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

No. 3023

Investor Relations Inquiries

Media Inquiries

Investor Relations Group, Corporate Finance Division
Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp

Public Relations Division
Mitsubishi Electric Corporation
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/

Mitsubishi Electric Announces Consolidated and Non-consolidated
Financial Results for Fiscal 2016TOKYO, April 28, 2016 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today its
consolidated and non-consolidated financial results for fiscal 2016 (April 1, 2015- March 31, 2016).
Consolidated Financial Results
Net sales:
4,394.3 billion yen
Operating income:
301.1 billion yen
Income before income taxes:
318.4 billion yen
Net income attributable to228.4 billion yen
Mitsubishi Electric Corp.:
Non-consolidated Financial Results
Net sales:
2,675.7
Operating income:
112.0
Ordinary profit:
185.7
Net income:
163.8

billion yen
billion yen
billion yen
billion yen(2% increase from the previous fiscal year)(5% decrease from the previous fiscal year)(1% decrease from the previous fiscal year)(3% decrease from the previous fiscal year)(Unchanged from the previous fiscal year)(26% decrease from the previous fiscal year)(8% increase from the previous fiscal year)(21% increase from the previous fiscal year)

During the fiscal year ended March 31, 2016, the business environment experienced buoyancy in the U.S.
economy, which showed expansion, and a gradual trend of economic recovery continuing in Europe, despitea gradual slowdown continuing in China and other east Asian markets, weakness in personal consumption in
Japan and stagnation in certain emerging markets. In addition, the yen weakened against the U.S. dollar
compared to the previous year, while becoming stronger in the fourth quarter.
Under these circumstances, the Mitsubishi Electric Group has been working even harder than before topromote growth strategies rooted in its advantages, while continuously implementing initiatives tostrengthen its competitiveness and business structure.
As a result, Mitsubishi Electric has recorded a consolidated net sales of 4,394.3 billion yen for fiscal 2016,an increase of 2% compared to the previous fiscal year, with increased sales in the Energy and Electric
Systems, Industrial Automation Systems, Information and Communication Systems, and Home Appliances
segments.
Consolidated operating income decreased by 5% compared to the previous fiscal year to 301.1 billion yen,
due to decreased profits in the Energy and Electric Systems, Information and Communication Systems, andElectronic Devices segments.

1/17

Consolidated Financial Results by Business Segment
Energy and Electric Systems
Total sales:
1,264.6 billion yen(3% increase from the previous fiscal year)
Operating income:50.3 billion yen(22.1 billion yen decrease from the previous fiscal year)
The social infrastructure systems business saw increases in both orders and sales compared to the previous
fiscal year due to increases in the power systems business and the transportation systems business in Japan,
despite decreases in the public utility systems business in Japan and the transportation systems businessoutside Japan.
The building systems business experienced an increase in orders, while sales remained unchanged
compared to the previous fiscal year, owing to growth in the new installation of elevators and escalators
outside Japan.
As a result, total sales for this segment increased by 3% from the previous fiscal year. Operating
income decreased by 22.1 billion yen from the previous fiscal year due primarily to a shift in project
portfolios and lower profit in the social infrastructure systems business.
Industrial Automation Systems
Total sales:
1,321.9 billion yen
Operating income:159.1 billion yen(3% increase from the previous fiscal year)(13.1 billion yen increase from the previous fiscal year)

The factory automation systems business saw a decrease in orders from the previous fiscal year mainly due
to stagnant capital expenditures in China and other emerging markets, while sales remained unchanged fromthe previous fiscal year due to growth in capital expenditures relating to the automotive 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 previous 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 3% from the previous fiscal year. Operating
income increased by 13.1 billion yen from the previous fiscal year due primarily to an increase in sales.
Information and Communication Systems
Total sales:
561.1 billion yen
Operating income:14.9 billion yen(Unchanged from the previous fiscal year)(3.9 billion yen decrease from the previous fiscal year)

The telecommunications equipment business remained unchanged in both orders and sales compared to theprevious fiscal year.
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,
due to an increase in orders for large-scale projects in the space business, while sales remained unchanged
compared to the previous fiscal year due to a shift in the portfolios of large-scale projects in the defense
systems business.
As a result, total sales for this segment remained unchanged compared to the previous fiscal year.
Operating income decreased by 3.9 billion yen from the previous fiscal year due primarily to a shift inproject portfolios.
Electronic Devices
Total sales:
Operating income:

211.5 billion yen
16.8 billion yen(11% decrease from the previous fiscal year)(13.2 billion yen decrease from the previous fiscal year)

The electronic devices business saw decreases in both orders and sales from the previous fiscal year due to adecrease in demand mainly for power modules used in automotive, railcar, consumer and industrial
applications, despite an increase in optical communication devices.
As a result, total sales for this segment decreased by 11% compared to the previous fiscal year.
Operating income decreased by 13.2 billion yen compared to the previous fiscal year due primarily to adecrease in sales.

2/17Home Appliances
Total sales:
Operating income:

982.0 billion yen
63.8 billion yen(4% increase from the previous fiscal year)(9.5 billion yen increase from the previous fiscal year)

The home appliances business saw an increase in sales of 4% compared to the previous fiscal year due to anincrease in sales of residential and industrial air conditioners 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 9.5 billion yen compared to the previous fiscal year largely due toan increase in sales.
OthersTotal sales:
Operating income:

707.7 billion yen
23.6 billion yen(4% decrease from the previous fiscal year)(0.1 billion yen decrease from the previous fiscal year)

Sales decreased by 4% compared to the previous fiscal year due to decreases mainly at affiliated companies
involved in materials procurement.
Operating income decreased by 0.1 billion yen from the previous fiscal year due primarily to adecrease in sales.
Fundamental Dividend Distribution Policy and FY2016 and FY2017 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 therespective fiscal year, as well as strengthening our financial standing through the company’s internal reserves,
with the ultimate goal of enhancing corporate value.
FY 2016 and FY 2017 dividend
Considering the Company’s business performance and financial conditions in fiscal 2016, the Company has
decided to pay a year-end retained earnings dividend of 18 yen per share for fiscal 2016. Adding the interim
dividend of 9 yen per share, the total annual dividend will be 27 yen per share. Payment is planned to begin
on June 2, 2016.
The retained earnings dividend for fiscal 2017 is still undecided.
cf. In fiscal 2015, interim dividend was 9 yen and year-end dividend was 18 yen per share. (Annual dividendof 27 yen per share)
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 year increased from the end of the previous fiscal year
by 0.4 billion yen to 4,059.9 billion yen.
Total liabilities decreased from the end of the previous fiscal year by 6.8 billion yen to 2,122.4 billion yen.
The outstanding balances of debts and corporate bonds increased by 22.0 billion yen from the end of theprevious fiscal year to 404.0 billion yen, resulting in a rise in the ratio of interest bearing debt to total assets
to 10.0%, representing a 0.6 point increase compared to the end of the previous fiscal year. Retirement andseverance benefits increased by 47.4 billion yen, mainly resulting from a decrease in pension assets
following a fall in stock prices, while the outstanding balance of trade payables decreased by 33.5 billion yen
and other current liabilities decreased by 23.1 billion yen.
Mitsubishi Electric Corporation shareholders’ equity decreased by 3.4 billion yen compared to the end of theprevious fiscal year to 1,838.7 billion yen. Shareholders’ equity ratio was recorded at 45.3%, representing a
0.1 point decrease compared to the end of the previous fiscal year. The changes referred to above primarily
resulted from dividend payment of 57.9 billion yen along with a decrease in accumulated othercomprehensive income by 174.7 billion yen caused by such factors as falling stock prices and the stronger
yen, despite an increase from recording a net income attributable to Mitsubishi Electric Corporation of 228.4
billion yen.

3/17

Cash flows from operating activities for this fiscal year decreased by 11.6 billion yen compared to theprevious fiscal year to 366.6 billion yen (cash in). Cash flows from investing activities increased by 57.2
billion yen compared to the previous fiscal year to 255.4 billion yen (cash out) due to increases in purchasesof short-term investments and investment securities and other factors. As a result, free cash flow was 111.2
billion yen (cash in). Cash flows from financing activities were 82.1 billion yen (cash out) mainly due todividend payment.
Cash Flow related index
FY 2012FY 2013

FY 2014

FY 2015

FY 2016

Cash Flow to interest
bearing debt ratio1

6.8 times

6.5 times

1.0 times

1.0 times

1.1 times

Interest coverage ratio2

11.7 times

12.9 times

91.9 times

99.1 times

120.7 times

1

Balance of outstanding debts and corporate bonds* divided by cash flow from operating activities*Balance of outstanding debts and corporate bonds is the average of the year-start and year-end balance of outstanding debts
and corporate bonds.
2
Cash flow from operating activities divided by interest paid

Current Forecast for Fiscal 2017
Despite global business conditions facing concerns of a gradual economic slowdown in China, continued
economic stagnation in some emerging markets as well as stagnation in consumption in the Japanese market,
a continued gradual trend of economic expansion is expected mainly in the U.S. and Europe. However, it
will not necessarily be possible to adopt an optimistic outlook regarding business performance due toconcerns primarily of the yen continuing to strengthen.
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 morestrongly its global operations in its environment and energy related business and its social infrastructure
systems related business, continuously increasing and strengthening profitability in each business andcontinuously implementing various Group-wide business improvement measures.
The current financial performance forecast for fiscal 2017 follows below. The impact of the 2016 Kumamoto
earthquakes on the Mitsubishi Electric Group and its financial performance is reflected in this statement
based upon certain assumption at the time of publication.
Current forecast for fiscal 2017: consolidated
Net sales
4,280.0
Operating income
260.0
Income before income taxes
280.0
Net income attributable to200.0
Mitsubishi Electric Corp.

billion yen
billion yen
billion yen(3% decrease from fiscal 2016)(14% decrease from fiscal 2016)(12% decrease from fiscal 2016)

billion yen(12% decrease from fiscal 2016)

Management Policy
Fundamental Management Policy
Based on its corporate statement “Changes for the Better,” the Mitsubishi Electric Group will continue its
challenge toward innovation to build a better tomorrow and pursue sustainable growth through a threefold
balanced management policy of “Growth,” “Profitability & Efficiency” and “Soundness.”
The Group will also continue to work to earn the trust of and ensure the satisfaction of all stakeholders
including society, customers, shareholders and employees.
Management Targets
The Mitsubishi Electric Group has established management targets that it continuously aims to achieve: an
ROE of 10% or more and a ratio of interest-bearing debt to total assets of 15% or less. Aiming to achieve ahigher level of growth, the Group has also set growth targets to reach consolidated net sales of 5 trillion yen
or more and an operating income ratio of 8% or more by fiscal 2021 at the latest. For business performancein fiscal 2016, the Group recorded a consolidated net sales of 4,394.3 billion yen, an operating income ratioof 6.9%, an ROE of 12.4% and a ratio of interest-bearing debt to total assets of 10.0%.

4/17

Corporate Agenda
In order to pursue sustainable growth based on the Mitsubishi Electric Group’s threefold balanced
management policy of “Growth,” “Profitability & Efficiency” and “Soundness,” the Group will makeresilient businesses even stronger, create strong businesses and strengthen its solutions business that takes
root in its vibrant businesses, aiming to achieve a higher level of growth with targets of consolidated net
sales of 5 trillion yen or more and an operating income ratio of 8% or more by fiscal 2021 at the latest.
To further expand its global business, the Mitsubishi Electric Group will make efforts to create new value bybuilding and reinforcing an optimal business structure and through cooperation between business segments,
in both global terms and for the entire corporate Group. Moreover, as a global, leading green company, theGroup will further expand and promote its environment and energy related business and its social
infrastructure systems related business, while reinforcing competitiveness in the U.S., Europe and China andalso focusing on meeting demands in growing markets such as India, Southeast Asia and Central and SouthAmerica.
Additionally, as part of its initiative to strengthen its business foundation that is to realize high-quality
growth, the Group will make efforts—centered on growth-driving businesses—to supplement products andtechnologies and secure sales and services networks in new regions and markets, and take part in mergers
and acquisitions, collaborations and other strategic activities with the goal of acquiring new customer bases,
while reinforcing investments in development and infrastructure. Furthermore, the Group will achieve steady
growth by reinforcing resource inputs and optimizing resource distribution through continuous metabolism
of its business. With an objective of strengthening its integrated “craftsmanship,” the Group will strengthen
its development and productivity, and continue to streamline its productivity with measures such as
Just-in-Time production. From the very first stages of design and development, the Mitsubishi ElectricGroup will strengthen activities that contribute to an emphasis on quality. The Group will utilize andoptimally deploy human resources to enhance competitiveness, and engage in activities such as streamlining
its human resources structure. The Group also intends to improve its financial standing and improve its
comprehensive business efficiency from a medium and long term perspective, using Mitsubishi Electric’s
version of ROIC1, a comprehensive business efficiency indicator.
The Mitsubishi Electric Group is committed to enhancing Corporate Social Responsibility (CSR) activities
based on the Corporate Mission2 and Seven Guiding Principles3. In terms of legal and ethical compliance,
which the Group has set as a priority task spanning the entire consolidated Mitsubishi Electric Group, theGroup as a whole will further strengthen its compliance structure through intensive compliance policy,
internal control measures and internal training. The Group intends to improve its corporate governancestructure through continuous promotion of measures such as compliance with Japan’s Corporate GovernanceCode. The Group will also promote environmental initiatives to create a low-carbon and recycling-basedsociety in order to acquire a higher level of trust from society, customers and shareholders.
Steadily executing the strategies above, the Mitsubishi Electric Group will work to further enhance its
corporate value.
1

ROIC (Mitsubishi Electric version): A comprehensive business efficiency indicator which is calculated by asset items (fixed
assets, cash, etc.) per different segments (and not by capital and liability) so that it is easier to track and improve.
2
Corporate Mission: The Mitsubishi Electric Group will continually improve its technologies and services by applying
creativity to all aspects of its business. By doing so, we enhance the quality of life in our society.
3
These principles are:
Trust: Establish relationships with society, customers, shareholders, employees, and business partners based on strong
mutual trust and respect.
Quality: Provide the best products and services with unsurpassed quality.
Technology: Pioneer new markets by promoting research and development, and fostering technological innovation.
Citizenship: As a global player, contribute to the development of communities and society as a whole.
Ethics and Compliance: In all endeavors, conduct ourselves in compliance with applicable laws and high ethical standards.
Environment: Respect nature, and strive to protect and improve the global environment.
Growth: Assure fair earnings to build a foundation for future growth.

5/17

Policy Regarding Financial Reporting Standards
The Mitsubishi Electric Group had continuously provided its consolidated financial statements in accordancewith U.S. GAAP even before Japan introduced the consolidated financial reporting system in the country.
Regarding appropriate application of the International Financial Reporting Standards, the Group intends todecide upon consideration of the situation worldwide.

6/17

Consolidated and Non-Consolidated Financial Results Summary
1. Consolidated Financial Results(In billions of yen except where noted)
FY ’15 (A)(Apr. 1, 2014 –Mar. 31, 2015)

FY ’16 (B)(Apr. 1, 2015 –Mar. 31, 2016)

B–A

B/A (%)

4,323.0

4,394.3

71.3

102

Operating income

317.6

301.1

(16.4)

95

Income before income taxes

322.9

318.4

(4.4)

99

234.6

228.4

(6.2)

97

109.32 yen

106.43 yen(2.89 yen)

97

Net sales

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.

2. Non-Consolidated Financial Results(In billions of yen except where noted)
FY ’15 (A)(Apr. 1, 2014 –Mar. 31, 2015)

FY ’16 (B)(Apr. 1, 2015 –Mar. 31, 2016)

B–A

B/A (%)

2,675.6

2,675.7

0.1

100Operating income

150.6

112.0

(38.5)

74

Ordinary profit

171.4

185.7

14.3

108

Net income

135.2

163.8

28.5

121

27 yen27 yen―100

Interim dividend

9 yen

9 yen

Year-end dividend

18 yen18 yen63.00 yen

76.31 yen

13.31 yen121

Net sales

Dividend per share
Annual dividend

Net income per share

7/17

Consolidated Profit and Loss Statement(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(Apr. 1, 2014 –Mar. 31, 2015)
% of
(A)
total
4,323,041
100.0
3,032,161
70.1

FY ’16(Apr. 1, 2015 –Mar. 31, 2016)
% of
(B)
total
4,394,353
100.0
3,071,435
69.9

71,312
39,274

B/A
(%)
102
101

B–A

970,19122.5

1,013,264

23.0

43,073

104

3,085

0.1

8,482

0.2

5,397

275

317,604
78,394
7,365

7.3
1.9
0.2

301,172
60,576
8,573

6.9
1.3
0.2

(16,432)(17,818)
1,208

95
77
116

27,7250.7

29,433

0.6

1,708

106

43,30473,030
4,023
69,007
322,968
74,913
248,055

1.0
1.7
0.1
1.6
7.5
1.8
5.7

22,57043,272
3,495
39,777
318,476
77,046
241,430

0.5
1.0
0.1
0.9
7.2
1.7
5.5

(20,734)(29,758)(528)(29,230)(4,492)
2,133(6,625)

52
59
87
58
99
103
97

13,361

0.3

12,936

0.3

(425)

97

234,694

5.4

228,494

5.2(6,200)97

Consolidated Comprehensive Income Statement(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 (losses) on derivative instruments
Total
Comprehensive income
Comprehensive income attributable tothe noncontrolling interests
Comprehensive income attributable to
Mitsubishi Electric Corp.

8/17

FY ’15 (A)(Apr. 1, 2014 –Mar. 31, 2015)
248,055

FY ’16 (B)(Apr. 1, 2015 –Mar. 31, 2016)
241,430

72,583
21,171
36,7107
130,471378,526(70,881)(86,516)(25,498)(8)(182,903)
58,527(143,464)(107,687)(62,208)(15)(313,374)(319,999)

21,725

4,796(16,929)

356,80153,731(303,070)

B–A(6,625)

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

9/17

FY ’16 (B)(ended Mar.
31, 2016)

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

2,551,863
574,170
1,035,168
644,127
298,398
4,661
537,706
712,599
253,1124,059,941(81,582)
5,653(13,374)(61,293)(12,568)(972)(58,122)
6,124
135,042490

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

1,507,943
116,532
773,714617,697
287,507229,750
97,2382,122,438(104,639)(47,870)(33,575)(23,194)
69,91547,468(19,590)(6,846)

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

1,838,773
175,820
211,999
1,502,027(50,699)(374)
98,7301,937,503
4,059,941(3,430)–844
170,531(174,763)(42)
10,766
7,336
490

381,994

404,039

22,045102,959(98,108)
119,252(39)

39,847(184,231)
93,742(57)(63,112)(86,123)(25,510)(18)

Consolidated Cash Flow Statement(In millions of yen)

I
1
2

II
1
2
3
4
5
I + II
III
1
2
3
4
5
6
7

IV
V
VI
VII

Cash flows from operating activities
Net income
Adjustments to reconcile net income to net cash
provided by operating activities(1) Depreciation of tangible fixed assets and other(2) Deferred income taxes(3) Decrease (increase) in trade receivables(4) Decrease (increase) in inventories(5) Decrease (increase) in other assets(6) Increase (decrease) in trade payables(7) Increase (decrease) in other liabilities(8) Other, net
Net cash provided by operating activities
Cash flows from investing activities
Capital expenditure
Proceeds from sale of property, plant and equipment
Purchase of short-term investments and investment
securities (net of cash acquired)Proceeds from sale of short-term investments andinvestment securities
Other, net
Net cash used in investing activities
Free cash flow
Cash flows from financing activities
Proceeds from long-term debt
Repayment of long-term debt
Increase (decrease) in bank loans, net
Dividends paid
Purchase of treasury stock
Reissuance of treasury stock
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

10/17

FY ’15(Apr. 1, 2014 –Mar. 31, 2015)(A)

FY ’16(Apr. 1, 2015 –Mar. 31, 2016)(B)

248,055

241,430(6,625)

158,956
14,730(42,044)(75,829)(6,966)47,94841,823(8,360)378,313151,015
24,355
1,583
39,2207,612(21,754)(92,810)
16,026366,677(7,941)
9,625
43,627
115,049
14,578(69,702)(134,633)
24,386(11,636)(199,758)
6,768(182,251)
2,400

17,507(4,368)(5,608)(63,872)(58,264)

10,7228,511(2,211)(10,287)(198,163)
180,150(20,231)(255,443)
111,234(9,944)(57,280)(68,916)

90,598(103,497)
11,392(42,936)(50)
0(5,130)(49,623)

110,108(93,163)(13,912)(57,963)(43)
1(27,172)(82,144)

19,51010,334(25,304)(15,027)7
1(22,042)(32,521)

19,941(23,437)(43,378)

150,468
418,049
568,517

5,653
568,517574,170(144,815)
150,468
5,653

B–A

Consolidated Segment Information
1. Sales and Operating Income by Business Segment(In millions of yen)
FY ’15(Apr. 1, 2014 –Mar. 31, 2015)

FY ’16(Apr. 1, 2015 –Mar. 31, 2016)

Business Segment

C–A

D–B

C/A
(%)

Sales (A)Operatingincome (B)1,228,958

72,4481,264,604

50,34235,646 (22,106)103

1,282,749

145,982

1,321,937

159,160

39,18813,178103559,521

18,934561,119

14,9991,598(3,935)100

238,40230,163

211,580

16,870(26,822) (13,293)

89

944,830
740,51754,29623,742

982,064
707,746

63,856
23,62037,234(32,771)

9,560
(122)

104
96

Subtotal
Eliminations and other

4,994,977(671,936)

345,565(27,961)

5,049,050(654,697)

328,847(27,675)

54,073 (16,718)
17,239
286

101
–

Total

4,323,041

317,604

4,394,353

301,172

71,312 (16,432)

102

Energy and Electric Systems
Industrial Automation
Systems
Information andCommunication Systems
Electronic Devices
Home Appliances
OthersSales (C)Operatingincome (D)*Notes: Inter-segment sales are included in the above chart.

2. Sales and Operating Income by Location(In millions of yen)
FY ’15(Apr. 1, 2014 –Mar. 31, 2015
OperatingSales (A)income (B)FY ’16(Apr. 1, 2015 –Mar. 31, 2016)
OperatingSales (C)income (D)

C–A

D–B

C/A
(%)

Japan
North America

3,578,960
388,021226,199
5,178

3,563,530
446,935

173,383
9,421(15,430) (52,816)
58,914
4,243

100
115

Asia (excluding Japan)
Europe1,047,758
383,965

82,41911,803

1,054,563
387,628

91,006
14,806

6,805
3,663

8,587
3,003

101
101

OthersSubtotal

49,4955,448,199

402
326,001

50,2605,502,916

904
289,520765
502
54,717 (36,481)

102
101

Eliminations
Total(1,125,158)
4,323,041(8,397)
317,604(1,108,563)
4,394,353

11,652
301,172

16,595 20,049
71,312 (16,432)–
102

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

11/17

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

Location of Customers

FY ’15(Apr. 1, 2014 –Mar. 31, 2015)

B–A

B/A
(%)

2,512,357% of total
net sales
58.1

398,501

9.2

447,578

10.2

49,077

112

959,540

22.2

963,684

21.9

4,144

100

360,668
91,9758.4
2.1

369,978
91,919

8.4
2.1

9,310
(56)

103
100

1,810,684
4,323,041

41.9
100.0

1,873,159
4,394,353

42.6
100.0

62,47571,312

103
102

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

FY ’16(Apr. 1, 2015 –Mar. 31, 2016)

2,521,194% of total
net sales
57.4

8,837

100

Sales (B)

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.

12/17

(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.

###
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 4,394.3 billion yen(US$ 38.8 billion*) in the fiscal year ended March 31, 2016. For more information visit:
www.MitsubishiElectric.com*At an exchange rate of 113 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on
March 31, 201613/17

【Supplementary Materials】
April 28, 2016
Mitsubishi Electric Corporation

Fiscal 2016 Consolidated Results

1. Financial Results
2. Net Sales by Segment
3. Operating Income by Segment
4. Overseas Net Sales by Segment
5. Overseas Net Sales by Region
6. Overseas Production Volume
7. Foreign Exchange Rates for Recording Net Sales andImpact of Exchange Rate Fluctuations on Net Sales
8. Capital Expenditures
9. Depreciation of Tangible Fixed Assets and Other
10. Research and Development Expenditures
11. Loans (Interest-Bearing Debt)
12. Number of Employees<Reference>
1. Quarterly Financial Results for Fiscal 2016
2. Quarterly Net Sales by Segment for Fiscal 2016
3. Quarterly Operating Income by Segment for Fiscal 2016

14/17

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

1. Financial Results(Consolidated)

Net sales
Consolidated to non-consolidated ratio
Operating income
Income before income taxes
Net income attributable to
Mitsubishi Electric Corp.

FY '15Full Year(Actual)4,323.0
(+7)
1.62
317.6
(+35)
322.9
(+30)
234.6

FY '16
1st Half(Actual)2,063.2(+5)
127.0
1,330.0(+5)(-9)

Full Year(Actual)4,394.3
(+2)
1.64
301.1
(-5)
(-1)
318.4

92.9

(-5)

228.4

(+53)

Consolidated to non-consolidated ratio
1.74
Financial account balance
3.3
2.4
Figures in parentheses in the right column indicate change from the previous corresponding period

(-3)
1.39

5.0

2. Net Sales by Segment

Energy and Electric Systems
Industrial Automation Systems
Information and Communication Systems
Electronic Devices
Home Appliances
OthersSubtotal
Eliminations
Consolidated total

FY '15(Actual)1,228.9(+4)
1,282.7
(+17)
559.5
(+2)
238.4
(+22)
944.8
(0)
740.5
(+10)
4,994.9(+8)-671.94,323.0(+7)(Billions of yen, year-on-year % change)
FY '16
FY '17(Actual)(Forecast)
1,264.6(+3)
1,250.0(-1)
1,321.9(+3)
1,300.0
(-2)
561.1
(0)
460.0
(-18)
211.5
(-11)
180.0
(-15)
982.0
(+4)
1,030.0
(+5)
707.7
(-4)
690.0
(-3)
5,049.0(+1)
4,910.0(-3)-654.6
4,394.3(+2)-630.04,280.0(-3)

3. Operating Income by Segment

Energy and Electric Systems
Industrial Automation Systems
Information and Communication Systems
Electronic Devices
Home Appliances
OthersSubtotal
Eliminations and other
Consolidated total

FY '15(Actual)
72.4
(-5)
145.9
(+49)
18.9 (+242)
30.1 (+200)
54.2
(+3)
23.7
(+20)
345.5
(+32)
-27.9
317.6

(+35)

(Billions of yen, year-on-year % change)
FY '16
FY '17(Actual)(Forecast)
50.3
(-31)
55.0
(+9)
159.1
(+9)
146.0
(-8)
14.9
(-21)
8.0
(-47)
16.8
(-44)
5.0
(-70)
63.8
(+18)
58.0
(-9)
23.6
(-1)
18.0
(-24)
328.8
(-5)
290.0
(-12)
-27.6
301.1

(-5)

4. Overseas Net sales by Segment

Energy and Electric Systems
Industrial Automation Systems
Information and Communication Systems
Electronic Devices
Home Appliances
OthersConsolidated total
Ratio of overseas net sales to total sales(Billions of yen, year-on-year % change)
FY '15
FY '16(Actual)(Actual)
461.4
(+19)
458.9
(-1)
734.8
(+25)
755.5
(+3)
17.5
(-47)
46.3 (+164)
103.6
(+2)
98.5
(-5)
474.4
(+6)
499.6
(+5)
18.6
(+7)
14.1
(-24)
1,810.6(+15)
1,873.1
(+3)
41.9%
42.6%

5. Overseas Net Sales by Region

North America
Asia
EuropeOthersConsolidated total(Billions of yen, year-on-year % change)
FY '15
FY '16(Actual)(Actual)
398.5
(+20)
447.5
(+12)
959.5
(+18)
963.6
(0)
360.6
(+6)
369.9
(+3)
91.9
(+1)
91.9
(0)
1,810.6(+15)
1,873.1
(+3)

15/17

-30.0
260.0

(-14)

(Billions of yen, year-on-year % change)
FY '17
1st Half
Full Year(Forecast)(Forecast)
1,990.0(-4)
4,280.0
(-3)
95.0
115.0

(-25)
(-14)

260.0
280.0

(-14)
(-12)

85.0

(-9)

200.0

(-12)

6. Overseas Production Volume(%)
FY '15(Actual)FY '16(Actual)26.3
49.9

Ratio of consolidated net sales
Ratio of overseas net sales

26.8
50.4

7. Foreign Exchange Rates for Recording Net Sales and Impact of Exchange Rate Fluctuations on Net Sales

Exchange rates forrecording net sales

FY '15(Actual)FY '16(Actual)FY '17(Forecast)
1st Half

US$

¥110

¥121

¥105

¥105

Euro

¥139

¥133

¥120

¥120

About ¥124.0 billion increase

About ¥60.0 billion increase

US$

About ¥50.0 billion increase

About ¥47.0 billion increaseEuro

About ¥8.0 billion increase

About ¥14.0 billion decrease

Consolidated total
Impact of exchange rate
fluctuations on net sales

8. Capital Expenditures

Energy and Electric Systems
Industrial Automation Systems
Information and Communication Systems
Electronic Devices
Home Appliances
OthersCommonConsolidated total

FY '15(Actual)
52.1
(+44)
53.1
(-7)
24.8
(+5)
14.3
(-65)
43.7
(-9)
5.4
(-25)
13.4
(+40)
206.8
(-7)

(Billions of yen, year-on-year % change)
FY '16
FY '17(Actual)(Forecast)
35.2
(-32)
75.0
(+41)
22.3
(-10)
17.1
(+20)
45.9
(+5)
7.3
(+35)
9.7
(-28)
(+22)
212.5
(+3)
260.0

9. Depreciation of Tangible Fixed Assets and OtherFY '15(Actual)
158.9
(+16)

Consolidated(Billions of yen, year-on-year % change)
FY '16
FY '17(Actual)(Forecast)
(+13)
151.0
(-5)
170.0

10. Research and Development Expenditures(Billions of yen, year-on-year % change)
FY '15
FY '16
FY '17(Actual)(Actual)(Forecast)
Consolidated
195.3
(+5)
(+9)
202.9
(+4)
213.0
Ratio of net sales
4.5
4.6
5.0
* Research and development expenditures in the cost of production are also included.

11. Loans (Interest-Bearing Debt)

9.4(Billions of yen, %)FY '16(Actual)
404.0
10.0

FY '15(Actual)129,249
32,534172 companies
96,71597 companies
54,31675 companies
42,399FY '16(Actual)135,160
33,321218 companies
101,839
97 companies
54,321
121 companies
47,518FY '15(Actual)381.9

Consolidated
Ratio of total assets

12. Number of Employees

Consolidated
Non-consolidated
Subsidiaries
Domestic subsidiaries
Overseas subsidiaries

16/17(Person)FY '17(Forecast)
34,640FY '15: Apr. 1, 2014 – Mar. 31, 2015
FY '16: Apr. 1, 2015 – Mar. 31, 2016

<Reference>
1. Quarterly Financial Results for Fiscal 2016
(Consolidated)(Billions of yen, year-on-year % change)
FY '16 (Actual)
Q3
Q4
Full YearFY '15 (Actual)
1st Half

Q3

Q4

Net sales

1,972.8

1,010.4

1,339.7

4,323.0(+7)

2,063.2(+5)

1,028.3(+2)

1,302.7(-3)

4,394.3(+2)

Operating income

121.3

79.9

116.2

317.6

(+35)

127.0

(+5)

80.3

(0)

93.8

(-19)

301.1

(-5)

Income before income taxes

145.9

74.7

102.3

322.9

(+30)

133.0

(-9)

85.6

(+15)

99.7

(-3)

318.4

(-1)

Net income attributable to
Mitsubishi Electric Corp.

97.8

47.7

89.0

234.6

(+53)

92.9

(-5)

59.8

(+25)

75.6

(-15)

228.4

(-3)

Full year

1st Half

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

2. Quarterly Net Sales by Segment for Fiscal 2016
(Billions of yen, year-on-year % change)
FY '16 (Actual)
Q3
Q4
Full YearFY '15 (Actual)
1st Half

Q3

Q4

Energy and Electric Systems

502.1

277.5

449.2

1,228.9

(+4)

523.7

(+4)

284.8

(+3)

455.9

(+1)

1,264.6(+3)

Industrial Automation Systems

609.3

323.2

350.1

1,282.7

(+17)

661.5

(+9)

327.2

(+1)

333.1

(-5)

1,321.9(+3)

Information and Communication Systems

248.5

126.9

184.0

559.5

(+2)

224.0

(-10)

139.8

(+10)

197.2

(+7)

561.1

(0)

Electronic Devices

106.5

55.0

76.8

238.4

(+22)

123.2

(+16)

42.9

(-22)

45.4

(-41)

211.5

(-11)

Home Appliances

477.1

212.5

255.2

944.8

(0)

511.1

(+7)

220.1

(+4)

250.7

(-2)

982.0

(+4)

Others

351.2

183.6

205.6

740.5

(+10)

338.4

(-4)

171.1

(-7)

198.1

(-4)

707.7

(-4)

Subtotal

2,294.8

1,179.0

1,521.0

4,994.9(+8)

2,382.1(+4)

1,186.1(+1)

1,480.6(-3)

5,049.0(+1)

Eliminations-322.0-168.6-181.2-671.9Consolidated total

1,972.8

1,010.4

1,339.7

4,323.0

Full year

1st Half-318.8(+7)-157.82,063.2(+5)

1,028.3-177.9(+2)

1,302.7-654.6(-3)

4,394.3(+2)

3. Quarterly Operating Income by Segment for Fiscal 2016
(Billions of yen, year-on-year % change)
FY '16 (Actual)
Q3
Q4
Full YearFY '15 (Actual)
1st Half

Q3

Q4

Full year

1st Half

Energy and Electric Systems

12.5

20.0

39.8

72.4

(-5)

3.7

(-70)

14.6

(-27)

31.9

(-20)

50.3

(-31)

Industrial Automation Systems

66.2

41.9

37.7

145.9

(+49)

83.9

(+27)

43.2

(+3)

31.9

(-15)

159.1

(+9)

Information and Communication Systems

5.3

7.6

5.9

18.9

(+242)

-3.8

(－)

8.2

(+8)

10.5

(+78)

14.9

(-21)

Electronic Devices

7.7

8.2

14.1

30.1

(+200)

16.3(+110)

2.6

(-68)

-2.0

(－)

16.8

(-44)

Home Appliances

35.2

5.9

13.1

54.2

(+3)

33.1

(-6)

14.9

(+152)

15.6

(+20)

63.8

(+18)

Others

8.2

5.7

9.7

23.7

(+20)

7.3

(-11)

6.3

(+11)

9.9

(+2)

23.6

(-1)

Subtotal

135.3

89.5

120.6

345.5

(+32)

140.7

(+4)

90.0

(+1)

97.9

(-19)

328.8

(-5)

Eliminations and other

-13.9

-9.5

-4.3

-27.9

Consolidated total

121.3

79.9

116.2

317.6

-13.7
(+35)

17/17

127.0

-9.7
(+5)

80.3

-4.1
(0)

93.8

-27.6
(-19)

301.1

(-5)