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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 : 4852M
Mitsubishi Electric Corporation
11 May 2020
Hot Features
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FOR IMMEDIATE RELEASE No. 3351
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 Fiscal 2020
TOKYO, May 11, 2020 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for fiscal 2020 (April 1, 2019- March 31, 2020).
Consolidated Financial Results
billion (1% decrease from the previous
Revenue: 4,462.5 yen fiscal year)
billion (11% decrease from the previous
Operating profit: 259.6 yen fiscal year)
Profit before income billion (11% decrease from the previous
taxes: 281.9 yen fiscal year)
Net profit attributable
to Mitsubishi Electric billion (2% decrease from the previous
Corp. stockholders: 221.8 yen fiscal year)
The economy in fiscal 2020 generally saw a gradual and slow recovery in Japan, the U.S. and Europe until the end of 2019 but the corporate sector slowed down. The growth of China also slowed down with the corporate sector experiencing a slowdown in exports and capital expenditures for fixed assets. The expansion of the novel coronavirus diseases (COVID-19) and its impact put great downward pressure on the global economy from the beginning of 2020.
Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies rooted in its advantages, while continuously implementing initiatives to strengthen its competitiveness and business structure.
Revenue
Revenue for fiscal 2020 decreased by 57.4 billion yen from the previous fiscal year to 4,462.5 billion yen due primarily to a decrease in revenue of Industrial Automation Systems segment, despite that revenue increased in Information and Communication Systems, Home Appliances, Energy and Electric Systems, and Electronic Devices segments. In Industrial Automation Systems segment, revenue for the factory automation system business decreased due mainly to stagnant demand for capital expenditures worldwide and revenue for the automotive equipment business decreased due to a slowdown in demand for new cars worldwide.
Other factors that caused the decrease in revenue include the yen appreciating against foreign currencies and the impact of COVID-19 in the fourth quarter.
Operating Profit
Operating profit decreased by 30.8 billion yen from the previous fiscal year to 259.6 billion yen due primarily to a decrease in operating profit of Industrial Automation System segment, despite that operating profit increased in Home Appliances, Information and Communication Systems, and Electronic Devices segments. O perating profit ratio decreased by 0.6% from the previous fiscal year to 5.8% due mainly to increased cost ratio.
The cost ratio increased by 1.2% due primarily to lowered operation, a shift in product mix and upfront investment for growth drivers of Industrial Automation Systems segment in addition to the yen appreciating against other currencies.
Selling, general and administrative expenses decreased by 26.2 billion yen from the previous fiscal year and selling, general and administrative expenses to revenue ratio improved by 0.3%.
Other profit (loss) increased by 13.6 billion yen from the previous fiscal year due mainly to sale of land and other profit (loss) to revenue ratio improved by 0.3%.
Profit before income taxes
Profit before income taxes decreased by 33.9 billion yen from the previous year to 281.9 billion yen due primarily to a decrease in operating profit, an increase in financial expenses caused by loss on foreign exchange, and a decrease in s hare of profit of investments accounted for using the equity method. Profit before income taxes to revenue ratio was 6.3%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 4.8 billion yen from the previous year to 221.8 billion yen due primarily to decreased profit before income taxes despite reduced income taxes as a result of the reorganization of its affiliated company outside Japan. Net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 5.0%.
ROE decreased by 0.5% from the previous fiscal year to 9.2%.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Revenue: 1,307.3 billion (1% increase from the previous fiscal
yen year which recorded 1,296.7 billion
yen)
Operating profit: 82.3 billion (0.1 billion yen decrease from the
yen previous fiscal year which recorded
82.5 billion yen)
The market of the social infrastructure systems business saw buoyant investment in the public utility for preventing and reducing disaster risks in Japan, also buoyant investment in train system business worldwide, and continued demand in the power systems in Japan due to the electricity system reform. In this environment, the business saw an increase in orders from the previous fiscal year due primarily to an increase in the power systems business worldwide and the public utility and transportation systems businesses in Japan. Revenue for this business remained substantially unchanged from the previous fiscal year due mainly to a decrease in thermal power generation business worldwide despite an increase in orders.
The market of the building systems business saw decreased demand for high-end, large-scale office projects in China, continued market stagnation in the Middle East, and an increase in renewals of elevators and escalators in Japan. In this environment, the business saw a decrease in orders from the previous fiscal year due primarily to market stagnation in China and the Middle East. Revenue for this business remained substantially unchanged from the previous fiscal year due mainly to an increase in new installations of elevators and escalators in Japan, mainly in the Tokyo metropolitan area despite a decrease in orders.
As a result, revenue for this segment increased by 1% from the previous fiscal year to 1,307.3 billion yen. Operating profit decreased by 0.1 billion yen from the previous fiscal year to 82.3 billion yen, due primarily to the yen appreciating against other currencies and a shift in project portfolios.
Industrial Automation Systems
Revenue: 1,349.4 billion (8% decrease from the previous fiscal
yen year which recorded 1,467.6 billion
yen )
Operating profit: 68.9 billion (73.6 billion yen decrease from
yen the previous fiscal year which recorded
142.5 billion yen )
The market of the factory automation systems business saw 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 this environment, the business saw decreases in both orders and revenue from the previous fiscal year due primarily to the yen appreciating against other currencies and a decrease in sales of factory automation devices, processing machines and numerical controllers.
The market of the automotive equipment business saw a slowdown in demand for new cars worldwide and the impact of COVID-19 becoming actual in the fourth quarter, while the market of electric-vehicle related equipment expanded worldwide. In this environment, the business saw decreases in both orders and revenue from the previous fiscal year due mainly to a decrease in sales of electrical components and the yen appreciating against other currencies, while sales of electric-vehicle related equipment such as motors and inverters increased.
As a result, revenue for this segment decreased by 8% from the previous fiscal year to 1,349.4 billion yen. Operating profit decreased by 73.6 billion yen from the previous fiscal year to 68.9 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: 455.5 billion (7% increase from the previous fiscal
yen year which recorded 426.2 billion
yen)
Operating profit: 26.4 billion (14.2 billion yen increase from
yen the previous fiscal year which recorded
12.2 billion yen)
The market of the telecommunications systems business saw buoyant investment by telecommunications carriers to deal with increased traffic caused mainly by the expanding 5G communications networks. In this environment, the business saw increases in both orders and revenue from the previous fiscal year due primarily to increased demand for communications infrastructure equipment.
The market of the information systems and service business saw increased demand relating to the cloud utilization, the enhancement of cyber-security and the improvement of work efficiency. In this environment, the business saw increases in both orders and revenue from the previous fiscal year due mainly to an increase in the system integrations business.
The electronic systems business saw an increase in orders from the previous fiscal year due primarily to an increase in large-scale projects for the space systems business. The revenue also increased from the previous fiscal year due mainly to an increase in large-scale projects for the defense systems business.
As a result, revenue for this segment increased by 7% from the previous fiscal year to 455.5 billion yen. Operating profit increased by 14.2 billion yen from the previous fiscal year to 26.4 billion yen due primarily to an increase in revenue and a shift in project portfolios.
Electronic Devices
Revenue: 208.7 billion (4% increase from the previous
yen fiscal year which recorded 199.9
billion yen)
Operating profit: 8.7 billion (7.2 billion yen increase from
yen the previous fiscal year which
recorded 1.4 billion yen)
The market of the electronic devices saw emerging demand relating to 5G communications networks and next-generation data centers, and accelerated development and market launches of electric vehicles. In this environment, the business saw an increase in orders and revenue also increased by 4% from the previous fiscal year to 208.7 billion yen due primarily to increased demand for high frequency and optical devices, particularly for optical communication devices, and power modules used in automotive applications.
Operating profit increased by 7.2 billion yen from the previous fiscal year to 8.7 billion yen due mainly to an increase in revenue and a shift in product mix.
Home Appliances
Revenue: 1,090.2 billion (2 % increase from the previous
yen fiscal year which recorded 1,074.0
billion yen)
Operating profit: 78.2 billion (18.7 billion yen increase from
yen the previous fiscal year which
recorded 59.4 billion yen)
The market of the home appliances saw a heightened awareness of environmental issues causing increased demand of ductless air conditioners in North America and heat-pump hot water and heating systems in Europe. The demand for industrial air conditioners for schools also increased in Japan. In this environment, the business saw an increase in revenue by 2% from the previous fiscal year to 1,090.2 billion yen due primarily to an increase in sales of air conditioners for Japan, North America and Europe.
Operating profit increased by 18.7 billion yen from the previous fiscal year to 78.2 billion yen due mainly to an increase in revenue and cost improvement.
Others
Revenue: 659.6 billion (3% decrease from the previous
yen fiscal year which recorded 676.7
billion yen)
Operating profit: 26.0 billion (1.8 billion yen increase from
yen the previous fiscal year which
recorded 24.1 billion yen)
Revenue decreased by 3% from the previous fiscal year to 659.6 billion yen due primarily to decreases in procurements and logistics for the Mitsubishi Electric Group at affiliated companies.
Operating profit increased by 1.8 billion yen from the previous fiscal year to 26.0 billion yen due mainly to cost improvements.
Fundamental Dividend Distribution Policy and FY2020 Dividend
Fundamental dividend distribution policy
Mitsubishi Electric's fundamental policy is to comprehensively promote improvement in shareholder profit from the viewpoints of appropriate profit distribution commensurate with earnings performance of the respective fiscal year, as well as strengthening our financial standing through the company's internal reserves, with the ultimate goal of enhancing corporate value.
FY 2020 dividend
Considering the company's business performance and financial conditions in fiscal 2020, the company has decided to pay a year-end retained earnings dividend of 26 yen per share for fiscal 2020. Adding the interim dividend of 14 yen per share, the total annual dividend will be 40 yen per share. Payment is planned to begin on June 2, 2020.
The retained earnings dividend for fiscal 2021 is still undecided.
cf. In fiscal 2019, interim dividend was 14 yen and year-end dividend was 26 yen per share. (Annual dividend of 40 yen per share)
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 Consolidated Financial Statements.')
Total assets as of the end of this fiscal year increased from the end of the previous fiscal year by 53.5 billion yen to 4,409.7 billion yen. The change in balance of total assets was mainly attributable to increases in property, plant and equipment by 93.8 billion yen and cash and cash equivalents by 23.3 billion yen despite decreases in inventories by 35.2 billion yen and other financial assets by 41.4 billion yen.
Inventories decreased due mainly to the slowdown of the Industrial Automation Systems segment, reduced stock of the Home Appliances segment caused by the consumption tax hike and increased demand for industrial air conditioners for schools, and the yen appreciating against other currencies. Inventory turnover improved by 0.23 from the end of the previous year to 6.43.
Total liabilities increased from the end of the previous fiscal year by 25.8 billion yen to 1,870.9 billion yen. The outstanding balances of bonds, borrowings and lease liabilities increased by 78.5 billion yen, while trade payables decreased by 32.3 billion yen, and net defined benefit liabilities also decreased by 12.8 billion yen. Meanwhile, bonds and borrowings decreased by 8.9 billion yen from the end of the previous fiscal year to 267.0 billion yen, with the ratio of bonds and borrowings to total assets recording 6.1%.
Mitsubishi Electric Corporation stockholders' equity increased by 29.7 billion yen compared to the end of the previous fiscal year to 2,429.7 billion yen. The stockholders' equity ratio was recorded at 55.1%, representing no changes from 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 221.8 billion yen despite a decrease due to dividend payment of 85.8 billion yen and a loss in accumulated other comprehensive income of 81.6 billion yen caused by the yen appreciating against other currencies and a decline in stock prices.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities was 395.8 billion yen (cash in) while cash flows from investing activities was 203.9 billion yen (cash out). As a result, free cash flow for fiscal 2020 increased by 162.6 billion yen compared to the previous fiscal year to 191.8 billion yen (cash in). Meanwhile, c ash flows from financing activities was 156.4 billion yen (cash out), and cash and cash equivalents at end of period increased by 23.3 billion yen from the previous fiscal year to 537.5 billion yen.
Net cash provided by operating activities increased by 156.0 billion yen from the previous fiscal year due primarily to a decrease in payment for inventories and an increase in depreciation caused by the application of IFRS 16 Lease .
Net cash used in investing activities increased by 6.6 billion yen from the previous fiscal year due primarily to an increase in proceeds from sale of property, plant and equipment despite an increase in purchase of investment securities and property, plant and equipment.
Net cash used in financing activities decreased by 44.3 billion yen from the previous fiscal year due mainly to increased repayment of lease liabilities caused by the application of IFRS 16 Lease.
Current Forecast for Fiscal 2021
The global economy is expected to experience a significantly negative effect of COVID-19 as its impact becomes more serious. Economic growth rate of fiscal 2021 is expected to be remarkably lower than the previous fiscal year without full economic recovery despite the economic measures taken in various countries and regions. The business environment is expected to be even more severe if COVID-19 has a long-term impact.
Under these circumstances, the Mitsubishi Electric Group aims to uplift the profitability of its main businesses by promoting its global operations. The Group also aims to further strengthen its business foundation by accelerating business model transformations with active exploration of open innovations, reinforcing its solution businesses for increasingly diverse social issues, and reviewing its business portfolios for higher profitability and more effective use of business resources.
The current financial performance forecast for fiscal 2021 follows below.
The current forecast reflects the sluggish markets in various countries and regions and following recovery process, and is based on the assumption that COVID-19 continues to have an impact on revenue and operating profit until the second quarter. The amount of the impact is expected to be a decrease in revenue by 440.0 billion yen and a loss of operating profit by 135.0 billion yen. The current forecast may be modified depending on the global and local situation of the containment of COVID-19.
Current 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
Exchange rates for this forecast is 105 yen to the U.S. dollar, 115 yen to the euro and 15.0 yen to the Chinese yuan.
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.
Policy Regarding Financial Reporting Standards
Mitsubishi Electric has voluntarily adopted International Financial Reporting Standards (IFRS) for its consolidated financial statements from the first quarter of the fiscal year ended March 31, 2019, in order to enhance international comparability of its financial information in the capital markets.
Consolidated Financial Results Summary
(In billions of yen except where noted)
FY '19 (A) FY '20 (B) B - A B/A (%)
(Apr. 1, 2018 (Apr. 1, 2019
- -
Mar. 31, 2019) Mar. 31, 2020)
---------------- ---------------- -------- --------
Revenue 4,519.9 4,462.5 (57.4) 99
---------------- ---------------- -------- --------
Operating profit 290.4 259.6 (30.8) 89
---------------- ---------------- -------- --------
Profit before income
taxes 315.9 281.9 (33.9) 89
---------------- ---------------- -------- --------
Net profit attributable
to
Mitsubishi Electric
Corp.
stockholders 226.6 221.8 (4.8) 98
---------------- ----------------
Basic earnings per
share attributable
to Mitsubishi Electric (2.(24)
Corp. stockholders 105.(65) yen 103.(41) yen yen) 98
============================== ================ ================ ======== ========
Dividend per share
Annual dividend 40 yen 40 yen _ 100
Interim dividend 14 yen 14 yen _
Year-end dividend 26 yen 26 yen _
---------------- ---------------- -------- --------
Notes :
1) Consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).
2) The company has 203 consolidated subsidiaries.
Consolidated Financial Statements
Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income (Fiscal 2020)
(Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '19 FY '20
(Apr. 1, 2018 (Apr. 1, 2019
- -
Mar. 31, 2019) Mar. 31, 2020)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Revenue 4,519,921 100.0 4,462,509 100.0 (57,412) 99
Cost of sales 3,186,869 70.5 3,200,170 71.7 13,301 100
Selling, general and
administrative expenses 1,043,294 23.1 1,017,075 22.8 (26,219) 97
Other profit (loss) 719 0.0 14,397 0.3 13,678
Operating profit 290,477 6.4 259,661 5.8 (30,816) 89
Financial income 9,747 0.2 10,285 0.2 538 106
Financial expenses 4,382 0.1 7,008 0.1 2,626 160
Share of profit of investments
accounted for using the
equity method 20,116 0.5 19,048 0.4 (1,068) 95
---------------------------------- ---------- ------- ---------- ------- --------- -----
Profit before income
taxes 315,958 7.0 281,986 6.3 (33,972) 89
Income taxes 78,304 1.7 48,474 1.1 (29,830) 62
---------- ------- ---------- ------- --------- -----
Net profit 237,654 5.3 233,512 5.2 (4,142) 98
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 226,648 5.0 221,834 5.0 (4,814) 98
Non-controlling interests 11,006 0.3 11,678 0.2 672 106
---------- ------- ---------- ------- --------- -----
(Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '19 (A) FY '20 (B) B - A
(Apr. 1, 2018 (Apr. 1, 2019
- -
Mar. 31, 2019) Mar. 31, 2020)
---------------- ----------------
Net profit 237,654 233,512 (4,142)
---------------- ---------------- ---------
(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 (39,284) (31,874) 7,410
------------------------------------------ ---------------- ---------------- ---------
Remeasurements of defined
benefit plans 12,234 (23,574) (35,808)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (995) (1,528) (533)
---------------- ---------------- ---------
Subtotal (28,045) (56,976) (28,931)
---------------- ---------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (6,756) (49,360) (42,604)
------------------------------------------ ---------------- ---------------- ---------
Net changes in the fair value
of cash flow hedges (37) 20 57
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (2,645) (2,434) 211
---------------- ---------------- ---------
Subtotal (9,438) (51,774) (42,336)
---------------- ---------------- ---------
Total other comprehensive
income (loss) (37,483) (108,750) (71,267)
---------------- ---------------- ---------
Comprehensive income 200,171 124,762 (75,409)
---------------- ---------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 189,306 117,132 (72,174)
Non-controlling interests 10,865 7,630 (3,235)
---------------- ---------------- ---------
Consolidated Statement of Financial Position
(In millions of yen)
FY '19 (A) FY ' 20 (B) B - A
(ended Mar. (ended Mar.
31, 2019) 31, 2020)
--------------------- ---------------------
(Assets)
Current assets 2,624,293 2,628,033 3,740
Cash and cash equivalents 514,224 537,559 23,335
Trade receivables and contract
assets 1,233,916 1,244,067 10,151
Inventories 729,098 693,890 (35,208)
Other current assets 147,055 152,517 5,462
Non-current assets 1,731,918 1,781,738 49,820
Investments accounted for using
the equity method 197,959 196,237 (1,722)
Other financial assets 303,834 262,367 (41,467)
Property, plant and equipment 760,540 854,382 93,842
Other non-current assets 469,585 468,752 (833)
--------------------- --------------------- ---------
Total assets 4,356,211 4,409,771 53,560
============================================ ===================== ===================== =========
(Liabilities)
Current liabilities 1,416,335 1,402,665 (13,670)
Bonds, borrowings and lease liabilities 104,969 133,369 28,400
Trade payables 559,641 527,307 (32,334)
Other current liabilities 751,725 741,989 (9,736)
Non-current liabilities 428,721 468,247 39,526
Bonds, borrowings and lease liabilities 193,469 243,634 50,165
Net defined benefit liabilities 176,087 163,240 (12,847)
Other non-current liabilities 59,165 61,373 2,208
--------------------- --------------------- ---------
Total liabilities 1,845,056 1,870,912 25,856
--------------------- --------------------- ---------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,399,946 2,429,743 29,797
Common stock 175,820 175,820
Capital surplus 202,834 202,832 (2)
Retained earnings 1,960,466 2,071,817 111,351
Accumulated other comprehensive
income (loss) 63,809 (17,802) (81,611)
Treasury stock, at cost (2,983) (2,924) 59
Non-controlling interests 111,209 109,116 (2,093)
--------------------- --------------------- ---------
Total equity 2,511,155 2,538,859 27,704
--------------------- --------------------- ---------
Total liabilities and equity 4,356,211 4,409,771 53,560
============================================ ===================== ===================== =========
Bonds, borrowings and lease liabilities 298,438 377,003 78,565
Excluding lease liabilities 275,972 267,008 (8,964)
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations 8,368 (39,519) (47,887)
Financial assets measured at fair
value through other comprehensive
income 55,503 21,754 (33,749)
Net changes in the fair value of
cash flow hedges (62) (37) 25
Consolidated Statement of Changes in Equity
FY '19 (Apr. 1, 2018 - Mar. 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 175,820 199,442 1,811,348 109,492 (1,928) 2,294,174 103,045 2,397,219
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 226,648 226,648 11,006 237,654
Other
comprehensive
income
(loss),
net of tax (37,342) (37,342) (141) (37,483)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 226,648 (37,342) 189,306 10,865 200,171
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Transfer to
retained
earnings 8,341 (8,341)
Dividends (85,871) (85,871) (5,872) (91,743)
Purchase of
treasury
stock (1,055) (1,055) (1,055)
Disposal of
treasury
stock 0 0 0 0
Transactions with
non-controlling
interests and
others 3,392 3,392 3,171 6,563
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,834 1,960,466 63,809 (2,983) 2,399,946 111,209 2,511,155
================== ======== ======== ========== ============== ========= ========== ================ ==========
FY '20 (Apr. 1, 2019 - Mar. 31, 2020)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total
equity interests equity
Accumulated
other
comprehensive Treasury
Common Capital Retained income stock,
stock surplus earnings (loss) at cost Total
----------
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 221,834 221,834 11,678 233,512
Other
comprehensive
income
(loss),
net of tax (104,702) (104,702) (4,048) (108,750)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 221,834 (104,702) 117,132 7,630 124,762
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Transfer to
retained
earnings (23,091) 23,091
Dividends (85,871) (85,871) (7,826) (93,697)
Purchase of
treasury
stock (785) (785) (785)
Disposal of
treasury
stock (844) 844 0 0
Transactions with
non-controlling
interests and
others 842 842 (1,890) (1,048)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,832 2,071,817 (17,802) (2,924) 2,429,743 109,116 2,538,859
================== ======== ======== ========== ============== ========= ========== ================ ==========
Consolidated Statement of Cash Flows
(In millions of yen)
FY '19 FY '20 B - A
(Apr. 1, 2018- (Apr. 1,
Mar. 31, 2019) 2019-Mar.
31, 2020)
(A) (B)
----------------- ------------
I Cash flows from operating activities
1 Net profit 237,654 233,512 (4,142)
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 178,892 212,018 33,126
(2) Decrease (increase) in trade
receivables and
contract assets (40,780) (24,257) 16,523
(3) Decrease (increase) in inventories (82,718) 18,504 101,222
(4) Increase (decrease) in trade
payables (20,792) (28,582) (7,790)
(5) Others, net (32,439) (15,361) 17,078
---- --------------------------------------- ----------------- ------------ ---------
Cash flows from operating activities 239,817 395,834 156,017
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (188,042) (192,833) (4,791)
Proceeds from sale of property,
2 plant and equipment 4,170 19,571 15,401
Purchase of investment securities
3 (net of cash acquired) (13,304) (20,019) (6,715)
Proceeds from sale of investment
4 securities (net of cash disposed) 11,824 13,687 1,863
5 Others, net (25,316) (24,403) 913
---- --------------------------------------- ----------------- ------------ ---------
Cash flows from investing activities (210,668) (203,997) 6,671
I +
II Free cash flow 29,149 191,837 162,688
III Cash flows from financing activities
Proceeds and repayment of bonds
1 and long-term borrowings (13,534) (6,326) 7,208
Increase (decrease) in short-term
2 borrowings, net (2,077) (2,093) (16)
3 Repayments of lease liabilities (9,358) (53,947) (44,589)
4 Dividends paid (85,871) (85,871) 0
5 Purchase of treasury stock (1,055) (785) 270
6 Disposal of treasury stock 0 0 (0)
7 Others, net (172) (7,432) (7,260)
---- --------------------------------------- ----------------- ------------ ---------
Cash flows from financing activities (112,067) (156,454) (44,387)
Effect of exchange rate changes
IV on cash and cash equivalents (2,057) (12,048) (9,991)
---- --------------------------------------- ----------------- ------------ ---------
Net increase (decrease) in cash
V and cash equivalents (84,975) 23,335 108,310
---- --------------------------------------- ----------------- ------------ ---------
Cash and cash equivalents at
VI beginning of period 599,199 514,224 (84,975)
---- --------------------------------------- ----------------- ------------ ---------
Cash and cash equivalents at
VII end of period 514,224 537,559 23,335
---- --------------------------------------- ----------------- ------------ ---------
Consolidated Segment Information (Fiscal 2020)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '19 FY '20 C - A D - B C/A
(Apr. 1, 2018 (Apr. 1, 2019 (%)
- -
Mar. 31, 2019) Mar. 31, 2020)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (D)
---------- ---------- ----------
Energy and Electric
Systems 1,296,745 82,501 1,307,389 82,309 10,644 (192) 101
---------- ---------- ---------- ---------- ---------- --------- -----
Industrial Automation
Systems 1,467,633 142,563 1,349,429 68,962 (118,204) (73,601) 92
---------- ---------- ---------- ---------- ---------- --------- -----
Information and
Communication Systems 426,269 12,247 455,596 26,457 29,327 14,210 107
---------- ---------- ---------- ---------- ---------- --------- -----
Electronic Devices 199,908 1,442 208,750 8,701 8,842 7,259 104
---------- ---------- ---------- ---------- ---------- --------- -----
Home Appliances 1,074,044 59,451 1,090,248 78,206 16,204 18,755 102
---------- ---------- ---------- ---------- ---------- --------- -----
Others 676,736 24,172 659,636 26,050 (17,100) 1,878 97
---------- ---------- ---------- ---------- ---------- --------- -----
Subtotal 5,141,335 322,376 5,071,048 290,685 (70,287) (31,691) 99
---------- ---------- ---------- ---------- ---------- --------- -----
Eliminations and
corporate (621,414) (31,899) (608,539) (31,024) 12,875 875
---------- ---------- ---------- ---------- ---------- --------- -----
Consolidated Total 4,519,921 290,477 4,462,509 259,661 (57,412) (30,816) 99
---------- ---------- ---------- ---------- ---------- --------- -----
*Notes: 1) Inter-segment revenue are included in the above chart.
2) Income from sale of land within other profit (loss) presented in the '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 FY '20 B - A B/A (%)
(Apr. 1, 2018 (Apr. 1, 2019
- -
Mar. 31, 2019) Mar. 31, 2020)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 2,556,644 56.6 2,610,322 58.5 53,678 102
------------------------- ---------- ----------- ---------- ----------- ---------- --------
North America 429,451 9.5 432,096 9.7 2,645 101
---------- ----------- ---------- ----------- ---------- --------
Asia (excluding
Japan) 1,013,883 22.4 919,973 20.6 (93,910) 91
---------- ----------- ---------- ----------- ---------- --------
China 486,405 10.8 420,529 9.4 (65,876) 86
---------- ----------- ---------- ----------- ---------- --------
Europe 453,748 10.0 437,214 9.8 (16,534) 96
------------------------ ---------- ----------- ---------- ----------- ---------- --------
Others 66,195 1.5 62,904 1.4 (3,291) 95
------------------------ ---------- ----------- ---------- ----------- ---------- --------
Total overseas
revenue 1,963,277 43.4 1,852,187 41.5 (111,090) 94
------------------------- ---------- ----------- ---------- ----------- ---------- --------
Consolidated total 4,519,921 100.0 4,462,509 100.0 (57,412) 99
---------- ----------- ---------- ----------- ---------- --------
Notes to the Consolidated Financial Statements
(Matters regarding the scope of consolidation and application of the equity method: changes against the previous fiscal year end)
Number of subsidiaries: 203 (Added: 8; Excluded: 11)
Number of equity method associates: 39 (Added: 2; Excluded: 0)
(Per share information)
FY '19 FY '20
(Apr. 1, 2018 - (Apr. 1, 2019 -
Mar. 31, 2019) Mar. 31, 2020)
Net profit attributable
to Mitsubishi Electric Corp. 226,648 million 221,834 million
stockholders yen yen
--------------------- ---------------------
Effect of potential ordinary
shares
--------------------- ---------------------
Diluted Net profit attributable
to Mitsubishi Electric Corp. 226,648 million 221,834 million
stockholders yen yen
-------------------------------- --------------------- ---------------------
Average ordinary shares
outstanding 2,145,198,524 shares 2,145,093,215 shares
--------------------- ---------------------
Cause of dilution
Stock options
--------------------- ---------------------
Adjusted ordinary shares
outstanding 2,145,198,524 shares 2,145,093,215 shares
-------------------------------- --------------------- ---------------------
Mitsubishi Electric Corp.
stockholders' equity per
share 1,118.(83) yen 1,132.(69) yen
--------------------- ---------------------
Basic earnings per share
attributable to Mitsubishi
Electric Corp. stockholders 105.(65) yen 103.(41) yen
--------------------- ---------------------
Diluted earnings per share
attributable to Mitsubishi
Electric Corp. stockholders 105.(65) yen 103.(41) yen
--------------------- ---------------------
(Notes regarding the going concern assumption)
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 consolidated statement 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.
(Significant subsequent events)
Not applicable
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income (Fourth Quarter, Fiscal 2020)
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '19 FY '20
(Jan. 1, 2019 (Jan. 1, 2020
- -
Mar. 31, 2019) Mar. 31, 2020)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Revenue 1,255,796 100.0 1,212,380 100.0 (43,416) 97
Cost of sales 886,620 70.6 868,290 71.6 (18,330) 98
Selling, general and
administrative expenses 280,241 22.3 269,235 22.2 (11,006) 96
Other profit (loss) 102 0.0 2,549 0.2 2,447
Operating profit 89,037 7.1 77,404 6.4 (11,633) 87
Financial income 1,287 0.1 1,503 0.1 216 117
Financial expenses 1,035 0.1 1,436 0.1 401 139
Share of profit of investments
accounted for using the
equity method 4,923 0.4 5,733 0.5 810 116
---------------------------------- ---------- ------- ---------- ------- --------- -----
Profit before income
taxes 94,212 7.5 83,204 6.9 (11,008) 88
Income taxes 23,950 1.9 19,263 1.6 (4,687) 80
---------- ------- ---------- ------- --------- -----
Net profit 70,262 5.6 63,941 5.3 (6,321) 91
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 67,829 5.4 62,124 5.1 (5,705) 92
Non-controlling interests 2,433 0.2 1,817 0.2 (616) 75
---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '19 (A) FY '20 (B) B - A
(Jan. 1, 2019 (Jan. 1, 2020
- -
Mar. 31, 2019) Mar. 31, 2020)
---------------- ----------------
Net profit 70,262 63,941 (6,321)
---------------- ---------------- ----------
(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 5,134 (45,411) (50,545)
------------------------------------------ ---------------- ---------------- ----------
Remeasurements of defined
benefit plans 12,234 (23,574) (35,808)
------------------------------------------ ---------------- ---------------- ----------
Share of other comprehensive
income of investments accounted
for using the equity method (531) (1,390) (859)
---------------- ---------------- ----------
Subtotal 16,837 (70,375) (87,212)
---------------- ---------------- ----------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations 6,459 (44,379) (50,838)
------------------------------------------ ---------------- ---------------- ----------
Net changes in the fair value
of cash flow hedges (1) (58) (57)
------------------------------------------ ---------------- ---------------- ----------
Share of other comprehensive
income of investments accounted
for using the equity method (994) 439 1,433
---------------- ---------------- ----------
Subtotal 5,464 (43,998) (49,462)
---------------- ---------------- ----------
Total other comprehensive
income (loss) 22,301 (114,373) (136,674)
---------------- ---------------- ----------
Comprehensive income 92,563 (50,432) (142,995)
---------------- ---------------- ----------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 89,045 (48,608) (137,653)
Non-controlling interests 3,518 (1,824) (5,342)
---------------- ---------------- ----------
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/US 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 executive officers, major shareholders and affiliated companies of Mitsubishi Electric Corporation
http://www.rns-pdf.londonstockexchange.com/rns/4852M_1-2020-5-11.pdf
###
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
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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(END) Dow Jones Newswires
May 11, 2020 05:35 ET (09:35 GMT)
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