9 Feb 2011 10:22
FOR IMMEDIATE RELEASE | No. 2574 |
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Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2011
Tokyo, February 2, 2011- Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial results for the first 9 months and third quarter ending December 31, 2010, of the current fiscal year ending March 31, 2011 (fiscal 2011).
1. Consolidated First 9 Months Results (April 1, 2010 - December 31, 2010)
Net sales: | 2,601.3 billion yen | (13% increase from the same period last year) |
Operating income: | 192.5 billion yen | (254% increase from the same period last year) |
Income before income taxes: | 187.3 billion yen | (577% increase from the same period last year) |
Net income attributable to Mitsubishi Electric Corp.: | 116.9 billion yen | - |
During the first 9 months of fiscal 2011, the global economy saw a continued trend of gradual recovery owing mainly to emerging countries, despite severe conditions due primarily to the yen appreciating against other currencies and material prices soaring.
Under these circumstances, consolidated net sales for the first 9 months of fiscal 2011 increased by 13% compared to the same period of the previous fiscal year to 2,601.3 billion yen, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Operating income for the first 9 months of fiscal 2011 increased by 254% compared to the same period of the previous fiscal year to 192.5 billion yen, owing to income increases in each business segment.
Consolidated Financial Results by Business Segment (First 9 months, Fiscal 2011)
Energy and Electric Systems
Total sales: | 668.5 billion yen | (1% increase from the same period last year) |
Operating income: | 58.1 billion yen | (17.8 billion yen increase from the same period last year) |
The social infrastructure systems business saw a decrease in orders compared to the same period of the previous fiscal year due to decreases mainly in large projects for the energy systems business, while sales increased due to growth in the Japanese rolling-stock equipment business.
The building systems business experienced an increase in orders compared to the same period of the previous fiscal year, with demand for elevators and escalators experiencing a gradual recovery in Japan as well as growth in the Chinese and ASEAN markets. Sales in this business were unchanged from the same period of the previous fiscal year.
As a result, total sales for this segment increased by 1% from the same period of the previous fiscal year. Operating income also increased from the same period of the previous fiscal year by 17.8 billion yen due to increases in sales and other factors.
Industrial Automation Systems
Total sales: | 687.0 billion yen | (32% increase from the same period last year) |
Operating income: | 88.0 billion yen | (72.7 billion yen increase from the same period last year) |
The factory automation systems business saw increases in both orders and sales compared to the same period of the previous fiscal year due to growth in demand throughout Asian markets, such as industrial machinery in China and flat panel display-related investments in Korea and Taiwan.
The automotive equipment business also saw increases in both orders and sales compared to the same period of the previous fiscal year due to buoyant demand in the global market including China and India, despite a downturn in Japan and certain markets of Western Europe due to termination of promotional incentives.
As a result, total sales for this segment increased by 32% compared to the same period of the previous fiscal year. Operating income increased by 72.7 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.
Information and Communication Systems
Total sales: | 323.3 billion yen | (9% decrease from the same period last year) |
Operating income: | 10.9 billion yen | (0.1 billion yen increase from the same period last year) |
The telecommunications equipment business saw decreases in both orders and sales compared to the same period of the previous fiscal year due to lower demand for optical broadband access systems and other communications infrastructures, despite increased orders for home broadband equipment.
The information systems and services business saw a decrease in sales from the same period of the previous fiscal year mainly due to a decline in the system integration business.
The electronic systems business saw decreases in both orders and sales due primarily to a decrease in the number of large projects in the electronics business.
As a result, total sales for this segment decreased by 9% compared to the same period of the previous fiscal year. Operating income increased by 0.1 billion yen compared to the same period of the previous fiscal year mainly due to cost reduction.
Electronic Devices
Total sales: | 129.8 billion yen | (32% increase from the same period last year) |
Operating income: | 4.5 billion yen | (11.3 billion yen improvement from the same period last year) |
The semiconductor business saw increases in both orders and sales compared to the same period of the previous fiscal year owing to increased orders for consumer- and industrial-use power modules as well as optical transmission devices.
The LCD module business saw increases in both orders and sales compared to the same period of the previous fiscal year due to growth in industrial- and automotive-use products.
As a result, total sales for the segment increased by 32% compared to the same period of the previous fiscal year. Operating income improved by 11.3 billion yen, turning to profitability, compared to the same period of the previous fiscal year mainly due to an increase in sales.
Home Appliances
Total sales: | 714.6 billion yen | (17% increase from the same period last year) |
Operating income: | 43.6 billion yen | (30.2 billion yen increase from the same period last year) |
The home appliances business saw a 17% increase in sales compared to the same period of the previous fiscal year due to increases in room air conditioners, LCD televisions and refrigerators for the Japanese market upheld by increased demand owing to a last-minute surge before the change in the eco-point incentive program in the third fiscal quarter. The heat wave last summer also lead to an increase in air conditioners inside and outside Japan, while photovoltaic systems experienced growth globally, benefitting from subsidies and other stimulus programs in various countries.
Operating income increased by 30.2 billion yen compared to the same period of the previous fiscal year due to an increase in sales and other factors.
Others
Total sales: | 445.4 billion yen | (14% increase from the same period last year) |
Operating income: | 9.2 billion yen | (5.4 billion yen increase from the same period last year) |
Sales increased by 14% compared to the same period of the previous fiscal year mainly at affiliated companies involved in materials procurement, logistics and engineering.
Operating income increased by 5.4 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.
2. Consolidated Third-quarter Results (October 1, 2010 - December 31, 2010)
Net sales: | 889.5 billion yen | (14% increase from the same period last year) |
Operating income: | 79.6 billion yen | (106% increase from the same period last year) |
Income before income taxes: | 72.9 billion yen | (80% increase from the same period last year) |
Net income attributable to Mitsubishi Electric Corp.: | 45.6 billion yen | (98% increase from the same period last year) |
Consolidated net sales for this quarter increased by 14% compared to the same period of the previous fiscal year to 889.5 billion yen, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income increased by 106% compared to the same period of the previous fiscal year to 79.6 billion yen, owing to increased income in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated Financial Results by Business Segment (Third Quarter, Fiscal 2011)
Energy and Electric Systems
Total sales: | 227.9 billion yen | (7% increase from the same period last year) |
Operating income: | 25.7 billion yen | (7.5 billion yen increase from the same period last year) |
The social infrastructure systems business saw a decrease in orders compared to the same period of the previous fiscal year due to decreases mainly in the public systems business in Japan, while sales increased mainly due to growth in the Japanese rolling-stock equipment business.
The building systems business experienced increases in both orders and sales compared to the same period of the previous fiscal year, with demand for elevators and escalators experiencing a gradual recovery in Japan as well as growth in the Chinese and ASEAN markets.
As a result, total sales for this segment increased by 7% from the same period of the previous fiscal year. Operating income increased by 7.5 billion yen from the same period of the previous fiscal year due primarily to an increase in sales.
Industrial Automation Systems
Total sales: | 240.0 billion yen | (21% increase from the same period last year) |
Operating income: | 36.9 billion yen | (18.6 billion yen increase from the same period last year) |
The factory automation systems business saw increases in both orders and sales compared to the same period of the previous fiscal year due to growth in demand throughout Asian markets, such as industrial machinery in China and flat panel display-related investments in Korea and Taiwan.
The automotive equipment business also saw increases in both orders and sales compared to the same period of the previous fiscal year due to buoyant demand in the global market including China and India, despite a downturn in Japan due to the termination of promotional incentives.
As a result, total sales for this segment increased by 21% compared to the same period of the previous fiscal year. Operating income increased by 18.6 billion yen compared to the same period of the previous fiscal year due to an increase in sales and other factors.
Information and Communication Systems
Total sales: | 104.3 billion yen | (5% decrease from the same period last year) |
Operating income: | 3.7 billion yen | (1.9 billion yen decrease from the same period last year) |
The telecommunications equipment business saw decreases in both orders and sales compared to the same period of the previous fiscal year due to lower demand for communications infrastructures, despite increased orders for home broadband equipment.
The information systems and services business saw an increase in sales from the same period of the previous fiscal year mainly due to growth in the system integration business.
The electronic systems business saw a decrease in sales due primarily to a decline in the number of large projects in the electronics business, while orders received were unchanged.
As a result, total sales for this segment decreased by 5% compared to the same period of the previous fiscal year. Operating income decreased by 1.9 billion yen compared to the same period of the previous fiscal year due to a decrease in sales and other factors.
Electronic Devices
Total sales: | 43.9 billion yen | (18% increase from the same period last year) |
Operating income: | 1.5 billion yen | (2.9 billion yen improvement from the same period last year) |
The semiconductor business saw increases in both orders and sales compared to the same period of the previous fiscal year owing to increased orders for consumer- and industrial-use power modules as well as optical transmission devices.
The LCD module business saw a decrease in orders compared to the same period of the previous fiscal year due to a decline in products for amusement facilities, while sales increased from the same period of the previous fiscal year due to growth in industrial- and automotive-use products.
As a result, total sales for the segment increased by 18% compared to the same period of the previous fiscal year. Operating income improved by 2.9 billion yen, turning to profitability, compared to the same period of the previous fiscal year mainly due to cost reduction.
Home Appliances
Total sales: | 249.0 billion yen | (24% increase from the same period last year) |
Operating income: | 17.1 billion yen | (11.2 billion yen increase from the same period last year) |
The home appliances business saw a 24% increase in sales compared to the same period of the previous fiscal year mainly due to large increases in room air conditioners, LCD televisions and refrigerators for the Japanese market upheld by increased demand owing to a last-minute surge before the change in the eco-point incentive program, as well as growth in photovoltaic systems both inside and outside Japan that benefitted from subsidies and other stimulus programs in various countries.
Operating income rose by 11.2 billion yen compared to the same period of the previous fiscal year due to an increase in sales and other factors.
Others
Total sales: | 150.6 billion yen | (11% increase from the same period last year) |
Operating income: | 3.8 billion yen | (2.7 billion yen increase from the same period last year) |
Sales increased by 11% compared to the same period of the previous fiscal year mainly at affiliated companies involved in materials procurement, logistics and engineering.
Operating income increased by 2.7 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.
Financial Condition (Consolidated Basis)
Assets, Liabilities, and Shareholders' Equity
The company's total assets rose from the end of the previous fiscal year by 31.5 billion yen to 3,246.6 billion yen. This was due primarily to trade receivables decreasing by 61.0 billion yen mainly as a result of credit collection, while inventories increasing by 126.2 billion yen owing largely to progress in work-in-process.
The balance of outstanding debts and corporate bonds fell by 47.8 billion yen from the end of the previous fiscal year to 489.6 billion yen, with a decline in its ratio to total assets to 15.1% (a decrease by 1.6 points compared to the end of the previous fiscal year). Retirement and severance benefits increased by 1.0 billion yen, due primarily to an increase in deficiency of pension assets resulting from a decline in stock prices and other factors.
Mitsubishi Electric Corporation shareholders' equity increased by 73.8 billion yen compared to the previous fiscal year to 1,038.4 billion yen, with an improvement in ratio of shareholders' equity to total assets of 2.0 points compared to the previous fiscal year, bringing the ratio to 32.0%. Retained earnings increased due to a 116.9 billion yen net income attributable to Mitsubishi Electric Corporation, while accumulated other comprehensive income decreased by 23.5 billion yen mainly due to the yen appreciating against foreign currencies and the decline in stock prices.
Cash Flow
Cash flows from operating activities increased by 59.5 billion yen compared to the same period of the previous fiscal year to 181.5 billion yen (cash in).
Cash flows from investing activities increased by 15.5 billion yen compared to the same period of the previous fiscal year to 113.4 billion yen (cash out), largely due to an increase in investments on securities. Consequently, free cash flow reached revenues of 68.1 billion yen. Cash flows from financing activities were 77.5 billion yen (cash out) due to repayment of loans and other factors.
Forecast for Fiscal 2011 (year ending March 31, 2011)
The current consolidated earnings forecast for fiscal 2011, ending March 31, 2011, is unchanged from the forecast announced on October 29, 2010 as stated below. With the planning ongoing for the following fiscal year along with the review of the prospect for this fiscal year, Mitsubishi Electric intends to make an announcement promptly if the company sees a situation that this forecast shall be revised.
Consolidated earnings forecast for fiscal 2011
Net sales: | 3,560.0 billion yen | (6% increase from fiscal 2010) |
Operating income: | 205.0 billion yen | (117% increase from fiscal 2010) |
Income before income taxes: | 195.0 billion yen | (203% increase from fiscal 2010) |
Net income attributable to Mitsubishi Electric Corp.: | 115.0 billion yen | (307% increase from fiscal 2010) |
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 on the last page. |
Consolidated Financial Results Summary
1. Consolidated First 9 Months Results
(In billions of yen except where noted)
FY '10 9 months (Apr. 1, 2009 - Dec. 31, 2009) (A) | FY '11 9 months (Apr. 1, 2010 - Dec. 31, 2010) (B) | |||
B - A | B/A (%) | |||
Net sales | 2,310.6 | 2,601.3 | 290.7 | 113 |
Operating income | 54.3 | 192.5 | 138.2 | 354 |
Income before income taxes | 27.6 | 187.3 | 159.6 | 677 |
Net income (loss) attributable to Mitsubishi Electric Corp. | (2.8) | 116.9 | 119.7 | - |
Basic net income (loss) per share attributable to Mitsubishi Electric Corp. | (1.32 yen) | 54.45 yen | 55.77 yen | - |
2. Consolidated Third-quarter Results
(In billions of yen except where noted)
FY '10 Q3 (Oct. 1, 2009 - Dec. 31, 2009) (A) | FY '11 Q3 (Oct. 1, 2010 - Dec. 31, 2010) (B) | |||
B - A | B/A (%) | |||
Net sales | 781.1 | 889.5 | 108.3 | 114 |
Operating income | 38.6 | 79.6 | 41.0 | 206 |
Income before income taxes | 40.5 | 72.9 | 32.3 | 180 |
Net income attributable to Mitsubishi Electric Corp. | 23.0 | 45.6 | 22.5 | 198 |
Basic net income per share attributable to Mitsubishi Electric Corp. | 10.73 yen | 21.25 yen | 10.52 yen | 198 |
Notes: 1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The Company has 157 consolidated subsidiaries.
Consolidated Profit and Loss Statement
（First 9 Months, Fiscal 2011)
(In millions of yen)
FY '10 9 months (Apr. 1, 2009 - Dec. 31, 2009) | FY '11 9 months (Apr. 1, 2010 - Dec. 31, 2010) | ||||||
B - A | B/A (%) | ||||||
(A) | % of total | (B) | % of total | ||||
Net sales | 2,310,618 | 100.0 | 2,601,387 | 100.0 | 290,769 | 113 | |
Cost of sales | 1,716,769 | 74.3 | 1,845,527 | 70.9 | 128,758 | 108 | |
Selling, general and administrative expenses | 539,512 | 23.3 | 563,311 | 21.7 | 23,799 | 104 |
|
Operating income | 54,337 | 2.4 | 192,549 | 7.4 | 138,212 | 354 | |
Other income | 18,174 | 0.8 | 30,128 | 1.2 | 11,954 | 166 | |
Interest and dividends | 7,761 | 0.3 | 7,127 | 0.3 | (634) | 92 | |
Other | 10,413 | 0.5 | 23,001 | 0.9 | 12,588 | 221 | |
Other expenses | 44,843 | 2.0 | 35,348 | 1.4 | (9,495) | 79 | |
Interest | 6,998 | 0.3 | 5,911 | 0.3 | (1,087) | 84 | |
Equity in losses of affiliated companies | 29,548 | 1.3 | 10,967 | 0.4 | (18,581) | 37 | |
Other | 8,297 | 0.4 | 18,470 | 0.7 | 10,173 | 223 | |
Income before income taxes | 27,668 | 1.2 | 187,329 | 7.2 | 159,661 | 677 | |
Income taxes | 27,568 | 1.2 | 64,342 | 2.5 | 36,774 | 233 | |
Net income | 100 | 0.0 | 122,987 | 4.7 | 122,887 | 1,230 -fold | |
Net income attributable to the noncontrolling interests | 2,943 | 0.1 | 6,084 | 0.2 | 3,141 | 207 | |
Net income (loss) attributable to Mitsubishi Electric Corp. | (2,843) | (0.1) | 116,903 | 4.5 | 119,746 | - | |
Consolidated Profit and Loss Statement
（Third Quarter, Fiscal 2011)
(In millions of yen)
FY '10 Q3 (Oct. 1, 2009 - Dec. 31, 2009) | FY '11 Q3 (Oct. 1, 2010 - Dec. 31, 2010) | ||||||
B - A | B/A (%) | ||||||
(A) | % of total | (B) | % of total | ||||
Net sales | 781,134 | 100.0 | 889,527 | 100.0 | 108,393 | 114 | |
Cost of sales | 563,843 | 72.2 | 625,854 | 70.4 | 62,011 | 111 | |
Selling, general and administrative expenses | 178,651 | 22.9 | 184,026 | 20.6 | 5,375 | 103 |
|
Operating income | 38,640 | 4.9 | 79,647 | 9.0 | 41,007 | 206 | |
Other income | 9,075 | 1.2 | 7,527 | 0.8 | (1,548) | 83 | |
Interest and dividends | 1,971 | 0.3 | 1,914 | 0.2 | (57) | 97 | |
Other | 7,104 | 0.9 | 5,613 | 0.6 | (1,491) | 79 | |
Other expenses | 7,189 | 0.9 | 14,268 | 1.6 | 7,079 | 198 | |
Interest | 2,148 | 0.3 | 1,843 | 0.2 | (305) | 86 | |
Equity in losses of affiliated companies | 1,476 | 0.2 | 8,617 | 1.0 | 7,141 | 584 | |
Other | 3,565 | 0.4 | 3,808 | 0.4 | 243 | 107 | |
Income before income taxes | 40,526 | 5.2 | 72,906 | 8.2 | 32,380 | 180 | |
Income taxes | 16,176 | 2.1 | 25,001 | 2.8 | 8,825 | 155 | |
Net income | 24,350 | 3.1 | 47,905 | 5.4 | 23,555 | 197 | |
Net income attributable to the noncontrolling interests | 1,310 | 0.2 | 2,277 | 0.3 | 967 | 174 | |
Net income attributable to Mitsubishi Electric Corp. | 23,040 | 2.9 | 45,628 | 5.1 | 22,588 | 198 | |
Consolidated Balance Sheet
(In millions of yen)
FY '10 (A) (ending Mar. 31, 2010) | FY ' 11 9 months (B) (ending Dec. 31, 2010) | B - A | |
(Assets) Current assets | 1,927,473 | 1,959,101 | 31,628 |
Cash and cash equivalents | 391,118 | 367,403 | (23,715) |
Short-term investments | 9,542 | 12,326 | 2,784 |
Trade receivables | 790,754 | 728,639 | (62,115) |
Inventories | 474,204 | 600,459 | 126,255 |
Prepaid expenses and other current assets | 261,855 | 250,274 | (11,581) |
Long-term trade receivables | 1,560 | 2,600 | 1,040 |
Investments | 465,653 | 467,914 | 2,261 |
Net property, plant and equipment | 517,534 | 518,749 | 1,215 |
Other assets | 302,874 | 298,318 | (4,556) |
Total assets | 3,215,094 | 3,246,682 | 31,588 |
(Liabilities and equity) Current liabilities | 1,266,909 | 1,298,967 | 32,058 |
Bank loans and current portion of long-term debt | 128,999 | 149,121 | 20,122 |
Trade payables | 633,670 | 634,026 | 356 |
Other current liabilities | 504,240 | 515,820 | 11,580 |
Long-term debt | 408,501 | 340,560 | (67,941) |
Retirement and severance benefits | 458,763 | 459,799 | 1,036 |
Other fixed liabilities | 59,727 | 51,287 | (8,440) |
Total equity | 1,021,194 | 1,096,069 | 74,875 |
Mitsubishi Electric Corp. shareholders' equity | 964,584 | 1,038,456 | 73,872 |
Common stock | 175,820 | 175,820 | - |
Capital surplus | 210,006 | 208,561 | (1,445) |
Retained earnings | 776,763 | 874,351 | 97,588 |
Accumulated other comprehensive income (loss) | (196,509) | (220,081) | (23,572) |
Treasury stock at cost | (1,496) | (195) | 1,301 |
Noncontrolling interests | 56,610 | 57,613 | 1,003 |
Total liabilities and equity | 3,215,094 | 3,246,682 | 31,588 |
Balance of Debt | 537,500 | 489,681 | (47,819) |
Accumulated other comprehensive income (loss): | |||
Foreign currency translation adjustments | (41,524) | (64,435) | (22,911) |
Pension liability adjustments | (171,674) | (163,651) | 8,023 |
Unrealized gains on securities | 16,600 | 8,164 | (8,436) |
Unrealized gains (losses) on derivative instruments | 89 | (159) | (248) |
Consolidated Cash Flow Statement
(In millions of yen)
FY '10 9 months (Apr. 1, 2009 - Dec. 31, 2009) (A) | FY '11 9 months (Apr. 1, 2010 - Dec. 31, 2010) (B) | B - A | ||
I | Cash flows from operating activities | |||
1 | Net income | 100 | 122,987 | 122,887 |
2 | Adjustments to reconcile net income to net cash provided by operating activities | |||
(1) Depreciation of tangible fixed assets and other | 86,869 | 74,700 | (12,169) | |
(2) Decrease in trade receivables | 78,077 | 43,291 | (34,786) | |
(3) Decrease (increase) in inventories | (61,284) | (144,100) | (82,816) | |
(4) Increase (decrease) in trade payables | (45,453) | 11,256 | 56,709 | |
(5) Other, net | 63,723 | 73,465 | 9,742 | |
Net cash provided by operating activities | 122,032 | 181,599 | 59,567 | |
II | Cash flows from investing activities | |||
1 | Capital expenditure | (81,923) | (75,283) | 6,640 |
2 | Proceeds from sale of property, plant and equipment | 4,662 | 3,508 | (1,154) |
3 | Purchase of short-term investments and investment securities | (32,411) | (48,745) | (16,334) |
4 | Proceeds from sale of short-term investments and investment securities | 10,200 | 11,866 | 1,666 |
5 | Other, net | 1,597 | (4,774) | (6,371) |
Net cash used in investing activities | (97,875) | (113,428) | (15,553) | |
I+II Free cash flow | 24,157 | 68,171 | 44,014 | |
III | Cash flows from financing activities | |||
1 | Proceeds from long-term debt | 91,000 | 100 | (90,900) |
2 | Repayment of long-term debt | (91,384) | (57,777) | 33,607 |
3 | Increase (decrease) in bank loans, net | (92,147) | 969 | 93,116 |
4 | Dividends paid | - | (19,315) | (19,315) |
5 | Purchase of treasury stock | (19) | (37) | (18) |
6 | Reissuance of treasury stock | 11 | 5 | (6) |
7 | Other, net | - | (1,539) | (1,539) |
Net cash provided by (used in) financing activities | (92,539) | (77,594) | 14,945 | |
IV | Effect of exchange rate changes on cash and cash equivalents | (342) | (14,292) | (13,950) |
V | Net increase (decrease) in cash and cash equivalents | (68,724) | (23,715) | 45,009 |
VI | Cash and cash equivalents at beginning of period | 358,616 | 391,118 | 32,502 |
VII | Cash and cash equivalents at end of period | 289,892 | 367,403 | 77,511 |
Consolidated Segment Information (First 9 Months, Fiscal 2011)
1. Sales and Operating Income by Business Segment
(In millions of yen)
| Business Segment | FY '10 9 months (Apr. 1, 2009 - Dec. 31, 2009) | FY '11 9 months (Apr. 1, 2010 - Dec. 31, 2010) | C - A | D - B | C/A (%) | |||
Sales (A) | Operating income (loss) (B) | Sales (C) | Operating income (D) | |||||
Energy and Electric Systems | 661,903 | 40,352 | 668,570 | 58,186 | 6,667 | 17,834 | 101 | |
Industrial Automation Systems | 519,787 | 15,304 | 687,043 | 88,083 | 167,256 | 72,779 | 132 | |
Information and Communication Systems | 354,013 | 10,753 | 323,310 | 10,950 | (30,703) | 197 | 91 | |
Electronic Devices | 98,614 | (6,780) | 129,895 | 4,528 | 31,281 | 11,308 | 132 | |
Home Appliances | 612,667 | 13,403 | 714,603 | 43,676 | 101,936 | 30,273 | 117 | |
Others | 390,562 | 3,805 | 445,457 | 9,281 | 54,895 | 5,476 | 114 | |
Subtotal | 2,637,546 | 76,837 | 2,968,878 | 214,704 | 331,332 | 137,867 | 113 | |
Eliminations and other | (326,928) | (22,500) | (367,491) | (22,155) | (40,563) | 345 | - | |
Total | 2,310,618 | 54,337 | 2,601,387 | 192,549 | 290,769 | 138,212 | 113 | |
*Note: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
| Location | FY '10 9 months (Apr. 1, 2009 - Dec. 31, 2009) | FY '11 9 months (Apr. 1, 2010 - Dec. 31, 2010) | C - A | D - B | C/A (%) | ||
Sales (A) | Operating income (B) | Sales (C) | Operating income (D) | ||||
Japan | 1,962,763 | 21,204 | 2,256,015 | 145,277 | 293,252 | 124,073 | 115 |
North America | 151,891 | 4,500 | 164,464 | 2,585 | 12,573 | (1,915) | 108 |
Asia (excluding Japan) | 316,245 | 18,122 | 422,743 | 32,229 | 106,498 | 14,107 | 134 |
Europe | 208,006 | 1,339 | 218,461 | 7,503 | 10,455 | 6,164 | 105 |
Others | 23,792 | 1,533 | 28,007 | 3,326 | 4,215 | 1,793 | 118 |
Subtotal | 2,662,697 | 46,698 | 3,089,690 | 190,920 | 426,993 | 144,222 | 116 |
Eliminations | (352,079) | 7,639 | (488,303) | 1,629 | (136,224) | (6,010) | - |
Total | 2,310,618 | 54,337 | 2,601,387 | 192,549 | 290,769 | 138,212 | 113 |
*Note: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
| Location | FY '10 9 months (Apr. 1, 2009 - Dec. 31, 2009) | FY '11 9 months (Apr. 1, 2010 - Dec. 31, 2010) | B - A | B/A (%) | ||||
Sales (A) | % of total net sales | Sales (B) | % of total net sales | |||||
Japan | 1,525,586 | 66.0 | 1,697,371 | 65.2 | 171,785 | 111 | ||
North America | 176,813 | 7.7 | 182,663 | 7.0 | 5,850 | 103 | ||
Asia (excluding Japan) | 341,360 | 14.8 | 444,946 | 17.1 | 103,586 | 130 | ||
Europe | 210,758 | 9.1 | 215,212 | 8.3 | 4,454 | 102 | ||
Others | 56,101 | 2.4 | 61,195 | 2.4 | 5,094 | 109 | ||
Total overseas sales | 785,032 | 34.0 | 904,016 | 34.8 | 118,984 | 115 | ||
Consolidated total | 2,310,618 | 100.0 | 2,601,387 | 100.0 | 290,769 | 113 | ||
Consolidated Segment Information (Third Quarter, Fiscal 2011)
1. Sales and Operating Income by Business Segment
(In millions of yen)
| Business Segment | FY '10 Q3 (Oct. 1, 2009 - Dec. 31, 2009) | FY '11 Q3 (Oct. 1, 2010 - Dec. 31, 2010) | C - A | D - B | C/A (%) | |||
Sales (A) | Operating income (loss) (B) | Sales (C) | Operating income (D) | |||||
Energy and Electric Systems | 213,976 | 18,144 | 227,916 | 25,706 | 13,940 | 7,562 | 107 | |
Industrial Automation Systems | 199,134 | 18,324 | 240,069 | 36,941 | 40,935 | 18,617 | 121 | |
Information and Communication Systems | 109,849 | 5,742 | 104,338 | 3,792 | (5,511) | (1,950) | 95 | |
Electronic Devices | 37,205 | (1,489) | 43,906 | 1,500 | 6,701 | 2,989 | 118 | |
Home Appliances | 201,494 | 5,937 | 249,080 | 17,180 | 47,586 | 11,243 | 124 | |
Others | 135,303 | 1,080 | 150,632 | 3,848 | 15,329 | 2,768 | 111 | |
Subtotal | 896,961 | 47,738 | 1,015,941 | 88,967 | 118,980 | 41,229 | 113 | |
Eliminations and other | (115,827) | (9,098) | (126,414) | (9,320) | (10,587) | (222) | - | |
Total | 781,134 | 38,640 | 889,527 | 79,647 | 108,393 | 41,007 | 114 | |
*Note: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
| Location | FY '10 Q3 (Oct. 1, 2009 - Dec. 31, 2009) | FY '11 Q3 (Oct. 1, 2010 - Dec. 31, 2010) | C - A | D - B | C/A (%) | ||
Sales (A) | Operating income (B) | Sales (C) | Operating income (D) | ||||
Japan | 664,728 | 26,078 | 777,112 | 65,855 | 112,384 | 39,777 | 117 |
North America | 52,903 | 167 | 58,840 | 718 | 5,937 | 551 | 111 |
Asia (excluding Japan) | 116,537 | 7,742 | 144,711 | 10,974 | 28,174 | 3,232 | 124 |
Europe | 72,695 | 425 | 69,106 | 1,595 | (3,589) | 1,170 | 95 |
Others | 9,332 | 1,074 | 11,130 | 1,351 | 1,798 | 277 | 119 |
Subtotal | 916,195 | 35,486 | 1,060,899 | 80,493 | 144,704 | 45,007 | 116 |
Eliminations | (135,061) | 3,154 | (171,372) | (846) | (36,311) | (4,000) | - |
Total | 781,134 | 38,640 | 889,527 | 79,647 | 108,393 | 41,007 | 114 |
*Note: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
| Location | FY '10 Q3 (Oct. 1, 2009 - Dec. 31, 2009) | FY '11 Q3 (Oct. 1, 2010 - Dec. 31, 2010) | B - A | B/A (%) | ||||
Sales (A) | % of total net sales | Sales (B) | % of total net sales | |||||
Japan | 505,387 | 64.7 | 581,872 | 65.4 | 76,485 | 115 | ||
North America | 55,383 | 7.1 | 66,047 | 7.4 | 10,664 | 119 | ||
Asia (excluding Japan) | 128,949 | 16.5 | 156,711 | 17.6 | 27,762 | 122 | ||
Europe | 72,290 | 9.3 | 66,817 | 7.5 | (5,473) | 92 | ||
Others | 19,125 | 2.4 | 18,080 | 2.1 | (1,045) | 95 | ||
Total overseas sales | 275,747 | 35.3 | 307,655 | 34.6 | 31,908 | 112 | ||
Consolidated total | 781,134 | 100.0 | 889,527 | 100.0 | 108,393 | 114 | ||
Cautionary Statement
The expectation of operating results herein and any associated statement to be made orally with respect to the Company's current plans, estimates, strategies and beliefs and any other statements that are not historical facts are forward-looking statements. Words such as "expects", "anticipates", "plans", "believes", "scheduled", "estimated", "targeted" along with any variations of these words and similar expressions are intended to identify forward-looking statements which include but are not limited to projections of revenues, earnings, performance and production. 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, you are requested to kindly take note that 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 orservices
We may incur losses 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.
Notes
1. Change of status in material affiliates in this quarterly period: none
2. Abbreviated accounting procedures and procedures inherent to compiling quarterly consolidated financial statements: not applicable
3. Changes in principles and procedures of accounting methods for compiling quarterly consolidated financial statements, or in presentation methods, etc.: none
About Mitsubishi Electric
With 90 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, 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. The company recorded consolidated group sales of 3,353.2 billion yen (US$ 36.1 billion*) in the fiscal year ended March 31, 2010. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 93 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2010
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