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



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

Business Wire

TOKYO -- April 30, 2013

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

Non-consolidated Financial Results

Net sales:          2,236.0   billion yen   (5% decrease from the previous
                                            fiscal year)
Operating income:   23.1      billion yen   (74% decrease from the previous
                                            fiscal year)
Ordinary profit:    60.5      billion yen   (53% decrease from the previous
                                            fiscal year)
Net income:         18.5      billion 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 income                  205.0     billion yen   (35% increase from
                                                          fiscal 2013)
Income before income taxes        185.0     billion yen   (2.84 times increase
                                                          from fiscal 2013)
Net income attributable to        110.0     billion yen   (58% increase from
Mitsubishi Electric Corp.                                 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

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
Arisa Mori, +81-3-3218-2810
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/
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