MITSUBISHI ELECTRIC CORPORATION
PUBLIC RELATIONS DIVISION
7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan
FOR IMMEDIATE RELEASE No. 3102
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 Fiscal 2017TOKYO, April 28, 2017 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for fiscal 2017 (April 1, 2016- March 31, 2017).
Consolidated Financial Results
Net sales: | 4,238.6 | billion yen | (4% decrease from the previous fiscal year) |
Operating income: | 270.1 | billion yen | (10% decrease from the previous fiscal year) |
Income before income taxes: | 296.2 | billion yen | (7% decrease from the previous fiscal year) |
Net income attributable to | |||
Mitsubishi Electric Corp.: | 210.4 | billion yen | (8% decrease from the previous fiscal year) |
During the fiscal year ended March 31, 2017, the business environment was buoyed by the expanding U.S. economy and gradual recoveries in Japan and Europe, as well as modest improvement in China's economic slowdown. In addition, the yen became stronger against foreign currencies compared to the previous year, but weakened after the U.S. presidential election in November.
Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies rooted in its advantages, while continuously implementing initiatives to strengthen its competitiveness and business structure.
As a result, the Mitsubishi Electric Group has recorded a net sales of 4,238.6 billion yen for fiscal 2017, a decrease of 4% compared to the previous fiscal year, with decreased sales in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, and Electronic Devices segments.
Consolidated operating income decreased by 10% compared to the previous fiscal year to 270.1 billion yen, due to decreased profits in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, and Electronic Devices segments.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Total sales: | 1,227.9 billion yen | (3% decrease from the previous fiscal year) |
Operating income: | 44.3 billion yen | (6.0 billion yen decrease from the previous fiscal year) |
The social infrastructure systems business saw an increase in orders compared to the previous fiscal year due to increases in the transportation systems and the public utility systems businesses in Japan, while sales decreased compared to the previous fiscal year due to a decrease in the power systems business inside and outside Japan. In addition, the stronger yen had the negative influences.
The building systems business experienced decreases in both orders and sales compared to the previous fiscal year, due primarily to negative influences caused by the stronger yen, despite growth in the renewal business in Japan, as well as the installation business of new elevators and escalators outside Japan.
As a result, total sales for this segment decreased by 3% from the previous fiscal year. Operating income decreased by 6.0 billion yen from the previous fiscal year due primarily to a decrease in sales.
Industrial Automation Systems
Total sales: | 1,310.1 billion yen | (1% decrease from the previous fiscal year) |
Operating income: | 140.0 billion yen | (19.0 billion yen decrease from the previous fiscal year) |
The factory automation systems business saw an increase in orders compared to the previous fiscal year due primarily to growth in capital expenditures in the fields of smartphones and electric cars in China and organic light emitting diodes (OLED) mainly in Korea, while sales remained unchanged compared to the previous fiscal year due primarily to negative influences caused by the stronger yen.
The automotive equipment business saw decreases in both orders and sales compared to the previous fiscal year due primarily to stagnation in light motor car sales in Japan and the negative influences caused by the stronger yen, despite a buoyancy in car sales mainly in Europe.
As a result, total sales for this segment decreased by 1% from the previous fiscal year. Operating income decreased by 19.0 billion yen from the previous fiscal year due primarily to negative influences caused by the stronger yen.
Information and Communication Systems
Total sales: | 447.7 billion yen | (20% decrease from the previous fiscal year) |
Operating income: | 12.7 billion yen | (2.2 billion yen decrease from the previous fiscal year) |
The telecommunications equipment business saw decreases in both orders and sales compared to the previous fiscal year due primarily to the sellout of an affiliated company in the beginning of the fiscal year and decreased sales of communications infrastructure equipment.
The information systems and service business saw a decrease in sales compared to the previous fiscal year, mainly owing to a decrease in the system integrations business.
The electronic systems business saw no change in orders, while sales decreased compared to the previous fiscal year due to a decrease in large-scale projects in the space systems business.
As a result, total sales for this segment decreased by 20% from the previous fiscal year. Operating income decreased by 2.2 billion yen from the previous fiscal year due primarily to a decrease in sales.
Electronic Devices
Total sales: | 186.5 billion yen | (12% decrease from the previous fiscal year) |
Operating income: | 8.3 billion yen | (8.4 billion yen decrease from the previous fiscal year) |
The electronic devices business saw an increase in orders compared to the previous fiscal year due to an increase in demand for optical communication devices, while sales decreased by 12% compared to the previous fiscal year due to a decrease in demand for power modules and TFT-LCD modules, along with the negative influences caused by the stronger yen.
As a result, operating income decreased by 8.4 billion yen from the previous fiscal year due primarily to a decrease in sales.
Home Appliances
Total sales: | 1,004.4 billion yen | (2% increase from the previous fiscal year) |
Operating income: | 69.6 billion yen | (5.8 billion yen increase from the previous fiscal year) |
The home appliances business saw an increase in sales of 2% compared to the previous fiscal year due to increases in sales of air conditioners in the European, Chinese and North American markets and in sales of residential and industrial air conditioners in Japan, despite the negative influences caused by the stronger yen.
Operating income increased by 5.8 billion yen compared to the previous fiscal year largely due to an increase in sales.
Others
Total sales: | 713.6 billion yen | (1% increase from the previous fiscal year) |
Operating income: | 23.2 billion yen | (0.4 billion yen decrease from the previous fiscal year) |
Sales increased by 1% compared to the previous fiscal year due to increases mainly at affiliated companies involved in materials procurement.
Operating income decreased by 0.4 billion yen from the previous fiscal year due primarily to negative influences caused by the stronger yen.
Fundamental Dividend Distribution Policy and FY2017 Dividend
Fundamental dividend distribution policy
Mitsubishi Electric's fundamental policy is to comprehensively promote improvement in shareholder profit from the viewpoints of appropriate profit distribution commensurate with earnings performance of the respective fiscal year, as well as strengthening our financial standing through the company's internal reserves, with the ultimate goal of enhancing corporate value.
FY 2017 dividend
Considering the company's business performance and financial conditions in fiscal 2017, the company has decided to pay a year-end retained earnings dividend of 18 yen per share for fiscal 2017. Adding the interim dividend of 9 yen per share, the total annual dividend will be 27 yen per share. Payment is planned to begin on June 2, 2017.
The retained earnings dividend for fiscal 2018 is still undecided.
cf. In fiscal 2016, interim dividend was 9 yen and year-end dividend was 18 yen per share. (Annual dividend of 27 yen per share)
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 year increased from the end of the previous fiscal year by 120.0 billion yen to 4,180.0 billion yen. The change in the balance of total assets was mainly due to an 88.2 billion yen increase in cash and cash equivalents and an 81.2 billion yen increase in investments as a result of a rise in stock prices.
Total liabilities decreased from the end of the previous fiscal year by 83.1 billion yen to 2,039.3 billion yen. The outstanding balances of debts and corporate bonds decreased by 51.9 billion yen from the end of the previous fiscal year to 352.1 billion yen, resulting in a decline in the ratio of interest bearing debt to total assets to 8.4%, representing a 1.6 point decrease compared to the end of the previous fiscal year. Retirement and severance benefits decreased by 34.7 billion yen, mainly resulting from an increase in pension assets following a rise in stock prices, while the outstanding balance of trade payables increased by 6.4 billion yen.
Mitsubishi Electric Corporation shareholders' equity increased by 200.8 billion yen compared to the end of the previous fiscal year to 2,039.6 billion yen. Shareholders' equity ratio was recorded at 48.8%, representing a 3.5 point increase compared to the end of the previous fiscal year. The changes referred to above primarily resulted from an increase from recording a net income attributable to Mitsubishi Electric Corporation of 210.4 billion yen, along with an increase in accumulated other comprehensive income by 48.6 billion yen caused by such factors as a rise in stock prices, despite dividend payment of 57.9 billion yen.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for this fiscal year decreased by 0.7 billion yen compared to the previous fiscal year to 365.9 billion yen (cash in). Cash flows from investing activities decreased by 106.8 billion yen compared to the previous fiscal year to 148.6 billion yen (cash out) due to decreases in purchases of short- term investments and investment securities and other factors. As a result, free cash flow was 217.3 billion yen (cash in). Cash flows from financing activities were 123.4 billion yen (cash out) mainly due to dividend payment.
Current Forecast for Fiscal 2018
Despite the uncertainty in business performance remaining high due to factors such as the U.K. government's policies on Brexit and operations of the new U.S. administration, the economic slowdown in China is expected to be mild, and global business conditions are facing gradual growth in the economy with buoyant expansion in the U.S. and a continued trend of recovery in Japan and Europe.
Under these circumstances, the Mitsubishi Electric Group aims to achieve its management targets by uplifting its business performance and financial standings through initiatives such as promoting more strongly its global operations centered around its growth-driving businesses, continuously increasing and strengthening profitability in each business and continuously implementing various Group-wide business improvement measures.
The current financial performance forecast for fiscal 2018 follows below.
Current consolidated forecast for fiscal 2018
Net sales | 4,300.0 | billion yen | (1% increase from fiscal 2017) |
Operating income | 280.0 | billion yen | (4% increase from fiscal 2017) |
Income before income taxes | 300.0 | billion yen | (1% increase from fiscal 2017) |
Net income attributable to | |||
Mitsubishi Electric Corp. | 215.0 | billion yen | (2% increase from fiscal 2017) |
Exchange rates for the forecast above is 105 yen to the US dollar and 110 yen to the euro.
Policy Regarding Financial Reporting Standards
Mitsubishi Electric will voluntarily adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements from the first quarter of the fiscal year ending March 31, 2019 (April 1, 2018 to March 31, 2019), in place of U.S. generally accepted accounting principles (U.S. GAAP), in order to enhance international comparability of its financial information in the capital markets.
Consolidated Financial Results Summary(In billions of yen except where noted)
FY '16 (A) (Apr. 1, 2015 - Mar. 31, 2016) | FY '17 (B) (Apr. 1, 2016 - Mar. 31, 2017) | |||
B - A | B/A (%) | |||
Net sales | 4,394.3 | 4,238.6 | (155.6) | 96 |
Operating income | 301.1 | 270.1 | (31.0) | 90 |
Income before income taxes | 318.4 | 296.2 | (22.2) | 93 |
Net income attributable to Mitsubishi Electric Corp. | 228.4 | 210.4 | (18.0) | 92 |
Basic net income per share attributable to Mitsubishi Electric Corp. | 106.43 yen | 98.07 yen | (8.36 yen) | 92 |
Dividend per share Annual dividend Interim dividend Year-end dividend | 27 yen 9 yen 18 yen | 27 yen 9 yen 18 yen | ― | 100 |
Notes:
Consolidated financial charts made in accordance with U.S. GAAP.
The Company has 213 consolidated subsidiaries.
Consolidated Profit and Loss Statement(In millions of yen)
FY '16
(Apr. 1, 2015 -
Mar. 31, 2016)
% of
-
FY '17
(Apr. 1, 2016 -
Mar. 31, 2017)
% of
B/A
total (B)
total B -A(%)
Net sales 4,394,353 100.0 4,238,666 100.0 (155,687) 96
Cost of sales 3,071,435 69.9 2,950,729 69.6 (120,706) 96
Selling, general and
administrative expenses 1,013,264 23.0 1,014,389 23.9 1,125 100
Loss on impairment of
long-lived assets 8,482 0.2 3,444 0.1 (5,038) 41
Operating income 301,172 6.9 270,104 6.4 (31,068) 90
Other income 60,576 1.3 60,985 1.4 409 101
Interest and Dividends 8,573 0.2 7,653 0.2 (920) 89
Equity in earnings of
affiliated companies 29,433 0.6 21,508 0.5 (7,925) 73
Other 22,570 0.5 31,824 0.7 9,254 141
Other expenses 43,272 1.0 34,840 0.8 (8,432) 81
Interest 3,495 0.1 3,225 0.1 (270) 92
Other 39,777 0.9 31,615 0.7 (8,162) 79
Income before income taxes 318,476 7.2 296,249 7.0 (22,227) 93
Income taxes 77,046 1.7 73,484 1.7 (3,562) 95
Net income 241,430 5.5 222,765 5.3 (18,665) 92
Net income attributable to
the noncontrolling interests 12,936 0.3 12,272 0.3 (664) 95
Net income attributable to
Mitsubishi Electric Corp. 228,494 5.2 210,493 5.0 (18,001) 92
Consolidated Comprehensive Income Statement(In millions of yen)
Consolidated Balance SheetFY '16 (A)
(Apr. 1, 2015 -
Mar. 31, 2016)
FY '17 (B)
(Apr. 1, 2016 -
Mar. 31, 2017)
B - A
Net income
241,430
222,765
(18,665)
Other comprehensive income (loss), net of tax
(70,881)
(22,968)
47,913
Foreign currency translation adjustments
Pension liability adjustments
(86,516)
26,096
112,612
Unrealized gains (losses) on securities
(25,498)
42,684
68,182
Unrealized gains (losses) on derivative instruments
(8)
136
144
Total
(182,903)
45,948
228,851
Comprehensive income
58,527
268,713
210,186
Comprehensive income attributable to the noncontrolling interests
4,796
9,573
4,777
Comprehensive income attributable to Mitsubishi Electric Corp.
53,731
259,140
205,409
Balance of Debt
404,039
352,124
(51,915)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments
39,847
18,535
(21,312)
Pension liability adjustments
(184,231)
(156,993)
27,238
Unrealized gains on securities
93,742
136,352
42,610
Unrealized gains (losses) on derivative instruments
(57)
54
111
(In millions of yen)
Consolidated Cash Flow StatementFY '16 (A)
(ended Mar. 31, 2016)
FY '17 (B)
(ended Mar. 31, 2017)
B - A
(Assets)
Current assets
2,551,863
2,623,596
71,733
Cash and cash equivalents
574,170
662,469
88,299
Trade receivables
1,035,168
1,037,201
2,033
Inventories
644,127
643,040
(1,087)
Prepaid expenses and other current assets
298,398
280,886
(17,512)
Long-term trade receivables
4,661
2,815
(1,846)
Investments
537,706
618,935
81,229
Net property, plant and equipment
712,599
732,611
20,012
Other assets
253,112
202,067
(51,045)
Total assets
4,059,941
4,180,024
120,083
(Liabilities)
Current liabilities
1,507,943
1,525,761
17,818
Bank loans and current portion of long-term debt
116,532
124,368
7,836
Trade payables
773,714
780,202
6,488
Other current liabilities
617,697
621,191
3,494
Long-term debt
287,507
227,756
(59,751)
Retirement and severance benefits
229,750
194,990
(34,760)
Other fixed liabilities
97,238
90,809
(6,429)
Total liabilities
2,122,438
2,039,316
(83,122)
(Equity)
Mitsubishi Electric Corp. shareholders' equity
1,838,773
2,039,627
200,854
Common stock
175,820
175,820
-
Capital surplus
211,999
212,530
531
Retained earnings
1,502,027
1,654,557
152,530
Accumulated other comprehensive income (loss)
(50,699)
(2,052)
48,647
Treasury stock at cost
(374)
(1,228)
(854)
Noncontrolling interests
98,730
101,081
2,351
Total equity
1,937,503
2,140,708
203,205
Total liabilities and equity
4,059,941
4,180,024
120,083
(In millions of yen)
Consolidated Segment InformationFY '16
(Apr. 1, 2015 -
Mar. 31, 2016)
(A)
FY '17
(Apr. 1, 2016 -
Mar. 31, 2017)
(B)
B - A
I
1
Cash flows from operating activities
Net income
241,430
222,765
(18,665)
2
Adjustments to reconcile net income to net cash
151,015
144,928
(6,087)
provided by operating activities
(1) Depreciation of tangible fixed assets and other
(2) Deferred income taxes
24,355
17,966
(6,389)
(3) Decrease (increase) in trade receivables
1,583
(21,580)
(23,163)
(4) Decrease (increase) in inventories
39,220
(7,576)
(46,796)
(5) Decrease in other assets
7,612
19,239
11,627
(6) Increase (decrease) in trade payables
(21,754)
20,853
42,607
(7) Increase (decrease) in other liabilities
(92,810)
(37,843)
54,967
(8) Other, net
16,026
7,198
(8,828)
Net cash provided by operating activities
366,677
365,950
(727)
II
1
Cash flows from investing activities
Capital expenditure
(182,251)
(167,165)
15,086
2
Proceeds from sale of property, plant and equipment
2,400
9,049
6,649
3
Purchase of short-term investments and investment securities (net of cash acquired)
(63,872)
(6,007)
57,865
4
Proceeds from sale of short-term investments and investment securities (net of cash disposed)
8,511
23,560
15,049
5
Other, net
(20,231)
(8,069)
12,162
Net cash used in investing activities
(255,443)
(148,632)
106,811
I + II
Free cash flow
111,234
217,318
106,084
III
1
Cash flows from financing activities
Proceeds from long-term debt
110,108
145
(109,963)
2
Repayment of long-term debt
(93,163)
(58,489)
34,674
3
Increase (decrease) in bank loans, net
(13,912)
350
14,262
4
Dividends paid
(57,963)
(57,963)
0
5
Purchase of treasury stock
(43)
(854)
(811)
6
Reissuance of treasury stock
1
0
(1)
7
Other, net
(27,172)
(6,684)
20,488
Net cash provided by (used in) financing activities
(82,144)
(123,495)
(41,351)
IV
Effect of exchange rate changes on cash and cash equivalents
(23,437)
(5,524)
17,913
V
Net increase in cash and cash equivalents
5,653
88,299
82,646
VI
Cash and cash equivalents at beginning of period
568,517
574,170
5,653
VII
Cash and cash equivalents at end of period
574,170
662,469
88,299
Sales and Operating Income by Business Segment
(In millions of yen)
Business Segment
FY '16
(Apr. 1, 2015 -
Mar. 31, 2016)
FY '17
(Apr. 1, 2016 -
Mar. 31, 2017)
C - A
D - B
C/A (%)
Sales (A)
Operating income (B)
Sales (C)
Operating income (D)
Energy and Electric Systems
1,264,604
50,342
1,227,906
44,319
(36,698)
(6,023)
97
Industrial Automation Systems
1,321,937
159,160
1,310,136
140,073
(11,801)
(19,087)
99
Information and Communication Systems
561,119
14,999
447,754
12,700
(113,365)
(2,299)
80
Electronic Devices
211,580
16,870
186,554
8,382
(25,026)
(8,488)
88
Home Appliances
982,064
63,856
1,004,415
69,696
22,351
5,840
102
Others
707,746
23,620
713,603
23,214
5,857
(406)
101
Subtotal
5,049,050
328,847
4,890,368
298,384
(158,682)
(30,463)
97
Eliminations and other
(654,697)
(27,675)
(651,702)
(28,280)
2,995
(605)
-
Total
4,394,353
301,172
4,238,666
270,104
(155,687)
(31,068)
96
*Notes: Inter-segment sales are included in the above chart.
Sales and Operating Income by Location
(In millions of yen)
Location
FY '16
(Apr. 1, 2015 -
Mar. 31, 2016
FY '17
(Apr. 1, 2016 -
Mar. 31, 2017)
C - A
D - B
C/A (%)
Sales (A)
Operating income (B)
Sales (C)
Operating income (D)
Japan
3,563,530
173,383
3,402,132
152,027
(161,398)
(21,356)
95
North America
446,935
9,421
421,553
9,002
(25,382)
(419)
94
Asia (excluding Japan)
1,054,563
91,006
1,040,098
93,318
(14,465)
2,312
99
Europe
387,628
14,806
421,073
12,828
33,445
(1,978)
109
Others
50,260
904
46,854
2,458
(3,406)
1,554
93
Subtotal
5,502,916
289,520
5,331,710
269,633
(171,206)
(19,887)
97
Eliminations
(1,108,563)
11,652
(1,093,044)
471
15,519
(11,181)
-
Total
4,394,353
301,172
4,238,666
270,104
(155,687)
(31,068)
96
*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 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.
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 4,238.6 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
【Supplementary Materials】
April 28, 2017 Mitsubishi Electric Corporation
Fiscal 2017 Consolidated ResultsFinancial Results
Net Sales and Operating Income by Segment
Overseas Net Sales by Segment
Overseas Net Sales by Region
Overseas Production Volume
Foreign Exchange Rates for Recording Net Sales and
Impact of Exchange Rate Fluctuations on Net Sales
Capital Expenditures
Depreciation of Tangible Fixed Assets and Other
Research and Development Expenditures
Loans (Interest-Bearing Debt)
Number of Employees
Quarterly Financial Results for Fiscal 2017
Quarterly Net Sales and Operating Income by Segment for Fiscal 2017
Financial Results
FY '16: Apr. 1, 2015 - Mar. 31, 2016
FY '17: Apr. 1, 2016 - Mar. 31, 2017
FY '18: Apr. 1, 2017 - Mar. 31, 2018
(Consolidated) (Billions of yen, year-on-year % change)
FY '16
Full Year (Actual)
FY '17
FY '18
1st Hal (Actua
f l)
Full Year (Actual)
1st Half (Forecast)
Full Year (Forecast)
Net sales
4,394.3
(+2)
1,972.3
(-4)
4,238.6
(-4)
2,030.0
(+3)
4,300.0
(+1)
Consolidated to non-consolidated ratio
1.64
1.65
Operating income
301.1
(-5)
121.7
(-4)
270.1
(-10)
125.0
(+3)
280.0
(+4)
Income before income taxes
318.4
(-1)
123.7
(-7)
296.2
(-7)
135.0
(+9)
300.0
(+1)
Net income attributable to Mitsubishi Electric Corp.
228.4
(-3)
88.3
(-5)
210.4
(-8)
95.0
(+8)
215.0
(+2)
Consolidated to non-consolidated ratio
1.39
1.58
Financial account balance
5.0
2.7
4.4
Figures in parentheses in the right column indicate change from the previous corresponding period
Net Sales and Operating Income by Segment
(Billions of yen, year-on-year % change)
FY '16
(Actual)
FY '17
(Actual)
FY '18
(Forecast)
Energy and Electric Systems
Net Sales
1,264.6 (+3)
1,227.9 (-3)
1,240.0 (+1)
Operating Income
50.3 (-31)
44.3 (-12)
60.0 (+35)
Industrial Automation Systems
Net Sales
1,321.9 (+3)
1,310.1 (-1)
1,360.0 (+4)
Operating Income
159.1 (+9)
140.0 (-12)
148.0 (+6)
Information and Communication Systems
Net Sales
561.1 (0)
447.7 (-20)
450.0 (+1)
Operating Income
14.9 (-21)
12.7 (-15)
14.0 (+10)
Electronic Devices
Net Sales
211.5 (-11)
186.5 (-12)
200.0 (+7)
Operating Income
16.8 (-44)
8.3 (-50)
11.0 (+31)
Home Appliances
Net Sales
982.0 (+4)
1,004.4 (+2)
1,010.0 (+1)
Operating Income
63.8 (+18)
69.6 (+9)
56.0 (-20)
Others
Net Sales
707.7 (-4)
713.6 (+1)
710.0 (-1)
Operating Income
23.6 (-1)
23.2 (-2)
21.0 (-10)
Subtotal
Net Sales
5,049.0 (+1)
4,890.3 (-3)
4,970.0 (+2)
Operating Income
328.8 (-5)
298.3 (-9)
310.0 (+4)
Eliminations and other
Net Sales
-654.6
-651.7
-670.0
Operating Income
-27.6
-28.2
-30.0
Consolidated total
Net Sales
4,394.3 (+2)
4,238.6 (-4)
4,300.0 (+1)
Operating Income
301.1 (-5)
270.1 (-10)
280.0 (+4)
Overseas Net sales by Segment
(Billions of yen, year-on-year % change)
FY '16
(Actual)
FY '17
(Actual)
Energy and Electric Systems
458.9 (-1)
419.6 (-9)
Industrial Automation Systems
755.5 (+3)
766.1 (+1)
Information and Communication Systems
46.3 (+164)
11.2 (-76)
Electronic Devices
98.5 (-5)
102.0 (+4)
Home Appliances
499.6 (+5)
518.2 (+4)
Others
14.1 (-24)
15.7 (+11)
Consolidated total
1,873.1 (+3)
1,833.1 (-2)
Ratio of overseas net sales to total sales
42.6%
43.2%
Overseas Net Sales by Region
(Billions of yen, year-on-year % change)
FY '16
(Actual)
FY '17
(Actual)
North America
447.5 (+12)
422.2 (-6)
Asia
963.6 (0)
940.1 (-2)
Europe
369.9 (+3)
384.0 (+4)
Others
91.9 (0)
86.6 (-6)
Consolidated total
1,873.1 (+3)
1,833.1 (-2)
Overseas Production Volume
(%)
FY '16
(Actual)
FY '17
(Actual)
Ratio of consolidated net sales
26.8
27.8
Ratio of overseas net sales
50.4
53.1
Foreign Exchange Rates for Recording Net Sales and Impact of Exchange Rate Fluctuations on Net Sales
FY '16
(Actual)
FY '17
(Actual)
FY '18
1st Half
(Forecast)
Exchange rates for recording net sales
US$
¥121
¥109
¥105
¥105
Euro
¥133
¥119
¥110
¥110
Impact of exchange rate fluctuations on
net sales
Consolidated total
About ¥60.0 billion increase
About ¥186.0 billion decrease
US$
About ¥47.0 billion increase
About ¥44.0 billion decrease
Euro
About ¥14.0 billion decrease
About ¥35.0 billion decrease
Capital Expenditures
(Billions of yen, year-on-year % change)
FY '16
(Actual)
FY '17
(Actual)
FY '18
(Forecast)
Energy and Electric Systems
35.2 (-32)
41.0 (+16)
Industrial Automation Systems
75.0 (+41)
76.6 (+2)
Information and Communication Systems
22.3 (-10)
29.8 (+34)
Electronic Devices
17.1 (+20)
19.4 (+13)
Home Appliances
45.9 (+5)
37.5 (-18)
Others
7.3 (+35)
6.0 (-18)
Common
9.7 (-28)
10.8 (+11)
Consolidated total
212.5 (+3)
221.1 (+4)
210.0 (-5)
Depreciation of Tangible Fixed Assets and Other
(Billions of yen, year-on-year % change)
FY '16
(Actual)
FY '17
(Actual)
FY '18
(Forecast)
Consolidated
151.0
(-5)
144.9
(-4)
160.0
(+10)
Research and Development Expenditures
(Billions of yen, year-on-year % change)
FY '16
(Actual)
FY '17
(Actual)
FY '18
(Forecast)
Consolidated
202.9 (+4)
201.3 (-1)
212.0 (+5)
Ratio of net sales
4.6
4.7
4.9
* Research and development expenditures in the cost of production are also included.
Loans (Interest-Bearing Debt)
(Billions of yen, %)
FY '16
(Actual)
FY '17
(Actual)
Consolidated
404.0
352.1
Ratio of total assets
10.0
8.4
Number of Employees
Quarterly Financial Results for Fiscal 2017
(Consolidated) (Billions of yen, year-on-year % change)
FY '16 (Actual)
FY '17 (Actual)
1st Half
Q3
Q4
Full year
1st Half
Q3
Q4
Full Year
Net sales
2,063.2
1,028.3
1,302.7
4,394.3 (+2)
1,972.3 (-4)
974.7 (-5)
1,291.5 (-1)
4,238.6 (-4)
Operating income
127.0
80.3
93.8
301.1 (-5)
121.7 (-4)
53.8 (-33)
94.5 (+1)
270.1 (-10)
Income before income taxes
133.0
85.6
99.7
318.4 (-1)
123.7 (-7)
72.4 (-15)
100.0 (0)
296.2 (-7)
Net income attributable to Mitsubishi Electric Corp.
92.9
59.8
75.6
228.4 (-3)
88.3 (-5)
46.9 (-22)
75.1 (-1)
210.4 (-8)
Figures in parentheses in the right column indicate change from the previous corresponding period
Quarterly Net Sales and Operating Income by Segment for Fiscal 2017
(In millions of yen)
Location of Customers | FY '16 (Apr. 1, 2015 - Mar. 31, 2016) | FY '17 (Apr. 1, 2016 - Mar. 31, 2017) | B - A | B/A (%) | ||||
Sales (A) | % of total net sales | Sales (B) | % of total net sales | |||||
Japan | 2,521,194 | 57.4 | 2,405,552 | 56.8 | (115,642) | 95 | ||
North America | 447,578 | 10.2 | 422,259 | 10.0 | (25,319) | 94 | ||
Asia (excluding Japan) | 963,684 | 21.9 | 940,150 | 22.2 | (23,534) | 98 | ||
Europe | 369,978 | 8.4 | 384,075 | 9.0 | 14,097 | 104 | ||
Others | 91,919 | 2.1 | 86,630 | 2.0 | (5,289) | 94 | ||
Total overseas sales | 1,873,159 | 42.6 | 1,833,114 | 43.2 | (40,045) | 98 | ||
Consolidated total | 4,394,353 | 100.0 | 4,238,666 | 100.0 | (155,687) | 96 |
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:
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.
(Person)
FY '16 (Actual) | FY '17 (Actual) | FY '18 (Forecast) | ||
Consolidated | 135,160 | 138,700 | ||
Non-consolidated | 33,321 | 33,977 | 35,244 | |
Subsidiaries | 218 companies 101,839 | 213 companies 104,723 | ||
Domestic subsidiaries | 97 companies 54,321 | 95 companies 54,577 | ||
Overseas subsidiaries | 121 companies 47,518 | 118 companies 50,146 |
FY '16: Apr. 1, 2015 - Mar. 31, 2016
FY '17: Apr. 1, 2016 - Mar. 31, 2017
(Billions of yen, year-on-year % change)
FY '16 (Actual) | FY '17 (Actual) | |||||||||||||
1st Half | Q3 | Q4 | Full year | 1st Half | Q3 | Q4 | Full Year | |||||||
Energy and Electric Systems | Net Sales | 523.7 | 284.8 | 455.9 | 1,264.6 | (+3) | 525.4 | (0) | 259.2 | (-9) | 443.1 | (-3) | 1,227.9 | (-3) |
Operating Income | 3.7 | 14.6 | 31.9 | 50.3 | (-31) | 9.1 | (+143) | 4.5 | (-69) | 30.5 | (-4) | 44.3 | (-12) | |
Industrial Automation Systems | Net Sales | 661.5 | 327.2 | 333.1 | 1,321.9 | (+3) | 617.6 | (-7) | 334.3 | (+2) | 358.1 | (+7) | 1,310.1 | (-1) |
Operating Income | 83.9 | 43.2 | 31.9 | 159.1 | (+9) | 62.1 | (-26) | 40.4 | (-6) | 37.5 | (+17) | 140.0 | (-12) | |
Information and Communication Systems | Net Sales | 224.0 | 139.8 | 197.2 | 561.1 | (0) | 198.2 | (-12) | 87.1 | (-38) | 162.2 | (-18) | 447.7 | (-20) |
Operating Income | -3.8 | 8.2 | 10.5 | 14.9 | (-21) | 3.8 | (-) | 0.5 | (-93) | 8.2 | (-22) | 12.7 | (-15) | |
Electronic Devices | Net Sales | 123.2 | 42.9 | 45.4 | 211.5 | (-11) | 86.5 | (-30) | 49.3 | (+15) | 50.7 | (+12) | 186.5 | (-12) |
Operating Income | 16.3 | 2.6 | -2.0 | 16.8 | (-44) | 1.7 | (-89) | 3.3 | (+28) | 3.2 | (-) | 8.3 | (-50) | |
Home Appliances | Net Sales | 511.1 | 220.1 | 250.7 | 982.0 | (+4) | 519.3 | (+2) | 227.0 | (+3) | 258.0 | (+3) | 1,004.4 | (+2) |
Operating Income | 33.1 | 14.9 | 15.6 | 63.8 | (+18) | 48.6 | (+47) | 8.9 | (-40) | 12.0 | (-23) | 69.6 | (+9) | |
Others | Net Sales | 338.4 | 171.1 | 198.1 | 707.7 | (-4) | 336.7 | (-1) | 177.8 | (+4) | 199.0 | (0) | 713.6 | (+1) |
Operating Income | 7.3 | 6.3 | 9.9 | 23.6 | (-1) | 9.3 | (+28) | 5.9 | (-7) | 7.9 | (-20) | 23.2 | (-2) | |
Subtotal | Net Sales | 2,382.1 | 1,186.1 | 1,480.6 | 5,049.0 | (+1) | 2,284.0 | (-4) | 1,134.9 | (-4) | 1,471.3 | (-1) | 4,890.3 | (-3) |
Operating Income | 140.7 | 90.0 | 97.9 | 328.8 | (-5) | 134.9 | (-4) | 63.8 | (-29) | 99.5 | (+2) | 298.3 | (-9) | |
Eliminations and other | Net Sales | -318.8 | -157.8 | -177.9 | -654.6 | -311.7 | -160.1 | -179.7 | -651.7 | |||||
Operating Income | -13.7 | -9.7 | -4.1 | -27.6 | -13.2 | -9.9 | -5.0 | -28.2 | ||||||
Consolidated total | Net Sales | 2,063.2 | 1,028.3 | 1,302.7 | 4,394.3 | (+2) | 1,972.3 | (-4) | 974.7 | (-5) | 1,291.5 | (-1) | 4,238.6 | (-4) |
Operating Income | 127.0 | 80.3 | 93.8 | 301.1 | (-5) | 121.7 | (-4) | 53.8 | (-33) | 94.5 | (+1) | 270.1 | (-10) |
Mitsubishi Electric Corporation published this content on 28 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 April 2017 04:24:07 UTC.
Original documenthttp://www.mitsubishielectric.com/news/2017/0428.pdf
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