REG - Mitsubishi Elect. - Final Results

Mitsubishi ElectricAnnouncement

27/04/2018 07:00

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RNS Number : 3242M
Mitsubishi Electric Corporation
27 April 2018
 

 
 
 




FOR IMMEDIATE RELEASE


No. 3190




 








Investor Relations Inquiries


Media Inquiries














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Public Relations Division




Mitsubishi Electric Corporation


Mitsubishi Electric Corporation




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Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2018
 
 
TOKYO, April 27, 2018 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for fiscal 2018 (April 1, 2017- March 31, 2018).
 
Consolidated Financial Results




Net sales:


4,431.1


billion yen


(5% increase from the previous fiscal year)




Operating income:


318.6


billion yen


(18% increase from the previous fiscal year)




Income before income taxes:


364.5


billion yen


(23% increase from the previous fiscal year)




Net income attributable to Mitsubishi Electric Corp.:


271.8


billion yen


(29% increase from the previous fiscal year)




 
During the fiscal year ended March 31, 2018, the global economy saw a stable status in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen, compared to the previous fiscal year, weakened against the U.S. dollar and the euro in and after May, but became stronger against the U.S. dollar after the latter half of November.
Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies rooted in its advantages, while continuously implementing initiatives to strengthen its competitiveness and business structure.
As a result, the Mitsubishi Electric Group has recorded a net sales of 4,431.1 billion yen for fiscal 2018, an increase of 5% compared to the previous fiscal year, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated operating income increased by 18% compared to the previous fiscal year to 318.6 billion yen, due to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments.
Income before income taxes increased by 23% compared to the previous fiscal year to 364.5 billion yen, due to gain recorded from sales of investment securities in Renesas Electronics Corporation and other factors, in addition to an increase in operating income.
Net income attributable to Mitsubishi Electric Corporation increased by 29% compared to the previous fiscal year to 271.8 billion yen.
 




 
Consolidated Financial Results by Business Segment
Energy and Electric Systems




Total sales:


1,241.9


billion yen


(1% increase from the previous fiscal year)




Operating income:


51.7


billion yen


(7.3 billion yen increase from the previous fiscal year)




 
The social infrastructure systems business saw decreases in both orders and sales compared to the previous fiscal year due primarily to decreases in the transportation systems business outside Japan and the power systems business in Japan.
The building systems business remained substantially unchanged in orders, while sales increased compared to the previous fiscal year due primarily to growth in the renewal business in Japan and the new installation of elevators and escalators outside Japan.
As a result, total sales for this segment increased by 1% from the previous fiscal year. Operating income increased by 7.3 billion yen from the previous fiscal year due primarily to a shift in project portfolios.
 
Industrial Automation Systems




Total sales:


1,444.9


billion yen


(10% increase from the previous fiscal year)




Operating income:


190.8


billion yen


(50.7 billion yen increase from the previous fiscal year)




The factory automation systems business saw increases in both orders and sales from the previous fiscal year due primarily to growth in capital expenditures in the fields of organic light emitting diodes (OLED) mainly in Korea, smartphones and electric cars in China as well as buoyancy in exports by machinery manufacturers in Japan.
The automotive equipment business saw increases in both orders and sales from the previous fiscal year, due primarily to increases in sales volume of Japanese car manufacturers in China, as well as the weaker yen, despite decreased car sales in North America.
As a result, total sales for this segment increased by 10% from the previous fiscal year. Operating income increased by 50.7 billion yen from the previous fiscal year due primarily to an increase in sales.
 
Information and Communication Systems




Total sales:


436.0


billion yen


(3% decrease from the previous fiscal year)




Operating income:


11.9


billion yen


(0.7 billion yen decrease from the previous fiscal year)




The telecommunications equipment business saw decreases in both orders and sales compared to the previous fiscal year due primarily to decreased demand in communications infrastructure equipment.
The information systems and service business saw an increase in sales compared to the previous fiscal year, mainly owing to an increase in the system integrations business.
The electronic systems business saw an increase in orders compared to the previous fiscal year mainly due to increases in the defense systems and space systems businesses, while sales experienced a decrease compared to the previous fiscal year due primarily to a shift in large-scale projects in the defense systems business.
As a result, total sales for this segment decreased by 3% from the previous fiscal year. Operating income decreased by 0.7 billion yen from the previous fiscal year due primarily to a decrease in sales.
 
Electronic Devices




Total sales:


202.2


billion yen


(8% increase from the previous fiscal year)




Operating income:


14.5


billion yen


(6.1 billion yen increase from the previous fiscal year)




 
The electronic devices business saw an increase in orders from the previous fiscal year due to increases in demand for power modules used in consumer and industrial applications, despite a decrease in demand for optical communication devices, and total sales increased by 8% compared to the previous fiscal year.
Operating income increased by 6.1 billion yen from the previous fiscal year due primarily to an increase in sales.
 




 
Home Appliances




Total sales:


1,049.3


billion yen


(4% increase from the previous fiscal year)




Operating income:


56.0


billion yen


(13.6 billion yen decrease from the previous fiscal year)




The home appliances business saw a 4% increase in sales compared to the previous fiscal year due to increases in sales of air conditioners in the European, Chinese and U.S. markets, in addition to positive influences caused by the weaker yen.
Operating income decreased by 13.6 billion yen compared to the previous fiscal year due primarily to increases in material prices and sales expenses.
 
Others




Total sales:


764.3


billion yen


(7% increase from the previous fiscal year)




Operating income:


23.9


billion yen


(0.6 billion yen increase from the previous fiscal year)




Sales increased by 7% compared to the previous fiscal year mainly due to an increase in sales at affiliated companies involved in materials procurement.
Operating income increased by 0.6 billion yen from the previous fiscal year due primarily to an increase in sales.
 
Fundamental Dividend Distribution Policy and FY2018 Dividend
Fundamental dividend distribution policy
Mitsubishi Electric's fundamental policy is to comprehensively promote improvement in shareholder profit from the viewpoints of appropriate profit distribution commensurate with earnings performance of the respective fiscal year, as well as strengthening our financial standing through the company's internal reserves, with the ultimate goal of enhancing corporate value.
 
FY 2018 dividend
Considering the company's business performance and financial conditions in fiscal 2018, the company has decided to pay a year-end retained earnings dividend of 26 yen per share for fiscal 2018. Adding the interim dividend of 14 yen per share, the total annual dividend will be 40 yen per share. Payment is planned to begin on June 4, 2018.
 
The retained earnings dividend for fiscal 2019 is still undecided.
cf. In fiscal 2017, interim dividend was 9 yen and year-end dividend was 18 yen per share. (Annual dividend of 27 yen per share)
 
Financial Standing
An analysis on the status of assets, liabilities and equity on a consolidated basis
Total assets as of the end of this fiscal year increased from the end of the previous fiscal year by 92.2 billion yen to 4,264.5 billion yen. The change in the balance of total assets was mainly due to increases in the balance of inventories by 98.7 billion yen as a result of work-in-process as recorded in commensurate with progress in job orders under pertinent contracts and in trade receivables by 49.5 billion yen, while cash and cash equivalents decreased by 63.2 billion yen.
 
Total liabilities decreased from the end of the previous fiscal year by 131.1 billion yen to 1,900.4 billion yen. The outstanding balances of debts and corporate bonds decreased by 40.6 billion yen from the end of the previous fiscal year to 311.4 billion yen, resulting in a decline in the ratio of interest bearing debt to total assets to 7.3%, representing a 1.1 point decrease compared to the end of the previous fiscal year. The outstanding balance of trade payables decreased by 60.7 billion yen, and retirement and severance benefits decreased by 23.9 billion yen, mainly resulting from an increase in pension assets following a rise in stock prices.
 
Mitsubishi Electric Corporation shareholders' equity increased by 219.7 billion yen compared to the end of the previous fiscal year to 2,259.3 billion yen. Shareholders' equity ratio was recorded at 53.0%, representing a 4.1 point increase compared to the end of the previous fiscal year. The changes referred to above primarily resulted from an increase from recording a net income attributable to Mitsubishi Electric Corporation of 271.8 billion yen, along with an increase in accumulated other comprehensive income by 16.5 billion yen caused by such factors as the weaker yen and a rise in stock prices, despite dividend payment of 68.6 billion yen.




 
An analysis on the status of cash flow on a consolidated basis 
Cash flows from operating activities for this fiscal year decreased by 125.5 billion yen compared to the previous fiscal year to 240.4 billion yen (cash in) mainly due to an increase in inventories. Cash flows from investing activities increased by 29.5 billion yen compared to the previous fiscal year to 178.2 billion yen (cash out) due to increases in proceeds from the purchases of tangible fixed assets and other factors. As a result, free cash flow was 62.2 billion yen (cash in). Cash flows from financing activities were 128.2 billion yen (cash out) mainly due to dividend payment.
 
Current Forecast for Fiscal 2019
Despite the uncertainty in the global economy due to factors such as U.S. trade policies and influences from Brexit, the economic slowdown in China is expected to be mild, and global business conditions are facing gradual growth in the economy with buoyant expansion in the U.S. and a continued trend of recovery in Japan and Europe.
Under these circumstances, the Mitsubishi Electric Group aims to achieve its management targets by uplifting its business performance and financial standings through initiatives such as promoting more strongly its global operations centered around its growth-driving businesses, continuously increasing and strengthening profitability in each business and continuously implementing various Group-wide business improvement measures.
 
The current financial performance forecast for fiscal 2019 follows below.
 
Current consolidated forecast for fiscal 2019




Net sales


4,500.0


billion yen


(1% increase from fiscal 2018)




Operating income


315.0


billion yen


(4% decrease from fiscal 2018)




Income before income taxes


345.0


billion yen


(2% decrease from fiscal 2018)




Net income attributable to Mitsubishi Electric Corp. stockholders


245.0


billion yen


(5% decrease from fiscal 2018)




 
The forecast above has been prepared in accordance with the International Financial Reporting Standards (IFRS), with year-on-year changes from fiscal 2018 also described in unaudited IFRS basis. Exchange rates for this forecast is 100 yen to the US dollar and 125 yen to the euro.
 
 
Policy Regarding Financial Reporting Standards
Mitsubishi Electric will voluntarily adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements from the first quarter of the fiscal year ending March 31, 2019 (April 1, 2018 to March 31, 2019), in place of U.S. generally accepted accounting principles (U.S. GAAP), in order to enhance international comparability of its financial information in the capital markets.
 




Consolidated Financial Results Summary
 
 (In billions of yen except where noted)








FY '17 (A)
(Apr. 1, 2016 -
Mar. 31, 2017)


FY '18 (B)
(Apr. 1, 2017 -
Mar. 31, 2018)








B - A


B/A (%)




Net sales


4,238.6


4,431.1


192.5


105




Operating income


270.1


318.6


48.5


118




Income before income taxes


296.2


364.5


68.3


123




Net income attributable to
Mitsubishi Electric Corp.


210.4


271.8


61.3


129




Basic net income per share attributable to Mitsubishi Electric Corp.


98.07 yen


126.70 yen


28.63 yen


129




Dividend per share




















Annual dividend


27 yen


40 yen


13 yen


148




Interim dividend


9 yen


14 yen


―








Year-end dividend


18 yen


26 yen


―








Notes:
1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The Company has 205 consolidated subsidiaries.
 
 




 
Consolidated Profit and Loss Statement
(In millions of yen)








FY '17
(Apr. 1, 2016 -
Mar. 31, 2017)


FY '18
(Apr. 1, 2017 -
Mar. 31, 2018)








(A)


% of total


(B)


% of total


B - A


B/A
(%)




Net sales


4,238,666


100.0


4,431,198


100.0


192,532


105




Cost of sales


2,950,729


69.6


3,030,902


68.4


80,173


103




Selling, general and
administrative expenses


1,014,389


23.9


1,061,778


24.0


47,389


105




Loss on impairment of
long-lived assets


3,444


0.1


19,881


0.4


16,437


577




Operating income


270,104


6.4


318,637


7.2


48,533


118




Other income


60,985


1.4


60,414


1.4


(571)


99




Interest and Dividends


7,653


0.2


8,611


0.2


958


113




Equity in earnings of
affiliated companies


21,508


0.5


22,261


0.5


753


104




Other


31,824


0.7


29,542


0.7


(2,282)


93




Other expenses


34,840


0.8


14,473


0.4


(20,367)


42




Interest


3,225


0.1


2,727


0.1


(498)


85




Other


31,615


0.7


11,746


0.3


(19,869)


37




Income before income taxes


296,249


7.0


364,578


8.2


68,329


123




Income taxes


73,484


1.7


82,239


1.8


8,755


112




Net income


222,765


5.3


282,339


6.4


59,574


127




Net income attributable to
the noncontrolling interests


12,272


0.3


10,459


0.3


(1,813)


85




Net income attributable to
Mitsubishi Electric Corp.


210,493


5.0


271,880


6.1


61,387


129




 
Consolidated Comprehensive Income Statement
(In millions of yen)












FY '17 (A)
(Apr. 1, 2016 -
Mar. 31, 2017)


FY '18 (B)
(Apr. 1, 2017 -
Mar. 31, 2018)


B - A




Net income


222,765


282,339


59,574




Other comprehensive income (loss), net of tax




















Foreign currency translation adjustments


(22,968)


17,023


39,991








Pension liability adjustments


26,096


15,857


(10,239)








Unrealized gains (losses) on securities


42,684


(14,875)


(57,559)








Unrealized gains (losses) on derivative instruments


136


(88)


(224)




Total


45,948


17,917


(28,031)




Comprehensive income


268,713


300,256


31,543




Comprehensive income attributable to

the noncontrolling interests


9,573


11,852


2,279




Comprehensive income attributable to

Mitsubishi Electric Corp.


259,140


288,404


29,264




 




Consolidated Balance Sheet
                                                                    (In millions of yen)








FY '17 (A)
(ended Mar. 31, 2017)


FY '18 (B)
(ended Mar. 31, 2018)


B - A




(Assets)
Current assets


2,500,685


2,606,493


105,808




Cash and cash equivalents


662,469


599,199


(63,270)




Trade receivables


1,037,201


1,087,593


50,392




Inventories


643,040


741,782


98,742




Prepaid expenses and other current assets


157,975


177,919


19,944




Long-term trade receivables


2,815


1,965


(850)




Investments


618,935


614,295


(4,640)




Net property, plant and equipment


732,611


740,448


7,837




Other assets


317,224


301,358


(15,866)




Total assets


4,172,270


4,264,559


92,289




(Liabilities)
Current liabilities


1,525,761


1,471,367


(54,394)




Bank loans and current portion of long-term debt


124,368


122,430


(1,938)




Trade payables


780,202


719,404


(60,798)




Other current liabilities


621,191


629,533


8,342




Long-term debt


227,756


189,055


(38,701)




Retirement and severance benefits


194,990


171,017


(23,973)




Other fixed liabilities


83,055


68,975


(14,080)




Total liabilities


2,031,562


1,900,414


(131,148)




(Equity)
Mitsubishi Electric Corp. shareholders' equity


2,039,627


2,259,355


219,728




Common stock


175,820


175,820


-




Capital surplus


212,530


213,250


720




Retained earnings


1,654,557


1,857,741


203,184




Accumulated other comprehensive income (loss)


(2,052)


14,472


16,524




Treasury stock at cost


(1,228)


(1,928)


(700)




Noncontrolling interests


101,081


104,790


3,709




Total equity


2,140,708


2,364,145


223,437




Total liabilities and equity


4,172,270


4,264,559


92,289




Balance of Debt


352,124


311,485


(40,639)




Accumulated other comprehensive income (loss):
















Foreign currency translation adjustments


18,535


34,149


15,614




Pension liability adjustments


(156,993)


(141,075)


15,918




Unrealized gains on securities


136,352


121,413


(14,939)




Unrealized gains (losses) on derivative instruments


54


(15)


(69)




 




 
Consolidated Cash Flow Statement
 (In millions of yen)












FY '17
(Apr. 1, 2016 - Mar. 31, 2017) (A)


FY '18
(Apr. 1, 2017 - Mar. 31, 2018) (B)


B - A




I


Cash flows from operating activities
















1


Net income


222,765


282,339


59,574




2


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




















(1) Depreciation of tangible fixed assets and other


144,928


173,889


28,961








(2) Deferred income taxes


17,966


20,026


2,060








(3) Decrease (increase) in trade receivables


(21,580)


(45,827)


(24,247)








(4) Decrease (increase) in inventories


(7,576)


(95,357)


(87,781)








(5) Decrease (increase) in other assets


19,239


(21,644)


(40,883)








(6) Increase (decrease) in trade payables


20,853


(48,428)


(69,281)








(7) Increase (decrease) in other liabilities


(37,843)


(19,358)


18,485








(8) Other, net


7,198


(5,190)


(12,388)








Net cash provided by operating activities


365,950


240,450


(125,500)




II


Cash flows from investing activities
















1


Capital expenditure


(167,165)


(186,792)


(19,627)




2


Proceeds from sale of property, plant and equipment


9,049


3,005


(6,044)




3


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


(6,007)


(8,518)


(2,511)




4


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


23,560


35,194


11,634




5


Other, net


(8,069)


(21,108)


(13,039)








Net cash used in investing activities


(148,632)


(178,219)


(29,587)




I + II


Free cash flow


217,318


62,231


(155,087)




III


Cash flows from financing activities
















1


Proceeds from long-term debt


145


20,180


20,035




2


Repayment of long-term debt


(58,489)


(64,186)


(5,697)




3


Increase (decrease) in bank loans, net


350


(5,974)


(6,324)




4


Dividends paid


(57,963)


(68,696)


(10,733)




5


Purchase of treasury stock


(854)


(700)


154




6


Reissuance of treasury stock


0


0


(0)




7


Other, net


(6,684)


(8,915)


(2,231)








Net cash provided by (used in) financing activities


(123,495)


(128,291)


(4,796)




IV


Effect of exchange rate changes on cash and cash equivalents


(5,524)


2,790


8,314




V


Net increase (decrease) in cash and cash equivalents


88,299


(63,270)


(151,569)




VI


Cash and cash equivalents at beginning of period


574,170


662,469


88,299




VII


Cash and cash equivalents at end of period


662,469


599,199


(63,270)








Consolidated Segment Information
 
1. Sales and Operating Income by Business Segment
　 (In millions of yen)




Business Segment


FY '17
(Apr. 1, 2016 -
Mar. 31, 2017)


FY '18
(Apr. 1, 2017 -
Mar. 31, 2018)


C - A


D - B


C/A
(%)




Sales (A)


Operating income (B)


Sales (C)


Operating income (D)




Energy and Electric Systems


1,227,906


44,319


1,241,952


51,710


14,046


7,391


101




Industrial Automation Systems


1,310,136


140,073


1,444,928


190,826


134,792


50,753


110




Information and
Communication Systems


447,754


12,700


436,068


11,987


(11,686)


(713)


97




Electronic Devices


186,554


8,382


202,294


14,554


15,740


6,172


108




Home Appliances


1,004,415


69,696


1,049,369


56,057


44,954


(13,639)


104




Others


713,603


23,214


764,346


23,900


50,743


686


107




Subtotal


4,890,368


298,384


5,138,957


349,034


248,589


50,650


105




Eliminations and other


(651,702)


(28,280)


(707,759)


(30,397)


(56,057)


(2,117)


-




Total


4,238,666


270,104


4,431,198


318,637


192,532


48,533


105




*Notes: Inter-segment sales are included in the above chart.
 
2. Sales and Operating Income by Location
(In millions of yen)




Location


FY '17
(Apr. 1, 2016 -
Mar. 31, 2017


FY '18
(Apr. 1, 2017 -
Mar. 31, 2018)


C - A


D - B


C/A
(%)




Sales (A)


Operating income (B)


Sales (C)


Operating income (loss) (D)




Japan


3,402,132


152,027


3,506,240


214,873


104,108


62,846


103




North America


421,553


9,002


417,951


(3,941)


(3,602)


(12,943)


99




Asia (excluding Japan)


1,040,098


93,318


1,180,748


88,150


140,650


(5,168)


114




Europe


421,073


12,828


476,582


11,933


55,509


(895)


113




Others


46,854


2,458


51,094


2,852


4,240


394


109




Subtotal


5,331,710


269,633


5,632,615


313,867


300,905


44,234


106




Eliminations


(1,093,044)


471


(1,201,417)


4,770


(108,373)


4,299


-




Total


4,238,666


270,104


4,431,198


318,637


192,532


48,533


105




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




 
3. Sales by Location of Customers
(In millions of yen)




Location of Customers


FY '17
(Apr. 1, 2016 -
Mar. 31, 2017)


FY '18
(Apr. 1, 2017 -
Mar. 31, 2018)


B - A


B/A (%)




Sales (A)


% of total net sales


Sales (B)


% of total net sales








Japan


2,405,552


56.8


2,423,626


54.7


18,074


101








North America


422,259


10.0


417,423


9.4


(4,836)


99




Asia
(excluding Japan)


940,150


22.2


1,075,683


24.3


135,533


114




Europe


384,075


9.0


431,316


9.7


47,241


112




Others


86,630


2.0


83,150


1.9


(3,480)


96




Total overseas sales


1,833,114


43.2


2,007,572


45.3


174,458


110




Consolidated total


4,238,666


100.0


4,431,198


100.0


192,532


105




 
 
 
 
Cautionary Statement
The Mitsubishi Electric Group (hereafter "the Group") is involved in development, manufacture and sales in a wide range of fields including Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home Appliances, and these operations extend globally, not only inside Japan, but also in North America, Europe, Asia and other regions. While the statements herein are based on certain assumptions and premises that the Group trusts and considers to be reasonable under the circumstances on the date of announcement, actual financial standings and operating results are subject to change due to any of the factors as contemplated hereunder and/or any additional factor unforeseeable as of the date of this announcement. Such factors materially affecting the expectations expressed herein shall include but are not limited to the following:
 
(1)  Important trends
The Group's operations may be affected by trends in the global economy, social conditions, laws, tax codes and regulations.
(2)  Foreign currency exchange rates
Fluctuations in foreign currency markets may affect the Group's sales of exported products and purchases of imported materials that are denominated in U.S. dollars or euros, as well as its Asian production bases' sales of exported products and purchases of imported materials that are denominated in foreign currencies.
(3)  Stock markets
A fall in stock market prices may cause a decline in value of the Group's marketable securities and pension assets.
(4)  Supply/demand balance for products and procurement conditions for materials and components
A decline in prices and shipments due to changes in the supply/demand balance, as well as an increase in material prices due to a worsening of material and component procurement conditions, may adversely affect the Group's performance.
(5)  Fund raising
An increase in interest rates, the yen interest rate in particular, would increase the Group's interest expenses.
(6)  Significant patent matters
Important patent filings, licensing, copyrights and patent-related disputes may adversely affect related businesses.




 
(7)  Environmental legislation or relevant issues
The Group may incur losses or expenses owing to changes in environmental legislation or the occurrence of environmental issues. Such changes in legislation or the occurrence of environmental issues may also impact manufacturing and all corporate activities of the Group.
(8)  Flaws or defects in products or services
The Group may incur losses or expenses resulting out of flaws or defects in products or services, and the lowered reputation of the quality of all its products and services may affect the entire Group.
(9)  Litigation and other legal proceedings
The Group's operations may be affected by lawsuits or other legal proceedings against Mitsubishi Electric, its subsidiaries and/or equity-method affiliated companies.
(10) Disruptive changes
Disruptive changes in technology, development of products using new technology, timing of production and market introduction may adversely affect the Group's performance.
(11) Business restructuring
The Group may record losses due to restructuring measures.
(12) Information security
The performance of the Group may be affected by computer virus infections, unauthorized access and other unpredictable incidents that lead to the loss or leakage of personal information held by the Group or confidential information regarding the Group's business such as its technology, sales and other operations.
(13) Natural disasters
The Group's operations, particularly manufacturing activities, may be affected by the occurrence of earthquakes, typhoons, tsunami, fires and other large-scale disasters.
(14) Other significant factors
The Group's operations may be affected by the outbreak of social or political upheaval due to terrorism, war, pandemic by new strains of influenza and other diseases, or other factors.
 
 
 
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About Mitsubishi Electric Corporation
With nearly 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded consolidated group sales of 4,431.1 billion yen (US$ 41.8 billion*) in the fiscal year ended March 31, 2018. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 106 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2018

 
http://www.rns-pdf.londonstockexchange.com/rns/3242M_-2018-4-27.pdf
 
 



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