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Mitsubishi Elect. MEL Half Yearly Report


Attachment:

  Mitsubishi Elect. (MEL) - Half Yearly Report

RNS Number : 9243P
Mitsubishi Electric Corporation
31 October 2012
 



FOR IMMEDIATE RELEASE               No. 2707
Investor Relations Inquiries:       Media Contact:
Investor Relations Group            Public Relations Division
Corporate Finance Division          Mitsubishi Electric Corporation
Mitsubishi Electric Corporation     Tel: +81-3-3218-3380
Tel: +81-3-3218-2391                prd.gnews@nk.MitsubishiElectric.co.jp
Cad.Irg@rk.MitsubishiElectric.co.jp http://www.MitsubishiElectric.com/news/

 

 

  Mitsubishi Electric Announces Consolidated Financial Results for the First
                    Half and Second Quarter of Fiscal 2013

 

Tokyo, October  31,  2012  - Mitsubishi  Electric  Corporation  (TOKYO:  6503) 
announced today its financial results for  the first half and second  quarter, 
ending September 30, 2012,  of the current fiscal  year ending March 31,  2013 
(fiscal 2013).

 

 

1. Consolidated Half-year Results (April 1, 2012 - September 30, 2012)

 

Net sales:                  1,696.0 billion yen (3%  decrease  from  the  same 
                                                period last year)
Operating income:              89.6 billion yen (21% decrease  from  the  same 
                                                period last year)
Income before income taxes:    72.7 billion yen (31% decrease  from  the  same 
                                                period last year)
Net income attributable to                      (37% decrease  from  the  same 
                               43.6 billion yen period last year)
Mitsubishi Electric Corp.:

 

 

During the first  half of fiscal  2013, the  economy saw a  downturn in  Japan 
which experienced a downward  trend in production  and export, and  continuous 
slowdown in  Europe  and  Asia,  while  the  U.S.  economy  remained  buoyant. 
Meanwhile, Japanese yen remained strong against U.S. dollars and euros.

 

Under these circumstances, consolidated net sales for the first half of fiscal
2013 was 1,696.0 billion yen, a 3% decrease compared to the same period of the
previous fiscal year,  mainly owing  to decreased revenues  in the  Industrial 
Automation Systems, Electronic Devices and Home Appliances segments. Operating
income marked 89.6 billion yen, decreasing by 21% compared to the same  period 
of the previous  fiscal year, due  to lower profits  mainly in the  Industrial 
Automation Systems, Electronic Devices and Home Appliances segments.

 

 

Consolidated Financial Results by Business Segment (First Half, Fiscal 2013)

Energy and Electric Systems

Total sales:      459.5 billion yen (5% increase  from  the same  period  last 
                                    year)
Operating income:  34.2 billion yen (5.7 billion yen increase from the same
                                    period last year)

The social infrastructure systems business saw  a decrease in orders from  the 
same period of the previous fiscal year due primarily to lower demand compared
to the  same  period  of  the  previous fiscal  year  in  which  the  business 
experienced recovery demand from the Great East Japan Earthquake, while  sales 
increased from the same period of the previous fiscal year due to an  increase 
in the power generation business worldwide.

The building systems business experienced a decrease in orders compared to the
same period  of  the  previous  fiscal  year  mainly  due  to  a  decrease  in 
large-scale projects outside Japan, while sales increased compared to the same
period of the previous fiscal  year owing to growth  in demand for renewal  of 
elevators and escalators in Japan as well as for new installations in China.

As a result, total sales for this segment increased by 5% from the same period
of the previous fiscal year. Operating  income increased from the same  period 
of the previous fiscal year by 5.7 billion yen due to an increase in sales and
other factors.

 

 

  Industrial Automation Systems

Total sales:      456.9 billion yen (6% decrease  from  the same  period  last 
                                    year)
Operating income:  33.9 billion yen (22.6 billion yen decrease from the same
                                    period last year)

The factory automation systems business saw decreases in both orders and sales
from the  same  period  of the  previous  fiscal  year due  to  lower  capital 
expenditures for semiconductor and flat  panel display related investments  in 
China, South Korea and Taiwan.

The automotive equipment business saw increases in both orders and sales  from 
the same  period of  the  previous fiscal  year  with uplifting  support  from 
subsidies for eco-cars in the Japanese market as well as recovery in the North
American market, despite stagnation in automobile sales in Europe.

As a result, total sales for this segment decreased by 6% compared to the same
period of the previous fiscal year. Operating income decreased by 22.6 billion
yen compared to the same period of the previous fiscal year due primarily to a
decrease in sales.

 

 

  Information and Communication Systems

Total sales:      241.6 billion yen (12% increase  from the  same period  last 
                                    year)
Operating income:   9.7 billion yen (5.4 billion yen increase from the same
                                    period last year)

The telecommunications equipment  business saw  increases in  both orders  and 
sales compared to the same period of the previous fiscal year owing  primarily 
to an increase in communications infrastructures.

The information systems and service  business experienced no changes in  sales 
from the same period of the previous fiscal year with decreases in the network
and systems operation business  and other factors, as  well as an increase  in 
the system integration business.

The electronic  systems  business  saw  increases in  both  orders  and  sales 
compared to the same period  of the previous fiscal  year due to increases  in 
the electronics and space systems businesses.

As a result, total  sales for this  segment increased by  12% compared to  the 
same period of  the previous fiscal  year. Operating income  increased by  5.4 
billion yen from the same period of the previous fiscal year mainly due to  an 
increase in sales.

 

 

  Electronic Devices

Total sales:              79.9 billion yen (23% decrease from the same  period 
                                           last year)
Operating income (loss): (1.6 billion yen) (7.6 billion yen decline from the
                                           same period last year)

The semiconductor business  saw decreases in  both orders and  sales from  the 
same period of the previous fiscal year due to a decline in demand mainly  for 
power modules used in industrial, consumer and railcar applications.

The LCD  module  business saw  an  increase  in orders,  but  sales  decreased 
compared to the same period  of the previous fiscal  year due to decreases  in 
industrial-use products and other factors.

As a result, total sales for the segment decreased by 23% compared to the same
period of the previous fiscal year.  Operating income fell by 7.6 billion  yen 
compared to  the same  period of  the previous  fiscal year  mainly due  to  a 
decrease in sales.

 

 

  Home Appliances

Total sales:      423.3 billion yen (8% decrease  from  the same  period  last 
                                    year)
Operating income:  16.8 billion yen (6.8 billion yen decrease from the same
                                    period last year)

The home appliances business  saw a decrease  in sales by  8% compared to  the 
same period of the previous  fiscal year due primarily  to a large decline  in 
demand for LCD televisions and blu-ray disc recorders for the Japanese market,
as well as a  decrease in air  conditioners for Europe due  to the strong  yen 
against euros.

Operating income decreased by 6.8 billion  yen compared to the same period  of 
the previous fiscal year due to a decrease in sales and other factors.

 

 

  Others

Total sales:      285.6 billion yen (5% decrease  from  the same  period  last 
                                    year)
Operating income:   7.3 billion yen (0.4 billion yen decrease from the same
                                    period last year)

Sales decreased by 5% compared to the same period of the previous fiscal  year 
mainly  at  affiliated  companies   involved  in  materials  procurement   and 
logistics.

Operating income decreased by 0.4 billion  yen compared to the same period  of 
the previous fiscal year due primarily to a decrease in sales.

 

 

 

2. Consolidated Second-quarter Results (July 1, 2012 - September 30, 2012)

 

Net sales:                  913.2 billion yen (2%  decrease   from  the   same 
                                              period last year)
Operating income:            43.0 billion yen (30%  decrease  from  the   same 
                                              period last year)
Income before income taxes:  24.7 billion yen (56%  decrease  from  the   same 
                                              period last year)
Net income attributable to                    (69%  decrease  from  the   same 
                             13.1 billion yen period last year)
Mitsubishi Electric Corp.:

 

Consolidated net  sales  for this  quarter  marked  913.2 billion  yen,  a  2% 
decrease from the  same period of  the previous fiscal  year due primarily  to 
decreased revenue in the Industrial Automation Systems, Electronic Devices and
Home Appliances segments. Consolidated operating income was 43.0 billion  yen, 
decreasing by  30% from  the same  period of  the previous  fiscal year,  with 
decreased profits  mainly in  the  Industrial Automation  Systems,  Electronic 
Devices and Home Appliances segments.

 

 

Consolidated Financial  Results by  Business Segment  (Second Quarter,  Fiscal 
2013)

Energy and Electric Systems

Total sales:      254.4 billion yen (4% increase  from  the same  period  last 
                                    year)
Operating income:  15.9 billion yen (1.9 billion yen increase from the same
                                    period last year)

The social infrastructure systems business saw  a decrease in orders from  the 
same quarter of the previous  fiscal year due primarily  to a decrease in  the 
rolling stock business outside Japan as  well as lower demand compared to  the 
same period of the previous fiscal year when the business experienced recovery
demand from the Great East Japan Earthquake. Sales in this business  meanwhile 
increased from the same quarter of  the previous fiscal year primarily due  to 
an increase in the power generation business worldwide.

The building systems business experienced no changes in orders compared to the
same quarter of the  previous fiscal year, while  sales increased compared  to 
the same quarter  of the previous  fiscal year owing  to increased demand  for 
renewal of elevators and escalators in Japan as well as for new  installations 
in China.

As a  result, total  sales for  this segment  increased by  4% from  the  same 
quarter of the previous fiscal year. Operating income increased by 1.9 billion
yen from the  same quarter of  the previous  fiscal year due  primarily to  an 
increase in sales.

 

 

  Industrial Automation Systems

Total sales:      232.8 billion yen (8% decrease  from  the same  period  last 
                                    year)
Operating income:  12.7 billion yen (15.8 billion yen decrease from the same
                                    period last year)

The factory automation systems business saw an increase in orders compared  to 
the same quarter of the previous fiscal year mainly in Japan, while sales  for 
this business decreased compared  to the same quarter  of the previous  fiscal 
year due primarily to  lower capital expenditures  for semiconductor and  flat 
panel display related investments in China, South Korea and Taiwan.

The automotive equipment business saw no changes in both orders and sales from
the same  period of  the  previous fiscal  year  with uplifting  support  from 
subsidies for eco-cars in the Japanese market as well as recovery in the North
American market, despite stagnation in automobile sales in Europe.

As a result, total sales for this segment decreased by 8% compared to the same
quarter of  the  previous fiscal  year.  Operating income  decreased  by  15.8 
billion yen compared to the same period  of the previous fiscal year due to  a 
decrease in sales and other factors.

 

 

  Information and Communication Systems

Total sales:      147.1 billion yen (13% increase  from the  same period  last 
                                    year)
Operating income:   8.9 billion yen (4.3 billion yen increase from the same
                                    period last year)

The telecommunications equipment  business saw  increases in  both orders  and 
sales compared to the same period of the previous fiscal year owing  primarily 
to an increase in communications infrastructures.

The information systems and service  business experienced no changes in  sales 
from the same period of the previous fiscal year with decreases in the network
and systems operation business  and other factors, as  well as an increase  in 
the system integration business.

The electronic  systems  business  saw  increases in  both  orders  and  sales 
compared to the same period  of the previous fiscal  year due to increases  in 
the electronics and space systems businesses.

As a result, total  sales for this  segment increased by  13% compared to  the 
same period of  the previous fiscal  year. Operating income  increased by  4.3 
billion yen compared to the same period of the previous fiscal year due to  an 
increase in sales and other factors.

 

 

  Electronic Devices

Total sales:              40.8 billion yen (25% decrease from the same  period 
                                           last year)
Operating income (loss): (1.6 billion yen) (5.2 billion yen decline from the
                                           same period last year)

The semiconductor business  saw decreases in  both orders and  sales from  the 
same period of the previous fiscal year due to a decline in demand mainly  for 
power modules used in industrial, consumer and railcar applications.

The LCD  module  business saw  an  increase  in orders,  but  sales  decreased 
compared to the same period  of the previous fiscal  year due to decreases  in 
industrial-use products and other factors.

As a result, total sales for the segment decreased by 25% compared to the same
period of the previous fiscal year.  Operating income fell by 5.2 billion  yen 
from the same period of the previous  fiscal year mainly due to a decrease  in 
sales.

 

 

  Home Appliances

Total sales:      217.4 billion yen (5% decrease  from  the same  period  last 
                                    year)
Operating income:   3.8 billion yen (5.1 billion yen decrease from the same
                                    period last year)

The home appliances business  saw a decrease  in sales by  5% compared to  the 
same period of the previous  fiscal year due primarily  to a large decline  in 
demand for LCD televisions and blu-ray disc recorders for the Japanese market,
as well as a  decrease in air  conditioners for Europe due  to the strong  yen 
against euros.

Operating income declined by  5.1 billion yen compared  to the same period  of 
the previous fiscal year due to a decrease in sales and other factors.

 

  Others

Total sales:      154.1 billion yen (5% decrease  from  the same  period  last 
                                    year)
Operating income:   6.6 billion yen (Unchanged from the same period last year)

Sales decreased by 5% compared to the same period of the previous fiscal  year 
mainly  at  affiliated  companies   involved  in  materials  procurement   and 
logistics.

Operating income was  unchanged compared to  the same period  of the  previous 
fiscal year.

 

Financial Condition (Consolidated Basis)

Assets, Liabilities, and Shareholders' Equity

The company's total assets as of the end of this fiscal quarter declined  from 
the end of the  previous fiscal year  by 37.0 billion  yen to 3,354.5  billion 
yen. This was due primarily to a decrease in trade receivables by 82.8 billion
yen  resulting  from  various  factors  including  credit  collection,   while 
inventories rose by 42.0 billion  yen mainly due to increased  work-in-process 
as recorded  in  commensurate with  progress  in job  orders  under  pertinent 
contracts.

 

The balance of outstanding debts and corporate bonds rose by 95.9 billion  yen 
from the end of the previous fiscal year to 638.2 billion yen, with a rise  in 
the ratio of interest bearing  debt to total assets  to 19.0% (an increase  by 
3.0 points compared to  the end of the  previous fiscal year). Trade  payables 
decreased by  95.2  billion  yen,  while  retirement  and  severance  benefits 
increased by 4.4 billion yen.

 

Mitsubishi Electric Corporation shareholders' equity decreased by 5.4  billion 
yen compared to the end  of the previous fiscal  year to 1,126.9 billion  yen, 
with a rise in  ratio of shareholders'  equity to total  assets of 0.2  points 
compared to the end  of the previous fiscal  year to 33.6%. Retained  earnings 
increased by 30.7 billion yen due to  43.6 billion yen recorded as net  income 
attributable to Mitsubishi Electric Corporation  and dividend payment of  12.8 
billion yen, while  accumulated other comprehensive  income decreased by  36.0 
billion yen mainly due to stronger yen and decline in stock prices.

 

Cash Flow

Cash flows from operating activities decreased by 59.9 billion yen compared to
the same period of  the previous fiscal  year to 50.7  billion yen (cash  in). 
Cash flows from investing activities increased by 17.6 billion yen compared to
the same period of  the previous fiscal  year to 80.1  billion yen (cash  out) 
resulting from an  increase in purchases  of tangible fixed  assets and  other 
factors. Consequently, free  cash flow  totaled 29.4 billion  yen (cash  out). 
Cash flows from financing activities were 75.6 billion yen (cash in) due to an
increase in bank loans and other factors.

 

 

      Forecast for Fiscal 2013 (year ending March 31, 2013)

With the  yen remaining  strong against  euros as  well as  concerns over  the 
slowdown of the global  economy, the consolidated net  sales for fiscal  2013, 
ending March 31,  2013, is expected  to fall below  the forecast announced  on 
July 31, 2012 mainly in the Industrial Automation Systems and Home  Appliances 
segments. Regarding the consolidated income figures, the company will maintain
the previous  forecasts,  and  further  strengthen  its  business  improvement 
measures.

 

Consolidated earnings forecast for fiscal 2013

                       Previous forecast        Current
                      (announced July 31)      forecast
Net sales:              3,740.0 billion yen 3,640.0 billion (Unchanged    from 
                                                        yen fiscal 2012)
Operating income:         200.0 billion yen   200.0 billion (11% decrease from
                                                        yen fiscal 2012)
Income before income      180.0 billion yen   180.0 billion (20% decrease from
taxes:                                                  yen fiscal 2012)
Net           income 
attributable to                               120.0 billion (7% increase  from 
                          120.0 billion yen             yen fiscal 2012)
Mitsubishi  Electric 
Corp.:

 

Following the  issue  of overcharged  expenses  in the  company's  electronics 
systems business which arose in January 2012 or after, Mitsubishi Electric was
suspended from further bidding by  Japan's Ministry of Defense (MOD),  Cabinet 
Satellite Intelligence  Center  (CSICE), Japan  Aerospace  Exploration  Agency 
(JAXA), the National  Institute of Information  and Communications  Technology 
(NICT) and the Ministry of Internal Affairs and Communications (MIC). Four  of 
the company's affiliates were also suspended from further bidding by the MOD.

 

Although the company  reimbursed 26 million  yen to the  national treasury  on 
July 4, 2012 in  relation to overcharged expenses  on contracts with the  MIC, 
the impact  to  the  company's  business performance  in  relation  to  refund 
payments for excessive charges and  other expenses to the other  organizations 
is currently unclear and thus not considered in the current forecast, but  may 
cause material effects on the Group's future financial results.

 

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 at the end.
 

 

                    Consolidated Financial Results Summary

                                       

1.    Consolidated Half-year Results

                                                                                               
(In billions of yen except where noted)

                     FY '12  1^st half  FY '13  1^st half
                      (Apr. 1, 2011 -    (Apr. 1, 2012 -
                      Sept. 30, 2011)    Sept. 30, 2012)
                                                             B - A     B/A (%)
                            (A)                (B)
Net sales                       1,743.5           1,696.0       (47.5)      97
Operating income                  113.6              89.6       (24.0)      79
Income before income              105.8              72.7       (33.0)      69
taxes
Net           income 
attributable to
                                   69.5              43.6       (25.9)      63
Mitsubishi  Electric 
Corp.
Basic net income per
share

attributable to              32.^41 yen        20.^32 yen (12.^09 yen)      63

Mitsubishi  Electric 
Corp.

 

2.   Consolidated Second-quarter Results

                                                                                              
 (In billions of yen except where noted)

                          FY '12  Q2        FY '13  Q2

                       (Jul. 1, 2011 -    (Jul. 1, 2012 -
                       Sept. 30, 2011)    Sept. 30, 2012)
                                                             B - A     B/A (%)
                             (A)                (B)
Net sales                           929.9           913.2       (16.6)      98
Operating income                     61.3            43.0       (18.3)      70
Income before income                 56.6            24.7       (31.9)      44
taxes
Net           income 
attributable to
                                     42.4            13.1       (29.2)      31
Mitsubishi  Electric 
Corp.
Basic net income per
share

attributable to                19.^75 yen       6.^13 yen (13.^62 yen)      31

Mitsubishi  Electric 
Corp.

 

Notes:       1)  Consolidated financial  charts made in  accordance with  U.S. 
GAAP.

                   2) The Company has 164 consolidated subsidiaries.

 

       Consolidated Profit and Loss Statement (First Half, Fiscal 2013)

                                       

                                                                                                    
                             (In millions of yen)

                            FY '12  1^st half FY '13  1^st half

                             (Apr. 1, 2011 -   (Apr. 1, 2012 -

                             Sept. 30, 2011)   Sept. 30, 2012)   B - A   B/A
                               (A)      % of     (B)      % of           (%)
                                       total             total
Net sales                    1,743,598  100.0  1,696,018  100.0 (47,580)  97
Cost of sales                1,250,457   71.7  1,213,637   71.6 (36,820)  97
Selling, general and
                               379,527   21.8    391,870   23.1   12,343 103  
administrative expenses
Loss   on   impairment   of          -      -        897    0.0      897   -
long-lived assets
Operating income               113,614    6.5     89,614    5.3 (24,000)  79
Other income                    16,968    1.0     18,100    1.1    1,132 107
Interest and dividends           5,072    0.3      4,674    0.3    (398)  92
Other                           11,896    0.7     13,426    0.8    1,530 113
Other expenses                  24,692    1.4     34,921    2.1   10,229 141
Interest                         3,603    0.2      3,387    0.2    (216)  94
Equity in losses of
                                 2,591    0.1     19,377    1.2   16,786 748
affiliated companies
Other                           18,498    1.1     12,157    0.7  (6,341)  66
Income before income taxes     105,890    6.1     72,793    4.3 (33,097)  69
Income taxes                    32,378    1.9     26,504    1.6  (5,874)  82
Net income                      73,512    4.2     46,289    2.7 (27,223)  63
Net income attributable to
                                 3,931    0.2      2,670    0.1  (1,261)  68
the          noncontrolling 
interests
Net income attributable to
                                69,581    4.0     43,619    2.6 (25,962)  63
Mitsubishi Electric Corp.

 

    Consolidated Comprehensive Income Statement (First Half, Fiscal 2013)

                                                                                                                 
                             (In millions of yen)

                                          FY '12          FY '13

                                       1^st half (A)   1^st half (B)   B - A

                                      (Apr. 1, 2011 - (Apr. 1, 2012 -
                                      Sept. 30, 2011) Sept. 30, 2012)
Net income                                     73,512          46,289 (27,223)
Other  comprehensive  income  (loss), 
net of tax
 Foreign     currency     translation 
 adjustments                                 (25,955)        (14,141)   11,814
 Pension liability adjustments               (21,958)        (11,781)   10,177
 Unrealized   gains    (losses)    on 
 securities                                   (3,643)        (11,261)  (7,618)
 Unrealized   gains    (losses)    on 
 derivative instruments                          (33)             (3)       30
Total                                        (51,589)        (37,186)   14,403
Comprehensive income                           21,923           9,103 (12,820)
Comprehensive income attributable  to 
the noncontrolling

interests                                       1,415           1,559      144
Comprehensive income attributable to

Mitsubishi Electric Corp.                      20,508           7,544 (12,964)

 

                                                                              

     Consolidated Profit and Loss Statement (Second Quarter, Fiscal 2013)

                                                                                                           
                             (In millions of yen)

                                  FY '12  Q2       FY '13  Q2

                               (Jul. 1, 2011 -   (Jul. 1, 2012 -

                               Sept. 30, 2011)   Sept. 30, 2012)  B - A   B/A
                                (A)   % of total   (B)     % of           (%)
                                                          total
Net sales                     929,963      100.0  913,273  100.0 (16,690)  98
Cost of sales                 674,824       72.6  668,125   73.2  (6,699)  99
Selling, general and
                              193,759       20.8  201,201   22.0    7,442 104
administrative expenses
Loss   on    impairment    of       -          -      897    0.1      897   -
long-lived assets
Operating income               61,380        6.6   43,050    4.7 (18,330)  70
Other income                    9,241        1.0    7,452    0.8  (1,789)  81
Interest and dividends          1,702        0.2    1,570    0.2    (132)  92
Equity in earnings of
                                1,888        0.2        -      -  (1,888)   -
affiliated companies
Other                           5,651        0.6    5,882    0.6      231 104
Other expenses                 13,977        1.5   25,802    2.8   11,825 185
Interest                        1,811        0.2    1,691    0.2    (120)  93
Equity    in    losses     of       -          -   17,744    1.9   17,744   -
affiliated companies
Other                          12,166        1.3    6,367    0.7  (5,799)  52
Income before income taxes     56,644        6.1   24,700    2.7 (31,944)  44
Income taxes                   12,413        1.3    9,926    1.1  (2,487)  80
Net income                     44,231        4.8   14,774    1.6 (29,457)  33
Net income attributable to
                                1,826        0.2    1,604    0.2    (222)  88
the noncontrolling interests
Net income attributable to
                               42,405        4.6   13,170    1.4 (29,235)  31
Mitsubishi Electric Corp.

 

  Consolidated Comprehensive Income Statement (Second Quarter, Fiscal 2013)

                                                                                                                  (In
                               millions of yen)

                                       FY '12 Q2 (A)   FY '13 Q2 (B)

                                      (Jul. 1, 2011 - (Jul. 1, 2012 -  B - A

                                      Sept. 30, 2011) Sept. 30, 2012)
Net income                                     44,231          14,774 (29,457)
Other  comprehensive  income  (loss), 
net of tax
    Foreign   currency    translation 
    adjustments                              (21,969)         (4,993)   16,976
    Pension liability adjustments            (17,419)           3,054   20,473
    Unrealized  gains   (losses)   on 
    securities                                (3,635)         (2,350)    1,285
    Unrealized  gains   (losses)   on 
    derivative instruments                       (40)            (20)       20
Total                                        (43,063)         (4,309)   38,754
Comprehensive income                            1,168          10,465    9,297
Comprehensive      income      (loss) 
attributable to the

noncontrolling interests                        (515)             991    1,506
Comprehensive income attributable to

Mitsubishi Electric Corp.                       1,683           9,474    7,791

 

 

                          Consolidated Balance Sheet

                                                                                                    
                             (In millions of yen)

                                                         FY ' 13
                                      FY '12 (A)
                                                     1^st half (B)     B - A
                                   (ending Mar. 31,
                                        2012)       (ending Sept. 30,
                                                          2012)
(Assets)

Current assets                            2,197,384         2,184,062 (13,322)
Cash and cash equivalents                   392,181           432,404   40,223
Short-term investments                        2,995             1,770  (1,225)
Trade receivables                           950,736           867,851 (82,885)
Inventories                                 576,179           618,264   42,085
Prepaid expenses and other current          275,293           263,773 (11,520)
assets
Long-term trade receivables                   1,017             1,061       44
Investments                                 419,502           362,674 (56,828)
Net property, plant and equipment           556,845           577,120   20,275
Other assets                                216,903           229,658   12,755
Total assets                              3,391,651         3,354,575 (37,076)
(Liabilities and equity)

Current liabilities                       1,433,501         1,399,161 (34,340)
Bank loans and current portion  of          200,502           291,900   91,398
long term debt
Trade payables                              700,262           605,025 (95,237)
Other current liabilities                   532,737           502,236 (30,501)
Long-term debt                              341,789           346,310    4,521
Retirement and severance benefits           372,082           376,488    4,406
Other fixed liabilities                      53,259            47,193  (6,066)
Total equity                              1,191,020         1,185,423  (5,597)
Mitsubishi     Electric      Corp.        1,132,465         1,126,975  (5,490)
shareholders' equity
Common stock                                175,820           175,820        -
Capital surplus                             206,343           206,196    (147)
Retained earnings                           966,126           996,864   30,738
Accumulated  other   comprehensive        (215,603)         (251,678) (36,075)
income (loss)
Treasury stock at cost                        (221)             (227)      (6)
Noncontrolling interests                     58,555            58,448    (107)
Total liabilities and equity              3,391,651         3,354,575 (37,076)
Balance of Debt                             542,291           638,210   95,919
Accumulated  other   comprehensive 
income (loss):
Foreign    currency    translation         (67,654)          (80,731) (13,077)
adjustments
Pension liability adjustments             (160,156)         (171,937) (11,781)
Unrealized gains on securities               12,242             1,028 (11,214)
Unrealized   gains   (losses)   on             (35)              (38)      (3)
derivative

instruments

 

 

                       Consolidated Cash Flow Statement

                                                                                                                    
                             (In millions of yen)

                                  FY '12  1^st half FY '13  1^st half

                                   (Apr. 1, 2011 -   (Apr. 1, 2012 -   B - A
                                   Sept. 30, 2011)   Sept. 30, 2012)

                                         (A)               (B)
I   Cash  flows  from   operating 
    activities
  1 Net income                               73,512            46,289 (27,223)
  2 Adjustments to reconcile  net 
    income to  net cash  provided 
    by operating activities
    (1) Depreciation of  tangible 
    fixed assets and other                   52,891            54,716    1,825
    (2)   Decrease    in    trade 
    receivables                              75,292            75,846      554
    (3)  Decrease  (increase)  in 
    inventories                            (96,693)          (52,392)   44,301
    (4)  Increase  (decrease)  in 
    trade payables                         (42,758)          (92,590) (49,832)
    (5) Other, net                           48,390            18,863 (29,527)
    Net    cash    provided    by 
    operating activities                    110,634            50,732 (59,902)
II  Cash  flows  from   investing 
    activities
  1 Capital expenditure                    (66,568)          (73,370)  (6,802)
  2 Proceeds   from    sale    of 
    property, plant and equipment             2,395             2,630      235
  3 Purchase    of     short-term 
    investments  and   investment 
    securities                              (7,965)           (9,860)  (1,895)
  4 Proceeds   from    sale    of 
    short-term  investments   and 
    investment securities                     9,623             5,649  (3,974)
  5 Other, net                                 (34)           (5,238)  (5,204)
    Net cash  used  in  investing 
    activities                             (62,549)          (80,189) (17,640)
I+II  Free cash flow                         48,085          (29,457) (77,542)
III Cash  flows  from   financing 
    activities
  1 Proceeds from long-term debt                 50            42,003   41,953
  2 Repayment of long-term debt            (17,843)          (17,793)       50
  3 Increase (decrease)  in  bank 
    loans, net                              (1,201)            66,151   67,352
  4 Dividends paid                         (15,028)          (12,881)    2,147
  5 Purchase of treasury stock                 (14)               (8)        6
  6 Reissuance of treasury stock                  2                 1      (1)
  7 Other, net                              (9,211)           (1,844)    7,367
    Net cash  provided  by  (used 
    in) financing activities               (43,245)            75,629  118,874
IV  Effect   of   exchange   rate 
    changes  on  cash  and   cash 
    equivalents                            (12,404)           (5,949)    6,455
V   Net  increase  (decrease)  in 
    cash and cash

    equivalents                             (7,564)            40,223   47,787
VI  Cash and cash equivalents  at 
    beginning of period                     472,067           392,181 (79,886)
VII Cash and cash equivalents  at 
    end of period                           464,503           432,404 (32,099)

 

          Consolidated Segment Information (First Half, Fiscal 2013)

 

1. Sales and Operating Income by Business Segment

                                                                                                                              
(In millions of yen)

                FY '12  1^st half    FY '13  1^st half

                 (Apr. 1, 2011 -      (Apr. 1, 2012 -
   Business                                                               C/A
   Segment       Sept. 30, 2011)      Sept. 30, 2012)    C - A    D - B
                                              Operating                   (%)
               Sales (A) Operating  Sales (C)  income
                         income (B)            (loss)
                                                 (D)
Energy     and 
Electric         438,747     28,512   459,514    34,293   20,767    5,781 105
Systems
Industrial
Automation       487,639     56,549   456,914    33,911 (30,725) (22,638)  94

Systems
Information
and
                 216,679      4,264   241,664     9,716   24,985    5,452 112
Communication
Systems
Electronic       104,309      6,028    79,907   (1,607) (24,402)  (7,635)  77
Devices
Home             460,320     23,694   423,355    16,840 (36,965)  (6,854)  92
Appliances
Others           301,434      7,879   285,659     7,380 (15,775)    (499)  95
Subtotal       2,009,128    126,926 1,947,013   100,533 (62,115) (26,393)  97
Eliminations   (265,530)   (13,312) (250,995)  (10,919)   14,535    2,393   -
and other
Total          1,743,598    113,614 1,696,018    89,614 (47,580) (24,000)  97

*Note: Inter-segment sales are included in the above chart.

2. Sales and Operating Income by Location

                                                                                                                                  
(In millions of yen)

                FY '12  1^st half    FY '13  1^st half

                 (Apr. 1, 2011 -      (Apr. 1, 2012 -                      C/A
   Location                                               C - A    D - B
                 Sept. 30, 2011)      Sept. 30, 2012)                      (%)
               Sales (A) Operating  Sales (C) Operating
                         income (B)           income (D)
Japan          1,497,982     84,984 1,462,029     63,225 (35,953) (21,759)  98
North America    105,750      1,849   117,636      1,348   11,886    (501) 111
Asia
(excluding       314,940     22,465   298,894     17,516 (16,046)  (4,949)  95
Japan)
Europe           165,481      5,162   142,504      3,806 (22,977)  (1,356)  86
Others            18,677      2,049    17,374        931  (1,303)  (1,118)  93
Subtotal       2,102,830    116,509 2,038,437     86,826 (64,393) (29,683)  97
Eliminations   (359,232)    (2,895) (342,419)      2,788   16,813    5,683   -
Total          1,743,598    113,614 1,696,018     89,614 (47,580) (24,000)  97

*Note: Inter-segment sales are included in the above chart.

 

3. Sales by Location of Customers 

                                                                                                                        
(In millions of yen)

                      FY '12  1^st half    FY '13  1^st half

                       (Apr. 1, 2011 -      (Apr. 1, 2012 -
                                                                         B/A
     Location          Sept. 30, 2011)      Sept. 30, 2012)     B - A    (%)
                                 % of                  % of
                    Sales (A)             Sales (B)
                               total net            total net
                                 sales                sales
 Japan              1,102,975        63.3 1,097,744       64.7  (5,231)    100
   North America      113,753         6.5   126,100        7.4   12,347    111
   Asia
                      326,318        18.7   296,088       17.5 (30,230)     91
   (excluding
   Japan)
   Europe             160,769         9.2   138,582        8.2 (22,187)     86
   Others              39,783         2.3    37,504        2.2  (2,279)     94
 Total     overseas   640,623        36.7   598,274       35.3 (42,349)     93
 sales
Consolidated total  1,743,598       100.0 1,696,018      100.0 (47,580)     97

 

        Consolidated Segment Information (Second Quarter, Fiscal 2013)

 

1. Sales and Operating Income by Business Segment

                                                                                                                                  
(In millions of yen)

                   FY '12  Q2           FY '13  Q2

                (Jul. 1, 2011 -      (Jul. 1, 2012 -                      C/A
  Business                                               C - A    D - B
   Segment      Sept. 30, 2011)      Sept. 30, 2012)                      (%)
                        Operating            Operating
              Sales (A) income (B) Sales (C)   income
                                             (loss) (D)
Energy    and 
Electric        244,542     14,009   254,424     15,935    9,882    1,926 104

Systems
Industrial
Automation      253,720     28,616   232,878     12,737 (20,842) (15,879)  92

Systems
Information
and
                130,471      4,638   147,179      8,969   16,708    4,331 113
Communication
Systems
Electronic       54,275      3,534    40,869    (1,679) (13,406)  (5,213)  75
Devices
Home            227,936      8,971   217,458      3,866 (10,478)  (5,105)  95
Appliances
Others          162,835      6,730   154,115      6,690  (8,720)     (40)  95
Subtotal      1,073,779     66,498 1,046,923     46,518 (26,856) (19,980)  97
Eliminations  (143,816)    (5,118) (133,650)    (3,468)   10,166    1,650   -
and other
Total           929,963     61,380   913,273     43,050 (16,690) (18,330)  98

*Note: Inter-segment sales are included in the above chart.

 

2. Sales and Operating Income by Location

                                                                                                                                   
(In millions of yen)

                   FY '12  Q2           FY '13  Q2

                (Jul. 1, 2011 -       (Jul. 1, 2012 -                      C/A
  Location                                                C - A    D - B
                Sept. 30, 2011)       Sept. 30, 2012)                      (%)
                        Operating             Operating
              Sales (A) income (B) Sales (C)   income
                                             (loss) (D)
Japan           817,310     47,072   799,801      29,275 (17,509) (17,797)  98
North America    49,717        653    54,933        (76)    5,216    (729) 110
Asia
(excluding      158,907     10,203   152,296       7,413  (6,611)  (2,790)  96
Japan)
Europe           80,661      1,932    69,573       1,739 (11,088)    (193)  86
Others            9,782      1,078     8,947         391    (835)    (687)  91
Subtotal      1,116,377     60,938 1,085,550      38,742 (30,827) (22,196)  97
Eliminations  (186,414)        442 (172,277)       4,308   14,137    3,866   -
Total           929,963     61,380   913,273      43,050 (16,690) (18,330)  98

*Note: Inter-segment sales are included in the above chart.

 

3. Sales by Location of Customers

                                                                                                                           
(In millions of yen)

                          FY '12  Q2           FY '13  Q2

                       (Jul. 1, 2011 -      (Jul. 1, 2012 -
                                                                         B/A
      Location         Sept. 30, 2011)      Sept. 30, 2012)     B - A    (%)
                                  % of                 % of
                     Sales (A)            Sales (B)
                               total net            total net
                                 sales                sales
 Japan                 604,127       65.0   610,065       66.8    5,938    101
   North America        54,782        5.9    60,097        6.6    5,315    110
   Asia
                       171,262       18.4   155,660       17.0 (15,602)     91
   (excluding Japan)
   Europe               77,634        8.3    67,572        7.4 (10,062)     87
   Others               22,158        2.4    19,879        2.2  (2,279)     90
 Total      overseas   325,836       35.0   303,208       33.2 (22,628)     93
 sales
Consolidated total     929,963      100.0   913,273      100.0 (16,690)     98

 

 

Cautionary Statement

The expectation of operating results herein and any associated statement to be
made orally with respect to the company's current plans, estimates, strategies
and beliefs  and  any other  statements  that  are not  historical  facts  are 
forward-looking statements. Words such  as "expects", "anticipates",  "plans", 
"believes", "scheduled", "estimated", "targeted" along with any variations  of 
these words and similar expressions  are intended to identify  forward-looking 
statements which  include but  are  not limited  to projections  of  revenues, 
earnings, performance and production.

 

The Mitsubishi Electric Group is involved in the 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  stretch  out 
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 company trusts and considers to be reasonable under  the 
circumstances to the date  of announcement, you are  requested to kindly  take 
note that actual 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:

 

(1)  Important trends

The Mitsubishi Electric Group's  operations may be affected  by trends in  the 
global economy, social conditions, laws, tax codes, and regulations.

(2)  Foreign currency exchange rates

Fluctuations in  foreign currency  markets  may affect  Mitsubishi  Electric'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.

(3)  Stock markets

A fall  in  stock  market  prices may  cause  Mitsubishi  Electric  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.

(4)   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 Mitsubishi  Electric 
Group's performance.

(5)  Fund raising

An increase in  interest rates,  the yen  interest rate  in particular,  would 
increase Mitsubishi Electric's interest expenses.

(6)  Significant patent matters

Important patent filings,  licensing, copyrights  and patent-related  disputes 
may adversely affect related businesses.

(7)  Environmental legislation or relevant issues

We 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 Mitsubishi Electric Group.

(8)  Flaws or defects in products or services

We may incurlosses or expenses resulting  out of flaws or defects in  products 
or services, and the lowered reputation of the quality of all our products and
services may affect the entire Mitsubishi Electric group.

(9)  Litigation and other legal proceedings

The Mitsubishi  Electric Group's  operations may  be affected  by lawsuits  or 
other legal proceedings against  Mitsubishi Electric, its subsidiaries  and/or 
equity-method affiliated companies.

(10)   Disruptive changes

Disruptive  changes  in   technology,  development  of   products  using   new 
technology, timing of production, and market introduction may adversely affect
the Mitsubishi Electric Group's performance.

(11)   Business restructuring

The Mitsubishi Electric Group may record losses due to restructuring measures.

(12)   Natural disasters

The  Mitsubishi  Electric   Group's  operations,  particularly   manufacturing 
activities, may  be  affected  by the  occurrence  of  earthquakes,  typhoons, 
tsunami, fires and other large-scale disasters.

(13)   Other significant factors

The Mitsubishi Electric 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.

 

Notes

1. Change in accounting policy

From this fiscal year, the company has adopted Financial Accounting  Standards 
Board Accounting Standards Update (ASU) 2011-05 "Presentation of Comprehensive
Income."  Comprehensive  income  has   been  presented  in  the   consolidated 
comprehensive income statement.

              Accordingly, the company has adopted ASU 2011-05 retrospectively
for the same period of the previous fiscal year. Although ASU 2011-05 requires
to present separate line items  for reclassification adjustments of items  out 
of accumulated other comprehensive income into net income, the company has not
presented separately due to deferral in the application schedule as stated  in 
ASU 2011-12 "Deferral of the Effective Date for Amendments to the Presentation
of Reclassifications of Items Out of Accumulated Other Comprehensive Income in
Accounting Standards Update No. 2011-05."

 

                                     ###

 

About Mitsubishi Electric

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 3,639.4  billion yen  (US$ 44.4 billion*)  in the  fiscal year  ended 
March 31, 2012. For more information visit http://www.MitsubishiElectric.com

*At an exchange rate of 82 yen to  the US dollar, the rate given by the  Tokyo 
Foreign Exchange Market on March 31, 2012

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
IR ZFLBXLBFEFBF -0- Oct/31/2012 07:00 GMT
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