Mitsubishi Electric : to Voluntarily Adopt International Financial Reporting Standards (IFRS)
February 20, 2017 at 11:40 pm EST
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Mitsubishi
Electric Corporation (TOKYO:6503) announced today that it has
decided to voluntarily adopt International Financial Reporting Standards
(IFRS) for its consolidated financial statements from 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. Mitsubishi Electric will disclose the consolidated
financial statements according to IFRS from the first quarter of the
fiscal year ending March 31, 2019 (April 1 to June 30, 2018).
Disclosure Schedule for Voluntary
Adoption of IFRS (subject to change)
Fiscal 2018 (ending March 31, 2018)
Consolidated financial results and Consolidated financial statements
(U.S.GAAP)
Note: Consolidated financial forecasts for the fiscal year ending
March 31, 2019 will be presented in accordance with IFRS.
Fiscal 2019 Q1–Q3 (ending March 31, 2019)
Quarterly consolidated financial results (IFRS)
Fiscal 2019 (ending March 31, 2019)
Consolidated financial results and Consolidated financial statements
(IFRS)
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20170220005735/en/
Mitsubishi Electric Corporation is one of the world's leading manufacturers of electric and electronic equipment. Net sales (including intragroup) break down by family of products and by services as follows:
- industrial automation equipment (28.6%): programmable controllers, motor operators, counters, industrial robots, clutches, etc.;
- electric equipment (24.2%): generators, motors, transformers, power circuit breakers, testing systems, etc.;
- household appliances (22.4%): televisions, video recorders, air conditioners, refrigerators, lamps, vacuum cleaners, etc.;
- information and communication equipment (6.9%): mobile phones, satellites, aerials, medical and audiovisual equipment, servers, computers, etc.;
- electronic components and devices (4.7%): memory, logic integrated circuits, monitors, plasma screens, printed circuit cards, etc.;
- other (13.2%): financial services, real estate management, engineering and maintenance services, etc.
Net sales break down geographically as follows: Japan (52.1%), Asia (24.9%), Europe (11.1%), North America (10.3%) and other (1.6%).