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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
TIDMMEL
RNS Number : 4664E
Mitsubishi Electric Corporation
28 October 2022
FOR IMMEDIATE RELEASE No. 3556 Investor Relations Inquiries Media Inquiries Sachiko Masuda Investor Relations Group, Corporate Public Relations Division Finance Division Mitsubishi Electric Corporation Mitsubishi Electric Corporation Tel: +81-3-3218-2391 Tel: +81-3-3218-2848 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 Half and Second Quarter of Fiscal 2023
TOKYO, October 28, 2022 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first half and second quarter, ended September 30, 2022, of the current fiscal year ending March 31, 2023 (fiscal 2023).
1. Consolidated Half-year Results (April 1, 2022 - September 30, 2022)
Revenue: 2,339.5 billion yen (9% increase year-on-year) Operating profit: 80.5 billion yen (42% decrease year-on-year) Profit before income taxes: 103.1 billion yen (31% decrease year-on-year) Net profit attributable to Mitsubishi Electric Corp. billion stockholders: 74.8 yen (29% decrease year-on-year)
The economy in the first half of fiscal 2023, from April through September 2022, generally continued to see recovery in the corporate and household sectors in the U.S. In China, there was downward pressure due to the impact of lockdown caused by the expansion of COVID-19, and the pace of subsequent recovery stayed slow. In Japan, gradual recovery continued primarily in the household sector. In Europe, the paces of recovery were even slower in the corporate and household sectors. There was also the impact of the rise in some material prices and high logistics costs, as well as the prolonged electronic components shortage.
Revenue
Revenue increased by 201.1 billion yen year-on-year to 2,339.5 billion yen owing primarily to the weaker yen, despite a decrease in revenue in the Infrastructure segment. The Life segment saw an increase in the building systems business in Asia and Japan, and the air conditioning systems & home products business also increased due mainly to a recovery in demand for air conditioners in Asia (excluding China), Europe and Japan. The Industry and Mobility segment saw an increase in the factory automation systems business due mainly to an increase in global demand for capital expenditures related to digital equipment and decarbonization, and the automotive equipment business also increased due to robust demand for electric vehicle-related equipment. The Business Platform segment saw an increase in the information systems & network service business due mainly to increases in the IT infrastructure service and the system integrations businesses. The semiconductor & devices business also increased due to robust demand for power modules and optical communication devices.
Operating profit
Operating profit decreased by 57.3 billion yen year-on-year to 80.5 billion yen due mainly to decreases in the Life segment, the Infrastructure segment and the Industry and Mobility segment, despite an increase in the Business Platform segment. Operating profit ratio decreased by 3.0 points year-on-year to 3.4% due mainly to deteriorated cost ratio.
The cost ratio deteriorated by 2.3 points year-on-year despite the improvement owing to the weaker yen, as there was the impact of the rise in some material prices, the Life segment deteriorated due to the lower production level caused by the rise in logistics costs and the electronic components shortage, and the profitability of the Infrastructure segment also deteriorated. Selling, general and administrative expenses increased by 62.0 billion yen year-on-year, and the selling, general and administrative expenses to revenue ratio deteriorated by 0.7 points year-on-year. Other profit (loss) and other profit (loss) to revenue ratio remained substantially unchanged year-on-year.
Profit before income taxes
Profit before income taxes decreased by 45.2 billion yen year-on-year to 103.1 billion yen due primarily to a decrease in operating profit. The profit before income taxes to revenue ratio was 4.4%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 30.0 billion yen year-on-year to 74.8 billion yen due mainly to a decrease in profit before income taxes. The net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 3.2%.
Consolidated Financial Results by Business Segment (First Half, Fiscal 2023)
Infrastructure
Revenue: 402.0 billion (2% decrease year-on-year; recorded yen 409.5 billion yen) Operating profit (15.3 billion (24.1 billion yen decline year-on-year; (loss): yen) recorded 8.7 billion yen)
The market for the public utility systems business saw robust investment in the public utility area outside Japan, while there was a continuing trend of railway companies in Japan revising their capital expenditure due to the impact of COVID-19. In this environment, orders won by the business increased year-on-year due primarily to an increase in the public utility area outside Japan, while revenue decreased year-on-year due mainly to a decrease in the transportation systems business in Japan.
The market for the energy systems business continued to see capital expenditures of power companies in Japan and robust demand for power supply stabilization in the expansion of renewable energy. In this environment, orders won by the business increased year-on-year due primarily to increases in the power distribution and the power generation businesses in Japan, while revenue decreased year-on-year due mainly to a decrease in the power generation business in Japan.
The defense & space systems business saw a decrease in orders year-on-year due primarily to a decrease in large-scale projects for the defense systems business, while revenue increased year-on-year due mainly to an increase in large-scale projects for the defense systems business.
As a result, revenue for this segment decreased by 2% year-on-year to 402.0 billion yen.
Operating profit declined by 24.1 billion yen year-on-year to a loss of 15.3 billion yen due primarily to a decrease in revenue, a shift in project portfolios and lower profitability in the defense & space systems business.
Industry and Mobility
Revenue: 794.9 billion (13% increase year-on-year; recorded yen 701.8 billion yen) Operating profit: 43.9 billion (11.2 billion yen decrease year-on-year; yen recorded 55.2 billion yen)
The market for the factory automation systems business saw robust demand worldwide primarily for capital expenditures related to digital equipment such as semiconductors and electronic components, as well as products in the decarbonization area such as lithium-ion batteries. In this environment, the business saw increases in both orders and revenue year-on-year.
The market for the automotive equipment business saw sales of new cars remaining substantially unchanged year-on-year and robust demand for electric vehicle-related equipment in line with the expansion of the electric vehicle market, despite the semiconductor shortage. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to the weaker yen and increases in electric-vehicle related equipment such as motors and inverters as well as electrical components.
As a result, revenue for this segment increased by 13% year-on-year to 794.9 billion yen.
Operating profit decreased by 11.2 billion yen year-on-year to 43.9 billion yen due mainly to the rise in material prices and logistics costs, despite the weaker yen.
Life
Revenue: 940.1 billion (11% increase year-on-year; recorded yen 846.8 billion yen) Operating profit: 34.0 billion (35.7 billion yen decrease year-on-year; yen recorded 69.7 billion yen)
The market for the building systems business continued to see recovery from the sluggish market stemming from COVID-19. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to the weaker yen and an increase in Asia and Japan.
The market for the air conditioning systems & home products business saw recovery from the impact of Shanghai's lockdown and an improvement of the situation with regard to the electronic components shortage in and after the second quarter. In this environment, the revenue for the business increased year-on-year due mainly to the weaker yen and an increase in air conditioners in Asia (excluding China), Europe and Japan.
As a result, revenue for this segment increased by 11% year-on-year to 940.1 billion yen.
Operating profit decreased by 35.7 billion yen year-on-year to 34.0 billion yen due primarily to the rise in material prices and logistics costs as well as lower production level in the first quarter, despite the weaker yen.
Business Platform
Revenue: 206.8 billion (10% increase year-on-year; recorded yen 187.3 billion yen) Operating profit: 19.4 billion (9.8 billion yen increase year-on-year; yen recorded 9.5 billion yen)
The market for the information systems & network service business saw robust demand due mainly to the restarts of projects delayed in the COVID-19 pandemic, despite the semiconductor shortage. In this environment, the business saw an increase in both orders and revenue due mainly to increases in the IT infrastructure service and the system integrations businesses.
The market for the semiconductor & device business saw robust demand for power modules used in consumer and industrial applications as well as optical communication devices. In this environment, orders won by the business decreased year-on-year due primarily to the end of the TFT-LCD module business, while revenue increased year-on-year due primarily to the weaker yen and increases in power modules used in consumer and industrial applications, as well as high frequency and optical devices, particularly in optical communication devices.
As a result, revenue for this segment increased by 10% year-on-year to 206.8 billion yen.
Operating profit increased by 9.8 billion yen year-on-year to 19.4 billion yen due mainly to the weaker yen and an increase in revenue.
Others
Revenue: 393.0 billion (14% increase year-on-year; recorded yen 345.9 billion yen) Operating profit: 14.3 billion (4.8 billion yen increase year-on-year; yen recorded 9.4 billion yen)
Revenue increased by 14% year-on-year to 393.0 billion yen due primarily to increases in materials procurement and logistics.
Operating profit increased by 4.8 billion yen year-on-year to 14.3 billion yen due mainly to an increase in revenue.
2. Consolidated Second-quarter Results (July 1, 2022 - September 30, 2022)
Revenue: 1,271.8 billion (19% increase year-on-year) yen Operating profit: 46.5 billion (15% decrease year-on-year) yen Profit before income taxes: 56.2 billion (5% decrease year-on-year) yen Net profit attributable to Mitsubishi Electric Corp. billion stockholders: 41.3 yen (4% decrease year-on-year)
Revenue
Revenue increased by 199.9 billion yen year-on-year to 1,271.8 billion yen owing primarily to the weaker yen.
The Life segment saw an increase in the building systems business due to an increase in Asia and Japan, and the air conditioning systems & home products business also increased due mainly to a recovery in air conditioners in Japan, North America and Asia. The Industry and Mobility segment saw an increase in the factory automation systems business due to an increase in global demand primarily for capital expenditures related to digital equipment and decarbonization, and the automotive equipment business increased due to an increase in sales of new cars globally year-on-year, particularly in China and India, and robust demand for electric vehicle-related equipment. The Business Platform segment saw the information systems & network service business remaining substantially unchanged year-on-year, and the semiconductor & device business increased due mainly to robust demand for power modules and optical communication devices. The Infrastructure segment saw a decrease in the energy systems business, while the public utility systems business remained substantially unchanged year-on-year and the defense & space systems business increased.
Operating profit
Operating profit decreased by 8.5 billion yen year-on-year to 46.5 billion yen due mainly to decreases in the Infrastructure segment and the Life segment, despite increases in the Business Platform segment and Industry and Mobility segment. Operating profit ratio decreased by 1.4 points year-on-year to 3.7% due mainly to deteriorated cost ratio.
The cost ratio deteriorated by 2.0 points year-on-year despite the improvement owing to the weaker yen, as there was the impact of the rise in some material prices, the profitability of the Infrastructure segment deteriorated, and the Life segment also deteriorated due to the rise in logistics costs. Selling, general and administrative expenses increased by 40.4 billion yen year-on-year, but the selling, general and administrative expenses to revenue ratio improved by 0.5 points year-on-year. Other profit (loss) increased by 0.4 billion yen and other profit (loss) to revenue ratio improved by 0.1 points year-on-year.
Profit before income taxes
Profit before income taxes decreased by 2.6 billion yen year-on-year to 56.2 billion yen due primarily to a decrease in operating profit. The profit before income taxes to revenue ratio was 4.4%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 1.6 billion yen year-on-year to 41.3 billion yen due mainly to a decrease in profit before income taxes. The net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 3.2%.
Consolidated Financial Results by Business Segment (Second Quarter, Fiscal 2023)
Infrastructure
Revenue: 227.7 billion (2% increase year-on-year; recorded yen 223.1 billion yen) Operating profit (12.1 billion (15.1 billion yen decline year-on-year; (loss): yen) recorded 3.0 billion yen)
The market for the public utility systems business saw robust investment in the public utility area outside Japan, while there was a continuing trend of railway companies in Japan revising their capital expenditure due to the impact of COVID-19. In this environment, orders won by the business increased year-on-year due primarily to an increase in the public utility area outside Japan, while revenue remained substantially unchanged year-on-year.
The market for the energy systems business continued to see capital expenditures of power companies in Japan and robust demand for power supply stabilization in the expansion of renewable energy. In this environment, orders won by the business increased year-on-year due primarily to increases in the power distribution and the power generation businesses in Japan, while revenue decreased year-on-year due mainly to a decrease in the power generation business in Japan.
The defense & space systems business saw a decrease in orders year-on-year due primarily to a decrease in large-scale projects for the space systems business, while revenue increased year-on-year due mainly to an increase in large-scale projects for the defense systems business.
As a result, revenue for this segment increased by 2% year-on-year to 227.7 billion yen.
Operating profit declined by 15.1 billion yen year-on-year to a loss of 12.1 billion yen due primarily to a shift in project portfolios and lower profitability in the defense & space systems business.
Industry and Mobility
Revenue: 430.4 billion (26% increase year-on-year; recorded yen 340.8 billion yen) Operating profit: 21.2 billion (0.7 billion yen increase year-on-year; yen recorded 20.5 billion yen)
The market for the factory automation systems business continued to see robust demand worldwide primarily for capital expenditures related to digital equipment such as semiconductors and electronic components, as well as products in the decarbonization area such as lithium-ion batteries. In this environment, orders won by the business decreased year-on-year due primarily to a decrease in demand related to smartphones in China, while revenue increased year-on-year.
The market for the automotive equipment business saw an increase in sales of new cars globally year-on-year, particularly in China and India, despite the semiconductor shortage. There was also robust demand for electric vehicle-related equipment in line with the expansion of the electric vehicle market. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to the weaker yen and increases in electric-vehicle related equipment such as motors and inverters as well as electrical components.
As a result, revenue for this segment increased by 26% year-on-year to 430.4 billion yen.
Operating profit increased by 0.7 billion yen year-on-year to 21.2 billion yen due mainly to an increase in revenue, despite the rise in material prices and logistics costs.
Life
Revenue: 501.7 billion (22% increase year-on-year; recorded yen 411.7 billion yen) Operating profit: 20.3 billion (4.6 billion yen decrease year-on-year; yen recorded 24.9 billion yen)
The market for the building systems business continued to see recovery from the sluggish market stemming from COVID-19. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to the weaker yen and an increase in Asia and Japan.
The market for the air conditioning systems & home products business saw recovery from the impact of Shanghai's lockdown and an improvement of the situation with regard to the electronic components shortage. In this environment, the revenue for the business increased year-on-year due mainly to the weaker yen and increase in air conditioners in Japan, North America and Asia.
As a result, revenue for this segment increased by 22% year-on-year to 501.7 billion yen.
Operating profit decreased by 4.6 billion yen year-on-year to 20.3 billion yen due primarily to the rise in material prices and logistics costs, despite the weaker yen.
Business Platform
Revenue: 113.6 billion (15% increase year-on-year; recorded yen 99.1 billion yen) Operating profit: 12.0 billion (6.3 billion yen increase year-on-year; yen recorded 5.7 billion yen)
The market for the information systems & network service business saw the impact of the semiconductor shortage, while there was robust demand due mainly to the restarts of projects delayed in the COVID-19 pandemic. In this environment, orders won by the business decreased year-on-year due mainly to a decrease in the system integrations businesses, while revenue remained substantially unchanged year-on-year.
The market for the semiconductor & device business saw robust demand in power modules used in consumer and industrial applications as well as optical communication devices. In this environment, orders won by the business decreased year-on-year due primarily to a decrease in power modules , while revenue increased year-on-year due primarily to the weaker yen and increases in power modules used in consumer and industrial applications as well as high frequency and optical devices, particularly in optical communication devices.
As a result, revenue for this segment increased by 15% year-on-year to 113.6 billion yen.
Operating profit increased by 6.3 billion yen year-on-year to 12.0 billion yen due mainly to the weaker yen and an increase in revenue.
Others
Revenue: 213.1 billion (15% increase year-on-year; recorded yen 185.4 billion yen) Operating 10.3 billion (4.7 billion yen increase year-on-year; profit: yen recorded 5.5 billion yen)
Revenue increased by 15% year-on-year to 213.1 billion yen due primarily to increases in materials procurement and logistics.
Operating profit increased by 4.7 billion yen year-on-year to 10.3 billion yen due mainly to an increase in revenue.
Financial Standing
An analysis on the status of assets, liabilities and equity on a consolidated basis
Total assets as of the end of this fiscal quarter increased by 96.6 billion yen compared to the end of the previous fiscal year to 5,204.6 billion yen. The change in balance of total assets was mainly attributable to increases in inventories by 178.3 billion yen and contract assets by 35.3 billion yen, despite a decrease in trade receivables by 104.0 billion yen.
Inventories increased due primarily to the weaker yen, recovery in demand for the Industry and Mobility segment and the Life segment, as well as the semiconductor and other electronic components shortage. Trade receivables decreased due mainly to credit collection for projects from the previous fiscal year.
Total liabilities decreased by 17.0 billion yen compared to the end of the previous fiscal year to 1,993.5 billion yen due primarily to a decrease in other current liabilities of 30.6 billion yen, despite an increase in trade payables of 9.8 billion yen. Bonds and borrowings increased by 0.9 billion yen compared to the end of the previous fiscal year to 218.0 billion yen, with the ratio of bonds and borrowings to total assets recording 4.2%, representing a 0.1 point decrease compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity increased by 109.3 billion yen compared to the end of the previous fiscal year to 3,085.2 billion yen due mainly to net profit attributable to Mitsubishi Electric Corporation stockholders of 74.8 billion yen and an increase in accumulated other comprehensive income of 89.7 billion yen, mainly reflecting the weaker yen, despite a decrease due primarily to a dividend payment of 54.9 billion yen. The stockholders' equity ratio was 59.3%, representing a 1.0 point increase compared to the end of the previous fiscal year.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for the first half of fiscal 2023 were 50.7 billion yen (cash in), while cash flows from investing activities were 89.8 billion yen (cash out). As a result, free cash flow was 39.0 billion yen (cash out). Cash flows from financing activities were 91.0 billion yen (cash out), and cash and cash equivalents at the end of the period decreased by 95.5 billion yen compared to the end of the previous fiscal year to 631.5 billion yen.
Net cash provided by operating activities decreased by 114.1 billion yen year-on-year due primarily to a decrease in profit, the impact of credit collection and an increase in inventories.
Net cash used in investing activities increased by 10.4 billion yen year-on-year due mainly to an increase in purchase of investment securities primarily for the acquisition of subsidiaries, as well as the purchase of property, plant and equipment.
Net cash used in financing activities decreased by 41.4 billion yen year-on-year due primarily to an increase in raising short-term borrowings and a decrease in purchase of treasury stock.
Forecast for Fiscal 2023
The consolidated earnings forecast for fiscal 2023, ending March 31, 2023, has been revised from the announcement on July 28, 2022, as stated below. Revenue is expected to exceed the previous announcement due to foreign exchange rates reconsidered in line with the weaker yen and passing rising components procurement costs onto prices. Forecasts for profits remain unchanged from the previous announcement due primarily to the rise in material prices and logistics costs, semiconductor and electronic components shortages and lower profitability in the Infrastructure segment.
Consolidated Previous Current forecast Change from forecast previous forecast (announced on July 28) Revenue: 4,770.0 billion 4,970.0 billion (11% increase Up 200.0 billion yen yen from fiscal 2022) yen, or 4% ---------------- ---------------- ------------------- ------------------- Operating profit: 270.0 billion 270.0 billion (7% increase from Unchanged, or yen yen fiscal 2022) 0% ---------------- ---------------- ------------------- ------------------- Profit before 295.0 billion 295.0 billion (5% increase from Unchanged, or income taxes: yen yen fiscal 2022) 0% ---------------- ---------------- ------------------- ------------------- Net profit attributable to Mitsubishi Electric Corp. 215.0 billion 215.0 billion (6% increase from Unchanged, or stockholders: yen yen fiscal 2022) 0% ---------------- ---------------- ------------------- -------------------
Exchange rates in and after the third quarter of fiscal 2023 are 135 yen to the U.S. dollar, which is 15 yen weaker than the previous announcement; 135 yen to the euro, which is 5 yen weaker than the previous announcement; and 19.0 yen to the Chinese yuan, which is 1 yen weaker than the previous announcement.
Note : The results forecast above is based on assumptions deemed reasonable by the company at the present time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement at the end.
Consolidated Financial Results Summary
1. Consolidated Half-year Results
(In billions of yen except where noted)
FY '22 1(st) FY '23 1(st) B - A B/A half (A) half (B) (%) (Apr. 1, 2021 (Apr. 1, 2022 - Sept. 30, 2021) - Sept. 30, 2022) ------------------- ------------------- --------- ----- Revenue 2,138.3 2,339.5 201.1 109 ------------------- ------------------- --------- ----- Operating profit 137.8 80.5 (57.3) 58 ------------------- ------------------- --------- ----- Profit before income taxes 148.3 103.1 (45.2) 69 ------------------- ------------------- --------- ----- Net profit attributable to Mitsubishi Electric Corp. stockholders 104.8 74.8 (30.0) 71 ------------------- ------------------- Basic earnings per share attributable to Mitsubishi Electric (13.(51) Corp. stockholders 48.(94) yen 35.(43) yen yen) 72 ------------------- -------------------
2. Consolidated Second-quarter Results
(In billions of yen except where noted)
FY '22 Q2 (A) FY '23 Q2 (B) B - A B/A (Jul. 1, 2021 (Jul. 1, 2022 (%) - - Sept. 30, 2022) Sept. 30, 2021) -------------------- -------- ----- Revenue 1,071.9 1,271.8 199.9 119 ------------------ -------------------- -------- ----- Operating profit 55.0 46.5 (8.5) 85 ------------------ -------------------- -------- ----- Profit before income taxes 58.8 56.2 (2.6) 95 ------------------ -------------------- -------- ----- Net profit attributable to Mitsubishi Electric Corp. stockholders 43.0 41.3 (1.6) 96 ------------------ -------------------- Basic earnings per share attributable to Mitsubishi Electric (0.(52) Corp. stockholders 20.(09) yen 19.(57) yen yen) 97 ------------------ --------------------
Notes :
1) Consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).
2) The company has 210 consolidated subsidiaries.
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income (First Half, Fiscal 2023)
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '22 1(st) FY '23 1(st) half half (Apr. 1, 2021 (Apr. 1, 2022 - - Sept. 30, 2021) Sept. 30, 2022) (A) % of (B) % of B - A B/A total total (%) ---------- ------- ---------- ------- --------- Revenue 2,138,377 100.0 2,339,567 100.0 201,190 109 Cost of sales 1,514,319 70.8 1,710,855 73.1 196,536 113 Selling, general and administrative expenses 488,887 22.9 550,908 23.6 62,021 113 Other profit (loss) 2,659 0.1 2,699 0.1 40 102 ---------- ------- ---------- ------- --------- ----- Operating profit 137,830 6.4 80,503 3.4 (57,327) 58 Financial income 4,635 0.2 12,529 0.6 7,894 270 Financial expenses 2,672 0.1 1,627 0.1 (1,045) 61 Share of profit of investments accounted for using the equity method 8,602 0.4 11,706 0.5 3,104 136 ---------- ------- ---------- ------- --------- ----- Profit before income taxes 148,395 6.9 103,111 4.4 (45,284) 69 Income taxes 34,470 1.6 22,609 1.0 (11,861) 66 ---------- ------- ---------- ------- --------- ----- Net profit 113,925 5.3 80,502 3.4 (33,423) 71 ---------- ------- ---------- ------- --------- ----- Net profit attributable to: Mitsubishi Electric Corp. stockholders 104,836 4.9 74,825 3.2 (30,011) 71 Non-controlling interests 9,089 0.4 5,677 0.2 (3,412) 62 ---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '22 FY '23 B - A 1(st) half 1(st) half (A) (B) (Apr. 1, 2021 (Apr. 1, 2022 - - Sept. 30, Sept. 30, 2022) 2021) --------------- --------------- Net profit 113,925 80,502 (33,423) --------------- --------------- --------- (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 11,650 (2,186) (13,836) ------------------------------------------ --------------- --------------- --------- Share of other comprehensive income of investments accounted for using the equity method 577 20 (557) --------------- --------------- --------- Subtotal 12,227 (2,166) (14,393) --------------- --------------- --------- Items that may be reclassified to net profit Exchange differences on translating foreign operations (9,244) 89,343 98,587 ------------------------------------------ --------------- --------------- --------- Net changes in the fair value of cash flow hedges (57) (155) (98) ------------------------------------------ --------------- --------------- --------- Share of other comprehensive income of investments accounted for using the equity method 4,098 10,981 6,883 --------------- --------------- --------- Subtotal (5,203) 100,169 105,372 --------------- --------------- --------- Total other comprehensive income (loss) 7,024 98,003 90,979 --------------- --------------- --------- Comprehensive income 120,949 178,505 57,556 --------------- --------------- --------- Comprehensive income attributable to: Mitsubishi Electric Corp. stockholders 112,559 165,304 52,745 Non-controlling interests 8,390 13,201 4,811 --------------- --------------- ---------
Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income (Second Quarter, Fiscal 2023)
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '22 Q2 FY '23 Q2 (Jul. 1, 2021 (Jul. 1, 2022 - - Sept. 30, 2021) Sept. 30, 2022) (A) % of (B) % of B - A B/A total total (%) ---------- ------- ----------- ------- -------- Revenue 1,071,935 100.0 1,271,844 100.0 199,909 119 Cost of sales 766,010 71.5 934,382 73.5 168,372 122 Selling, general and administrative expenses 251,051 23.4 291,550 22.9 40,499 116 Other profit (loss) 188 0.0 626 0.1 438 333 ---------- ------- ----------- ------- -------- ----- Operating profit 55,062 5.1 46,538 3.7 (8,524) 85 Financial income 846 0.1 4,032 0.3 3,186 477 Financial expenses 1,534 0.1 900 0.1 (634) 59 Share of profit of investments accounted for using the equity method 4,508 0.4 6,545 0.5 2,037 145 ---------- ------- ----------- ------- -------- ----- Profit before income taxes 58,882 5.5 56,215 4.4 (2,667) 95 Income taxes 12,061 1.1 11,376 0.9 (685) 94 ---------- ------- ----------- ------- -------- ----- Net profit 46,821 4.4 44,839 3.5 (1,982) 96
---------- ------- ----------- ------- -------- ----- Net profit attributable to: Mitsubishi Electric Corp. stockholders 43,001 4.0 41,333 3.2 (1,668) 96 Non-controlling interests 3,820 0.4 3,506 0.3 (314) 92 ---------- ------- ----------- ------- -------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '22 Q2 (A) FY '23 Q2 B - A (B) (Jul. 1, 2021 (Jul. 1, 2022 - - Sept. 30, 2021) Sept. 30, 2022) ----------------- ---------------- Net profit 46,821 44,839 (1,982) ----------------- ---------------- --------- (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 13,522 (339) (13,861) ------------------------------------------ ----------------- ---------------- --------- Share of other comprehensive income of investments accounted for using the equity method 639 (42) (681) ----------------- ---------------- --------- Subtotal 14,161 (381) (14,542) ----------------- ---------------- --------- Items that may be reclassified to net profit Exchange differences on translating foreign operations (8,300) 11,114 19,414 ------------------------------------------ ----------------- ---------------- --------- Net changes in the fair value of cash flow hedges (53) (94) (41) ------------------------------------------ ----------------- ---------------- --------- Share of other comprehensive income of investments accounted for using the equity method 1,620 7,613 5,993 ----------------- ---------------- --------- Subtotal (6,733) 18,633 25,366 ----------------- ---------------- --------- Total other comprehensive income (loss) 7,428 18,252 10,824 ----------------- ---------------- --------- Comprehensive income 54,249 63,091 8,842 ----------------- ---------------- --------- Comprehensive income attributable to: Mitsubishi Electric Corp. stockholders 51,103 58,668 7,565 Non-controlling interests 3,146 4,423 1,277 ----------------- ---------------- ---------
Condensed Quarterly Consolidated Statement of Financial Position
(In millions of yen)
FY '22 (A) FY '23 B - A (ended Mar. 1(st) half 31, 2022) (B) (ended Sept. 30, 2022) --------------------- --------------------- (Assets) Current assets 3,090,296 3,123,287 32,991 Cash and cash equivalents 727,179 631,587 (95,592) Trade receivables 944,405 840,397 (104,008) Contract assets 287,697 323,022 35,325 Inventories 959,660 1,138,040 178,380 Other current assets 171,355 190,241 18,886 Non-current assets 2,017,677 2,081,335 63,658 Investments accounted for using the equity method 221,467 234,745 13,278 Other financial assets 321,056 315,504 (5,552) Property, plant and equipment 855,746 881,090 25,344 Other non-current assets 619,408 649,996 30,588 --------------------- --------------------- ---------- Total assets 5,107,973 5,204,622 96,649 ============================================ ===================== ===================== ========== (Liabilities) Current liabilities 1,646,722 1,619,807 (26,915) Bonds, borrowings and lease liabilities 173,213 167,130 (6,083) Trade payables 601,606 611,434 9,828 Other current liabilities 871,903 841,243 (30,660) Non-current liabilities 363,854 373,709 9,855 Bonds, borrowings and lease liabilities 156,248 162,095 5,847 Net defined benefit liabilities 162,353 165,986 3,633 Other non-current liabilities 45,253 45,628 375 --------------------- --------------------- ---------- Total liabilities 2,010,576 1,993,516 (17,060) --------------------- --------------------- ---------- (Equity) Mitsubishi Electric Corp. stockholders' equity 2,975,941 3,085,257 109,316 Common stock 175,820 175,820 Capital surplus 202,695 202,438 (257) Retained earnings 2,464,966 2,485,597 20,631 Accumulated other comprehensive income (loss) 184,528 274,261 89,733 Treasury stock, at cost (52,068) (52,859) (791) Non-controlling interests 121,456 125,849 4,393 --------------------- --------------------- ---------- Total equity 3,097,397 3,211,106 113,709 --------------------- --------------------- ---------- Total liabilities and equity 5,107,973 5,204,622 96,649 ============================================ ===================== ===================== ========== Bonds, borrowings and lease liabilities 329,461 329,225 (236) Excluding lease liabilities 217,171 218,087 916 Accumulated other comprehensive income (loss): Exchange differences on translating foreign operations 99,293 192,107 92,814 Financial assets measured at fair value through other comprehensive income 85,204 82,314 (2,890) Net changes in the fair value of cash flow hedges 31 (160) (191)
Condensed Quarterly Consolidated Statement of Changes in Equity
FY '22 1st Half (Apr. 1, 2021 - Sept. 30, 2021)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total equity interests equity Common Capital Retained Accumulated Treasury Total stock surplus earnings other stock, comprehensive at cost income (loss) ---------- Balance at beginning of period 175,820 202,777 2,266,490 111,801 (2,595) 2,754,293 116,318 2,870,611 ================== ======== ======== ========== ============== ========= ========== ================ ========== Comprehensive income Net profit 104,836 104,836 9,089 113,925 Other comprehensive income (loss), net of tax 7,723 7,723 (699) 7,024 -------- -------- ---------- -------------- --------- ---------- ---------------- ---------- Comprehensive income 104,836 7,723 112,559 8,390 120,949 -------- -------- ---------- -------------- --------- ---------- ---------------- ---------- Reclassification to retained earnings 215 (215) Dividends (55,816) (55,816) (9,111) (64,927) Purchase of treasury stock (16,490) (16,490) (16,490) Disposal of treasury stock (1,053) 1,053 0 0 Transactions with non-controlling interests and others 235 235 (640) (405) -------- -------- ---------- -------------- --------- ---------- ---------------- ---------- Balance at end of period 175,820 201,959 2,315,725 119,309 (18,032) 2,794,781 114,957 2,909,738 ================== ======== ======== ========== ============== ========= ========== ================ ==========
FY '23 1st Half (Apr. 1, 2022 - Sept. 30, 2022)
(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 175,820 202,695 2,464,966 184,528 (52,068) 2,975,941 121,456 3,097,397 ================== ======== ======== ========== ============== ========= ========== ================ ========== Comprehensive income Net profit 74,825 74,825 5,677 80,502 Other comprehensive income (loss), net of tax 90,479 90,479 7,524 98,003 -------- -------- ---------- -------------- --------- ---------- ---------------- ---------- Comprehensive income 74,825 90,479 165,304 13,201 178,505 -------- -------- ---------- -------------- --------- ---------- ---------------- ---------- Reclassification to retained earnings 746 (746) Dividends (54,940) (54,940) (6,853) (61,793) Purchase of treasury stock (1,575) (1,575) (1,575) Disposal of treasury stock (784) 784 0 0 Transactions with non-controlling interests and others 527 527 (1,955) (1,428) -------- -------- ---------- -------------- --------- ---------- ---------------- ---------- Balance at end of period 175,820 202,438 2,485,597 274,261 (52,859) 3,085,257 125,849 3,211,106 ================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '22 1(st) FY '23 1(st) B - A half half (Apr. 1, (Apr. 1, 2021 - Sept. 2022 - Sept. 30, 2021) 30, 2022) (A) (B) -------------- -------------- I Cash flows from operating activities 1 Net profit 113,925 80,502 (33,423) 2 Adjustments to cash flows from operating activities (1) Depreciation, amortization and other 96,331 100,550 4,219 (2) Decrease in trade receivables 188,462 141,318 (47,144) (3) Decrease (increase) in contract assets (32,207) (33,052) (845) (4) Decrease (increase) in inventories (99,262) (135,628) (36,366) (5) Increase (decrease) in trade payables (26,960) (656) 26,304 (6) Others, net (75,370) (102,264) (26,894) ------ --------------------------------------- -------------- -------------- ---------- Cash flows from operating activities 164,919 50,770 (114,149) II Cash flows from investing activities Purchase of property, plant and 1 equipment (65,419) (71,469) (6,050) Proceeds from sale of property, 2 plant and equipment 1,126 3,284 2,158 Purchase of investment securities 3 and others (net of cash acquired) (9,210) (19,826) (10,616) Proceeds from sale of investment securities and others (net of 4 cash disposed) 3,953 6,747 2,794 5 Others, net (9,842) (8,586) 1,256 ------ --------------------------------------- -------------- -------------- ---------- Cash flows from investing activities (79,392) (89,850) (10,458) I + II Free cash flow 85,527 (39,080) (124,607) III Cash flows from financing activities Proceeds and repayments of bonds 1 and long-term borrowings (20,359) (15,412) 4,947 Increase (decrease) in short-term 2 borrowings, net (3,322) 18,097 21,419 3 Repayments of lease liabilities (27,643) (28,439) (796) 4 Dividends paid (55,816) (54,940) 876 5 Purchase of treasury stock (16,490) (1,575) 14,915 6 Disposal of treasury stock 0 0 (0) 7 Others, net (8,885) (8,777) 108 ------ --------------------------------------- -------------- -------------- ---------- Cash flows from financing activities (132,515) (91,046) 41,469 Effect of exchange rate changes IV on cash and cash equivalents 1,521 34,534 33,013 ------ --------------------------------------- -------------- -------------- ---------- Net increase (decrease) in cash V and cash equivalents (45,467) (95,592) (50,125) ------ --------------------------------------- -------------- -------------- ---------- Cash and cash equivalents at VI beginning of period 767,406 727,179 (40,227) ------ --------------------------------------- -------------- -------------- ---------- Cash and cash equivalents at VII end of period 721,939 631,587 (90,352)
------ --------------------------------------- -------------- -------------- ----------
Consolidated Segment Information (First Half, Fiscal 2023)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY'22 1(st) FY'23 1(st) C - A D - B C/A half half (%) (Apr. 1, 2021 (Apr. 1, 2022 - - Sept. 30, 2021) Sept. 30, 2022) ---------------------- Revenue Operating Revenue Operating (A) profit (C) profit (B) (loss) (D) ---------- ---------- ---------- Infrastructure 409,549 8,727 402,004 (15,382) (7,545) (24,109) 98 ---------- ---------- ---------- ---------- --------- --------- ----- Industry and Mobility 701,899 55,203 794,961 43,954 93,062 (11,249) 113 ---------- ---------- ---------- ---------- --------- --------- ----- Life 846,872 69,777 940,184 34,050 93,312 (35,727) 111 ---------- ---------- ---------- ---------- --------- --------- ----- Business Platform 187,316 9,566 206,860 19,447 19,544 9,881 110 ---------- ---------- ---------- ---------- --------- --------- ----- Others 345,908 9,445 393,034 14,317 47,126 4,872 114 ---------- ---------- ---------- ---------- --------- --------- ----- Subtotal 2,491,544 152,718 2,737,043 96,386 245,499 (56,332) 110 ---------- ---------- ---------- ---------- --------- --------- ----- Eliminations and corporate (353,167) (14,888) (397,476) (15,883) (44,309) (995) ---------- ---------- ---------- ---------- --------- --------- ----- Consolidated total 2,138,377 137,830 2,339,567 80,503 201,190 (57,327) 109 ---------- ---------- ---------- ---------- --------- --------- -----
Notes :
1) Business segments have been changed due to the adoption of the new management structure on April 1, 2022.
Results for FY '22 1(st) half were restated in line with the new segmentation.
2) Inter-segment revenues are included in the above chart.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '22 1(st) half FY '23 1(st) B - A B/A (%) (Apr. 1, 2021 half - (Apr. 1, 2022 Sept. 30, 2021) - Sept. 30, 2022) ----------------------- --------------------- Revenue % of total Revenue % of (A) revenue (B) total revenue ---------- ----------- ---------- --------- Japan 1,083,544 50.7 1,116,691 47.7 33,147 103 ------------------------- ---------- ----------- ---------- --------- -------- -------- North America 227,473 10.7 292,761 12.5 65,288 129 ---------- ----------- ---------- --------- -------- -------- China 293,882 13.7 293,810 12.6 (72) 100 ---------- ----------- ---------- --------- -------- -------- Other than China 245,763 11.5 309,286 13.2 63,523 126 ----------------------- ---------- ----------- ---------- --------- -------- -------- Asia (excluding Japan) 539,645 25.2 603,096 25.8 63,451 112 ------------------------ ---------- ----------- ---------- --------- -------- -------- Europe 255,107 11.9 287,134 12.3 32,027 113 ------------------------ ---------- ----------- ---------- --------- -------- -------- Others 32,608 1.5 39,885 1.7 7,277 122 ------------------------ ---------- ----------- ---------- --------- -------- -------- Total overseas revenue 1,054,833 49.3 1,222,876 52.3 168,043 116 ------------------------- ---------- ----------- ---------- --------- -------- -------- Consolidated total 2,138,377 100.0 2,339,567 100.0 201,190 109 ---------- ----------- ---------- --------- -------- --------
Consolidated Segment Information (Second Quarter, Fiscal 2023)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '22 Q2 FY '23 Q2 C - A D - B C/A (Jul. 1, 2021 (Jul. 1, 2022 (%) - - Sept. 30, 2021) Sept. 30, 2022) ---------------------- Revenue Operating Revenue Operating (A) profit (C) profit (B) (loss) (D) ---------- ---------- ---------- Infrastructure 223,166 3,045 227,799 (12,100) 4,633 (15,145) 102 ---------- ---------- ---------- ---------- --------- --------- ----- Industry and Mobility 340,814 20,518 430,494 21,229 89,680 711 126 ---------- ---------- ---------- ---------- --------- --------- ----- Life 411,716 24,949 501,791 20,318 90,075 (4,631) 122 ---------- ---------- ---------- ---------- --------- --------- ----- Business Platform 99,139 5,715 113,601 12,019 14,462 6,304 115 ---------- ---------- ---------- ---------- --------- --------- ----- Others 185,431 5,586 213,164 10,319 27,733 4,733 115 ---------- ---------- ---------- ---------- --------- --------- ----- Subtotal 1,260,266 59,813 1,486,849 51,785 226,583 (8,028) 118 ---------- ---------- ---------- ---------- --------- --------- ----- Eliminations and corporate (188,331) (4,751) (215,005) (5,247) (26,674) (496) ---------- ---------- ---------- ---------- --------- --------- ----- Consolidated total 1,071,935 55,062 1,271,844 46,538 199,909 (8,524) 119 ---------- ---------- ---------- ---------- --------- --------- -----
Notes :
1) Business segments have been changed due to the adoption of the new management structure on April 1, 2022.
Results for FY '22 Q2 were restated in line with the new segmentation.
2) Inter-segment revenues are included in the above chart.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '22 Q2 FY '23 Q2 B - A B/A (%) (Jul. 1, 2021 (Jul. 1, 2022 - - Sept. 30, 2021) Sept. 30, 2022) ----------------------- --------------------- Revenue % of total Revenue % of (A) revenue (B) total revenue ---------- ----------- ---------- --------- Japan 565,345 52.7 616,150 48.4 50,805 109 -------------------------- ---------- ----------- ---------- --------- -------- -------- North America 110,018 10.3 161,232 12.7 51,214 147 ---------- ----------- ---------- --------- -------- -------- China 138,547 12.9 168,070 13.2 29,523 121 ---------- ----------- ---------- --------- -------- -------- Other than China 124,088 11.6 162,051 12.8 37,963 131 ------------------------ ---------- ----------- ---------- --------- -------- -------- Asia (excluding Japan) 262,635 24.5 330,121 26.0 67,486 126
------------------------- ---------- ----------- ---------- --------- -------- -------- Europe 117,502 11.0 143,414 11.3 25,912 122 ------------------------- ---------- ----------- ---------- --------- -------- -------- Others 16,435 1.5 20,927 1.6 4,492 127 ------------------------- ---------- ----------- ---------- --------- -------- -------- Total overseas revenue 506,590 47.3 655,694 51.6 149,104 129 -------------------------- ---------- ----------- ---------- --------- -------- -------- Consolidated total 1,071,935 100.0 1,271,844 100.0 199,909 119 ---------- ----------- ---------- --------- -------- --------
Notes to the Condensed Consolidated Financial Statements
(Notes regarding the going concern assumption)
Not applicable
Cautionary Statement
While the statements herein, including the forecasts regarding the Mitsubishi Electric Group, are based on assumptions considered to be reasonable under the circumstances on the date of announcement, actual results may differ significantly from forecasts.
The main factors materially affecting the expectations expressed herein include but are not limited to the following:
(1) Changes in worldwide economic and social conditions, as well as regulations, taxation and other legislation
(2) Changes in foreign currency exchange rates
(3) Changes in stock markets
(4) Changes in the fund-raising environment
(5) Changes in the supply and demand of products, as well as the material procurement environment
(6) Establishment of important patents, status of significant licenses and disputes related to key patents
(7) Litigation and other legal proceedings
(8) Issues related to quality and defects in products or services
(9) Laws, regulations and issues related to the global environment, especially responses to climate change
(10) Laws, regulations and issues related to human rights
(11) Radical technological innovation, as well as the development, manufacturing and time-to-market of products using new technology
(12) Business restructuring (13) Information security incidents
(14) Large-scale disasters, including earthquakes, tsunamis, typhoons, volcanic eruptions and fires
(15) Social, economic and political upheaval due to heightened geopolitical risks, war, conflict, terrorism or other factors
(16) Social, economic and political upheaval due to pandemics or other factors
(17) Important matters related to Mitsubishi Electric Corporation's directors and executive officers, major shareholders, affiliated companies and other stakeholders
###
About Mitsubishi Electric Corporation
With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its "Changes for the Better." The company recorded a revenue of 4,476.7 billion yen (U.S.$ 36.7 billion*) in the fiscal year ended March 31, 2022. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of 122=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2022
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IR FEMSLAEESEES
(END) Dow Jones Newswires
October 28, 2022 02:00 ET (06:00 GMT)
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