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

No. 3190

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 Financial Results for Fiscal 2018TOKYO, 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:
Operating income:
Income before income taxes:
Net income attributable to
Mitsubishi Electric Corp.:

4,431.1 billion yen
318.6 billion yen
364.5 billion yen(5% increase from the previous fiscal year)(18% increase from the previous fiscal year)(23% increase from the previous fiscal year)

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 tothe 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 tostrengthen 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 andElectronic 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 otherfactors, in addition to an increase in operating income.
Net income attributable to Mitsubishi Electric Corporation increased by 29% compared to theprevious fiscal year to 271.8 billion yen.

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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 powersystems 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
Operating income:
190.8 billion yen(10% increase from the previous fiscal year)(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) mainlyin 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
Operating income:11.9 billion yen(3% decrease from the previous fiscal year)(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 adecrease 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:
Operating income:

202.2 billion yen
14.5 billion yen(8% increase from the previous fiscal year)(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 indemand 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 anincrease in sales.

2/16Home Appliances
Total sales:
Operating income:

1,049.3 billion yen
56.0 billion yen(4% increase from the previous fiscal year)(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 causedby 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.
OthersTotal sales:
Operating income:

764.3 billion yen
23.9 billion yen(7% increase from the previous fiscal year)(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 affiliatedcompanies involved in materials procurement.
Operating income increased by 0.6 billion yen from the previous fiscal year due primarily to anincrease 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 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 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 dividendof 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 balanceof 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 theprevious 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 outstandingbalance 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 bysuch factors as the weaker yen and a rise in stock prices, despite dividend payment of 68.6 billion yen.

3/16

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 theprevious fiscal year to 240.4 billion yen (cash in) mainly due to an increase in inventories. Cash flows frominvesting 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 (cashout) 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 Japanand 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 morestrongly its global operations centered around its growth-driving businesses, continuously increasing andstrengthening 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
Operating income
315.0
Income before income taxes
345.0
Net income attributable to
Mitsubishi Electric Corp.
245.0
stockholders

billion yen
billion yen
billion yen(1% increase from fiscal 2018)(4% decrease from fiscal 2018)(2% decrease from fiscal 2018)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 toenhance international comparability of its financial information in the capital markets.

4/16

Consolidated Financial Results Summary(In billions of yen except where noted)
FY ’17 (A)FY ’18 (B)(Apr. 1, 2016 – (Apr. 1, 2017 –Mar. 31, 2017) Mar. 31, 2018)
Net sales

B–A

B/A (%)

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

210.4

271.8

61.3

129

98.07 yen

126.70 yen

28.63 yen

129

Annual dividend

27 yen40 yen13 yen148

Interim dividend

9 yen

14 yen―Year-end dividend

18 yen26 yen―Notes:
1) Consolidated financial charts made in accordance with U.S. GAAP.
2) The Company has 205 consolidated subsidiaries.

5/16

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 ’17(Apr. 1, 2016 –Mar. 31, 2017)
% of
(A)
total
4,238,666
100.0
2,950,729
69.6

FY ’18(Apr. 1, 2017 –Mar. 31, 2018)
% of
(B)
total
4,431,198
100.0
3,030,902
68.4

1,014,389

23.9

1,061,778

3,444

0.1

270,104
60,985
7,653

192,532
80,173

B/A
(%)
105
103

24.0

47,389105

19,881

0.4

16,437

577

6.4
1.4
0.2

318,637
60,414
8,611

7.2
1.4
0.2

48,533
(571)
958

118
99
113

21,5080.5

22,261

0.5

753

104

31,824
34,8403,225
31,615296,249
73,484
222,765

0.7
0.8
0.1
0.7
7.0
1.7
5.3

29,542
14,473
2,727
11,746364,578
82,239282,339

0.7
0.4
0.1
0.3
8.2
1.8
6.4

(2,282)(20,367)(498)(19,869)
68,3298,755
59,574

93
42
85
37
123
112
127

12,2720.3

10,4590.3(1,813)

85

210,493

5.0

271,880

6.1

61,387129

B–A

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.

6/16

FY ’17 (A)(Apr. 1, 2016 –Mar. 31, 2017)
222,765

FY ’18 (B)(Apr. 1, 2017 –Mar. 31, 2018)282,339(22,968)
26,096
42,684136
45,948
268,713

17,02315,857(14,875)(88)
17,917300,256

39,991(10,239)(57,559)(224)(28,031)
31,543

9,573

11,852

2,279

259,140

288,404

29,264

B–A
59,574

Consolidated Balance Sheet(In millions of yen)
FY ’17 (A)(ended Mar.
31, 2017)(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

7/16

FY ’18 (B)(ended Mar.
31, 2018)

B–A

2,500,685
662,469
1,037,201
643,040
157,975
2,815
618,935
732,611317,224
4,172,270

2,606,493
599,199
1,087,593
741,782
177,919
1,965
614,295
740,448
301,358
4,264,559

105,808(63,270)
50,392
98,742
19,944(850)(4,640)
7,837(15,866)
92,2891,525,761
124,368
780,202621,191
227,756
194,990
83,0552,031,562

1,471,367
122,430
719,404
629,533
189,055
171,017
68,9751,900,414(54,394)(1,938)(60,798)
8,342(38,701)(23,973)(14,080)(131,148)

2,039,627
175,820
212,530
1,654,557(2,052)(1,228)101,0812,140,708
4,172,270

2,259,355
175,820
213,250
1,857,741
14,472(1,928)104,7902,364,145
4,264,559

219,728–720
203,184
16,524(700)
3,709
223,437
92,289352,124

311,485(40,639)

18,535(156,993)
136,352
54

34,149(141,075)
121,413(15)

15,614
15,918(14,939)(69)

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 (net of cash disposed)
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 (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8/16

FY ’17(Apr. 1, 2016 –Mar. 31, 2017)(A)

FY ’18(Apr. 1, 2017 –Mar. 31, 2018)(B)

222,765

282,339

59,574

144,928
17,966(21,580)(7,576)
19,23920,853(37,843)
7,198
365,950

173,889
20,026(45,827)(95,357)(21,644)(48,428)(19,358)(5,190)240,450

28,961
2,060(24,247)(87,781)(40,883)(69,281)
18,485(12,388)(125,500)(167,165)
9,049(186,792)
3,005(19,627)(6,044)(6,007)(8,518)(2,511)

23,56035,194

11,634(8,069)(148,632)
217,318(21,108)(178,219)
62,231(13,039)(29,587)(155,087)

145(58,489)350(57,963)(854)
0(6,684)(123,495)

20,180(64,186)(5,974)(68,696)(700)
0(8,915)(128,291)

20,035(5,697)(6,324)(10,733)154(0)(2,231)(4,796)(5,524)

2,790

8,314

88,299574,170
662,469(63,270)
662,469
599,199(151,569)
88,299(63,270)

B–A

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)Operatingincome (B)Sales (C)Operatingincome (D)Energy and Electric Systems
Industrial Automation
Systems
Information andCommunication Systems
Electronic Devices

1,227,906

44,3191,241,952

51,71014,046

7,391

101

1,310,136

140,073

1,444,928

190,826

134,792

50,753

110

447,754

12,700436,068

11,987(11,686)

(713)

97

186,554

8,382

202,294

14,554

15,7406,172108

Home Appliances
Others1,004,415
713,60369,69623,214

1,049,369
764,346

56,057
23,90044,95450,743(13,639)
686

104
107

Subtotal
Eliminations and other

4,890,368(651,702)

298,384(28,280)

5,138,957(707,759)

349,034(30,397)248,589(56,057)

50,650(2,117)

105
–

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)
OperatingSales (C)income(loss) (D)

C–A

D–B

C/A
(%)

Sales (A)Operatingincome (B)Japan
North America

3,402,132
421,553

152,027
9,002

3,506,240
417,951

214,873(3,941)

104,108(3,602)

62,846(12,943)

103
99

Asia (excluding Japan)
Europe1,040,098
421,073

93,31812,828

1,180,748
476,582

88,15011,933

140,650
55,509(5,168)
(895)

114
113

OthersSubtotal

46,8545,331,710

2,458
269,633

51,094
5,632,615

2,852
313,867

4,240
300,905394
44,234109
106

Eliminations
Total(1,093,044)
4,238,666

471
270,104(1,201,417)
4,431,198

4,770 (108,373)
318,637 192,532

4,299
48,533–
105*Notes: Inter-segment sales are included in the above chart.

9/16

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

Location of Customers

FY ’17(Apr. 1, 2016 –Mar. 31, 2017)

B–A

B/A
(%)

2,405,552% of total
net sales
56.8

422,259

10.0

417,423

9.4(4,836)99

940,15022.2

1,075,683

24.3

135,533

114

384,075
86,6309.0
2.0431,316
83,1509.7
1.947,241(3,480)112
961,833,114
4,238,666

43.2
100.0

2,007,572
4,431,198

45.3
100.0

174,458
192,532

110
105

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

FY ’18(Apr. 1, 2017 –Mar. 31, 2018)

2,423,626% of total
net sales
54.7

18,074

101

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 the statements herein
are based on certain assumptions and premises that the Group trusts and considers to be reasonable under thecircumstances on the date of announcement, actual financial standings and operating results are subject tochange due to any of the factors as contemplated hereunder and/or any additional factor unforeseeable as ofthe 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 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 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 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.

10/16

(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 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 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 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 electricaland 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 withtechnology. The company recorded consolidated group sales of 4,431.1 billion yen (US$ 41.8 billion*) in thefiscal 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, 201811/16

【Supplementary Materials】
April 27, 2018
Mitsubishi Electric Corporation

Fiscal 2018 Consolidated Results
1. Financial Results
2. Net Sales and Operating Income by Segment
3. Overseas Net Sales by Segment
4. Overseas Net Sales by Region
5. Overseas Production Volume
6. Foreign Exchange Rates for Recording Net Sales andImpact of Exchange Rate Fluctuations on Net Sales
7. Capital Expenditures
8. Depreciation of Tangible Fixed Assets and Other
9. Research and Development Expenditures
10. Loans (Interest-Bearing Debt)
11. Number of Employees<Reference>
1. Quarterly Financial Results for Fiscal 2018
2. Quarterly Net Sales and Operating Income by Segment for Fiscal 2018

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FY '17: Apr. 1, 2016 – Mar. 31, 2017
FY '18: Apr. 1, 2017 – Mar. 31, 2018
FY '19: Apr. 1, 2018 – Mar. 31, 2019

The consolidated financial statements of Mitsubishi Electric Corp. are made in accordance with U.S. GAAP. Since Mitsubishi Electric Corp.
has decided to voluntarily adopt International Financial Reporting Standards (IFRS) from the first quarter of FY '19, the forecast for FY '19 is
prepared in accordance with IFRS, with year-on-year changes from FY '18 also described in unaudited IFRS basis.

1. Financial Results(Consolidated)

Net sales
Consolidated to non-consolidated ratio
Operating income
Income before income taxes

FY '17Full Year(Actual)4,238.6
(-4)
1.65
270.1
(-10)
296.2
(-7)

Net income attributable to
Mitsubishi Electric Corp.

210.4

(-8)

(Billions of yen, year-on-year % change)
FY '18FY '19Full Year
Full Year(Actual)(Forecast) 【IFRS】
4,431.1(+5)
4,500.0(+1)
1.66
318.6 (+18)
315.0
(-4)
364.5 (+23)
345.0
(-2)
271.8

(+29)

245.0

(-5)

Consolidated to non-consolidated ratio
1.58
1.34
Financial account balance
4.4
5.8*Figures in parentheses in the right column indicate change from the previous corresponding period.
* "Net income attributable to Mitsubishi Electric Corp.'' is described as "Net income attributable to Mitsubishi Electric Corp. stockholders''
under IFRS.

2. Net Sales and Operating Income by Segment(Billions of yen, year-on-year % change)

Energy and Electric
Systems
Industrial Automation
Systems
Information andCommunication Systems
Electronic Devices
Home Appliances
OthersNet Sales
Operating Income
Net Sales
Operating Income
Net Sales
Operating Income
Net Sales
Operating Income
Net Sales
Operating Income
Net Sales
Operating Income

Subtotal
Eliminations and other
Consolidated total

Net Sales
Operating Income
Net Sales
Operating Income
Net Sales
Operating Income

FY '17(Actual)1,227.9
(-3)
44.3
(-12)
1,310.1
(-1)
140.0
(-12)
447.7
(-20)
12.7
(-15)
186.5
(-12)
8.3
(-50)
1,004.4
(+2)
69.6
(+9)
713.6
(+1)
23.2
(-2)
4,890.3
(-3)
298.3
(-9)
-651.7-28.2
4,238.6
(-4)
270.1
(-10)

FY '18(Actual)1,241.9(+1)
51.7 (+17)
1,444.9 (+10)
190.8 (+36)
436.0
(-3)
11.9
(-6)
202.2
(+8)
14.5 (+74)
1,049.3
(+4)
56.0
(-20)
764.3
(+7)
23.9
(+3)
5,138.9(+5)
349.0 (+17)-707.7-30.3
4,431.1(+5)
318.6 (+18)

3. Overseas Net sales by Segment(Billions of yen, year-on-year % change)
FY '17
FY '18(Actual)(Actual)
419.6
(-9)
424.2
(+1)
Energy and Electric Systems
766.1
(+1)
865.8 (+13)
Industrial Automation Systems
11.2
(-76)
13.1 (+17)
Information and Communication Systems
102.0
(+4)
115.8 (+14)
Electronic Devices
518.2
(+4)
568.7 (+10)
Home Appliances
15.7 (+11)
19.7 (+25)
OthersConsolidated total
1,833.1(-2) 2,007.5 (+10)
43.2%
45.3%
Ratio of overseas net sales to total sales

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FY '19(Forecast) 【IFRS】
1,290.0
(+3)
68.0
(+4)
1,450.0
(0)
184.0
(-2)
430.0
(-2)
10.0 (-12)
220.0
(+9)
13.0
(-8)
1,060.0(+1)
48.0 (-14)
670.0
(0)
24.0
(0)
5,120.0
(+1)
347.0
(-3)
-620.0-32.0
4,500.0
(+1)
315.0
(-4)

4. Overseas Net Sales by Region(Billions of yen, year-on-year % change)
FY '17
FY '18(Actual)(Actual)
422.2
(-6)
417.4
(-1)
940.1
(-2) 1,075.6 (+14)
384.0
(+4)
431.3 (+12)
86.6
(-6)
83.1
(-4)
1,833.1(-2) 2,007.5 (+10)

North America
Asia
EuropeOthersConsolidated total

5. Overseas Production Volume(%)
FY '17(Actual)FY '18(Actual)27.8
53.1

Ratio of consolidated net sales
Ratio of overseas net sales

29.8
54.8

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

Average exchange rates

FY '17(Actual)
¥109
¥119

US$
Euro

FY '18(Actual)¥111¥130

Consolidated total About ¥186.0 billion decrease

Impact of exchange rate
fluctuations on
net sales

FY '19(Forecast)
¥100
¥125

About ¥75.0 billion increase

US$

About ¥44.0 billion decrease

About ¥9.0 billion increaseEuro

About ¥35.0 billion decrease

About ¥26.0 billion increase

The average exchange rates represent the exchange rates applied for calculating profits and losses of foreign subsidiaries and affiliated companies
in the consolidated statements.

7. Capital Expenditures

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

FY '17(Actual)41.0 (+16)
76.6
(+2)
29.8 (+34)
19.4 (+13)
37.5
(-18)
6.0
(-18)
10.8 (+11)
221.1
(+4)

(Billions of yen, year-on-year % change)
FY '18FY '19(Actual)(Forecast)
29.5
(-28)
79.2
(+3)
22.7
(-24)
17.7
(-9)
34.2
(-9)
8.9 (+48)
12.0 (+11)
204.2
(-8)
250.0 (+22)

8. Depreciation of Tangible Fixed Assets and Other

Consolidated

FY '17(Actual)
144.9
(-4)

(Billions of yen, year-on-year % change)
FY '18FY '19(Actual)(Forecast)(+8)
173.8 (+20)
170.0

9. Research and Development Expenditures(Billions of yen, year-on-year % change)
FY '17
FY '18FY '19(Actual)(Actual)(Forecast)
Consolidated
201.3
(-1)
210.3
(+4)
225.0
(+7)
Ratio of net sales
4.7
4.7
5.0
* Research and development expenditures in the cost of production are also included.

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10. Loans (Interest-Bearing Debt)
FY '17(Actual)352.1

Consolidated
Ratio of total assets(Billions of yen, %)FY '18(Actual)
311.4
8.4
7.3

11. Number of Employees

Consolidated
Non-consolidated
Subsidiaries
Domestic subsidiaries
Overseas subsidiaries

FY '17(Actual)138,700
33,977213 companies
104,72395 companies
54,577118 companies
50,146

FY '18(Actual)142,340
34,561205 companies
107,779
94 companies
55,312111 companies
52,467

15/16(Person)FY '19(Forecast)
35,834

FY '17: Apr. 1, 2016 – Mar. 31, 2017
FY '18: Apr. 1, 2017 – Mar. 31, 2018

<Reference>
1. Quarterly Financial Results for Fiscal 2018
(Consolidated)
1st Half

FY '17 (Actual)
Q3
Q4
Full year

1,972.3

974.7

1,291.5

4,238.6

Operating income

121.7

53.8

94.5

Income before income taxes

123.7

72.4

Net income attributable to
Mitsubishi Electric Corp.

88.3

46.9

Net sales(Billions of yen, year-on-year % change)
FY '18 (Actual)
Q3
Q4
Full Year

1st Half(-4) 2,076.3(+5) 1,038.6(+7) 1,316.1(+2)

4,431.1

(+5)

270.1

(-10)

149.2

(+23)

83.1

(+54)

86.2

(-9)

318.6 (+18)

100.0

296.2

(-7)

185.2

(+50)

91.9

(+27)

87.3

(-13)

364.5 (+23)

75.1

210.4

(-8)

131.1

(+48)

61.9

(+32)

78.7

(+5)

271.8 (+29)

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

2. Quarterly Net Sales and Operating Income by Segment for Fiscal 2018

1st Half

FY '17 (Actual)
Q3
Q4
Full year(Billions of yen, year-on-year % change)
FY '18 (Actual)
Q3
Q4
Full Year

1st Half

(+7)

436.6

(-1) 1,241.9(+10)

16.5 (+261)

25.0

(-18)

703.7

(+14)

366.8

(+10)

374.4

(+5) 1,444.9 (+10)

(-12)

94.8

(+53)

52.7

(+30)

43.2

(+15)

447.7

(-20)

185.0

(-7)

89.7

(+3)

161.2

(-1)

436.0

(-3)

8.2

12.7

(-15)

2.8

(-28)

3.4 (+491)

5.7

(-30)

11.9

(-6)

49.3

50.7

186.5

(-12)

99.5

(+15)

50.3

(+2)

52.4

(+3)

202.2

(+8)

1.7

3.3

3.2

8.3

(-50)

6.9 (+293)

5.0

(+51)

2.5

(-22)

14.5 (+74)

Net Sales

519.3

227.0

258.0

1,004.4

(+2)

539.2

(+4)

239.9

(+6)

270.2

Operating Income

48.6

8.9

12.0

69.6

(+9)

38.4

(-21)

10.6

(+19)

Net Sales

336.7

177.8

199.0

713.6

(+1)

362.3

(+8)

194.2

Operating Income

9.3

5.9

7.9

23.2

(-2)

9.8

(+4)

5.1

Net Sales

2,284.0

1,134.9

1,471.3

4,890.3

Operating Income

134.9

63.8

99.5

298.3

Net Sales-311.7-160.1-179.7-651.7-341.4-179.8-186.4-707.7

Operating Income

-13.2

-9.9

-5.0

-28.2

-13.7

-10.4

-6.1

-30.3

Net Sales

1,972.3

974.7

1,291.5

4,238.6(-4) 2,076.3(+5)

1,038.6(+7) 1,316.1(+2) 4,431.1

Operating Income

121.7

53.8

94.5

270.1

(-10)

(+23)

83.1

(+54)

(-9)

Net Sales

525.4

259.2

443.1

1,227.9

(-3)

527.8

(0)

Operating Income

9.1

4.5

30.5

44.3

(-12)

10.1

Net Sales

617.6

334.3

358.1

1,310.1(-1)

Operating Income

62.1

40.4

37.5

140.0

Net Sales
Information andCommunication Systems Operating Income

198.2

87.1

162.2

3.8

0.5

Net Sales

86.5

Operating Income

Energy and Electric
Systems
Industrial Automation
Systems

Electronic Devices

Home Appliances

OthersSubtotal

Eliminations and other

Consolidated total

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277.4

51.7 (+17)

190.8 (+36)(+5) 1,049.3

(+4)

6.9

(-43)

56.0

(-20)

(+9)

207.6

(+4)

764.3

(+7)

(-12)

8.9

(+12)

23.9

(+3)
(+5)

(-3) 2,417.8(+6) 1,218.5(+7) 1,502.6(+2) 5,138.9

(-9)

(+21)

(+47)

(-7)

163.0

149.2

93.5

(+1)

92.4

86.2

349.0 (+17)(+5)

318.6 (+18)