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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 : 5107M
Mitsubishi Electric Corporation
31 July 2017
Hot Features
Premium
FOR IMMEDIATE RELEASE No. 3124
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 2018
TOKYO, July 31, 2017 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2017, of the current fiscal year ending March 31, 2018 (fiscal 2018).
Consolidated Financial Results
Net sales: 1,005.5 billion (8% increase from the
yen same quarter last year)
Operating income: 74.2 billion (24% increase from the
yen same quarter last year)
Income before 99.2 billion (63% increase from the
income taxes: yen same quarter last year)
Net income attributable 67.7 billion (58% increase from the
to Mitsubishi yen same quarter last year)
Electric Corp.:
The global economy in the first quarter (from April through June 2017) of fiscal 2018 saw a continuing recovery trend in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen weakened against the U.S. dollar and the euro in and after May compared to the same period of the previous fiscal year.
Under these circumstances, consolidated net sales in the first quarter increased by 8% compared to the same period of the previous fiscal year to 1,005.5 billion yen with increased sales in all segments. Consolidated operating income increased by 24% compared to the same period of the previous fiscal year to 74.2 billion yen, due primarily to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Total sales: 250.0 billion (5% increase from the same
yen quarter last year)
Operating 6.7 billion (2.8 billion yen increase
income: yen from the same quarter last
year)
The social infrastructure systems business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to increases in the transportation systems business and the power systems business in Japan.
The building systems business remained substantially unchanged in orders, while sales increased compared to the same period of the previous fiscal year due primarily to growth in the renewal business in Japan and the new installation of elevators and escalators outside Japan.
As a result, total sales for this segment increased by 5% from the same period of the previous fiscal year. Operating income increased by 2.8 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
Industrial Automation Systems
Total sales: 350.8 billion (16% increase from the same
yen quarter last year)
Operating 49.8 billion (17.4 billion yen increase
income: yen from the same quarter last
year)
The factory automation systems business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to growth in capital expenditures in the fields of organic light emitting diodes (OLED) mainly in Korea, smartphones and electric cars in China as well as buoyancy in exports by machinery manufacturers in Japan.
The automotive equipment business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to buoyancy in the car sales markets in Europe as well as Japanese car manufacturers experiencing increases in sales volume in China.
As a result, total sales for this segment increased by 16% from the same period of the previous fiscal year. Operating income increased by 17.4 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
Information and Communication Systems
Total sales: 80.1 billion (9% increase from the same
yen quarter last year)
Operating (2.2 billion (0.9 billion yen improvement
income (loss): yen) from 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 decreased demand in communications infrastructure equipment.
The information systems and service business saw an increase in sales compared to the same period of the previous fiscal year, mainly owing to an increase in the system integrations business.
The electronic systems business saw a decrease in orders compared to the same period of the previous fiscal year due to a decrease in large-scale projects in the space systems business, while sales experienced an increase compared to the same period of the previous fiscal year due primarily to progress with large-scale projects in the defense systems business.
As a result, total sales for this segment increased by 9% compared to the same period of the previous fiscal year. Operating income improved by 0.9 billion yen from the same period of the previous fiscal year due primarily to an increase in sales and improvements in profitability.
Electronic Devices
Total sales: 48.1 billion (23% increase from the same
yen quarter last year)
Operating 3.0 billion (2.0 billion yen increase
income: yen from the same quarter last
year)
The electronic devices business saw an increase in orders, while sales rose by 23% from the same period of the previous fiscal year due to an increase in demand mainly for power modules used in industrial and consumer applications as well as the resolution of negative influences caused by the 2016 Kumamoto earthquakes in the previous fiscal year.
Operating income increased by 2.0 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.
Home Appliances
Total sales: 269.8 billion (3% increase from the same
yen quarter last year)
Operating 24.1 billion (7.6 billion yen decrease
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 air conditioners for Europe, China and Japan.
Operating income decreased by 7.6 billion yen compared to the same period of the previous fiscal year due primarily to increases in material prices and sales expenses.
Others
Total sales: 170.6 billion (9% increase from the same
yen quarter last year)
Operating 2.1 billion (0.5 billion yen decrease
income: yen from the same quarter last
year)
Sales increased by 9% compared to the same period of the previous fiscal year due primarily to an increase in sales at affiliated companies involved in materials procurement.
Operating income decreased by 0.5 billion yen compared to the same period of the previous fiscal year due primarily to a shift in project portfolio.
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 decreased from the end of the previous fiscal year by 54.8 billion yen to 4,117.3 billion yen. The change in balance of total assets is mainly attributable to increases in the balances of cash and cash equivalents by 50.4 billion yen, and of inventories by 80.3 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 168.2 billion yen primarily as a result of credit collection.
Total liabilities decreased from the end of the previous fiscal year by 79.6 billion yen to 1,951.9 billion yen. The outstanding balances of debts and corporate bonds decreased by 0.2 billion yen from the end of the previous fiscal year to 351.8 billion yen, resulting in a rise in the ratio of interest bearing debt to total assets to 8.5%, representing a 0.1 point increase compared to the end of the previous fiscal year. Trade payables decreased by 56.6 billion yen, and retirement and severance benefits decreased by 7.2 billion yen due primarily to an increase in pension assets resulting from a rise in stock prices and other factors.
Mitsubishi Electric Corporation shareholders' equity increased by 23.6 billion yen compared to the end of the previous fiscal year to 2,063.2 billion yen. The shareholders' equity ratio was recorded at 50.1%, representing a 1.2 point increase compared to the end of the previous fiscal year. These changes referred to above primarily result from recording a net income attributable to Mitsubishi Electric Corporation of 67.7 billion yen, despite decreases in dividend payment of 38.6 billion yen as well as in accumulated other comprehensive income by 4.7 billion yen caused by such factors as a decrease in unrealized losses from sale of securities.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for this quarter increased by 4.3 billion yen compared to the same period of the previous fiscal year to 113.5 billion yen (cash in). Cash flows from investing activities decreased by 0.4 billion yen compared to the same period of the previous fiscal year to 22.2 billion yen (cash out). As a result, free cash flow was 91.3 billion yen (cash in). Cash flows from financing activities were 43.8 billion yen (cash out) mainly due to dividend payments.
Forecast for Fiscal 2018
As a result of the company's revised terms of foreign currency rates in which it sees the yen weaker mainly against the euro in and after the second quarter of fiscal 2018, as well as growth expected in the Industrial Automation Systems segment in which it sees an increase in demand for capital expenditures mainly in Asia, the company's consolidated earnings forecast for the first half of fiscal 2018, ending September 30, 2017, and for fiscal 2018, ending March 31, 2018, have been revised from the announcement on April 28, 2017 as stated below.
Other income increased by 10.0 billion yen due primarily to a higher than expected gain in sales of investment securities in Renesas Electronics Corporation.
First Half of Fiscal 2018 Consolidated Earnings Forecast
Consolidated Previous Current forecast
forecast
(announced
Apr. 28)
--------------- -------------- --------------------------------------
Net sales: 2,030.0 2,080.0 (5% increase from
billion billion the same period last
yen yen year)
--------------- -------------- -------------- ----------------------
Operating 125.0 billion 140.0 billion (15% increase from
income: yen yen the same period last
year)
--------------- -------------- -------------- ----------------------
Income before 135.0 billion 160.0 billion (29% increase from
income taxes: yen yen the same period last
year)
--------------- -------------- -------------- ----------------------
Net income 95.0 billion 110.0 billion (25% increase from
attributable yen yen the same period last
to year)
Mitsubishi
Electric
Corp.:
--------------- -------------- -------------- ----------------------
Fiscal 2018 Consolidated Earnings Forecast
Consolidated Previous Current forecast
forecast
(announced
Apr. 28)
--------------- -------------- -------------------------------------
Net sales: 4,300.0 4,370.0 (3% increase from
billion billion the previous fiscal
yen yen year)
--------------- -------------- -------------- ---------------------
Operating 280.0 billion 300.0 billion (11% increase from
income: yen yen the previous fiscal
year)
--------------- -------------- -------------- ---------------------
Income before 300.0 billion 330.0 billion (11% increase from
income taxes: yen yen the previous fiscal
year)
--------------- -------------- -------------- ---------------------
Net income 215.0 billion 235.0 billion (12% increase from
attributable yen yen the previous fiscal
to year)
Mitsubishi
Electric
Corp.:
--------------- -------------- -------------- ---------------------
Exchange rates in and after the second quarter of fiscal 2018 is unchanged from the previous announcement at 105 yen to the U.S. dollar, while exchange rates to the euro have been revised to 120 yen, ten yen weaker than the previous rate.
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 '17 FY '18 B - B/A
Q1 (A) Q1 (B) A (%)
(Apr. 1, (Apr. 1,
2016 - 2017 -
Jun. 30, Jun. 30,
2016) 2017)
------------------------- ---------- ---------- -------- -----
Net sales 927.0 1,005.5 78.5 108
------------------------- ---------- ---------- -------- -----
Operating income 59.7 74.2 14.5 124
------------------------- ---------- ---------- -------- -----
Income before income
taxes 61.0 99.2 38.2 163
------------------------- ---------- ---------- -------- -----
Net income attributable
to
Mitsubishi Electric
Corp. 42.9 67.7 24.8 158
------------------------- ---------- ----------
Basic net income
per share attributable
to Mitsubishi Electric 19. (99) 31. (57) 11.(58)
Corp. yen yen yen 158
------------------------- ---------- ---------- -------- -----
Notes:
1) Consolidated financial charts are made in accordance with U.S. GAAP.
2) The Company has 213 consolidated subsidiaries.
Consolidated Profit and Loss Statement
(In millions of yen)
FY '17 Q1 FY '18 Q1
(Apr. 1, (Apr. 1,
2016 - 2017 -
Jun. 30, Jun. 30,
2016) 2017)
(A) % of (B) % of B - B/A
total total A (%)
-------- -------
Net sales 927,077 100.0 1,005,599 100.0 78,522 108
------------------------------ -------- ------- ---------- ------- --------- -----
Cost of sales 627,503 67.7 681,232 67.7 53,729 109
------------------------------ -------- ------- ---------- ------- --------- -----
Selling, general
and
administrative
expenses 239,870 25.9 250,121 24.9 10,251 104
Operating income 59,704 6.4 74,246 7.4 14,542 124
------------------------------ -------- ------- ---------- ------- --------- -----
Other income 26,540 2.9 28,493 2.8 1,953 107
------------------------------ -------- ------- ---------- ------- --------- -----
Interest and Dividends 2,861 0.3 3,587 0.4 726 125
------------------------------ -------- ------- ---------- ------- --------- -----
Equity in earnings
of
affiliated companies 3,587 0.4 2,405 0.2 (1,182) 67
------------------------------ -------- ------- ---------- ------- --------- -----
Other 20,092 2.2 22,501 2.2 2,409 112
------------------------------ -------- ------- ---------- ------- --------- -----
Other expenses 25,235 2.7 3,491 0.3 (21,744) 14
------------------------------ -------- ------- ---------- ------- --------- -----
Interest 759 0.1 677 0.0 (82) 89
------------------------------ -------- ------- ---------- ------- --------- -----
Other 24,476 2.6 2,814 0.3 (21,662) 11
Income before income
taxes 61,009 6.6 99,248 9.9 38,239 163
------------------------------ -------- ------- ---------- ------- --------- -----
Income taxes 14,760 1.6 29,241 2.9 14,481 198
------------------------------ -------- ------- ---------- ------- --------- -----
Net income 46,249 5.0 70,007 7.0 23,758 151
------------------------------ -------- ------- ---------- ------- --------- -----
Net income attributable
to
the noncontrolling
interests 3,335 0.4 2,263 0.3 (1,072) 68
------------------------------ -------- ------- ---------- ------- --------- -----
Net income attributable
to
Mitsubishi Electric
Corp. 42,914 4.6 67,744 6.7 24,830 158
------------------------------ -------- ------- ---------- ------- --------- -----
Consolidated Comprehensive Income Statement
(In millions of yen)
FY '17 FY '18 B -
Q1 (A) Q1 (B) A
(Apr. 1, (Apr. 1,
2016 - 2017 -
Jun. 30, Jun. 30,
2016) 2017)
--- ------------------------------- ---------- ---------- --------
Net income 46,249 70,007 23,758
------------------------------------ ---------- ---------- --------
Other comprehensive income
(loss), net of tax
------------------------------------ ---------- ---------- --------
Foreign currency translation
adjustments (67,544) 4,720 72,264
----------------------------------- ---------- ---------- --------
Pension liability adjustments (14,840) 12,477 27,317
----------------------------------- ---------- ---------- --------
Unrealized gains (losses)
on securities (27,967) (21,638) 6,329
----------------------------------- ---------- ---------- --------
Unrealized gains (losses)
on derivative instruments (34) (63) (29)
----------------------------------- ---------- ---------- --------
Total (110,385) (4,504) 105,881
------------------------------------ ---------- ---------- --------
Comprehensive income (loss) (64,136) 65,503 129,639
------------------------------------ ---------- ---------- --------
Comprehensive income (loss)
attributable to
the noncontrolling interests (3,461) 2,512 5,973
------------------------------------ ---------- ---------- --------
Comprehensive income (loss)
attributable to
Mitsubishi Electric Corp. (60,675) 62,991 123,666
------------------------------------ ---------- ---------- --------
Consolidated Balance Sheet
(In millions of yen)
FY '17 FY '18 B - A
(A) Q1 (B)
(ended (ended
Mar. 31, Jun. 30,
2017) 2017)
----------------------------------------- ------------ ----------- ----------
(Assets)
Current assets 2,500,685 2,494,270 (6,415)
----------------------------------------- ------------ ----------- ----------
Cash and cash equivalents 662,469 712,900 50,431
----------------------------------------- ------------ ----------- ----------
Trade receivables 1,037,201 869,117 (168,084)
----------------------------------------- ------------ ----------- ----------
Inventories 643,040 723,340 80,300
----------------------------------------- ------------ ----------- ----------
Prepaid expenses and other
current assets 157,975 188,913 30,938
----------------------------------------- ------------ ----------- ----------
Long-term trade receivables 2,815 2,644 (171)
----------------------------------------- ------------ ----------- ----------
Investments 618,935 578,353 (40,582)
----------------------------------------- ------------ ----------- ----------
Net property, plant and
equipment 732,611 745,257 12,646
----------------------------------------- ------------ ----------- ----------
Other assets 317,224 296,849 (20,375)
----------------------------------------- ------------ ----------- ----------
Total assets 4,172,270 4,117,373 (54,897)
========================================= ============ =========== ==========
(Liabilities)
Current liabilities 1,525,761 1,472,476 (53,285)
----------------------------------------- ------------ ----------- ----------
Bank loans and current
portion of long-term debt 124,368 134,310 9,942
----------------------------------------- ------------ ----------- ----------
Trade payables 780,202 723,525 (56,677)
----------------------------------------- ------------ ----------- ----------
Other current liabilities 621,191 614,641 (6,550)
----------------------------------------- ------------ ----------- ----------
Long-term debt 227,756 217,516 (10,240)
----------------------------------------- ------------ ----------- ----------
Retirement and severance
benefits 194,990 187,719 (7,271)
----------------------------------------- ------------ ----------- ----------
Other fixed liabilities 83,055 74,212 (8,843)
----------------------------------------- ------------ ----------- ----------
Total liabilities 2,031,562 1,951,923 (79,639)
----------------------------------------- ------------ ----------- ----------
(Equity)
Mitsubishi Electric Corp.
shareholders' equity 2,039,627 2,063,279 23,652
----------------------------------------- ------------ ----------- ----------
Common stock 175,820 175,820 -
----------------------------------------- ------------ ----------- ----------
Capital surplus 212,530 212,530 -
----------------------------------------- ------------ ----------- ----------
Retained earnings 1,654,557 1,683,659 29,102
----------------------------------------- ------------ ----------- ----------
Accumulated other comprehensive
income (loss) (2,052) (6,805) (4,753)
----------------------------------------- ------------ ----------- ----------
Treasury stock at cost (1,228) (1,925) (697)
----------------------------------------- ------------ ----------- ----------
Noncontrolling interests 101,081 102,171 1,090
----------------------------------------- ------------ ----------- ----------
Total equity 2,140,708 2,165,450 24,742
----------------------------------------- ------------ ----------- ----------
Total liabilities and equity 4,172,270 4,117,373 (54,897)
========================================= ============ =========== ==========
Balance of Debt 352,124 351,826 (298)
----------------------------------------- ------------ ----------- ----------
Accumulated other comprehensive
income (loss):
----------------------------------------- ------------ ----------- ----------
Foreign currency translation
adjustments 18,535 23,023 4,488
----------------------------------------- ------------ ----------- ----------
Pension liability adjustments (156,993) (144,517) 12,476
----------------------------------------- ------------ ----------- ----------
Unrealized gains on securities 136,352 114,685 (21,667)
----------------------------------------- ------------ ----------- ----------
Unrealized gains (losses)
on derivative instruments 54 4 (50)
----------------------------------------- ------------ ----------- ----------
Consolidated Cash Flow Statement
(In millions of yen)
FY '17 FY '18 B -
Q1 Q1 A
(Apr. (Apr.
1, 2016 1, 2017
- Jun. - Jun.
30, 2016) 30, 2017)
(A) (B)
---- ------------------------------- ------------ ------------ ---------
I Cash flows from operating
activities
1 Net income 46,249 70,007 23,758
---- ------------------------------- ------------ ------------ ---------
2 Adjustments to reconcile
net income to net cash
provided by operating
activities
---- ------------------------------- ------------ ------------ ---------
(1) Depreciation of tangible
fixed assets and other 29,083 32,198 3,115
---- ------------------------------- ------------ ------------ ---------
(2) Decrease in trade
receivables 202,504 173,915 (28,589)
---- ------------------------------- ------------ ------------ ---------
(3) Decrease (increase)
in inventories (64,909) (74,649) (9,740)
---- ------------------------------- ------------ ------------ ---------
(4) Increase (decrease)
in trade payables (66,841) (54,944) 11,897
---- ------------------------------- ------------ ------------ ---------
(5) Other, net (36,868) (32,938) 3,930
---- ------------------------------- ------------ ------------ ---------
Net cash provided by operating
activities 109,218 113,589 4,371
---- ------------------------------- ------------ ------------ ---------
II Cash flows from investing
activities
1 Capital expenditure (34,291) (42,711) (8,420)
---- ------------------------------- ------------ ------------ ---------
Proceeds from sale of
2 property, plant and equipment 1,413 393 (1,020)
---- ------------------------------- ------------ ------------ ---------
Purchase of short-term
investments and investment
securities (net of cash
3 acquired) (1,010) (3,201) (2,191)
---- ------------------------------- ------------ ------------ ---------
Proceeds from sale of
short-term investments
and investment securities
4 (net of cash disposed) 15,315 25,716 10,401
---- ------------------------------- ------------ ------------ ---------
5 Other, net (4,110) (2,469) 1,641
---- ------------------------------- ------------ ------------ ---------
Net cash used in investing
activities (22,683) (22,272) 411
---- ------------------------------- ------------ ------------ ---------
I
+
II Free cash flow 86,535 91,317 4,782
---- ------------------------------- ------------ ------------ ---------
III Cash flows from financing
activities
Proceeds from long-term
1 debt 45 82 37
---- ------------------------------- ------------ ------------ ---------
Repayment of long-term
2 debt (3,049) (2,336) 713
---- ------------------------------- ------------ ------------ ---------
Increase (decrease) in
3 bank loans, net 2,570 (212) (2,782)
---- ------------------------------- ------------ ------------ ---------
4 Dividends paid (38,642) (38,642) (0)
---- ------------------------------- ------------ ------------ ---------
5 Purchase of treasury stock (1,097) (697) 400
---- ------------------------------- ------------ ------------ ---------
6 Other, net (954) (2,085) (1,131)
---- ------------------------------- ------------ ------------ ---------
Net cash provided by (used
in) financing activities (41,127) (43,890) (2,763)
---- ------------------------------- ------------ ------------ ---------
Effect of exchange rate
changes on cash and cash
IV equivalents (24,440) 3,004 27,444
---- ------------------------------- ------------ ------------ ---------
Net increase in cash and
V cash equivalents 20,968 50,431 29,463
---- ------------------------------- ------------ ------------ ---------
Cash and cash equivalents
VI at beginning of period 574,170 662,469 88,299
------------ ------------
Cash and cash equivalents
VII at end of period 595,138 712,900 117,762
---- ------------------------------- ------------ ------------ ---------
Consolidated Segment Information
1. Sales and Operating Income by Business Segment
(In millions of yen)
Business Segment FY '17 Q1 FY '18 Q1 C - D - C/A
A B
(Apr. 1, 2016 (Apr. 1, 2017 (%)
- -
Jun. 30, 2016) Jun. 30, 2017)
----------------------- ---------------------- --------- -------- -----
Sales Operating Sales Operating
(A) income (C) income
(loss) (loss)
(B) (D)
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Energy and Electric
Systems 238,051 3,926 250,086 6,798 12,035 2,872 105
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Industrial Automation
Systems 302,227 32,421 350,817 49,832 48,590 17,411 116
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Information
and
Communication
Systems 73,525 (3,179) 80,167 (2,227) 6,642 952 109
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Electronic Devices 39,080 959 48,122 3,044 9,042 2,085 123
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Home Appliances 261,925 31,786 269,892 24,126 7,967 (7,660) 103
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Others 156,390 2,643 170,626 2,112 14,236 (531) 109
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Subtotal 1,071,198 68,556 1,169,710 83,685 98,512 15,129 109
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Eliminations
and other (144,121) (8,852) (164,111) (9,439) (19,990) (587) -
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
Total 927,077 59,704 1,005,599 74,246 78,522 14,542 108
----------------------- ---------- ---------- ---------- ---------- --------- -------- -----
*Notes: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
Location FY '17 Q1 FY '18 Q1 C - D - C/A
A B
(Apr. 1, 2016 (Apr. 1, 2017 (%)
- -
Jun. 30, 2016) Jun. 30, 2017)
----------------- ---------------------- --------- -------- -----
Sales Operating Sales Operating
(A) income (C) income
(B) (D)
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Japan 694,715 17,946 756,600 36,950 61,885 19,004 109
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
North America 102,125 3,613 106,075 4,273 3,950 660 104
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Asia (excluding
Japan) 261,776 29,394 298,668 27,335 36,892 (2,059) 114
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Europe 110,693 4,151 124,396 5,236 13,703 1,085 112
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Others 11,007 443 10,161 410 (846) (33) 92
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Subtotal 1,180,316 55,547 1,295,900 74,204 115,584 18,657 110
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Eliminations (253,239) 4,157 (290.301) 42 (37,062) (4,115) -
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Total 927,077 59,704 1,005,599 74,246 78,522 14,542 108
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
*Notes: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
Location of FY '17 Q1 FY '18 Q1 B - B/A
Customers A (%)
(Apr. 1, 2016 (Apr. 1, 2017
- -
Jun. 30, 2016) Jun. 30, 2017)
------------------ --------------------- ----------------------- -------- -----
Sales % of Sales % of
(A) total (B) total
net sales net sales
---------------- -------- ----------- ---------- ----------- -------- -----
Japan 471,588 50.9 499,717 49.7 28,129 106
----------------- -------- ----------- ---------- ----------- -------- -----
North America 101,529 10.9 105,542 10.5 4,013 104
---------------- -------- ----------- ---------- ----------- -------- -----
Asia
(excluding
Japan) 230,218 24.8 270,737 26.9 40,519 118
---------------- -------- ----------- ---------- ----------- -------- -----
Europe 103,496 11.2 112,064 11.2 8,568 108
---------------- -------- ----------- ---------- ----------- -------- -----
Others 20,246 2.2 17,539 1.7 (2,707) 87
---------------- -------- ----------- ---------- ----------- -------- -----
Total overseas
sales 455,489 49.1 505,882 50.3 50,393 111
----------------- -------- ----------- ---------- ----------- -------- -----
Consolidated
total 927,077 100.0 1,005,599 100.0 78,522 108
------------------ -------- ----------- ---------- ----------- -------- -----
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 Group trusts and considers to be reasonable under the circumstances on the date of announcement, actual financial standings and 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 the Group 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.
Notes
1. Change in the accounting policy
On April 1, 2017, the Company adopted Accounting Standards Update 2015-17 "Balance Sheet Classification of Deferred Taxes" issued by the Financial Accounting Standards Board. To reflect this adoption, all deferred tax assets and liabilities have been classified as noncurrent in the consolidated balance sheets and subsequently, deferred tax assets and liabilities in the same tax-paying component or tax jurisdiction were offset. The consolidated balance sheet as of March 31, 2017 has been reclassified to reflect this adoption and accordingly, deferred tax assets previously included in 'Prepaid expenses and other current assets' and deferred tax liabilities previously included in 'Other liabilities' have been reclassified as 'Other assets'.
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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 4,238.6 billion yen (US$ 37.8 billion*) in the fiscal year ended March 31, 2017. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 112 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2017
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5107M_-2017-7-31.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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July 31, 2017 02:00 ET (06:00 GMT)
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