MITSUBISHI ELECTRIC CORPORATIONPUBLIC RELATIONS DIVISION
7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 JapanFOR IMMEDIATE RELEASE

No. 2989

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Mitsubishi Electric Corporation
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Mitsubishi Electric Announces Consolidated Financial Results
for the First 9 Months and Third Quarter of Fiscal 2016TOKYO, February 2, 2016 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial
results for the first 9 months and third quarter ended December 31, 2015, of the current fiscal year ending March
31, 2016 (fiscal 2016).
1. Consolidated First 9 Months Results (April 1, 2015 – December 31, 2015)
Net sales:
3,091.6 billion yen (4% increase from the same period last year)
Operating income:
207.3 billion yen (3% increase from the same period last year)
Income before income taxes:
218.7 billion yen (1% decrease from the same period last year)
Net income attributable to152.8 billion yen (5% increase from the same period last year)
Mitsubishi Electric Corp.:
In the first 9 months of fiscal 2016, the business environment experienced buoyancy in the U.S. economy, whichshowed expansion, and a gradual trend of economic recovery continuing in Europe, despite a gradual slowdown
continuing in China and other east Asian markets, weakness in personal consumption in Japan and stagnation incertain emerging markets. In addition, the yen weakened against the U.S. dollar compared to the previous year.
Under these circumstances, consolidated net sales for the first 9 months of fiscal 2016 increased by 4% comparedto the same period of the previous fiscal year to 3,091.6 billion yen, with increased sales in the Energy andElectric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated operating income increased by 3% compared to the same period of the previous fiscal year to 207.3
billion yen, due to increased profits in the Industrial Automation Systems, Electronic Devices and Home
Appliances segments.
Consolidated Financial Results by Business Segment (First 9 months, Fiscal 2016)
Energy and Electric Systems
Total sales:
808.6 billion yen (4% increase from the same period last year)
Operating income:18.3 billion yen (14.1 billion yen decrease from the same period last year)
The social infrastructure systems business saw increases both in orders and sales compared to the same period of
the previous fiscal year due to increases in the power systems business and the transportation systems business inJapan, and also due to the weaker yen, despite decreases in the public utility systems business in Japan and thetransportation systems business outside Japan.
The building systems business experienced increases both in orders and sales compared to the same
period of the previous fiscal year, owing to growth in the new installation of elevators and escalators outside
Japan and the renewal business in Japan, as well as the weaker yen.
As a result, total sales for this segment increased by 4% from the same period of the previous fiscal year.
Operating income decreased by 14.1 billion yen from the same period of the previous fiscal year due primarily toa shift in project portfolios and lower profit in the social infrastructure systems business.
1/18

Industrial Automation Systems
Total sales:
988.7 billion yen (6% increase from the same period last year)
Operating income:
127.1 billion yen (18.9 billion yen increase from the same period last year)
The factory automation systems business saw a decrease in orders from the same period of the previous fiscal year
mainly due to stagnant capital expenditures in China and other emerging markets, while sales experienced anincrease from the same period of the previous fiscal year due to growth in capital expenditures relating to theautomotive industry and facility replacements by manufacturers in Japan, and due additionally to the weaker yen.
The automotive equipment business saw increases in both orders and sales from the same period of theprevious fiscal year due primarily to growth in the car sales market in North America and Europe, as well as the
positive influence of the weaker yen.
As a result, total sales for this segment increased by 6% from the same period of the previous fiscal year.
Operating income increased by 18.9 billion yen from the same period of the previous fiscal year due primarily to
an increase in sales.
Information and Communication Systems
Total sales:
363.8 billion yen (3% decrease from the same period last year)
4.4 billion yen (8.5 billion yen decrease from the same period last year)
Operating income:The telecommunications equipment business saw decreases in both orders and sales from the same period of theprevious fiscal year due primarily to a decrease in demand for communications infrastructure products.
The information systems and service business saw an increase in sales compared to the same period of
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 same period of the previous
fiscal year, while sales experienced a decrease compared to the same period of the previous fiscal year due to ashift in the portfolio of large-scale projects in the defense systems business.
As a result, total sales for this segment decreased by 3% compared to the same period of the previous
fiscal year. Operating income decreased by 8.5 billion yen from the same period of the previous fiscal year due
primarily to a decrease in sales.
Electronic Devices
Total sales:
Operating income:

166.1 billion yen (3% increase from the same period last year)
18.9 billion yen (2.9 billion yen increase from the same period last year)

The electronic devices business saw a decrease in orders from the same period of the previous fiscal year due to adecrease in demand mainly for power modules used in railcar, industrial and consumer applications. Sales
experienced an increase from the same period of the previous fiscal year due to an increase primarily in
automotive-use power modules and optical communication devices, and additionally due to the weaker yen.
As a result, total sales for this segment increased by 3% compared to the same period of the previous
fiscal year. Operating income increased by 2.9 billion yen compared to the same period of the previous fiscal year
due primarily to an increase in sales.
Home Appliances
Total sales:
Operating income:

731.3 billion yen (6% increase from the same period last year)
48.1 billion yen (7.0 billion yen increase from the same period last year)

The home appliances business saw an increase in sales of 6% compared to the same period of the previous fiscal
year due to an increase in sales of residential and industrial air conditioners and refrigerators in Japan, as well as
air conditioners for Europe, Asia and North America. The weaker yen also brought about a positive influence.
Operating income increased by 7.0 billion yen compared to the same period of the previous fiscal year
largely due to an increase in sales.
OthersTotal sales:
Operating income:

509.6 billion yen (5% decrease from the same period last year)
13.6 billion yen (0.2 billion yen decrease from the same period last year)

Sales decreased by 5% compared to the same period of the previous fiscal year due to decreases mainly ataffiliated companies involved in materials procurement.
Operating income decreased by 0.2 billion yen from the same period of the previous fiscal year due
primarily to a decrease in sales.
2/18

2. Consolidated Third-quarter Results (October 1, 2015 – December 31, 2015)
Net sales:
1,028.3 billion yen (2% increase from the same period last year)
Operating income:80.3 billion yen (Unchanged from the same period last year)
Income before income taxes:
85.6 billion yen (15% increase from the same period last year)
Net income attributable to
Mitsubishi Electric Corp.:
59.8 billion yen (25% increase from the same period last year)
Consolidated net sales for this quarter increased by 2% compared to the same period of the previous fiscal year to
1,028.3 billion yen due to increased sales in the Energy and Electric Systems, Industrial Automation Systems,
Information and Communication Systems and Home Appliances segments. Consolidated operating income was
80.3 billion yen, remaining substantially unchanged from the same period of the previous fiscal year withincreased profits in the Industrial Automation Systems, Information and Communication Systems and Home
Appliances segments, despite decreased profits in the Energy and Electric Systems and Electronic Devices
segments.
Consolidated Financial Results by Business Segment (Third Quarter, Fiscal 2016)
Energy and Electric Systems
Total sales:
284.8 billion yen (3% increase from the same period last year)
Operating income:14.6 billion yen (5.4 billion yen decrease from the same period last year)
The social infrastructure systems business saw increases both in orders and sales compared to the same period of
the previous fiscal year due to an increase in the power systems business in Japan, despite a decrease in orders andsales of the transportations systems business outside Japan.
The building systems business experienced an increase in orders compared to the same period of theprevious fiscal year due primarily to an increase in the new installation of elevators outside Japan, while sales
remained substantially unchanged compared to the same period of the previous fiscal year.
As a result, total sales for this segment increased by 3% from the same period of the previous fiscal year.
Operating income decreased by 5.4 billion yen from the same period of the previous fiscal year due primarily to ashift in project portfolios.
Industrial Automation Systems
Total sales:
327.2 billion yen (1% increase from the same period last year)
Operating income:43.2 billion yen (1.3 billion yen increase from the same period last year)
The factory automation systems business saw decreases in both orders and sales from the same period of theprevious fiscal year mainly due to stagnant capital expenditures in China and other emerging markets, despite
buoyant demand in capital expenditures relating to the automotive industry.
The automotive equipment business saw increases in both orders and sales from the same period of theprevious fiscal year due primarily to growth in the car sales market in North America and Europe.
As a result, total sales for this segment increased by 1% from the same period of the previous fiscal year.
Operating income increased by 1.3 billion yen from the same period of the previous fiscal year due primarily to anincrease in sales.
Information and Communication Systems
Total sales:
139.8 billion yen (10% increase from the same period last year)
8.2 billion yen (0.6 billion yen increase from the same period last year)
Operating income:The telecommunications equipment business saw decreases in both orders and sales from the same period of theprevious fiscal year due primarily to a decrease in demand for communications infrastructure products.
The information systems and service business saw an increase in sales compared to the same period of
the previous fiscal year, mainly owing to an increase in the system integrations business.
The electronic systems business saw increases in both orders and sales compared to the same period of
the previous fiscal year owing to a new order received for a large-scale project in the defense systems business, aswell as sales recorded for a large-scale project in the space systems business.
As a result, total sales for this segment increased by 10% compared to the same period of the previous
fiscal year. Operating income increased by 0.6 billion yen from the same period of the previous fiscal year due
primarily to an increase in sales.
3/18

Electronic Devices
Total sales:
Operating income:42.9 billion yen (22% decrease from the same period last year)
2.6 billion yen (5.6 billion yen decrease from the same period last year)

The electronic devices business saw decreases in both orders and sales from the same period of the previous fiscal
year due to a decrease in demand mainly for power modules used in automotive, railcar, industrial and consumer
applications, despite increases in orders and sales primarily for optical communication devices.
As a result, total sales for this segment decreased by 22% compared to the same period of the previous
fiscal year. Operating income decreased by 5.6 billion yen compared to the same period of the previous fiscal year
due primarily to a decrease in sales.
Home Appliances
Total sales:
Operating income:

220.1 billion yen (4% increase from the same period last year)
14.9 billion yen (9.0 billion yen increase from the same period last year)

The home appliances business saw an increase in sales of 4% compared to the same period of the previous fiscal
year due to an increase in sales of residential and industrial air conditioners and refrigerators in Japan, as well as
air conditioners for Europe and North America.
Operating income increased by 9.0 billion yen compared to the same period of the previous fiscal year
largely due to an increase in sales.
OthersTotal sales:
Operating income:

171.1 billion yen (7% decrease from the same period last year)
6.3 billion yen (0.6 billion yen increase from the same period last year)

Sales decreased by 7% compared to the same period of the previous fiscal year due to decreases mainly ataffiliated companies involved in materials procurement.
Operating income increased by 0.6 billion yen from the same period of the previous fiscal year.

4/18

Financial Standing
An analysis on the status of assets, liabilities, equity and cash flow on a consolidated basis
The Company’s total assets as of the end of this fiscal quarter decreased from the end of the previous fiscal yearby 111.0 billion yen to 3,948.3 billion yen. The change in the balance of total assets is mainly due to a decrease in
the balances of cash and cash equivalents of 90.5 billion yen and a decrease in trade receivables of 186.6 billion
yen resulting from various factors including credit collection, while work-in-process to be recorded incommensurate with progress in job orders under pertinent contracts increased by 77.1 billion yen.
Total liabilities decreased from the end of the previous fiscal year by 191.6 billion yen to 1,937.6 billion yen due
to decreases mainly in the outstanding balance of trade payables of 133.4 billion yen and in other current
liabilities of 90.0 billion yen. The outstanding balances of debts and corporate bonds increased by 22.7 billion yen
from the end of the previous fiscal year to 404.7 billion yen. The ratio of interest bearing debt to total assets roseto 10.3%, which was a 0.9 point increase compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation shareholders’ equity increased by 50.6 billion yen compared to the end of theprevious fiscal year to 1,892.8 billion yen. Shareholders’ equity ratio, representing a 2.5 point increase comparedto the end of the previous fiscal year, was recorded as 47.9%. The changes referred to above are primarily
resulting from a recorded net income attributable to Mitsubishi Electric Corporation of 152.8 billion yen, despite a
dividend payment of 57.9 billion yen and a decrease in accumulated other comprehensive income of 44.1 billion
yen backed by such factors as currencies of the emerging markets weakening against the yen compared to the endof the previous fiscal year.
Cash flows from operating activities decreased by 25.0 billion yen compared to the same period of the previous
fiscal year to 165.4 billion yen (cash in), resulting primarily from a decrease in advance payments. Cash flows
from investing activities increased by 46.6 billion yen compared to the same period of the previous fiscal year to189.2 billion yen (cash out) resulting primarily from an increase in purchases of short-term investments andinvestment securities. Consequently, free cash flow totaled 23.7 billion yen (cash out). Cash flows from financing
activities were 55.1 billion yen (cash out) mainly due to dividend payments.

Forecast for Fiscal 2016 (year ending March 31, 2016)
The consolidated earnings forecast for fiscal 2016, ending March 31, 2016, has not been changed from theprevious forecast announced on October 29, 2015.
Consolidated earnings forecast for fiscal 2016
Net sales:
Operating income:
Income before income taxes:
Net income attributable to
Mitsubishi Electric Corp.:

Current forecast
4,380.0 billion yen (1% increase from fiscal 2015)
300.0 billion yen (6% decrease from fiscal 2015)
315.0 billion yen (2% decrease from fiscal 2015)
220.0 billion yen (6% decrease from fiscal 2015)

Note: The results forecast above is based on assumptions deemed reasonable by the Company at the present
time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement at the
end.

5/18

Consolidated Financial Results Summary
1.

Consolidated First 9 Months Results(In billions of yen except where noted)
FY ’15 9 months (A)(Apr. 1, 2014 –Dec. 31, 2014)

FY ’16 9 months (B)(Apr. 1, 2015 –Dec. 31, 2015)

2,983.2

3,091.6

108.3

104

Operating income

201.3

207.3

5.9

103

Income before income taxes

220.6

218.7

(1.9)

99

145.6

152.8

7.1

105

67.82 yen

71.18 yen

3.36 yen105

Net sales

Net income attributable to
Mitsubishi Electric Corp.
Basic net income per share
attributable to Mitsubishi
Electric Corp.

B–A

B/A
(%)

2. Consolidated Third-quarter Results(In billions of yen except where noted)
FY ’15 Q3 (A)(Oct. 1, 2014 –Dec. 31, 2014)
Net sales

FY ’16 Q3 (B)(Oct. 1, 2015 –Dec. 31, 2015)

B–A

B/A
(%)

1,010.4

1,028.3

17.9

102

Operating income

79.9

80.3

0.3

100

Income before income taxes

74.7

85.6

10.9

115

47.7

59.8

12.1

125

22.24 yen

27.89 yen

5.65 yen125

Net income attributable to
Mitsubishi Electric Corp.
Basic net income per share
attributable to Mitsubishi
Electric Corp.
Notes:

1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The Company has 218 consolidated subsidiaries.

6/18

Consolidated Profit and Loss Statement (First 9 Months, Fiscal 2016)(In millions of yen)

Net sales
Cost of sales
Selling, general andadministrative expenses
Loss on impairment oflong-lived assets
Operating income
Other income
Interest and dividends
Equity in earnings ofaffiliated companies
Other
Other expenses
Interest
Other
Income before income taxes
Income taxes
Net income
Net income attributable tothe noncontrolling interests
Net income attributable to
Mitsubishi Electric Corp.

FY ’15 9 months(Apr. 1, 2014 –Dec. 31, 2014)
% of
(A)
total
2,983,261
100.0
2,080,560
69.7

FY ’16 9 months(Apr. 1, 2015 –Dec. 31, 2015)
% of
(B)
total
3,091,608
100.0
2,142,075
69.3

B–A

B/A (%)

108,347
61,515104103

699,83123.5

738,21423.9

38,383

105

1,532

0.1

4,004

0.1

2,472

261

201,338
59,769
6,103

6.7
2.0
0.2

207,315
41,027
6,384

6.7
1.3
0.2

5,977
(18,742)
281

103
69
105

19,9980.7

20,102

0.6

104

101

33,66840,454
2,855
37,599220,653
66,299154,354

1.1
1.3
0.1
1.2
7.4
2.2
5.2

14,541
29,5992,670
26,929218,743
56,000162,743

0.5
0.9
0.1
0.8
7.1
1.8
5.3

(19,127)(10,855)(185)(10,670)(1,910)(10,299)
8,389

43
73
94
72
99
84
105

8,750

0.3

9,941

0.4

1,191

114

145,604

4.9

152,802

4.9

7,198

105

Consolidated Comprehensive Income Statement (First 9 Months, Fiscal 2016)(In millions of yen)

Net income
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments
Pension liability adjustments
Unrealized gains (losses) on securities
Unrealized gains on derivative instruments
Total
Comprehensive income
Comprehensive income attributable tothe noncontrolling interests
Comprehensive income attributable to
Mitsubishi Electric Corp.

7/18

FY ’159 months (A)(Apr. 1, 2014 –Dec. 31, 2014)
154,354

FY ’169 months (B)(Apr. 1, 2015 –Dec. 31, 2015)
162,743

71,54435,67022,8763
130,093284,447(36,930)(8,267)(3,215)
31(48,381)
114,362(108,474)(43,937)(26,091)28(178,474)(170,085)

16,043

5,719(10,324)

268,404

108,643(159,761)

B–A
8,389

Consolidated Profit and Loss Statement (Third Quarter, Fiscal 2016)(In millions of yen)

Net sales
Cost of sales
Selling, general andadministrative expenses
Loss on impairment oflong-lived assets
Operating income
Other income
Interest and dividends
Equity in earnings ofaffiliated companies
Other
Other expenses
Interest
Other
Income before income taxes
Income taxes
Net income
Net income attributable tothe noncontrolling interests
Net income attributable to
Mitsubishi Electric Corp.

FY ’15 Q3(Oct. 1, 2014 –Dec. 31, 2014)
% of
(A)
total
1,010,423
100.0
698,453
69.1

FY ’16 Q3(Oct. 1, 2015 –Dec. 31, 2015)

1,028,323
709,305

% of
total
100.0
69.0

(B)

B–A

B/A (%)

17,90010,852102
102

231,19022.9

238,717

23.2

7,527

103

833

0.1

–

–

(833)

–

79,947
19,513
1,833

7.9
1.9
0.2

80,301
14,454
2,105

7.8
1.4
0.2

354
(5,059)
272

100
74
115

7,844

0.8

6,841

0.7

(1,003)

87

9,836
24,733892
23,84174,727
23,132
51,595

0.9
2.4
0.1
2.3
7.4
2.3
5.1

5,508
9,070
840
8,230
85,68522,07563,610

0.5
0.9
0.1
0.8
8.3
2.1
6.2

(4,328)(15,663)(52)(15,611)
10,958(1,057)
12,015

56
37
94
35
115
95
123

3,845

0.4

3,733

0.4

(112)

97

47,7504.7

59,877

5.8

12,127125

Consolidated Comprehensive Income Statement (Third Quarter, Fiscal 2016)(In millions of yen)

Net income
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments
Pension liability adjustments
Unrealized gains (losses) on securities
Unrealized gains on derivative instruments
Total
Comprehensive income
Comprehensive income attributable tothe noncontrolling interests
Comprehensive income attributable to
Mitsubishi Electric Corp.

8/18

FY ’15 Q3 (A)(Oct. 1, 2014 –Dec. 31, 2014)
51,595

FY ’16 Q3 (B)(Oct. 1, 2015 –Dec. 31, 2015)
63,61051,593
17,496(389)
1568,715
120,310(4,472)
17,71026,93848
40,224
103,834(56,065)
214
27,327
33(28,491)(16,476)

8,695

3,483

(5,212)

111,615

100,351(11,264)

B–A
12,015

Consolidated Balance Sheet(In millions of yen)
FY ’15 (A)(ended Mar.
31, 2015)(Assets)
Current assets
Cash and cash equivalents
Trade receivables
Inventories
Prepaid expenses and other current assets
Long-term trade receivables
Investments
Net property, plant and equipment
Other assets
Total assets(Liabilities)
Current liabilities
Bank loans and current portion of long-term debt
Trade payables
Other current liabilities
Long-term debt
Retirement and severance benefits
Other fixed liabilities
Total liabilities(Equity)
Mitsubishi Electric Corp. shareholders’ equity
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock at cost
Noncontrolling interests
Total equity
Total liabilities and equity
Balance of Debt
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments
Pension liability adjustments
Unrealized gains on securities
Unrealized gains (losses) on derivative
instruments

9/18

FY ’ 169 months (B)(ended Dec.
31, 2015)

B–A

2,633,445
568,517
1,048,542
705,420
310,966
5,633
595,828
706,475
118,070
4,059,451

2,432,410 (201,035)
478,011 (90,506)
863,514 (185,028)
782,528
77,108308,357(2,609)4,038(1,595)599,206
3,378
703,744(2,731)
208,968
90,8983,948,366 (111,085)

1,612,582
164,402807,289
640,891
217,592
182,282
116,828
2,129,284

1,349,938 (262,644)
125,298 (39,104)
673,838 (133,451)
550,802 (90,089)
279,439
61,847
180,929(1,353)
127,348
10,5201,937,654 (191,630)

1,842,203
175,820
211,155
1,331,496
124,064(332)
87,964
1,930,167
4,059,451

1,892,847
175,820
211,155
1,426,335
79,905(368)
117,865
2,010,712
3,948,366

94,839(44,159)(36)
29,90180,545(111,085)

381,994

404,737

22,743102,959(98,108)
119,252(39)

70,394(106,375)
115,911(25)(32,565)(8,267)(3,341)
14

50,644––

Consolidated Cash Flow Statement(In millions of yen)

Cash flows from operating activities
1 Net income
2 Adjustments to reconcile net income to net cash
provided by operating activities(1) Depreciation of tangible fixed assets and other(2) Decrease in trade receivables(3) Decrease (increase) in inventories(4) Increase (decrease) in trade payables(5) Other, net
Net cash provided by operating activities
II
Cash flows from investing activities
1 Capital expenditure
2 Proceeds from sale of property, plant and equipment
3 Purchase of short-term investments and investment
securities (net of cash acquired)
4 Proceeds from sale of short-term investments andinvestment securities
5 Other, net
Net cash used in investing activities
I+II Free cash flow
III
Cash flows from financing activities
1 Proceeds from long-term debt
2 Repayment of long-term debt
3 Increase (decrease) in bank loans, net
4 Dividends paid
5 Purchase of treasury stock
6 Reissuance of treasury stock
7 Other, net
Net cash provided by (used in) financing activities
IV
Effect of exchange rate changes on cash andcash equivalents
V
Net increase (decrease) in cash andcash equivalents
VI
Cash and cash equivalents at beginning of periodVII
Cash and cash equivalents at end of period

FY ’15 9 months(Apr. 1, 2014 –Dec. 31, 2014)(A)

FY ’16 9 months(Apr. 1, 2015 –Dec. 31, 2015)(B)

154,354

162,743

8,389

110,153
100,280(176,662)(13,793)
16,165
190,497

105,949
189,355(82,509)(118,264)(91,785)
165,489(4,204)89,075
94,153(104,471)(107,950)(25,008)(150,507)
5,728(126,477)
1,716

24,030(4,012)(1,985)(57,394)(55,409)

7,828(3,719)(142,655)

4,925(12,041)(189,271)(2,903)(8,322)(46,616)

47,842(23,782)(71,624)50,001(54,763)
12,656(42,936)(37)
0(2,971)(38,050)

80,105(71,367)(1,458)(57,963)(36)
0(4,396)(55,115)

30,104(16,604)(14,114)(15,027)1
0(1,425)(17,065)

24,794(11,609)(36,403)34,586
418,049
452,635(90,506)
568,517
478,011(125,092)
150,468
25,376

B–A

I

10/18

Consolidated Segment Information (First 9 Months, Fiscal 2016)
1. Sales and Operating Income by Business Segment(In millions of yen)

Business Segment

Energy and Electric
Systems

FY ’15 9 months(Apr. 1, 2014 –Dec. 31, 2014)
OperatingSales (A) income (B)FY ’16 9 months(Apr. 1, 2015 –Dec. 31, 2015)
OperatingSales (C)income (D)

C–A

D–B

C/A
(%)

779,708

32,577

808,616

18,39828,908(14,179)104

932,592

108,202

988,751

127,179

56,15918,977

106375,481

12,994363,895

4,445(11,586)(8,549)97

161,602689,627

15,99041,181

166,155
731,334

18,96048,182

4,553
41,707

2,970
7,001

103
106

OthersSubtotal

534,9073,473,917

13,985
224,929509,6093,568,360

13,688230,852(25,298)
94,443

(297)
5,923

95
103

Eliminations and otherTotal(490,656)
2,983,261(23,591)
201,338(476,752)
3,091,608(23,537)
207,315

13,904
108,347

54
5,977

–
104

Industrial Automation
Systems
Information andCommunication Systems
Electronic Devices
Home Appliances*Note: Inter-segment sales are included in the above chart.

2. Sales and Operating Income by Location(In millions of yen)
FY ’15 9 months(Apr. 1, 2014 –Dec. 31, 2014)
OperatingSales (A) income (B)FY ’16 9 months(Apr. 1, 2015 –Dec. 31, 2015)
OperatingSales (C)income (D)2,460,765

142,828

2,469,056

118,404

North America

278,930

2,800

331,719

Asia (excluding Japan)

742,455

58,412Europe289,455

Others

D–B

C/A
(%)

8,291

(24,424)

100

4,825

52,7892,025

119783,040

69,72740,585

11,315

105

9,176

302,666

12,914

13,211

3,738

105

36,241

658

37,171

1,187

930

529

103

Subtotal

3,807,846

213,874

3,923,652

207,057

115,806(6,817)103

Eliminations(824,585)(12,536)(832,044)

258(7,459)12,794–

Total

2,983,261

201,338

3,091,608

207,315

108,347

5,977

104

Location

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

11/18

C–A

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

Location of Customers

Japan
North AmericaAsia(excluding Japan)
EuropeOthersTotal overseas sales
Consolidated total

FY ’15 9 months(Apr. 1, 2014 –Dec. 31, 2014)% ofSales (A)total net
sales
1,683,389
56.4

FY ’16 9 months(Apr. 1, 2015 –Dec. 31, 2015)% ofSales (B) total net
sales
1,681,801
54.4

B–A

B/A (%)(1,588)100

284,8869.5

331,635

10.7

46,749116

681,64622.9

729,255

23.6

47,609107

268,81164,5299.0
2.2

282,554
66,3639.1
2.2

13,743
1,834

105
103

1,299,872
2,983,261

43.6
100.0

1,409,807
3,091,608

45.6
100.0

109,935
108,347

108
104

12/18

Consolidated Segment Information (Third Quarter, Fiscal 2016)
1. Sales and Operating Income by Business Segment(In millions of yen)

Business Segment

Energy and Electric
Systems

FY ’15 Q3(Oct. 1, 2014 –Dec. 31, 2014)
OperatingSales (A) income (B)FY ’16 Q3(Oct. 1, 2015 –Dec. 31, 2015)
OperatingSales (C)income (D)

C–A

D–B

C/A
(%)

277,51420,062284,838

14,6257,324(5,437)103

323,291

41,939327,231

43,260

3,940

1,321

101

126,969

7,654

139,858

8,260

12,889606

110

55,077
212,527

8,218
5,956

42,947220,196

2,609
14,988(12,130)
7,669(5,609)
9,032

78
104

OthersSubtotal

183,664
1,179,042

5,712
89,541

171,125
1,186,195

6,321
90,063(12,539)
7,153

609
522

93
101

Eliminations and otherTotal(168,619)
1,010,423(9,594)79,947(157,872)
1,028,323(9,762)80,301

10,747
17,900

(168)
354

–
102

Industrial Automation
Systems
Information andCommunication Systems
Electronic Devices
Home Appliances*Note: Inter-segment sales are included in the above chart.

2. Sales and Operating Income by Location(In millions of yen)

Location

FY ’15 Q3(Oct. 1, 2014 –Dec. 31, 2014)
OperatingSales (A) income (B)FY ’16 Q3(Oct. 1, 2015 –Dec. 31, 2015)
OperatingSales (C)income (D)

C–A

D–B

C/A
(%)

Japan

839,516

70,837844,016

57,1854,500(13,652)

101

North America

101,903300

108,381

386

6,478

86

106

Asia (excluding Japan)

255,493

18,311

238,177

21,447(17,316)

3,136

93

Europe95,925

2,388

95,606

3,159

(319)

771

100

Others

14,584414

12,265612(2,319)198

84

Subtotal

1,307,421

92,2501,298,445

82,789(8,976)(9,461)

99

Eliminations(296,998)(12,303)(270,122)(2,488)26,876

9,815

–

Total

1,010,423

79,947

1,028,323

80,301

17,900354

102*Note: Inter-segment sales are included in the above chart

13/18

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

Location of Customers

Japan
North AmericaAsia(excluding Japan)
EuropeOthersTotal overseas sales
Consolidated total

FY ’15 Q3(Oct. 1, 2014 –Dec. 31, 2014)% ofSales (A)total net
sales
562,840
55.7

FY ’16 Q3(Oct. 1, 2015 –Dec. 31, 2015)% ofSales (B) total net
sales
576,280
56.0

B–A

B/A (%)

13,440102

101,979

10.1

108,699

10.6

6,720

107

233,90923.2

234,295

22.8

386

100

87,08024,6158.6
2.4

88,45820,591

8.6
2.0

1,378
(4,024)102
84

447,583
1,010,423

44.3
100.0

452,043
1,028,323

44.0
100.0

4,460
17,900101
102

Cautionary Statement
The Mitsubishi Electric Group (hereafter “the Group”) is involved in development, manufacture and sales ina 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 thestatements herein are based on certain assumptions and premises that the Company trusts and considers to bereasonable under the circumstances on the date of announcement, actual operating results are subject to change
due to any of the factors as contemplated hereunder and/or any additional factor unforeseeable as of the date ofthis 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 purchasesof 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 marketablesecurities, or cause an increase in retirement benefit obligations in accordance with a decline in the fairvalue 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 inmaterial 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.

14/18

(7) Environmental legislation or relevant issues
The Group may incur losses or expenses owing to changes in environmental legislation or the occurrenceof 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 thelowered 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 andother unpredictable incidents that lead to the loss or leakage of personal information held by the Groupor confidential information regarding the Group’s business such as its technology, sales and otheroperations.
(13) Natural disasters
The Group’s operations, particularly manufacturing activities, may be affected by the occurrence ofearthquakes, 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.
Notes
1. Change of status in significant consolidated subsidiaries in this quarterly period
Addition of an Italian commercial air conditioning systems manufacturer, DeLclima S.p.A., as a result of
acquisition.

###
About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality products, Mitsubishi Electric
Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales ofelectrical and electronic equipment used in information processing and communications, space development
and satellite communications, consumer electronics, industrial technology, energy, transportation andbuilding 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 4,323.0 billion yen(US$ 36.0 billion*) in the fiscal year ended March 31, 2015. For more information visit:
http://www.MitsubishiElectric.com*At an exchange rate of 120 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on
March 31, 201515/18

【Supplementary Materials】
February 2, 2016
Mitsubishi Electric Corporation

Fiscal 2016 Third Quarter Consolidated Results

1. Financial Results
2. Net Sales by Segment
3. Operating Income by Segment
4. Overseas Net Sales by Segment
5. Foreign Exchange Rates for Recording Net Sales andImpact of Exchange Rate Fluctuations on Net Sales

16/18

FY '15: Apr. 1, 2014 – Mar. 31, 2015
FY '16: Apr. 1, 2015 – Mar. 31, 2016

1. Financial Results(Consolidated)(Billions of yen, year-on-year % change)
FY ’16

FY ’15
1st Half(Actual)Q3(Actual)

9 months(Actual)

Full Year(Actual)Q3(Actual)

1st Half(Actual)

9 months(Actual)

Full Year(Forecast)

Net sales

1,972.8(+9)

1,010.4(+10)

2,983.2(+9)

4,323.0(+7)

2,063.2(+5)

1,028.3(+2)

3,091.6(+4)

4,380.0(+1)

Operating income

121.3

(+52)

79.9

(+26)

201.3

(+41)

317.6

(+35)

127.0

(+5)

80.3

(0)

207.3

(+3)

300.0

(-6)

Income before income taxes

145.9

(+75)

74.7

(+3)

220.6

(+42)

322.9

(+30)

133.0

(-9)

85.6

(+15)

218.7

(-1)

315.0

(-2)

Net income attributable to
Mitsubishi Electric Corp.

97.8 (+102)

47.7

(+3)

145.6

(+53)

234.6

(+53)

92.9

(-5)

59.8

(+25)

152.8

(+5)

220.0

(-6)

Figures in parentheses in the right column indicate change from the previous corresponding period

2. Net Sales by Segment(Billions of yen, year-on-year % change)
FY ’16

FY ’15
1st Half(Actual)Q3(Actual)

9 months(Actual)

Full Year(Actual)

1st Half(Actual)Q3(Actual)

9 months(Actual)

Full Year(Forecast)

Energy and Electric Systems

502.1

(+5)

277.5

(+7)

779.7

(+6)

1,228.9

(+4)

523.7

(+4)

284.8

(+3)

808.6

(+4)

1,250.0(+2)

Industrial Automation Systems

609.3

(+20)

323.2

(+19)

932.5

(+20)

1,282.7

(+17)

661.5

(+9)

327.2

(+1)

988.7

(+6)

1,320.0(+3)

Information and Communication Systems

248.5

(+2)

126.9

(+13)

375.4

(+6)

559.5

(+2)

224.0

(-10)

139.8

(+10)

363.8

(-3)

550.0

(-2)

Electronic Devices

106.5

(+18)

55.0

(+24)

161.6

(+20)

238.4

(+22)

123.2

(+16)

42.9

(-22)

166.1

(+3)

210.0

(-12)

Home Appliances

477.1

(+4)

212.5

(+3)

689.6

(+3)

944.8

(0)

511.1

(+7)

220.1

(+4)

731.3

(+6)

990.0

(+5)

Others

351.2

(+14)

183.6

(+11)

534.9

(+13)

740.5

(+10)

338.4

(-4)

171.1

(-7)

509.6

(-5)

710.0

(-4)

2,294.8(+10)

1,179.0(+11)

3,473.9(+10)

4,994.9(+8)

2,382.1(+4)

1,186.1(+1)

3,568.3(+3)

5,030.0

(+1)

(+9)

1,010.4(+10)

2,983.2(+9)

4,323.0(+7)

2,063.2(+5)

1,028.3(+2)

3,091.6(+4)

4,380.0

Subtotal
Eliminations-322.0Consolidated total

1,972.8-168.6-490.6-671.9-318.8-157.8-476.7-650.0(+1)

3. Operating Income by Segment(Billions of yen, year-on-year % change)
FY ’16

FY ’15
1st Half(Actual)Q3(Actual)

9 months(Actual)

Full Year(Actual)Energy and Electric Systems

12.5

(-32)

20.0

(-20)

32.5

(-25)

72.4

Industrial Automation Systems

66.2

(+70)

41.9

(+29)

108.2

(+52)

145.9

Information and Communication Systems

5.3

(+70)

7.6 (46times)

18.9 (+242)

12.9 (+293)

1st Half(Actual)Q3(Actual)

9 months(Actual)

Full Year(Forecast)

(-5)

3.7

(-70)

14.6

(-27)

18.3

(-44)

63.0

(+49)

83.9

(+27)

43.2

(+3)

127.1

(+18)

156.0

(+7)

-3.8

(-)

8.2

(+8)

4.4

(-66)

10.0

(-47)
(-37)

(-13)

Electronic Devices

7.7

(+72)

8.2 (+153)

15.9 (+106)

30.1 (+200)

16.3 (+110)

2.6

(-68)

18.9

(+19)

19.0

Home Appliances

35.2

(+52)

5.9

(-18)

41.1

(+35)

54.2

(+3)

33.1

(-6)

14.9 (+152)

48.1

(+17)

59.0

(+9)

Others

8.2

(+60)

5.7

(+17)

13.9

(+39)

23.7

(+20)

7.3

(-11)

6.3

(+11)

13.6

(-2)

21.0

(-12)

(+45)

89.5

(+23)

224.9

(+35)

345.5

(+32)

140.7

(+4)

90.0

(+1)

230.8

(+3)

328.0

(-5)

Subtotal

135.3

Eliminations and other-13.9

Consolidated total

121.3

-9.5
(+52)

79.9

-23.5
(+26)

201.3

-27.9
(+41)

317.6

-13.7
(+35)

-9.7

127.0

(+5)

-23.5

80.3

(0)

-28.0

207.3

(+3)

300.0

(-6)

4. Overseas Net Sales by Segment(Billions of yen, year-on-year % change)
FY ’15

FY ’16

1st Half(Actual)Q3(Actual)

9 months(Actual)

Full Year(Actual)

1st Half(Actual)Q3(Actual)

9 months(Actual)Energy and Electric Systems

199.3

(+12)

119.2

(+28)

318.6

(+18)

461.4

(+19)

221.6

(+11)

113.5

(-5)

335.2

(+5)

Industrial Automation Systems

342.7

(+26)

186.4

(+39)

529.2

(+30)

734.8

(+25)

390.8

(+14)

180.0

(-3)

570.9

(+8)

Information and Communication Systems

6.2

(-16)

4.6

(+46)

10.8

(+2)

17.5

(-47)

12.5 (+101)

25.6 (+454)

Full Year(Forecast)

38.1 (+252)

Electronic Devices

50.3

(+9)

25.8

(+11)

76.1

(+9)

103.6

(+2)

52.0

(+3)

23.0

(-11)

75.1

(-1)

Home Appliances

243.8

(+12)

107.1

(+10)

351.0

(+11)

474.4

(+6)

273.3

(+12)

106.1

(-1)

379.5

(+8)

OthersConsolidated total
Ratio of overseas net sales tototal sales

9.7

(+28)

4.2

(+4)

13.9

(+20)

18.6

(+7)

7.3

(-25)

3.5

(-17)

10.8

(-23)

852.2

(+17)

447.5

(+26)

1,299.8(+20)

1,810.6

(+15)

957.7

(+12)

452.0

(+1)

1,409.8

(+8)

43.2%

44.3%

43.6%

17/18

41.9%

46.4%

44.0%

45.6%

5. Foreign Exchange Rates for Recording Net Sales and Impact of Exchange Rate Fluctuations on Net Sales
FY ’15

Exchange rates for recording
net sales

Impact of exchange rate
fluctuations on net sales

FY ’16

1st Half

Q3

Full Year

1st Half

Q3

Q4(Actual)(Actual)(Actual)(Actual)(Actual)(Forecast)

US$

¥103

¥113

¥110

¥122

¥121

¥115

Euro

¥139

¥142

¥139

¥135

¥132

¥130

Consolidated total

About ￥40.0
billion increasein salesAbout ￥39.0
billion increasein salesAbout ￥124.0
billion increasein salesAbout ￥83.0
billion increasein salesAbout ￥1.0
billion increasein salesUS$

About ￥10.0
billion increase

About ￥17.0
billion increase

About ￥50.0
billion increase

About ￥40.0
billion increase

About ￥8.0
billion increaseEuro

About ￥9.0
billion increase

About ￥2.0
billion increase

About ￥8.0
billion increase

About ￥4.0
billion decrease

About ￥7.0
billion decrease

18/18