31 Oct 2011 13:38
FOR IMMEDIATE RELEASE | No. 2632 |
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Mitsubishi Electric Announces Consolidated Financial Results for the First Half and Second Quarter of Fiscal 2012
Tokyo, October 31, 2011 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial results for the first half and second quarter, ending September 30, 2011, of the current fiscal year ending March 31, 2012 (fiscal 2012).
1. Consolidated Half-year Results (April 1, 2011 - September 30, 2011)
Net sales: | 1,743.5 billion yen | (2% increase from the same period last year) |
Operating income: | 113.6 billion yen | (1% increase from the same period last year) |
Income before income taxes: | 105.8 billion yen | (7% decrease from the same period last year) |
Net income attributable to Mitsubishi Electric Corp.: | 69.5 billion yen | (2% decrease from the same period last year) |
During the first half of fiscal 2012, the economy saw an upturn in Japan following a temporary decline caused by the Great East Japan Earthquake, while a trend of gradual recovery was seen outside Japan despite a slowdown in certain developed markets. Meanwhile, Japanese yen not only appreciated against U.S. dollars, but also against euros from August due to the financial instability in Europe.
Under these circumstances, consolidated net sales for the first half of fiscal 2012 was 1,743.5 billion yen, a 2% increase compared to the same period of the previous fiscal year, mainly owing to increased revenues in the Industrial Automation Systems and Electronic Devices segments. Operating income marked 113.6 billion yen, increasing by 1% compared to the same period of the previous fiscal year, showing higher profits mainly in the Industrial Automation Systems and Electronic Devices segments.
Consolidated Financial Results by Business Segment (First Half, Fiscal 2012)
Energy and Electric Systems
Total sales: | 438.7 billion yen | (Unchanged from the same period last year) |
Operating income: | 28.5 billion yen | (3.9 billion yen decrease from the same period 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 growth in the Japanese power generation business as well as large projects for overseas markets, while experiencing decreased sales from the same period of the previous fiscal year due to a decline in the rolling stock equipment 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 increased demand for elevators and escalators in China and the ASEAN markets, as well as sales recorded for large-scale projects in China, South Korea and the Middle East.
As a result, total sales for this segment remained unchanged from the same period of the previous fiscal year. Operating income decreased from the same period of the previous fiscal year by 3.9 billion yen due to a shift in sales components and other factors.
Industrial Automation Systems
Total sales: | 487.6 billion yen | (9% increase from the same period last year) |
Operating income: | 56.5 billion yen | (5.4 billion yen increase from the same period last year) |
The factory automation systems business saw increases in both orders and sales from the same period of the previous fiscal year owing to growth in demand for smartphone and tablet PC-related investments mainly in the Asian markets, as well as large orders for flat panel display-related investments in South Korea and Taiwan.
The automotive equipment business saw little change in both orders and sales from the same period of the previous fiscal year with Japanese automotive manufacturers experiencing decreases in production volume due to impacts from the Great East Japan Earthquake, while experiencing expansions in emerging markets including China and India, as well as a recovery in the North American market.
As a result, total sales for this segment increased by 9% compared to the same period of the previous fiscal year. 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.
Information and Communication Systems
Total sales: | 216.6 billion yen | (1% decrease from the same period last year) |
Operating income: | 4.2 billion yen | (2.8 billion yen decrease from the same period last year) |
The telecommunications equipment business saw an increase in orders compared to the same period of the previous fiscal year owing to a large order for optical submarine cable network systems, while sales decreased from the same period of the previous fiscal year due to a decline in demand for communications infrastructures.
The information systems and service business experienced an increase in sales from the same period of the previous fiscal year mainly due to growth in the network and system operations 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 the number of large projects for the space systems business, while sales experienced little change from the same period of the previous fiscal year.
As a result, total sales for this segment decreased by 1% compared to the same period of the previous fiscal year, and operating income also decreased by 2.8 billion yen from the same period of the previous fiscal year mainly due to a decrease in sales.
Electronic Devices
Total sales: | 104.3 billion yen | (21% increase from the same period last year) |
Operating income: | 6.0 billion yen | (3.0 billion yen increase from the same period last year) |
The semiconductor business saw a decrease in orders from the same period of the previous fiscal year due to a decline in demand mainly for high frequency devices and optical transmission devices, while experiencing growth in sales compared to the same period of the previous fiscal year due to an increased demand for power modules used in industrial, consumer, automotive and railcar applications.
The LCD module business saw increases in both orders and sales compared to the same period of the previous fiscal year due to increased demand for industrial and automotive-use products.
As a result, total sales for the segment increased by 21% compared to the same period of the previous fiscal year. Operating income increased by 3.0 billion yen compared to the same period of the previous fiscal year mainly due to an increase in sales.
Home Appliances
Total sales: | 460.3 billion yen | (1% decrease from the same period last year) |
Operating income: | 23.6 billion yen | (2.8 billion yen decrease from the same period last year) |
The home appliances business saw a decrease in sales by 1% compared to the same period of the previous fiscal year due primarily to declines in demand for overseas photovoltaic systems mainly in Europe as well as electric hot water supply systems and induction heating cooking systems in Japan, while experiencing growth in air conditioners for markets outside Japan and in photovoltaic systems for the Japanese market.
Operating income decreased by 2.8 billion yen compared to the same period of the previous fiscal year due to a decrease in sales and other factors.
Others
Total sales: | 301.4 billion yen | (2% increase from the same period last year) |
Operating income: | 7.8 billion yen | (2.4 billion yen increase from the same period last year) |
Sales increased by 2% compared to the same period of the previous fiscal year mainly at affiliated companies involved in materials procurement, engineering and logistics.
Operating income increased by 2.4 billion yen compared to the same period of the previous fiscal year due primarily to an increase in sales.
2. Consolidated Second-quarter Results (July 1, 2011 - September 30, 2011)
Net sales: | 929.9 billion yen | (Unchanged from the same period last year) |
Operating income: | 61.3 billion yen | (Unchanged from the same period last year) |
Income before income taxes: | 56.6 billion yen | (16% decrease from the same period last year) |
Net income attributable to Mitsubishi Electric Corp.: | 42.4 billion yen | (6% decrease from the same period last year) |
Consolidated net sales for this quarter marked 929.9 billion yen, unchanged from the same period of the previous fiscal year with increases in the Industrial Automation Systems, Information and Communication Systems and Electronic Devices segments, and decreases in the Energy and Electric Systems and Home Appliances segments. Consolidated operating income was 61.3 billion yen, also unchanged from the same period of the previous fiscal year, with increased profits in the Industrial Automation Systems and Electronic Devices segments, and a decrease in profits in the Energy and Electric Systems, Information and Communication Systems and Home Appliances segments.
Consolidated Financial Results by Business Segment (Second Quarter, Fiscal 2012)
Energy and Electric Systems
Total sales: | 244.5 billion yen | (2% decrease from the same period last year) |
Operating income: | 14.0 billion yen | (3.0 billion yen decrease from the same period last year) |
The social infrastructure systems business saw an increase in orders compared to the same quarter of the previous fiscal year due primarily to growth in the Japanese power generation business as well as large projects for overseas markets, while sales decreased from the same quarter of the previous fiscal year primarily due to a decline in the rolling stock equipment business in Japan.
The building systems business experienced increases in both orders and sales compared to the same quarter of the previous fiscal year owing to increased demand for elevators and escalators in China and the ASEAN markets, as well as sales recorded for large-scale projects in China, South Korea and the Middle East.
As a result, total sales for this segment decreased by 2% from the same quarter of the previous fiscal year. Operating income decreased by 3.0 billion yen from the same quarter of the previous fiscal year due primarily to a decrease in sales.
Industrial Automation Systems
Total sales: | 253.7 billion yen | (9% increase from the same period last year) |
Operating income: | 28.6 billion yen | (4.4 billion yen increase from the same period last year) |
The factory automation systems business saw a decrease in orders compared to the same quarter of the previous fiscal year due primarily to a falloff after a rise in the previous quarter when customers rushed to place advance orders due to uncertainty over supplies in the wake of the Great East Japan Earthquake. Sales for this business increased, however, compared to the same quarter of the previous fiscal year owing to growth in demand for smartphone and tablet PC-related investments mainly in the Asian markets.
The automotive equipment business saw increases in both orders and sales from the same quarter of the previous fiscal year with Japanese automotive manufacturers experiencing recovery in production from the Great East Japan Earthquake, as well as expansions in emerging markets including China and India, and a recovery in the North American market.
As a result, total sales for this segment increased by 9% compared to the same quarter of the previous fiscal year. Operating income increased by 4.4 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: | 130.4 billion yen | (2% increase from the same period last year) |
Operating income: | 4.6 billion yen | (0.8 billion yen decrease from the same period last year) |
The telecommunications equipment business saw increases in both orders and sales compared to the same period of the previous fiscal year due to growth in demand for communications infrastructures.
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 an increase in orders from the same quarter of the previous fiscal year owing to a growth in the electronics business, while sales experienced little change from the same quarter of the previous fiscal year.
As a result, total sales for this segment increased by 2% compared to the same period of the previous fiscal year. Operating income decreased by 0.8 billion yen compared to the same period of the previous fiscal year due to a shift in sales components and other factors.
Electronic Devices
Total sales: | 54.2 billion yen | (22% increase from the same period last year) |
Operating income: | 3.5 billion yen | (1.2 billion yen increase from the same period last year) |
The semiconductor business saw a decrease in orders compared to the same period of the previous fiscal year resulting from a decline in demand mainly for high frequency devices and optical transmission devices, while sales increased from the same quarter of the previous fiscal year owing to growth in demand for power modules used in industrial, consumer, automotive and railcar applications.
The LCD module business saw a decrease in orders compared to the same period of the previous fiscal year due to a shrink in demand for industrial and automotive-use products, while sales experienced little change from the same quarter of the previous fiscal year.
As a result, total sales for the segment increased by 22% compared to the same period of the previous fiscal year. Operating income rose by 1.2 billion yen from the same period of the previous fiscal year mainly due to an increase in sales.
Home Appliances
Total sales: | 227.9 billion yen | (9% decrease from the same period last year) |
Operating income: | 8.9 billion yen | (3.3 billion yen decrease from the same period last year) |
The home appliances business saw a 9% decrease in sales compared to the same period of the previous fiscal year due to decreases in overseas photovoltaic systems mainly in Europe, as well as air conditioners, electric hot water supply systems and induction heating cooking systems for the Japanese market.
Operating income declined by 3.3 billion yen compared to the same period of the previous fiscal year due to a decrease in sales and other factors.
Others
Total sales: | 162.8 billion yen | (2% increase from the same period last year) |
Operating income: | 6.7 billion yen | (1.7 billion yen increase from the same period last year) |
Sales increased by 2% compared to the same period of the previous fiscal year mainly at affiliated companies involved in materials procurement, engineering and logistics.
Operating income increased by 1.7 billion yen compared to the same period of the previous fiscal year, due primarily to increased sales.
Financial Condition (Consolidated Basis)
Assets, Liabilities, and Shareholders' Equity
The company's total assets as of the end of this fiscal quarter declined from the end of the previous fiscal year by 35.7 billion yen to 3,296.9 billion yen. This was due primarily to cash and cash equivalents decreasing by 7.5 billion yen, and trade receivables decreasing by 87.1 billion yen mainly as a result of credit collection, despite inventories increasing by 79.8 billion yen owing largely to progress in work-in-process.
The balance of outstanding debts and corporate bonds fell by 12.3 billion yen from the end of the previous fiscal year to 472.0 billion yen, with a reduction of the ratio of interest bearing debt to total assets to 14.3% (a decrease by 0.2 points compared to the end of the previous fiscal year). Trade payables decreased by 44.4 billion yen, while retirement and severance benefits increased by 31.8 billion yen mainly due to an increase in deficiency of pension funds brought on by a decline in stock price and other factors.
Mitsubishi Electric Corporation shareholders' equity increased by 3.0 billion yen compared to the end of the previous fiscal year to 1,053.4 billion yen, with an improvement in ratio of shareholders' equity to total assets of 0.5 points compared to the end of the previous fiscal year to 32.0%. Retained earnings increased due to a 69.5 billion yen net income attributable to Mitsubishi Electric Corporation, while accumulated other comprehensive income decreased by 49.0 billion yen mainly due to stronger yen and decline in stock prices.
Cash Flow
Cash flows from operating activities decreased by 63.2 billion yen compared to the same period of the previous fiscal year to 110.6 billion yen (cash in). Cash flows from investing activities decreased by 19.6 billion yen compared to the same period of the previous fiscal year to 62.5 billion yen (cash out) largely due to a decrease in investment on securities. Consequently, free cash flow reached revenues of 48.0 billion yen. Cash flows from financing activities were 43.2 billion yen (cash out) due to repayment of loans, payment of dividends and other factors.
Forecast for Fiscal 2012 (year ending March 31, 2012)
With the yen remaining strong against foreign currencies and concerns arising towards a slowdown in global economy, the company's net sales for fiscal 2012 ending March 31, 2012 is expected to fall below its previous forecast announced on July 29, 2011. By further strengthening the company's various business improvement measures, profit figures are expected to be achieved as previously forecasted.
Consolidated earnings forecast for fiscal 2012
Previous forecast | Revised forecast | ||
Net sales: | 3,790.0 billion yen | 3,730.0 billion yen | (2% increase from fiscal 2011) |
Operating income: | 240.0 billion yen | 240.0 billion yen | (3% increase from fiscal 2011) |
Income before income taxes: | 210.0 billion yen | 210.0 billion yen | (Unchanged from fiscal 2011) |
Net income attributable to Mitsubishi Electric Corp.: | 135.0 billion yen | 135.0 billion yen | (8% increase from fiscal 2011) |
Consolidated Financial Results Summary
1. Consolidated Half-year Results
(In billions of yen except where noted)
FY '11 1st half (Apr. 1, 2010 - Sept. 30, 2010) (A) | FY '12 1st half (Apr. 1, 2011 - Sept. 30, 2011) (B) | |||
B - A | B/A (%) | |||
Net sales | 1,711.8 | 1,743.5 | 31.7 | 102 |
Operating income | 112.9 | 113.6 | 0.7 | 101 |
Income before income taxes | 114.4 | 105.8 | (8.5) | 93 |
Net income attributable to Mitsubishi Electric Corp. | 71.2 | 69.5 | (1.6) | 98 |
Basic net income per share attributable to Mitsubishi Electric Corp. | 33.20 yen | 32.41 yen | (0.79 yen) | 98 |
2. Consolidated Second-quarter Results
(In billions of yen except where noted)
FY '11 Q2 (Jul. 1, 2010 - Sept. 30, 2010) (A) | FY '12 Q2 (Jul. 1, 2011 - Sept. 30, 2011) (B) | |||
B - A | B/A (%) | |||
Net sales | 932.9 | 929.9 | (2.9) | 100 |
Operating income | 61.3 | 61.3 | 0 | 100 |
Income before income taxes | 67.6 | 56.6 | (11.0) | 84 |
Net income attributable to Mitsubishi Electric Corp. | 45.0 | 42.4 | (2.6) | 94 |
Basic net income per share attributable to Mitsubishi Electric Corp. | 20.98 yen | 19.75 yen | (1.23 yen) | 94 |
Notes: 1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The Company has 160 consolidated subsidiaries.
Consolidated Profit and Loss Statement
（First Half, Fiscal 2012)
(In millions of yen)
FY '11 1st half (Apr. 1, 2010 - Sept. 30, 2010) | FY '12 1st half (Apr. 1, 2011 - Sept. 30, 2011) | ||||||
B - A | B/A (%) | ||||||
(A) | % of total | (B) | % of total | ||||
Net sales | 1,711,860 | 100.0 | 1,743,598 | 100.0 | 31,738 | 102 | |
Cost of sales | 1,219,673 | 71.2 | 1,250,457 | 71.7 | 30,784 | 103 | |
Selling, general and administrative expenses | 379,285 | 22.2 | 379,527 | 21.8 | 242 | 100 |
|
Operating income | 112,902 | 6.6 | 113,614 | 6.5 | 712 | 101 | |
Other income | 22,601 | 1.3 | 16,968 | 1.0 | (5,633) | 75 | |
Interest and dividends | 5,213 | 0.3 | 5,072 | 0.3 | (141) | 97 | |
Other | 17,388 | 1.0 | 11,896 | 0.7 | (5,492) | 68 | |
Other expenses | 21,080 | 1.2 | 24,692 | 1.4 | 3,612 | 117 | |
Interest | 4,068 | 0.2 | 3,603 | 0.2 | (465) | 89 | |
Equity in losses of affiliated companies | 2,350 | 0.1 | 2,591 | 0.1 | 241 | 110 | |
Other | 14,662 | 0.9 | 18,498 | 1.1 | 3,836 | 126 | |
Income before income taxes | 114,423 | 6.7 | 105,890 | 6.1 | (8,533) | 93 | |
Income taxes | 39,341 | 2.3 | 32,378 | 1.9 | (6,963) | 82 | |
Net income | 75,082 | 4.4 | 73,512 | 4.2 | (1,570) | 98 | |
Net income attributable to the noncontrolling interests | 3,807 | 0.2 | 3,931 | 0.2 | 124 | 103 | |
Net income attributable to Mitsubishi Electric Corp. | 71,275 | 4.2 | 69,581 | 4.0 | (1,694) | 98 | |
Consolidated Profit and Loss Statement
（Second Quarter, Fiscal 2012)
(In millions of yen)
FY '11 Q2 (Jul. 1, 2010 - Sept. 30, 2010) | FY '12 Q2 (Jul. 1, 2011 - Sept. 30, 2011) | ||||||
B - A | B/A (%) | ||||||
(A) | % of total | (B) | % of total | ||||
Net sales | 932,923 | 100.0 | 929,963 | 100.0 | (2,960) | 100 | |
Cost of sales | 671,396 | 72.0 | 674,824 | 72.6 | 3,428 | 101 | |
Selling, general and administrative expenses | 200,222 | 21.4 | 193,759 | 20.8 | (6,463) | 97 |
|
Operating income | 61,305 | 6.6 | 61,380 | 6.6 | 75 | 100 | |
Other income | 13,542 | 1.5 | 9,241 | 1.0 | (4,301) | 68 | |
Interest and dividends | 1,972 | 0.2 | 1,702 | 0.2 | (270) | 86 | |
Equity in earnings of affiliated companies | 3,355 | 0.4 | 1,888 | 0.2 | (1,467) | 56 | |
Other | 8,215 | 0.9 | 5,651 | 0.6 | (2,564) | 69 | |
Other expenses | 7,201 | 0.8 | 13,977 | 1.5 | 6,776 | 194 | |
Interest | 2,095 | 0.2 | 1,811 | 0.2 | (284) | 86 | |
Other | 5,106 | 0.6 | 12,166 | 1.3 | 7,060 | 238 | |
Income before income taxes | 67,646 | 7.3 | 56,644 | 6.1 | (11,002) | 84 | |
Income taxes | 20,306 | 2.2 | 12,413 | 1.3 | (7,893) | 61 | |
Net income | 47,340 | 5.1 | 44,231 | 4.8 | (3,109) | 93 | |
Net income attributable to the noncontrolling interests | 2,298 | 0.3 | 1,826 | 0.2 | (472) | 79 | |
Net income attributable to Mitsubishi Electric Corp. | 45,042 | 4.8 | 42,405 | 4.6 | (2,637) | 94 | |
Consolidated Balance Sheet
(In millions of yen)
FY '11 (A) (ending Mar. 31, 2011) | FY ' 12 1st half (B) (ending Sept. 30, 2011) | B - A | |
(Assets) Current assets | 2,073,064 | 2,053,253 | (19,811) |
Cash and cash equivalents | 472,067 | 464,503 | (7,564) |
Short-term investments | 10,031 | 4,577 | (5,454) |
Trade receivables | 790,991 | 704,980 | (86,011) |
Inventories | 527,504 | 607,343 | 79,839 |
Prepaid expenses and other current assets | 272,471 | 271,850 | (621) |
Long-term trade receivables | 2,090 | 945 | (1,145) |
Investments | 448,953 | 407,900 | (41,053) |
Net property, plant and equipment | 527,453 | 543,022 | 15,569 |
Other assets | 281,119 | 291,801 | 10,682 |
Total assets | 3,332,679 | 3,296,921 | (35,758) |
(Liabilities and equity) Current liabilities | 1,470,387 | 1,418,655 | (51,732) |
Bank loans and current portion of long-term debt | 202,761 | 201,414 | (1,347) |
Trade payables | 697,789 | 653,314 | (44,475) |
Other current liabilities | 569,837 | 563,927 | (5,910) |
Long-term debt | 281,591 | 270,594 | (10,997) |
Retirement and severance benefits | 419,008 | 450,826 | 31,818 |
Other fixed liabilities | 52,668 | 49,749 | (2,919) |
Total equity | 1,109,025 | 1,107,097 | (1,928) |
Mitsubishi Electric Corp. shareholders' equity | 1,050,340 | 1,053,409 | 3,069 |
Common stock | 175,820 | 175,820 | - |
Capital surplus | 208,669 | 206,270 | (2,399) |
Retained earnings | 881,973 | 936,526 | 54,553 |
Accumulated other comprehensive income (loss) | (215,919) | (264,992) | (49,073) |
Treasury stock at cost | (203) | (215) | (12) |
Noncontrolling interests | 58,685 | 53,688 | (4,997) |
Total liabilities and equity | 3,332,679 | 3,296,921 | (35,758) |
Balance of Debt | 484,352 | 472,008 | (12,344) |
Accumulated other comprehensive income (loss): | |||
Foreign currency translation adjustments | (59,400) | (82,860) | (23,460) |
Pension liability adjustments | (162,390) | (184,348) | (21,958) |
Unrealized gains on securities | 5,957 | 2,335 | (3,622) |
Unrealized gains (losses) on derivative instruments | (86) | (119) | (33) |
Consolidated Cash Flow Statement
(In millions of yen)
FY '11 1st half (Apr. 1, 2010 - Sept. 30, 2010) (A) | FY '12 1st half (Apr. 1, 2011 - Sept. 30, 2011) (B) | B - A | ||
I | Cash flows from operating activities | |||
1 | Net income | 75,082 | 73,512 | (1,570) |
2 | Adjustments to reconcile net income to net cash provided by operating activities | |||
(1) Depreciation of tangible fixed assets and other | 47,403 | 52,891 | 5,488 | |
(2) Decrease in trade receivables | 65,889 | 75,292 | 9,403 | |
(3) Decrease (increase) in inventories | (81,651) | (96,693) | (15,042) | |
(4) Increase (decrease) in trade payables | (9,274) | (42,758) | (33,484) | |
(5) Other, net | 76,403 | 48,390 | (28,013) | |
Net cash provided by operating activities | 173,852 | 110,634 | (63,218) | |
II | Cash flows from investing activities | |||
1 | Capital expenditure | (52,169) | (66,568) | (14,399) |
2 | Proceeds from sale of property, plant and equipment | 2,191 | 2,395 | 204 |
3 | Purchase of short-term investments and investment securities | (38,333) | (7,965) | 30,368 |
4 | Proceeds from sale of short-term investments and investment securities | 8,615 | 9,623 | 1,008 |
5 | Other, net | (2,485) | (34) | 2,451 |
Net cash used in investing activities | (82,181) | (62,549) | 19,632 | |
I+II Free cash flow | 91,671 | 48,085 | (43,586) | |
III | Cash flows from financing activities | |||
1 | Proceeds from long-term debt | 100 | 50 | (50) |
2 | Repayment of long-term debt | (9,473) | (17,843) | (8,370) |
3 | Increase (decrease) in bank loans, net | (2,185) | (1,201) | 984 |
4 | Dividends paid | (8,580) | (15,028) | (6,448) |
5 | Purchase of treasury stock | (15) | (14) | 1 |
6 | Reissuance of treasury stock | 4 | 2 | (2) |
7 | Other, net | (1,468) | (9,211) | (7,743) |
Net cash provided by (used in) financing activities | (21,617) | (43,245) | (21,628) | |
IV | Effect of exchange rate changes on cash and cash equivalents | (9,867) | (12,404) | (2,537) |
V | Net increase (decrease) in cash and cash equivalents | 60,187 | (7,564) | (67,751) |
VI | Cash and cash equivalents at beginning of period | 391,118 | 472,067 | 80,949 |
VII | Cash and cash equivalents at end of period | 451,305 | 464,503 | 13,198 |
Consolidated Segment Information (First Half, Fiscal 2012)
1. Sales and Operating Income by Business Segment
(In millions of yen)
| Business Segment | FY '11 1st half (Apr. 1, 2010 - Sept. 30, 2010) | FY '12 1st half (Apr. 1, 2011 - Sept. 30, 2011) | C - A | D - B | C/A (%) | |||
Sales (A) | Operating income (B) | Sales (C) | Operating income (D) | |||||
Energy and Electric Systems | 440,654 | 32,480 | 438,747 | 28,512 | (1,907) | (3,968) | 100 | |
Industrial Automation Systems | 446,974 | 51,142 | 487,639 | 56,549 | 40,665 | 5,407 | 109 | |
Information and Communication Systems | 218,972 | 7,158 | 216,679 | 4,264 | (2,293) | (2,894) | 99 | |
Electronic Devices | 85,989 | 3,028 | 104,309 | 6,028 | 18,320 | 3,000 | 121 | |
Home Appliances | 465,523 | 26,496 | 460,320 | 23,694 | (5,203) | (2,802) | 99 | |
Others | 294,825 | 5,433 | 301,434 | 7,879 | 6,609 | 2,446 | 102 | |
Subtotal | 1,952,937 | 125,737 | 2,009,128 | 126,926 | 56,191 | 1,189 | 103 | |
Eliminations and other | (241,077) | (12,835) | (265,530) | (13,312) | (24,453) | (477) | - | |
Total | 1,711,860 | 112,902 | 1,743,598 | 113,614 | 31,738 | 712 | 102 | |
*Note: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
| Location | FY '11 1st half (Apr. 1, 2010 - Sept. 30, 2010) | FY '12 1st half (Apr. 1, 2011 - Sept. 30, 2011) | C - A | D - B | C/A (%) | ||
Sales (A) | Operating income (B) | Sales (C) | Operating income (D) | ||||
Japan | 1,478,903 | 79,422 | 1,497,982 | 84,984 | 19,079 | 5,562 | 101 |
North America | 105,624 | 1,867 | 105,750 | 1,849 | 126 | (18) | 100 |
Asia (excluding Japan) | 278,032 | 21,255 | 314,940 | 22,465 | 36,908 | 1,210 | 113 |
Europe | 149,355 | 5,908 | 165,481 | 5,162 | 16,126 | (746) | 111 |
Others | 16,877 | 1,975 | 18,677 | 2,049 | 1,800 | 74 | 111 |
Subtotal | 2,028,791 | 110,427 | 2,102,830 | 116,509 | 74,039 | 6,082 | 104 |
Eliminations | (316,931) | 2,475 | (359,232) | (2,895) | (42,301) | (5,370) | - |
Total | 1,711,860 | 112,902 | 1,743,598 | 113,614 | 31,738 | 712 | 102 |
*Note: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
| Location | FY '11 1st half (Apr. 1, 2010 - Sept. 30, 2010) | FY '12 1st half (Apr. 1, 2011 - Sept. 30, 2011) | B - A | B/A (%) | ||||
Sales (A) | % of total net sales | Sales (B) | % of total net sales | |||||
Japan | 1,115,499 | 65.2 | 1,102,975 | 63.3 | (12,524) | 99 | ||
North America | 116,616 | 6.8 | 113,753 | 6.5 | (2,863) | 98 | ||
Asia (excluding Japan) | 288,235 | 16.8 | 326,318 | 18.7 | 38,083 | 113 | ||
Europe | 148,395 | 8.7 | 160,769 | 9.2 | 12,374 | 108 | ||
Others | 43,115 | 2.5 | 39,783 | 2.3 | (3,332) | 92 | ||
Total overseas sales | 596,361 | 34.8 | 640,623 | 36.7 | 44,262 | 107 | ||
Consolidated total | 1,711,860 | 100.0 | 1,743,598 | 100.0 | 31,738 | 102 | ||
Consolidated Segment Information (Second Quarter, Fiscal 2012)
1. Sales and Operating Income by Business Segment
(In millions of yen)
| Business Segment | FY '11 Q2 (Jul. 1, 2010 - Sept. 30, 2010) | FY '12 Q2 (Jul. 1, 2011 - Sept. 30, 2011) | C - A | D - B | C/A (%) | |||
Sales (A) | Operating income (B) | Sales (C) | Operating income (D) | |||||
Energy and Electric Systems | 248,331 | 17,065 | 244,542 | 14,009 | (3,789) | (3,056) | 98 | |
Industrial Automation Systems | 232,414 | 24,127 | 253,720 | 28,616 | 21,306 | 4,489 | 109 | |
Information and Communication Systems | 127,750 | 5,507 | 130,471 | 4,638 | 2,721 | (869) | 102 | |
Electronic Devices | 44,445 | 2,291 | 54,275 | 3,534 | 9,830 | 1,243 | 122 | |
Home Appliances | 250,574 | 12,341 | 227,936 | 8,971 | (22,638) | (3,370) | 91 | |
Others | 159,838 | 4,973 | 162,835 | 6,730 | 2,997 | 1,757 | 102 | |
Subtotal | 1,063,352 | 66,304 | 1,073,779 | 66,498 | 10,427 | 194 | 101 | |
Eliminations and other | (130,429) | (4,999) | (143,816) | (5,118) | (13,387) | (119) | - | |
Total | 932,923 | 61,305 | 929,963 | 61,380 | (2,960) | 75 | 100 | |
*Note: Inter-segment sales are included in the above chart.
2. Sales and Operating Income by Location
(In millions of yen)
| Location | FY '11 Q2 (Jul. 1, 2010 - Sept. 30, 2010) | FY '12 Q2 (Jul. 1, 2011 - Sept. 30, 2011) | C - A | D - B | C/A (%) | ||
Sales (A) | Operating income (B) | Sales (C) | Operating income (D) | ||||
Japan | 816,058 | 41,983 | 817,310 | 47,072 | 1,252 | 5,089 | 100 |
North America | 55,926 | 1,781 | 49,717 | 653 | (6,209) | (1,128) | 89 |
Asia (excluding Japan) | 144,651 | 9,935 | 158,907 | 10,203 | 14,256 | 268 | 110 |
Europe | 72,455 | 2,337 | 80,661 | 1,932 | 8,206 | (405) | 111 |
Others | 8,508 | 1,037 | 9,782 | 1,078 | 1,274 | 41 | 115 |
Subtotal | 1,097,598 | 57,073 | 1,116,377 | 60,938 | 18,779 | 3,865 | 102 |
Eliminations | (164,675) | 4,232 | (186,414) | 442 | (21,739) | (3,790) | - |
Total | 932,923 | 61,305 | 929,963 | 61,380 | (2,960) | 75 | 100 |
*Note: Inter-segment sales are included in the above chart.
3. Sales by Location of Customers
(In millions of yen)
| Location | FY '11 Q2 (Jul. 1, 2010 - Sept. 30, 2010) | FY '12 Q2 (Jul. 1, 2011 - Sept. 30, 2011) | B - A | B/A (%) | ||||
Sales (A) | % of total net sales | Sales (B) | % of total net sales | |||||
Japan | 627,965 | 67.3 | 604,127 | 65.0 | (23,838) | 96 | ||
North America | 62,464 | 6.7 | 54,782 | 5.9 | (7,682) | 88 | ||
Asia (excluding Japan) | 148,695 | 15.9 | 171,262 | 18.4 | 22,567 | 115 | ||
Europe | 72,296 | 7.8 | 77,634 | 8.3 | 5,338 | 107 | ||
Others | 21,503 | 2.3 | 22,158 | 2.4 | 655 | 103 | ||
Total overseas sales | 304,958 | 32.7 | 325,836 | 35.0 | 20,878 | 107 | ||
Consolidated total | 932,923 | 100.0 | 929,963 | 100.0 | (2,960) | 100 | ||
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 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.
Notes
1. Change of status in material affiliates in this period: none
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About Mitsubishi Electric Corporation
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 3,645.3 billion yen (US$ 43.9 billion*) in the fiscal year ended March 31, 2011. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 83 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2011