Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2013

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Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2013

TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated and non-consolidated financial results for fiscal 2013 (April 1, 2012- March 31, 2013).


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: 3,567.1 billion yen (2% decrease from the previous fiscal year)
Operating income:152.0billion yen(33% decrease from the previous fiscal year)
Income before income taxes:65.1billion yen(71% decrease from the previous fiscal year)
Net income attributable to Mitsubishi Electric Corp.:69.5billion yen(38% decrease from the previous fiscal year)
 

Non-consolidated Financial Results

Net sales: 2,236.0 billion yen (5% decrease from the previous fiscal year)
Operating income:23.1billion yen(74% decrease from the previous fiscal year)
Ordinary profit:60.5billion yen(53% decrease from the previous fiscal year)
Net income:18.5billion yen(67% decrease from the previous fiscal year)
 

The fiscal year ended March 31, 2013 the business environment continued to be severe with the stagnation in the recovery trend in Europe, slowdown in Chinese economy and slower economic recovery in Japan than expected, despite the yen becoming weaker since the latter half of the third quarter of fiscal 2013 as well as a generally stable economic strength underlying to the U.S. and in emerging countries.

Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies that take root in its advantages, in addition to continuously implementing the initiatives to strengthen its competitiveness and business structure.

As a result, Mitsubishi Electric has recorded consolidated net sales of 3,567.1 billion yen for fiscal year 2013, decreased by 2% compared to the previous fiscal year due to such factors as decreased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income for fiscal year 2013 decreased by 33% compared to the previous fiscal year to 152.0 billion yen, mainly due to lower profits in the Industrial Automation Systems, Information and Communication Systems and Electronic Devices segments. Income before income taxes decreased by 71% compared to the previous fiscal year to 65.1 billion yen largely as a result of recording 75.7 billion yen as a non-operating expense for refund of overcharged expenses to certain parties in the electronic systems business. Net income attributable to Mitsubishi Electric Corporation for fiscal year 2013 decreased by 38% compared to the previous fiscal year to 69.5 billion yen due to decrease in tax expenses.

CURRENT FORECAST FOR FISCAL 2014

There is a concern about the global economic trend such as the slowdown affecting growth in Chinese and Indian markets as well as the prolonged stagnation of recovery in the European market, while we expect a generally stable economic strength in the U.S. and gradual trend of growth in the emerging markets. The Japanese market is also expected to see a recovery based on the weakened yen and increasing public investment since the latter half of the third quarter of fiscal 2013.

Under these circumstances, the Mitsubishi Electric Group will proceed in strongly pushing forward its growth strategies including the expansion of its global business, promotion of environment-related businesses and strengthening of its social infrastructure business. To bolster initiatives in continuously achieving its management targets, Mitsubishi Electric Group will continue to increase and strengthen profitability in each business and is committed to continuously implement various Group-wide measures toward uplifting its business performance and financial standing.

Current forecast for fiscal 2014: consolidated

Net sales 3,810.0 billion yen (7% increase from fiscal 2013)
Operating income205.0billion yen(35% increase from fiscal 2013)
Income before income taxes185.0billion yen(2.84 times increase from fiscal 2013)
Net income attributable to Mitsubishi Electric Corp.110.0billion yen(58% increase from fiscal 2013)
 
Note: The 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 3,567.1 billion yen (US$ 37.9 billion*) in the fiscal year ended March 31, 2013. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 94 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2013



Mitsubishi Electric Corporation
Investor Relations Inquiries
Investor Relations Group
Corporate Finance Division
Tel: +81-3-3218-2391
Cad.Irg@rk.MitsubishiElectric.co.jp
or
Media Inquiries
Arisa Mori, +81-3-3218-2810
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/

KEYWORDS:   Asia Pacific  Japan

INDUSTRY KEYWORDS:

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