We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 : 5849U
Mitsubishi Electric Corporation
30 July 2020
Hot Features
Premium
FOR IMMEDIATE RELEASE No. 3366
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 2021
TOKYO, July 30, 2020 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2020, of the current fiscal year ending March 31, 2021 (fiscal 2021).
Consolidated Financial Results
Revenue: 858.1 billion (18% decrease from the same
yen period last year)
Operating profit: 20.2 billion (63% decrease from the same
yen period last year)
Profit before income 27.1 billion (55% decrease from the same
taxes: yen period last year)
Net profit attributable
to Mitsubishi Electric billion (58% decrease from the same
Corp. stockholders: 17.8 yen period last year)
The economy in the first quarter, from April through June 2020, of fiscal 2021 generally saw a severe business environment with the serious impact of the novel coronavirus diseases (COVID-19) resulting in a significant slowdown in both corporate sector and household sector in Japan, the U.S. and Europe, while China experienced a gradual recovery mainly owing to an increase in capital expenditures for fixed assets. There were also signs of bottoming out as measures to fully restart economy were taken in various countries and regions recently.
Revenue
Revenue in the first quarter decreased by 192.6 billion yen from the same period of the previous fiscal year to 858.1 billion yen as a result of decreased revenue in all segments. Energy and Electric Systems segment saw a decrease in the building systems business that experienced global stagnation of urban development and construction due to the impact of COVID-19, while the social infrastructure systems business increased with transportations systems and power systems businesses remaining buoyant in Japan. Industrial Automation Systems segment saw a decrease of the automotive equipment business due to a slowdown in demand for new cars globally. Home Appliances segment saw a significant decrease in air conditioners as economic activities were considerably limited outside Japan and capital expenditures were restrained in Japan.
Operating Profit
Operating profit decreased by 34.7 billion yen from the same period of the previous fiscal year to 20.2 billion yen due mainly to decreased operating profit in Industrial Automation Systems, Home Appliances, and Information and Communication Systems segments, while operating profit increased in Energy and Electric Systems and Electronic Devices segments. Operating profit ratio decreased by 2.8% from the same period of the previous fiscal year to 2.4%.
The cost ratio increased by 0.9% from the same period of the previous fiscal year due primarily to lowered operation caused by decreased revenue of Industrial Automation Systems and Home Appliances segments in addition to the yen appreciating against other currencies. Selling, general and administrative expenses decreased by 27.6 billion yen from the same period of the previous fiscal year due mainly to reduced cost, but selling, general and administrative expenses to revenue ratio increased by 2.0%. Other profit (loss) increased by 0.8 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 decreased by 32.6 billion yen from the same period of the previous fiscal year to 27.1 billion yen due primarily to a decrease in operating profit despite of an improvement in non-operating expenses owing to decreased loss on foreign exchange. Profit before income taxes to revenue ratio was 3.2%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 24.8 billion yen from the same period of the previous fiscal year to 17.8 billion yen due mainly to decreased profit before income taxes. Net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 2.1%.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Revenue: 265.7 billion (4% decrease from the same period
yen last year which recorded 275.8
billion yen)
Operating profit: 18.6 billion (9.4 billion yen increase from
yen the same period last year which
recorded 9.1 billion yen)
The market of the social infrastructure systems business saw demand relating to the electricity systems reform and investment in public utilities for preventing and reducing disaster risks remaining buoyant in Japan. In this environment, the business saw an increase in orders from the same period of the previous fiscal year due primarily to increases in the power systems and the public utility systems businesses in Japan. Revenue also increased due mainly to increases in the transportation systems and the power systems businesses in Japan.
The market of the building systems business saw decreased demand in new installations of elevators and escalators due to global stagnation and delay in urban development and construction caused by the impact of COVID-19. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to decreases in Japan and Asia.
As a result, revenue for this segment decreased by 4% from the same period of the previous fiscal year to 265.7 billion yen.
Operating profit increased by 9.4 billion yen from the previous fiscal year to 18.6 billion yen due mainly to a shift in project portfolios and cost improvement.
Industrial Automation Systems
Revenue: 236.2 billion (29% decrease from the same period
yen last year which recorded 332.3
billion yen)
Operating profit (3.4 billion (24.5 billion yen decline from
(loss): yen) the same period last year which
recorded 21.1 billion yen)
The market of the factory automation systems business saw decreases in automotive-related demand worldwide and machinery-related demand in Japan due to the impact of COVID-19, while a part of demand relating to 5G communications networks and semiconductor remained buoyant and there was demand relating to increased mask production outside Japan. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year.
The market of the automotive equipment business saw the impact of COVID-19 putting further downward pressure on a slowdown in demand for new cars in all regions except for China. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to a decrease in electrical components despite of an increase in electric-vehicle related equipment such as motors and inverters.
As a result, revenue for this segment decreased by 29% from the same period of the previous fiscal year to 236.2 billion yen due mainly to a slowdown of the automotive equipment business.
Operating profit declined by 24.5 billion yen from the same period of the previous fiscal year to a loss of 3.4 billion yen due primarily to decreased revenue.
Information and Communication Systems
Revenue: 63.2 billion (27% decrease from the same period
yen last year which recorded 86.4 billion
yen)
Operating profit (0.5 billion (1.9 billion yen decline from the
(loss): yen) same period last year which recorded
1.3 billion yen)
The market of the information systems and service business saw delays and cancellations of IT investments, particularly in the manufacturing industry due to the impact of COVID-19, while there was increased demand for IT infrastructure development to promote remote working. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year due mainly to a decrease in the system integrations business.
The electronic systems business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to a decrease in large-scale project for the space systems business.
As a result, revenue for this segment decreased by 27% from the same period of the previous fiscal year to 63.2 billion yen.
Operating profit declined by 1.9 billion yen from the same period of the previous fiscal year to a loss of 0.5 billion yen due mainly to decreased revenue.
Electronic Devices
Revenue: 49.7 billion (2% decrease from the same period
yen last year which recorded 50.9 billion
yen)
Operating profit: 3.0 billion (2.4 billion yen increase from
yen the same period last year which
recorded 0.5 billion yen)
The market of the electronic devices business saw a slowdown in demand for power modules used in automotive applications, while demand for high frequency and optical devices relating to 5G communications networks and next-generation data centers remained buoyant. In this environment, the business saw a decrease in orders from the same period of the previous fiscal year. Revenue also decreased by 2% from the same period of the previous fiscal year to 49.7 billion yen due primarily to decreases in power and TFT-LCD modules used in automotive applications, despite of an increase in high frequency and optical devices, particularly in optical communication devices.
Operating profit increased by 2.4 billion yen from the same period of the previous fiscal year to 3.0 billion yen due mainly to a shift in product mix.
Home Appliances
Revenue: 237.3 billion (20% decrease from the same period
yen last year which recorded 296.0
billion yen)
Operating profit: 13.5 billion (17.6 billion yen decrease from
yen the same period last year which
recorded 31.1 billion yen)
The market of the home appliances business saw decreased demand for air conditioners globally due primarily to the impact of COVID-19 causing lockdowns and considerable limitation of economic activities outside Japan and restrained capital expenditure in Japan. Meanwhile, there was some demand for consumer electronics during stay-at-home period. In this environment, the business saw a decrease in revenue by 20% from the same period of the previous fiscal year to 237.3 billion yen due primarily to a decrease in air conditioners worldwide and the yen appreciating against other currencies.
Operating profit decreased by 17.6 billion yen from the same period of the previous fiscal year to 13.5 billion yen due mainly to decreased revenue and the yen appreciating against other currencies.
Others
Revenue: 125.4 billion (16% decrease from the same period
yen last year which recorded 149.5
billion yen)
Operating profit (1.3 billion (3.5 billion yen decline from the
(loss): yen) same period last year which recorded
2.1 billion yen)
Revenue decreased by 16% from the same period of the previous fiscal year to 125.4 billion yen due primarily to decreases in procurements and logistics for the Mitsubishi Electric Group at affiliated companies.
Operating profit declined by 3.5 billion yen from the same period of the previous fiscal year to a loss of 1.3 billion yen due mainly to decreased 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 increased from the end of the previous fiscal year by 36.6 billion yen to 4,446.3 billion yen. The change in balance of total assets was mainly attributable to increases in cash and cash equivalents by 192.7 billion yen and inventories by 85.5 billion yen, while trade receivables decreased by 233.1 billion yen primarily as a result of credit collection.
Trade receivables decreased due primarily to credit collection for projects from the previous fiscal year and decreased revenue caused by the impact of COVID-19. Cash and cash equivalents increased owing to borrowings made for the purpose of securing liquidity on hand to be prepared for a deterioration in balance caused by COVID-19.
Total liabilities increased from the end of the previous fiscal year by 45.9 billion yen to 1,916.9 billion yen. Balances of bonds, borrowings and lease liabilities increased by 185.0 billion yen, while trade payables decreased by 94.6 billion yen, and other current liabilities also decreased by 38.9 billion yen. Bonds and borrowings increased by 182.9 billion yen from the end of the previous fiscal year to 449.9 billion yen, with the ratio of bonds and borrowings to total assets recording 10.1%, representing a 4.0 point increase compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity decreased by 10.5 billion yen compared to the end of the previous fiscal year to 2,419.1 billion yen. The stockholders' equity ratio was recorded at 54.4%, representing a 0.7 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, despite of increases from recording a net profit attributable to Mitsubishi Electric Corporation stockholders of 17.8 billion yen and accumulated other comprehensive income by 27.5 billion yen mainly reflecting the yen depreciating against other currencies and a rise in stock prices.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for this quarter was 133.5 billion yen (cash in), while cash flows from investing activities was 55.2 billion yen (cash out). As a result, free cash flow was 78.3 billion yen (cash in). C ash flows from financing activities was 112.3 billion yen (cash in), and cash and cash equivalents at end of period increased from the end of the previous fiscal year by 192.7 billion yen to 730.3 billion yen.
Net cash provided by operating activities increased by 7.0 billion yen from the same period of the previous fiscal year due primarily to progress in credit collection for projects from the previous fiscal year and reduced use of materials and cost to deal with decreased revenue for this quarter, despite of decreased profit.
Net cash used in investing activities increased by 4.2 billion yen from the same period of the previous fiscal year due mainly to an increase in purchase of property, plant and equipment.
Net cash provided in financing activities increased by 194.3 billion yen from the same period of the previous fiscal year due primarily to an increase in short-term borrowings.
Forecast for Fiscal 2021
The consolidated earnings forecast for fiscal 2021, ending March 31, 2021, is unchanged from the previous forecast (*) as stated below.
The previous forecast reflected the sluggish markets in various countries and regions and following recovery process, and was based on the assumption that COVID-19 would have a significant impact on revenue and operating profit until the second quarter. The assumption remains unchanged in the forecast.
The forecast may be modified depending on the global and local situation of the containment of COVID-19.
Consolidated forecast for fiscal 2021
Revenue 4,100.0 billion (8% decrease from fiscal
yen 2020)
Operating profit 120.0 billion (54 % decrease from fiscal
yen 2020)
Profit before income 145.0 billion (49% decrease from fiscal
taxes yen 2020)
Net profit attributable 100.0 billion (55% decrease from fiscal
to Mitsubishi Electric yen 2020)
Corp. stockholders
* See Consolidated Financial Results for Fiscal 2020 dated May 11, 2020 and Additional Disclosure Regarding Consolidated Financial Results for Fiscal 2020 dated June 1, 2020.
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 '20 Q1 FY '21 Q1 B - A B/A (%)
(A) (B)
(Apr. 1, 2019 (Apr. 1, 2020
- -
Jun. 30, 2019) Jun. 30, 2020)
---------------- ---------------- --------- --------
Revenue 1,050.7 858.1 (192.6) 82
---------------- ---------------- --------- --------
Operating profit 54.9 20.2 (34.7) 37
---------------- ---------------- --------- --------
Profit before income
taxes 59.7 27.1 (32.6) 45
---------------- ---------------- --------- --------
Net profit attributable
to
Mitsubishi Electric
Corp.
stockholders 42.7 17.8 (24.8) 42
---------------- ---------------- --------- --------
Basic earnings per
share attributable
to Mitsubishi Electric (11.(60)
Corp. stockholders 19.(94) yen 8.(34) yen yen) 42
---------------- ---------------- --------- --------
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 '20 Q1 FY '21 Q1
(Apr. 1, 2019 (Apr. 1, 2020
- -
Jun. 30, 2019) Jun. 30, 2020)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Revenue 1,050,764 100.0 858,151 100.0 (192,613) 82
Cost of sales 749,869 71.4 620,418 72.3 (129,451) 83
Selling, general and
administrative expenses 246,896 23.5 219,245 25.5 (27,651) 89
Other profit (loss) 912 0.1 1,712 0.2 800 188
Operating profit 54,911 5.2 20,200 2.4 (34,711) 37
Financial income 4,299 0.4 4,816 0.6 517 112
Financial expenses 2,760 0.2 720 0.1 (2,040) 26
Share of profit of investments
accounted for using the
equity method 3,295 0.3 2,813 0.3 (482) 85
---------------------------------- ---------- ------- --------- ------- ---------- -----
Profit before income
taxes 59,745 5.7 27,109 3.2 (32,636) 45
Income taxes 12,935 1.2 7,377 0.9 (5,558) 57
---------- ------- --------- ------- ---------- -----
Net profit 46,810 4.5 19,732 2.3 (27,078) 42
---------- ------- --------- ------- ---------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 42,777 4.1 17,885 2.1 (24,892) 42
Non-controlling interests 4,033 0.4 1,847 0.2 (2,186) 46
---------- ------- --------- ------- ---------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '20 Q1 (A) FY '21 Q1 (B) B - A
(Apr. 1, 2019 (Apr. 1, 2020
- -
Jun. 30, 2019) Jun. 30, 2020)
---------------- ----------------
Net profit 46,810 19,732 (27,078)
---------------- ---------------- ---------
(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 (3,973) 17,322 21,295
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (65) (162) (97)
---------------- ---------------- ---------
Subtotal (4,038) 17,160 21,198
---------------- ---------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (18,979) 11,659 30,638
------------------------------------------ ---------------- ---------------- ---------
Net changes in the fair value
of cash flow hedges (39) 50 89
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 434 (272) (706)
---------------- ---------------- ---------
Subtotal (18,584) 11,437 30,021
---------------- ---------------- ---------
Total other comprehensive
income (loss) (22,622) 28,597 51,219
---------------- ---------------- ---------
Comprehensive income 24,188 48,329 24,141
---------------- ---------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 22,219 45,464 23,245
Non-controlling interests 1,969 2,865 896
---------------- ---------------- ---------
Condensed Quarterly Consolidated Statement of Financial Position
(In millions of yen)
FY '20 (A) FY ' 21 Q1 B - A
(B)
(ended Mar. (ended Jun.
31, 2020) 30, 2020)
--------------------- ---------------------
(Assets)
Current assets 2,628,033 2,657,007 28,974
Cash and cash equivalents 537,559 730,352 192,793
Trade receivables 900,430 667,283 (233,147)
Contract assets 343,637 294,677 (48,960)
Inventories 693,890 779,429 85,539
Other current assets 152,517 185,266 32,749
Non-current assets 1,781,738 1,789,380 7,642
Investments accounted for using
the equity method 196,237 189,266 (6,971)
Other financial assets 262,367 290,542 28,175
Property, plant and equipment 854,382 859,854 5,472
Other non-current assets 468,752 449,718 (19,034)
--------------------- --------------------- ----------
Total assets 4,409,771 4,446,387 36,616
============================================ ===================== ===================== ==========
(Liabilities)
Current liabilities 1,402,665 1,473,328 70,663
Bonds, borrowings and lease liabilities 133,369 337,545 204,176
Trade payables 527,307 432,706 (94,601)
Other current liabilities 741,989 703,077 (38,912)
Non-current liabilities 468,247 443,577 (24,670)
Bonds, borrowings and lease liabilities 243,634 224,508 (19,126)
Net defined benefit liabilities 163,240 170,513 7,273
Other non-current liabilities 61,373 48,556 (12,817)
--------------------- --------------------- ----------
Total liabilities 1,870,912 1,916,905 45,993
--------------------- --------------------- ----------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,429,743 2,419,155 (10,588)
Common stock 175,820 175,820
Capital surplus 202,832 202,266 (566)
Retained earnings 2,071,817 2,033,885 (37,932)
Accumulated other comprehensive
income (loss) (17,802) 9,778 27,580
Treasury stock, at cost (2,924) (2,594) 330
Non-controlling interests 109,116 110,327 1,211
--------------------- --------------------- ----------
Total equity 2,538,859 2,529,482 (9,377)
--------------------- --------------------- ----------
Total liabilities and equity 4,409,771 4,446,387 36,616
============================================ ===================== ===================== ==========
Bonds, borrowings and lease liabilities 377,003 562,053 185,050
Excluding lease liabilities 267,008 449,996 182,988
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations (39,519) (29,160) 10,359
Financial assets measured at fair
value through other comprehensive
income 21,754 38,879 17,125
Net changes in the fair value of
cash flow hedges (37) 59 96
Condensed Quarterly Consolidated Statement of Changes in Equity
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)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Adjusted 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
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
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
================== ======== ======== ========== ============== ========= ========== ================ ==========
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
================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '20 Q1 FY '21 Q1 B - A
(Apr. 1, 2019 (Apr. 1,
- Jun. 30, 2020 - Jun.
2019) 30, 2020)
(A) (B)
--------------- --------------
I Cash flows from operating activities
1 Net profit 46,810 19,732 (27,078)
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 46,780 49,595 2,815
(2) Decrease in trade receivables 192,732 234,299 41,567
(3) Decrease (increase) in contract
assets (16,693) 48,774 65,467
(4) Decrease (increase) in inventories (36,211) (83,465) (47,254)
(5) Increase (decrease) in trade
payables (54,838) (95,155) (40,317)
(6) Others, net (52,131) (40,239) 11,892
---- --------------------------------------- --------------- -------------- ---------
Cash flows from operating activities 126,449 133,541 7,092
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (43,096) (50,655) (7,559)
Proceeds from sale of property,
2 plant and equipment 714 1,976 1,262
3 Purchase of investment securities (6,401) (4,130) 2,271
Proceeds from sale of investment
4 securities (net of cash disposed) 3,646 1,251 (2,395)
5 Others, net (5,864) (3,681) 2,183
---- --------------------------------------- --------------- -------------- ---------
Cash flows from investing activities (51,001) (55,239) (4,238)
I +
II Free cash flow 75,448 78,302 2,854
III Cash flows from financing activities
Proceeds and repayments of bonds
1 and long-term borrowings (30,495) (144) 30,351
Increase in short-term borrowings,
2 net 18,798 183,170 164,372
3 Repayments of lease liabilities (12,753) (12,737) 16
4 Dividends paid (55,816) (55,816) 0
5 Purchase of treasury stock (784) (366) 418
6 Disposal of treasury stock 0 0 (0)
7 Others, net (982) (1,744) (762)
---- --------------------------------------- --------------- -------------- ---------
Cash flows from financing activities (82,032) 112,363 194,395
Effect of exchange rate changes
IV on cash and cash equivalents (6,996) 2,128 9,124
---- --------------------------------------- --------------- -------------- ---------
Net increase (decrease) in cash
V and cash equivalents (13,580) 192,793 206,373
---- --------------------------------------- --------------- -------------- ---------
Cash and cash equivalents at
VI beginning of period 514,224 537,559 23,335
---- --------------------------------------- --------------- -------------- ---------
Cash and cash equivalents at
VII end of period 500,644 730,352 229,708
---- --------------------------------------- --------------- -------------- ---------
Consolidated Segment Information
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '20 Q1 FY '21 Q1 C - A D - B C/A
(Apr. 1, 2019 (Apr. 1, 2020 (%)
- -
Jun. 30, 2019) Jun. 30, 2020)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (loss)
(D)
---------- ---------- ----------
Energy and Electric
Systems 275,833 9,196 265,755 18,646 (10,078) 9,450 96
---------- ---------- ---------- ---------- ---------- --------- -----
Industrial Automation
Systems 332,314 21,182 236,231 (3,414) (96,083) (24,596) 71
---------- ---------- ---------- ---------- ---------- --------- -----
Information and
Communication Systems 86,409 1,366 63,285 (563) (23,124) (1,929) 73
---------- ---------- ---------- ---------- ---------- --------- -----
Electronic Devices 50,954 597 49,711 3,090 (1,243) 2,493 98
---------- ---------- ---------- ---------- ---------- --------- -----
Home Appliances 296,004 31,188 237,398 13,552 (58,606) (17,636) 80
---------- ---------- ---------- ---------- ---------- --------- -----
Others 149,523 2,151 125,424 (1,353) (24,099) (3,504) 84
---------- ---------- ---------- ---------- ---------- --------- -----
Subtotal 1,191,037 65,680 977,804 29,958 (213,233) (35,722) 82
---------- ---------- ---------- ---------- ---------- --------- -----
Eliminations and
corporate (140,273) (10,769) (119,653) (9,758) 20,620 1,011
---------- ---------- ---------- ---------- ---------- --------- -----
Consolidated total 1,050,764 54,911 858,151 20,200 (192,613) (34,711) 82
---------- ---------- ---------- ---------- ---------- --------- -----
*Notes: Inter-segment revenue are included in the above chart.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '20 Q1 FY '21 Q1 B - A B/A (%)
(Apr. 1, 2019 (Apr. 1, 2020
- -
Jun. 30, 2019) Jun. 30, 2020)
----------------------- ---------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- -------- -----------
Japan 562,457 53.5 479,682 55.9 (82,775) 85
------------------------- ---------- ----------- -------- ----------- ---------- --------
North America 118,000 11.2 74,354 8.7 (43,646) 63
---------- ----------- -------- ----------- ---------- --------
Asia (excluding
Japan) 230,812 22.0 206,138 24.0 (24,674) 89
---------- ----------- -------- ----------- ---------- --------
China 108,958 10.4 116,243 13.5 7,285 107
---------- ----------- -------- ----------- ---------- --------
Europe 125,266 11.9 85,587 10.0 (39,679) 68
------------------------ ---------- ----------- -------- ----------- ---------- --------
Others 14,229 1.4 12,390 1.4 (1,839) 87
------------------------ ---------- ----------- -------- ----------- ---------- --------
Total overseas
revenue 488,307 46.5 378,469 44.1 (109,838) 78
------------------------- ---------- ----------- -------- ----------- ---------- --------
Consolidated total 1,050,764 100.0 858,151 100.0 (192,613) 82
---------- ----------- -------- ----------- ---------- --------
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
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 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. Mitsubishi Electric enriches society with technology in the spirit of its corporate statement, "Changes for the Better," and environmental statement, "Eco Changes." The company recorded a revenue of 4,462.5 billion yen (U.S.$ 40.9 billion*) in the fiscal year ended March 31, 2020. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of 109=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2020
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5849U_1-2020-7-30.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.
END
QRFGSGDRBSXDGGG
(END) Dow Jones Newswires
July 30, 2020 02:00 ET (06:00 GMT)
1 Year Mitsubishi Electric Chart |
1 Month Mitsubishi Electric Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
