repayment of bonds
1 and long-term borrowings (10,011) (30,495) (20,484)
Increase (decrease) in short-term
2 borrowings, net (1,814) 18,798 20,612
3 Repayments of lease liabilities (2,325) (12,753) (10,428)
4 Dividends paid (55,816) (55,816) (0)
5 Purchase of treasury stock (1,054) (784) 270
6 Disposal of treasury stock 0 0
7 Others, net 7,001 (982) (7,983)
---- --------------------------------------- --------------- -------------- ---------
Cash flows from financing activities (64,019) (82,032) (18,013)
Effect of exchange rate changes
IV on cash and cash equivalents (1,207) (6,996) (5,789)
---- --------------------------------------- --------------- -------------- ---------
Net increase (decrease) in cash
V and cash equivalents (6,711) (13,580) (6,869)
---- --------------------------------------- --------------- -------------- ---------
Cash and cash equivalents at
VI beginning of period 599,199 514,224 (84,975)
---- --------------------------------------- --------------- -------------- ---------
Cash and cash equivalents at
VII end of period 592,488 500,644 (91,844)
---- --------------------------------------- --------------- -------------- ---------
Consolidated Segment Information
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '19 Q1 FY '20 Q1 C - A D - B C/A
(Apr. 1, 2018 (Apr. 1, 2019 (%)
- -
Jun. 30, 2018) Jun. 30, 2019)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(loss) (D)
(B)
---------- ---------- ----------
Energy and Electric
Systems 267,397 5,978 275,833 9,196 8,436 3,218 103
---------- ---------- ---------- ---------- --------- --------- -----
Industrial Automation
Systems 360,999 44,873 332,314 21,182 (28,685) (23,691) 92
---------- ---------- ---------- ---------- --------- --------- -----
Information and
Communication Systems 79,782 (1,840) 86,409 1,366 6,627 3,206 108
---------- ---------- ---------- ---------- --------- --------- -----
Electronic Devices 51,462 1,486 50,954 597 (508) (889) 99
---------- ---------- ---------- ---------- --------- --------- -----
Home Appliances 280,334 20,056 296,004 31,188 15,670 11,132 106
---------- ---------- ---------- ---------- --------- --------- -----
Others 155,657 1,160 149,523 2,151 (6,134) 991 96
---------- ---------- ---------- ---------- --------- --------- -----
Subtotal 1,195,631 71,713 1,191,037 65,680 (4,594) (6,033) 100
---------- ---------- ---------- ---------- --------- --------- -----
Eliminations and
corporate (144,649) (10,124) (140,273) (10,769) 4,376 (645)
---------- ---------- ---------- ---------- --------- --------- -----
Consolidated total 1,050,982 61,589 1,050,764 54,911 (218) (6,678) 100
---------- ---------- ---------- ---------- --------- --------- -----
*Notes: Inter-segment revenue are included in the above chart.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '19 Q1 FY '20 Q1 B - A B/A (%)
(Apr. 1, 2018 (Apr. 1, 2019
- -
Jun. 30, 2018) Jun. 30, 2019)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 541,434 51.5 562,457 53.5 21,023 104
------------------------- ---------- ----------- ---------- ----------- --------- --------
North America 103,098 9.8 118,000 11.2 14,902 114
---------- ----------- ---------- ----------- --------- --------
Asia (excluding
Japan) 270,275 25.7 230,812 22.0 (39,463) 85
---------- ----------- ---------- ----------- --------- --------
China 140,183 13.3 108,958 10.4 (31,225) 78
---------- ----------- ---------- ----------- --------- --------
Europe 121,637 11.6 125,266 11.9 3,629 103
------------------------ ---------- ----------- ---------- ----------- --------- --------
Others 14,538 1.4 14,229 1.4 (309) 98
------------------------ ---------- ----------- ---------- ----------- --------- --------
Total overseas
revenue 509,548 48.5 488,307 46.5 (21,241) 96
------------------------- ---------- ----------- ---------- ----------- --------- --------
Consolidated total 1,050,982 100.0 1,050,764 100.0 (218) 100
---------- ----------- ---------- ----------- --------- --------
Notes to the Condensed Consolidated Financial Statements
(Notes regarding the going concern assumption)
Not applicable
(Notes if there is any significant change in Mitsubishi Electric Corp. stockholders' equity)
Not applicable
(Changes in Accounting Policies)
The Mitsubishi Electric Group has applied IFRS 16 Lease (hereafter "IFRS16") from the first quarter of the current fiscal year.
The Mitsubishi Electric Group had previously not capitalized leases classified as operating lease under IAS 17, but, by applying IFRS 16, introduced the single accounting model to capitalize lessee's lease in principle. For all leases other than leases that have a lease term of 12 months or less and leases for which the underlying asset is of low value, right-of-use assets that represent a right to use an underlying asset and lease liabilities that represent the obligation for lease payment were recognized as of the commencement date.
In the condensed quarterly consolidated statements of financial position, the Mitsubishi Electric Group has presented right-of-use assets as property, plant and equipment, and lease liabilities as bonds, borrowings and lease liabilities.
The Mitsubishi Electric Group has applied IFRS16 retroactively following transitional measures, and has recognized the cumulative effect as an adjustment to the beginning balance of retained earnings in the first quarter of the current fiscal year.
By applying IFRS 16, right-of-use assets and lease liabilities were newly increased by 93,066 million yen and 95,193 million yen respectively as of the date of the initial application (April 1, 2019). Accordingly, retained earnings were decreased by 1,521 million yen.
Cautionary Statement
The Mitsubishi Electric Group (hereafter "the Group") is involved in development, manufacture and sales in a wide range of fields including Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home Appliances, and these operations extend globally, not only inside Japan, but also in North America, Europe, Asia and other regions. While the statements herein are based on certain assumptions and premises that the Group trusts and considers to be reasonable under the circumstances on the date of announcement, actual financial standings and operating results are subject to change due to any of the factors as contemplated hereunder and/or any additional factor unforeseeable as of the date of this announcement. Such factors materially affecting the expectations expressed herein shall include but are not limited to the following:
(1) Important trends
The Group's operations may be affected by trends in the global economy, social conditions, laws, tax codes and regulations.
(2) Foreign currency exchange rates
Fluctuations in foreign currency markets may affect the Group's sales of exported products and purchases of imported materials that are denominated in U.S. dollars or euros, as well as its Asian production bases' sales of exported products and purchases of imported materials that are denominated in foreign currencies.
(3) Stock markets
A fall in stock market prices may cause a decline in value of the Group's marketable securities and pension assets.
(4) Supply/demand balance for products and procurement conditions for materials and components
A decline in prices and shipments due to changes in the supply/demand balance, as well as an increase in material prices due to a worsening of material and component procurement conditions, may adversely affect the Group's performance.
(5) Fund raising
An increase in interest rates, the yen interest rate in particular, would increase the Group's interest expenses.
(6) Significant patent matters
Important patent filings, licensing, copyrights and patent-related disputes may adversely affect related businesses.
(7) Environmental legislation or relevant issues
The Group may incur losses or expenses owing to changes in environmental legislation or the occurrence of environmental issues. Such changes in legislation or the occurrence of environmental issues may also impact manufacturing and all corporate activities of the Group.
(8) Flaws or defects in products or services
The Group may incur losses or expenses resulting out of flaws or defects in products or services, and the lowered reputation of the quality of all its products and services may affect the entire Group.
(9) Litigation and other legal proceedings
The Group's operations may be affected by lawsuits or other legal proceedings against Mitsubishi Electric, its subsidiaries and/or equity-method associates and joint ventures.
(10) Disruptive changes
Disruptive changes in technology, development of products using new technology, timing of production and market introduction may adversely affect the Group's performance.
(11) Business restructuring
The Group may record losses due to restructuring measures.
(12) Information security
The performance of the Group may be affected by computer virus infections, unauthorized access and other unpredictable incidents that lead to the loss or leakage of personal information held by the Group or confidential information regarding the Group's business such as its technology, sales and other operations.
(13) Natural disasters
The Group's operations, particularly manufacturing activities, may be affected by the occurrence of earthquakes, typhoons, tsunami, fires and other large-scale disasters.
(14) Other significant factors
The Group's operations may be affected by the outbreak of social or political upheaval due to terrorism, war, pandemic by new strains of influenza and other diseases, or other factors.
###
About Mitsubishi Electric Corporation
With nearly 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. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded a revenue of 4,519.9 billion yen (US$ 40.7 billion*) in the fiscal year ended March 31, 2019. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 111 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2019
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1546H_1-2019-7-30.pdf
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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