MITSUBISHI ELECTRIC CORPORATION
PUBLIC RELATIONS DIVISION
7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan
FOR IMMEDIATE RELEASE No. 3040
Investor Relations Inquiries Media Inquiries
Investor Relations Group, Corporate Finance Division Public Relations 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 2017TOKYO, 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 yen | (6% decrease from the same quarter last year) |
Operating income: | 59.7 | billion yen | (9% increase from the same quarter last year) |
Income before income taxes: | 61.0 | billion yen | (9% decrease from the same quarter last year) |
Net income attributable to | 42.9 | billion yen | (7% decrease from the same quarter last year) |
Mitsubishi 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 yen | (1% increase from the same quarter last year) |
Operating income : | 3.9 billion yen | (10.5 billion yen increase 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 yen | (8% decrease from the same quarter last year) |
Operating income: | 32.4 billion yen | (10.4 billion yen decrease 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 yen | (23% decrease from the same quarter last year) |
Operating income (loss): | (3.1 billion yen) | (1.4 billion yen decline 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 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 yen | (41% decrease from the same quarter last year) |
Operating income: | 0.9 billion yen | (11.3 billion yen decrease 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 yen | (3% increase from the same quarter last year) |
Operating income: | 31.7 billion yen | (15.5 billion yen increase 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 yen | (4% decrease from the same quarter last year) |
Operating income: | 2.6 billion yen | (1.7 billion yen increase 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 forecast (announced Apr. 28) | Current forecast | |||
Net sales: | 1,990.0 | billion | yen | 1,960.0 billion yen | (5% decrease from the same period last year) |
Operating income: | 95.0 | billion | yen | 90.0 billion yen | (29% decrease from the same period last year) |
Income before income taxes: | 115.0 | billion | yen | 100.0 billion yen | (25% decrease from the same period last year) |
Net income attributable to Mitsubishi Electric Corp.: | 85.0 | billion | yen | 70.0 billion yen | (25% decrease from the same period last year) |
Fiscal 2017 Consolidated Earnings Forecast
Consolidated | Previous forecast (announced Apr. 28) | Current forecast | ||||
Net sales: | 4,280.0 | billion | yen | 4,180.0 billion yen | (5% decrease from the previous fiscal year) | |
Operating income: | 260.0 | billion | yen | 235.0 billion yen | (22% decrease from the previous fiscal year) | |
Income before income taxes: | 280.0 | billion | yen | 255.0 billion yen | (20% decrease from the previous fiscal year) | |
Net income attributable to Mitsubishi Electric Corp.: | 200.0 | billion | yen | 175.0 billion yen | (23% decrease from the previous fiscal year) |
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 Q1 (A) (Apr. 1, 2015 - Jun. 30, 2015) | FY '17 Q1 (B) (Apr. 1, 2016 - Jun. 30, 2016) | |||
B - A | B/A (%) | |||
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 Corp. | 21.57 yen | 19. 99 yen | (1.58 yen) | 93 |
Notes:
Consolidated financial charts made in accordance with U.S. GAAP.
The Company has 218 consolidated subsidiaries.
Consolidated Profit and Loss Statement(In millions of yen)
FY '16 Q1
(Apr. 1, 2015 -
Jun. 30, 2015)
% of
-
FY '17 Q1
(Apr. 1, 2016 -
Jun. 30, 2016)
% of
B/A
total (B)
total B -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 Q1 (A) (Apr. 1, 2015 -
Jun. 30, 2015)
FY '17 Q1 (B) (Apr. 1, 2016 -
Jun. 30, 2016)
B - A
Net income
49,679
46,249
(3,430)
Other comprehensive income (loss), net of tax
5,531
(67,544)
(73,075)
Foreign currency translation adjustments
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 Cash Flow StatementConsolidated Balance Sheet
(In millions of yen)
FY '16 (A)
(ended Mar. 31, 2016)
FY '17 Q1 (B)
(ended Jun. B - A
30, 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 (57) instruments
(92) (35)
(In millions of yen)
Consolidated Segment InformationFY '16 Q1
(Apr. 1, 2015 -
Jun. 30, 2015)
(A)
FY '17 Q1
(Apr. 1, 2016 -
Jun. 30, 2016)
(B)
B - A
I
1
Cash flows from operating activities
Net income
49,679
46,249
(3,430)
2
Adjustments to reconcile net income to net cash
31,754
29,083
(2,671)
provided by operating activities
(1) Depreciation of tangible fixed assets and other
(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
1
Cash flows from investing activities
Capital expenditure
(39,169)
(34,291)
4,878
2
Proceeds from sale of property, plant and equipment
707
1,413
706
3
Purchase of short-term investments and investment securities (net of cash acquired)
(1,006)
(1,010)
(4)
4
Proceeds from sale of short-term investments and investment securities (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
1
Cash flows from financing activities
Proceeds from long-term debt
-
45
45
2
Repayment of long-term debt
(2,818)
(3,049)
(231)
3
Increase (decrease) in 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
IV
Effect of exchange rate changes on cash and cash equivalents
2,694
(24,440)
(27,134)
V
Net increase in cash and cash equivalents
18,971
20,968
1,997
VI
Cash and cash equivalents at beginning of period
568,517
574,170
5,653
VII
Cash and cash equivalents at end of period
587,488
595,138
7,650
Sales and Operating Income by Business Segment
(In millions of yen)
Business Segment
FY '16 Q1
(Apr. 1, 2015 -
Jun. 30, 2015)
FY '17 Q1
(Apr. 1, 2016 -
Jun. 30, 2016)
C - A
D - B
C/A (%)
Sales (A)
Operating income (loss) (B)
Sales (C)
Operating income (loss) (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.
Sales and Operating Income by Location
(In millions of yen)
Location
FY '16 Q1
(Apr. 1, 2015 -
Jun. 30, 2015)
FY '17 Q1
(Apr. 1, 2016 -
Jun. 30, 2016)
C - A
D - B
C/A (%)
Sales (A)
Operating income (B)
Sales (C)
Operating income (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.
Sales by Location of Customers
Important trends
The Group's operations may be affected by trends in the global economy, social conditions, laws, tax codes and regulations.
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.
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.
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.
Fund raising
An increase in interest rates, the yen interest rate in particular, would increase the Group's interest expenses.
Significant patent matters
Important patent filings, licensing, copyrights and patent-related disputes may adversely affect related businesses.
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.
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.
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.
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.
Business restructuring
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.
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.
###
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
【Supplementary Materials】
July 28, 2016
Mitsubishi Electric Corporation
F iscal 2017 F irst Quarter Consolidated ResultsFinancial Results
Net Sales by Segment
Operating Income by Segment
Overseas Net Sales by Segment
Foreign Exchange Rates for Recording Net Sales and Impact of Exchange Rate Fluctuations on Net Sales
FY '16: Apr. 1, 2015 - Mar. 31, 2016
FY '17: Apr. 1, 2016 - Mar. 31, 2017
Financial Re s ults
(Consolidated) (Billions of yen, year-on-year % change)
FY '16
FY '17
Full Year (Actual)
Full Year (Forecast)
Q1
(Actual)
1st Half (Actual)
Q1
(Actual)
1st Half (Forecast)
Net sales
988.4 (+9)
2,063.2 (+5)
4,394.3 (+2)
927.0 (-6)
1,960.0 (-5)
4,180.0 (-5)
Operating income
54.6 (-8)
127.0 (+5)
301.1 (-5)
59.7 (+9)
90.0 (-29)
235.0 (-22)
Income before income taxes
67.1 (-1)
133.0 (-9)
318.4 (-1)
61.0 (-9)
100.0 (-25)
255.0 (-20)
Net income attributable to Mitsubishi Electric Corp.
46.3 (+8)
92.9 (-5)
228.4 (-3)
42.9 (-7)
70.0 (-25)
175.0 (-23)
Figures in parentheses in the right column indicate change from the previous corresponding period.
Ne t Sale s by Se gme nt
(Billions of yen, year-on-year % change)
FY '16
FY '17
Full Year (Actual)
Full Year (Forecast)
Q1
(Actual)
1st Half (Actual)
Q1
(Actual)
1st Half (Forecast)
Energy and Electric Systems
236.6 (+6)
523.7 (+4)
1,264.6 (+3)
238.0 (+1)
520.0 (-1)
1,210.0 (-4)
Industrial Automation Systems
328.3 (+11)
661.5 (+9)
1,321.9 (+3)
302.2 (-8)
610.0 (-8)
1,250.0 (-5)
Information and Communication Systems
95.4 (+3)
224.0 (-10)
561.1 (0)
73.5(-23)
200.0 (-11)
460.0 (-18)
Electronic Devices
66.1(+29)
123.2 (+16)
211.5 (-11)
39.0(-41)
80.0 (-35)
170.0 (-20)
Home Appliances
254.0 (+8)
511.1 (+7)
982.0 (+4)
261.9 (+3)
530.0 (+4)
1,020.0 (+4)
Others
163.1 (-3)
338.4 (-4)
707.7 (-4)
156.3 (-4)
320.0 (-5)
690.0 (-3)
Subtotal
1,143.8 (+7)
2,382.1 (+4)
5,049.0 (+1)
1,071.1 (-6)
2,260.0 (-5)
4,800.0 (-5)
Eliminations
-155.3
-318.8
-654.6
-144.1
-300.0
-620.0
Consolidated total
988.4 (+9)
2,063.2 (+5)
4,394.3 (+2)
927.0 (-6)
1,960.0 (-5)
4,180.0 (-5)
Ope rating Income by Se gme nt
(Billions of yen, year-on-year % change)
FY '16
FY '17
Full Year (Actual)
Full Year (Forecast)
Q1
(Actual)
1st Half (Actual)
Q1
(Actual)
1st Half (Forecast)
Energy and Electric Systems
-6.6 ( - )
3.7 (-70)
50.3 (-31)
3.9 ( - )
5.0 (+33)
49.0 (-3)
Industrial Automation Systems
42.8(+22)
83.9 (+27)
159.1 (+9)
32.4(-24)
58.0 (-31)
124.0 (-22)
Information and Communication Systems
-1.7 ( - )
-3.8 ( - )
14.9 (-21)
-3.1 ( - )
-4.0 ( - )
8.0 (-47)
Electronic Devices
12.3(+220)
16.3 (+110)
16.8 (-44)
0.9(-92)
0.0 ( - )
3.0 (-82)
Home Appliances
16.2(-24)
33.1 (-6)
63.8 (+18)
31.7(+96)
40.0 (+21)
63.0 (-1)
Others
0.9 (-47)
7.3 (-11)
23.6 (-1)
2.6 (+193)
6.0 (-19)
18.0 (-24)
Subtotal
63.9 (-6)
140.7 (+4)
328.8 (-5)
68.5 (+7)
105.0 (-25)
265.0 (-19)
Eliminations and other
-9.2
-13.7
-27.6
-8.8
-15.0
-30.0
Consolidated total
54.6 (-8)
127.0 (+5)
301.1 (-5)
59.7 (+9)
90.0 (-29)
235.0 (-22)
Ove rs e as Ne t Sale s by Se gme nt
(Billions of yen, year-on-year % change)
FY '16
FY '17
Full Year (Actual)
Q1
(Actual)
Q1
(Actual)
1st Half (Actual)
Energy and Electric Systems
107.0 (+13)
221.6 (+11)
458.9 (-1)
98.3 (-8)
Industrial Automation Systems
201.1 (+19)
390.8 (+14)
755.5 (+3)
178.2 (-11)
Information and Communication Systems
4.0(+134)
12.5 (+101)
46.3(+164)
2.7(-32)
Electronic Devices
27.1(+10)
52.0 (+3)
98.5 (-5)
22.1(-18)
Home Appliances
145.9 (+12)
273.3 (+12)
499.6 (+5)
150.5 (+3)
Others
3.6 (-28)
7.3 (-25)
14.1 (-24)
3.4 (-6)
Consolidated total
488.9 (+15)
957.7 (+12)
1,873.1 (+3)
455.4 (-7)
Ratio of overseas net sales to total sales
49.5%
46.4%
42.6%
49.1%
Fore ign Exchange Rate s for Re cording Ne t Sale s and Impact of Exchange Rate Fluctuations on Ne t Sale s
(In millions of yen)
Location of Customers | FY '16 Q1 (Apr. 1, 2015 - Jun. 30, 2015) | FY '17 Q1 (Apr. 1, 2016 - Jun. 30, 2016) | B - A | B/A (%) | ||||
Sales (A) | % of total net sales | Sales (B) | % of total 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:
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.
FY '16 | FY '17 | ||||||
Full Year (Actual) | Q1 (Actual) | Q2 or after (Forecast) | |||||
Q1 (Actual) | 1st Half (Actual) | ||||||
Exchange rates for recording net sales | US$ | ¥121 | ¥122 | ¥121 | ¥111 | ¥105 | |
Euro | ¥133 | ¥135 | ¥133 | ¥125 | ¥115 | ||
Impact of exchange rate fluctuations on net sales | Consolidated total | About ¥54.0 billion increase | About ¥83.0 billion increase | About ¥60.0 billion increase | About ¥59.0 billion decrease | ||
US$ | About ¥26.0 billion increase | About ¥40.0 billion increase | About ¥47.0 billion increase | About ¥13.0 billion decrease | |||
Euro | About ¥3.0 billion decrease | About ¥4.0 billion decrease | About ¥14.0 billion decrease | About ¥10.0 billion decrease |
Mitsubishi Electric Corporation published this content on 28 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2016 04:31:06 UTC.
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