Mitsubishi Motors : Summary of Financial Results

Translation

February 2, 2023

Consolidated Financial Results

for the Third 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: February 9, 2023

Scheduled date to deliver cash dividends: －

Quarterly earnings supplementary explanatory documents: Yes

Quarterly earnings presentation: Yes

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

	(Figures less than one million yen are rounded down, 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 3rd quarter	1,805,320	27.5	153,699	174.7	154,737	153.3	130,754	192.3
FY2021 3rd quarter	1,416,131	48.6	55,944	-	61,080	-	44,737	-

Reference: Comprehensive income	FY2022 3rd quarter: ¥163,652 million (227.6%) FY2021 3rd quarter: ¥49,959 million (-%)
	Net income	Net income
	per share-basic	per share-diluted
		Yen	Yen
FY2022 3rd quarter		87.86	87.85
FY2021 3rd quarter		30.07	30.06

(2) Consolidated financial position

	Total assets	Net assets	Equity ratio
As of	Millions of yen	Millions of yen	%
December 31, 2022	2,056,491	791,873	37.2
March 31, 2022	1,928,443	630,301	31.5

Reference: Net assets excluding share subscription rights and non-controlling interests

As of December 31, 2022: ¥764,225 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

2,480,000

21.6

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 (3) Notes to consolidated financial statements -Application of specific accounting treatment for preparing the quarterly consolidated financial statements" in page 5 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 (3) Notes to consolidated financial statements - Changes in accounting policies" in page 5 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 December 31, 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 December 31, 2022:	1,990,125	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	3rd quarter:	1,488,187,002	shares
FY	2021	3rd quarter:	1,487,773,210	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 December 31, 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(1,109,924 shares as of December 31, 2022 and 1,140,650 shares as of December 31, 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 Corporation (MMC) 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 MMC, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither MMC nor any third party providing information shall be responsible for any damage you may suffer due to investment in MMC 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 December 31, 2022
Assets
Current assets
Cash and deposits	511,502	576,788
Notes and accounts receivable -	119,829	163,246
trade, and contract assets
Finance receivables	222,463	222,839
Merchandise and finished goods	192,292	211,602
Work in process	43,293	31,776
Raw materials and supplies	64,006	70,102
Other	111,992	122,278
Allowance for doubtful accounts	(9,459)	(5,838)
Total current assets
1,255,920	1,392,794
Non-current assets
Property, plant and equipment
Buildings and structures, net	85,110	82,056
Machinery, equipment and vehicles,	132,116	128,550
net
Tools, furniture and fixtures, net	64,638	56,718
Land	123,068	119,331
Construction in progress	24,521	30,027
Total property, plant and equipment
429,455	416,685
Intangible assets
38,273	37,160
Investments and other assets
Investment securities	98,433	99,983
Other	110,081	113,698
Allowance for doubtful accounts	(3,720)	(3,831)
Total investments and other assets
204,794	209,850
Total non-current assets
672,523	663,696
Total assets
1,928,443	2,056,491

1

			(Millions of yen)
		As of March 31, 2022	As of December 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	324,091	326,046
Electronically recorded obligations -	56,612	81,086
operating
Short-term borrowings	21,778	42,636
Commercial papers	43,000	60,500
Current portion of long-term	292,134	68,902
borrowings
Accounts payable - other and accrued	204,894	178,512
expenses
Income taxes payable	8,487	14,064
Provision for product warranties	50,029	52,689
Other	83,144	83,676
Total current liabilities	1,084,173	908,113
Non-current liabilities
Long-term borrowings	95,768	232,046
Retirement benefit liability	32,240	34,763
Other	85,960	89,694
Total non-current liabilities	213,968	356,503
Total liabilities	1,298,142	1,264,617
Net assets
Shareholders' equity
Capital stock	284,382	284,382
Capital surplus	199,837	199,632
Retained earnings	169,694	300,448
Treasury shares	(1,382)	(1,018)
Total shareholders' equity	652,531	783,445
Accumulated other comprehensive
income
Valuation difference on available-for-	1,111	1,009
sale securities
Deferred gains or losses on hedges	(31)	3,276
Foreign currency translation	(32,571)	(9,443)
adjustment
Remeasurements of defined benefit	(14,267)	(14,061)
plans
Total accumulated other	(45,759)	(19,219)
comprehensive income
Share acquisition rights	195	45
Non-controlling interests	23,334	27,601
Total net assets	630,301	791,873
Total liabilities and net assets	1,928,443	2,056,491

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