Mitsubishi Motors : Summary of Financial Results

Translation

November 2, 2022

Consolidated Financial Results

for the Second Quarter of the Fiscal Year Ending March 31, 2023[Japan

GAAP]

Company name:Mitsubishi Motors Corporation

Listing:	Prime Market, the Tokyo Stock Exchange
Stock code:	7211
URL:	https://www.mitsubishi-motors.co.jp/
Representative: Takao Kato, Representative Executive Officer, President and
	Chief Executive Officer
Contact:	Keiko Sasaki, General Manager of IR Office

TEL: [phone] (from overseas)

Scheduled date to file quarterly Report: November 9, 2022

Scheduled date to deliver cash dividends: －

Quarterly earnings supplementary explanatory documents: Yes

Quarterly earnings presentation: Yes

1. Consolidated performance for the second quarter of fiscal year ending March 31,2023 (April 1, 2022 to September 30, 2022)

		(Figures less than one million yen are rounded, unless otherwise noted)
(1) Consolidated operating results			(Percentages indicate year-on-year changes)
							Net income
	Net sales		Operating income	Ordinary income	attributable to owners
							of the parent
	Millions of	%	Millions of	%	Millions of	%	Millions of	%
	yen	yen	yen	yen
FY2022 2nd quarter	1,158,192	30.1	84,628	236.0	101,320	274.2	82,736	281.8
FY2021 2nd quarter	890,567	54.9	25,186	-	27,073	-	21,670	-

Reference: Comprehensive income	FY2022 2nd quarter: ¥130,176 million (906.9%) FY2021 2nd quarter: ¥12,928 million (-%)
	Net income	Net income
	per share-basic	per share-diluted
		Yen	Yen
FY2022 2nd quarter		55.60	55.59
FY2021 2nd quarter		14.57	14.56

(2) Consolidated financial position

		Total assets	Net assets	Equity ratio
As of		Millions of yen	Millions of yen	%
September 30, 2022		2,014,323	758,422	36.3
March 31, 2022		1,928,443	630,301	31.5
Reference: Shareholders' Equity	As of September 30, 2022: ¥730,758 million As of March 31, 2022: ¥606,772 million

2. Cash dividends

Cash dividend per share

Record

First quarter

Second quarter

Third quarter

Fiscal year end

Annual

Date

Yen

Yen

Yen

Yen

Yen

FY2021

-

0.00

-

0.00

0.00

FY2022

-

0.00

FY2022

-

-

-

(Forecast)

Note: Revisions to the forecasts of cash dividends in the current quarter: No

Note: FY2022 dividends forecast has not yet been determined

3. Consolidated earnings forecasts for fiscal year 2022 (from April 1, 2022 to

March 31, 2023)

(Percentages indicate changes over the same period in the previous fiscal year)

Net income

Net income

Net sales

Operating income

Ordinary income

attributable to owners

per share

of the parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

2,530,000

24.1

170,000

94.7

180,000

78.3

140,000

89.1

94.07

Note: Modifications in the consolidated earnings forecasts from the latest announcement: Yes

Note

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): No
2. Application of specific accounting treatment for preparing the quarterly consolidated financial statements: Yes

Please refer to "Consolidated financial statements (4) Notes to consolidated financial statements -Adoption of specific accounting policies for quarterly consolidated financial statement" in page 7 for details.

1. Changes in accounting policies, changes in accounting estimates, and restatement
2. 1. Changes in accounting policies due to revisions to accounting standards: Yes
   2. Changes in accounting policies due to other reasons: No
   3. Changes in accounting estimates: No
   4. Restatement: No

Please refer to "Consolidated financial statements (4) Notes to consolidated financial statements - Changes in accounting policies" in page 7 for details.

1. Number of shares issued and outstanding (common stocks)

1. Total number of shares issued and outstanding at the end of the period (including treasury stock)

As of September 30, 2022:	1,490,282,496	shares
As of March 31, 2022:	1,490,282,496	shares
(ii) Number of shares of treasury stock at the end of the period
As	of	September 30, 2022:	1,990,075	shares
As	of	March 31, 2022:	2,430,361	shares

1. Average number of shares during the period (cumulative from the beginning of the fiscal year)

FY	2022	2nd quarter:	1,488,134,013	shares
FY	2021	2nd quarter:	1,487,733,532	shares

Note: The number of treasury shares at the end of each period includes shares of the Company held by the BIP Trust Account (1,103,450 shares as of September 30, 2022 and 1,137,650 shares as of March 31, 2022). The shares of the Company held by the BIP Trust Account is included in the number of treasury shares deducted in the calculation of average number of shares during each period(1,113,179 shares as of September 30, 2022 and 1,142,158 shares as of September 30, 2021).

* Quarterly review procedures:

As of when this summary of quarterly financial results have been released as flash report, we have not completed the review for the quarterly financial reporting required in accordance with the Financial Instruments and Exchange Act.

• Proper use of earnings forecasts, and other special matters:(Note for the description about financial forecast)

This material contains forward-looking statements, based on judgments and estimates that have been made on the basis of currently available information. By nature, such statements are subject to uncertainty and risk. Therefore, you are advised that the final results might be significantly different from the aforementioned statements due to changes in economic environments related to our business, market trends, fluctuations in interest rates and exchange rate, changes in laws, regulations and government policies, etc.

Potential risks and uncertainties are not limited to the above and Mitsubishi Motors is not under any obligation to update the information in this material to reflect any developments or events in the future.

If you are interested in investing in Mitsubishi Motors, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mitsubishi Motors nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mitsubishi Motors based on the information shown in this material.

(How to obtain additional information materials / details of the earnings release conference)

Additional information materials are disclosed on the MMC web site on the same day as publication of the results. In addition, an audio recording of the earnings release conference held on the same day will, together with the material used for the conference, be posted on the MMC website promptly following conference.

Quarterly consolidated financial statements

(1) Quarterly consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of September 30, 2022
Assets
Current assets
Cash and deposits	511,502	530,054
Notes and accounts receivable -	119,829	135,413
trade, and contract assets
Finance receivables	222,463	225,561
Merchandise and finished goods	192,292	220,648
Work in process	43,293	37,462
Raw materials and supplies	64,006	65,312
Other	111,992	123,297
Allowance for doubtful accounts	(9,459)	(12,582)
Total current assets
1,255,920	1,325,169
Non-current assets
Property, plant and equipment
Buildings and structures, net	85,110	84,924
Machinery, equipment and vehicles,	132,116	135,484
net
Tools, furniture and fixtures, net	64,638	60,704
Land	123,068	125,586
Construction in progress	24,521	27,589
Total property, plant and equipment
429,455	434,289
Intangible assets
38,273	37,162
Investments and other assets
Investment securities	98,433	104,268
Other	110,081	117,346
Allowance for doubtful accounts	(3,720)	(3,913)
Total investments and other assets
204,794	217,702
Total non-current assets
672,523	689,153
Total assets
1,928,443	2,014,323

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			(Millions of yen)
		As of March 31, 2022	As of September 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	324,091	336,925
Electronically recorded obligations -	56,612	79,547
operating
Short-term borrowings	21,778	21,475
Commercial papers	43,000	58,500
Current portion of long-term	292,134	70,405
borrowings
Accounts payable - other and accrued	204,894	174,205
expenses
Income taxes payable	8,487	7,173
Provision for product warranties	50,029	52,995
Other	83,144	93,884
Total current liabilities	1,084,173	895,113
Non-current liabilities
Long-term borrowings	95,768	235,967
Retirement benefit liability	32,240	34,936
Other	85,960	89,882
Total non-current liabilities	213,968	360,787
Total liabilities	1,298,142	1,255,900
Net assets
Shareholders' equity
Capital stock	284,382	284,382
Capital surplus	199,837	199,632
Retained earnings	169,694	252,430
Treasury shares	(1,382)	(1,018)
Total shareholders' equity	652,531	735,427
Accumulated other comprehensive
income
Valuation difference on available-for-	1,111	1,329
sale securities
Deferred gains or losses on hedges	(31)	(4,655)
Foreign currency translation	(32,571)	14,986
adjustment
Remeasurements of defined benefit	(14,267)	(16,328)
plans
Total accumulated other	(45,759)	(4,668)
comprehensive income
Share acquisition rights	195	45
Non-controlling interests	23,334	27,619
Total net assets	630,301	758,422
Total liabilities and net assets	1,928,443	2,014,323

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