31 Jul 2013 10:10
FOR IMMEDIATE RELEASE | No. 2777 |
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Mitsubishi Electric Announces Consolidated Financial Results
for the First Quarter of Fiscal 2014
Tokyo, July 31, 2013 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter ending June 30, 2013, of the current fiscal year ending March 31, 2014 (fiscal 2014).
Consolidated Financial Results
Net sales: | 834.8 | billion yen | (7% increase from the same quarter last year) |
Operating income: | 34.1 | billion yen | (27% decrease from the same quarter last year) |
Income before income taxes: | 42.6
| billion yen | (11% decrease from the same quarter last year) |
Net income attributable to Mitsubishi Electric Corp.: | 25.4 | billion yen | (16% decrease from the same quarter last year) |
In the first quarter of the fiscal year 2014, the business environment made slow recovery owning to steady economic trends both in Japan and in the U.S., as well as the weaker yen, despite the economic downturn in Europe, and slower rates of economic growth in the Chinese market.
Under these circumstances, in the first quarter consolidated net sales increased by 7% compared to the same period of the previous fiscal year to 834.8 billion yen, due to such factors as increased sales in all segments. Consolidated operating income decreased by 27% compared to the same period of the previous fiscal year to 34.1 billion yen, due to lower profits in the Energy and Electric Systems, Industrial Automation Systems, and Information and Communication Systems segments.
Consolidated Financial Results by Business Segment
Energy and Electric Systems
Total sales: | 216.1 | billion yen | (5% increase from the same quarter last year) |
Operating income: | 14.8 | billion yen | (3.5 billion yen decrease from the same quarter last year) |
The social infrastructure systems business saw an increase in orders compared to the same period of the previous fiscal year due primarily to an increase in orders for the public utility systems and the power generation business in Japan. Sales, meanwhile, decreased compared to the same period of the previous fiscal year owing to a decrease in orders for large-scale projects in the rolling-stock equipment business world-wide and in the power generation business in Japan.
The building systems business experienced increases in both orders and sales compared to the same period of the previous fiscal year, owing to growth in elevators and escalators the new installation and renewal in Japan and the new installation in China, as well as the influence on the weaker yen.
As a result, total sales for this segment increased by 5% from the same period of the previous fiscal year. Operating income decreased by 3.5 billion yen from the same period of previous fiscal year due primarily to a shift in project portfolio and other factors.
Industrial Automation Systems
Total sales: | 239.7 | billion yen | (7% increase from the same quarter last year) |
Operating income: | 15.0 | billion yen | (6.0 billion yen decrease from the same quarter last year) |
The factory automation systems business saw an increase in both orders and sales from the same period of the previous fiscal year due to recovery on capital expenditures for smartphone and LCD screen related investments.
The automotive equipment business saw increases in both orders and sales from the same period of the previous fiscal year primarily due to the recovery in the North American car sales market, as well as the weaker yen.
As a result, total sales for this segment increased by 7% from the same period of the previous fiscal year. Operating income decreased by 6 billion yen from the same period of previous fiscal year due primarily to a shift in product mix and to an increase in R&D expenses.
Information and Communication Systems
Total sales: | 103.7 | billion yen | (10% increase from the same quarter last year) |
Operating income(loss): | (0.9 | billion yen) | (1.6 billion yen decline from the same quarter last year) |
The telecommunications equipment business saw increases in both orders and sales from the same period of the previous fiscal year owing primarily to an increase in demand for communications infrastructure products.
The information systems and services business saw no changes in sales compared to the same period of the previous fiscal year.
The electronic systems business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to an increase in the electronic business.
As a result, total sales for this segment increased by 10% from the same period of the previous fiscal year. Operating income declined by 1.6 billion yen from the same period of the previous fiscal year due toa shift in project portfolio and other factors.
Electronic Devices
Total sales: | 42.4 | billion yen | (9% increase from the same quarter last year) |
Operating income: | 1.1 | billion yen | (1.1 billion yen increase from the same quarter last year) |
The semiconductor business saw increases in both orders and sales from the same period of the previous fiscal year due to an increase in demand for power modules used industrial and consumer applications and for optical communication devices, as well as the weaker yen.
The LCD module business saw increases both in orders and sales due to increases in demand for both industrial and automotive-use products.
As a result, total sales for this segment increased by 9% from the same period of the previous fiscal year. Operating income increased by 1.1 billion yen from the same period of the previous fiscal year mainly due to an increase in sales.
Home Appliances
Total sales: | 218.5 | billion yen | (6% increase from the same quarter last year) |
Operating income: | 12.2 | billion yen | (0.7 billion yen decrease from the same quarter last year) |
The home appliances business saw an increase in sales by 6% from the same period of the previous fiscal year due primarily to an increase in photovoltaic systems and room air conditioners in Japan and an increase in HVAC equipments business for the North American and the Asian market, as well as the weaker yen.
Operating income fell by 0.7 billion yen from the same period of the previous fiscal year due primarily to an increase in selling expenses worldwide.
Others
Total sales: | 140.9 | billion yen | (7% increase from the same quarter last year) |
Operating income: | 0.8 | billion yen | (0.1 billion yen increase from the same quarter last year) |
Sales increased by 7% from the same period of the previous fiscal year, mainly at affiliated companies involved in materials procurement.
Operating income increased by 0.1 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
Financial Standing
An analysis on the status of assets, liabilities, equity and cash flow on consolidated basis
The company's total assets for the fiscal quarter decreased from the end of the previous fiscal year by 83.6 billion yen to 3,326.7 billion yen. The change in the balance of total assets was mainly attributable to an increase of cash and cash equivalents by 61.0 billion yen, an increase in inventories by 68.0 billion yen as a result of variation of the work-in-process as recorded in commensurate with progress in job orders under pertinent contracts, and a decrease of trade receivables by 239.5 billion yen as a result of credit collection.
Total liabilities decreased from the end of the previous fiscal year by 125.7 billion yen to 1,917.6 billion yen. The outstanding balance of debt and corporate bonds decreased by 71.0 billion yen to 469.4 billion yen from the balance as of the end of the previous fiscal year, while the ratio of interest bearing debt to total assets was 14.1%, a 1.8-point decrease compared to the end of the previous fiscal year. Trade payables decreased by 45.6 billion yen, and reserves for retirement and severance benefits decreased by 16.7 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 39.7 billion yen compared to the end of the previous fiscal year to 1,339.8 billion yen. Shareholders' equity ratio, showing a 2.2-point increase compared to the end of the previous fiscal year, resulted to represent 40.3%. This change mainly resulted from recording a consolidated net income attributable to Mitsubishi Electric Corporation of 25.4 billion yen and an increase in the other comprehensive income by 27.1 billion yen backed by such factors as the weaker yen as well as the increase in stock prices, despite dividend payment of 12.8 billion yen.
Cash flow from operating activities for this quarter increased by 149.3 billion yen to 182.0 billion yen (cash in), compared to the same period of the previous fiscal year. Cash flow from investing activities increased by 3.1 billion yen compared to the same period of the previous fiscal year to 39.9 billion yen (cash out), resulting mainly from purchase of investment securities. As a result, free cash flow totaled to 142.1 billion yen (cash in). Cash flow from financing activities was 87.8 billion yen (cash out) due primarily to a repayment of bank loans.
Forecast for Fiscal 2014
The consolidated earnings forecast for the first half of fiscal 2014, ending September 30, 2013, and for fiscal 2014, ending March 31, 2014, are unchanged from the announcement released on April 30, 2013 as stated below.
First Half of Fiscal 2014 Consolidated Earnings Forecast
Net sales: | 1,780.0 billion yen | (5% increase from the same period last year) |
Operating income: | 70.0 billion yen | (22% decrease from the same period last year) |
Income before income taxes: | 60.0 billion yen | (18% decrease from the same period last year) |
Net income attributable to Mitsubishi Electric Corp.: | 35.0 billion yen | (20% decrease from the same period last year) |
Fiscal 2014 Consolidated Earnings Forecast
Net sales: | 3,810.0 billion yen | (7% increase from the previous fiscal year) |
Operating income: | 205.0 billion yen | (35% increase from the previous fiscal year) |
Income before income taxes: | 185.0 billion yen | (184% increase from the previous fiscal year) |
Net income attributable to Mitsubishi Electric Corp.: | 110.0 billion yen | (58% increase from the previous fiscal year) |
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 '13 Q1 (A) (Apr. 1, 2012 - Jun. 30, 2012) | FY '14 Q1 (B) (Apr. 1, 2013 - Jun. 30, 2013) | |||
B - A | B/A (%) | |||
Net sales | 782.7 | 834.8 | 52.0 | 107 |
Operating income | 46.5 | 34.1 | (12.3) | 73 |
Income before income taxes | 48.0 | 42.6 | (5.4) | 89 |
Net income attributable to Mitsubishi Electric Corp. | 30.4 | 25.4 | (4.9) | 84 |
Basic net income per share attributable to Mitsubishi Electric Corp. | 14.18 yen | 11.86yen | (2.32yen) | 84 |
Note: 1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The company has 166 consolidated subsidiaries.
Consolidated Profit and Loss Statement
(In millions of yen)
FY '13 Q1 (Apr. 1, 2012 - Jun. 30, 2012) | FY '14 Q1 (Apr. 1, 2013 - Jun. 30, 2013) | ||||||
B - A | B/A (%) | ||||||
(A) | % of total | (B) | % of total | ||||
Net sales | 782,745 | 100.0 | 834,829 | 100.0 | 52,084 | 107 | |
Cost of sales | 545,512 | 69.7 | 596,977 | 71.5 | 51,465 | 109 | |
Selling, general and administrative expenses | 190,669 | 24.4 | 203,654 | 24.4 | 12,985 | 107 | |
Operating income | 46,564 | 5.9 | 34,198 | 4.1 | (12,366) | 73 | |
Other income | 10,648 | 1.4 | 12,714 | 1.5 | 2,066 | 119 | |
Interest and dividends | 3,104 | 0.4 | 3,177 | 0.4 | 73 | 102 | |
Equity in gains of affiliated companies | ― | ― | 2,822 | 0.3 | 2,822 | ― | |
Other | 7,544 | 1.0 | 6,715 | 0.8 | (829) | 89 | |
Other expenses | 9,119 | 1.2 | 4,261 | 0.5 | (4,858) | 47 | |
Interest | 1,696 | 0.2 | 1,222 | 0.1 | (474) | 72 | |
Equity in losses of affiliated companies | 1,633 | 0.2 | ― | ― | (1,633) | ― | |
Other | 5,790 | 0.8 | 3,039 | 0.4 | (2,751) | 52 | |
Income before income taxes | 48,093 | 6.1 | 42,651 | 5.1 | (5,442) | 89 |
|
Income taxes | 16,578 | 2.1 | 15,343 | 1.8 | (1,235) | 93 | |
Net income | 31,515 | 4.0 | 27,308 | 3.3 | (4,207) | 87 | |
Net income attributable to the noncontrolling interests | 1,066 | 0.1 | 1,851 | 0.3 | 785 | 174 | |
Net income attributable to Mitsubishi Electric Corp. | 30,449 | 3.9 | 25,457 | 3.0 | (4,992) | 84 | |
Consolidated Comprehensive Income Statement
(In millions of yen)
FY '13 Q1 (A) (Apr. 1, 2012 - Jun. 30, 2012) | FY '14 Q1 (B) (Apr. 1, 2013 - Jun. 30, 2013) | B - A | ||
Net income | 31,515 | 27,308 | (4,207) | |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | (9,148) | 19,452 | 28,600 | |
Pension liability adjustments | (14,835) | 2,924 | 17,759 | |
Unrealized gains (losses) on securities | (8,911) | 6,812 | 15,723 | |
Unrealized gains (losses) on derivative instruments | 17 | (65) | (82) | |
Total | (32,877) | 29,123 | 62,000 | |
Comprehensive income (loss) | (1,362) | 56,431 | 57,793 | |
Comprehensive income attributable to the noncontrolling interests | 568 | 3,809 | 3,241 | |
Comprehensive income (loss) attributable to Mitsubishi Electric Corp. | (1,930) | 52,622 | 54,552 | |
Consolidated Balance Sheet
(In millions of yen)
FY '13 (A) (ending Mar.31, 2013) | FY '14 (B) (ending Jun. 30, 2013) | B - A | |
(Assets) Current assets | 2,144,260 | 2,048,856 | (95,404) |
Cash and cash equivalents | 298,881 | 359,885 | 61,004 |
Short-term investments | 812 | 810 | (2) |
Trade receivables | 974,505 | 734,972 | (239,533) |
Inventories | 590,735 | 658,749 | 68,014 |
Prepaid expenses and other current assets | 279,327 | 294,440 | 15,113 |
Long-term trade receivables | 2,521 | 2,511 | (10) |
Investments | 423,556 | 433,405 | 9,849 |
Net property, plant and equipment | 603,000 | 613,500 | 10,500 |
Other assets | 237,073 | 228,494 | (8,579) |
Total assets | 3,410,410 | 3,326,766 | (83,644) |
(Liabilities) Current liabilities | 1,425,759 | 1,348,223 | (77,536) |
Bank loans and current portion of long-term debt | 234,918 | 195,035 | (39,883) |
Trade payables | 652,718 | 607,067 | (45,651) |
Other current liabilities | 538,123 | 546,121 | 7,998 |
Long-term debt | 305,654 | 274,450 | (31,204) |
Retirement and severance benefits | 254,977 | 238,229 | (16,748) |
Other fixed liabilities | 57,029 | 56,759 | (270) |
Total liabilities | 2,043,419 | 1,917,661 | (125,758) |
(Equity) | |||
Mitsubishi Electric Corp. shareholders' equity | 1,300,070 | 1,339,801 | 39,731 |
Common stock | 175,820 | 175,820 | - |
Capital surplus | 205,945 | 205,945 | - |
Retained earnings | 1,012,027 | 1,024,603 | 12,576 |
Accumulated other comprehensive income (loss) | (93,487) | (66,322) | 27,165 |
Treasury stock at cost | (235) | (245) | (10) |
Noncontrolling interests | 66,921 | 69,304 | 2,383 |
Total equity | 1,366,991 | 1,409,105 | 42,114 |
| Total liabilities and equity | 3,410,410 | 3,326,766 | (83,644) |
Balance of Debt | 540,572 | 469,485 | (71,087) |
Accumulated other comprehensive income (loss): | |||
Foreign currency translation adjustments | (8,023) | 9,479 | 17,502 |
Pension liability adjustments | (112,523) | (109,599) | 2,924 |
Unrealized gains on securities | 27,045 | 33,840 | 6,795 |
Unrealized gains (losses) on derivative instruments | 14 | (42) | (56) |
Consolidated Cash Flow Statement
(In millions of yen)
FY '13Q1 (A) (Apr. 1, 2012 - Jun. 30, 2012) | FY '14Q1 (B) (Apr. 1, 2013 - Jun. 30, 2013) | B - A | ||
I | Cash flows from operating activities | |||
1 | Net income | 31,515 | 27,308 | (4,207) |
2 | Adjustments to reconcile net income to net cash provided by operating activities | |||
(1) Depreciation of tangible fixed assets and other | 25,400 | 26,652 | 1,252 | |
(2) Decrease in trade receivables | 143,803 | 249,599 | 105,796 | |
(3) Decrease (increase) in inventories | (80,692) | (55,880) | 24,812 | |
(4) Increase (decrease) in trade payables | (79,349) | (46,797) | 32,552 | |
(5) Other, net | (7,938) | (18,817) | (10,879) | |
Net cash provided by operating activities | 32,739 | 182,065 | 149,326 | |
II | Cash flows from investing activities | |||
1 | Capital expenditure | (35,779) | (32,510) | 3,269 |
2 | Proceeds from sale of property, plant and equipment | 717 | 692 | (25) |
3 | Purchase of short-term investments and investment securities | (1,782) | (11,063) | (9,281) |
4 | Proceeds from sale of short-term investments and investment securities | 4,831 | 2,879 | (1,952) |
5 | Other, net | (4,822) | 63 | 4,885 |
Net cash used in investing activities | (36,835) | (39,939) | (3,104) | |
I + II | Free cash flow | (4,096) | 142,126 | 146,222 |
III | Cash flows from financing activities | |||
1 | Proceeds from long-term debt | 12,000 | － | (12,000) |
2 | Repayment of long-term debt | (14,432) | (18,012) | (3,580) |
3 | Increase (decrease) in bank loans, net | 53,889 | (56,630) | (110,519) |
4 | Dividends paid | (12,881) | (12,881) | 0 |
5 | Purchase of treasury stock | (4) | (10) | (6) |
6 | Other, net | (212) | (324) | (112) |
Net cash provided by (used in) financing activities | 38,360 | (87,857) | (126,217) | |
IV | Effect of exchange rate changes on cash and cash equivalents | (4,614) | 6,735 | 11,349 |
V | Net increase in cash and cash equivalents | 29,650 | 61,004 | 31,354 |
VI | Cash and cash equivalents at beginning of period | 392,181 | 298,881 | (93,300) |
VII | Cash and cash equivalents at end of period | 421,831 | 359,885 | (61,946) |
Consolidated Segment Information
1. Sales and Operating Income by Business Segment
(In millions of yen)
| Business Segment | FY '13Q1 (Apr. 1, 2012 - Jun. 30, 2012) | FY '14Q1 (Apr. 1, 2013 - Jun. 30, 2013) | C - A | D - B | C/A (%) | ||
Sales (A) | Operating income (B) | Sales (C) | Operating income (loss) (D) | ||||
Energy and Electric Systems | 205,090 | 18,358 | 216,138 | 14,837 | 11,048 | (3,521) | 105 |
Industrial Automation Systems | 224,036 | 21,174 | 239,740 | 15,082 | 15,704 | (6,092) | 107 |
Information and Communication Systems | 94,485 | 747 | 103,741 | (938) | 9,256 | (1,685) | 110 |
Electronic Devices | 39,038 | 72 | 42,440 | 1,175 | 3,402 | 1,103 | 109 |
Home Appliances | 205,897 | 12,974 | 218,508 | 12,230 | 12,611 | (744) | 106 |
Others | 131,544 | 690 | 140,906 | 813 | 9,362 | 123 | 107 |
Subtotal | 900,090 | 54,015 | 961,473 | 43,199 | 61,383 | (10,816) | 107 |
Eliminations and other | (117,345) | (7,451) | (126,644) | (9,001) | (9,299) | (1,550) | - |
Total | 782,745 | 46,564 | 834,829 | 34,198 | 52,084 | (12,366) | 107 |
*Notes: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
| Location | FY '13Q1 (Apr. 1, 2012 - Jun. 30, 2012) | FY '14Q1 (Apr. 1, 2013 - Jun. 30, 2013) | C - A | D - B | C/A (%) | ||
Sales (A) | Operating income (B) | Sales (C) | Operating income (D) | ||||
Japan | 662,228 | 33,950 | 676,271 | 28,065 | 14,043 | (5,885) | 102 |
North America | 62,703 | 1,424 | 81,995 | 928 | 19,292 | (496) | 131 |
Asia (excluding Japan) | 146,598 | 10,103 | 181,684 | 11,501 | 35,086 | 1,398 | 124 |
Europe | 72,931 | 2,067 | 89,131 | 1,550 | 16,200 | (517) | 122 |
Others | 8,427 | 540 | 11,993 | 548 | 3,566 | 8 | 142 |
Subtotal | 952,887 | 48,084 | 1,041,074 | 42,592 | 88,187 | (5,492) | 109 |
Eliminations | (170,142) | (1,520) | (206,245) | (8,394) | (36,103) | (6,874) | - |
Total | 782,745 | 46,564 | 834,829 | 34,198 | 52,084 | (12,366) | 107 |
*Notes: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
| Location | FY '13Q1 (Apr. 1, 2012 - Jun. 30, 2012) | FY '14Q1 (Apr. 1, 2013 - Jun. 30, 2013) | B - A | B/A (%) | ||||
Sales (A) | % of total net sales | Sales (B) | % of total net sales | |||||
Japan | 487,679 | 62.3 | 475,138 | 56.9 | (12,541) | 97 | ||
North America | 66,003 | 8.4 | 83,008 | 9.9 | 17,005 | 126 | ||
Asia (excluding Japan) | 140,428 | 17.9 | 170,879 | 20.5 | 30,451 | 122 | ||
Europe | 71,010 | 9.1 | 86,514 | 10.4 | 15,504 | 122 | ||
Others | 17,625 | 2.3 | 19,290 | 2.3 | 1,665 | 109 | ||
Total overseas sales | 295,066 | 37.7 | 359,691 | 43.1 | 64,625 | 122 | ||
Consolidated total | 782,745 | 100.0 | 834,829 | 100.0 | 52,084 | 107 | ||
Cautionary Statement
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, 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.
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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