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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 : 0698V
Mitsubishi Electric Corporation
31 October 2017
Hot Features
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FOR IMMEDIATE RELEASE No. 3144
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 Half and Second Quarter of Fiscal 2018
TOKYO, October 31, 2017 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first half and second quarter, ended September 30, 2017, of the current fiscal year ending March 31, 2018 (fiscal 2018).
1. Consolidated Half-year Results (April 1, 2017 - September 30, 2017)
Net sales: 2,076.3 billion (5% increase from the
yen same period last year)
Operating income: 149.2 billion (23% increase from the
yen same period last year)
Income before 185.2 billion (50% increase from the
income taxes: yen same period last year)
Net income attributable 131.1 billion (48% increase from the
to Mitsubishi yen same period last year)
Electric Corp.:
The business environment in the first half of fiscal 2018, from April through September 2017, experienced a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe, despite a modest slowdown in China. 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 half of fiscal 2018 increased by 5% compared to the same period of the previous fiscal year to 2,076.3 billion yen due primarily to increased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income increased by 23% compared to the same period of the previous fiscal year to 149.2 billion yen, due to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments. Income before income taxes increased by 50% compared to the same period of the previous fiscal year to 185.2 billion yen due primarily to recording a gain from sales of investment securities in Renesas Electronics Corporation as well as improvement of exchange gains and losses. Net income attributable to Mitsubishi Electric Corporation increased by 48% compared to the same period of the previous fiscal year to 131.1 billion yen.
Consolidated Financial Results by Business Segment (First Half, Fiscal 2018)
Energy and Electric Systems
Total sales: 527.8 billion (unchanged from the same
yen period last year)
Operating 10.1 billion (0.9 billion yen increase
income: yen from the same period last
year)
The social infrastructure systems business saw a decrease in both orders and sales from the same period of the previous fiscal year due primarily to decreases in orders of the transportation systems business in Japan as well as in sales of the power systems business in Japan, despite orders for large-scale projects in Japan in the power systems business.
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 remained substantially unchanged from the same period of the previous fiscal year. Operating income increased by 0.9 billion yen from the same period of the previous fiscal year due primarily to a shift in project portfolios.
Industrial Automation Systems
Total sales: 703.7 billion (14% increase from the same
yen period last year)
Operating 94.8 billion (32.7 billion yen increase
income: yen from the same period 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 stability in the car sales markets in Europe as well as Japanese car manufacturers experiencing increases in sales volume in China, in addition to the weaker yen.
As a result, total sales for this segment increased by 14% from the same period of the previous fiscal year. Operating income increased by 32.7 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
Information and Communication Systems
Total sales: 185.0 billion (7% decrease from the same
yen period last year)
Operating 2.8 billion (1.0 billion yen decrease
income: yen from the same period last
year)
The telecommunications equipment 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 an increase in orders compared to the same period of the previous fiscal year due to an increase in large-scale projects in the space systems business, while sales experienced a decrease compared to the same period of the previous fiscal year due primarily to a shift in large-scale projects in the space systems business and the defense systems.
As a result, total sales for this segment decreased by 7% from the same period of the previous fiscal year. Operating income decreased by 1.0 billion yen from the same period of the previous fiscal year due primarily to a decrease in sales.
Electronic Devices
Total sales: 99.5 billion (15% increase from the same
yen period last year)
Operating 6.9 billion (5.1 billion yen increase
income: yen from the same period last
year)
The electronic devices business saw a decrease in orders from the same period of the previous fiscal year due to a decrease in demand for optical communication devices, while sales increased by 15% compared to 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 5.1 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.
Home Appliances
Total sales: 539.2 billion (4% increase from the same
yen period last year)
Operating 38.4 billion (10.2 billion yen decrease
income: yen from the same period last
year)
The home appliances business saw an increase in sales of 4% from the same period of the previous fiscal year due to an increase in sales of air conditioners for Europe, China and Japan, in addition to the weaker yen.
Operating income decreased by 10.2 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: 362.3 billion (8% increase from the same
yen period last year)
Operating 9.8 billion (0.4 billion yen increase
income: yen from the same period last
year)
Sales increased by 8% 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 increased by 0.4 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
2. Consolidated Second-quarter Results (July 1, 2017 - September 30, 2017)
Net sales: 1,070.7 billion (2% increase from the same
yen period last year)
Operating income: 75.0 billion (21% increase from the
yen same period last year)
Income before 85.9 billion (37% increase from the
income taxes: yen same period last year)
Net income attributable 63.3 billion (40% increase from the
to Mitsubishi yen same period last year)
Electric Corp.:
Consolidated net sales for this quarter, from July through September 2017, was 1,070.7 billion yen, a 2% increase from the same period of the previous fiscal year, due primarily to increased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated operating income was 75.0 billion yen, an increase of 21% from the same period of the previous fiscal year, with increased profits in the Industrial Automation Systems and Electronic Devices segments.
Consolidated Financial Results by Business Segment (Second Quarter, Fiscal 2018)
Energy and Electric Systems
Total sales: 277.8 billion (3% decrease from the same
yen period last year)
Operating 3.3 billion (1.9 billion yen decrease
income: yen from the same period last
year)
The social infrastructure systems business saw a decrease in both orders and sales from the same period of the previous fiscal year due primarily to decreases in orders of the transportation systems business inside and outside Japan as well as in sales of the power systems business in Japan, despite orders for large-scale projects in Japan in the power systems business.
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 decreased by 3% from the same period of the previous fiscal year. Operating income decreased by 1.9 billion yen from the same period of the previous fiscal year due primarily to a decrease in sales.
Industrial Automation Systems
Total sales: 352.8 billion (12% increase from the same
yen period last year)
Operating 45.0 billion (15.3 billion yen increase
income: yen from the same period 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 smartphones and electric cars in China, organic light emitting diodes (OLED) mainly in Korea, and 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 stability in the car sales markets in Europe as well as Japanese car manufacturers experiencing increases in sales volume in China, in addition to the weaker yen.
As a result, total sales for this segment increased by 12% from the same period of the previous fiscal year. Operating income increased by 15.3 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
Information and Communication Systems
Total sales: 104.8 billion (16% decrease from the same
yen period last year)
Operating 5.0 billion (2.0 billion yen decrease
income: yen from the same period last
year)
The telecommunications equipment 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 IT infrastructure service business.
The electronic systems business saw an increase in orders compared to the same period of the previous fiscal year due to an increase in large-scale projects in the space systems business, while sales experienced a decrease compared to the same period of the previous fiscal year due primarily to a shift in large-scale project portfolios in the defense systems business.
As a result, total sales for this segment decreased by 16% from the same period of the previous fiscal year. Operating income decreased by 2.0 billion yen from the same period of the previous fiscal year due primarily to a decrease in sales.
Electronic Devices
Total sales: 51.4 billion (8% increase from the same
yen period last year)
Operating 3.9 billion (3.1 billion yen increase
income: yen from the same period last
year)
The electronic devices business saw a decrease in orders from the same period of the previous fiscal year due to a decrease in demand for optical communication devices, while sales increased by 8% compared to the same period of the previous fiscal year due to an increase in demand mainly for power modules used in consumer applications.
Operating income increased by 3.1 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.
Home Appliances
Total sales: 269.3 billion (5% increase from the same
yen period last year)
Operating 14.3 billion (2.5 billion yen decrease
income: yen from the same period last
year)
The home appliances business saw an increase in sales of 5% from the same period of the previous fiscal year due to an increase in sales of air conditioners for Europe, China and Japan, in addition to the weaker yen.
Operating income decreased by 2.5 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: 191.7 billion (6% increase from the same
yen period last year)
Operating 7.7 billion (0.9 billion yen increase
income: yen from the same period last
year)
Sales increased by 6% 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 increased by 0.9 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
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 17.7 billion yen to 4,154.5 billion yen. The change in the balance of total assets is mainly attributable to increases in the balances of inventories by 99.0 billion yen as a result of work-in-process as recorded in commensurate with progress in job orders under pertinent contracts, while cash and cash equivalents decreased by 15.6 billion yen, and trade receivables decreased by 121.5 billion yen primarily as a result of credit collection.
Total liabilities decreased from the end of the previous fiscal year by 150.4 billion yen to 1,881.1 billion yen. The outstanding balances of debts and corporate bonds decreased by 13.5 billion yen from the end of the previous fiscal year to 338.5 billion yen, resulting in a decline in the ratio of interest bearing debt to total assets to 8.1%, representing a 0.3 point decrease compared to the end of the previous fiscal year. The outstanding balance of trade payables decreased by 118.4 billion yen, and retirement and severance benefits decreased by 12.5 billion yen, mainly resulting from an increase in pension assets following a rise in stock prices.
Mitsubishi Electric Corporation shareholders' equity increased by 130.9 billion yen compared to the end of the previous fiscal year to 2,170.5 billion yen. The shareholders' equity ratio was recorded at 52.2%, representing a 3.3 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 131.1 billion yen and accumulated other comprehensive income by 39.1 billion yen caused by such factors as the weaker yen and rising stock prices, despite a dividend payment of 38.6 billion yen.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities decreased by 68.9 billion yen compared to the same period of the previous fiscal year to 108.6 billion yen (cash in) due primarily to increases of payment for accounts payables. Cash flows from investing activities increased by 9.8 billion yen compared to the same period of the previous fiscal year to 68.7 billion yen (cash out) due to increases in proceeds from the purchases of tangible fixed assets and other factors. As a result, free cash flow was 39.8 billion yen (cash in). Cash flows from financing activities were 64.0 billion yen (cash out) mainly due to dividend payment.
Forecast for Fiscal 2018 (year ending March 31, 2018)
As a result of the 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 fiscal 2018, ending March 31, 2018, have been revised from the announcement on July 31, 2017 as stated below.
Consolidated Earnings Forecast for Fiscal 2018
Consolidated Previous Current forecast
forecast
(announced
July 31)
------------------ ---------------- -----------------------------------
Net sales: 4,370.0 billion 4,390.0 (4% increase
yen billion from fiscal 2017)
yen
------------------ ---------------- -------------- -------------------
Operating income: 300.0 billion 315.0 billion (17% increase
yen yen from fiscal 2017)
------------------ ---------------- -------------- -------------------
Income before 330.0 billion 350.0 billion (18% increase
income taxes: yen yen from fiscal 2017)
------------------ ---------------- -------------- -------------------
Net income 235.0 billion 250.0 billion (19% increase
attributable yen yen from fiscal 2017)
to
Mitsubishi
Electric Corp.:
------------------ ---------------- -------------- -------------------
Exchange rates in and after the third quarter of fiscal 2018 is unchanged from the previous announcement at 105 yen to the U.S. dollar and 120 yen to the euro.
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
1. Consolidated Half-year Results
(In billions of yen except where noted)
FY '17 1(st) FY '18 1(st) B - B/A
half (A) half (B) A (%)
(Apr. 1, (Apr. 1,
2016 - Sept. 2017 - Sept.
30, 2016) 30, 2017)
------------------------- -------------- -------------- -------- -----
Net sales 1,972.3 2,076.3 103.9 105
------------------------- -------------- -------------- -------- -----
Operating income 121.7 149.2 27.5 123
------------------------- -------------- -------------- -------- -----
Income before
income taxes 123.7 185.2 61.5 150
------------------------- -------------- -------------- -------- -----
Net income attributable
to Mitsubishi
Electric Corp. 88.3 131.1 42.7 148
------------------------- -------------- --------------
Basic net income
per share attributable
to Mitsubishi 19.(94)
Electric Corp. 41.(16) yen 61.(10) yen yen 148
------------------------- -------------- -------------- -------- -----
2. Consolidated Second-quarter Results
(In billions of yen except where noted)
FY '17 Q2 FY '18 Q2 B - B/A
(A) (B) A
(Jul. 1, (Jul. 1, (%)
2016 - 2017 - Sept.
30, 2017)
Sept. 30,
2016)
------------------------- ------------ --------------- ------- -----
Net sales 1,045.2 1,070.7 25.4 102
------------------------- ------------ --------------- ------- -----
Operating income 62.0 75.0 13.0 121
------------------------- ------------ --------------- ------- -----
Income before
income taxes 62.7 85.9 23.2 137
------------------------- ------------ --------------- ------- -----
Net income attributable
to Mitsubishi
Electric Corp. 45.4 63.3 17.9 140
------------------------- ------------ ---------------
Basic net income
per share attributable
to Mitsubishi 8.(37)
Electric Corp. 21.(17) yen 29.(54) yen yen 140
------------------------- ------------ --------------- ------- -----
Notes:
1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The Company has 212 consolidated subsidiaries.
Consolidated Profit and Loss Statement (First Half, Fiscal 2018)
(In millions of yen)
FY '17 1(st) FY '18 1(st)
half half
(Apr. 1, (Apr. 1,
2016 - 2017 -
Sept. 30, Sept. 30,
2016) 2017)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Net sales 1,972,354 100.0 2,076,342 100.0 103,988 105
----------------------------- ---------- ------- ---------- ------- --------- -----
Cost of sales 1,358,355 68.9 1,412,241 68.0 53,886 104
----------------------------- ---------- ------- ---------- ------- --------- -----
Selling, general
and
administrative
expenses 490,308 24.8 513,273 24.7 22,965 105
----------------------------- ---------- ------- ---------- ------- --------- -----
Loss on impairment
of
long-lived assets 1,944 0.1 1,532 0.1 (412) 79
----------------------------- ---------- ------- ---------- ------- --------- -----
Operating income 121,747 6.2 149,296 7.2 27,549 123
----------------------------- ---------- ------- ---------- ------- --------- -----
Other income 35,843 1.8 41,701 2.0 5,858 116
----------------------------- ---------- ------- ---------- ------- --------- -----
Interest and dividends 4,262 0.2 4,885 0.2 623 115
----------------------------- ---------- ------- ---------- ------- --------- -----
Equity in earnings
of affiliated companies 9,523 0.5 9,967 0.5 444 105
----------------------------- ---------- ------- ---------- ------- --------- -----
Other 22,058 1.1 26,849 1.3 4,791 122
----------------------------- ---------- ------- ---------- ------- --------- -----
Other expenses 33,864 1.7 5,754 0.3 (28,110) 17
----------------------------- ---------- ------- ---------- ------- --------- -----
Interest 1,562 0.1 1,439 0.1 (123) 92
----------------------------- ---------- ------- ---------- ------- --------- -----
Other 32,302 1.6 4,315 0.2 (27,987) 13
----------------------------- ---------- ------- ---------- ------- --------- -----
Income before income
taxes 123,726 6.3 185,243 8.9 61,517 150
----------------------------- ---------- ------- ---------- ------- --------- -----
Income taxes 29,158 1.5 48,529 2.3 19,371 166
Net income 94,568 4.8 136,714 6.6 42,146 145
----------------------------- ---------- ------- ---------- ------- --------- -----
Net income attributable
to
the noncontrolling
interests 6,226 0.3 5,590 0.3 (636) 90
----------------------------- ---------- ------- ---------- ------- --------- -----
Net income attributable
to Mitsubishi Electric
Corp. 88,342 4.5 131,124 6.3 42,782 148
----------------------------- ---------- ------- ---------- ------- --------- -----
Consolidated Comprehensive Income Statement (First Half, Fiscal 2018)
(In millions of yen)
FY '17 FY '18 B -
1(st) half 1(st) half A
(A) (B)
(Apr. 1, (Apr. 1,
2016 - 2017 -
Sept. 30, Sept. 30,
2016) 2017)
------------------------------- ------------ ------------ --------
Net income 94,568 136,714 42,146
-------------------------------- ------------ ------------ --------
Other comprehensive income
(loss), net of tax
-------------------------------- ------------ ------------ --------
Foreign currency translation
adjustments (93,760) 26,665 120,425
------------------------------- ------------ ------------ --------
Pension liability adjustments (4,776) 17,869 22,645
------------------------------- ------------ ------------ --------
Unrealized gains (losses)
on securities (20,191) (3,296) 16,895 ------------------------------- ------------ ------------ -------- Unrealized gains (losses) on derivative instruments (42) (82) (40) ------------------------------- ------------ ------------ -------- Total (118,769) 41,156 159,925 -------------------------------- ------------ ------------ -------- Comprehensive income (loss) (24,201) 177,870 202,071 -------------------------------- ------------ ------------ -------- Comprehensive income (loss) attributable to the noncontrolling interests (2,596) 7,625 10,221 -------------------------------- ------------ ------------ -------- Comprehensive income (loss) attributable to Mitsubishi Electric Corp. (21,605) 170,245 191,850 -------------------------------- ------------ ------------ --------
Consolidated Profit and Loss Statement (Second Quarter, Fiscal 2018)
(In millions of yen)
FY '17 Q2 FY '18 Q2
(Jul. 1, (Jul. 1,
2016 - 2017 -
Sept. 30, Sept. 30,
2016) 2017)
(A) % of (B) % of B - A B/A
total total (%)
---------- -------
Net sales 1,045,277 100.0 1,070,743 100.0 25,466 102
----------------------------- ---------- ------- ---------- ------- -------- -----
Cost of sales 730,852 69.9 731,009 68.3 157 100
----------------------------- ---------- ------- ---------- ------- -------- -----
Selling, general
and
administrative
expenses 250,438 24.0 263,152 24.6 12,714 105
----------------------------- ---------- ------- ---------- ------- -------- -----
Loss on impairment
of
long-lived assets 1,944 0.2 1,532 0.1 (412) 79
----------------------------- ---------- ------- ---------- ------- -------- -----
Operating income 62,043 5.9 75,050 7.0 13,007 121
----------------------------- ---------- ------- ---------- ------- -------- -----
Other income 9,303 0.9 13,387 1.2 4,084 144
----------------------------- ---------- ------- ---------- ------- -------- -----
Interest and dividends 1,401 0.1 1,298 0.1 (103) 93
----------------------------- ---------- ------- ---------- ------- -------- -----
Equity in earnings
of affiliated companies 5,936 0.6 7,562 0.7 1,626 127
----------------------------- ---------- ------- ---------- ------- -------- -----
Other 1,966 0.2 4,527 0.4 2,561 230
----------------------------- ---------- ------- ---------- ------- -------- -----
Other expenses 8,629 0.8 2,442 0.2 (6,187) 28
----------------------------- ---------- ------- ---------- ------- -------- -----
Interest 803 0.1 762 0.1 (41) 95
----------------------------- ---------- ------- ---------- ------- -------- -----
Other 7,826 0.7 1,680 0.1 (6,146) 21
----------------------------- ---------- ------- ---------- ------- -------- -----
Income before income
taxes 62,717 6.0 85,995 8.0 23,278 137
----------------------------- ---------- ------- ---------- ------- -------- -----
Income taxes 14,398 1.4 19,288 1.8 4,890 134
Net income 48,319 4.6 66,707 6.2 18,388 138
----------------------------- ---------- ------- ---------- ------- -------- -----
Net income attributable
to
the noncontrolling
interests 2,891 0.3 3,327 0.3 436 115
----------------------------- ---------- ------- ---------- ------- -------- -----
Net income attributable
to Mitsubishi Electric
Corp. 45,428 4.3 63,380 5.9 17,952 140
----------------------------- ---------- ------- ---------- ------- -------- -----
Consolidated Comprehensive Income Statement (Second Quarter, Fiscal 2018)
(In millions of yen)
FY '17 FY '18 B -
Q2 (A) Q2 (B) A
(Jul. 1, (Jul. 1,
2016 - 2017 -
Sept. 30, Sept. 30,
2016) 2017)
---- -------------------------------- ----------- ----------- --------
Net income 48,319 66,707 18,388
-------------------------------------- ----------- ----------- --------
Other comprehensive income
(loss), net of tax
-------------------------------------- ----------- ----------- --------
Foreign currency translation
adjustments (26,216) 21,945 48,161
------------------------------------- ----------- ----------- --------
Pension liability adjustments 10,064 5,392 (4,672)
------------------------------------- ----------- ----------- --------
Unrealized gains on securities 7,776 18,342 10,566
------------------------------------- ----------- ----------- --------
Unrealized gains (losses)
on derivative instruments (8) (19) (11)
------------------------------------- ----------- ----------- --------
Total (8,384) 45,660 54,044
-------------------------------------- ----------- ----------- --------
Comprehensive income 39,935 112,367 72,432
-------------------------------------- ----------- ----------- --------
Comprehensive income attributable
to
the noncontrolling interests 865 5,113 4,248
-------------------------------------- ----------- ----------- --------
Comprehensive income attributable
to
Mitsubishi Electric Corp. 39,070 107,254 68,184
-------------------------------------- ----------- ----------- --------
Consolidated Balance Sheet
(In millions of yen)
FY '17 FY ' 18 B - A
(A)
(ended 1(st)
Mar. 31, half (B)
2017)
(ended
Sept.
30, 2017)
------------------------------------ ----------- ------------ ----------
(Assets)
Current assets 2,500,685 2,486,482 (14,203)
------------------------------------ ----------- ------------ ----------
Cash and cash equivalents 662,469 646,812 (15,657)
------------------------------------ ----------- ------------ ----------
Trade receivables 1,037,201 915,510 (121,691)
------------------------------------ ----------- ------------ ----------
Inventories 643,040 742,105 99,065
------------------------------------ ----------- ------------ ----------
Prepaid expenses and other
current assets 157,975 182,055 24,080
------------------------------------ ----------- ------------ ----------
Long-term trade receivables 2,815 2,920 105
------------------------------------ ----------- ------------ ----------
Investments 618,935 614,786 (4,149)
------------------------------------ ----------- ------------ ----------
Net property, plant and
equipment 732,611 755,261 22,650
------------------------------------ ----------- ------------ ----------
Other assets 317,224 295,060 (22,164)
------------------------------------ ----------- ------------ ----------
Total assets 4,172,270 4,154,509 (17,761)
==================================== =========== ============ ==========
(Liabilities)
Current liabilities 1,525,761 1,405,615 (120,146)
------------------------------------ ----------- ------------ ----------
Bank loans and current
portion of long-term debt 124,368 121,647 (2,721)
------------------------------------ ----------- ------------ ----------
Trade payables 780,202 661,741 (118,461)
------------------------------------ ----------- ------------ ----------
Other current liabilities 621,191 622,227 1,036
------------------------------------ ----------- ------------ ----------
Long-term debt 227,756 216,945 (10,811)
------------------------------------ ----------- ------------ ----------
Retirement and severance
benefits 194,990 182,432 (12,558)
------------------------------------ ----------- ------------ ----------
Other fixed liabilities 83,055 76,165 (6,890)
------------------------------------ ----------- ------------ ----------
Total liabilities 2,031,562 1,881,157 (150,405)
------------------------------------ ----------- ------------ ----------
(Equity)
Mitsubishi Electric Corp.
shareholders' equity 2,039,627 2,170,547 130,920
------------------------------------ ----------- ------------ ----------
Common stock 175,820 175,820
------------------------------------ ----------- ------------ ----------
Capital surplus 212,530 212,534 4
------------------------------------ ----------- ------------ ----------
Retained earnings 1,654,557 1,747,050 92,493
------------------------------------ ----------- ------------ ----------
Accumulated other comprehensive
income (loss) (2,052) 37,069 39,121
------------------------------------ ----------- ------------ ----------
Treasury stock at cost (1,228) (1,926) (698)
------------------------------------ ----------- ------------ ----------
Noncontrolling interests 101,081 102,805 1,724
------------------------------------ ----------- ------------ ----------
Total equity 2,140,708 2,273,352 132,644
------------------------------------ ----------- ------------ ----------
Total liabilities and equity 4,172,270 4,154,509 (17,761)
==================================== =========== ============ ==========
Balance of Debt 352,124 338,592 (13,532)
------------------------------------ ----------- ------------ ----------
Accumulated other comprehensive
income (loss):
------------------------------------ ----------- ------------ ----------
Foreign currency translation
adjustments 18,535 43,223 24,688
------------------------------------ ----------- ------------ ----------
Pension liability adjustments (156,993) (139,120) 17,873
------------------------------------ ----------- ------------ ----------
Unrealized gains on securities 136,352 132,981 (3,371)
------------------------------------ ----------- ------------ ----------
Unrealized gains (losses)
on derivative
instruments 54 (15) (69)
------------------------------------ ----------- ------------ ----------
Consolidated Cash Flow Statement
(In millions of yen)
FY '17 FY '18 B - A
1(st) half 1(st) half
(Apr. 1, (Apr. 1,
2016 - 2017 -
Sept. 30, Sept. 30,
2016) 2017)
(A) (B)
---- ------------------------------- ------------ ------------ ---------
I Cash flows from operating
activities
1 Net income 94,568 136,714 42,146
---- ------------
2 Adjustments to reconcile
net income to net cash
provided by operating
activities
(1) Depreciation of tangible
fixed assets and other 64,755 70,737 5,982
---- ------------------------------- ------------ ------------ ---------
(2) Decrease in trade
receivables 143,347 134,381 (8,966)
---- ------------------------------- ------------ ------------ ---------
(3) Decrease (increase)
in inventories (45,816) (86,017) (40,201)
---- ------------------------------- ------------ ------------ ---------
(4) Increase (decrease)
in trade payables (78,220) (114,192) (35,972)
---- ------------------------------- ------------ ------------ ---------
(5) Other, net (1,045) (33,014) (31,969)
---- ------------------------------- ------------ ------------ ---------
Net cash provided by operating
activities 177,589 108,609 (68,980)
---- ------------------------------- ------------ ------------ ---------
II Cash flows from investing
activities
1 Capital expenditure (82,648) (88,562) (5,914)
---- ------------------------------- ------------ ------------ ---------
Proceeds from sale of
2 property, plant and equipment 4,413 1,351 (3,062)
---- ------------------------------- ------------ ------------ ---------
Purchase of short-term
investments and investment
securities (net of cash
3 acquired) (2,385) (3,915) (1,530)
---- ------------------------------- ------------ ------------ ---------
Proceeds from sale of
short-term investments
and investment securities
4 (net of cash disposed) 17,033 28,302 11,269
---- ------------------------------- ------------ ------------ ---------
5 Other, net 4,630 (5,949) (10,579)
---- ------------------------------- ------------ ------------ ---------
Net cash used in investing
activities (58,957) (68,773) (9,816)
------------ ------------ ---------
I+II Free cash flow 118,632 39,836 (78,796)
------------------------------------- ------------ ------------ ---------
III Cash flows from financing
activities
Proceeds from long-term
1 debt 47 81 34
---- ------------------------------- ------------ ------------ ---------
Repayment of long-term
2 debt (30,939) (14,455) 16,484
---- ------------------------------- ------------ ------------ ---------
Increase (decrease) in
3 bank loans, net (2,830) (3,568) (738)
---- ------------------------------- ------------ ------------ ---------
4 Dividends paid (38,642) (38,642) 0
---- ------------------------------- ------------ ------------ ---------
5 Purchase of treasury stock (1,095) (698) 397
---- ------------------------------- ------------ ------------ ---------
Reissuance of treasury
6 stock 0 0 (0)
---- ------------------------------- ------------ ------------ ---------
7 Other, net (4,307) (6,733) (2,426)
---- ------------------------------- ------------ ------------ ---------
Net cash provided by (used
in) financing activities (77,766) (64,015) 13,751
---- ------------------------------- ------------ ------------ ---------
Effect of exchange rate
changes on cash and cash
IV equivalents (29,876) 8,522 38,398
---- ------------------------------- ------------ ------------ ---------
Net increase (decrease)
V in cash and cash equivalents 10,990 (15,657) (26,647)
---- ------------------------------- ------------ ------------ ---------
Cash and cash equivalents
VI at beginning of period 574,170 662,469 88,299
------------ ------------ ---------
Cash and cash equivalents
VII at end of period 585,160 646,812 61,652
---- ------------------------------- ------------ ------------ ---------
Consolidated Segment Information (First Half, Fiscal 2018)
1. Sales and Operating Income by Business Segment
(In millions of yen)
Business Segment FY '17 1(st) FY '18 1(st) C - D - C/A
half half A B (%)
(Apr. 1, 2016 (Apr. 1, 2017
- -
Sept. 30, Sept. 30,
2016) 2017)
----------------------- ---------------------- --------- --------- -----
Sales Operating Sales Operating
(A) income (C) income
(B) (D)
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Energy and Electric
Systems 525,471 9,182 527,886 10,109 2,415 927 100
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Industrial Automation
Systems 617,620 62,111 703,716 94,879 86,096 32,768 114
----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
Information
and
Communication
Systems 198,266 3,868 185,039 2,802 (13,227) (1,066) 93 ----------------------- ---------- ---------- ---------- ---------- --------- --------- ----- Electronic Devices 86,537 1,774 99,532 6,970 12,995 5,196 115 ----------------------- ---------- ---------- ---------- ---------- --------- --------- ----- Home Appliances 519,397 48,668 539,250 38,460 19,853 (10,208) 104 ----------------------- ---------- ---------- ---------- ---------- --------- --------- ----- Others 336,771 9,395 362,393 9,816 25,622 421 108 ----------------------- ---------- ---------- ---------- ---------- --------- --------- ----- Subtotal 2,284,062 134,998 2,417,816 163,036 133,754 28,038 106 ----------------------- ---------- ---------- ---------- ---------- --------- --------- ----- Eliminations and other (311,708) (13,251) (341,474) (13,740) (29,766) (489) - ----------------------- ---------- ---------- ---------- ---------- --------- --------- ----- Total 1,972,354 121,747 2,076,342 149,296 103,988 27,549 105 ----------------------- ---------- ---------- ---------- ---------- --------- --------- -----
*Note: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
Location FY '17 1(st) FY '18 1(st) C - D - C/A
half half A B (%)
(Apr. 1, 2016 (Apr. 1, 2017
- -
Sept. 30, 2016) Sept. 30,
2017)
----------------- ---------------------- --------- -------- -----
Sales Operating Sales Operating
(A) income (C) income
(B) (D)
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Japan 1,540,435 48,362 1,601,928 80,068 61,493 31,706 104
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
North America 203,856 4,120 209,347 7,812 5,491 3,692 103
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Asia (excluding
Japan) 506,153 49,270 590,978 50,139 84,825 869 117
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Europe 213,063 8,643 237,193 8,934 24,130 291 111
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Others 22,019 877 22,852 911 833 34 104
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Subtotal 2,485,526 111,272 2,662,298 147,864 176,772 36,592 107
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Eliminations (513,172) 10,475 (585,956) 1,432 (72,784) (9,043) -
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Total 1,972,354 121,747 2,076,342 149,296 103,988 27,549 105
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
*Note: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
Location of Customers FY '17 1(st) FY '18 1(st) B - B/A
half half A (%)
(Apr. 1, 2016 (Apr. 1, 2017
- -
Sept. 30, Sept. 30,
2016) 2017)
------------------------- -------- -----
Sales % of Sales % of
(A) total (B) total
net net
sales sales
----------------------- ---------- ------- ---------- ------- -------- -----
Japan 1,081,895 54.9 1,076,438 51.8 (5,457) 99
------------------------ ---------- ------- ---------- ------- -------- -----
North America 202,738 10.3 208,752 10.1 6,014 103
----------------------- ---------- ------- ---------- ------- -------- -----
Asia
(excluding
Japan) 450,994 22.9 540,188 26.0 89,194 120
----------------------- ---------- ------- ---------- ------- -------- -----
Europe 196,446 9.9 214,323 10.3 17,877 109
----------------------- ---------- ------- ---------- ------- -------- -----
Others 40,281 2.0 36,641 1.8 (3,640) 91
----------------------- ---------- ------- ---------- ------- -------- -----
Total overseas
sales 890,459 45.1 999,904 48.2 109,445 112
------------------------ ---------- ------- ---------- ------- -------- -----
Consolidated
total 1,972,354 100.0 2,076,342 100.0 103,988 105
------------------------- ---------- ------- ---------- ------- -------- -----
Consolidated Segment Information (Second Quarter, Fiscal 2018)
1. Sales and Operating Income by Business Segment
(In millions of yen)
Business Segment FY '17 Q2 FY '18 Q2 C - D - C/A
A B
(Jul. 1, 2016 (Jul. 1, 2017 (%)
- -
Sept. 30, 2016) Sept. 30, 2017)
------------------ ---------------------- --------- -------- -----
Sales Operating Sales Operating
(A) income (C) income
(B) (D)
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Energy and
Electric
Systems 287,420 5,256 277,800 3,311 (9,620) (1,945) 97
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Industrial
Automation
Systems 315,393 29,690 352,899 45,047 37,506 15,357 112
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Information
and
Communication
Systems 124,741 7,047 104,872 5,029 (19,869) (2,018) 84
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Electronic
Devices 47,457 815 51,410 3,926 3,953 3,111 108
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Home Appliances 257,472 16,882 269,358 14,334 11,886 (2,548) 105
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Others 180,381 6,752 191,767 7,704 11,386 952 106
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Subtotal 1,212,864 66,442 1,248,106 79,351 35,242 12,909 103
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Eliminations
and other (167,587) (4,399) (177,363) (4,301) (9,776) 98 -
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
Total 1,045,277 62,043 1,070,743 75,050 25,466 13,007 102
------------------ ---------- ---------- ---------- ---------- --------- -------- -----
*Note: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
Location FY '17 Q2 FY '18 Q2 C - D - C/A
A B
(Jul. 1, 2016 (Jul. 1, 2017 (%)
- -
Sept. 30, 2016) Sept. 30, 2017)
----------------- ---------------------- --------- -------- -----
Sales Operating Sales Operating
(A) income (C) income
(B) (D)
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
Japan 845,720 30,416 845,328 43,118 (392) 12,702 100
----------------- ---------- ---------- ---------- ---------- --------- -------- -----
North America 101,731 507 103,272 3,539 1,541 3,032 102
----------------- ---------- ---------- ---------- ---------- --------- -------- ----- Asia (excluding Japan) 244,377 19,876 292,310 22,804 47,933 2,928 120 ----------------- ---------- ---------- ---------- ---------- --------- -------- ----- Europe 102,370 4,492 112,797 3,698 10,427 (794) 110 ----------------- ---------- ---------- ---------- ---------- --------- -------- ----- Others 11,012 434 12,691 501 1,679 67 115 ----------------- ---------- ---------- ---------- ---------- --------- -------- ----- Subtotal 1,305,210 55,725 1,366,398 73,660 61,188 17,935 105 ----------------- ---------- ---------- ---------- ---------- --------- -------- ----- Eliminations (259,933) 6,318 (295,655) 1,390 (35,722) (4,928) - ----------------- ---------- ---------- ---------- ---------- --------- -------- ----- Total 1,045,277 62,043 1,070,743 75,050 25,466 13,007 102 ----------------- ---------- ---------- ---------- ---------- --------- -------- -----
*Note: Inter-segment sales are included in the above chart
3. Sales by Location of Customers
(In millions of yen)
Location of FY '17 Q2 FY '18 Q2 B - A B/A
Customers (%)
(Jul. 1, 2016 (Jul. 1, 2017
- -
Sept. 30, 2016) Sept. 30,
2017)
------------------ --------- -----
Sales % of Sales % of
(A) total (B) total
net sales net
sales
---------------- ---------- ----------- ---------- ------- --------- -----
Japan 610,307 58.4 576,721 53.9 (33,586) 94
----------------- ---------- ----------- ---------- ------- --------- -----
North America 101,209 9.7 103,210 9.6 2,001 102
---------------- ---------- ----------- ---------- ------- --------- -----
Asia
(excluding
Japan) 220,776 21.1 269,451 25.2 48,675 122
---------------- ---------- ----------- ---------- ------- --------- -----
Europe 92,950 8.9 102,259 9.5 9,309 110
---------------- ---------- ----------- ---------- ------- --------- -----
Others 20,035 1.9 19,102 1.8 (933) 95
---------------- ---------- ----------- ---------- ------- --------- -----
Total overseas
sales 434,970 41.6 494,022 46.1 59,052 114
----------------- ---------- ----------- ---------- ------- --------- -----
Consolidated
total 1,045,277 100.0 1,070,743 100.0 25,466 102
------------------ ---------- ----------- ---------- ------- --------- -----
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'.
###
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:
http://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/0698V_-2017-10-31.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FDUSAFFWSEFS
(END) Dow Jones Newswires
October 31, 2017 04:30 ET (08:30 GMT)
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