30 Jul 2020 07:00
FOR IMMEDIATE RELEASE | No. 3366 |
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Investor Relations Inquiries | Media Inquiries |
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Investor Relations Group, Corporate Finance Division | Public Relations Division |
Mitsubishi Electric Corporation | Mitsubishi Electric Corporation |
Cad.Irg@rk.MitsubishiElectric.co.jp | prd.gnews@nk.MitsubishiElectric.co.jp |
| www.MitsubishiElectric.com/news/ |
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Mitsubishi Electric Announces Consolidated Financial Resultsfor the First Quarter of Fiscal 2021
TOKYO, July 30, 2020 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2020, of the current fiscal year ending March 31, 2021 (fiscal 2021).
Consolidated Financial Results
Revenue: | 858.1 | billion yen | (18% decrease from the same period last year) |
Operating profit: | 20.2 | billion yen | (63% decrease from the same period last year) |
Profit before income taxes: | 27.1 | billion yen | (55% decrease from the same period last year) |
Net profit attributable to Mitsubishi Electric Corp. stockholders: | 17.8 | billion yen | (58% decrease from the same period last year) |
The economy in the first quarter, from April through June 2020, of fiscal 2021 generally saw a severe business environment with the serious impact of the novel coronavirus diseases (COVID-19) resulting in a significant slowdown in both corporate sector and household sector in Japan, the U.S. and Europe, while China experienced a gradual recovery mainly owing to an increase in capital expenditures for fixed assets. There were also signs of bottoming out as measures to fully restart economy were taken in various countries and regions recently.
Revenue
Revenue in the first quarter decreased by 192.6 billion yen from the same period of the previous fiscal year to 858.1 billion yen as a result of decreased revenue in all segments. Energy and Electric Systems segment saw a decrease in the building systems business that experienced global stagnation of urban development and construction due to the impact of COVID-19, while the social infrastructure systems business increased with transportations systems and power systems businesses remaining buoyant in Japan. Industrial Automation Systems segment saw a decrease of the automotive equipment business due to a slowdown in demand for new cars globally. Home Appliances segment saw a significant decrease in air conditioners as economic activities were considerably limited outside Japan and capital expenditures were restrained in Japan.
Operating Profit
Operating profit decreased by 34.7 billion yen from the same period of the previous fiscal year to 20.2 billion yen due mainly to decreased operating profit in Industrial Automation Systems, Home Appliances, and Information and Communication Systems segments, while operating profit increased in Energy and Electric Systems and Electronic Devices segments. Operating profit ratio decreased by 2.8% from the same period of the previous fiscal year to 2.4%.
The cost ratio increased by 0.9% from the same period of the previous fiscal year due primarily to lowered operation caused by decreased revenue of Industrial Automation Systems and Home Appliances segments in addition to the yen appreciating against other currencies. Selling, general and administrative expenses decreased by 27.6 billion yen from the same period of the previous fiscal year due mainly to reduced cost, but selling, general and administrative expenses to revenue ratio increased by 2.0%. Other profit (loss) increased by 0.8 billion yen from the same period of the previous fiscal year, while other profit (loss) to revenue ratio improved by 0.1%.
Profit before income taxes
Profit before income taxes decreased by 32.6 billion yen from the same period of the previous fiscal year to 27.1 billion yen due primarily to a decrease in operating profit despite of an improvement in non-operating expenses owing to decreased loss on foreign exchange. Profit before income taxes to revenue ratio was 3.2%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 24.8 billion yen from the same period of the previous fiscal year to 17.8 billion yen due mainly to decreased profit before income taxes. Net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 2.1%.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Revenue: | 265.7 | billion yen | (4% decrease from the same period last year which recorded 275.8 billion yen) |
Operating profit: | 18.6 | billion yen | (9.4 billion yen increase from the same period last year which recorded 9.1 billion yen) |
The market of the social infrastructure systems business saw demand relating to the electricity systems reform and investment in public utilities for preventing and reducing disaster risks remaining buoyant in Japan. In this environment, the business saw an increase in orders from the same period of the previous fiscal year due primarily to increases in the power systems and the public utility systems businesses in Japan. Revenue also increased due mainly to increases in the transportation systems and the power systems businesses in Japan.
The market of the building systems business saw decreased demand in new installations of elevators and escalators due to global stagnation and delay in urban development and construction caused by the impact of COVID-19. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to decreases in Japan and Asia.
As a result, revenue for this segment decreased by 4% from the same period of the previous fiscal year to 265.7 billion yen.
Operating profit increased by 9.4 billion yen from the previous fiscal year to 18.6 billion yen due mainly to a shift in project portfolios and cost improvement.
Industrial Automation Systems
Revenue: | 236.2 | billion yen | (29% decrease from the same period last year which recorded 332.3 billion yen) |
Operating profit (loss): | (3.4 | billion yen) | (24.5 billion yen decline from the same period last year which recorded 21.1 billion yen) |
The market of the factory automation systems business saw decreases in automotive-related demand worldwide and machinery-related demand in Japan due to the impact of COVID-19, while a part of demand relating to 5G communications networks and semiconductor remained buoyant and there was demand relating to increased mask production outside Japan. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year.
The market of the automotive equipment business saw the impact of COVID-19 putting further downward pressure on a slowdown in demand for new cars in all regions except for China. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to a decrease in electrical components despite of an increase in electric-vehicle related equipment such as motors and inverters.
As a result, revenue for this segment decreased by 29% from the same period of the previous fiscal year to 236.2 billion yen due mainly to a slowdown of the automotive equipment business.
Operating profit declined by 24.5 billion yen from the same period of the previous fiscal year to a loss of 3.4 billion yen due primarily to decreased revenue.
Information and Communication Systems
Revenue: | 63.2 | billion yen | (27% decrease from the same period last year which recorded 86.4 billion yen) |
Operating profit (loss): | (0.5 | billion yen) | (1.9 billion yen decline from the same period last year which recorded 1.3 billion yen) |
The market of the information systems and service business saw delays and cancellations of IT investments, particularly in the manufacturing industry due to the impact of COVID-19, while there was increased demand for IT infrastructure development to promote remote working. In this environment, the business saw decreases in both orders and revenue from the same period of the previous fiscal year due mainly to a decrease in the system integrations business.
The electronic systems business saw decreases in both orders and revenue from the same period of the previous fiscal year due primarily to a decrease in large-scale project for the space systems business.
As a result, revenue for this segment decreased by 27% from the same period of the previous fiscal year to 63.2 billion yen.
Operating profit declined by 1.9 billion yen from the same period of the previous fiscal year to a loss of 0.5 billion yen due mainly to decreased revenue.
Electronic Devices
Revenue: | 49.7 | billion yen | (2% decrease from the same period last year which recorded 50.9 billion yen) |
Operating profit: | 3.0 | billion yen | (2.4 billion yen increase from the same period last year which recorded 0.5 billion yen) |
The market of the electronic devices business saw a slowdown in demand for power modules used in automotive applications, while demand for high frequency and optical devices relating to 5G communications networks and next-generation data centers remained buoyant. In this environment, the business saw a decrease in orders from the same period of the previous fiscal year. Revenue also decreased by 2% from the same period of the previous fiscal year to 49.7 billion yen due primarily to decreases in power and TFT-LCD modules used in automotive applications, despite of an increase in high frequency and optical devices, particularly in optical communication devices.
Operating profit increased by 2.4 billion yen from the same period of the previous fiscal year to 3.0 billion yen due mainly to a shift in product mix.
Home Appliances
Revenue: | 237.3 | billion yen | (20% decrease from the same period last year which recorded 296.0 billion yen) |
Operating profit: | 13.5 | billion yen | (17.6 billion yen decrease from the same period last year which recorded 31.1 billion yen) |
The market of the home appliances business saw decreased demand for air conditioners globally due primarily to the impact of COVID-19 causing lockdowns and considerable limitation of economic activities outside Japan and restrained capital expenditure in Japan. Meanwhile, there was some demand for consumer electronics during stay-at-home period. In this environment, the business saw a decrease in revenue by 20% from the same period of the previous fiscal year to 237.3 billion yen due primarily to a decrease in air conditioners worldwide and the yen appreciating against other currencies.
Operating profit decreased by 17.6 billion yen from the same period of the previous fiscal year to 13.5 billion yen due mainly to decreased revenue and the yen appreciating against other currencies.
Others
Revenue: | 125.4 | billion yen | (16% decrease from the same period last year which recorded 149.5 billion yen) |
Operating profit (loss): | (1.3 | billion yen) | (3.5 billion yen decline from the same period last year which recorded 2.1 billion yen) |
Revenue decreased by 16% from the same period of the previous fiscal year to 125.4 billion yen due primarily to decreases in procurements and logistics for the Mitsubishi Electric Group at affiliated companies.
Operating profit declined by 3.5 billion yen from the same period of the previous fiscal year to a loss of 1.3 billion yen due mainly to decreased revenue.
Financial Standing
An analysis on the status of assets, liabilities and equity on a consolidated basis
Total assets as of the end of this fiscal quarter increased from the end of the previous fiscal year by 36.6 billion yen to 4,446.3 billion yen. The change in balance of total assets was mainly attributable to increases in cash and cash equivalents by 192.7 billion yen and inventories by 85.5 billion yen, while trade receivables decreased by 233.1 billion yen primarily as a result of credit collection.
Trade receivables decreased due primarily to credit collection for projects from the previous fiscal year and decreased revenue caused by the impact of COVID-19. Cash and cash equivalents increased owing to borrowings made for the purpose of securing liquidity on hand to be prepared for a deterioration in balance caused by COVID-19.
Total liabilities increased from the end of the previous fiscal year by 45.9 billion yen to 1,916.9 billion yen. Balances of bonds, borrowings and lease liabilities increased by 185.0 billion yen, while trade payables decreased by 94.6 billion yen, and other current liabilities also decreased by 38.9 billion yen. Bonds and borrowings increased by 182.9 billion yen from the end of the previous fiscal year to 449.9 billion yen, with the ratio of bonds and borrowings to total assets recording 10.1%, representing a 4.0 point increase compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity decreased by 10.5 billion yen compared to the end of the previous fiscal year to 2,419.1 billion yen. The stockholders' equity ratio was recorded at 54.4%, representing a 0.7 point decrease compared to the end of the previous fiscal year. These changes referred to above primarily result from a decrease in dividend payment of 55.8 billion yen, despite of increases from recording a net profit attributable to Mitsubishi Electric Corporation stockholders of 17.8 billion yen and accumulated other comprehensive income by 27.5 billion yen mainly reflecting the yen depreciating against other currencies and a rise in stock prices.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for this quarter was 133.5 billion yen (cash in), while cash flows from investing activities was 55.2 billion yen (cash out). As a result, free cash flow was 78.3 billion yen (cash in). Cash flows from financing activities was 112.3 billion yen (cash in), and cash and cash equivalents at end of period increased from the end of the previous fiscal year by 192.7 billion yen to 730.3 billion yen.
Net cash provided by operating activities increased by 7.0 billion yen from the same period of the previous fiscal year due primarily to progress in credit collection for projects from the previous fiscal year and reduced use of materials and cost to deal with decreased revenue for this quarter, despite of decreased profit.
Net cash used in investing activities increased by 4.2 billion yen from the same period of the previous fiscal year due mainly to an increase in purchase of property, plant and equipment.
Net cash provided in financing activities increased by 194.3 billion yen from the same period of the previous fiscal year due primarily to an increase in short-term borrowings.
Forecast for Fiscal 2021
The consolidated earnings forecast for fiscal 2021, ending March 31, 2021, is unchanged from the previous forecast* as stated below.
The previous forecast reflected the sluggish markets in various countries and regions and following recovery process, and was based on the assumption that COVID-19 would have a significant impact on revenue and operating profit until the second quarter. The assumption remains unchanged in the forecast.
The forecast may be modified depending on the global and local situation of the containment of COVID-19.
Consolidated forecast for fiscal 2021
Revenue | 4,100.0 | billion yen | (8% decrease from fiscal 2020) |
Operating profit | 120.0 | billion yen | (54% decrease from fiscal 2020) |
Profit before income taxes | 145.0 | billion yen | (49% decrease from fiscal 2020) |
Net profit attributable to Mitsubishi Electric Corp. stockholders | 100.0 | billion yen | (55% decrease from fiscal 2020) |
* See Consolidated Financial Results for Fiscal 2020 dated May 11, 2020 and Additional Disclosure Regarding Consolidated Financial Results for Fiscal 2020 dated June 1, 2020.
Note: The results forecast above is based on assumptions deemed reasonable by the company at the present time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement at the end. |
Consolidated Financial Results Summary
(In billions of yen except where noted)
| FY '20 Q1 (A) (Apr. 1, 2019 - Jun. 30, 2019) | FY '21 Q1 (B) (Apr. 1, 2020 - Jun. 30, 2020) |
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B - A | B/A (%) | |||
Revenue | 1,050.7 | 858.1 | (192.6) | 82 |
Operating profit | 54.9 | 20.2 | (34.7) | 37 |
Profit before income taxes | 59.7 | 27.1 | (32.6) | 45 |
Net profit attributable to Mitsubishi Electric Corp.stockholders | 42.7 | 17.8 | (24.8) | 42 |
Basic earnings per share attributable to Mitsubishi Electric Corp. stockholders | 19.94 yen | 8.34 yen | (11.60 yen) | 42 |
Notes:
1) Consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).
2) The company has 204 consolidated subsidiaries.
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss andCondensed Quarterly Consolidated Statement of Comprehensive Income
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
| FY '20 Q1 (Apr. 1, 2019 - Jun. 30, 2019) | FY '21 Q1 (Apr. 1, 2020 - Jun. 30, 2020) |
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(A) | % of total | (B) | % of total | B - A | B/A (%) | |
Revenue | 1,050,764 | 100.0 | 858,151 | 100.0 | (192,613) | 82 |
Cost of sales | 749,869 | 71.4 | 620,418 | 72.3 | (129,451) | 83 |
Selling, general andadministrative expenses | 246,896 | 23.5 | 219,245 | 25.5 | (27,651) | 89 |
Other profit (loss) | 912 | 0.1 | 1,712 | 0.2 | 800 | 188 |
Operating profit | 54,911 | 5.2 | 20,200 | 2.4 | (34,711) | 37 |
Financial income | 4,299 | 0.4 | 4,816 | 0.6 | 517 | 112 |
Financial expenses | 2,760 | 0.2 | 720 | 0.1 | (2,040) | 26 |
Share of profit of investments accounted for using the equity method | 3,295 | 0.3 | 2,813 | 0.3 | (482) | 85 |
Profit before income taxes | 59,745 | 5.7 | 27,109 | 3.2 | (32,636) | 45 |
Income taxes | 12,935 | 1.2 | 7,377 | 0.9 | (5,558) | 57 |
Net profit | 46,810 | 4.5 | 19,732 | 2.3 | (27,078) | 42 |
Net profit attributable to: |
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Mitsubishi Electric Corp.stockholders | 42,777 | 4.1 | 17,885 | 2.1 | (24,892) | 42 |
Non-controlling interests | 4,033 | 0.4 | 1,847 | 0.2 | (2,186) | 46 |
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
| FY '20 Q1 (A) (Apr. 1, 2019 - Jun. 30, 2019) | FY '21 Q1 (B) (Apr. 1, 2020 - Jun. 30, 2020) | B - A |
Net profit | 46,810 | 19,732 | (27,078) |
(Other comprehensive income (loss),net of tax) |
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Items that will not be reclassified tonet profit |
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Changes in fair value of financial assets measured at fair value through other comprehensive income | (3,973) | 17,322 | 21,295 |
Share of other comprehensive income of investments accounted for using the equity method | (65) | (162) | (97) |
Subtotal | (4,038) | 17,160 | 21,198 |
Items that may be reclassified to net profit |
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Exchange differences on translating foreign operations | (18,979) | 11,659 | 30,638 |
Net changes in the fair value of cash flow hedges | (39) | 50 | 89 |
Share of other comprehensive income of investments accounted for using the equity method | 434 | (272) | (706) |
Subtotal | (18,584) | 11,437 | 30,021 |
Total other comprehensive income (loss) | (22,622) | 28,597 | 51,219 |
Comprehensive income | 24,188 | 48,329 | 24,141 |
Comprehensive income attributable to: |
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Mitsubishi Electric Corp. stockholders | 22,219 | 45,464 | 23,245 |
Non-controlling interests | 1,969 | 2,865 | 896 |
Condensed Quarterly Consolidated Statement of Financial Position
(In millions of yen)
| FY '20 (A) (ended Mar. 31, 2020) | FY ' 21 Q1 (B) (ended Jun. 30, 2020) | B - A |
(Assets) |
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Current assets | 2,628,033 | 2,657,007 | 28,974 |
Cash and cash equivalents | 537,559 | 730,352 | 192,793 |
Trade receivables | 900,430 | 667,283 | (233,147) |
Contract assets | 343,637 | 294,677 | (48,960) |
Inventories | 693,890 | 779,429 | 85,539 |
Other current assets | 152,517 | 185,266 | 32,749 |
Non-current assets | 1,781,738 | 1,789,380 | 7,642 |
Investments accounted for using the equity method | 196,237 | 189,266 | (6,971) |
Other financial assets | 262,367 | 290,542 | 28,175 |
Property, plant and equipment | 854,382 | 859,854 | 5,472 |
Other non-current assets | 468,752 | 449,718 | (19,034) |
Total assets | 4,409,771 | 4,446,387 | 36,616 |
(Liabilities) |
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Current liabilities | 1,402,665 | 1,473,328 | 70,663 |
Bonds, borrowings and lease liabilities | 133,369 | 337,545 | 204,176 |
Trade payables | 527,307 | 432,706 | (94,601) |
Other current liabilities | 741,989 | 703,077 | (38,912) |
Non-current liabilities | 468,247 | 443,577 | (24,670) |
Bonds, borrowings and lease liabilities | 243,634 | 224,508 | (19,126) |
Net defined benefit liabilities | 163,240 | 170,513 | 7,273 |
Other non-current liabilities | 61,373 | 48,556 | (12,817) |
Total liabilities | 1,870,912 | 1,916,905 | 45,993 |
(Equity) |
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Mitsubishi Electric Corp. stockholders' equity | 2,429,743 | 2,419,155 | (10,588) |
Common stock | 175,820 | 175,820 | － |
Capital surplus | 202,832 | 202,266 | (566) |
Retained earnings | 2,071,817 | 2,033,885 | (37,932) |
Accumulated other comprehensive income (loss) | (17,802) | 9,778 | 27,580 |
Treasury stock, at cost | (2,924) | (2,594) | 330 |
Non-controlling interests | 109,116 | 110,327 | 1,211 |
Total equity | 2,538,859 | 2,529,482 | (9,377) |
Total liabilities and equity | 4,409,771 | 4,446,387 | 36,616 |
Bonds, borrowings and lease liabilities | 377,003 | 562,053 | 185,050 |
Excluding lease liabilities | 267,008 | 449,996 | 182,988 |
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Accumulated other comprehensive income (loss): |
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Exchange differences on translating foreign operations | (39,519) | (29,160) | 10,359 |
Financial assets measured at fair value through other comprehensive income | 21,754 | 38,879 | 17,125 |
Net changes in the fair value of cash flow hedges | (37) | 59 | 96 |
Condensed Quarterly Consolidated Statement of Changes in Equity
FY '20 Q1 (Apr. 1, 2019 - Jun. 30, 2019)
(In millions of yen)
| Mitsubishi Electric Corp. stockholders' equity | Non-controlling interests | Total equity | |||||
| Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock, 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 |
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| (1,521) |
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| (1,521) | (7) | (1,528) |
Adjusted balance at beginning of period | 175,820 | 202,834 | 1,958,945 | 63,809 | (2,983) | 2,398,425 | 111,202 | 2,509,627 |
Comprehensive income |
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Net profit |
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| 42,777 |
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| 42,777 | 4,033 | 46,810 |
Other comprehensive income (loss), net of tax |
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| (20,558) |
| (20,558) | (2,064) | (22,622) |
Comprehensive income | － | － | 42,777 | (20,558) | － | 22,219 | 1,969 | 24,188 |
Reclassification to retained earnings |
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| (5) | 5 |
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Dividends |
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| (55,816) |
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| (55,816) | (1,642) | (57,458) |
Purchase of treasury stock |
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| (784) | (784) |
| (784) |
Disposal of treasury stock |
| (844) |
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| 844 | 0 |
| 0 |
Transactions with non-controlling interests and others |
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| － | (818) | (818) |
Balance at end of period | 175,820 | 201,990 | 1,945,901 | 43,256 | (2,923) | 2,364,044 | 110,711 | 2,474,755 |
FY '21 Q1 (Apr. 1, 2020 - Jun. 30, 2020)
(In millions of yen)
| Mitsubishi Electric Corp. stockholders' equity | Non-controlling interests | Total equity | |||||
| Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock, at cost | Total | ||
Balance at beginning of period | 175,820 | 202,832 | 2,071,817 | (17,802) | (2,924) | 2,429,743 | 109,116 | 2,538,859 |
Comprehensive income |
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Net profit |
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| 17,885 |
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| 17,885 | 1,847 | 19,732 |
Other comprehensive income (loss), net of tax |
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| 27,579 |
| 27,579 | 1,018 | 28,597 |
Comprehensive income | － | － | 17,885 | 27,579 | － | 45,464 | 2,865 | 48,329 |
Reclassification to retained earnings |
|
| (1) | 1 |
| － |
| － |
Dividends |
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| (55,816) |
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| (55,816) | (1,519) | (57,335) |
Purchase of treasury stock |
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| (366) | (366) |
| (366) |
Disposal of treasury stock |
| (696) |
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| 696 | 0 |
| 0 |
Transactions with non-controlling interests and others |
| 130 |
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| 130 | (135) | (5) |
Balance at end of period | 175,820 | 202,266 | 2,033,885 | 9,778 | (2,594) | 2,419,155 | 110,327 | 2,529,482 |
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
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| FY '20 Q1 (Apr. 1, 2019 - Jun. 30, 2019) (A) | FY '21 Q1 (Apr. 1, 2020 - Jun. 30, 2020) (B) | B - A |
I | Cash flows from operating activities |
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1 | Net profit | 46,810 | 19,732 | (27,078) |
2 | Adjustments to cash flows from operating activities |
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| (1) Depreciation, amortization and other | 46,780 | 49,595 | 2,815 |
| (2) Decrease in trade receivables | 192,732 | 234,299 | 41,567 |
| (3) Decrease (increase) in contract assets | (16,693) | 48,774 | 65,467 |
| (4) Decrease (increase) in inventories | (36,211) | (83,465) | (47,254) |
| (5) Increase (decrease) in trade payables | (54,838) | (95,155) | (40,317) |
| (6) Others, net | (52,131) | (40,239) | 11,892 |
| Cash flows from operating activities | 126,449 | 133,541 | 7,092 |
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II | Cash flows from investing activities |
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1 | Purchase of property, plant and equipment | (43,096) | (50,655) | (7,559) |
2 | Proceeds from sale of property, plant and equipment | 714 | 1,976 | 1,262 |
3 | Purchase of investment securities | (6,401) | (4,130) | 2,271 |
4 | Proceeds from sale of investment securities (net of cash disposed) | 3,646 | 1,251 | (2,395) |
5 | Others, net | (5,864) | (3,681) | 2,183 |
| Cash flows from investing activities | (51,001) | (55,239) | (4,238) |
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I + II | Free cash flow | 75,448 | 78,302 | 2,854 |
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III | Cash flows from financing activities |
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1 | Proceeds and repayments of bonds and long-term borrowings | (30,495) | (144) | 30,351 |
2 | Increase in short-term borrowings, net | 18,798 | 183,170 | 164,372 |
3 | Repayments of lease liabilities | (12,753) | (12,737) | 16 |
4 | Dividends paid | (55,816) | (55,816) | 0 |
5 | Purchase of treasury stock | (784) | (366) | 418 |
6 | Disposal of treasury stock | 0 | 0 | (0) |
7 | Others, net | (982) | (1,744) | (762) |
| Cash flows from financing activities | (82,032) | 112,363 | 194,395 |
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IV | Effect of exchange rate changes on cash and cash equivalents | (6,996) | 2,128 | 9,124 |
V | Net increase (decrease) in cash and cash equivalents | (13,580) | 192,793 | 206,373 |
VI | Cash and cash equivalents at beginning of period | 514,224 | 537,559 | 23,335 |
VII | Cash and cash equivalents at end of period | 500,644 | 730,352 | 229,708 |
Consolidated Segment Information
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment | FY '20 Q1 (Apr. 1, 2019 - Jun. 30, 2019) | FY '21 Q1 (Apr. 1, 2020 - Jun. 30, 2020) | C - A | D - B | C/A (%) | ||
Revenue (A) | Operating profit(B) | Revenue(C) | Operating profit (loss) (D) | ||||
Energy and Electric Systems | 275,833 | 9,196 | 265,755 | 18,646 | (10,078) | 9,450 | 96 |
Industrial Automation Systems | 332,314 | 21,182 | 236,231 | (3,414) | (96,083) | (24,596) | 71 |
Information and Communication Systems | 86,409 | 1,366 | 63,285 | (563) | (23,124) | (1,929) | 73 |
Electronic Devices | 50,954 | 597 | 49,711 | 3,090 | (1,243) | 2,493 | 98 |
Home Appliances | 296,004 | 31,188 | 237,398 | 13,552 | (58,606) | (17,636) | 80 |
Others | 149,523 | 2,151 | 125,424 | (1,353) | (24,099) | (3,504) | 84 |
Subtotal | 1,191,037 | 65,680 | 977,804 | 29,958 | (213,233) | (35,722) | 82 |
Eliminations and corporate | (140,273) | (10,769) | (119,653) | (9,758) | 20,620 | 1,011 | － |
Consolidated total | 1,050,764 | 54,911 | 858,151 | 20,200 | (192,613) | (34,711) | 82 |
*Notes: Inter-segment revenue are included in the above chart.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers | FY '20 Q1 (Apr. 1, 2019 - Jun. 30, 2019) | FY '21 Q1 (Apr. 1, 2020 - Jun. 30, 2020) | B - A | B/A (%) | |||||
Revenue (A) | % of total revenue | Revenue (B) | % of total revenue | ||||||
| Japan | 562,457 | 53.5 | 479,682 | 55.9 | (82,775) | 85 | ||
|
| North America | 118,000 | 11.2 | 74,354 | 8.7 | (43,646) | 63 | |
|
| Asia (excluding Japan) | 230,812 | 22.0 | 206,138 | 24.0 | (24,674) | 89 | |
|
|
| China | 108,958 | 10.4 | 116,243 | 13.5 | 7,285 | 107 |
|
| Europe | 125,266 | 11.9 | 85,587 | 10.0 | (39,679) | 68 | |
|
| Others | 14,229 | 1.4 | 12,390 | 1.4 | (1,839) | 87 | |
| Total overseas revenue | 488,307 | 46.5 | 378,469 | 44.1 | (109,838) | 78 | ||
Consolidated total | 1,050,764 | 100.0 | 858,151 | 100.0 | (192,613) | 82 | |||
Notes to the Condensed Consolidated Financial Statements
(Notes regarding the going concern assumption)
Not applicable
(Notes if there is any significant change in Mitsubishi Electric Corp. stockholders' equity)
Not applicable
Cautionary Statement
While the statements herein including the forecast of the Mitsubishi Electric Group are based on assumptions the Group considers to be reasonable under the circumstances on the date of announcement, actual results may differ significantly from forecasts.
Such factors materially affecting the expectations expressed herein shall include but are not limited to the following:
(1) Any change in worldwide economic and social conditions, as well as laws, regulations, taxation and other legislation
(2) Changes in foreign currency exchange rates, especially JPY/U.S. dollar rates
(3) Changes in stock markets, especially in Japan
(4) Changes in balance of supply and demand of products that may affect prices and volume, as well as material procurement conditions
(5) Changes in the ability to fund raising, especially in Japan
(6) Uncertainties relating to patents, licenses and other intellectual property, including disputes involving patent infringement
(7) New environmental regulations or the arising of environmental issues
(8) Defects in products or services
(9) Litigation and legal proceedings brought and contemplated against the Company or its subsidiaries and affiliates that may adversely affect operations or finances
(10) Technological change, the development of products using new technology, manufacturing and time-to-market
(11) Business restructuring
(12) Incidents related to information security
(13) Large-scale disasters including earthquakes, typhoons, tsunami, fires and others
(14) Social or political upheaval caused by terrorism, war, pandemics, or other factors
(15) Important matters related to the directors and executive officers, major shareholders and affiliated companies of Mitsubishi Electric Corporation
###
About Mitsubishi Electric Corporation
With nearly 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its corporate statement, "Changes for the Better," and environmental statement, "Eco Changes." The company recorded a revenue of 4,462.5 billion yen (U.S.$ 40.9 billion*) in the fiscal year ended March 31, 2020. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of \109=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2020
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