TIDMMEL
RNS Number : 6803N
Mitsubishi Electric Corporation
02 February 2021
FOR IMMEDIATE RELEASE No. 3393
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 9 Months and Third Quarter of Fiscal 2021
TOKYO, February 2, 2021 - Mitsubishi Electric Corporation
(TOKYO: 6503) announced today its consolidated financial results
for the first 9 months and third quarter, ended December 31, 2020,
of the current fiscal year ending March 31, 2021 (fiscal 2021).
1. Consolidated First 9 Months Results (April 1, 2020 - December
31, 2020)
Revenue: 2,940.6 billion (10% decrease from the same
yen period last year)
Operating profit: 137.7 billion (24% decrease from the same
yen period last year)
Profit before income 158.3 billion (20% decrease from the same
taxes: yen period last year)
Net profit attributable
to Mitsubishi Electric billion (33% decrease from the same
Corp. stockholders: 107.7 yen period last year)
The economy in the first 9 months of fiscal 2021, from April
through December 2020, continued to see recovery in China mainly
owing to an increase in capital expenditures for fixed assets,
particularly in public investment, as an effect of political
measures. Japan, the U.S. and Europe experienced a significant
economic slowdown due to the serious impact of the novel
coronavirus diseases (COVID-19) in the first quarter, but recently
saw recovery in the corporate sector in general, while the paces of
recovery in the household sector varied depending on the situation
of the expansion of COVID-19.
Revenue
Revenue in the first 9 months decreased by 309.5 billion yen
from the same period of the previous fiscal year to 2,940.6 billion
yen as revenue decreased in all segments due to the serious impact
of COVID-19 primarily in the first half. Industrial Automation
Systems segment saw a decrease in the factory automation systems
business due to stagnation in automotive-related demand worldwide
and machinery- and building-related demand in Japan, despite an
increase in demand relating to 5G and semiconductor. The automotive
equipment business also decreased due to decreased demand for new
cars in all regions except for China. 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 44.5 billion yen from the same
period of the previous fiscal year to 137.7 billion yen due mainly
to decreases in Industrial Automation Systems, Home Appliances and
Information and Communication Systems segments despite increases in
Energy and Electric Systems and Electronic Devices segments.
Operating profit ratio decreased by 0.9% from the same period of
the previous fiscal year to 4.7% due primarily to decreased
revenue.
The cost ratio increased by 0.5% 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 67.0
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 0.2%. Other profit (loss)
decreased by 10.1 billion yen from the same period of the previous
fiscal year due primarily to decreased gain on sales of land. Other
profit (loss) to revenue ratio deteriorated by 0.2% from the same
period of the previous fiscal year.
Profit before income taxes
Profit before income taxes decreased by 40.4 billion yen from
the same period of the previous fiscal year to 158.3 billion yen
due mainly to a decrease in operating profit despite an improvement
in non-operating expenses owing to improved gain/loss on foreign
exchange. Profit before income taxes to revenue ratio was 5.4%.
Net profit attributable to Mitsubishi Electric Corporation
stockholders
Net profit attributable to Mitsubishi Electric Corporation
stockholders decreased by 51.9 billion yen from the same period of
the previous fiscal year to 107.7 billion yen due primarily to
decreased profit before income taxes and the impact of reduced
income taxes as a result of the reorganization of its affiliated
company outside Japan in the same period of the previous fiscal
year. Net profit attributable to Mitsubishi Electric Corporation
stockholders to revenue ratio was 3.7%.
Consolidated Financial Results by Business Segment (First 9
Months, Fiscal 2021)
Energy and Electric Systems
Revenue: 867.9 billion (5% decrease from the same period
yen last year which recorded 913.4
billion yen)
Operating profit: 58.6 billion (11.2 billion yen increase from
yen the same period last year which
recorded 47.4 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 and
demand relating to the electricity systems reform 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 remained substantially
unchanged from the same period of the previous fiscal year due
mainly to progress in orders already received for projects in the
power systems business in Japan.
The market of the building systems business saw decreased demand
in new installations and renewals of elevators and escalators
worldwide due to delay in construction and the reconsideration of
the capital expenditure plans that happened in stagnation 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 867.9 billion yen.
Operating profit increased by 11.2 billion yen from the same
period of the previous fiscal year to 58.6 billion yen due mainly
to a shift in project portfolios and cost improvement.
Industrial Automation Systems
Revenue: 892.1 billion (12% decrease from the same period
yen last year which recorded 1,016.0
billion yen)
Operating profit: 28.3 billion (30.6 billion yen decrease from
yen the same period last year which
recorded 58.9 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, while demand
relating to 5G and semiconductor increased outside Japan and there
was demand relating to increased mask production in China. In this
environment, the business saw an increase in orders but a decrease
in 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 mainly 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 892.1 billion yen due
primarily to a decrease in the automotive equipment business.
Operating profit decreased by 30.6 billion yen from the same
period of the previous fiscal year to 28.3 billion yen due mainly
to decreased revenue.
Information and Communication Systems
Revenue: 243.7 billion (19% decrease from the same period
yen last year which recorded 302.0
billion yen)
Operating profit: 6.0 billion (5.1 billion yen decrease from
yen the same period last year which
recorded 11.1 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 an increase in orders from
the same period of the previous fiscal year due primarily to an
increase in large-scale projects for the space systems business,
while revenue decreased from the same period of the previous fiscal
year due mainly to a decrease in large-scale projects for the
defense systems business.
As a result, revenue for this segment decreased by 19% from the
same period of the previous fiscal year to 243.7 billion yen.
Operating profit decreased by 5.1 billion yen from the same
period of the previous fiscal year to 6.0 billion yen due mainly to
decreased revenue.
Electronic Devices
Revenue: 148.9 billion (4% decrease from the same period
yen last year which recorded 154.4
billion yen)
Operating profit: 7.5 billion (2.0 billion yen increase from
yen the same period last year which
recorded 5.5 billion yen)
The market of the electronic devices business saw a slowdown in
demand for power modules used in industrial, railcar and consumer
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 4% from the same period of the previous
fiscal year to 148.9 billion yen.
Operating profit increased by 2.0 billion yen from the same
period of the previous fiscal year to 7.5 billion yen due mainly to
a shift in product mix and cost improvement.
Home Appliances
Revenue: 754.9 billion (9% decrease from the same period
yen last year which recorded 830.7
billion yen)
Operating profit: 57.4 billion (12.2 billion yen decrease from
yen the same period last year which
recorded 69.7 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, particularly in the first half, and
restrained capital expenditure worldwide. Meanwhile, there was
demand for consumer electronics due to increased time at home. In
this environment, the business saw a decrease in revenue by 9% from
the same period of the previous fiscal year to 754.9 billion yen
due primarily to a decrease in air conditioners.
Operating profit decreased by 12.2 billion yen from the same
period of the previous fiscal year to 57.4 billion yen due mainly
to decreased revenue.
Others
Revenue: 424.8 billion (12% decrease from the same period
yen last year which recorded 480.3
billion yen)
Operating profit: 5.8 billion (10.3 billion yen decrease from
yen the same period last year which
recorded 16.1 billion yen)
Revenue decreased by 12% from the same period of the previous
fiscal year to 424.8 billion yen due primarily to decreases in
procurements and services at affiliated companies.
Operating profit decreased by 10.3 billion yen from the same
period of the previous fiscal year to 5.8 billion yen due mainly to
decreased revenue.
2. Consolidated Third-quarter Results (October 1, 2020 -
December 31, 2020)
Revenue: 1,038.5 billion (3% decrease from the same period
yen last year)
Operating profit: 76.3 billion (12% increase from the same period
yen last year)
Profit before income 82.6 billion (11% increase from the same period
taxes: yen last year)
Net profit attributable
to Mitsubishi Electric billion (13% decrease from the same period
Corp. stockholders: 59.5 yen last year)
Revenue
Revenue in the third quarter decreased by 29.0 billion yen from
the same period of the previous fiscal year to 1,038.5 billion yen
due primarily to decreases in Information and Communication
Systems, Energy and Electric Systems and Electronic Devices
segments despite increases in Industrial Automation Systems and
Home Appliances segments. Energy and Electric Systems segment saw a
decrease in the building systems business due primarily to delay in
construction worldwide caused by the continuing impact of COVID-19.
Industrial Automation Systems segment saw an increase in the
factory automation systems business due primarily to increased
demand relating to 5G and semiconductor outside Japan. Home
Appliances segment saw an increase in residential air conditioners
in Europe, North America and Japan.
Operating Profit
Operating profit increased by 8.3 billion yen from the same
period of the previous fiscal year to 76.3 billion yen due mainly
to increases in Industrial Automation Systems, Home Appliances and
Energy and Electric Systems segments despite decreases in
Information and Communication Systems and Electronic Devices
segments. Operating profit ratio increased by 1.0% from the same
period of the previous fiscal year to 7.4% due primarily to a shift
in project portfolios and reduced cost.
The cost ratio decreased by 1.0% from the same period of the
previous fiscal year as due mainly to a shift in project portfolios
of Energy and Electric Systems segment and higher operation caused
by increased revenue and reduced cost of Home Appliances segment.
Selling, general and administrative expenses decreased by 16.6
billion yen from the same period of the previous fiscal year due
primarily to reduced cost, and selling, general and administrative
expenses to revenue ratio improved by 0.9%. Other profit (loss)
decreased by 9.9 billion yen from the same period of the previous
fiscal year due mainly to decreased gain on sales of land, and
other profit (loss) to revenue ratio deteriorated by 0.9%.
Profit before income taxes
Profit before income taxes increased by 7.9 billion yen from the
same period of the previous fiscal year to 82.6 billion yen due
mainly to an increase in operating profit. Profit before income
taxes to revenue ratio was 8.0%.
Net profit attributable to Mitsubishi Electric Corporation
stockholders
Net profit attributable to Mitsubishi Electric Corporation
stockholders decreased by 8.9 billion yen from the same period of
the previous fiscal year to 59.5 billion yen due primarily to the
impact of reduced income taxes as a result of the reorganization of
its affiliated company outside Japan in the same period of the
previous fiscal year, despite an increase in profit before income
taxes. Net profit attributable to Mitsubishi Electric Corporation
stockholders to revenue ratio was 5.7%.
Consolidated Financial Results by Business Segment (Third
Quarter, Fiscal 2021)
Energy and Electric Systems
Revenue: 303.2 billion (6% decrease from the same period
yen last year which recorded 321.2
billion yen)
Operating profit: 32.4 billion (5.4 billion yen increase from
yen the same period last year which
recorded 27.0 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 and
demand relating to the electricity systems reform remained buoyant
in Japan. 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 the transportation systems business
worldwide and the power systems business outside Japan.
The market of the building systems business saw decreased demand
in new installations and renewals of elevators and escalators
worldwide due to delay in construction and the reconsideration of
the capital expenditure plans that happened in stagnation 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 a decrease in Asia.
As a result, revenue for this segment decreased by 6% from the
same period of the previous fiscal year to 303.2 billion yen.
Operating profit increased by 5.4 billion yen from the same
period of the previous fiscal year to 32.4 billion yen due mainly
to a shift in project portfolios and cost improvement.
Industrial Automation Systems
Revenue : 343.5 billion (4% increase from the same period
yen last year which recorded 329.7
billion yen)
Operating profit: 26.5 billion (8.8 billion yen increase from
yen the same period last year which
recorded 17.6 billion yen)
The market of the factory automation systems business saw an
increase in demand relating to 5G and semiconductor outside Japan,
while automotive-related demand worldwide and building-related
demand in Japan remained stagnant due to the impact of COVID-19. In
this environment, the business saw increases in both orders and
revenue from the same period of the previous fiscal year.
The market of the automotive equipment business saw an increase
in demand for new cars in China and Japan from the same period of
the previous fiscal year, although the number decreased in Europe
and the U.S. due to the impact of COVID-19. In this environment,
both orders and revenue for the business remained substantially
unchanged from the same period of the previous fiscal year.
As a result, revenue for this segment increased by 4% from the
same period of the previous fiscal year to 343.5 billion yen.
Operating profit increased by 8.8 billion yen from the same
period of the previous fiscal year to 26.5 billion yen due
primarily to increased revenue and cost improvement.
Information and Communication Systems
Revenue: 78.2 billion (24% decrease from the same period
yen last year which recorded 103.0
billion yen)
Operating profit: 1.1 billion (5.2 billion yen decrease from
yen the same period last year which
recorded 6.4 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 an increase in orders from
the same period of the previous fiscal year due primarily to an
increase in large-scale projects for the defense systems business,
while revenue decreased from the same period of the previous fiscal
year due mainly to a decrease in large-scale projects for the
defense systems business.
As a result, revenue for this segment decreased by 24% from the
same period of the previous fiscal year to 78.2 billion yen.
Operating profit decreased by 5.2 billion yen from the same
period of the previous fiscal year to a 1.1 billion yen due mainly
to decreased revenue.
Electronic Devices
Revenue: 48.3 billion (6% decrease from the same period
yen last year which recorded 51.2 billion
yen)
Operating profit: 1.7 billion (2.7 billion yen decrease from
yen the same period last year which
recorded 4.4 billion yen)
The market of the electronic devices business saw a recovery in
demand for power modules used primarily in automotive applications,
but demand for power modules used in industrial applications slowed
down. Meanwhile, demand for high frequency and optical devices
relating to next-generation data centers remained buoyant. In this
environment, the business saw an increase in orders from the same
period of the previous fiscal year due primarily to an increase in
power modules used in automotive applications, while revenue
decreased by 6% from the same period of the previous fiscal year to
48.3 billion yen due mainly to decreases in power modules used in
industrial applications and TFT-LCD modules.
Operating profit decreased by 2.7 billion yen from the same
period of the previous fiscal year to 1.7 billion yen due primarily
to decreased revenue.
Home Appliances
Revenue: 251.2 billion (1% increase from the same period
yen last year which recorded 248.9
billion yen)
Operating profit: 21.9 billion (5.4 billion yen increase from
yen the same period last year which
recorded 16.4 billion yen)
The market of the home appliances business saw an increase in
residential air conditioners due to increased time at home in
Europe, North America and Japan, while demand for industrial air
conditioners decreased globally due to the impact of COVID-19
causing restrained capital expenditure worldwide. In this
environment, the business saw an increase in revenue by 1% from the
same period of the previous fiscal year to 251.2 billion yen due
primarily to an increase in residential air conditioners in Europe
and North America due to increased time at home.
Operating profit increased by 5.4 billion yen from the same
period of the previous fiscal year to 21.9 billion yen due mainly
to increased revenue.
Others
Revenue: 152.4 billion (7% decrease from the same period
yen last year which recorded 164.0
billion yen)
Operating profit: 3.8 billion (2.7 billion yen decrease from
yen the same period last year which
recorded 6.6 billion yen)
Revenue decreased by 7% from the same period of the previous
fiscal year to 152.4 billion yen due primarily to decreases in
services at affiliated companies.
Operating profit decreased by 2.7 billion yen from the same
period of the previous fiscal year to 3.8 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 38.4 billion yen to 4,448.2
billion yen. The change in balance of total assets was mainly
attributable to increases in cash and cash equivalents by 87.9
billion yen, inventories by 80.8 billion yen and other financial
assets by 74.7 billion yen respectively, while trade receivables
decreased by 190.2 billion yen.
Trade receivables decreased due primarily to credit collection
for projects from the previous fiscal year and decreased revenue
due to 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 66.0 billion yen to 1,804.8 billion yen due primarily to
decreases in trade payables by 42.8 billion yen and other current
liabilities by 62.6 billion yen, while balances of bonds,
borrowings and lease liabilities increased by 38.5 billion yen.
Bonds and borrowings increased by 31.7 billion yen from the end of
the previous fiscal year to 298.8 billion yen, with the ratio of
bonds and borrowings to total assets recording 6.7%, representing a
0.6 point increase compared to the end of the previous fiscal
year.
Mitsubishi Electric Corporation stockholders' equity increased
by 103.0 billion yen compared to the end of the previous fiscal
year to 2,532.7 billion yen. The stockholders' equity ratio was
recorded at 56.9%, representing a 1.8 point increase compared to
the end of the previous fiscal year. These changes mainly result
from increases from recording a net profit attributable to
Mitsubishi Electric Corporation stockholders of 107.7 billion yen
and accumulated other comprehensive income by 77.3 billion yen
mainly reflecting a rise in stock prices, despite a decrease due to
dividend payment of 77.2 billion yen.
An analysis on the status of cash flow on a consolidated
basis
Cash flows from operating activities for the first 9 months of
fiscal 2021 was 316.8 billion yen (cash in), while cash flows from
investing activities was 140.1 billion yen (cash out). As a result,
free cash flow was 176.6 billion yen (cash in). Cash flows from
financing activities was 94.1 billion yen (cash out), and cash and
cash equivalents at end of period increased from the end of the
previous fiscal year by 87.9 billion yen to 625.5 billion yen.
Net cash provided by operating activities increased by 88.8
billion yen from the same period of the previous fiscal year due
primarily to reduced use of materials and cost to deal with
decreased revenue for the first 9 months of fiscal 2021 , despite
decreased profit.
Net cash used in investing activities decreased by 8.1 billion
yen from the same period of the previous fiscal year due mainly to
a decrease in purchase of property, plant and equipment.
Net cash used in financing activities increased by 2.3 billion
yen from the same period of the previous fiscal year due primarily
to decreased borrowings.
Forecast for Fiscal 2021(year ending March 31, 2021)
Mitsubishi Electric's business performance for fiscal 2021 is
expected to exceed the company's previous forecast considering the
improvement of the financial results primarily in Industrial
Automation Systems and Home Appliances segments, although the
impact of COVID-19 remains. As a result, the company's consolidated
earnings forecast for fiscal 2021, ending March 31, 2021, has been
revised from the announcement on October 29, 2020 as stated
below.
Consolidated forecast for fiscal 2021
Consolidated Previous Current forecast Change from previous
forecast forecast
(announced
October
29)
Revenue: 4,050.0 billion 4,100.0 billion (8% decrease Up 50.0 billion
yen yen from fiscal 2020) yen, or 1%
---------------- ---------------- ------------------- ---------------------
Operating profit: 150.0 billion 190.0 billion (27% decrease Up 40.0 billion
yen yen from fiscal 2020) yen, or 27%
---------------- ---------------- ------------------- ---------------------
Profit before 175.0 billion 215.0 billion (24% decrease Up 40.0 billion
income taxes: yen yen from fiscal 2020) yen, or 23%
---------------- ---------------- ------------------- ---------------------
Net profit
attributable
to Mitsubishi
Electric Corp. 120.0 billion 145.0 billion (35% decrease Up 25.0 billion
stockholders: yen yen from fiscal 2020) yen, or 21%
---------------- ---------------- ------------------- ---------------------
Exchange rates in and after the fourth quarter of fiscal 2021 is
103 yen to the U.S. dollar, which is 2 yen stronger from the
previous announcement; 125 yen to the euro, which is 5 yen weaker
from the company's previous announcement; and 16.0 yen to the
Chinese yuan, which is 1 yen weaker 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 9 Months Results
(In billions of yen except where noted)
FY '20 9 months FY '21 9 months B - A B/A (%)
(A) (B)
(Apr. 1, 2019 (Apr. 1, 2020
- Dec. 31, 2019) - Dec. 31, 2020)
------------------ ------------------ --------- --------
Revenue 3,250.1 2,940.6 (309.5) 90
------------------ ------------------ --------- --------
Operating profit 182.2 137.7 (44.5) 76
------------------ ------------------ --------- --------
Profit before income
taxes 198.7 158.3 (40.4) 80
------------------ ------------------ --------- --------
Net profit attributable
to Mitsubishi Electric
Corp. stockholders 159.7 107.7 (51.9) 67
------------------ ------------------
Basic earnings per
share attributable
to Mitsubishi Electric (24.(21)
Corp. stockholders 74.(45) yen 50.(24) yen y en) 67
------------------ ------------------
2. Consolidated Third-quarter Results
(In billions of yen except where noted)
FY '20 Q3 (A) FY '21 Q3 (B) B - A B/A
(Oct. 1, 2019 (Oct. 1, 2020 (%)
- - Dec. 31, 2020)
Dec. 31, 2019)
------------------- -------- -----
Revenue 1,067.6 1,038.5 (29.0) 97
------------------------- ----------------- ------------------- -------- -----
Operating profit 68.0 76.3 8.3 112
------------------------- ----------------- ------------------- -------- -----
Profit before income
taxes 74.7 82.6 7.9 111
------------------------- ----------------- ------------------- -------- -----
Net profit attributable
to Mitsubishi Electric
Corp. stockholders 68.4 59.5 (8.9) 87
------------------------- ----------------- -------------------
Basic earnings per
share attributable
to Mitsubishi Electric (4.(15)
Corp. stockholders 31.(91) yen 27.(76) yen yen) 87
------------------------- ----------------- -------------------
Notes :
1) Consolidated financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS).
2) The company has 205 consolidated subsidiaries.
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss and
Condensed Quarterly Consolidated Statement of Comprehensive Income
(First 9 Months, Fiscal 2021)
(Condensed Quarterly Consolidated Statement of Profit or
Loss)
(In millions of yen)
FY '20 9 months FY '21 9 months
(Apr. 1, 2019 (Apr. 1, 2020
- -
Dec. 31, 2019) Dec. 31, 2020)
(A) % of (B) % of B - A B/A
total total (%)
---------- ------- ---------- ------- ----------
Revenue 3,250,129 100.0 2,940,611 100.0 (309,518) 90
Cost of sales 2,331,880 71.7 2,123,770 72.2 (208,110) 91
Selling, general and
administrative expenses 747,840 23.0 680,813 23.2 (67,027) 91
Other profit (loss) 11,848 0.3 1,680 0.1 (10,168) 14
---------- ------- ---------- ------- ---------- -----
Operating profit 182,257 5.6 137,708 4.7 (44,549) 76
Financial income 8,782 0.3 7,886 0.3 (896) 90
Financial expenses 5,572 0.2 2,064 0.1 (3,508) 37
Share of profit of investments
accounted for using
the
equity method 13,315 0.4 14,823 0.5 1,508 111
---------- ------- ---------- ------- ---------- -----
Profit before income
taxes 198,782 6.1 158,353 5.4 (40,429) 80
Income taxes 29,211 0.9 44,498 1.5 15,287 152
---------- ------- ---------- ------- ---------- -----
Net profit 169,571 5.2 113,855 3.9 (55,716) 67
---------- ------- ---------- ------- ---------- -----
Net profit attributable
to:
Mitsubishi Electric
Corp.
stockholders 159,710 4.9 107,781 3.7 (51,929) 67
Non-controlling interests 9,861 0.3 6,074 0.2 (3,787) 62
---------- ------- ---------- ------- ---------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive
Income)
(In millions of yen)
FY '20 FY '21 B - A
9 months (A) 9 months (B)
(Apr. 1, 2019 (Apr. 1, 2020
- - Dec. 31,
Dec. 31, 2019) 2020)
---------------- ---------------
Net profit 169,571 113,855 (55,716)
---------------- --------------- ---------
(Other comprehensive income
(loss),
net of tax)
Items that will not be reclassified
to
net profit
Changes in fair value of financial
assets measured at fair value
through other comprehensive
income 13,537 52,282 38,745
------------------------------------------ ---------------- --------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (138) 702 840
---------------- --------------- ---------
Subtotal 13,399 52,984 39,585
---------------- --------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations (4,981) 21,515 26,496
------------------------------------------ ---------------- --------------- ---------
Net changes in the fair value
of cash flow hedges 78 121 43
------------------------------------------ ---------------- --------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (2,873) (520) 2,353
---------------- --------------- ---------
Subtotal (7,776) 21,116 28,892
---------------- --------------- ---------
Total other comprehensive
income (loss) 5,623 74,100 68,477
---------------- --------------- ---------
Comprehensive income 175,194 187,955 12,761
---------------- --------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 165,740 180,527 14,787
Non-controlling interests 9,454 7,428 (2,026)
---------------- --------------- ---------
Condensed Quarterly Consolidated Statement of Profit or Loss and
Condensed Quarterly Consolidated Statement of Comprehensive Income
(Third Quarter, Fiscal 2021)
(Condensed Quarterly Consolidated Statement of Profit or
Loss)
(In millions of yen)
FY '20 Q3 FY '21 Q3
(Oct. 1, 2019 (Oct. 1, 2020
- -
Dec. 31, 2019) Dec. 31, 2020)
(A) % of (B) % of B - A B/A
total total (%)
---------- ------- ---------- ------- ---------
Revenue 1,067,601 100.0 1,038,587 100.0 (29,014) 97
Cost of sales 769,519 72.1 738,947 71.1 (30,572) 96
Selling, general and
administrative expenses 240,970 22.5 224,280 21.6 (16,690) 93
Other profit (loss) 10,915 1.0 994 0.1 (9,921) 9
---------- ------- ---------- ------- --------- -----
Operating profit 68,027 6.4 76,354 7.4 8,327 112
Financial income 3,397 0.3 2,688 0.3 (709) 79
Financial expenses 570 0.1 624 0.1 54 109
Share of profit of investments
accounted for using
the
equity method 3,906 0.4 4,249 0.4 343 109
---------- ------- ---------- ------- --------- -----
Profit before income
taxes 74,760 7.0 82,667 8.0 7,907 111
Income taxes 3,620 0.3 20,214 2.0 16,594 558
---------- ------- ---------- ------- --------- -----
Net profit 71,140 6.7 62,453 6.0 (8,687) 88
---------- ------- ---------- ------- --------- -----
Net profit attributable
to:
Mitsubishi Electric
Corp.
stockholders 68,457 6.4 59,550 5.7 (8,907) 87
Non-controlling interests 2,683 0.3 2,903 0.3 220 108
---------- ------- ---------- ------- --------- -----
(Condensed Quarterly Consolidated Statement of Comprehensive
Income)
(In millions of yen)
FY '20 Q3 (A) FY '21 Q3 (B) B - A
(Oct. 1, 2019 (Oct. 1, 2020
- -
Dec. 31, 2019) Dec. 31, 2020)
---------------- ----------------
Net profit 71,140 62,453 (8,687)
---------------- ---------------- ---------
(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 7,536 23,226 15,690
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method 214 121 (93)
---------------- ---------------- ---------
Subtotal 7,750 23,347 15,597
---------------- ---------------- ---------
Items that may be reclassified
to net profit
Exchange differences on translating
foreign operations 26,308 16,172 (10,136)
------------------------------------------ ---------------- ---------------- ---------
Net changes in the fair value
of cash flow hedges 169 55 (114)
------------------------------------------ ---------------- ---------------- ---------
Share of other comprehensive
income of investments accounted
for using the equity method (618) 909 1,527
---------------- ---------------- ---------
Subtotal 25,859 17,136 (8,723)
---------------- ---------------- ---------
Total other comprehensive
income (loss) 33,609 40,483 6,874
---------------- ---------------- ---------
Comprehensive income 104,749 102,936 (1,813)
---------------- ---------------- ---------
Comprehensive income attributable
to:
Mitsubishi Electric Corp.
stockholders 99,658 98,925 (733)
Non-controlling interests 5,091 4,011 (1,080)
---------------- ---------------- ---------
Condensed Quarterly Consolidated Statement of Financial
Position
(In millions of yen)
FY '20 (A) FY' 21 Q3 B - A
(B)
(ended Mar. (ended Dec.
31, 2020) 31, 2020)
------------- -------------
(Assets)
Current assets 2,628,033 2,616,438 (11,595)
Cash and cash equivalents 537,559 625,528 87,969
Trade receivables 900,430 710,187 (190,243)
Contract assets 343,637 346,282 2,645
Inventories 693,890 774,698 80,808
Other current assets 152,517 159,743 7,226
Non-current assets 1,781,738 1,831,773 50,035
Investments accounted for using
the equity method 196,237 200,982 4,745
Other financial assets 262,367 337,108 74,741
Property, plant and equipment 854,382 857,739 3,357
Other non-current assets 468,752 435,944 (32,808)
------------- ------------- ----------
Total assets 4,409,771 4,448,211 38,440
============================================ ============= ============= ==========
(Liabilities)
Current liabilities 1,402,665 1,350,903 (51,762)
Bonds, borrowings and lease liabilities 133,369 187,066 53,697
Trade payables 527,307 484,479 (42,828)
Other current liabilities 741,989 679,358 (62,631)
Non-current liabilities 468,247 453,957 (14,290)
Bonds, borrowings and lease liabilities 243,634 228,517 (15,117)
Net defined benefit liabilities 163,240 176,399 13,159
Other non-current liabilities 61,373 49,041 (12,332)
------------- ------------- ----------
Total liabilities 1,870,912 1,804,860 (66,052)
------------- ------------- ----------
(Equity)
Mitsubishi Electric Corp. stockholders'
equity 2,429,743 2,532,749 103,006
Common stock 175,820 175,820
Capital surplus 202,832 202,265 (567)
Retained earnings 2,071,817 2,097,702 25,885
Accumulated other comprehensive
income (loss) (17,802) 59,557 77,359
Treasury stock, at cost (2,924) (2,595) 329
Non-controlling interests 109,116 110,602 1,486
------------- ------------- ----------
Total equity 2,538,859 2,643,351 104,492
------------- ------------- ----------
Total liabilities and equity 4,409,771 4,448,211 38,440
============================================ ============= ============= ==========
Bonds, borrowings and lease liabilities 377,003 415,583 38,580
Excluding lease liabilities 267,008 298,801 31,793
Accumulated other comprehensive
income (loss):
Exchange differences on translating
foreign operations (39,519) (19,769) 19,750
Financial assets measured at fair
value through other comprehensive
income 21,754 79,260 57,506
Net changes in the fair value of
cash flow hedges (37) 66 103
Condensed Quarterly Consolidated Statement of Changes in
Equity
FY' 20 First 9 Months (Apr. 1, 2019 - Dec. 31, 2019)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' Non-controlling Total
equity interests equity
Common Capital Retained Accumulated Treasury Total
stock surplus earnings other stock,
comprehensive at cost
income
(loss)
----------
Balance at
beginning
of period 175,820 202,834 1,960,466 63,809 (2,983) 2,399,946 111,209 2,511,155
================= ======== ======== ========== ============== ========= ========== ================ ==========
Cumulative
effects
of changes in
accounting
policies (1,521) (1,521) (7) (1,528)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Restated balance
at beginning of
period 175,820 202,834 1,958,945 63,809 (2,983) 2,398,425 111,202 2,509,627
================= ======== ======== ========== ============== ========= ========== ================ ==========
Comprehensive
income
Net profit 159,710 159,710 9,861 169,571
Other
comprehensive
income
(loss),
net of tax 6,030 6,030 (407) 5,623
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 159,710 6,030 165,740 9,454 175,194
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Transfer to
retained
earnings 1,432 (1,432)
Dividends (85,871) (85,871) (6,721) (92,592)
Purchase of
treasury
stock (785) (785) (785)
Disposal of
treasury
stock (844) 844 0 0
Transactions
with
non-controlling
interests and
others 294 294 (1,522) (1,228)
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,284 2,034,216 68,407 (2,924) 2,477,803 112,413 2,590,216
================= ======== ======== ========== ============== ========= ========== ================ ==========
FY '21 First 9 Months (Apr. 1, 2020 - Dec. 31, 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 107,781 107,781 6,074 113,855
Other
comprehensive
income (loss),
net of tax 72,746 72,746 1,354 74,100
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Comprehensive
income 107,781 72,746 180,527 7,428 187,955
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Reclassification
to retained
earnings (4,613) 4,613
Dividends (77,283) (77,283) (6,126) (83,409)
Purchase of
treasury
stock (367) (367) (367)
Disposal of
treasury
stock (696) 696 0 0
Transactions with
non-controlling
interests and
others 129 129 184 313
-------- -------- ---------- -------------- --------- ---------- ---------------- ----------
Balance at end
of period 175,820 202,265 2,097,702 59,557 (2,595) 2,532,749 110,602 2,643,351
================== ======== ======== ========== ============== ========= ========== ================ ==========
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '20 9 months FY '21 9 months B - A
(Apr. 1, 2019 (Apr. 1, 2020
- Dec. 31, - Dec. 31,
2019) 2020)
(A) (B)
---------------- ----------------
I Cash flows from operating activities
1 Net profit 169,571 113,855 (55,716)
2 Adjustments to cash flows from
operating activities
(1) Depreciation, amortization
and other 153,160 158,844 5,684
(2) Decrease in trade receivables 216,945 194,097 (22,848)
(3) Decrease (increase) in contract
assets (136,819) (2,720) 134,099
(4) Decrease (increase) in inventories (45,901) (76,599) (30,698)
(5) Increase (decrease) in trade
payables (49,501) (45,573) 3,928
(6) Others, net (79,491) (25,079) 54,412
---- --------------------------------------- ---------------- ---------------- ---------
Cash flows from operating activities 227,964 316,825 88,861
II Cash flows from investing activities
Purchase of property, plant and
1 equipment (137,390) (127,058) 10,332
Proceeds from sale of property,
2 plant and equipment 13,647 3,733 (9,914)
Purchase of investment securities
3 (net of cash acquired) (18,162) (13,768) 4,394
Proceeds from sale of investment
4 securities (net of cash disposed) 10,372 8,540 (1,832)
5 Others, net (16,791) (11,596) 5,195
---- --------------------------------------- ---------------- ---------------- ---------
Cash flows from investing activities (148,324) (140,149) 8,175
I +
II Free cash flow 79,640 176,676 97,036
III Cash flows from financing activities
Proceeds and repayments of bonds
1 and long-term borrowings (39,213) (27,252) 11,961
Increase in short-term borrowings,
2 net 78,776 58,989 (19,787)
3 Repayments of lease liabilities (39,589) (41,660) (2,071)
4 Dividends paid (85,871) (77,283) 8,588
5 Purchase of treasury stock (785) (367) 418
6 Disposal of treasury stock 0 0 0
7 Others, net (5,120) (6,605) (1,485)
---- --------------------------------------- ---------------- ---------------- ---------
Cash flows from financing activities (91,802) (94,178) (2,376)
Effect of exchange rate changes
IV on cash and cash equivalents (2,995) 5,471 8,466
---- --------------------------------------- ---------------- ---------------- ---------
Net increase (decrease) in cash
V and cash equivalents (15,157) 87,969 103,126
---- --------------------------------------- ---------------- ---------------- ---------
Cash and cash equivalents at
VI beginning of period 514,224 537,559 23,335
---- --------------------------------------- ---------------- ---------------- ---------
Cash and cash equivalents at
VII end of period 499,067 625,528 126,461
---- --------------------------------------- ---------------- ---------------- ---------
Consolidated Segment Information (First 9 Months, Fiscal
2021)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '20 9 months FY '21 9 months C - A D - B C/A
(Apr. 1, 2019 (Apr. 1, 2020 (%)
- -
Dec. 31, 2019) Dec. 31, 2020)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (D)
---------- ---------- ----------
Energy and Electric
Systems 913,403 47,470 867,976 58,690 (45,427) 11,220 95
---------- ---------- ---------- ---------- ---------- --------- -----
Industrial Automation
Systems 1,016,042 58,937 892,123 28,326 (123,919) (30,611) 88
---------- ---------- ---------- ---------- ---------- --------- -----
Information and
Communication Systems 302,084 11,133 243,775 6,033 (58,309) (5,100) 81
---------- ---------- ---------- ---------- ---------- --------- -----
Electronic Devices 154,433 5,502 148,905 7,520 (5,528) 2,018 96
---------- ---------- ---------- ---------- ---------- --------- -----
Home Appliances 830,754 69,700 754,931 57,495 (75,823) (12,205) 91
---------- ---------- ---------- ---------- ---------- --------- -----
Others 480,330 16,139 424,884 5,809 (55,446) (10,330) 88
---------- ---------- ---------- ---------- ---------- --------- -----
Subtotal 3,697,046 208,881 3,332,594 163,873 (364,452) (45,008) 90
---------- ---------- ---------- ---------- ---------- --------- -----
Eliminations and
corporate (446,917) (26,624) (391,983) (26,165) 54,934 459
---------- ---------- ---------- ---------- ---------- --------- -----
Consolidated Total 3,250,129 182,257 2,940,611 137,708 (309,518) (44,549) 90
---------- ---------- ---------- ---------- ---------- --------- -----
*Notes: 1) Inter-segment revenue are included in the above
chart.
2) Gain on sales of land within other profit (loss) presented in
the 'Condensed Quarterly Consolidated Statement of Profit or Loss'
is allocated to each segment.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '20 9 months FY '21 9 months B - A B/A (%)
(Apr. 1, 2019 (Apr. 1, 2020
- -
Dec. 30, 2019) Dec. 30, 2020)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 1,839,581 56.6 1,673,229 56.9 (166,352) 91
------------------------- ---------- ----------- ---------- ----------- ---------- --------
North America 325,165 10.0 269,572 9.2 (55,593) 83
---------- ----------- ---------- ----------- ---------- --------
Asia (excluding
Japan) 703,360 21.6 670,840 22.8 (32,520) 95
---------- ----------- ---------- ----------- ---------- --------
China 334,181 10.3 360,774 12.3 26,593 108
---------- ----------- ---------- ----------- ---------- --------
Europe 335,174 10.3 282,000 9.6 (53,174) 84
------------------------ ---------- ----------- ---------- ----------- ---------- --------
Others 46,849 1.5 44,970 1.5 (1,879) 96
------------------------ ---------- ----------- ---------- ----------- ---------- --------
Total overseas
revenue 1,410,548 43.4 1,267,382 43.1 (143,166) 90
------------------------- ---------- ----------- ---------- ----------- ---------- --------
Consolidated total 3,250,129 100.0 2,940,611 100.0 (309,518) 90
---------- ----------- ---------- ----------- ---------- --------
Consolidated Segment Information (Third Quarter, Fiscal
2021)
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '20 Q3 FY '21 Q3 C - A D - B C/A
(Oct. 1, 2019 (Oct. 1, 2020 (%)
- -
Dec. 31, 2019) Dec. 31, 2020)
----------------------
Revenue Operating Revenue Operating
(A) profit (C) profit
(B) (D)
---------- ---------- ----------
Energy and Electric
Systems 321,293 27,005 303,245 32,413 (18,048) 5,408 94
---------- ---------- ---------- ---------- --------- -------- -----
Industrial Automation
Systems 329,776 17,665 343,516 26,560 13,740 8,895 104
---------- ---------- ---------- ---------- --------- -------- -----
Information and
Communication Systems 103,059 6,428 78,230 1,167 (24,829) (5,261) 76
---------- ---------- ---------- ---------- --------- -------- -----
Electronic Devices 51,284 4,463 48,322 1,718 (2,962) (2,745) 94
---------- ---------- ---------- ---------- --------- -------- -----
Home Appliances 248,992 16,494 251,200 21,907 2,208 5,413 101
---------- ---------- ---------- ---------- --------- -------- -----
Others 164,085 6,618 152,452 3,838 (11,633) (2,780) 93
---------- ---------- ---------- ---------- --------- -------- -----
Subtotal 1,218,489 78,673 1,176,965 87,603 (41,524) 8,930 97
---------- ---------- ---------- ---------- --------- -------- -----
Eliminations and
corporate (150,888) (10,646) (138,378) (11,249) 12,510 (603)
---------- ---------- ---------- ---------- --------- -------- -----
Consolidated Total 1,067,601 68,027 1,038,587 76,354 (29,014) 8,327 97
---------- ---------- ---------- ---------- --------- -------- -----
*Notes: 1) Inter-segment revenue are included in the above
chart.
2) Gain on sales of land within other profit (loss) presented in
the 'Condensed Quarterly Consolidated Statement of Profit or Loss'
is allocated to each segment.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '20 Q3 FY '21 Q3 B - A B/A (%)
(Oct. 1, 2019 (Oct. 1, 2020
- -
Dec. 31, 2019) Dec. 31, 2020)
----------------------- -----------------------
Revenue % of total Revenue % of total
(A) revenue (B) revenue
---------- ----------- ---------- -----------
Japan 622,924 58.3 592,891 57.1 (30,033) 95
------------------------- ---------- ----------- ---------- ----------- --------- --------
North America 95,407 8.9 94,137 9.1 (1,270) 99
---------- ----------- ---------- ----------- --------- --------
Asia (excluding
Japan) 233,601 21.9 237,106 22.8 3,505 102
---------- ----------- ---------- ----------- --------- --------
China 112,451 10.5 125,851 12.1 13,400 112
---------- ----------- ---------- ----------- --------- --------
Europe 99,112 9.3 97,728 9.4 (1,384) 99
------------------------ ---------- ----------- ---------- ----------- --------- --------
Others 16,557 1.6 16,725 1.6 168 101
------------------------ ---------- ----------- ---------- ----------- --------- --------
Total overseas
revenue 444,677 41.7 445,696 42.9 1,019 100
------------------------- ---------- ----------- ---------- ----------- --------- --------
Consolidated total 1,067,601 100.0 1,038,587 100.0 (29,014) 97
---------- ----------- ---------- ----------- --------- --------
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 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," 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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