MHI’s Fiscal 2018 Results Look Better Than They Actually Are, Our FVE is Unchanged
Mitsubishi Heavy Industries', or MHI’s, working capital and free cash flow improvement appears to be have exceeded expectations but we think this is mainly due to accounting changes and timing factors. The adoption of IFRS has halved inventory with, we suspect, the other half reflected as contract assets. We continue to include this into our inventory line for our cash flow forecast. Also, the company is accounting for assets related to its troubled South African power plant as indemnification a...Mitsubishi Heavy Industries is a manufacturer of heavy machinery. Along with its affiliates, Co. is engaged in the design, manufacture, installation, sale and after-sales services of boilers, turbines, diesel engines, power generation facilities, passenger ships, liquefied natural gas ("LNG") ships, liquefied petroleum gas ("LPG") ships, container ships, oil tankers, offshore structure, civil aircraft and aero engine, defense equipment, space equipment, waste treatment systems, traffic systems, cranes, forklifts, construction and agricultural machinery, and others. Co. is also engaged in the sale, purchase and leasing of properties and the printing business.
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