TIDMMEL
RNS Number : 0523U
Mitsubishi Electric Corporation
28 July 2022
FOR IMMEDIATE RELEASE No. 3539
Investor Relations Inquiries Media Inquiries
Investor Relations Group, Corporate Public Relations Division
Finance Division
Mitsubishi Electric Corporation Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/
Mitsubishi Electric Announces Consolidated Financial Results
for the First Quarter of Fiscal 2023
TOKYO, July 28, 2022 - Mitsubishi Electric Corporation (TOKYO:
6503) announced today its consolidated financial results for the
first quarter, ended June 30, 2022, of the current fiscal year
ending March 31, 2023 (fiscal 2023).
Consolidated Financial Results
Revenue: 1,067.7 billion (Substantially unchanged
yen year-on-year)
Operating profit: 33.9 billion (59% decrease year-on-year)
yen
Profit before income taxes: 46.8 billion (48% decrease year-on-year)
yen
Net profit attributable
to
Mitsubishi Electric Corp. billion
stockholders: 33.4 yen (46% decrease year-on-year)
The economy in the first quarter, from April through June 2022,
of fiscal 2023 generally continued to see recovery in the corporate
and household sectors in the U.S., while there was downward
pressure on the corporate and household sectors due to the impact
of lockdown caused by the expansion of COVID-19 in China. In Japan
and Europe, the pace of recovery slowed down due primarily to a
decrease in production. There was also the impact of the rise in a
part of material prices and high logistics costs as well as the
prolonged components shortage.
Revenue
Revenue increased by 1.2 billion yen year-on-year to 1,067.7
billion yen owing primarily to the weaker yen, despite a decrease
due mainly to the impact of Shanghai's lockdown. The Infrastructure
segment saw decreases in revenue in all of its businesses: the
public utility systems, the energy systems, and the defense &
space systems. The Life segment saw an increase in the building
systems business and a decrease in the air conditioning systems
& home products business. The Industry and Mobility segment saw
an increase in the automotive equipment business and a decrease in
the factory automation systems business. The Business Platform
segment saw increases in both of its businesses: the information
systems & network service and the semiconductor &
device.
Operating profit
Operating profit decreased by 48.8 billion yen year-on-year to
33.9 billion yen due mainly to decreases in the Life segment, the
Industry and Mobility segment and the Infrastructure segment,
despite an increase in the Business Platform segment. Operating
profit ratio decreased by 4.6 points year-on-year to 3.2% due
mainly to deteriorated cost ratio.
The cost ratio deteriorated by 2.5 points year-on-year despite
the weaker yen, primarily as there was the impact of the rise in
material prices and a deterioration in the Life segment, whose
production level was lower due to the electronic components
shortage. Selling, general and administrative expenses increased by
21.5 billion yen year-on-year, and the selling, general and
administrative expenses to revenue ratio deteriorated by 2.0 points
year-on-year. Other profit (loss) decreased by 0.3 billion yen
year-on-year and the other profit (loss) to revenue ratio
deteriorated by 0.1 points year-on-year.
Profit before income taxes
Profit before income taxes decreased by 42.6 billion yen
year-on-year to 46.8 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 28.3 billion yen year-on-year to 33.4
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 3.1%.
Consolidated Financial Results by Business Segment
Infrastructure
Revenue: 174.2 billion (7% decrease year-on-year; recorded
yen 186.3 billion yen)
Operating profit (3.2 billion (8.9 billion yen decline year-on-year;
(loss): yen) recorded 5.6 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
recovery in capital expenditures of power companies in Japan as
well as 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 generation business outside Japan and the power
distribution business 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 an increase in
orders year-on-year due primarily to an increase in large-scale
projects for the space systems business, while revenue decreased
year-on-year due mainly to a decrease in large-scale projects for
the defense systems business.
As a result, revenue for this segment decreased by 7%
year-on-year to 174.2 billion yen.
Operating profit declined by 8.9 billion yen year-on-year to a
loss of 3.2 billion yen due primarily to a decrease in revenue and
a shift in project portfolios.
Industry and Mobility
Revenue: 364.4 billion (1% increase year-on-year; recorded
yen 361.0 billion yen)
Operating profit: 22.7 billion (11.9 billion yen decrease year-on-year;
yen recorded 34.6 billion yen)
The market for the factory automation systems business saw a
global increase primarily in demand 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 increased year-on-year, while revenue decreased
year-on-year due primarily to a decrease in revenue in China owing
mainly to Shanghai's lockdown.
The market for the automotive equipment business saw a decrease
in sales of new cars except some regions due primarily to the
semiconductor shortage, although there was 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.
As a result, revenue for this segment increased by 1%
year-on-year to 364.4 billion yen.
Operating profit decreased by 11.9 billion yen year-on-year to
22.7 billion yen due mainly to the rise in material prices and
logistics costs, despite the weaker yen.
Life
Revenue: 438.3 billion (1% increase year-on-year; recorded
yen 435.1 billion yen)
Operating profit: 13.7 billion (31.0 billion yen decrease year-on-year;
yen recorded 44.8 billion yen)
The market for the building systems business saw the signs of
recovery from the sluggish market stemming from COVID-19. In this
environment, orders won by the business decreased year-on-year due
mainly to a decrease in China, while revenue increased year-on-year
due mainly to the weaker yen and an increase in Japan and Asia.
The market for the air conditioning systems & home products
business saw the impact of Shanghai's lockdown and the electronic
components shortage. In this environment, the revenue for the
business decreased year-on-year due mainly to a decrease in
residential and industrial air conditioners in Japan, China and
North America.
As a result, revenue for this segment increased by 1%
year-on-year to 438.3 billion yen.
Operating profit decreased by 31.0 billion yen year-on-year to
13.7 billion yen due primarily to the rise in material prices and
logistics costs as well as the lower production level, despite the
weaker yen.
Business Platform
Revenue: 93.2 billion (6% increase year-on-year; recorded
yen 88.1 billion yen)
Operating profit: 7.4 billion (3.5 billion yen increase year-on-year;
yen recorded 3.8 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. 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 & devices business saw a
decrease in power modules used in automotive applications, although
optical communication devices remained robust in line with
increasing demand for communication. 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 as well as an increase
in high frequency and optical devices, particularly in optical
communication devices.
As a result, revenue for this segment increased by 6%
year-on-year to 93.2 billion yen.
Operating profit increased by 3.5 billion yen year-on-year to
7.4 billion yen due mainly to an increase in revenue.
Others
Revenue: 179.8 billion (12% increase year-on-year; recorded
yen 160.4 billion yen)
Operating profit: 3.9 billion (0.1 billion yen increase year-on-year;
yen recorded 3.8 billion yen)
Revenue increased by 12% year-on-year to 179.8 billion yen due
primarily to increases in materials procurement and logistics.
Operating profit increased by 0.1 billion yen year-on-year to
3.9 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
11.4 billion yen compared to the end of the previous fiscal year to
5,119.4 billion yen. The change in balance of total assets was
mainly attributable to increases in inventories by 136.6 billion
yen and other current assets by 46.2 billion yen, despite a
decrease in trade receivables by 165.0 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 semiconductors and other electronic
components shortage. Trade receivables decreased due mainly to
credit collection for projects from the previous fiscal year.
Total liabilities decreased by 44.4 billion yen compared to the
end of the previous fiscal year to 1,966.1 billion yen due
primarily to decreases in trade payables of 24.8 billion yen and
other current liabilities of 27.9 billion yen. Bonds and borrowings
increased by 2.6 billion yen compared to the end of the previous
fiscal year to 219.8 billion yen, with the ratio of bonds and
borrowings to total assets recording 4.3%, unchanged compared to
the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity increased
by 51.3 billion yen compared to the end of the previous fiscal year
to 3,027.2 billion yen due mainly to net profit attributable to
Mitsubishi Electric Corporation stockholders of 33.4 billion yen
and an increase in accumulated other comprehensive income of 72.2
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 59.1%, representing a 0.8 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 this quarter were 54.6
billion yen (cash in), while cash flows from investing activities
were 54.4 billion yen (cash out). As a result, free cash flow was
0.2 billion yen (cash in). Cash flows from financing activities
were 68.8 billion yen (cash out), and cash and cash equivalents at
the end of the period decreased by 40.0 billion yen compared to the
end of the previous fiscal year to 687.1 billion yen.
Net cash provided by operating activities decreased by 67.0
billion yen year-on-year due primarily to a decrease in profit and
an increase in inventories.
Net cash used in investing activities increased by 22.5 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 24.6 billion
yen year-on-year due primarily to the impact of the expenditure for
repayme nts of bonds in the same period of the previous fiscal
year.
Forecast for Fiscal 2023
The consolidated earnings forecast for fiscal 2023, ending March
31, 2023, is unchanged from the previous forecast announced on
April 28, 2022 as stated below.
Based on a certain premise , Mitsubishi Electric has taken into
consideration the impact of improper testing, including costs for
additional inspections and strengthening the quality control
system. Depending on the progress of future discussions with
customers and investigations, the Group may incur losses exceeding
this premise or relating to the discovery of any other improper
quality control practice. If any potential impact comes to light,
it will be disclosed promptly. For more information regarding
improper testing, please see "Relevant documents" of "Restoring
trust: Our roadmap for reform."
https://reform.MitsubishiElectric.com/relevant-documents/
Consolidated forecast for fiscal 2023
Revenue: billion
4,770.0 yen (7% increase year-on-year)
Operating profit: billion
270.0 yen (7 % increase year-on-year)
Profit before income taxes: billion
295.0 yen (5% increase year-on-year)
Net profit attributable
to
Mitsubishi Electric Corp. billion (6% increase year-on-year
stockholders: 215.0 yen )
Exchange rates in and after the second quarter of fiscal 2023
are120 yen to the U.S. dollar, which is 5 yen weaker than the
previous announcement; 130 yen to the euro, which is 5 yen weaker
than the company's previous announcement; and 18.0 yen to the
Chinese yuan, which is unchanged from 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
(In billions of yen except where noted)
FY '22 Q1 FY '23 Q1 B - A B/A (%)
(A) (B)
(Apr. 1, 2021 (Apr. 1,
- 2022 -
Jun. 30, 2021) Jun. 30,
2022)
---------------- ------------ --------- --------
Revenue 1,066.4 1,067.7 1.2 100
---------------- ------------ --------- --------
Operating profit 82.7 33.9 (48.8) 41
---------------- ------------ --------- --------
Profit before income
taxes 89.5 46.8 (42.6) 52
---------------- ------------ --------- --------
Net profit attributable
to
Mitsubishi Electric
Corp.
stockholders 61.8 33.4 (28.3) 54
---------------- ------------ --------- --------
Basic earnings per
share attributable
to Mitsubishi Electric (12.(96)
Corp. stockholders 28.(82) yen 15.(86) yen yen) 55
---------------- ------------ --------- --------
Notes :
1) Consolidated financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS).
2) The company has 209 consolidated subsidiaries.
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss
and
Condensed Quarterly Consolidated Statement of Comprehensive
Income
(Condensed Quarterly Consolidated Statement of Profit or
Loss)
(In millions of yen)
FY '22 Q1 FY '23 Q1
(Apr. 1, 2021 (Apr. 1, 2022
- -
Jun. 30, 2021) Jun. 30, 2022)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Revenue 1,066,442 100.0 1,067,723 100.0 1,281 100
Cost of sales 748,309 70.2 776,473 72.7 28,164 104
Selling, general and
administrative expenses 237,836 22.3 259,358 24.3 21,522 109
Other profit (loss) 2,471 0.3 2,073 0.2 (398) 84
Operating profit 82,768 7.8 33,965 3.2 (48,803) 41
Financial income 3,789 0.3 8,497 0.8 4,708 224
Financial expenses 1,138 0.1 727 0.1 (411) 64
Share of profit of investments
accounted for using the
equity method 4,094 0.4 5,161 0.5 1,067 126
---------------------------------- ---------- ------- ---------- ------- --------- -----
Profit before income
taxes 89,513 8.4 46,896 4.4 (42,617) 52
Income taxes 22,409 2.1 11,233 1.1 (11,176) 50
---------- ------- ---------- ------- --------- -----
Net profit 67,104 6.3 35,663 3.3 (31,441) 53
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric Corp.
stockholders 61,835 5.8 33,492 3.1 (28,343) 54
Non-controlling interests 5,269 0.5 2,171 0.2 (3,098) 41
---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive
Income)
(In millions of yen)
FY '22 Q1 (A) FY '23 Q1 B - A
(B)
(Apr. 1, 2021 (Apr. 1, 2022
- -
Jun. 30, 2021) Jun. 30, 2022)
---------------- -----------------
Net profit 67,104 35,663 (31,441)
---------------- ----------------- ---------
(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 (1,872) (1,847) 25
------------------------------------------ ---------------- ----------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (62) 62 124
---------------- ----------------- ---------
Subtotal (1,934) (1,785) 149
---------------- ----------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (944) 78,229 79,173
------------------------------------------ ---------------- ----------------- ---------
Net changes in the fair value
of cash flow hedges (4) (61) (57)
------------------------------------------ ---------------- ----------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 2,478 3,368 890
---------------- ----------------- ---------
Subtotal 1,530 81,536 80,006
---------------- ----------------- ---------
Total other comprehensive
income (loss) (404) 79,751 80,155
---------------- ----------------- ---------
Comprehensive income 66,700 115,414 48,714
---------------- ----------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 61,456 106,636 45,180
Non-controlling interests 5,244 8,778 3,534
---------------- ----------------- ---------
Condensed Quarterly Consolidated Statement of Financial
Position
(In millions of yen)
FY '22 (A) FY ' 23 B - A
Q1 (B)
(ended Mar. (ended Jun.
31, 2022) 30, 2022)
--------------------- ---------------------
(Assets)
Current assets 3,090,296 3,073,870 (16,426)
Cash and cash equivalents 727,179 687,153 (40,026)
Trade receivables 944,405 779,330 (165,075)
Contract assets 287,697 293,448 5,751
Inventories 959,660 1,096,346 136,686
Other current assets 171,355 217,593 46,238
Non-current assets 2,017,677 2,045,594 27,917
Investments accounted for using
the equity method 221,467 222,027 560
Other financial assets 321,056 316,797 (4,259)
Property, plant and equipment 855,746 873,040 17,294
Other non-current assets 619,408 633,730 14,322
--------------------- --------------------- ----------
Total assets 5,107,973 5,119,464 11,491
============================================ ===================== ===================== ==========
(Liabilities)
Current liabilities 1,646,722 1,597,683 (49,039)
Bonds, borrowings and lease liabilities 173,213 176,958 3,745
Trade payables 601,606 576,724 (24,882)
Other current liabilities 871,903 844,001 (27,902)
Non-current liabilities 363,854 368,443 4,589
Bonds, borrowings and lease liabilities 156,248 158,994 2,746
Net defined benefit liabilities 162,353 164,381 2,028
Other non-current liabilities 45,253 45,068 (185)
--------------------- --------------------- ----------
Total liabilities 2,010,576 1,966,126 (44,450)
--------------------- --------------------- ----------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,975,941 3,027,280 51,339
Common stock 175,820 175,820
Capital surplus 202,695 201,554 (1,141)
Retained earnings 2,464,966 2,444,399 (20,567)
Accumulated other comprehensive
income (loss) 184,528 256,791 72,263
Treasury stock, at cost (52,068) (51,284) 784
Non-controlling interests 121,456 126,058 4,602
--------------------- --------------------- ----------
Total equity 3,097,397 3,153,338 55,941
--------------------- --------------------- ----------
Total liabilities and equity 5,107,973 5,119,464 11,491
============================================ ===================== ===================== ==========
Bonds, borrowings and lease liabilities 329,461 335,952 6,491
Excluding lease liabilities 217,171 219,813 2,642
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations 99,293 174,264 74,971
Financial assets measured at fair
value through other comprehensive
income 85,204 82,551 (2,653)
Net changes in the fair value of
cash flow hedges 31 (24) (55)
Condensed Quarterly Consolidated Statement of Changes in
Equity
FY '22 Q1 (Apr. 1, 2021 - Jun. 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 61,835 61,835 5,269 67,104
Other
comprehensive
income (loss),
net of tax (379) (379) (25) (404)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 61,835 (379) 61,456 5,244 66,700
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings (45) 45
Dividends (55,816) (55,816) (3,250) (59,066)
Purchase of
treasury
stock (526) (526) (526)
Disposal of
treasury
stock (1,053) 1,053
Transactions with
non-controlling
interests and
others (1) (1) 3 2
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 201,723 2,272,464 111,467 (2,068) 2,759,406 118,315 2,877,721
================== ======== ======== ========== ============== ========= ========== ================ ==========
FY '23 Q1 (Apr. 1, 2022 - Jun. 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 33,492 33,492 2,171 35,663
Other
comprehensive
income (loss),
net of tax 73,144 73,144 6,607 79,751
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 33,492 73,144 106,636 8,778 115,414
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings 881 (881)
Dividends (54,940) (54,940) (2,869) (57,809)
Purchase of
treasury
stock (0) (0) (0)
Disposal of
treasury
stock (784) 784 0 0
Transactions with
non-controlling
interests and
others (357) (357) (1,307) (1,664)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 201,554 2,444,399 256,791 (51,284) 3,027,280 126,058 3,153,338
================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '22 Q1 FY '23 Q1 B - A
(Apr. 1, 2021 (Apr. 1,
- Jun. 30, 2022 - Jun.
2021) 30, 2022)
(A) (B)
--------------- --------------
I Cash flows from operating activities
1 Net profit 67,104 35,663 (31,441)
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 46,061 48,745 2,684
(2) Decrease in trade receivables 166,921 194,033 27,112
(3) Decrease (increase) in contract
assets 4,356 (4,003) (8,359)
(4) Decrease (increase) in inventories (67,759) (102,993) (35,234)
(5) Increase (decrease) in trade
payables (20,116) (34,119) (14,003)
(6) Others, net (74,832) (82,671) (7,839)
------ --------------------------------------- --------------- -------------- ---------
Cash flows from operating activities 121,735 54,655 (67,080)
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (29,893) (34,307) (4,414)
Proceeds from sale of property,
2 plant and equipment 540 1,173 633
Purchase of investment securities
and others
3 (net of cash acquired) (1,092) (17,534) (16,442)
Proceeds from sale of investment
securities and others (net of
4 cash disposed) 1,905 3,713 1,808
5 Others, net (3,327) (7,482) (4,155)
------ --------------------------------------- --------------- -------------- ---------
Cash flows from investing activities (31,867) (54,437) (22,570)
I
+ II Free cash flow 89,868 218 (89,650)
III Cash flows from financing activities
Proceeds and repayments of bonds
1 and long-term borrowings (20,198) 44 20,242
Increase (decrease) in short-term
2 borrowings, net (1,608) 2,864 4,472
3 Repayments of lease liabilities (13,775) (14,020) (245)
4 Dividends paid (55,816) (54,940) 876
5 Purchase of treasury stock (526) (0) 526
6 Disposal of treasury stock - - -
7 Others, net (1,602) (2,818) (1,216)
------ --------------------------------------- --------------- -------------- ---------
Cash flows from financing activities (93,525) (68,870) 24,655
Effect of exchange rate changes
IV on cash and cash equivalents 2,100 28,626 26,526
------ --------------------------------------- --------------- -------------- ---------
Net increase (decrease) in cash
V and cash equivalents (1,557) (40,026) (38,469)
------ --------------------------------------- --------------- -------------- ---------
Cash and cash equivalents at
VI beginning of period 767,406 727,179 (40,227)
------ --------------------------------------- --------------- -------------- ---------
Cash and cash equivalents at
VII end of period 765,849 687,153 (78,696)
------ --------------------------------------- --------------- -------------- ---------
Consolidated Segment Information
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '22 Q1 FY '23 Q1 C - A D - B C/A
(Apr. 1, 2021 (Apr. 1, 2022 (%)
- -
Jun. 30, 2021) Jun. 30, 2022)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (loss)
(D)
---------- ---------- ----------
Infrastructure 186,383 5,682 174,205 (3,282) (12,178) (8,964) 93
---------- ---------- ---------- ---------- --------- --------- -----
Industry and Mobility 361,085 34,685 364,467 22,725 3,382 (11,960) 101
---------- ---------- ---------- ---------- --------- --------- -----
Life 435,156 44,828 438,393 13,732 3,237 (31,096) 101
---------- ---------- ---------- ---------- --------- --------- -----
Business Platform 88,177 3,851 93,259 7,428 5,082 3,577 106
---------- ---------- ---------- ---------- --------- --------- -----
Others 160,477 3,859 179,870 3,998 19,393 139 112
---------- ---------- ---------- ---------- --------- --------- -----
Subtotal 1,231,278 92,905 1,250,194 44,601 18,916 (48,304) 102
---------- ---------- ---------- ---------- --------- --------- -----
Eliminations and
corporate (164,836) (10,137) (182,471) (10,636) (17,635) (499)
---------- ---------- ---------- ---------- --------- --------- -----
Consolidated total 1,066,442 82,768 1,067,723 33,965 1,281 (48,803) 100
---------- ---------- ---------- ---------- --------- --------- -----
Notes :
1) Business segments have been changed due to the adoption of
the new management structure on April 1, 2022.
Results for FY '22 Q1 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 Q1 FY '23 Q1 B - A B/A (%)
(Apr. 1, 2021 (Apr. 1, 2022
- -
Jun. 30, 2021) Jun. 30, 2022)
----------------------- ---------------------
Revenue % of total Revenue % of
(A) revenue (B) total
revenue
---------- ----------- ---------- ---------
Japan 518,199 48.6 500,541 46.9 (17,658) 97
-------------------------- ---------- ----------- ---------- --------- --------- --------
North America 117,455 11.0 131,529 12.3 14,074 112
---------- ----------- ---------- --------- --------- --------
China 155,335 14.6 125,740 11.8 (29,595) 81
---------- ----------- ---------- --------- --------- --------
Other than
China 121,675 11.4 147,235 13.7 25,560 121
------------------------ ---------- ----------- ---------- --------- --------- --------
Asia (excluding
Japan) 277,010 26.0 272,975 25.5 (4,035) 99
------------------------- ---------- ----------- ---------- --------- --------- --------
Europe 137,605 12.9 143,720 13.5 6,115 104
------------------------- ---------- ----------- ---------- --------- --------- --------
Others 16,173 1.5 18,958 1.8 2,785 117
------------------------- ---------- ----------- ---------- --------- --------- --------
Total overseas
revenue 548,243 51.4 567,182 53.1 18,939 103
-------------------------- ---------- ----------- ---------- --------- --------- --------
Consolidated total 1,066,442 100.0 1,067,723 100.0 1,281 100
---------- ----------- ---------- --------- --------- --------
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 Yen
122=U.S.$1, the approximate rate on the Tokyo Foreign Exchange
Market on March 31, 2022
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