Mitsubishi Corp. - Notice of Changes in Subsidiaries

Chiyoda

27/02/2020 08:20

RNS Number : 3328E

Mitsubishi Corporation

27 February 2020

 

Translation of report filed with the Tokyo Stock Exchange on February 27, 2019

 

February 27, 2020

To Whom It May Concern

Company name:
Mitsubishi Corporation
Representative:
Takehiko Kakiuchi, President and Chief Executive Officer
Code Number:
8058
Contact:
Akira Konuma, Press Relations Team Leader, Corporate Communications
TEL: 03-3210-2171

 

Notice of Changes in Subsidiaries (Conversion into Specified Subsidiary)

 

Mitsubishi Corporation (MC) hereby announces the following change regarding its subsidiary CIC.

 

1.     Change

On January 14, 2020, Chiyoda International Corporation (CIC) became a specified subsidiary of MC. The change is due to the subscription of additional shares in CIC by MC subsidiary Chiyoda Corporation (Chiyoda), which was made to strengthen CIC's financial structure. As a wholly owned subsidiary of Chiyoda, CIC now comprises more than 10% of MC's capital stock.

 

2.     Overview of the Specified Subsidiary

(1)
Company Name
Chiyoda International Corporation
(2)
Address
Two BriarLake Plaza 2050 West Sam Houston Parkway South, Suite 850 Houston, Texas 77042, U.S.A.
(3)
Names and Titles
of Representative
Masao Fujiwara, President
(4)
Summary of Business
Engineering and construction of industrial equipment
(5)
Capital Stock
after Capital Injection
US $212 million (23.1 billion yen)*
(6)
Major Shareholders and Shareholding Ratio
Chiyoda Corporation 100%
(7)
Date of Establishment
August 14, 1973
(8)
MC's Relationships
Capital Relationship
CIC is a 100% subsidiary of Chiyoda, in which MC has a 33.39% equity interest.
Human Relationship
None.
Trading Relationship
MC and CIC are business partners in the industrial plant and infractructure sectors.
(9)
Consolidated Financial Position and Operating Results (Past 3 years)
Fiscal Year Ended
December 2016
December 2017
December 2018
Net Assets
USD 252,956,764
USD 56,404,304
USD ▲1,482,533,516
Total Assets
USD 517,387,273
USD 454,153,426
USD 295,063,373
Net Assets per Share
USD 8,431.89
USD 1,880.14
USD ▲49,417.78
Sales
USD 1,387,037,072
USD 850,620,546
USD 269,922,938
Operating Profit
USD 233,807,844
USD ▲321,003,371
USD ▲1,538,160,108
Ordinary Profit
USD 237,109,904
USD ▲319,316,936
USD ▲1,541,556,667
Net Income Attributable to Owners of the Parent
USD 153,807,802
USD ▲196,566,958
USD ▲1,538,937,820
Net Income per Share
USD 5,126.93
USD ▲6,552.23
USD ▲51,297.93
Dividend per Share
－
－
－


 

3.     Overview of Capital Increase

(1)
Subscription Amount
US $35.1 million (3.83 billion yen)*
(2)
Payment date
January 14, 2020

*The applied foreign exchange rate is 1 USD=109.06JPY (TTM rate as of January 31, 2020).

 

4.   Future Outlook

MC is expecting little impact on its business performance due to this change.

-End-

 

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