TIDMMEL
RNS Number : 5919D
Mitsubishi Electric Corporation
29 October 2020
FOR IMMEDIATE RELEASE No. 3381
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 Half and Second Quarter of Fiscal 2021
TOKYO, October 29, 2020 - Mitsubishi Electric Corporation
(TOKYO: 6503) announced today its consolidated financial results
for the first half and second quarter, ended September 30, 2020, of
the current fiscal year ending March 31, 2021 (fiscal 2021).
1. Consolidated Half-year Results (April 1, 2020 - September 30,
2020)
Revenue: 1,902.0 billion (13% decrease from the same
yen period last year)
Operating profit: 61.3 billion (46% decrease from the same
yen period last year)
Profit before income 75.6 billion (39% decrease from the same
taxes: yen period last year)
Net profit attributable
to Mitsubishi Electric billion (47% decrease from the same
Corp. stockholders: 48.2 yen period last year)
The economy in the first half of fiscal 2021, from April through
September 2020, generally saw a severe business environment without
an economic recovery in Japan, the U.S. and Europe due to the
continuing impact of the novel coronavirus diseases (COVID-19),
although it is under way owing to the restart of the economy.
Meanwhile, China experienced a gradual recovery mainly owing to an
increase in capital expenditures for fixed assets, particularly in
public investment, as an effect of political measures.
Revenue
Revenue in the first half decreased by 280.5 billion yen from
the same period of the previous fiscal year to 1,902.0 billion yen
as a result of decreased revenue in all segments. Energy and
Electric Systems segment saw a decrease in the building systems
business in Japan and Asia due to the impact of COVID-19 causing
global stagnation of urban development and construction, while the
social infrastructure systems business increased particularly in
the transportations systems and the power systems businesses in
Japan. Industrial Automation Systems segment saw a significant
decrease of the automotive equipment business due to decreased
demand for new cars in all regions except for China. The factory
automation systems business also decreased due to stagnation in
automotive-related demand worldwide and machinery- and
building-related demand in Japan. Home Appliances segment saw a
decrease in air conditioners due to limited economic activities
outside Japan and restrained capital expenditures worldwide.
Operating Profit
Operating profit decreased by 52.8 billion yen from the same
period of the previous fiscal year to 61.3 billion yen due mainly
to decreased profits in Industrial Automation Systems and Home
Appliances segments, while profits increased in Energy and Electric
Systems, Electronic Devices and Information and Communication
Systems segments. Operating profit ratio decreased by 2.0% from the
same period of the previous fiscal year to 3.2%.
The cost ratio increased by 1.2% 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. Selling, general and administrative expenses
decreased by 50.3 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 0.8%. Other
profit (loss) decreased by 0.2 billion yen from the same period of
the previous fiscal year, while other profit (loss) to revenue
ratio remained substantially unchanged from the same period of the
previous fiscal year.
Profit before income taxes
Profit before income taxes decreased by 48.3 billion yen from
the same period of the previous fiscal year to 75.6 billion yen due
primarily to a decrease in operating profit despite an improvement
in non-operating expenses owing to decreased loss on foreign
exchange. Profit before income taxes to revenue ratio was 4.0%.
Net profit attributable to Mitsubishi Electric Corporation
stockholders
Net profit attributable to Mitsubishi Electric Corporation
stockholders decreased by 43.0 billion yen from the same period of
the previous fiscal year to 48.2 billion yen due mainly to
decreased profit before income taxes. Net profit attributable to
Mitsubishi Electric Corporation stockholders to revenue ratio was
2.5%.
Consolidated Financial Results by Business Segment (First Half,
Fiscal 2021)
Energy and Electric Systems
Revenue: 564.7 billion (5% decrease from the same period
yen last year which recorded 592.1
billion yen)
Operating profit: 26.2 billion (5.8 billion yen increase from
yen the same period last year which
recorded 20.4 billion yen)
The market of the social infrastructure systems business saw a
decrease in demand relating to power generation worldwide and the
reconsideration of the capital expenditure plans by railway
companies in Japan due to the impact of COVID-19, while investment
in public utilities for preventing and reducing disaster risks
remained buoyant in Japan. In this environment, the business saw a
decrease in orders from the same period of the previous fiscal year
due primarily to decreases in the transportation systems and the
power systems businesses in Japan, while revenue increased due
mainly to progress in orders already received for projects in the
transportation systems and the power systems businesses in
Japan.
The market of the building systems business saw decreased demand
in new installations and renewals of elevators and escalators
worldwide 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 5% from the
same period of the previous fiscal year to 564.7 billion yen.
Operating profit increased by 5.8 billion yen from the same
period of the previous fiscal year to 26.2 billion yen due mainly
to a shift in project portfolios and cost improvement.
Industrial Automation Systems
Revenue: 548.6 billion (20% decrease from the same period
yen last year which recorded 686.2
billion yen)
Operating profit: 1.7 billion (39.5 billion yen decrease from
yen the same period last year which
recorded 41.2 billion yen)
The market of the factory automation systems business saw
continuing stagnation in automotive-related demand worldwide and
machinery- and building-related demand in Japan due to the impact
of COVID-19, while demand relating to 5G and semiconductor
increased 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 a decrease
in demand for new cars in all regions except for China due to 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 a decrease in electrical components
despite an increase in electric-vehicle related equipment such as
motors and inverters.
As a result, revenue for this segment decreased by 20% from the
same period of the previous fiscal year to 548.6 billion yen due
mainly to a decrease in the automotive equipment business.
Operating profit decreased by 39.5 billion yen from the same
period of the previous fiscal year to 1.7 billion yen due primarily
to decreased revenue.
Information and Communication Systems
Revenue: 165.5 billion (17% decrease from the same period
yen last year which recorded 199.0
billion yen)
Operating profit: 4.8 billion (0.1 billion yen increase from
yen the same period last year which
recorded 4.7 billion yen)
The market of the information systems and service business saw
delays and cancellations of system development projects,
particularly in the manufacturing industry, due to 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 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 defense
systems business.
As a result, revenue for this segment decreased by 17% from the
same period of the previous fiscal year to 165.5 billion yen.
Operating profit increased by 0.1 billion yen from the same
period of the previous fiscal year to a 4.8 billion yen due mainly
to a shift in project portfolios.
Electronic Devices
Revenue: 100.5 billion (2% decrease from the same period
yen last year which recorded 103.1
billion yen)
Operating profit: 5.8 billion (4.7 billion yen increase from
yen the same period last year which
recorded 1.0 billion yen)
The market of the electronic devices business saw a slowdown in
demand for power modules used in automotive and industrial
applications, while demand for high frequency and optical devices
relating to 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 due primarily to decreases in
power and TFT-LCD modules, despite an increase in high frequency
and optical devices, particularly in optical communication devices.
Revenue also decreased by 2% from the same period of the previous
fiscal year to 100.5 billion yen.
Operating profit increased by 4.7 billion yen from the same
period of the previous fiscal year to 5.8 billion yen due mainly to
a shift in product mix and cost improvement.
Home Appliances
Revenue: 503.7 billion (13% decrease from the same period
yen last year which recorded 581.7
billion yen)
Operating profit: 35.5 billion (17.6 billion yen decrease from
yen the same period last year which
recorded 53.2 billion yen)
The market of the home appliances business saw a decrease in
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
worldwide. Meanwhile, there was some demand for consumer
electronics during stay-at-home period. In this environment, the
business saw a decrease in revenue by 13% from the same period of
the previous fiscal year to 503.7 billion yen due primarily to a
decrease in air conditioners.
Operating profit decreased by 17.6 billion yen from the same
period of the previous fiscal year to 35.5 billion yen due mainly
to decreased revenue.
Others
Revenue: 272.4 billion (14% decrease from the same period
yen last year which recorded 316.2
billion yen)
Operating profit: 1.9 billion (7.5 billion yen decrease from
yen the same period last year which
recorded 9.5 billion yen)
Revenue decreased by 14% from the same period of the previous
fiscal year to 272.4 billion yen due primarily to decreases in
procurements and logistics for the Mitsubishi Electric Group at
affiliated companies.
Operating profit decreased by 7.5 billion yen from the same
period of the previous fiscal year to 1.9 billion yen due mainly to
decreased revenue.
2. Consolidated Second-quarter Results (July 1, 2020 - September
30, 2020)
Revenue: 1,043.8 billion (8% decrease from the same period
yen last year)
Operating profit: 41.1 billion (31% decrease from the same period
yen last year)
Profit before income 48.5 billion (24% decrease from the same period
taxes: yen last year)
Net profit attributable
to Mitsubishi Electric billion (37% decrease from the same period
Corp. stockholders: 30.3 yen last year)
Revenue
Revenue in the second quarter decreased by 87.8 billion yen from
the same period of the previous fiscal year to 1,043.8 billion yen
as a result of decreased revenue in all segments. Energy and
Electric Systems segment saw a decrease in the building systems
business in Japan and Asia due to the continuing impact of
COVID-19, while the social infrastructure systems business
increased particularly in the transportations systems, the power
systems and the public utility systems businesses in Japan.
Industrial Automation Systems segment saw a decrease of the
automotive equipment business due to decreased demand for new cars,
although the number increased compared to the first quarter. The
factory automation systems business also decreased due to
continuing stagnation in automotive-related demand worldwide and
machinery- and building-related demand in Japan. Home Appliances
segment saw a decrease in air conditioners as demand for industrial
air conditioners continued to decrease due to limited economic
activities outside Japan and restrained capital expenditures
worldwide, while demand for residential air conditioners increased
compared to the first quarter.
Operating Profit
Operating profit decreased by 18.1 billion yen from the same
period of the previous fiscal year to 41.1 billion yen due mainly
to decreased profit in Industrial Automation Systems and Energy and
Electric Systems segments, while profit increased in Electronic
Devices and Information and Communication Systems segments.
Operating profit ratio decreased by 1.3% from the same period of
the previous fiscal year to 3.9%.
The cost ratio increased by 1.4% from the same period of the
previous fiscal year due primarily to lowered operation caused by
decreased revenue of Industrial Automation Systems segment.
Selling, general and administrative expenses decreased by 22.6
billion yen from the same period of the previous fiscal year due
mainly to reduced cost, and selling, general and administrative
expenses to revenue ratio improved by 0.3%. Other profit (loss)
deteriorated by 1.0 billion yen from the same period of the
previous fiscal year, while other profit (loss) to revenue ratio
deteriorated by 0.2%.
Profit before income taxes
Profit before income taxes decreased by 15.7 billion yen from
the same period of the previous fiscal year to 48.5 billion yen due
primarily to a decrease in operating profit despite an improvement
in non-operating expenses owing to decreased loss on foreign
exchange. Profit before income taxes to revenue ratio was 4.7%.
Net profit attributable to Mitsubishi Electric Corporation
stockholders
Net profit attributable to Mitsubishi Electric Corporation
stockholders decreased by 18.1 billion yen from the same period of
the previous fiscal year to 30.3 billion yen due mainly to
decreased profit before income taxes. Net profit attributable to
Mitsubishi Electric Corporation stockholders to revenue ratio was
2.9%.
Consolidated Financial Results by Business Segment (Second
Quarter, Fiscal 2021)
Energy and Electric Systems
Revenue: 298.9 billion (5% decrease from the same period
yen last year which recorded 316.2
billion yen)
Operating profit: 7.6 billion (3.6 billion yen decrease from
yen the same period last year which
recorded 11.2 billion yen)
The market of the social infrastructure systems business saw a
decrease in demand relating to power generation worldwide and the
reconsideration of the capital expenditure plans by railway
companies in Japan due to the impact of COVID-19, while investment
in public utilities for preventing and reducing disaster risks
remained buoyant in Japan. In this environment, the business saw a
decrease in orders from the same period of the previous fiscal year
due primarily to decreases in the transportation systems and the
power systems businesses in Japan, while revenue increased due
mainly to progress in orders already received for projects in the
transportation systems, the power systems and the public utility
systems businesses in Japan.
The market of the building systems business saw decreased demand
in new installations and renewals of elevators and escalators
worldwide 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 5% from the
same period of the previous fiscal year to 298.9 billion yen.
Operating profit increased by 3.6 billion yen from the same
period of the previous fiscal year to 7.6 billion yen mainly due to
a decrease in revenue.
Industrial Automation Systems
Revenue : 312.3 billion (12% decrease from the same period
yen last year which recorded 353.9
billion yen)
Operating profit: 5.1 billion (14.9 billion yen decrease from
yen the same period last year which
recorded 20.0 billion yen)
The market of the factory automation systems business saw
continuing stagnation in automotive-related demand worldwide and
machinery- and building-related demand in Japan due to the impact
of COVID-19, while demand relating to 5G and semiconductor
increased. 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 a decrease
in demand for new cars worldwide compared to the same period of the
previous fiscal year due to the impact of COVID-19, while the
number increased in China compared to the period and worldwide
compared to the first quarter. 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 an increase in electric-vehicle related
equipment such as motors and inverters.
As a result, revenue for this segment decreased by 12% from the
same period of the previous fiscal year to 312.3 billion yen due
mainly to a decrease in the automotive equipment business.
Operating profit decreased by 14.9 billion yen from the same
period of the previous fiscal year to 5.1 billion yen due primarily
to decreased revenue.
Information and Communication Systems
Revenue: 102.2 billion (9% decrease from the same period
yen last year which recorded 112.6
billion yen)
Operating profit: 5.4 billion (2.0 billion yen increase from
yen the same period last year which
recorded 3.3 billion yen)
The market of the information systems and service business saw
delays and cancellations of system development projects,
particularly in the manufacturing industry, due to 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 mainly to a decrease in the system integrations business.
The electronic systems business saw a decrease in orders from
the same period of the previous fiscal year due primarily to a
decrease in large-scale projects for the defense systems business,
but an increase in revenue from the same period of the previous
fiscal year due mainly to an increase in large-scale projects for
the space systems business.
As a result, revenue for this segment decreased by 9% from the
same period of the previous fiscal year to 102.2 billion yen.
Operating profit increased by 2.0 billion yen from the same
period of the previous fiscal year to a 5.4 billion yen due mainly
to shift in project portfolios.
Electronic Devices
Revenue: 50.8 billion (3% decrease from the same period
yen last year which recorded 52.1 billion
yen)
Operating profit: 2.7 billion (2.2 billion yen increase from
yen the same period last year which
recorded 0.4 billion yen)
The market of the electronic devices business saw a slowdown in
demand for power modules used in industrial applications, while
demand for high frequency and optical devices relating to
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 due primarily to decreases in power modules
used in industrial applications and TFT-LCD modules, despite an
increase in high frequency and optical devices, particularly in
optical communication devices. Revenue also decreased by 3% from
the same period of the previous fiscal year to 50.8 billion
yen.
Operating profit increased by 2.2 billion yen from the same
period of the previous fiscal year to 2.7 billion yen due mainly to
a shift in product mix and cost improvement.
Home Appliances
Revenue: 266.3 billion (7% decrease from the same period
yen last year which recorded 285.7
billion yen)
Operating profit: 22.0 billion (Unchanged from the same period
yen last year which recorded 22.0 billion
yen)
The market of the home appliances business saw a decrease in
demand for industrial air conditioners due primarily to the impact
of COVID-19 causing restrained capital expenditure worldwide, while
demand for residential air conditioners increased compared to the
first quarter. In this environment, the business saw a decrease in
revenue by 7% from the same period of the previous fiscal year to
266.3 billion yen due primarily to a decrease in air
conditioners.
Operating profit was unchanged from the same period of the
previous fiscal year due mainly to cost improvement despite a
decrease in revenue.
Others
Revenue: 147.0 billion (12% decrease from the same period
yen last year which recorded 166.7
billion yen)
Operating profit: 3.3 billion (4.0 billion yen decrease from
yen the same period last year which
recorded 7.3 billion yen)
Revenue decreased by 12% from the same period of the previous
fiscal year to 147.0 billion yen due primarily to decreases in
procurements and logistics for the Mitsubishi Electric Group at
affiliated companies.
Operating profit decreased by 4.0 billion yen from the same
period of the previous fiscal year to 3.3 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 decreased from
the end of the previous fiscal year by 50.2 billion yen to 4,359.4
billion yen. The change in balance of total assets was mainly
attributable to a decrease in trade receivables by 190.2 billion
yen, while cash and cash equivalents increased by 105.3 billion yen
and other financial assets also increased by 44.2 billion yen.
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 decreased from the end of the previous fiscal
year by 73.9 billion yen to 1,796.9 billion yen due primarily to
decreases in trade payables by 88.7 billion yen and other current
liabilities by 30.0 billion yen, while balances of bonds,
borrowings and lease liabilities increased by 47.2 billion yen.
Bonds and borrowings increased by 44.5 billion yen from the end of
the previous fiscal year to 311.5 billion yen, with the ratio of
bonds and borrowings to total assets recording 7.1%, representing a
1.0 point increase compared to the end of the previous fiscal
year.
Mitsubishi Electric Corporation stockholders' equity increased
by 25.5 billion yen compared to the end of the previous fiscal year
to 2,455.2 billion yen. The stockholders' equity ratio was recorded
at 56.3%, representing a 1.2 point increase compared to the end of
the previous fiscal year. These changes referred to above primarily
result from increases from recording a net profit attributable to
Mitsubishi Electric Corporation stockholders of 48.2 billion yen
and accumulated other comprehensive income by 37.7 billion yen
mainly reflecting a rise in stock prices, despite a decrease in
dividend payment of 55.8 billion yen.
An analysis on the status of cash flow on a consolidated
basis
Cash flows from operating activities for the first half of
fiscal 2021 was 256.9 billion yen (cash in), while cash flows from
investing activities was 107.8 billion yen (cash out). As a result,
free cash flow was 149.0 billion yen (cash in). C ash flows from
financing activities was 45.4 billion yen (cash out), and cash and
cash equivalents at end of period increased from the end of the
previous fiscal year by 105.3 billion yen to 642.9 billion yen.
Net cash provided by operating activities increased by 42.5
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 the first half of fiscal 2021 , despite
decreased profit.
Net cash used in investing activities decreased by 7.8 billion
yen from the same period of the previous fiscal year due mainly to
a decrease in purchase of investment securities and property, plant
and equipment.
Net cash used in financing activities decreased by 41.8 billion
yen from the same period of the previous fiscal year due primarily
to an increase in short-term borrowings and a decrease in repayment
of long-term borrowings.
Forecast for Fiscal 2021(year ending March 31, 2021)
Revenue for fiscal 2021 is expected to fall below the company's
previous forecast, due to the delay in an economic recovery caused
by the continuing impact of COVID-19, while the profits are
expected to exceed the company's previous forecast due to the
accumulation of positive impact of various business improvement
measures, particularly cost reduction. As a result, the company's
consolidated earnings forecast for fiscal 2021 has been revised
from the announcement on July 30, 2020 as stated below.
The forecast may be modified depending on the global and local
situation of the continuing impact and the re-expansion of
COVID-19.
Consolidated forecast for fiscal 2021
Consolidated Previous Current forecast Change from previous
forecast forecast
(announced
July 30)
Revenue: 4,100.0 billion 4,050.0 billion (9% decrease Down 50.0 billion
yen yen from fiscal 2020) yen, or 1%
---------------- ---------------- ------------------- ---------------------
Operating profit: 120.0 billion 150.0 billion (42% decrease Up 30.0 billion
yen yen from fiscal 2020) yen, or 25%
---------------- ---------------- ------------------- ---------------------
Profit before 145.0 billion 175.0 billion (38% decrease Up 30.0 billion
income taxes: yen yen from fiscal 2020) yen, or 21%
---------------- ---------------- ------------------- ---------------------
Net profit
attributable
to Mitsubishi
Electric Corp. 100.0 billion 120.0 billion (46% decrease Up 20.0 billion
stockholders: yen yen from fiscal 2020) yen, or 20%
---------------- ---------------- ------------------- ---------------------
Exchange rates in and after the third quarter of fiscal 2021 is
105 yen to the U.S. dollar, which is unchanged from the previous
announcement; 120 yen to the euro, which is 5 yen weaker from the
company's previous announcement; and 15.0 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
1. Consolidated Half-year Results
(In billions of yen except where noted)
FY '20 1(st) FY '21 1(st) B - A B/A (%)
half (A) half (B)
(Apr. 1, 2019 (Apr. 1, 2020
- Sept. 30, - Sept. 30,
2019) 2020)
--------------- --------------- --------- --------
Revenue 2,182.5 1,902.0 (280.5) 87
--------------- --------------- --------- --------
Operating profit 114.2 61.3 (52.8) 54
--------------- --------------- --------- --------
Profit before income
taxes 124.0 75.6 (48.3) 61
--------------- --------------- --------- --------
Net profit attributable
to Mitsubishi Electric
Corp. stockholders 91.2 48.2 (43.0) 53
--------------- ---------------
Basic earnings per
share attributable
to Mitsubishi Electric (20.(06)
Corp. stockholders 42.(54) yen 22.(48) yen y en) 53
--------------- ---------------
2. Consolidated Second-quarter Results
(In billions of yen except where noted)
FY '20 Q2 (A) FY '21 Q2 (B) B - A B/A
(Jul. 1, 2019 (Jul. 1, 2020 (%)
- - Sept. 30,
2020)
Sept. 30, 2019)
---------------- -------- -----
Revenue 1,131.7 1,043.8 (87.8) 92
------------------------- ------------------ ---------------- -------- -----
Operating profit 59.3 41.1 (18.1) 69
------------------------- ------------------ ---------------- -------- -----
Profit before income
taxes 64.2 48.5 (15.7) 76
------------------------- ------------------ ---------------- -------- -----
Net profit attributable
to Mitsubishi Electric
Corp. stockholders 48.4 30.3 (18.1) 63
------------------------- ------------------ ----------------
Basic earnings per
share attributable
to Mitsubishi Electric (8.(45)
Corp. stockholders 22.(60) yen 14.(15) yen yen) 63
------------------------- ------------------ ----------------
Notes :
1) Consolidated financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS).
2) The company has 206 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 2021)
(Condensed Quarterly Consolidated Statement of Profit or
Loss)
(In millions of yen)
FY '20 1(st) FY '21 1(st)
half half
(Apr. 1, 2019 (Apr. 1, 2020
- -
Sept. 30, 2019) Sept. 30, 2020)
(A) % of (B) % of B - A B/A
total total (%)
---------- ------- ---------- ------- ----------
Revenue 2,182,528 100.0 1,902,024 100.0 (280,504) 87
Cost of sales 1,562,361 71.6 1,384,823 72.8 (177,538) 89
Selling, general and
administrative expenses 506,870 23.2 456,533 24.0 (50,337) 90
Other profit (loss) 933 0.0 686 0.0 (247) 74
---------- ------- ---------- ------- ---------- -----
Operating profit 114,230 5.2 61,354 3.2 (52,876) 54
Financial income 5,988 0.3 5,651 0.3 (337) 94
Financial expenses 5,605 0.2 1,893 0.1 (3,712) 34
Share of profit of investments
accounted for using
the
equity method 9,409 0.4 10,574 0.6 1,165 112
---------- ------- ---------- ------- ---------- -----
Profit before income
taxes 124,022 5.7 75,686 4.0 (48,336) 61
Income taxes 25,591 1.2 24,284 1.3 (1,307) 95
---------- ------- ---------- ------- ---------- -----
Net profit 98,431 4.5 51,402 2.7 (47,029) 52
---------- ------- ---------- ------- ---------- -----
Net profit attributable
to:
Mitsubishi Electric
Corp.
stockholders 91,253 4.2 48,231 2.5 (43,022) 53
Non-controlling interests 7,178 0.3 3,171 0.2 (4,007) 44
---------- ------- ---------- ------- ---------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive
Income)
(In millions of yen)
FY '20 FY '21 B - A
1(st) half 1(st) half
(A) (B)
(Apr. 1, 2019 (Apr. 1, 2020
- - Sept. 30,
Sept. 30, 2020)
2019)
--------------- ---------------
Net profit 98,431 51,402 (47,029)
--------------- --------------- ---------
(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 6,001 29,056 23,055
------------------------------------------ --------------- --------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (352) 581 933
--------------- --------------- ---------
Subtotal 5,649 29,637 23,988
--------------- --------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (31,289) 5,343 36,632
------------------------------------------ --------------- --------------- ---------
Net changes in the fair value
of cash flow hedges (91) 66 157
------------------------------------------ --------------- --------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (2,255) (1,429) 826
--------------- --------------- ---------
Subtotal (33,635) 3,980 37,615
--------------- --------------- ---------
Total other comprehensive
income (loss) (27,986) 33,617 61,603
--------------- --------------- ---------
Comprehensive income 70,445 85,019 14,574
--------------- --------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 66,082 81,602 15,520
Non-controlling interests 4,363 3,417 (946)
--------------- --------------- ---------
Condensed Quarterly Consolidated Statement of Profit or Loss and
Condensed Quarterly Consolidated Statement of Comprehensive Income
(Second Quarter, Fiscal 2021)
(Condensed Quarterly Consolidated Statement of Profit or
Loss)
(In millions of yen)
FY '20 Q2 FY '21 Q2
(Jul. 1, 2019 (Jul. 1, 2020
- -
Sept. 30, 2019) Sept. 30, 2020)
(A) % of (B) % of B - A B/A
total total (%)
---------- ------- ---------- ------- ---------
Revenue 1,131,764 100.0 1,043,873 100.0 (87,891) 92
Cost of sales 812,492 71.8 764,405 73.2 (48,087) 94
Selling, general and
administrative expenses 259,974 23.0 237,288 22.7 (22,686) 91
Other profit (loss) 21 0.0 (1,026) (0.2) (1,047)
---------- ------- ---------- ------- --------- -----
Operating profit 59,319 5.2 41,154 3.9 (18,165) 69
Financial income 1,689 0.2 835 0.1 (854) 49
Financial expenses 2,845 0.2 1,173 0.0 (1,672) 41
Share of profit of investments
accounted for using
the
equity method 6,114 0.5 7,761 0.7 1,647 127
---------- ------- ---------- ------- --------- -----
Profit before income
taxes 64,277 5.7 48,577 4.7 (15,700) 76
Income taxes 12,656 1.1 16,907 1.7 4,251 134
---------- ------- ---------- ------- --------- -----
Net profit 51,621 4.6 31,670 3.0 (19,951) 61
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric
Corp.
stockholders 48,476 4.3 30,346 2.9 (18,130) 63
Non-controlling interests 3,145 0.3 1,324 0.1 (1,821) 42
---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive
Income)
(In millions of yen)
FY '20 Q2 (A) FY '21 Q2 (B) B - A
(Jul. 1, 2019 (Jul. 1, 2020
- -
Sept. 30, 2019) Sept. 30, 2020)
----------------- -----------------
Net profit 51,621 31,670 (19,951)
----------------- ----------------- ---------
(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 9,974 11,734 1,760
------------------------------------------ ----------------- ----------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (287) 743 1,030
----------------- ----------------- ---------
Subtotal 9,687 12,477 2,790
----------------- ----------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (12,310) (6,316) 5,994
------------------------------------------ ----------------- ----------------- ---------
Net changes in the fair value
of cash flow hedges (52) 16 68
------------------------------------------ ----------------- ----------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (2,689) (1,157) 1,532
----------------- ----------------- ---------
Subtotal (15,051) (7,457) 7,594
----------------- ----------------- ---------
Total other comprehensive
income (loss) (5,364) 5,020 10,384
----------------- ----------------- ---------
Comprehensive income 46,257 36,690 (9,567)
----------------- ----------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 43,863 36,138 (7,725)
Non-controlling interests 2,394 552 (1,842)
----------------- ----------------- ---------
Condensed Quarterly Consolidated Statement of Financial
Position
(In millions of yen)
FY '20 (A) FY ' 21 B - A
(ended Mar. 1(st) half
31, 2020) (B)
(ended Sept.
30, 2020)
--------------------- ---------------------
(Assets)
Current assets 2,628,033 2,541,677 (86,356)
Cash and cash equivalents 537,559 642,928 105,369
Trade receivables 900,430 710,148 (190,282)
Contract assets 343,637 321,568 (22,069)
Inventories 693,890 715,689 21,799
Other current assets 152,517 151,344 (1,173)
Non-current assets 1,781,738 1,817,813 36,075
Investments accounted for using
the equity method 196,237 194,968 (1,269)
Other financial assets 262,367 306,628 44,261
Property, plant and equipment 854,382 862,763 8,381
Other non-current assets 468,752 453,454 (15,298)
--------------------- --------------------- ----------
Total assets 4,409,771 4,359,490 (50,281)
============================================ ===================== ===================== ==========
(Liabilities)
Current liabilities 1,402,665 1,350,205 (52,460)
Bonds, borrowings and lease liabilities 133,369 199,692 66,323
Trade payables 527,307 438,525 (88,782)
Other current liabilities 741,989 711,988 (30,001)
Non-current liabilities 468,247 446,713 (21,534)
Bonds, borrowings and lease liabilities 243,634 224,527 (19,107)
Net defined benefit liabilities 163,240 173,712 10,472
Other non-current liabilities 61,373 48,474 (12,899)
--------------------- --------------------- ----------
Total liabilities 1,870,912 1,796,918 (73,994)
--------------------- --------------------- ----------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,429,743 2,455,297 25,554
Common stock 175,820 175,820
Capital surplus 202,832 202,270 (562)
Retained earnings 2,071,817 2,059,855 (11,962)
Accumulated other comprehensive
income (loss) (17,802) 19,946 37,748
Treasury stock, at cost (2,924) (2,594) 330
Non-controlling interests 109,116 107,275 (1,841)
--------------------- --------------------- ----------
Total equity 2,538,859 2,562,572 23,713
--------------------- --------------------- ----------
Total liabilities and equity 4,409,771 4,359,490 (50,281)
============================================ ===================== ===================== ==========
Bonds, borrowings and lease liabilities 377,003 424,219 47,216
Excluding lease liabilities 267,008 311,522 44,514
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations (39,519) (35,774) 3,745
Financial assets measured at fair
value through other comprehensive
income 21,754 55,703 33,949
Net changes in the fair value of
cash flow hedges (37) 17 54
Condensed Quarterly Consolidated Statement of Changes in
Equity
FY '20 1st Half (Apr. 1, 2019 - Sep. 30, 2019)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total
equity interests equity
Common Capital Retained Accumulated Treasury Total
stock surplus earnings other stock,
comprehensive at cost
income
(loss)
----------
Balance at
beginning
of period 175,820 202,834 1,960,466 63,809 (2,983) 2,399,946 111,209 2,511,155
================== ======== ======== ========== ============== ========= ========== ================ ==========
Cumulative
effects
of changes in
accounting
policies (1,521) (1,521) (7) (1,528)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
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
Net profit 91,253 91,253 7,178 98,431
Other
comprehensive
income (loss),
net of tax (25,171) (25,171) (2,815) (27,986)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 91,253 (25,171) 66,082 4,363 70,445
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings 1,521 (1,521)
Dividends (55,816) (55,816) (5,094) (60,910)
Purchase of
treasury
stock (784) (784) (784)
Disposal of
treasury
stock (844) 844 0 0
Transactions with
non-controlling
interests and
others (925) (925)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 201,990 1,995,903 37,117 (2,923) 2,407,907 109,546 2,517,453
================== ======== ======== ========== ============== ========= ========== ================ ==========
FY '21 1st Half (Apr. 1, 2020 - Sep. 30, 2020)
(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 175,820 202,832 2,071,817 (17,802) (2,924) 2,429,743 109,116 2,538,859
================== ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 48,231 48,231 3,171 51,402
Other
comprehensive
income (loss),
net of tax 33,371 33,371 246 33,617
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 48,231 33,371 81,602 3,417 85,019
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings (4,377) 4,377
Dividends (55,816) (55,816) (5,356) (61,172)
Purchase of
treasury
stock (366) (366) (366)
Disposal of
treasury
stock (696) 696 0 0
Transactions with
non-controlling
interests and
others 134 134 98 232
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,270 2,059,855 19,946 (2,594) 2,455,297 107,275 2,562,572
================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '20 1(st) FY '21 1(st) B - A
half half
(Apr. 1, (Apr. 1,
2019 - Sept. 2020 - Sept.
30, 2019) 30, 2020)
(A) (B)
-------------- --------------
I Cash flows from operating activities
1 Net profit 98,431 51,402 (47,029)
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 98,329 103,412 5,083
(2) Decrease in trade receivables 163,109 192,653 29,544
(3) Decrease (increase) in contract
assets (60,051) 21,994 82,045
(4) Decrease (increase) in inventories (6,927) (19,761) (12,834)
(5) Increase (decrease) in trade
payables (50,058) (89,907) (39,849)
(6) Others, net (28,419) (2,848) 25,571
---- --------------------------------------- -------------- -------------- ---------
Cash flows from operating activities 214,414 256,945 42,531
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (95,978) (92,502) 3,476
Proceeds from sale of property,
2 plant and equipment 2,438 2,167 (271)
Purchase of investment securities
3 (net of cash acquired) (16,373) (12,214) 4,159
Proceeds from sale of investment
4 securities (net of cash disposed) 6,855 4,046 (2,809)
5 Others, net (12,606) (9,354) 3,252
---- --------------------------------------- -------------- -------------- ---------
Cash flows from investing activities (115,664) (107,857) 7,807
I +
II Free cash flow 98,750 149,088 50,338
III Cash flows from financing activities
Proceeds and repayments of bonds
1 and long-term borrowings (29,462) (10,164) 19,298
Increase in short-term borrowings,
2 net 29,564 54,663 25,099
3 Repayments of lease liabilities (26,183) (27,760) (1,577)
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 (4,670) (6,040) (1,370)
---- --------------------------------------- -------------- -------------- ---------
Cash flows from financing activities (87,351) (45,483) 41,868
Effect of exchange rate changes
IV on cash and cash equivalents (11,453) 1,764 13,217
---- --------------------------------------- -------------- -------------- ---------
Net increase (decrease) in cash
V and cash equivalents (54) 105,369 105,423
---- --------------------------------------- -------------- -------------- ---------
Cash and cash equivalents at beginning
VI of period 514,224 537,559 23,335
---- --------------------------------------- -------------- -------------- ---------
Cash and cash equivalents at end
VII of period 514,170 642,928 128,758
---- --------------------------------------- -------------- -------------- ---------
Consolidated Segment Information (First Half, Fiscal 2021)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '20 1(st) FY '21 1(st) C - A D - B C/A
half half (%)
(Apr. 1, 2019 (Apr. 1, 2020
- -
Sept. 30, 2019) Sept. 30, 2020)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (D)
---------- ---------- ----------
Energy and Electric
Systems 592,110 20,465 564,731 26,277 (27,379) 5,812 95
---------- ---------- ---------- ---------- ---------- --------- -----
Industrial Automation
Systems 686,266 41,272 548,607 1,766 (137,659) (39,506) 80
---------- ---------- ---------- ---------- ---------- --------- -----
Information and
Communication Systems 199,025 4,705 165,545 4,866 (33,480) 161 83
---------- ---------- ---------- ---------- ---------- --------- -----
Electronic Devices 103,149 1,039 100,583 5,802 (2,566) 4,763 98
---------- ---------- ---------- ---------- ---------- --------- -----
Home Appliances 581,762 53,206 503,731 35,588 (78,031) (17,618) 87
---------- ---------- ---------- ---------- ---------- --------- -----
Others 316,245 9,521 272,432 1,971 (43,813) (7,550) 86
---------- ---------- ---------- ---------- ---------- --------- -----
Subtotal 2,478,557 130,208 2,155,629 76,270 (322,928) (53,938) 87
---------- ---------- ---------- ---------- ---------- --------- -----
Eliminations and
corporate (296,029) (15,978) (253,605) (14,916) 42,424 1,062
---------- ---------- ---------- ---------- ---------- --------- -----
Consolidated Total 2,182,528 114,230 1,902,024 61,354 (280,504) (52,876) 87
---------- ---------- ---------- ---------- ---------- --------- -----
*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 1(st) half FY '21 1(st) half B - A B/A (%)
(Apr. 1, 2019 (Apr. 1, 2020
- -
Sept. 30, 2019) Sept. 30, 2020)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 1,216,657 55.7 1,080,338 56.8 (136,319) 89
------------------------- ---------- ----------- ---------- ----------- ---------- --------
North America 229,758 10.6 175,435 9.2 (54,323) 76
---------- ----------- ---------- ----------- ---------- --------
Asia (excluding
Japan) 469,759 21.5 433,734 22.8 (36,025) 92
---------- ----------- ---------- ----------- ---------- --------
China 221,730 10.2 234,923 12.4 13,193 106
---------- ----------- ---------- ----------- ---------- --------
Europe 236,062 10.8 184,272 9.7 (51,790) 78
------------------------ ---------- ----------- ---------- ----------- ---------- --------
Others 30,292 1.4 28,245 1.5 (2,047) 93
------------------------ ---------- ----------- ---------- ----------- ---------- --------
Total overseas
revenue 965,871 44.3 821,686 43.2 (144,185) 85
------------------------- ---------- ----------- ---------- ----------- ---------- --------
Consolidated total 2,182,528 100.0 1,902,024 100.0 (280,504) 87
---------- ----------- ---------- ----------- ---------- --------
Consolidated Segment Information (Second Quarter, Fiscal
2021)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '20 Q2 FY '21 Q2 C - A D - B C/A
(Jul. 1, 2019 (Jul. 1, 2020 (%)
- -
Sept. 30, 2019) Sept. 30, 2020)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (D)
---------- ---------- ----------
Energy and Electric
Systems 316,277 11,269 298,976 7,631 (17,301) (3,638) 95
---------- ---------- ---------- ---------- ---------- --------- -----
Industrial Automation
Systems 353,952 20,090 312,376 5,180 (41,576) (14,910) 88
---------- ---------- ---------- ---------- ---------- --------- -----
Information and
Communication Systems 112,616 3,339 102,260 5,429 (10,356) 2,090 91
---------- ---------- ---------- ---------- ---------- --------- -----
Electronic Devices 52,195 442 50,872 2,712 (1,323) 2,270 97
---------- ---------- ---------- ---------- ---------- --------- -----
Home Appliances 285,758 22,018 266,333 22,036 (19,425) 18 93
---------- ---------- ---------- ---------- ---------- --------- -----
Others 166,722 7,370 147,008 3,324 (19,714) (4,046) 88
---------- ---------- ---------- ---------- ---------- --------- -----
Subtotal 1,287,520 64,528 1,177,825 46,312 (109,695) (18,216) 91
---------- ---------- ---------- ---------- ---------- --------- -----
Eliminations and
corporate (155,756) (5,209) (133,952) (5,158) 21,804 51
---------- ---------- ---------- ---------- ---------- --------- -----
Consolidated Total 1,131,764 59,319 1,043,873 41,154 (87,891) (18,165) 92
---------- ---------- ---------- ---------- ---------- --------- -----
*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 Q2 FY '21 Q2 B - A B/A (%)
(Jul. 1, 2019 (Jul. 1, 2020
- -
Sept. 30, 2019) Sept. 30, 2020)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 654,200 57.8 600,656 57.5 (53,544) 92
------------------------- ---------- ----------- ---------- ----------- --------- --------
North America 111,758 9.9 101,081 9.7 (10,677) 90
---------- ----------- ---------- ----------- --------- --------
Asia (excluding
Japan) 238,947 21.1 227,596 21.8 (11,351) 95
---------- ----------- ---------- ----------- --------- --------
China 112,772 10.0 118,680 11.4 5,908 105
---------- ----------- ---------- ----------- --------- --------
Europe 110,796 9.8 98,685 9.5 (12,111) 89
------------------------ ---------- ----------- ---------- ----------- --------- --------
Others 16,063 1.4 15,855 1.5 (208) 99
------------------------ ---------- ----------- ---------- ----------- --------- --------
Total overseas
revenue 477,564 42.2 443,217 42.5 (34,347) 93
------------------------- ---------- ----------- ---------- ----------- --------- --------
Consolidated total 1,131,764 100.0 1,043,873 100.0 (87,891) 92
---------- ----------- ---------- ----------- --------- --------
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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END
IR FEASLUESSEES
(END) Dow Jones Newswires
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