REG - Mitsubishi Corp. - Notice of Changes in Subsidiaries

MitsubishiAnnouncement

27/02/2020 09:25

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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