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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 : 7056B
Mitsubishi Electric Corporation
03 February 2020
Hot Features
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FOR IMMEDIATE RELEASE No. 3332
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 9 Months and Third Quarter of Fiscal 2020
TOKYO, February 3, 2020 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first 9 months and third quarter, ended December 31, 2019, of the current fiscal year ending March 31, 2020 (fiscal 2020).
1. Consolidated First 9 Months Results (April 1, 2019 - December 31, 2019)
Revenue: 3,250.1 billion (Substantially unchanged from the
yen same period last year)
Operating profit: 182.2 billion (10% decrease from the same period
yen last year)
Profit before income 198.7 billion (10% decrease from the same period
taxes: yen last year)
Net profit attributable
to Mitsubishi Electric billion (1% increase from the same period
Corp. stockholders: 159.7 yen last year)
The economy in the first 9 months of fiscal 2020, from April through December 2019, saw a slower growth in China, with the corporate sector experiencing a slowdown in exports and capital expenditures for fixed assets. In the U.S., the economy continued to grow due primarily to buoyant personal consumption, but the corporate sector slowed down mainly in capital expenditures. In addition, the economic recovery became slower in Japan and Europe, with Japan seeing a decrease in production and exports, and Europe experiencing a fall in production.
Under these circumstances, revenue for the first 9 months of fiscal 2020 remained substantially unchanged compared to the same period of the previous fiscal year, recording 3,250.1 billion yen. This was due primarily to increased revenue in the Energy and Electric Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments, and decreased revenue in the Industrial Automation Systems segment and other factors.
Operating profit decreased by 10% compared to the same period of the previous fiscal year to 182.2 billion yen mainly due to decreased profit in the Industrial Automation Systems segment. Meanwhile, the increase in other profit (loss) within operating profit was due primarily to income from sale of land.
Profit before income taxes decreased by 10% compared to the same period of the previous fiscal year to 198.7 billion yen.
Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 1% compared to the same period of the previous fiscal year to 159.7 billion yen due to a decrease in income taxes resulting from the reorganization of its affiliated company outside Japan, despite a decrease in profit before income taxes.
Consolidated Financial Results by Business Segment (First 9 months, Fiscal 2020)
Energy and Electric Systems
Revenue: 913.4 billion (3% increase from the same period
yen last year which recorded 885.8
billion yen)
Operating profit: 47.4 billion (8.2 billion yen increase from
yen the same period last year which
recorded 39.2 billion yen)
The social infrastructure systems business saw an increase in orders from the same period of the previous fiscal year due primarily to an increase in the power systems business inside and outside Japan and the public utility systems business in Japan. Revenue for this business also increased from the same period of the previous fiscal year, due to an increase in the transportations systems business worldwide.
The building systems business saw a decrease in orders from the same period of the previous fiscal year due to market stagnation in China and the Middle East, while revenue in this business increased compared to the same period of the previous fiscal year due primarily to an increase in new installations and renewals 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 913.4 billion yen. Operating profit increased by 8.2 billion yen from the same period of the previous fiscal year to 47.4 billion yen, due primarily to an increase in revenue.
Industrial Automation Systems
Revenue: 1,016.0 billion (7% decrease from the same period
yen last year which recorded 1,094.2
billion yen)
Operating profit: 58.9 billion (55.1 billion yen decrease from
yen the same period last year which
recorded 114.0 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 continued stagnation in demand for automotive-related investments worldwide, semiconductor and machinery-related investments in Japan, and investments related to organic light emitting diodes (OLED) and smartphones outside Japan, in addition to impact from the yen appreciating against other currencies.
The automotive equipment business saw decreases in both orders and revenue from the same period of the previous fiscal year mainly due to a decrease in sales of products reflecting a slowdown in demand worldwide for new cars and impact from the yen appreciating against other currencies, despite increased sales of electric-vehicle related equipment in response to growth in the particular market worldwide.
As a result, revenue for this segment decreased by 7% from the same period of the previous fiscal year to 1,016.0 billion yen. Operating profit decreased by 55.1 billion yen from the same period of the previous fiscal year to 58.9 billion yen due primarily to a decrease in revenue, a shift in product mix and upfront investment for growth drivers.
Information and Communication Systems
Revenue: 302.0 billion (5% increase from the same period
yen last year which recorded 287.5
billion yen)
Operating profit: 11.1 billion (4.5 billion yen increase from
yen the same period last year which
recorded 6.6 billion yen)
The telecommunications systems business saw increases in both orders and revenue from 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 from the same period of the previous fiscal year due primarily to an increase in the system integrations business.
The electronic systems business saw a decrease in orders from the same period of the previous fiscal year mainly due to a decrease in large-scale projects for the defense systems business, while revenue increased from the same period of the previous fiscal year due primarily to an increase in large-scale projects for the defense systems business.
As a result, revenue for this segment increased by 5% from the same period of the previous fiscal year to 302.0 billion yen. Operating profit increased by 4.5 billion yen from the same period of the previous fiscal year to 11.1 billion yen due primarily to an increase in revenue.
Electronic Devices
Revenue: 154.4 billion (4% increase from the same period
yen last year which recorded 148.5
billion yen)
Operating profit: 5.5 billion (4.7 billion yen increase from
yen the same period last year which
recorded 0.7 billion yen)
The electronic devices business saw an increase in orders and revenue rose by 4% from the same period of the previous fiscal year to 154.4 billion yen mainly due to increased demand for automotive power modules and recovery in demand for optical communication devices.
Operating profit increased by 4.7 billion yen from the same period of the previous fiscal year to 5.5 billion yen due primarily to an increase in revenue and a shift in product mix.
Home Appliances
Revenue: 830.7 billion (3% increase from the same period
yen last year which recorded 806.0
billion yen)
Operating profit: 69.7 billion (18.9 billion yen increase from
yen the same period last year which
recorded 50.7 billion yen)
The home appliances business saw an increase in revenue by 3% from the same period of the previous fiscal year to 830.7 billion yen mainly due to an increase in sales of air conditioners for Japan, North America and Europe.
Operating profit increased by 18.9 billion yen from the same period of the previous fiscal year to 69.7 billion yen due primarily to an increase in revenue.
Others
Revenue: 480.3 billion (4% decrease from the same period
yen last year which recorded 500.2
billion yen)
Operating profit: 16.1 billion (Substantially unchanged from the
yen same period last year which recorded
16.1 billion yen)
Revenue decreased by 4% from the same period of the previous fiscal year to 480.3 billion yen mainly due to decreases in procurements and logistics for the Mitsubishi Electric Group at affiliated companies.
Operating profit remained substantially unchanged from the same period of the previous fiscal year at 16.1 billion yen due primarily to cost improvements.
2. Consolidated Third-quarter Results (October 1, 2019 - December 31, 2019)
Revenue: 1,067.6 billion (2% decrease from the same period
yen last year)
Operating profit: 68.0 billion (10% decrease from the same period
yen last year)
Profit before income 74.7 billion (7% decrease from the same period
taxes: yen last year)
Net profit attributable
to Mitsubishi Electric billion (21% increase from the same period
Corp. stockholders: 68.4 yen last year)
Revenue for this quarter, from October through December 2019, was 1,067.6 billion yen, a 2% decrease from the same period of the previous fiscal year, due to decreased revenue in the Industrial Automation Systems segment and other factors.
Operating profit was 68.0 billion yen, a 10% decrease from the same period of the previous fiscal year, with decreased profits mainly in the Industrial Automation Systems and Home Appliances segments. Meanwhile, the increase in other profit (loss) within operating profit was mainly due to income from sale of land.
Profit before income taxes decreased by 7% compared to the same period of the previous fiscal year to 74.7 billion yen.
Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 21% compared to the same period of the previous fiscal year to 68.4 billion yen due to a decrease in income taxes resulting from the reorganization of its affiliated company outside Japan, despite a decrease in profit before income taxes.
Consolidated Financial Results by Business Segment (Third Quarter, Fiscal 2020)
Energy and Electric Systems
Revenue: 321.2 billion (1% increase from the same period
yen last year which recorded 317.2
billion yen)
Operating profit: 27.0 billion (3.3 billion yen increase from
yen the same period last year which
recorded 23.6 billion yen)
The social infrastructure systems business saw an increase in orders from the same period of the previous fiscal year due primarily to increases in the transportation systems business worldwide and the public utility systems business in Japan. Revenue for this business also increased from the same period of the previous fiscal year, due to increases in the transportation systems and public utility systems businesses in Japan.
The building systems business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to a decrease in new installations of elevators and escalators in the Middle East, in addition to impact from the yen appreciating against other currencies.
As a result, revenue for this segment increased by 1% from the same period of the previous fiscal year to 321.2 billion yen. Operating profit increased by 3.3 billion yen from the same period of the previous fiscal year to 27.0 billion yen mainly due to an increase in revenue.
Industrial Automation Systems
Revenue: 329.7 billion (9% decrease from the same period
yen last year which recorded 363.9
billion yen)
Operating profit: 17.6 billion (18.4 billion yen decrease from
yen the same period last year which
recorded 36.1 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 continued stagnation in demand for automotive-related investments worldwide and machinery-related investments in Japan, in addition to impact from the yen appreciating against other currencies.
The automotive equipment business saw decreases in both orders and revenue from the same period of the previous fiscal year mainly due to a decrease in sales of products reflecting a slowdown in demand worldwide for new cars and impact from the yen appreciating against other currencies, despite increased sales of electric-vehicle related equipment in response to growth in the particular market worldwide.
As a result, revenue for this segment decreased by 9% from the same period of the previous fiscal year to 329.7 billion yen. Operating profit decreased by 18.4 billion yen from the same period of the previous fiscal year to 17.6 billion yen due primarily to a decrease in revenue, a shift in product mix and upfront investment for growth drivers.
Information and Communication Systems
Revenue: 103.0 billion (2% increase from the same period
yen last year which recorded 100.7
billion yen)
Operating profit: 6.4 billion (2.3 billion yen increase from
yen the same period last year which
recorded 4.1 billion yen)
The telecommunications systems business saw increases in both orders and revenue from the same period of the previous fiscal year mainly due to an increase in demand for communications infrastructure equipment.
The information systems and service business saw increases in both orders and revenue from the same period of the previous fiscal year mainly due to an increase in the system integrations business.
The electronic systems business saw decreases in orders from the same period of the previous fiscal year mainly due to a decrease in large-scale projects for the defense systems business. Revenue for this business also decreased from the same period of the previous fiscal year due primarily to a decrease in large-scale projects for the space systems business.
As a result, revenue for this segment increased by 2% from the same period of the previous fiscal year to 103.0 billion yen. Operating profit increased by 2.3 billion yen from the same period of the previous fiscal year to 6.4 billion yen due primarily to an increase in revenue and a shift in project portfolios.
Electronic Devices
Revenue: 51.2 billion (10% increase from the same period
yen last year which recorded 46.6 billion
yen)
Operating profit: 4.4 billion (5.0 billion yen improvement from
yen the same period last year which
recorded a loss of 0.5 billion
yen)
The electronic devices business saw an increase in orders and revenue rose by 10% from the same period of the previous fiscal year to 51.2 billion yen mainly due to increased demand for automotive power modules and recovery in demand for optical communication devices.
Operating profit improved by 5.0 billion yen from the same period of the previous fiscal year to 4.4 billion yen due primarily to an increase in revenue and a shift in product mix.
Home Appliances
Revenue: 248.9 billion (Substantially unchanged from the
yen same period last year which recorded
248.9 billion yen)
Operating profit: 16.4 billion (0.5 billion yen decrease from
yen the same period last year which
recorded 17.0 billion yen)
Revenue for the home appliances business remained substantially unchanged from the same period of the previous fiscal year, recording 248.9 billion yen, mainly due to an increase in sales of air conditioners for North America and Europe despite a decrease in sales of air conditioners for China and impact from the yen appreciating against other currencies.
Operating profit decreased by 0.5 billion yen from the same period of the previous fiscal year to 16.4 billion yen due primarily to impact from the yen appreciating against other currencies.
Others
Revenue: 164.0 billion (5% decrease from the same period
yen last year which recorded 172.4
billion yen)
Operating profit: 6.6 billion (0.7 billion yen increase from
yen the same period last year which
recorded 5.8 billion yen)
Revenue decreased by 5% from the same period of the previous fiscal year to 164.0 billion yen mainly due to decreases in procurements and logistics for the Mitsubishi Electric Group at affiliated companies.
Operating profit increased by 0.7 billion yen from the same period of the previous fiscal year to 6.6 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 increased from the end of the previous fiscal year by 86.4 billion yen to 4,442.6 billion yen. The change in balance of total assets was mainly attributable to increases in property, plant and equipment by 88.9 billion yen and in inventories by 41.7 billion yen, while trade receivables and contract assets decreased by 84.5 billion yen primarily as a result of credit collection.
Total liabilities increased from the end of the previous fiscal year by 7.3 billion yen to 1,852.4 billion yen. The outstanding balances of bonds, borrowings and lease liabilities increased by 126.8 billion yen, while trade payables decreased by 49.6 billion yen, and other current liabilities also decreased by 71.4 billion yen. Meanwhile, bonds and borrowings increased by 39.4 billion yen from the end of the previous fiscal year to 315.3 billion yen, with the ratio of bonds and borrowings to total assets recording 7.1%.
Mitsubishi Electric Corporation stockholders' equity increased by 77.8 billion yen compared to the end of the previous fiscal year to 2,477.8 billion yen. The stockholders' equity ratio was recorded at 55.8%, representing a 0.7 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 159.7 billion yen, despite a decrease in dividend payment of 85.8 billion yen.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for the first 9 months of fiscal 2020 increased by 117.7 billion yen compared to the same period of the previous fiscal year to 227.9 billion yen (cash in), mainly due to a decrease in payments for inventories. Cash flows from investing activities decreased by 3.2 billion yen compared to the same period of the previous fiscal year to 148.3 billion yen (cash out), due primarily to an increase in proceeds from sale of property, plant and equipment. As a result, free cash flow was 79.6 billion yen (cash in). Cash flows from financing activities were 91.8 billion yen (cash out) mainly due to dividend payment.
Forecast for Fiscal 2020 (year ending March 31, 2020)
The current consolidated earnings forecast for fiscal 2020, ending March 31, 2020, is unchanged from the announcement on October 31, 2019 as stated below.
Current consolidated forecast for fiscal 2020
Revenue 4,500.0 billion (Substantially unchanged
yen from fiscal 2019)
Operating profit 260.0 billion (10% decrease from fiscal
yen 2019)
Profit before income 275.0 billion (13% decrease from fiscal
taxes yen 2019)
Net profit attributable 210.0 billion (7% decrease 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
1. Consolidated First 9 Months Results
(In billions of yen except where noted)
FY '19 9 months FY '20 9 months B - A B/A (%)
(A) (B)
(Apr. 1, 2018 (Apr. 1, 2019
- Dec. 31, 2018) - Dec. 31, 2019)
------------------ ------------------ -------- --------
Revenue 3,264.1 3,250.1 (13.9) 100
------------------ ------------------ -------- --------
Operating profit 201.4 182.2 (19.1) 90
------------------ ------------------ -------- --------
Profit before income
taxes 221.7 198.7 (22.9) 90
------------------ ------------------ -------- --------
Net profit attributable
to Mitsubishi Electric
Corp. stockholders 158.8 159.7 0.8 101
------------------ ------------------
Basic earnings per
share attributable
to Mitsubishi Electric (0.(42)
Corp. stockholders 74.(03) yen 74.(45) yen yen) 101
------------------ ------------------
2. Consolidated Third-quarter Results
(In billions of yen except where noted)
FY '19 Q3 (A) FY '20 Q3 (B) B - A B/A
(Oct. 1, 2018 (Oct. 1, 2019 (%)
- - Dec. 31, 2019)
Dec. 31, 2018)
------------------- ------- -----
Revenue 1,094.0 1,067.6 (26.4) 98
------------------------- ----------------- ------------------- ------- -----
Operating profit 75.5 68.0 (7.4) 90
------------------------- ----------------- ------------------- ------- -----
Profit before income
taxes 80.4 74.7 (5.6) 93
------------------------- ----------------- ------------------- ------- -----
Net profit attributable
to Mitsubishi Electric
Corp. stockholders 56.4 68.4 11.9 121
------------------------- ----------------- -------------------
Basic earnings per
share attributable
to Mitsubishi Electric 5.(57)
Corp. stockholders 26.(34) yen 31.(91) yen yen 121
------------------------- ----------------- -------------------
Notes:
1) Consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).
2) The company has 203 consolidated subsidiaries.
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income (First 9 Months, Fiscal 2020)
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '19 9 months FY '20 9 months
(Apr. 1, 2018 (Apr. 1, 2019
- -
Dec. 31, 2018) Dec. 31, 2019)
(A) % of (B) % of B - A B/A
total total (%)
---------- ------- ---------- ------- ---------
Revenue 3,264,125 100.0 3,250,129 100.0 (13,996) 100
Cost of sales 2,300,249 70.5 2,331,880 71.7 31,631 101
Selling, general and
administrative expenses 763,053 23.3 747,840 23.0 (15,213) 98
Other profit (loss) 617 0.0 11,848 0.3 11,231
---------- ------- ---------- ------- --------- -----
Operating profit 201,440 6.2 182,257 5.6 (19,183) 90
Financial income 8,460 0.2 8,782 0.3 322 104
Financial expenses 3,347 0.1 5,572 0.2 2,225 166
Share of profit of investments
accounted for using
the
equity method 15,193 0.5 13,315 0.4 (1,878) 88
---------- ------- ---------- ------- --------- -----
Profit before income
taxes 221,746 6.8 198,782 6.1 (22,964) 90
Income taxes 54,354 1.7 29,211 0.9 (25,143) 54
---------- ------- ---------- ------- --------- -----
Net profit 167,392 5.1 169,571 5.2 2,179 101
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric
Corp.
stockholders 158,819 4.9 159,710 4.9 891 101
Non-controlling interests 8,573 0.2 9,861 0.3 1,288 115
---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '19 FY '20 B - A
9 months (A) 9 months (B)
(Apr. 1, 2018 (Apr. 1, 2019
- - Dec. 31,
Dec. 31, 2018) 2019)
---------------- ---------------
Net profit 167,392 169,571 2,179
---------------- --------------- --------
(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 (44,418) 13,537 57,955
------------------------------------------ ---------------- --------------- --------
Share of other comprehensive
income of investments accounted
for using the equity method (464) (138) 326
---------------- --------------- --------
Subtotal (44,882) 13,399 58,281
---------------- --------------- --------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (13,215) (4,981) 8,234
------------------------------------------ ---------------- --------------- --------
Net changes in the fair value
of cash flow hedges (36) 78 114
------------------------------------------ ---------------- --------------- --------
Share of other comprehensive
income of investments accounted
for using the equity method (1,651) (2,873) (1,222)
---------------- --------------- --------
Subtotal (14,902) (7,776) 7,126
---------------- --------------- --------
Total other comprehensive
income (loss) (59,784) 5,623 65,407
---------------- --------------- --------
Comprehensive income 107,608 175,194 67,586
---------------- --------------- --------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 100,261 165,740 65,479
Non-controlling interests 7,347 9,454 2,107
---------------- --------------- --------
Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income (Third Quarter, Fiscal 2020)
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '19 Q3 FY '19 Q3
(Oct. 1, 2018 (Oct. 1, 2019
- -
Dec. 31, 2018) Dec. 31, 2019)
(A) % of (B) % of B - A B/A
total total (%)
---------- ------- ---------- ------- ---------
Revenue 1,094,019 100.0 1,067,601 100.0 (26,418) 98
Cost of sales 770,080 70.4 769,519 72.1 (561) 100
Selling, general and
administrative expenses 248,688 22.7 240,970 22.5 (7,718) 97
Other profit (loss) 249 0.0 10,915 1.0 10,666
---------- ------- ---------- ------- --------- -----
Operating profit 75,500 6.9 68,027 6.4 (7,473) 90
Financial income 2,778 0.3 3,397 0.3 619 122
Financial expenses 3,009 0.3 570 0.1 (2,439) 19
Share of profit of investments
accounted for using
the
equity method 5,186 0.5 3,906 0.4 (1,280) 75
---------- ------- ---------- ------- --------- -----
Profit before income
taxes 80,455 7.4 74,760 7.0 (5,695) 93
Income taxes 21,095 2.0 3,620 0.3 (17,475) 17
---------- ------- ---------- ------- --------- -----
Net profit 59,360 5.4 71,140 6.7 11,780 120
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric
Corp.
stockholders 56,491 5.2 68,457 6.4 11,966 121
Non-controlling interests 2,869 0.2 2,683 0.3 (186) 94
---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '19 Q3 (A) FY '20 Q3 (B) B - A
(Oct. 1, 2018 (Oct. 1, 2019
- -
Dec. 31, 2018) Dec. 31, 2019)
---------------- ----------------
Net profit 59,360 71,140 11,780
---------------- ---------------- --------
(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 (35,989) 7,536 43,525
------------------------------------------ ---------------- ---------------- --------
Share of other comprehensive
income of investments accounted
for using the equity method (702) 214 916
---------------- ---------------- --------
Subtotal (36,691) 7,750 44,441
---------------- ---------------- --------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (22,601) 26,308 48,909
------------------------------------------ ---------------- ---------------- --------
Net changes in the fair value
of cash flow hedges (128) 169 297
------------------------------------------ ---------------- ---------------- --------
Share of other comprehensive
income of investments accounted
for using the equity method 112 (618) (730)
---------------- ---------------- --------
Subtotal (22,617) 25,859 48,476
---------------- ---------------- --------
Total other comprehensive
income (loss) (59,308) 33,609 92,917
---------------- ---------------- --------
Comprehensive income 52 104,749 104,697
---------------- ---------------- --------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders (673) 99,658 100,331
Non-controlling interests 725 5,091 4,366
---------------- ---------------- --------
Condensed Quarterly Consolidated Statement of Financial Position
(In millions of yen)
FY '19 (A) FY '20 Q3 B - A
(B)
(ended Mar. (ended Dec.
31, 2019) 31, 2019)
--------------------- ---------------------
(Assets)
Current assets 2,624,293 2,596,561 (27,732)
Cash and cash equivalents 514,224 499,067 (15,157)
Trade receivables and contract
assets 1,233,916 1,149,323 (84,593)
Inventories 729,098 770,827 41,729
Other current assets 147,055 177,344 30,289
Non-current assets 1,731,918 1,846,084 114,166
Investments accounted for using
the equity method 197,959 194,798 (3,161)
Other financial assets 303,834 324,540 20,706
Property, plant and equipment 760,540 849,479 88,939
Other non-current assets 469,585 477,267 7,682
--------------------- --------------------- ---------
Total assets 4,356,211 4,442,645 86,434
============================================ ===================== ===================== =========
(Liabilities)
Current liabilities 1,416,335 1,394,031 (22,304)
Bonds, borrowings and lease liabilities 104,969 203,716 98,747
Trade payables 559,641 510,013 (49,628)
Other current liabilities 751,725 680,302 (71,423)
Non-current liabilities 428,721 458,398 29,677
Bonds, borrowings and lease liabilities 193,469 221,555 28,086
Net defined benefit liabilities 176,087 181,404 5,317
Other non-current liabilities 59,165 55,439 (3,726)
--------------------- --------------------- ---------
Total liabilities 1,845,056 1,852,429 7,373
--------------------- --------------------- ---------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,399,946 2,477,803 77,857
Common stock 175,820 175,820
Capital surplus 202,834 202,284 (550)
Retained earnings 1,960,466 2,034,216 73,750
Accumulated other comprehensive
income (loss) 63,809 68,407 4,598
Treasury stock, at cost (2,983) (2,924) 59
Non-controlling interests 111,209 112,413 1,204
--------------------- --------------------- ---------
Total equity 2,511,155 2,590,216 79,061
--------------------- --------------------- ---------
Total liabilities and equity 4,356,211 4,442,645 86,434
============================================ ===================== ===================== =========
Bonds, borrowings and lease liabilities 298,438 425,271 126,833
Excluding lease liabilities 275,972 315,378 39,406
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations 8,368 928 (7,440)
Financial assets measured at fair
value through other comprehensive
income 55,503 67,463 11,960
Net changes in the fair value of
cash flow hedges (62) 16 78
Condensed Quarterly Consolidated Statement of Changes in Equity
FY' 19 First 9 Months (Apr. 1, 2018 Dec. 31, 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 158,819 158,819 8,573 167,392
Other
comprehensive
income
(loss),
net of tax (58,558) (58,558) (1,226) (59,784)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 158,819 (58,558) 100,261 7,347 107,608
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Transfer to
retained
earnings (2,732) 2,732
Dividends (85,871) (85,871) (5,443) (91,314)
Purchase of
treasury
stock (1,054) (1,054) (1,054)
Disposal of
treasury
stock 0 0 0 0
Transactions with
non-controlling
interests and
others 3,052 3,052 3,706 6,758
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,494 1,881,564 53,666 (2,982) 2,310,562 108,655 2,419,217
================== ======== ======== ========== ============== ========= ========== ================ ==========
FY' 20 First 9 Months (Apr. 1, 2019 Dec. 31, 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 159,710 159,710 9,861 169,571
Other
comprehensive
income
(loss),
net of tax 6,030 6,030 (407) 5,623
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 159,710 6,030 165,740 9,454 175,194
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Transfer to
retained
earnings 1,432 (1,432)
Dividends (85,871) (85,871) (6,721) (92,592)
Purchase of
treasury
stock (785) (785) (785)
Disposal of
treasury
stock (844) 844 0 0
Transactions with
non-controlling
interests and
others 294 294 (1,522) (1,228)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,284 2,034,216 68,407 (2,924) 2,477,803 112,413 2,590,216
================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '19 9 months FY '20 9 B - A
(Apr. 1, 2018 months
- Dec. 31, (Apr. 1,
2018) 2019 - Dec.
(A) 31, 2019)
(B)
---------------- -------------
I Cash flows from operating activities
1 Net profit 167,392 169,571 2,179
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 126,739 153,160 26,421
(2) Decrease in trade receivables
and contract assets 111,438 80,126 (31,312)
(3) Decrease (increase) in inventories (128,291) (45,901) 82,390
(4) Increase (decrease) in trade
payables (57,421) (49,501) 7,920
(5) Others, net (109,690) (79,491) 30,199
---- --------------------------------------- ---------------- ------------- ---------
Cash flows from operating activities 110,167 227,964 117,797
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (138,513) (137,390) 1,123
Proceeds from sale of property,
2 plant and equipment 3,689 13,647 9,958
Purchase of investment securities
3 (net of cash acquired) (10,315) (18,162) (7,847)
Proceeds from sale of investment
4 securities (net of cash disposed) 4,747 10,372 5,625
5 Others, net (11,139) (16,791) (5,652)
---- --------------------------------------- ---------------- ------------- ---------
Cash flows from investing activities (151,531) (148,324) 3,207
I +
II Free cash flow (41,364) 79,640 121,004
III Cash flows from financing activities
Proceeds and repayment of bonds
1 and long-term borrowings (18,513) (39,213) (20,700)
Increase (decrease) in short-term
2 borrowings, net (950) 78,776 79,726
3 Repayments of lease liabilities (6,888) (39,589) (32,701)
4 Dividends paid (85,871) (85,871) 0
5 Purchase of treasury stock (1,054) (785) 269
6 Disposal of treasury stock 0 0 (0)
7 Others, net 1,412 (5,120) (6,532)
---- --------------------------------------- ---------------- ------------- ---------
Cash flows from financing activities (111,864) (91,802) 20,062
Effect of exchange rate changes
IV on cash and cash equivalents (2,486) (2,995) (509)
---- --------------------------------------- ---------------- ------------- ---------
Net increase (decrease) in cash
V and cash equivalents (155,714) (15,157) 140,557
---- --------------------------------------- ---------------- ------------- ---------
Cash and cash equivalents at
VI beginning of period 599,199 514,224 (84,975)
---- --------------------------------------- ---------------- ------------- ---------
Cash and cash equivalents at
VII end of period 443,485 499,067 55,582
---- --------------------------------------- ---------------- ------------- ---------
Consolidated Segment Information (First 9 Months, Fiscal 2020)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '19 9 months FY '20 9 months C - A D - B C/A
(Apr. 1, 2018 (Apr. 1, 2019 (%)
- -
Dec. 31, 2018) Dec. 31, 2019)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (D)
---------- ---------- ----------
Energy and Electric
Systems 885,852 39,262 913,403 47,470 27,551 8,208 103
---------- ---------- ---------- ---------- --------- --------- -----
Industrial Automation
Systems 1,094,255 114,096 1,016,042 58,937 (78,213) (55,159) 93
---------- ---------- ---------- ---------- --------- --------- -----
Information and
Communication Systems 287,598 6,623 302,084 11,133 14,486 4,510 105
---------- ---------- ---------- ---------- --------- --------- -----
Electronic Devices 148,526 729 154,433 5,502 5,907 4,773 104
---------- ---------- ---------- ---------- --------- --------- -----
Home Appliances 806,071 50,711 830,754 69,700 24,683 18,989 103
---------- ---------- ---------- ---------- --------- --------- -----
Others 500,239 16,198 480,330 16,139 (19,909) (59) 96
---------- ---------- ---------- ---------- --------- --------- -----
Subtotal 3,722,541 227,619 3,697,046 208,881 (25,495) (18,738) 99
---------- ---------- ---------- ---------- --------- --------- -----
Eliminations and
corporate (458,416) (26,179) (446,917) (26,624) 11,499 (445)
---------- ---------- ---------- ---------- --------- --------- -----
Consolidated Total 3,264,125 201,440 3,250,129 182,257 (13,996) (19,183) 100
---------- ---------- ---------- ---------- --------- --------- -----
*Notes: 1) Inter-segment revenue are included in the above chart.
2) Income from sale of land within other profit (loss) presented in the 'Condensed Quarterly Consolidated Statement of Profit or Loss' is allocated to each segment.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '19 9 months FY '20 9 months B - A B/A (%)
(Apr. 1, 2018 (Apr. 1, 2019
- -
Dec. 31, 2018) Dec. 31, 2019)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 1,802,248 55.2 1,839,581 56.6 37,333 102
------------------------- ---------- ----------- ---------- ----------- --------- --------
North America 313,960 9.6 325,165 10.0 11,205 104
---------- ----------- ---------- ----------- --------- --------
Asia (excluding
Japan) 761,257 23.3 703,360 21.6 (57,897) 92
---------- ----------- ---------- ----------- --------- --------
China 373,921 11.5 334,181 10.3 (39,740) 89
---------- ----------- ---------- ----------- --------- --------
Europe 339,744 10.4 335,174 10.3 (4,570) 99
------------------------ ---------- ----------- ---------- ----------- --------- --------
Others 46,916 1.5 46,849 1.5 (67) 100
------------------------ ---------- ----------- ---------- ----------- --------- --------
Total overseas
revenue 1,461,877 44.8 1,410,548 43.4 (51,329) 96
------------------------- ---------- ----------- ---------- ----------- --------- --------
Consolidated total 3,264,125 100.0 3,250,129 100.0 (13,996) 100
---------- ----------- ---------- ----------- --------- --------
Consolidated Segment Information (Third Quarter, Fiscal 2020)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '19 Q3 FY '20 Q3 C - A D - B C/A
(Oct. 1, 2018 (Oct. 1, 2019 (%)
- -
Dec. 31, 2018) Dec. 31, 2019)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(loss) (D)
(B)
---------- ---------- ----------
Energy and Electric
Systems 317,210 23,698 321,293 27,005 4,083 3,307 101
---------- ---------- ---------- ---------- --------- --------- -----
Industrial Automation
Systems 363,905 36,117 329,776 17,665 (34,129) (18,452) 91
---------- ---------- ---------- ---------- --------- --------- -----
Information and
Communication Systems 100,731 4,121 103,059 6,428 2,328 2,307 102
---------- ---------- ---------- ---------- --------- --------- -----
Electronic Devices 46,630 (540) 51,284 4,463 4,654 5,003 110
---------- ---------- ---------- ---------- --------- --------- -----
Home Appliances 248,951 17,046 248,992 16,494 41 (552) 100
---------- ---------- ---------- ---------- --------- --------- -----
Others 172,408 5,855 164,085 6,618 (8,323) 763 95
---------- ---------- ---------- ---------- --------- --------- -----
Subtotal 1,249,835 86,297 1,218,489 78,673 (31,346) (7,624) 97
---------- ---------- ---------- ---------- --------- --------- -----
Eliminations and
corporate (155,816) (10,797) (150,888) (10,646) 4,928 151
---------- ---------- ---------- ---------- --------- --------- -----
Consolidated Total 1,094,019 75,500 1,067,601 68,027 (26,418) (7,473) 98
---------- ---------- ---------- ---------- --------- --------- -----
*Notes: 1) Inter-segment revenue are included in the above chart.
2) Income from sale of land within other profit (loss) presented in the 'Condensed Quarterly Consolidated Statement of Profit or Loss' is allocated to each segment.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '19 Q3 FY '20 Q3 B - A B/A (%)
(Oct. 1, 2018 (Oct. 1, 2019
- -
Dec. 31, 2018) Dec. 31, 2019)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 633,446 57.9 622,924 58.3 (10,522) 98
------------------------- ---------- ----------- ---------- ----------- --------- --------
North America 104,106 9.5 95,407 8.9 (8,699) 92
---------- ----------- ---------- ----------- --------- --------
Asia (excluding
Japan) 232,936 21.3 233,601 21.9 665 100
---------- ----------- ---------- ----------- --------- --------
China 108,634 9.9 112,451 10.5 3,817 104
---------- ----------- ---------- ----------- --------- --------
Europe 106,619 9.7 99,112 9.3 (7,507) 93
------------------------ ---------- ----------- ---------- ----------- --------- --------
Others 16,912 1.6 16,557 1.6 (355) 98
------------------------ ---------- ----------- ---------- ----------- --------- --------
Total overseas
revenue 460,573 42.1 444,677 41.7 (15,896) 97
------------------------- ---------- ----------- ---------- ----------- --------- --------
Consolidated total 1,094,019 100.0 1,067,601 100.0 (26,418) 98
---------- ----------- ---------- ----------- --------- --------
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 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/7056B_1-2020-2-3.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
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