Apr 27, 2018   SOURCE: BusinessWire

Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2018

Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for fiscal 2018 (April 1, 2017- March 31, 2018).

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:     4,431.1     billion yen     (5% increase from the previous fiscal year)
Operating income: 318.6 billion yen (18% increase from the previous fiscal year)
Income before income taxes: 364.5 billion yen (23% increase from the previous fiscal year)
Net income attributable to Mitsubishi Electric Corp.: 271.8 billion yen (29% increase from the previous fiscal year)
 

During the fiscal year ended March 31, 2018, the global economy saw a stable status in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen, compared to the previous fiscal year, weakened against the U.S. dollar and the euro in and after May, but became stronger against the U.S. dollar after the latter half of 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 4,431.1 billion yen for fiscal 2018, an increase of 5% compared to the previous fiscal year, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.

Consolidated operating income increased by 18% compared to the previous fiscal year to 318.6 billion yen, due to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments.

Income before income taxes increased by 23% compared to the previous fiscal year to 364.5 billion yen, due to gain recorded from sales of investment securities in Renesas Electronics Corporation and other factors, in addition to an increase in operating income.

Net income attributable to Mitsubishi Electric Corporation increased by 29% compared to the previous fiscal year to 271.8 billion yen.

Current Forecast for Fiscal 2019
Despite the uncertainty in the global economy due to factors such as U.S. trade policies and influences from Brexit, 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 2019 follows below.

 

Current consolidated forecast for fiscal 2019

Net sales     4,500.0     billion yen     (1% increase from fiscal 2018)
Operating income 315.0 billion yen (4% decrease from fiscal 2018)
Income before income taxes 345.0 billion yen (2% decrease from fiscal 2018)
Net income attributable to Mitsubishi Electric Corp. stockholders 245.0 billion yen (5% decrease from fiscal 2018)
 

The forecast above has been prepared in accordance with the International Financial Reporting Standards (IFRS), with year-on-year changes from fiscal 2018 also described in unaudited IFRS basis. Exchange rates for this forecast is 100 yen to the US dollar and 125 yen to the euro.

 
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 nearly 100 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 4,431.1 billion yen (US$ 41.8 billion*) in the fiscal year ended March 31, 2018. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 106 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2018