REG - Mitsubishi Elect. - 1st Quarter Results
28/07/2022 07:00
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RNS Number : 0523U Mitsubishi Electric Corporation 28 July 2022
FOR IMMEDIATE RELEASE No. 3539
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Mitsubishi Electric Announces Consolidated Financial Results
for the First Quarter of Fiscal 2023
TOKYO, July 28, 2022 - Mitsubishi Electric Corporation
(http://www.mitsubishielectric.com/) (TOKYO: 6503) announced today its
consolidated financial results for the first quarter, ended June 30, 2022, of
the current fiscal year ending March 31, 2023 (fiscal 2023).
Consolidated Financial Results
Revenue: 1,067.7 billion yen (Substantially unchanged year-on-year)
Operating profit: 33.9 billion yen (59% decrease year-on-year)
Profit before income taxes: 46.8 billion yen (48% decrease year-on-year)
Net profit attributable to 33.4 billion yen (46% decrease year-on-year)
Mitsubishi Electric Corp. stockholders:
The economy in the first quarter, from April through June 2022, of fiscal 2023
generally continued to see recovery in the corporate and household sectors in
the U.S., while there was downward pressure on the corporate and household
sectors due to the impact of lockdown caused by the expansion of COVID-19 in
China. In Japan and Europe, the pace of recovery slowed down due primarily to
a decrease in production. There was also the impact of the rise in a part of
material prices and high logistics costs as well as the prolonged components
shortage.
Revenue
Revenue increased by 1.2 billion yen year-on-year to 1,067.7 billion yen owing
primarily to the weaker yen, despite a decrease due mainly to the impact of
Shanghai's lockdown. The Infrastructure segment saw decreases in revenue in
all of its businesses: the public utility systems, the energy systems, and the
defense & space systems. The Life segment saw an increase in the building
systems business and a decrease in the air conditioning systems & home
products business. The Industry and Mobility segment saw an increase in the
automotive equipment business and a decrease in the factory automation systems
business. The Business Platform segment saw increases in both of its
businesses: the information systems & network service and the
semiconductor & device.
Operating profit
Operating profit decreased by 48.8 billion yen year-on-year to 33.9 billion
yen due mainly to decreases in the Life segment, the Industry and Mobility
segment and the Infrastructure segment, despite an increase in the Business
Platform segment. Operating profit ratio decreased by 4.6 points year-on-year
to 3.2% due mainly to deteriorated cost ratio.
The cost ratio deteriorated by 2.5 points year-on-year despite the weaker yen,
primarily as there was the impact of the rise in material prices and a
deterioration in the Life segment, whose production level was lower due to the
electronic components shortage. Selling, general and administrative expenses
increased by 21.5 billion yen year-on-year, and the selling, general and
administrative expenses to revenue ratio deteriorated by 2.0 points
year-on-year. Other profit (loss) decreased by 0.3 billion yen year-on-year
and the other profit (loss) to revenue ratio deteriorated by 0.1 points
year-on-year.
Profit before income taxes
Profit before income taxes decreased by 42.6 billion yen year-on-year to 46.8
billion yen due primarily to a decrease in operating profit. The profit before
income taxes to revenue ratio was 4.4%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders
decreased by 28.3 billion yen year-on-year to 33.4 billion yen due mainly to a
decrease in profit before income taxes. The net profit attributable to
Mitsubishi Electric Corporation stockholders to revenue ratio was 3.1%.
Consolidated Financial Results by Business Segment
Infrastructure
Revenue: 174.2 billion yen (7% decrease year-on-year; recorded 186.3 billion yen)
Operating profit (loss): (3.2 billion yen) (8.9 billion yen decline year-on-year; recorded 5.6 billion yen)
The market for the public utility systems business saw robust investment in
the public utility area outside Japan, while there was a continuing trend of
railway companies in Japan revising their capital expenditure due to the
impact of COVID-19. In this environment, orders won by the business increased
year-on-year due primarily to an increase in the public utility area outside
Japan, while revenue decreased year-on-year due mainly to a decrease in the
transportation systems business in Japan.
The market for the energy systems business continued to see recovery in
capital expenditures of power companies in Japan as well as robust demand for
power supply stabilization in the expansion of renewable energy. In this
environment, orders won by the business increased year-on-year due primarily
to increases in the power generation business outside Japan and the power
distribution business in Japan, while revenue decreased year-on-year due
mainly to a decrease in the power generation business in Japan.
The defense & space systems business saw an increase in orders
year-on-year due primarily to an increase in large-scale projects for the
space systems business, while revenue decreased year-on-year due mainly to a
decrease in large-scale projects for the defense systems business.
As a result, revenue for this segment decreased by 7% year-on-year to 174.2
billion yen.
Operating profit declined by 8.9 billion yen year-on-year to a loss of 3.2
billion yen due primarily to a decrease in revenue and a shift in project
portfolios.
Industry and Mobility
Revenue: 364.4 billion yen (1% increase year-on-year; recorded 361.0 billion yen)
Operating profit: 22.7 billion yen (11.9 billion yen decrease year-on-year; recorded 34.6 billion yen)
The market for the factory automation systems business saw a global increase
primarily in demand for capital expenditures related to digital equipment such
as semiconductors and electronic components, as well as products in the
decarbonization area such as lithium-ion batteries. In this environment,
orders won by the business increased year-on-year, while revenue decreased
year-on-year due primarily to a decrease in revenue in China owing mainly to
Shanghai's lockdown.
The market for the automotive equipment business saw a decrease in sales of
new cars except some regions due primarily to the semiconductor shortage,
although there was robust demand for electric vehicle-related equipment in
line with the expansion of the electric vehicle market. In this environment,
the business saw increases in both orders and revenue year-on-year due
primarily to the weaker yen.
As a result, revenue for this segment increased by 1% year-on-year to 364.4
billion yen.
Operating profit decreased by 11.9 billion yen year-on-year to 22.7 billion
yen due mainly to the rise in material prices and logistics costs, despite the
weaker yen.
Life
Revenue: 438.3 billion yen (1% increase year-on-year; recorded 435.1 billion yen)
Operating profit: 13.7 billion yen (31.0 billion yen decrease year-on-year; recorded 44.8 billion yen)
The market for the building systems business saw the signs of recovery from
the sluggish market stemming from COVID-19. In this environment, orders won by
the business decreased year-on-year due mainly to a decrease in China, while
revenue increased year-on-year due mainly to the weaker yen and an increase in
Japan and Asia.
The market for the air conditioning systems & home products business saw
the impact of Shanghai's lockdown and the electronic components shortage. In
this environment, the revenue for the business decreased year-on-year due
mainly to a decrease in residential and industrial air conditioners in Japan,
China and North America.
As a result, revenue for this segment increased by 1% year-on-year to 438.3
billion yen.
Operating profit decreased by 31.0 billion yen year-on-year to 13.7 billion
yen due primarily to the rise in material prices and logistics costs as well
as the lower production level, despite the weaker yen.
Business Platform
Revenue: 93.2 billion yen (6% increase year-on-year; recorded 88.1 billion yen)
Operating profit: 7.4 billion yen (3.5 billion yen increase year-on-year; recorded 3.8 billion yen)
The market for the information systems & network service business saw
robust demand due mainly to the restarts of projects delayed in the COVID-19
pandemic. In this environment, the business saw an increase in both orders and
revenue due mainly to increases in the IT infrastructure service and the
system integrations businesses.
The market for the semiconductor & devices business saw a decrease in
power modules used in automotive applications, although optical communication
devices remained robust in line with increasing demand for communication. In
this environment, orders won by the business decreased year-on-year due
primarily to the end of the TFT-LCD module business, while revenue increased
year-on-year due primarily to the weaker yen as well as an increase in high
frequency and optical devices, particularly in optical communication devices.
As a result, revenue for this segment increased by 6% year-on-year to 93.2
billion yen.
Operating profit increased by 3.5 billion yen year-on-year to 7.4 billion yen
due mainly to an increase in revenue.
Others
Revenue: 179.8 billion yen (12% increase year-on-year; recorded 160.4 billion yen)
Operating profit: 3.9 billion yen (0.1 billion yen increase year-on-year; recorded 3.8 billion yen)
Revenue increased by 12% year-on-year to 179.8 billion yen due primarily to
increases in materials procurement and logistics.
Operating profit increased by 0.1 billion yen year-on-year to 3.9 billion yen
due mainly to an increase in revenue.
Financial Standing
An analysis on the status of assets, liabilities and equity on a consolidated
basis
Total assets as of the end of this fiscal quarter increased by 11.4 billion
yen compared to the end of the previous fiscal year to 5,119.4 billion yen.
The change in balance of total assets was mainly attributable to increases in
inventories by 136.6 billion yen and other current assets by 46.2 billion yen,
despite a decrease in trade receivables by 165.0 billion yen.
Inventories increased due primarily to the weaker
yen, recovery in demand for the Industry and Mobility segment and the Life
segment, as well as the semiconductors and other electronic components
shortage. Trade receivables decreased due mainly to credit collection for
projects from the previous fiscal year.
Total liabilities decreased by 44.4 billion yen compared to the end of the
previous fiscal year to 1,966.1 billion yen due primarily to decreases in
trade payables of 24.8 billion yen and other current liabilities of 27.9
billion yen. Bonds and borrowings increased by 2.6 billion yen compared to the
end of the previous fiscal year to 219.8 billion yen, with the ratio of bonds
and borrowings to total assets recording 4.3%, unchanged compared to the end
of the previous fiscal year.
Mitsubishi Electric Corporation stockholders' equity increased by 51.3 billion
yen compared to the end of the previous fiscal year to 3,027.2 billion yen due
mainly to net profit attributable to Mitsubishi Electric Corporation
stockholders of 33.4 billion yen and an increase in accumulated other
comprehensive income of 72.2 billion yen, mainly reflecting the weaker yen,
despite a decrease due primarily to a dividend payment of 54.9 billion yen.
The stockholders' equity ratio was 59.1%, representing a 0.8 point increase
compared to the end of the previous fiscal year.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for this quarter were 54.6 billion yen
(cash in), while cash flows from investing activities were 54.4 billion yen
(cash out). As a result, free cash flow was 0.2 billion yen (cash in). Cash
flows from financing activities were 68.8 billion yen (cash out), and cash and
cash equivalents at the end of the period decreased by 40.0 billion yen
compared to the end of the previous fiscal year to 687.1 billion yen.
Net cash provided by operating activities decreased
by 67.0 billion yen year-on-year due primarily to a decrease in profit and an
increase in inventories.
Net cash used in investing activities increased by
22.5 billion yen year-on-year due mainly to an increase in purchase of
investment securities primarily for the acquisition of subsidiaries, as well
as the purchase of property, plant and equipment.
Net cash used in financing activities decreased by
24.6 billion yen year-on-year due primarily to the impact of the expenditure
for repayments of bonds in the same period of the previous fiscal year.
Forecast for Fiscal 2023
The consolidated earnings forecast for fiscal 2023, ending March 31, 2023, is
unchanged from the previous forecast announced on April 28, 2022 as stated
below.
Based on a certain premise, Mitsubishi Electric has taken into consideration
the impact of improper testing, including costs for additional inspections and
strengthening the quality control system. Depending on the progress of future
discussions with customers and investigations, the Group may incur losses
exceeding this premise or relating to the discovery of any other improper
quality control practice. If any potential impact comes to light, it will be
disclosed promptly. For more information regarding improper testing, please
see "Relevant documents" of "Restoring trust: Our roadmap for reform."
https://reform.MitsubishiElectric.com/relevant-documents/
Consolidated forecast for fiscal 2023
Revenue: 4,770.0 billion yen (7% increase year-on-year)
Operating profit: 270.0 billion yen (7% increase year-on-year)
Profit before income taxes: 295.0 billion yen (5% increase year-on-year)
Net profit attributable to 215.0 billion yen (6% increase year-on-year)
Mitsubishi Electric Corp. stockholders:
Exchange rates in and after the second quarter of fiscal 2023 are120 yen to
the U.S. dollar, which is 5 yen weaker than the previous announcement; 130 yen
to the euro, which is 5 yen weaker than the company's previous announcement;
and 18.0 yen to the Chinese yuan, which is unchanged from the previous
announcement.
Note: The results forecast above is based on assumptions deemed reasonable by
the company at the present time, and actual results may differ significantly
from forecasts. Please refer to the cautionary statement at the end.
Consolidated Financial Results Summary
(In billions of yen except where noted)
FY '22 Q1 (A) FY '23 Q1 (B)
(Apr. 1, 2021 - (Apr. 1, 2022 -
Jun. 30, 2021) Jun. 30, 2022)
B - A B/A (%)
Revenue 1,066.4 1,067.7 1.2 100
Operating profit 82.7 33.9 (48.8) 41
Profit before income taxes 89.5 46.8 (42.6) 52
Net profit attributable to 61.8 33.4 (28.3) 54
Mitsubishi Electric Corp.
stockholders
Basic earnings per share attributable to Mitsubishi Electric Corp. 28.(82) yen 15.(86) yen (12.(96) yen) 55
stockholders
Notes:
1) Consolidated financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS).
2) The company has 209 consolidated subsidiaries.
Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Profit or Loss and
Condensed Quarterly Consolidated Statement of Comprehensive Income
(Condensed Quarterly Consolidated Statement of Profit or Loss)
(In millions of yen)
FY '22 Q1 FY '23 Q1
(Apr. 1, 2021 - (Apr. 1, 2022 -
Jun. 30, 2021) Jun. 30, 2022)
(A) % of total (B) % of total B - A B/A
(%)
Revenue 1,066,442 100.0 1,067,723 100.0 1,281 100
Cost of sales 748,309 70.2 776,473 72.7 28,164 104
Selling, general and 237,836 22.3 259,358 24.3 21,522 109
administrative expenses
Other profit (loss) 2,471 0.3 2,073 0.2 (398) 84
Operating profit 82,768 7.8 33,965 3.2 (48,803) 41
Financial income 3,789 0.3 8,497 0.8 4,708 224
Financial expenses 1,138 0.1 727 0.1 (411) 64
Share of profit of investments accounted for using the equity method 4,094 0.4 5,161 0.5 1,067 126
Profit before income taxes 89,513 8.4 46,896 4.4 (42,617) 52
Income taxes 22,409 2.1 11,233 1.1 (11,176) 50
Net profit 67,104 6.3 35,663 3.3 (31,441) 53
Net profit attributable to:
Mitsubishi Electric Corp. 61,835 5.8 33,492 3.1 (28,343) 54
stockholders
Non-controlling interests 5,269 0.5 2,171 0.2 (3,098) 41
(Condensed Quarterly Consolidated Statement of Comprehensive Income)
(In millions of yen)
FY '22 Q1 (A) FY '23 Q1 (B) B - A
(Apr. 1, 2021 - (Apr. 1, 2022 -
Jun. 30, 2021) Jun. 30, 2022)
Net profit 67,104 35,663 (31,441)
(Other comprehensive income (loss),
net of tax)
Items that will not be reclassified to
net profit
Changes in fair value of financial assets measured at fair value through other (1,872) (1,847) 25
comprehensive income
Share of other comprehensive income of investments accounted for using the (62) 62 124
equity method
Subtotal (1,934) (1,785) 149
Items that may be reclassified to net profit
Exchange differences on translating foreign operations (944) 78,229 79,173
Net changes in the fair value of cash flow hedges (4) (61) (57)
Share of other comprehensive income of investments accounted for using the 2,478 3,368 890
equity method
Subtotal 1,530 81,536 80,006
Total other comprehensive income (loss) (404) 79,751 80,155
Comprehensive income 66,700 115,414 48,714
Comprehensive income attributable to:
Mitsubishi Electric Corp. stockholders 61,456 106,636 45,180
Non-controlling interests 5,244 8,778 3,534
Condensed Quarterly Consolidated Statement of Financial Position
(In millions of yen)
FY '22 (A) FY ' 23 Q1 (B) B - A
(ended Mar. 31, 2022) (ended Jun. 30, 2022)
(Assets)
Current assets 3,090,296 3,073,870 (16,426)
Cash and cash equivalents 727,179 687,153 (40,026)
Trade receivables 944,405 779,330 (165,075)
Contract assets 287,697 293,448 5,751
Inventories 959,660 1,096,346 136,686
Other current assets 171,355 217,593 46,238
Non-current assets 2,017,677 2,045,594 27,917
Investments accounted for using the equity method 221,467 222,027 560
Other financial assets 321,056 316,797 (4,259)
Property, plant and equipment 855,746 873,040 17,294
Other non-current assets 619,408 633,730 14,322
Total assets 5,107,973 5,119,464 11,491
(Liabilities)
Current liabilities 1,646,722 1,597,683 (49,039)
Bonds, borrowings and lease liabilities 173,213 176,958 3,745
Trade payables 601,606 576,724 (24,882)
Other current liabilities 871,903 844,001 (27,902)
Non-current liabilities 363,854 368,443 4,589
Bonds, borrowings and lease liabilities 156,248 158,994 2,746
Net defined benefit liabilities 162,353 164,381 2,028
Other non-current liabilities 45,253 45,068 (185)
Total liabilities 2,010,576 1,966,126 (44,450)
(Equity)
Mitsubishi Electric Corp. stockholders' equity 2,975,941 3,027,280 51,339
Common stock 175,820 175,820 －
Capital surplus 202,695 201,554 (1,141)
Retained earnings 2,464,966 2,444,399 (20,567)
Accumulated other comprehensive income (loss) 184,528 256,791 72,263
Treasury stock, at cost (52,068) (51,284) 784
Non-controlling interests 121,456 126,058 4,602
Total equity 3,097,397 3,153,338 55,941
Total liabilities and equity 5,107,973 5,119,464 11,491
Bonds, borrowings and lease liabilities 329,461 335,952 6,491
Excluding lease liabilities 217,171 219,813 2,642
Accumulated other comprehensive income (loss):
Exchange differences on translating foreign operations 99,293 174,264 74,971
Financial assets measured at fair value through other comprehensive income 85,204 82,551 (2,653)
Net changes in the fair value of cash flow hedges 31 (24) (55)
Condensed Quarterly Consolidated Statement of Changes in Equity
FY '22 Q1 (Apr. 1, 2021 - Jun. 30, 2021)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' equity Non-controlling interests Total equity
Common stock Capital surplus Retained earnings Accumulated other comprehensive income (loss) Treasury stock, at cost Total
Balance at beginning of period 175,820 202,777 2,266,490 111,801 (2,595) 2,754,293 116,318 2,870,611
Comprehensive income
Net profit 61,835 61,835 5,269 67,104
Other comprehensive income (loss), net of tax (379) (379) (25) (404)
Comprehensive income － － 61,835 (379) － 61,456 5,244 66,700
Reclassification to retained earnings (45) 45 － －
Dividends (55,816) (55,816) (3,250) (59,066)
Purchase of treasury stock (526) (526) (526)
Disposal of treasury stock (1,053) 1,053 － －
Transactions with non-controlling interests and others (1) (1) 3 2
Balance at end of period 175,820 201,723 2,272,464 111,467 (2,068) 2,759,406 118,315 2,877,721
FY '23 Q1 (Apr. 1, 2022 - Jun. 30, 2022)
(In millions of yen)
Mitsubishi Electric Corp. stockholders' equity Non-controlling interests Total equity
Common stock Capital surplus Retained earnings Accumulated other comprehensive income (loss) Treasury stock, at cost Total
Balance at beginning of period 175,820 202,695 2,464,966 184,528 (52,068) 2,975,941 121,456 3,097,397
Comprehensive income
Net profit 33,492 33,492 2,171 35,663
Other comprehensive income (loss), net of tax 73,144 73,144 6,607 79,751
Comprehensive income － － 33,492 73,144 － 106,636 8,778 115,414
Reclassification to retained earnings 881 (881) － －
Dividends (54,940) (54,940) (2,869) (57,809)
Purchase of treasury stock (0) (0) (0)
Disposal of treasury stock (784) 784 0 0
Transactions with non-controlling interests and others (357) (357) (1,307) (1,664)
Balance at end of period 175,820 201,554 2,444,399 256,791 (51,284) 3,027,280 126,058 3,153,338
Condensed Quarterly Consolidated Statement of Cash Flows
(In millions of yen)
FY '22 Q1 FY '23 Q1 B - A
(Apr. 1, 2021 - Jun. 30, 2021) (Apr. 1, 2022 - Jun. 30, 2022)
(A) (B)
I Cash flows from operating activities
1 Net profit 67,104 35,663 (31,441)
2 Adjustments to cash flows from operating activities
(1) Depreciation, amortization and other 46,061 48,745 2,684
(2) Decrease in trade receivables 166,921 194,033 27,112
(3) Decrease (increase) in contract assets 4,356 (4,003) (8,359)
(4) Decrease (increase) in inventories (67,759) (102,993) (35,234)
(5) Increase (decrease) in trade payables (20,116) (34,119) (14,003)
(6) Others, net (74,832) (82,671) (7,839)
Cash flows from operating activities 121,735 54,655 (67,080)
II Cash flows from investing activities
1 Purchase of property, plant and equipment (29,893) (34,307) (4,414)
2 Proceeds from sale of property, plant and equipment 540 1,173 633
3 Purchase of investment securities and others (1,092) (17,534) (16,442)
(net of cash acquired)
4 Proceeds from sale of investment securities and others (net of cash disposed) 1,905 3,713 1,808
5 Others, net (3,327) (7,482) (4,155)
Cash flows from investing activities (31,867) (54,437) (22,570)
I + II Free cash flow 89,868 218 (89,650)
III Cash flows from financing activities
1 Proceeds and repayments of bonds and long-term borrowings (20,198) 44 20,242
2 Increase (decrease) in short-term borrowings, net (1,608) 2,864 4,472
3 Repayments of lease liabilities (13,775) (14,020) (245)
4 Dividends paid (55,816) (54,940) 876
5 Purchase of treasury stock (526) (0) 526
6 Disposal of treasury stock - - -
7 Others, net (1,602) (2,818) (1,216)
Cash flows from financing activities (93,525) (68,870) 24,655
IV Effect of exchange rate changes on cash and cash equivalents 2,100 28,626 26,526
V Net increase (decrease) in cash and cash equivalents (1,557) (40,026) (38,469)
VI Cash and cash equivalents at beginning of period 767,406 727,179 (40,227)
VII Cash and cash equivalents at end of period 765,849 687,153 (78,696)
Consolidated Segment Information
1. Revenue and Operating Profit by Business Segment
(In millions of yen)
Business Segment FY '22 Q1 FY '23 Q1 C - A D - B C/A
(Apr. 1, 2021 - (Apr. 1, 2022 - (%)
Jun. 30, 2021) Jun. 30, 2022)
Revenue (A) Operating profit Revenue Operating profit
(B)
(C)
(loss) (D)
Infrastructure 186,383 5,682 174,205 (3,282) (12,178) (8,964) 93
Industry and Mobility 361,085 34,685 364,467 22,725 3,382 (11,960) 101
Life 435,156 44,828 438,393 13,732 3,237 (31,096) 101
Business Platform 88,177 3,851 93,259 7,428 5,082 3,577 106
Others 160,477 3,859 179,870 3,998 19,393 139 112
Subtotal 1,231,278 92,905 1,250,194 44,601 18,916 (48,304) 102
Eliminations and corporate (164,836) (10,137) (182,471) (10,636) (17,635) (499) －
Consolidated total 1,066,442 82,768 1,067,723 33,965 1,281 (48,803) 100
Notes:
1) Business segments have been changed due to the adoption of the new
management structure on April 1, 2022.
Results for FY '22 Q1 were restated in line with the new segmentation.
2) Inter-segment revenues are included in the above chart.
2. Revenue by Location of Customers
(In millions of yen)
Location of Customers FY '22 Q1 FY '23 Q1 B - A B/A (%)
(Apr. 1, 2021 - (Apr. 1, 2022 -
Jun. 30, 2021) Jun. 30, 2022)
Revenue (A) % of total revenue Revenue (B) % of total revenue
Japan 518,199 48.6 500,541 46.9 (17,658) 97
North America 117,455 11.0 131,529 12.3 14,074 112
China 155,335 14.6 125,740 11.8 (29,595) 81
Other than China 121,675 11.4 147,235 13.7 25,560 121
Asia (excluding Japan) 277,010 26.0 272,975 25.5 (4,035) 99
Europe 137,605 12.9 143,720 13.5 6,115 104
Others 16,173 1.5 18,958 1.8 2,785 117
Total overseas revenue 548,243 51.4 567,182 53.1 18,939 103
Consolidated total 1,066,442 100.0 1,067,723 100.0 1,281 100
Notes to the Condensed Consolidated Financial Statements
(Notes regarding the going concern assumption)
Not applicable
Cautionary Statement
While the statements herein, including the forecasts regarding the Mitsubishi
Electric Group, are based on assumptions considered to be reasonable under the
circumstances on the date of announcement, actual results may differ
significantly from forecasts.
The main factors materially affecting the expectations expressed herein
include but are not limited to the following:
(1) Changes in worldwide economic and social conditions, as well as
regulations, taxation and other legislation
(2) Changes in foreign currency exchange rates
(3) Changes in stock markets
(4) Changes in the fund-raising environment
(5) Changes in the supply and demand of products, as well as the material
procurement environment
(6) Establishment of important patents, status of significant licenses and
disputes related to key patents
(7) Litigation and other legal proceedings
(8) Issues related to quality and defects in products or services
(9) Laws, regulations and issues related to the global environment,
especially responses to climate change
(10) Laws, regulations and issues related to human rights
(11) Radical technological innovation, as well as the development,
manufacturing and time-to-market of products using new technology
(12) Business restructuring
(13) Information security incidents
(14) Large-scale disasters, including earthquakes, tsunamis, typhoons,
volcanic eruptions and fires
(15) Social, economic and political upheaval due to heightened geopolitical
risks, war, conflict, terrorism or other factors
(16) Social, economic and political upheaval due to pandemics or other factors
(17) Important matters related to Mitsubishi Electric Corporation's directors
and executive officers, major shareholders, affiliated companies and other
stakeholders
###
About Mitsubishi Electric Corporation
With more than 100 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world
leader in the manufacture, marketing and sales of electrical and electronic
equipment used in information processing and communications, space development
and satellite communications, consumer electronics, industrial technology,
energy, transportation and building equipment. Mitsubishi Electric enriches
society with technology in the spirit of its "Changes for the Better." The
company recorded a revenue of 4,476.7 billion yen (U.S.$ 36.7 billion*) in the
fiscal year ended March 31, 2022. For more information, please visit
www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of ¥ 122=U.S.$1, the
approximate rate on the Tokyo Foreign Exchange Market on March 31, 2022
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