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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mitsubishi Electric Corporation | LSE:MEL | London | Ordinary Share | JP3902400005 | COM STK Y50 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,886.8026 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMMEL
RNS Number : 4633F
Mitsubishi Electric Corporation
28 July 2016
Hot Features
Premium
FOR IMMEDIATE RELEASE No. 3040
Investor Relations Inquiries Media Inquiries
Investor Relations Group, Public Relations Division
Corporate Finance Division
Mitsubishi Electric Corporation Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/
Mitsubishi Electric Announces Consolidated Financial Results
for the First Quarter of Fiscal 2017
TOKYO, July 28, 2016 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter ended June 30, 2016, of the current fiscal year ending March 31, 2017 (fiscal 2017).
Consolidated Financial Results
Net sales: 927.0 billion (6% decrease from the
yen same quarter last year)
Operating income: 59.7 billion (9% increase from the
yen same quarter last year)
Income before 61.0 billion (9% decrease from the
income taxes: yen same quarter last year)
Net income attributable 42.9 billion (7% decrease from the
to Mitsubishi yen same quarter last year)
Electric Corp.:
The business environment in the first quarter (from April through June 2016) of the fiscal year 2017 experienced a gradual slowdown continuing in China and other East Asian markets and weakness in personal consumption in Japan, while the economy showed strong signs of expansion in the U.S., and a gradual trend of economic recovery continued in Europe. In addition, the yen became stronger against foreign currencies compared to the same period of the previous year, becoming radically stronger with the impact of the U.K.'s withdrawal from the European Union at the end of June.
Under these circumstances, consolidated net sales in the first quarter decreased by 6% compared to the same period of the previous fiscal year to 927.0 billion yen, owing to such factors as decreased sales in the Industrial Automation Systems, Information and Communication Systems and Electronic Devices. Consolidated operating income increased by 9% compared to the same period of the previous fiscal year to 59.7 billion yen, due to increased profits in the Energy and Electric Systems and Home Appliances segments.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Total sales: 238.0 billion (1% increase from the same
yen quarter last year)
Operating 3.9 billion (10.5 billion yen increase
income : yen from the same quarter last
year)
The social infrastructure systems business saw a decrease in orders compared to the same period of the previous fiscal year due primarily to a decrease in the transportation systems business inside and outside Japan. Sales, meanwhile, increased compared to the same period of the previous fiscal year due mainly to an increase in the power systems business in Japan and in the transportation systems business outside Japan.
The building systems business remained substantially unchanged in orders, while sales decreased compared to the same period of the previous fiscal year due primarily to negative influences caused by the stronger yen.
As a result, total sales for this segment increased by 1% from the same period of the previous fiscal year. Operating income increased by 10.5 billion yen from the same period of the previous fiscal year due primarily to a shift in project portfolios.
Industrial Automation Systems
Total sales: 302.2 billion (8% decrease from the same
yen quarter last year)
Operating 32.4 billion (10.4 billion yen decrease
income: yen from the same quarter last
year)
The factory automation systems business saw decreases in both orders and sales from the same period of the previous fiscal year due mainly to a slowdown in capital expenditures outside Japan as well as low capital expenditures in Japan in the manufacturing industry, along with negative influences caused by the 2016 Kumamoto earthquakes and the stronger yen.
The automotive equipment business saw decreases in both orders and sales from the same period of the previous fiscal year due primarily to negative influences caused by the stronger yen, despite growth in the car sales markets in Europe and other regions.
As a result, total sales for this segment decreased by 8% from the same period of the previous fiscal year. Operating income decreased by 10.4 billion yen from the same period of the previous fiscal year due primarily to a decrease in sales.
Information and Communication Systems
Total sales: 73.5 billion (23% decrease from the same
yen quarter last year)
Operating (3.1 billion (1.4 billion yen decline from
income (loss): yen) the same quarter last year)
The telecommunications systems business saw decreases in both orders and sales compared to the same period of the previous fiscal year due primarily to the sellout of an affiliated company in the beginning of this fiscal year and a decrease in communications infrastructure equipment.
The information systems and service business saw a decrease in sales compared to the same period of the previous fiscal year, owing to a decrease in the IT infrastructure service business.
The electronic systems business saw decreases in both orders and sales compared to the same period of the previous fiscal year mainly due to a decrease in the defense systems business.
As a result, total sales for this segment decreased by 23% compared to the same period of the previous fiscal year. Operating income declined by 1.4 billion yen compared to the same period of the previous fiscal year due primarily to a decrease in sales.
Electronic Devices
Total sales: 39.0 billion (41% decrease from the same
yen quarter last year)
Operating 0.9 billion (11.3 billion yen decrease
income: yen from the same quarter last
year)
The electronic devices business saw an increase in orders from the same period of the previous fiscal year due to an increase in optical communication devices, while sales decreased compared to the same period of the previous fiscal year due to a decrease in demand for power modules, along with negative influences caused by the 2016 Kumamoto earthquakes and the stronger yen.
As a result, total sales for this segment decreased by 41% compared to the same period of the previous fiscal year. Operating income decreased by 11.3 billion yen compared to the same period of the previous fiscal year due primarily to a decrease in sales.
Home Appliances
Total sales: 261.9 billion (3% increase from the same
yen quarter last year)
Operating 31.7 billion (15.5 billion yen increase
income: yen from the same quarter last
year)
The home appliances business saw an increase in sales of 3% from the same period of the previous fiscal year due to an increase in sales of residential and industrial air conditioners in Japan as well as air conditioners in Europe, despite negative influences caused by the stronger yen.
Operating income increased by 15.5 billion yen compared to the same period of the previous fiscal year largely due to an increase in sales.
Others
Total sales: 156.3 billion (4% decrease from the same
yen quarter last year)
Operating 2.6 billion (1.7 billion yen increase
income: yen from the same quarter last
year)
Sales decreased by 4% compared to the same period of the previous fiscal year mainly due to a decrease in sales at affiliated companies involved in materials procurement.
Operating income increased by 1.7 billion yen compared to the same period of the previous fiscal year due primarily to cost reductions.
Financial Standing
An Analysis on the Status of Assets, Liabilities, Equity and Cash Flow on a Consolidated Basis
The Company's total assets as of the end of this fiscal quarter decreased from the end of the previous fiscal year by 212.6 billion yen to 3,847.2 billion yen. The change in the balance of total assets is mainly attributable to increases in the balances of cash and cash equivalents by 20.9 billion yen, and of inventories by 35.4 billion yen as a result of work-in-process as recorded in commensurate with progress in job orders under pertinent contracts, while trade receivables decreased by 244.2 billion yen primarily as a result of credit collection.
Total liabilities decreased from the end of the previous fiscal year by 107.2 billion yen to 2,015.1 billion yen. The outstanding balances of debts and corporate bonds decreased by 0.5 billion yen from the end of the previous fiscal year to 403.4 billion yen, resulting in a rise in the ratio of interest bearing debt to total assets to 10.5%, representing a 0.5 point increase compared to the end of the previous fiscal year. Retirement and severance benefits increased by 21.9 billion yen, mainly resulting from a decrease in pension assets following a fall in stock prices, while the outstanding balance of trade payables decreased by 81.8 billion yen and other current liabilities decreased by 40.7 billion yen.
Mitsubishi Electric Corporation shareholders' equity decreased by 100.2 billion yen compared to the end of the previous fiscal year to 1,738.5 billion yen. Shareholders' equity ratio was recorded at 45.2%, representing a 0.1 point decrease compared to the end of the previous fiscal year. The changes referred to above primarily resulted from dividend payment of 38.6 billion yen along with a decrease in accumulated other comprehensive income by 103.5 billion yen caused by such factors as the stronger yen and falling stock prices, despite an increase from recording a net income attributable to Mitsubishi Electric Corporation of 42.9 billion yen.
Cash flows from operating activities for this quarter increased by 9.2 billion yen compared to the same period of the previous fiscal year to 109.2 billion yen (cash in). Cash flows from investing activities decreased by 17.2 billion yen compared to the same period of the previous fiscal year to 22.6 billion yen (cash out) due to increases in proceeds from sale of short-term investments and investment securities and other factors. As a result, free cash flow was 86.5 billion yen (cash in). Cash flows from financing activities were 41.1 billion yen (cash out) mainly due to dividend payment.
Forecast for Fiscal 2017
With negative influences caused by the yen becoming stronger against currencies mainly in Europe and in Asia, Mitsubishi Electric's business performance for the current fiscal year is expected to fall below its previous forecast mainly in the Industrial Automation Systems and Energy and Electric Systems segments. Therefore, the consolidated earnings forecast for the first half of fiscal 2017, ending September 30, 2016, and for fiscal 2017, ending March 31, 2017, have been revised from the announcement on April 28, 2016 as stated below.
First Half of Fiscal 2017 Consolidated Earnings Forecast
Consolidated Previous Current forecast
forecast
(announced
Apr. 28)
--------------- -------------- ---------------------------------------
Net sales: 1,990.0 1,960.0 (5% decrease from
billion billion the same period last
yen yen year)
--------------- -------------- --------------- ----------------------
Operating 95.0 billion 90.0 billion (29% decrease from
income: yen yen the same period last
year)
--------------- -------------- --------------- ----------------------
Income before 115.0 billion 100.0 billion (25% decrease from
income taxes: yen yen the same period last
year)
--------------- -------------- --------------- ----------------------
Net income 85.0 billion 70.0 billion (25% decrease from
attributable yen yen the same period last
to year)
Mitsubishi
Electric
Corp.:
--------------- -------------- --------------- ----------------------
Fiscal 2017 Consolidated Earnings Forecast
Consolidated Previous Current forecast
forecast
(announced
Apr. 28)
--------------- -------------- -------------------------------------
Net sales: 4,280.0 4,180.0 (5% decrease from
billion billion the previous fiscal
yen yen year)
--------------- -------------- -------------- ---------------------
Operating 260.0 billion 235.0 billion (22% decrease from
income: yen yen the previous fiscal
year)
--------------- -------------- -------------- ---------------------
Income before 280.0 billion 255.0 billion (20% decrease from
income taxes: yen yen the previous fiscal
year)
--------------- -------------- -------------- ---------------------
Net income 200.0 billion 175.0 billion (23% decrease from
attributable yen yen the previous fiscal
to year)
Mitsubishi
Electric
Corp.:
--------------- -------------- -------------- ---------------------
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 '16 FY '17 B - B/A
Q1 (A) Q1 (B) A (%)
(Apr. 1, (Apr. 1,
2015 - 2016 -
Jun. 30, Jun. 30,
2015) 2016)
------------------------- ---------- ---------- -------- -----
Net sales 988.4 927.0 (61.3) 94
------------------------- ---------- ---------- -------- -----
Operating income 54.6 59.7 5.0 109
------------------------- ---------- ---------- -------- -----
Income before income
taxes 67.1 61.0 (6.1) 91
------------------------- ---------- ---------- -------- -----
Net income attributable
to
Mitsubishi Electric
Corp. 46.3 42.9 (3.4) 93
------------------------- ---------- ----------
Basic net income
per share attributable
to Mitsubishi Electric 21.(57) 19. (99) (1.(58)
Corp. yen yen yen) 93
------------------------- ---------- ---------- -------- -----
Notes:
1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The Company has 218 consolidated subsidiaries.
Consolidated Profit and Loss Statement
(In millions of yen)
FY '16 Q1 FY '17 Q1
(Apr. 1, (Apr. 1,
2015 - 2016 -
Jun. 30, Jun. 30,
2015) 2016)
(A) % of (B) % of B - B/A
total total A (%)
-------- -------
Net sales 988,440 100.0 927,077 100.0 (61,363) 94
------------------------------ -------- ------- -------- ------- --------- -----
Cost of sales 691,048 69.9 627,503 67.7 (63,545) 91
------------------------------ -------- ------- -------- ------- --------- -----
Selling, general
and
administrative
expenses 242,760 24.6 239,870 25.9 (2,890) 99
Operating income 54,632 5.5 59,704 6.4 5,072 109
------------------------------ -------- ------- -------- ------- --------- -----
Other income 17,215 1.8 26,540 2.9 9,325 154
------------------------------ -------- ------- -------- ------- --------- -----
Interest and Dividends 3,034 0.3 2,861 0.3 (173) 94
------------------------------ -------- ------- -------- ------- --------- -----
Equity in earnings
of
affiliated companies 5,049 0.5 3,587 0.4 (1,462) 71
------------------------------ -------- ------- -------- ------- --------- -----
Other 9,132 1.0 20,092 2.2 10,960 220
------------------------------ -------- ------- -------- ------- --------- -----
Other expenses 4,670 0.5 25,235 2.7 20,565 540
------------------------------ -------- ------- -------- ------- --------- -----
Interest 926 0.1 759 0.1 (167) 82
------------------------------ -------- ------- -------- ------- --------- -----
Other 3,744 0.4 24,476 2.6 20,732 654
Income before income
taxes 67,177 6.8 61,009 6.6 (6,168) 91
------------------------------ -------- ------- -------- ------- --------- -----
Income taxes 17,498 1.8 14,760 1.6 (2,738) 84
------------------------------ -------- ------- -------- ------- --------- -----
Net income 49,679 5.0 46,249 5.0 (3,430) 93
------------------------------ -------- ------- -------- ------- --------- -----
Net income attributable
to
the noncontrolling
interests 3,362 0.3 3,335 0.4 (27) 99
------------------------------ -------- ------- -------- ------- --------- -----
Net income attributable
to
Mitsubishi Electric
Corp. 46,317 4.7 42,914 4.6 (3,403) 93
------------------------------ -------- ------- -------- ------- --------- -----
Consolidated Comprehensive Income Statement
(In millions of yen)
FY '16 FY '17 B -
Q1 (A) Q1 (B) A
(Apr. 1, (Apr. 1,
2015 - 2016 -
Jun. 30, Jun. 30,
2015) 2016)
--- ------------------------------- ---------- ---------- ----------
Net income 49,679 46,249 (3,430)
------------------------------------ ---------- ---------- ----------
Other comprehensive income
(loss), net of tax
------------------------------------ ---------- ---------- ----------
Foreign currency translation
adjustments 5,531 (67,544) (73,075)
----------------------------------- ---------- ---------- ----------
Pension liability adjustments 10,872 (14,840) (25,712)
----------------------------------- ---------- ---------- ----------
Unrealized gains (losses)
on securities 6,807 (27,967) (34,774)
----------------------------------- ---------- ---------- ----------
Unrealized gains (losses)
on derivative instruments 37 (34) (71)
----------------------------------- ---------- ---------- ----------
Total 23,247 (110,385) (133,632)
------------------------------------ ---------- ---------- ----------
Comprehensive income (loss) 72,926 (64,136) (137,062)
------------------------------------ ---------- ---------- ----------
Comprehensive income (loss)
attributable to
the noncontrolling interests 3,904 (3,461) (7,365)
------------------------------------ ---------- ---------- ----------
Comprehensive income (loss)
attributable to
Mitsubishi Electric Corp. 69,022 (60,675) (129,697)
------------------------------------ ---------- ---------- ----------
Consolidated Balance Sheet
(In millions of yen)
FY '16 FY '17 B - A
(A) Q1 (B)
(ended (ended
Mar. 31, Jun. 30,
2016) 2016)
----------------------------------------- ------------ ----------- ----------
(Assets)
Current assets 2,551,863 2,392,168 (159,695)
----------------------------------------- ------------ ----------- ----------
Cash and cash equivalents 574,170 595,138 20,968
----------------------------------------- ------------ ----------- ----------
Trade receivables 1,035,168 791,535 (243,633)
----------------------------------------- ------------ ----------- ----------
Inventories 644,127 679,555 35,428
----------------------------------------- ------------ ----------- ----------
Prepaid expenses and other
current assets 298,398 325,940 27,542
----------------------------------------- ------------ ----------- ----------
Long-term trade receivables 4,661 4,069 (592)
----------------------------------------- ------------ ----------- ----------
Investments 537,706 486,280 (51,426)
----------------------------------------- ------------ ----------- ----------
Net property, plant and
equipment 712,599 705,091 (7,508)
----------------------------------------- ------------ ----------- ----------
Other assets 253,112 259,689 6,577
----------------------------------------- ------------ ----------- ----------
Total assets 4,059,941 3,847,297 (212,644)
========================================= ============ =========== ==========
(Liabilities)
Current liabilities 1,507,943 1,386,252 (121,691)
----------------------------------------- ------------ ----------- ----------
Bank loans and current
portion of long-term debt 116,532 117,404 872
----------------------------------------- ------------ ----------- ----------
Trade payables 773,714 691,854 (81,860)
----------------------------------------- ------------ ----------- ----------
Other current liabilities 617,697 576,994 (40,703)
----------------------------------------- ------------ ----------- ----------
Long-term debt 287,507 286,085 (1,422)
----------------------------------------- ------------ ----------- ----------
Retirement and severance
benefits 229,750 251,655 21,905
----------------------------------------- ------------ ----------- ----------
Other fixed liabilities 97,238 91,190 (6,048)
----------------------------------------- ------------ ----------- ----------
Total liabilities 2,122,438 2,015,182 (107,256)
----------------------------------------- ------------ ----------- ----------
(Equity)
Mitsubishi Electric Corp.
shareholders' equity 1,838,773 1,738,541 (100,232)
----------------------------------------- ------------ ----------- ----------
Common stock 175,820 175,820 -
----------------------------------------- ------------ ----------- ----------
Capital surplus 211,999 211,931 (68)
----------------------------------------- ------------ ----------- ----------
Retained earnings 1,502,027 1,506,300 4,273
----------------------------------------- ------------ ----------- ----------
Accumulated other comprehensive
income (loss) (50,699) (154,288) (103,589)
----------------------------------------- ------------ ----------- ----------
Treasury stock at cost (374) (1,222) (848)
----------------------------------------- ------------ ----------- ----------
Noncontrolling interests 98,730 93,574 (5,156)
----------------------------------------- ------------ ----------- ----------
Total equity 1,937,503 1,832,115 (105,388)
----------------------------------------- ------------ ----------- ----------
Total liabilities and equity 4,059,941 3,847,297 (212,644)
========================================= ============ =========== ==========
Balance of Debt 404,039 403,489 (550)
----------------------------------------- ------------ ----------- ----------
Accumulated other comprehensive
income (loss):
----------------------------------------- ------------ ----------- ----------
Foreign currency translation
adjustments 39,847 (20,943) (60,790)
----------------------------------------- ------------ ----------- ----------
Pension liability adjustments (184,231) (199,069) (14,838)
----------------------------------------- ------------ ----------- ----------
Unrealized gains on securities 93,742 65,816 (27,926)
----------------------------------------- ------------ ----------- ----------
Unrealized gains (losses)
on derivative instruments (57) (92) (35)
----------------------------------------- ------------ ----------- ----------
Consolidated Cash Flow Statement
(In millions of yen)
FY '16 FY '17 B -
Q1 Q1 A
(Apr. (Apr.
1, 2015 1, 2016
- Jun. - Jun.
30, 2015) 30, 2016)
(A) (B)
---- ------------------------------- ------------ ------------ ---------
I Cash flows from operating
activities
1 Net income 49,679 46,249 (3,430)
---- ------------------------------- ------------ ------------ ---------
2 Adjustments to reconcile
net income to net cash
provided by operating
activities
---- ------------------------------- ------------ ------------ ---------
(1) Depreciation of tangible
fixed assets and other 31,754 29,083 (2,671)
---- ------------------------------- ------------ ------------ ---------
(2) Decrease in trade
receivables 200,224 202,504 2,280
---- ------------------------------- ------------ ------------ ---------
(3) Decrease (increase)
in inventories (53,769) (64,909) (11,140)
---- ------------------------------- ------------ ------------ ---------
(4) Increase (decrease)
in trade payables (84,802) (66,841) 17,961
---- ------------------------------- ------------ ------------ ---------
(5) Other, net (43,167) (36,868) 6,299
---- ------------------------------- ------------ ------------ ---------
Net cash provided by operating
activities 99,919 109,218 9,299
---- ------------------------------- ------------ ------------ ---------
II Cash flows from investing
activities
1 Capital expenditure (39,169) (34,291) 4,878
---- ------------------------------- ------------ ------------ ---------
Proceeds from sale of
2 property, plant and equipment 707 1,413 706
---- ------------------------------- ------------ ------------ ---------
Purchase of short-term
investments and investment
securities (net of cash
3 acquired) (1,006) (1,010) (4)
---- ------------------------------- ------------ ------------ ---------
Proceeds from sale of
short-term investments
and investment securities
4 (net of cash disposed) 1,281 15,315 14,034
---- ------------------------------- ------------ ------------ ---------
5 Other, net (1,779) (4,110) (2,331)
---- ------------------------------- ------------ ------------ ---------
Net cash used in investing
activities (39,966) (22,683) 17,283
---- ------------------------------- ------------ ------------ ---------
I
+
II Free cash flow 59,953 86,535 26,582
---- ------------------------------- ------------ ------------ ---------
III Cash flows from financing
activities
Proceeds from long-term
1 debt - 45 45
---- ------------------------------- ------------ ------------ ---------
Repayment of long-term
2 debt (2,818) (3,049) (231)
---- ------------------------------- ------------ ------------ ---------
Increase (decrease) in
3 bank loans, net (1,421) 2,570 3,991
---- ------------------------------- ------------ ------------ ---------
4 Dividends paid (38,642) (38,642) 0
---- ------------------------------- ------------ ------------ ---------
5 Purchase of treasury stock (16) (1,097) (1,081)
---- ------------------------------- ------------ ------------ ---------
6 Other, net (779) (954) (175)
---- ------------------------------- ------------ ------------ ---------
Net cash provided by (used
in) financing activities (43,676) (41,127) 2,549
---- ------------------------------- ------------ ------------ ---------
Effect of exchange rate
changes on cash and cash
IV equivalents 2,694 (24,440) (27,134)
---- ------------------------------- ------------ ------------ ---------
Net increase in cash and
V cash equivalents 18,971 20,968 1,997
---- ------------------------------- ------------ ------------ ---------
Cash and cash equivalents
VI at beginning of period 568,517 574,170 5,653
------------ ------------
Cash and cash equivalents
VII at end of period 587,488 595,138 7,650
---- ------------------------------- ------------ ------------ ---------
Consolidated Segment Information
1. Sales and Operating Income by Business Segment
(In millions of yen)
Business Segment FY '16 Q1 FY '17 Q1 C - D - C/A
A B
(Apr. 1, 2015 (Apr. 1, 2016 (%)
- -
Jun. 30, 2015) Jun. 30, 2016)
----------------------- ---------------------- --------- --------- -----
Sales Operating Sales Operating
(A) income (C) income
(loss) (loss)
(B) (D)
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Energy and Electric
Systems 236,681 (6,666) 238,051 3,926 1,370 10,592 101
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Industrial Automation
Systems 328,350 42,867 302,227 32,421 (26,123) (10,446) 92
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Information
and
Communication
Systems 95,409 (1,755) 73,525 (3,179) (21,884) (1,424) 77
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Electronic Devices 66,117 12,332 39,080 959 (27,037) (11,373) 59
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Home Appliances 254,092 16,244 261,925 31,786 7,833 15,542 103
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Others 163,190 903 156,390 2,643 (6,800) 1,740 96
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Subtotal 1,143,839 63,925 1,071,198 68,556 (72,641) 4,631 94
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Eliminations
and other (155,399) (9,293) (144,121) (8,852) 11,278 441 -
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Total 988,440 54,632 927,077 59,704 (61,363) 5,072 94
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
*Notes: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
Location FY '16 Q1 FY '17 Q1 C - D - C/A
A B
(Apr. 1, 2015 (Apr. 1, 2016 (%)
- -
Jun. 30, 2015) Jun. 30, 2016)
----------------- ---------------------- --------- -------- -----
Sales Operating Sales Operating
(A) income (C) income
(B) (D)
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Japan 758,371 26,815 694,715 17,946 (63,656) (8,869) 92
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
North America 112,155 1,076 102,125 3,613 (10,030) 2,537 91
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Asia (excluding
Japan) 289,551 29,018 261,776 29,394 (27,775) 376 90
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Europe 104,298 4,202 110,693 4,151 6,395 (51) 106
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Others 12,276 207 11,007 443 (1,269) 236 90
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Subtotal 1,276,651 61,318 1,180,316 55,547 (96,335) (5,771) 92
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Eliminations (288,211) (6,686) (253,239) 4,157 34,972 10,843 -
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Total 988,440 54,632 927,077 59,704 (61,363) 5,072 94
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
*Notes: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
Location of FY '16 Q1 FY '17 Q1 B - B/A
Customers A (%)
(Apr. 1, 2015 (Apr. 1, 2016
- -
Jun. 30, 2015) Jun. 30, 2016)
------------------ --------------------- --------------------- --------- -----
Sales % of Sales % of
(A) total (B) total
net sales net sales
---------------- -------- ----------- -------- ----------- --------- -----
Japan 499,505 50.5 471,588 50.9 (27,917) 94
----------------- -------- ----------- -------- ----------- --------- -----
North America 112,816 11.4 101,529 10.9 (11,287) 90
---------------- -------- ----------- -------- ----------- --------- -----
Asia
(excluding
Japan) 256,604 26.0 230,218 24.8 (26,386) 90
---------------- -------- ----------- -------- ----------- --------- -----
Europe 97,868 9.9 103,496 11.2 5,628 106
---------------- -------- ----------- -------- ----------- --------- -----
Others 21,647 2.2 20,246 2.2 (1,401) 94
---------------- -------- ----------- -------- ----------- --------- -----
Total overseas
sales 488,935 49.5 455,489 49.1 (33,446) 93
----------------- -------- ----------- -------- ----------- --------- -----
Consolidated
total 988,440 100.0 927,077 100.0 (61,363) 94
------------------ -------- ----------- -------- ----------- --------- -----
Cautionary Statement
The Mitsubishi Electric Group (hereafter "the Group") is involved in development, manufacture and sales in a wide range of fields including Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home Appliances, and these operations extend globally, not only inside Japan, but also in North America, Europe, Asia and other regions. While the statements herein are based on certain assumptions and premises that the Company trusts and considers to be reasonable under the circumstances on the date of announcement, actual operating results are subject to change due to any of the factors as contemplated hereunder and/or any additional factor unforeseeable as of the date of this announcement. Such factors materially affecting the expectations expressed herein shall include but are not limited to the following:
(1) Important trends
The Group's operations may be affected by trends in the global economy, social conditions, laws, tax codes and regulations.
(2) Foreign currency exchange rates
Fluctuations in foreign currency markets may affect the Group's sales of exported products and purchases of imported materials that are denominated in U.S. dollars or euros, as well as its Asian production bases' sales of exported products and purchases of imported materials that are denominated in foreign currencies.
(3) Stock markets
A fall in stock market prices may cause Mitsubishi Electric to record devaluation losses on marketable securities, or cause an increase in retirement benefit obligations in accordance with a decline in the fair value of pension assets.
(4) Supply/demand balance for products and procurement conditions for materials and components
A decline in prices and shipments due to changes in the supply/demand balance, as well as an increase in material prices due to a worsening of material and component procurement conditions, may adversely affect the Group's performance.
(5) Fund raising
An increase in interest rates, the yen interest rate in particular, would increase the Group's interest expenses.
(6) Significant patent matters
Important patent filings, licensing, copyrights and patent-related disputes may adversely affect related businesses.
(7) Environmental legislation or relevant issues
The Group may incur losses or expenses owing to changes in environmental legislation or the occurrence of environmental issues. Such changes in legislation or the occurrence of environmental issues may also impact manufacturing and all corporate activities of the Group.
(8) Flaws or defects in products or services
The Group may incur losses or expenses resulting out of flaws or defects in products or services, and the lowered reputation of the quality of all its products and services may affect the entire Group.
(9) Litigation and other legal proceedings
The Group's operations may be affected by lawsuits or other legal proceedings against Mitsubishi Electric, its subsidiaries and/or equity-method affiliated companies.
(10) Disruptive changes
Disruptive changes in technology, development of products using new technology, timing of production and market introduction may adversely affect the Group's performance.
(11) Business restructuring
The Group may record losses due to restructuring measures.
(12) Information security
The performance of the Group may be affected by computer virus infections, unauthorized access and other unpredictable incidents that lead to the loss or leakage of personal information held by the Group or confidential information regarding the Group's business such as its technology, sales and other operations.
(13) Natural disasters
The Group's operations, particularly manufacturing activities, may be affected by the occurrence of earthquakes, typhoons, tsunami, fires and other large-scale disasters.
(14) Other significant factors
The Group's operations may be affected by the outbreak of social or political upheaval due to terrorism, war, pandemic by new strains of influenza and other diseases, or other factors.
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About Mitsubishi Electric Corporation
With over 90 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. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded consolidated group sales of 4,394.3 billion yen (US$ 38.8 billion*) in the fiscal year ended March 31, 2016. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 113 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2016
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/4633F_-2016-7-28.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
July 28, 2016 02:00 ET (06:00 GMT)
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