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1st Quarter Results

Mon, 31st Jul 2017 07:00

RNS Number : 5107M
Mitsubishi Electric Corporation
31 July 2017

FOR IMMEDIATE RELEASE

No. 3124

Investor Relations Inquiries

Media Inquiries

Investor Relations Group, Corporate Finance Division

Public Relations Division

Mitsubishi Electric Corporation

Mitsubishi Electric Corporation

Cad.Irg@rk.MitsubishiElectric.co.jp

prd.gnews@nk.MitsubishiElectric.co.jp

www.MitsubishiElectric.com/news/

Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2018

TOKYO, July 31, 2017 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2017, of the current fiscal year ending March 31, 2018 (fiscal 2018).

Consolidated Financial Results

Net sales:

1,005.5

billion yen

(8% increase from the same quarter last year)

Operating income:

74.2

billion yen

(24% increase from the same quarter last year)

Income before income taxes:

99.2

billion yen

(63% increase from the same quarter last year)

Net income attributable to Mitsubishi Electric Corp.:

67.7

billion yen

(58% increase from the same quarter last year)

The global economy in the first quarter (from April through June 2017) of fiscal 2018 saw a continuing recovery trend in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen weakened against the U.S. dollar and the euro in and after May compared to the same period of the previous fiscal year.

Under these circumstances, consolidated net sales in the first quarter increased by 8% compared to the same period of the previous fiscal year to 1,005.5 billion yen with increased sales in all segments. Consolidated operating income increased by 24% compared to the same period of the previous fiscal year to 74.2 billion yen, due primarily to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments.

Consolidated Financial Results by Business Segment

Energy and Electric Systems

Total sales:

250.0

billion yen

(5% increase from the same quarter last year)

Operating income:

6.7

billion yen

(2.8 billion yen increase from the same quarter last year)

The social infrastructure systems business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to increases in the transportation systems business and the power systems business in Japan.

The building systems business remained substantially unchanged in orders, while sales increased compared to the same period of the previous fiscal year due primarily to growth in the renewal business in Japan and the new installation of elevators and escalators outside Japan.

As a result, total sales for this segment increased by 5% from the same period of the previous fiscal year. Operating income increased by 2.8 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.

Industrial Automation Systems

Total sales:

350.8

billion yen

(16% increase from the same quarter last year)

Operating income:

49.8

billion yen

(17.4 billion yen increase from the same quarter last year)

The factory automation systems business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to growth in capital expenditures in the fields of organic light emitting diodes (OLED) mainly in Korea, smartphones and electric cars in China as well as buoyancy in exports by machinery manufacturers in Japan.

The automotive equipment business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to buoyancy in the car sales markets in Europe as well as Japanese car manufacturers experiencing increases in sales volume in China.

As a result, total sales for this segment increased by 16% from the same period of the previous fiscal year. Operating income increased by 17.4 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.

Information and Communication Systems

Total sales:

80.1

billion yen

(9% increase from the same quarter last year)

Operating income (loss):

(2.2

billion yen)

(0.9 billion yen improvement from the same quarter last year)

The telecommunications systems business saw decreases in both orders and sales compared to the same period of the previous fiscal year due primarily to decreased demand in communications infrastructure equipment.

The information systems and service business saw an increase in sales compared to the same period of the previous fiscal year, mainly owing to an increase in the system integrations business.

The electronic systems business saw a decrease in orders compared to the same period of the previous fiscal year due to a decrease in large-scale projects in the space systems business, while sales experienced an increase compared to the same period of the previous fiscal year due primarily to progress with large-scale projects in the defense systems business.

As a result, total sales for this segment increased by 9% compared to the same period of the previous fiscal year. Operating income improved by 0.9 billion yen from the same period of the previous fiscal year due primarily to an increase in sales and improvements in profitability.

Electronic Devices

Total sales:

48.1

billion yen

(23% increase from the same quarter last year)

Operating income:

3.0

billion yen

(2.0 billion yen increase from the same quarter last year)

The electronic devices business saw an increase in orders, while sales rose by 23% from the same period of the previous fiscal year due to an increase in demand mainly for power modules used in industrial and consumer applications as well as the resolution of negative influences caused by the 2016 Kumamoto earthquakes in the previous fiscal year.

Operating income increased by 2.0 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.

Home Appliances

Total sales:

269.8

billion yen

(3% increase from the same quarter last year)

Operating income:

24.1

billion yen

(7.6 billion yen decrease from the same quarter last year)

The home appliances business saw an increase in sales of 3% from the same period of the previous fiscal year due to an increase in sales of air conditioners for Europe, China and Japan.

Operating income decreased by 7.6 billion yen compared to the same period of the previous fiscal year due primarily to increases in material prices and sales expenses.

Others

Total sales:

170.6

billion yen

(9% increase from the same quarter last year)

Operating income:

2.1

billion yen

(0.5 billion yen decrease from the same quarter last year)

Sales increased by 9% compared to the same period of the previous fiscal year due primarily to an increase in sales at affiliated companies involved in materials procurement.

Operating income decreased by 0.5 billion yen compared to the same period of the previous fiscal year due primarily to a shift in project portfolio.

Financial Standing

An analysis on the status of assets, liabilities and equity on a consolidated basis

Total assets as of the end of this fiscal quarter decreased from the end of the previous fiscal year by 54.8 billion yen to 4,117.3 billion yen. The change in balance of total assets is mainly attributable to increases in the balances of cash and cash equivalents by 50.4 billion yen, and of inventories by 80.3 billion yen as a result of work-in-process as recorded in commensurate with progress in job orders under pertinent contracts, while trade receivables decreased by 168.2 billion yen primarily as a result of credit collection.

Total liabilities decreased from the end of the previous fiscal year by 79.6 billion yen to 1,951.9 billion yen. The outstanding balances of debts and corporate bonds decreased by 0.2 billion yen from the end of the previous fiscal year to 351.8 billion yen, resulting in a rise in the ratio of interest bearing debt to total assets to 8.5%, representing a 0.1 point increase compared to the end of the previous fiscal year. Trade payables decreased by 56.6 billion yen, and retirement and severance benefits decreased by 7.2 billion yen due primarily to an increase in pension assets resulting from a rise in stock prices and other factors.

Mitsubishi Electric Corporation shareholders' equity increased by 23.6 billion yen compared to the end of the previous fiscal year to 2,063.2 billion yen. The shareholders' equity ratio was recorded at 50.1%, representing a 1.2 point increase compared to the end of the previous fiscal year. These changes referred to above primarily result from recording a net income attributable to Mitsubishi Electric Corporation of 67.7 billion yen, despite decreases in dividend payment of 38.6 billion yen as well as in accumulated other comprehensive income by 4.7 billion yen caused by such factors as a decrease in unrealized losses from sale of securities.

An analysis on the status of cash flow on a consolidated basis

Cash flows from operating activities for this quarter increased by 4.3 billion yen compared to the same period of the previous fiscal year to 113.5 billion yen (cash in). Cash flows from investing activities decreased by 0.4 billion yen compared to the same period of the previous fiscal year to 22.2 billion yen (cash out). As a result, free cash flow was 91.3 billion yen (cash in). Cash flows from financing activities were 43.8 billion yen (cash out) mainly due to dividend payments.

Forecast for Fiscal 2018

As a result of the company's revised terms of foreign currency rates in which it sees the yen weaker mainly against the euro in and after the second quarter of fiscal 2018, as well as growth expected in the Industrial Automation Systems segment in which it sees an increase in demand for capital expenditures mainly in Asia, the company's consolidated earnings forecast for the first half of fiscal 2018, ending September 30, 2017, and for fiscal 2018, ending March 31, 2018, have been revised from the announcement on April 28, 2017 as stated below.

Other income increased by 10.0 billion yen due primarily to a higher than expected gain in sales of investment securities in Renesas Electronics Corporation.

First Half of Fiscal 2018 Consolidated Earnings Forecast

Consolidated

Previous forecast

(announced Apr. 28)

Current forecast

Net sales:

2,030.0 billion yen

2,080.0 billion yen

(5% increase from the same period last year)

Operating income:

125.0 billion yen

140.0 billion yen

(15% increase from the same period last year)

Income before

income taxes:

135.0 billion yen

160.0 billion yen

(29% increase from the same period last year)

Net income

attributable to

Mitsubishi Electric

Corp.:

95.0 billion yen

110.0 billion yen

(25% increase from the same period last year)

Fiscal 2018 Consolidated Earnings Forecast

Consolidated

Previous forecast

(announced Apr. 28)

Current forecast

Net sales:

4,300.0 billion yen

4,370.0 billion yen

(3% increase from the previous fiscal year)

Operating income:

280.0 billion yen

300.0 billion yen

(11% increase from the previous fiscal year)

Income before

income taxes:

300.0 billion yen

330.0 billion yen

(11% increase from the previous fiscal year)

Net income

attributable to

Mitsubishi Electric

Corp.:

215.0 billion yen

235.0 billion yen

(12% increase from the previous fiscal year)

Exchange rates in and after the second quarter of fiscal 2018 is unchanged from the previous announcement at 105 yen to the U.S. dollar, while exchange rates to the euro have been revised to 120 yen, ten yen weaker than the previous rate.

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

(In billions of yen except where noted)

FY '17 Q1 (A)

(Apr. 1, 2016 -

Jun. 30, 2016)

FY '18 Q1 (B)

(Apr. 1, 2017 -

Jun. 30, 2017)

B - A

B/A (%)

Net sales

927.0

1,005.5

78.5

108

Operating income

59.7

74.2

14.5

124

Income before income taxes

61.0

99.2

38.2

163

Net income attributable to

Mitsubishi Electric Corp.

42.9

67.7

24.8

158

Basic net income per share attributable to Mitsubishi Electric Corp.

19. yen

31. yen

11. yen

158

Notes:

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

2) The Company has 213 consolidated subsidiaries.

Consolidated Profit and Loss Statement

(In millions of yen)

FY '17 Q1

(Apr. 1, 2016 -

Jun. 30, 2016)

FY '18 Q1

(Apr. 1, 2017 -

Jun. 30, 2017)

(A)

% of total

(B)

% of total

B - A

B/A

(%)

Net sales

927,077

100.0

1,005,599

100.0

78,522

108

Cost of sales

627,503

67.7

681,232

67.7

53,729

109

Selling, general and

administrative expenses

239,870

25.9

250,121

24.9

10,251

104

Operating income

59,704

6.4

74,246

7.4

14,542

124

Other income

26,540

2.9

28,493

2.8

1,953

107

Interest and Dividends

2,861

0.3

3,587

0.4

726

125

Equity in earnings of

affiliated companies

3,587

0.4

2,405

0.2

(1,182)

67

Other

20,092

2.2

22,501

2.2

2,409

112

Other expenses

25,235

2.7

3,491

0.3

(21,744)

14

Interest

759

0.1

677

0.0

(82)

89

Other

24,476

2.6

2,814

0.3

(21,662)

11

Income before income taxes

61,009

6.6

99,248

9.9

38,239

163

Income taxes

14,760

1.6

29,241

2.9

14,481

198

Net income

46,249

5.0

70,007

7.0

23,758

151

Net income attributable to

the noncontrolling interests

3,335

0.4

2,263

0.3

(1,072)

68

Net income attributable to

Mitsubishi Electric Corp.

42,914

4.6

67,744

6.7

24,830

158

Consolidated Comprehensive Income Statement

(In millions of yen)

FY '17 Q1 (A)

(Apr. 1, 2016 -

Jun. 30, 2016)

FY '18 Q1 (B)

(Apr. 1, 2017 -

Jun. 30, 2017)

B - A

Net income

46,249

70,007

23,758

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments

(67,544)

4,720

72,264

Pension liability adjustments

(14,840)

12,477

27,317

Unrealized gains (losses) on securities

(27,967)

(21,638)

6,329

Unrealized gains (losses) on derivative instruments

(34)

(63)

(29)

Total

(110,385)

(4,504)

105,881

Comprehensive income (loss)

(64,136)

65,503

129,639

Comprehensive income (loss) attributable to the noncontrolling interests

(3,461)

2,512

5,973

Comprehensive income (loss) attributable to Mitsubishi Electric Corp.

(60,675)

62,991

123,666

Consolidated Balance Sheet

(In millions of yen)

FY '17 (A)

(ended Mar. 31, 2017)

FY '18 Q1 (B)

(ended Jun. 30, 2017)

B - A

(Assets)

Current assets

2,500,685

2,494,270

(6,415)

Cash and cash equivalents

662,469

712,900

50,431

Trade receivables

1,037,201

869,117

(168,084)

Inventories

643,040

723,340

80,300

Prepaid expenses and other current assets

157,975

188,913

30,938

Long-term trade receivables

2,815

2,644

(171)

Investments

618,935

578,353

(40,582)

Net property, plant and equipment

732,611

745,257

12,646

Other assets

317,224

296,849

(20,375)

Total assets

4,172,270

4,117,373

(54,897)

(Liabilities)

Current liabilities

1,525,761

1,472,476

(53,285)

Bank loans and current portion of long-term debt

124,368

134,310

9,942

Trade payables

780,202

723,525

(56,677)

Other current liabilities

621,191

614,641

(6,550)

Long-term debt

227,756

217,516

(10,240)

Retirement and severance benefits

194,990

187,719

(7,271)

Other fixed liabilities

83,055

74,212

(8,843)

Total liabilities

2,031,562

1,951,923

(79,639)

(Equity)

Mitsubishi Electric Corp. shareholders' equity

2,039,627

2,063,279

23,652

Common stock

175,820

175,820

-

Capital surplus

212,530

212,530

-

Retained earnings

1,654,557

1,683,659

29,102

Accumulated other comprehensive income (loss)

(2,052)

(6,805)

(4,753)

Treasury stock at cost

(1,228)

(1,925)

(697)

Noncontrolling interests

101,081

102,171

1,090

Total equity

2,140,708

2,165,450

24,742

Total liabilities and equity

4,172,270

4,117,373

(54,897)

Balance of Debt

352,124

351,826

(298)

Accumulated other comprehensive income (loss):

Foreign currency translation adjustments

18,535

23,023

4,488

Pension liability adjustments

(156,993)

(144,517)

12,476

Unrealized gains on securities

136,352

114,685

(21,667)

Unrealized gains (losses) on derivative instruments

54

4

(50)

Consolidated Cash Flow Statement

(In millions of yen)

FY '17 Q1

(Apr. 1, 2016 - Jun. 30, 2016) (A)

FY '18 Q1

(Apr. 1, 2017 - Jun. 30, 2017) (B)

B - A

I

Cash flows from operating activities

1

Net income

46,249

70,007

23,758

2

Adjustments to reconcile net income to net cash provided by operating activities

(1) Depreciation of tangible fixed assets and other

29,083

32,198

3,115

(2) Decrease in trade receivables

202,504

173,915

(28,589)

(3) Decrease (increase) in inventories

(64,909)

(74,649)

(9,740)

(4) Increase (decrease) in trade payables

(66,841)

(54,944)

11,897

(5) Other, net

(36,868)

(32,938)

3,930

Net cash provided by operating activities

109,218

113,589

4,371

II

Cash flows from investing activities

1

Capital expenditure

(34,291)

(42,711)

(8,420)

2

Proceeds from sale of property, plant and equipment

1,413

393

(1,020)

3

Purchase of short-term investments and investment securities (net of cash acquired)

(1,010)

(3,201)

(2,191)

4

Proceeds from sale of short-term investments and investment securities (net of cash disposed)

15,315

25,716

10,401

5

Other, net

(4,110)

(2,469)

1,641

Net cash used in investing activities

(22,683)

(22,272)

411

I + II

Free cash flow

86,535

91,317

4,782

III

Cash flows from financing activities

1

Proceeds from long-term debt

45

82

37

2

Repayment of long-term debt

(3,049)

(2,336)

713

3

Increase (decrease) in bank loans, net

2,570

(212)

(2,782)

4

Dividends paid

(38,642)

(38,642)

(0)

5

Purchase of treasury stock

(1,097)

(697)

400

6

Other, net

(954)

(2,085)

(1,131)

Net cash provided by (used in) financing activities

(41,127)

(43,890)

(2,763)

IV

Effect of exchange rate changes on cash and cash equivalents

(24,440)

3,004

27,444

V

Net increase in cash and cash equivalents

20,968

50,431

29,463

VI

Cash and cash equivalents at beginning of period

574,170

662,469

88,299

VII

Cash and cash equivalents at end of period

595,138

712,900

117,762

Consolidated Segment Information

1. Sales and Operating Income by Business Segment

(In millions of yen)

Business Segment

FY '17 Q1

(Apr. 1, 2016 -

Jun. 30, 2016)

FY '18 Q1

(Apr. 1, 2017 -

Jun. 30, 2017)

C - A

D - B

C/A

(%)

Sales (A)

Operating income (loss) (B)

Sales (C)

Operating income (loss) (D)

Energy and Electric Systems

238,051

3,926

250,086

6,798

12,035

2,872

105

Industrial Automation Systems

302,227

32,421

350,817

49,832

48,590

17,411

116

Information and

Communication Systems

73,525

(3,179)

80,167

(2,227)

6,642

952

109

Electronic Devices

39,080

959

48,122

3,044

9,042

2,085

123

Home Appliances

261,925

31,786

269,892

24,126

7,967

(7,660)

103

Others

156,390

2,643

170,626

2,112

14,236

(531)

109

Subtotal

1,071,198

68,556

1,169,710

83,685

98,512

15,129

109

Eliminations and other

(144,121)

(8,852)

(164,111)

(9,439)

(19,990)

(587)

-

Total

927,077

59,704

1,005,599

74,246

78,522

14,542

108

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

2. Sales and Operating Income by Location

(In millions of yen)

Location

FY '17 Q1

(Apr. 1, 2016 -

Jun. 30, 2016)

FY '18 Q1

(Apr. 1, 2017 -

Jun. 30, 2017)

C - A

D - B

C/A

(%)

Sales (A)

Operating income (B)

Sales (C)

Operating income (D)

Japan

694,715

17,946

756,600

36,950

61,885

19,004

109

North America

102,125

3,613

106,075

4,273

3,950

660

104

Asia (excluding Japan)

261,776

29,394

298,668

27,335

36,892

(2,059)

114

Europe

110,693

4,151

124,396

5,236

13,703

1,085

112

Others

11,007

443

10,161

410

(846)

(33)

92

Subtotal

1,180,316

55,547

1,295,900

74,204

115,584

18,657

110

Eliminations

(253,239)

4,157

(290.301)

42

(37,062)

(4,115)

-

Total

927,077

59,704

1,005,599

74,246

78,522

14,542

108

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

3. Sales by Location of Customers

(In millions of yen)

Location of Customers

FY '17 Q1

(Apr. 1, 2016 -

Jun. 30, 2016)

FY '18 Q1

(Apr. 1, 2017 -

Jun. 30, 2017)

B - A

B/A (%)

Sales (A)

% of total net sales

Sales (B)

% of total net sales

Japan

471,588

50.9

499,717

49.7

28,129

106

North America

101,529

10.9

105,542

10.5

4,013

104

Asia

(excluding Japan)

230,218

24.8

270,737

26.9

40,519

118

Europe

103,496

11.2

112,064

11.2

8,568

108

Others

20,246

2.2

17,539

1.7

(2,707)

87

Total overseas sales

455,489

49.1

505,882

50.3

50,393

111

Consolidated total

927,077

100.0

1,005,599

100.0

78,522

108

Cautionary Statement

The Mitsubishi Electric Group (hereafter "the Group") is involved in 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 extend 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 Group trusts and considers to be reasonable under the circumstances on the date of announcement, actual financial standings and 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 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 the Group'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 the Group 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 Group's performance.

(5) Fund raising

An increase in interest rates, the yen interest rate in particular, would increase the Group'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

The Group 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 Group.

(8) Flaws or defects in products or services

The Group may incur losses or expenses resulting out of flaws or defects in products or services, and the lowered reputation of the quality of all its products and services may affect the entire Group.

(9) Litigation and other legal proceedings

The 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 Group's performance.

(11) Business restructuring

The Group may record losses due to restructuring measures.

(12) Information security

The performance of the Group may be affected by computer virus infections, unauthorized access and other unpredictable incidents that lead to the loss or leakage of personal information held by the Group or confidential information regarding the Group's business such as its technology, sales and other operations.

(13) Natural disasters

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

(14) Other significant factors

The 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 the accounting policy

On April 1, 2017, the Company adopted Accounting Standards Update 2015-17 "Balance Sheet Classification of Deferred Taxes" issued by the Financial Accounting Standards Board. To reflect this adoption, all deferred tax assets and liabilities have been classified as noncurrent in the consolidated balance sheets and subsequently, deferred tax assets and liabilities in the same tax-paying component or tax jurisdiction were offset. The consolidated balance sheet as of March 31, 2017 has been reclassified to reflect this adoption and accordingly, deferred tax assets previously included in 'Prepaid expenses and other current assets' and deferred tax liabilities previously included in 'Other liabilities' have been reclassified as 'Other assets'.

###

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

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5107M_-2017-7-31.pdf

This information is provided by RNS
The company news service from the London Stock Exchange
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