Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2017

TOKYO--()--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for fiscal 2017 (April 1, 2016- March 31, 2017).

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

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.

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.

 
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 4,238.6 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

Contacts

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
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/

Contacts

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
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/