Mitsubishi Electric Records Expenses for Refund Payments Resulting from Overcharged Expenses on Certain Contracts with Four

  Mitsubishi Electric Records Expenses for Refund Payments Resulting from
  Overcharged Expenses on Certain Contracts with Four Public Entities

Business Wire

TOKYO -- February 3, 2013

Mitsubishi Electric Corporation (TOKYO:6503) announced today that in its
financial results for the third quarter of the current fiscal year ending
March 31, 2013, it has recorded 75.7 billion yen as non-operating expenses on
a consolidated basis and 65.0 billion yen as extraordinary losses on a
non-consolidated basis for refunds of overcharged expenses, related penalties
and interest in electronics systems business contracts with four public
entities.

While the amounts reflect minor variances from figures of 77.3 billion yen
(consolidated) and 65.5 billion yen (non-consolidated) announced on December
21, 2012, the changes do not affect the company's financial forecast for this
fiscal year.

In contracts with the Ministry of Defense (MOD), the Cabinet Satellite
Intelligence Center (CSICE), the Japan Aerospace Exploration Agency (JAXA) and
the National Institute of Information and Communications Technology (NICT),
Mitsubishi Electric overcharged expenses. Similar practices have been
identified in relation to separate contracts between four affiliated companies
and MOD.

The expenses recorded in the third quarter results include 15.4 billion yen
already reimbursed to CSICE, JAXA and NICT, as announced on January 18, 2013.
For the recorded expenses of 75.7 billion yen and 65.0 billion yen, the
expected refund payments to MOD are partially based on estimates because the
final binding ruling on the amount has not been issued. The actual amount is
subject to change depending on MOD's final ruling.

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

Contact:

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
http://www.MitsubishiElectric.com/news/
 
Press spacebar to pause and continue. Press esc to stop.