Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated and non-consolidated financial results for fiscal 2016 (April 1, 2015- March 31, 2016).

The full document on Mitsubishi Electric’s financial results can be accessed at the following link: www.MitsubishiElectric.com/news

 

Consolidated Financial Results

Net sales:   4,394.3   billion yen   (2% increase from the previous fiscal year)
Operating income: 301.1 billion yen (5% decrease from the previous fiscal year)
Income before income taxes: 318.4 billion yen (1% decrease from the previous fiscal year)

Net income attributable to
Mitsubishi Electric Corp.:

228.4 billion yen (3% decrease from the previous fiscal year)
 

Non-consolidated Financial Results

Net sales:   2,675.7   billion yen   (Unchanged from the previous fiscal year)
Operating income: 112.0 billion yen (26% decrease from the previous fiscal year)
Ordinary profit: 185.7 billion yen (8% increase from the previous fiscal year)
Net income: 163.8 billion yen (21% increase from the previous fiscal year)
 

During the fiscal year ended March 31, 2016, the business environment experienced buoyancy in the U.S. economy, which showed expansion, and a gradual trend of economic recovery continuing in Europe, despite a gradual slowdown continuing in China and other east Asian markets, weakness in personal consumption in Japan and stagnation in certain emerging markets. In addition, the yen weakened against the U.S. dollar compared to the previous year, while becoming stronger in the fourth quarter.

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, Mitsubishi Electric has recorded a consolidated net sales of 4,394.3 billion yen for fiscal 2016, an increase of 2% compared to the previous fiscal year, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, and Home Appliances segments.

Consolidated operating income decreased by 5% compared to the previous fiscal year to 301.1 billion yen, due to decreased profits in the Energy and Electric Systems, Information and Communication Systems, and Electronic Devices segments.

Current Forecast for Fiscal 2017
Despite global business conditions facing concerns of a gradual economic slowdown in China, continued economic stagnation in some emerging markets as well as stagnation in consumption in the Japanese market, a continued gradual trend of economic expansion is expected mainly in the U.S. and Europe. However, it will not necessarily be possible to adopt an optimistic outlook regarding business performance due to concerns primarily of the yen continuing to strengthen.

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 in its environment and energy related business and its social infrastructure systems related business, continuously increasing and strengthening profitability in each business and continuously implementing various Group-wide business improvement measures.

The current financial performance forecast for fiscal 2017 follows below. The impact of the 2016 Kumamoto earthquakes on the Mitsubishi Electric Group and its financial performance is reflected in this statement based upon certain assumption at the time of publication.

 

Current forecast for fiscal 2017: consolidated

Net sales   4,280.0   billion yen   (3% decrease from fiscal 2016)
Operating income 260.0 billion yen (14% decrease from fiscal 2016)
Income before income taxes 280.0 billion yen (12% decrease from fiscal 2016)

Net income attributable to
Mitsubishi Electric Corp.

200.0 billion yen (12% decrease from fiscal 2016)
 
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 in the full document.
 

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