Press release

Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2019

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Mitsubishi
Electric Corporation
(TOKYO:6503) announced today its consolidated
financial results for fiscal 2019 (April 1, 2018- March 31, 2019).

The full document on Mitsubishi Electric’s financial results can be
viewed at the following link:
www.MitsubishiElectric.com/news

 

Consolidated Financial Results

Revenue:   4,519.9   billion yen   (2% increase from the previous fiscal year)
Operating profit: 290.4 billion yen (11% decrease from the previous fiscal year)
Profit before income taxes: 315.9 billion yen (11% decrease from the previous fiscal year)
Net profit attributable to Mitsubishi Electric Corp. stockholders: 226.6 billion yen (11% decrease from the previous fiscal year)
 

During the fiscal year ended March 31, 2019, the economy saw a buoyant
expansion in the U.S. and a slight slowdown in the Chinese economy,
while there were gradual trends of recovery in Japan and Europe despite
a recent slowdown in some indicators such as export and production. In
addition, the yen, compared to the previous fiscal year, was
substantially unchanged against the U.S. dollar, and remained strong
against the euro in and after August.

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 revenue of
4,519.9 billion yen for fiscal 2019, an increase of 2% compared to the
previous fiscal year, with increased revenue mainly in the Energy and
Electric Systems, Industrial Automation Systems and Home Appliances
segments.

Consolidated operating profit decreased by 11% compared to the previous
fiscal year to 290.4 billion yen, due to decreased profits in the
Industrial Automation Systems and Electronic Devices segments.

Profit before income taxes decreased by 11% compared to the previous
fiscal year to 315.9 billion yen, and net profit attributable to
Mitsubishi Electric Corporation stockholders decreased by 11% compared
to the previous fiscal year to 226.6 billion yen.

Current Forecast for Fiscal 2020

With uncertainty in the global economy due to factors such as U.S. trade
policies and influences from Brexit, the global economy is expected to
experience a slowdown in growth due to the U.S.-China trade friction
making impact on exports and investments in various countries and
regions, despite a gradual recovery trend in global business conditions.

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 2020 follows below.

 

Current consolidated forecast for fiscal 2020

Revenue   4,630.0   billion yen   (2% increase from fiscal 2019)
Operating profit 295.0 billion yen (2% increase from fiscal 2019)
Profit before income taxes 320.0 billion yen (1% increase from fiscal 2019)
Net profit attributable to Mitsubishi Electric Corp. stockholders 240.0 billion yen (6% increase from fiscal 2019)
 

Exchange rates for this forecast is 105 yen to the US dollar, 125 yen to
the euro and 16.0 yen to the Chinese yuan.

 

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 in the full document.

 

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 a revenue of 4,519.9 billion yen (US$
40.7 billion*) in the fiscal year ended March 31, 2019. For more
information visit:
www.MitsubishiElectric.com
*At
an exchange rate of 111 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2019