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

No. 2972

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Investor Relations Group, Corporate Finance Division
Mitsubishi Electric Corporation
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Mitsubishi Electric Corporation
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Mitsubishi Electric Announces Consolidated Financial Results
for the First Half and Second Quarter of Fiscal 2016TOKYO, October 29, 2015 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today its
financial results for the first half and second quarter, ended September 30, 2015, of the current fiscal year
ending March 31, 2016 (fiscal 2016).

1. Consolidated Half-year Results (April 1, 2015 – September 30, 2015)
Net sales:
2,063.2 billion yen (5% increase from the same period last year)
Operating income:
127.0 billion yen (5% increase from the same period last year)
Income before income taxes:
133.0 billion yen (9% decrease from the same period last year)
Net income attributable to92.9 billion yen (5% decrease from the same period last year)
Mitsubishi Electric Corp.:
The business environment in the first half of fiscal year 2016, from April through September 2015,
experienced a stronger trend of economic slowdown in China and other East Asian markets, weakness inconsumption in Japan and stronger stagnation in certain emerging markets. Meanwhile, the U.S. economy
saw continued buoyancy and the European market showed gradual recovery. In the foreign currency
exchange market, the yen was weaker against the U.S. dollar compared to the previous year.
Under these circumstances, consolidated net sales in the first half of fiscal 2016 increased by 5% comparedto the same period of the previous fiscal year to 2,063.2 billion yen, due to increased sales in the Energy andElectric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated operating income also increased by 5% compared to the same period of the previous fiscal year
to 127.0 billion yen, due to increased profits in the Industrial Automation Systems and Electronic Devices
segments.

Consolidated Financial Results by Business Segment (First Half, Fiscal 2016)
Energy and Electric Systems
Total sales:
523.7 billion yen(4% increase from the same period last year)
Operating income:3.7 billion yen(8.7 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 rolling-stock
equipment business in Japan, and also due to the weaker yen.

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The building systems business experienced increases both in orders and sales compared to thesame 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 8.7 billion yen from the same period of the previous fiscal year
due primarily to a shift in project portfolios and lower profit in the power systems business.

Industrial Automation Systems
Total sales:
661.5 billion yen
Operating income:83.9 billion yen(9% increase from the same period last year)(17.6 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 lower demand outside Japan, while sales experienced an increase from the same
period of the 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 same period of
the previous fiscal year due primarily to growth in the car sales market in North America and Europe, as wellas the positive influence of the weaker yen.
As a result, total sales for this segment increased by 9% from the same period of the previous
fiscal year. Operating income increased by 17.6 billion yen from the same period of the previous fiscal year
due primarily to an increase in sales.

Information and Communication Systems
Total sales:
224.0 billion yen(3.8 billion yen)
Operating income (loss):(10% decrease from the same period last year)(9.1 billion yen decline from the same period last year)

The telecommunications equipment business remained substantially unchanged in both orders and sales
compared to the same period of the previous fiscal year.
The information systems and service business saw an increase in sales compared to the same
period of the previous fiscal year, mainly owing to growth in the system integrations business.
The electronic systems business saw an increase in orders compared to the same period of theprevious fiscal year, while sales experienced a decrease compared to the same period of the previous fiscal
year due to a shift in the portfolio of large-scale projects in the defense systems business.
As a result, total sales for this segment decreased by 10% compared to the same period of theprevious fiscal year. Operating income declined by 9.1 billion yen from the same period of the previous
fiscal year due primarily to a decrease in sales.

Electronic Devices
Total sales:
Operating income:123.2 billion yen
16.3 billion yen(16% increase from the same period last year)(8.5 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 a decrease in demand mainly for power modules used in railcar, industrial and consumer applications andfor industrial-use LCD modules. 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, andadditionally due to the weaker yen.
As a result, total sales for the segment increased by 16% compared to the same period of theprevious fiscal year. Operating income increased by 8.5 billion yen compared to the same period of theprevious fiscal year due primarily to an increase in sales.

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Home Appliances
Total sales:
Operating income:

511.1 billion yen
33.1 billion yen(7% increase from the same period last year)(2.0 billion yen decrease from the same period last year)

The home appliances business saw an increase in sales of 7% compared to the same period of the previous
fiscal year due to an increase in sales of air conditioners for homes in Japan and air conditioners for
European and Asian markets, as well as the positive influence of the weaker yen.
Operating income decreased by 2.0 billion yen compared to the same period of the previous fiscal
year largely due to a decline in prices.

OthersTotal sales:
Operating income:

338.4 billion yen
7.3 billion yen(4% decrease from the same period last year)(0.9 billion yen decrease from the same period last year)

Sales decreased by 4% compared to the same period of the previous fiscal year due to decreases mainly ataffiliated companies involved in materials procurement.
Operating income decreased by 0.9 billion yen from the same period of the previous fiscal year
due primarily to a decrease in sales.

2. Consolidated Second-quarter Results (July 1, 2015 – September 30, 2015)
Net sales:
1,074.8 billion yen (1% increase from the same period last year)
Operating income:72.3 billion yen (17% increase from the same period last year)
Income before income taxes:
65.8 billion yen (16% decrease from the same period last year)
Net income attributable to46.6 billion yen (15% decrease from the same period last year)
Mitsubishi Electric Corp.:
Consolidated net sales for this quarter, from July through September 2015, was 1,074.8 billion yen, a 1%
increase from the same period of the previous fiscal year, due primarily to increased sales in the Energy andElectric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated operating income was 72.3 billion yen, an increase of 17% from the same period of theprevious fiscal year, with increased profits in the Energy and Electric Systems, Industrial Automation
Systems, Electronic Devices and Home Appliances segments.

Consolidated Financial Results by Business Segment (Second Quarter, Fiscal 2016)
Energy and Electric Systems
Total sales:
287.0 billion yen(3% increase from the same period last year)
Operating income:10.4 billion yen(5.7 billion yen increase 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 worldwide, and also dueto the weaker yen, despite a decrease in sales of the public utility systems in Japan.
The building systems business experienced increases both in orders and sales compared to thesame 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 3% from the same period of the previous
fiscal year. Operating income increased by 5.7 billion yen from the same period of the previous fiscal year
due primarily to an increase in sales.

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Industrial Automation Systems
Total sales:
333.1 billion yen
Operating income:
41.0 billion yen(6% increase from the same period last year)(9.9 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 lower demand outside Japan, while sales experienced an increase from the same
period of the 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 same period of
the previous fiscal year due primarily to growth in the car sales market in North America and Europe, as wellas 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 9.9 billion yen from the same period of the previous fiscal year
due primarily to an increase in sales.

Information and Communication Systems
Total sales:
128.6 billion yen(2.0 billion yen)
Operating income (loss):(18% decrease from the same period last year)(9.1 billion yen decline from the same period last year)

The telecommunications equipment business saw an increase in orders compared to the same period of theprevious fiscal year owing primarily to an increase in communications infrastructure products, while sales
remained substantially unchanged from the same period of the previous fiscal year.
The information systems and service business saw little change in sales compared to the same
period of the previous fiscal year.
The electronic systems business saw an increase in orders compared to the same period of theprevious fiscal year, while sales experienced a decrease compared to the same period of the previous fiscal
year due to a shift in the portfolio of large-scale projects in the defense systems business.
As a result, total sales for this segment decreased by 18% compared to the same period of theprevious fiscal year. Operating income declined by 9.1 billion yen from the same period of the previous
fiscal year due primarily to a decrease in sales.

Electronic Devices
Total sales:
Operating income:

57.0 billion yen
4.0 billion yen(3% increase from the same period last year)(0.1 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 a decrease in demand mainly for power modules used in railcar, industrial and consumer applications andfor industrial-use LCD modules. 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, andadditionally due to the weaker yen.
As a result, total sales for this segment increased by 3% compared to the same period of theprevious fiscal year. Operating income increased by 0.1 billion yen compared to the same period of theprevious fiscal year due primarily to an increase in sales.

Home Appliances
Total sales:
Operating income:

257.0 billion yen
16.9 billion yen(6% increase from the same period last year)(2.9 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 air conditioners for homes in Japan and air conditioners for
European markets, as well as the positive influence of the weaker yen.
Operating income increased by 2.9 billion yen compared to the same period of the previous fiscal
year due to an increase in sales and other factors.

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Others
Total sales:
Operating income:

175.2 billion yen
6.4 billion yen(4% decrease from the same period last year)(unchanged from the same period last year)

Sales decreased by 4% compared to the same period of the previous fiscal year due to decreases mainly ataffiliated companies involved in materials procurement.
Operating income remained substantially unchanged from the same period of the previous fiscal
year.

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
year by 195.5 billion yen to 3,863.8 billion yen. The change in the balance of total assets mainly resulted
from increases in the balances of cash and cash equivalents of 4.9 billion yen, and inventories of 11.8 billion
yen as a result of work-in-process recorded in commensurate with progress in job orders under pertinentcontracts, while trade receivables showed a decrease of 178.8 billion yen resulting from various factors
including credit collection.
Total liabilities decreased from the end of the previous fiscal year by 163.4 billion yen to 1,965.8 billion yen.
The outstanding balances of debts and corporate bonds decreased by 24.5 billion yen from the end of theprevious fiscal year to 357.4 billion yen. The ratio of interest bearing debt to total assets declined to 9.3%,
which was a 0.1 point decrease compared to the end of the previous fiscal year. Retirement and severance
benefits increased by 16.8 billion yen, mainly owing to a decrease in pension assets resulting from a decline
in stock prices, while trade payables decreased by 117.1 billion yen and other current liabilities decreased by
42.6 billion yen.
Mitsubishi Electric Corporation shareholders’ equity decreased by 30.3 billion yen compared to the end of
the previous fiscal year to 1,811.8 billion yen. Shareholders’ equity ratio, representing a 1.5 point increase
compared to the end of the previous fiscal year, was recorded at 46.9%. The changes referred to above
primarily resulted from a dividend payment of 38.6 billion yen, together with a decrease in accumulated
other comprehensive income by 84.6 billion yen due to such factors as the decline in stock prices, despite arecorded net income attributable to Mitsubishi Electric Corporation of 92.9 billion yen.
Cash flows from operating activities decreased by 45.4 billion yen compared to the same period of theprevious fiscal year to 179.8 billion yen (cash in) resulting primarily from a decrease in advance payments.
Cash flows from investing activities increased by 6.8 billion yen compared to the same period of theprevious fiscal year to 95.0 billion yen (cash out). Consequently, free cash flow totaled 84.8 billion yen (cashin). Cash flows from financing activities were 69.4 billion yen (cash out) mainly due to dividend payments.

5/20

Forecast for Fiscal 2016 (year ending March 31, 2016)
The consolidated earnings forecast for fiscal 2016, ending March 31, 2016, has been revised from theprevious forecast announced on July 30, 2015. Net sales is expected to exceed the previous forecast owing
mainly to increases in the Energy and Electric Systems and the Home Appliances segments largely resulting
from the positive influence of the weaker yen. Operating income is, however, expected to fall below theprevious forecast due primarily to lower profit in the Energy and Electric Systems segment and decreasing
revenues in the Information and Communication Systems and Electronic Devices segments. Net income
attributable to Mitsubishi Electric Corp. is expected to remain unchanged from the previous forecast due
mainly to decreases in non-operating expense and tax expense.

Consolidated earnings forecast for fiscal 2016
Previous forecast(announced July 30)
Net sales:
4,370.0 billion yen
Operating income:
320.0 billion yen
Income before income taxes:
320.0 billion yen
Net income attributable to220.0 billion yen
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.

6/20

Consolidated Financial Results Summary
1. Consolidated Half-year Results(In billions of yen except where noted)
FY ’15 1st half (A)(Apr. 1, 2014 –Sept. 30, 2014)

FY ’16 1st half (B)(Apr. 1, 2015 –Sept. 30, 2015)

1,972.8

2,063.2

90.4

105

Operating income

121.3

127.0

5.6

105

Income before income taxes

145.9

133.0

(12.8)

91

97.8

92.9

(4.9)

95

45.58 yen

43.29 yen

(2.29 yen)95

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 Second-quarter Results(In billions of yen except where noted)
FY ’15 Q2 (A)(Jul. 1, 2014 –Sept. 30, 2014)

FY ’16 Q2 (B)(Jul. 1, 2015 –Sept. 30, 2015)

1,062.1

1,074.8

12.6

101

Operating income

62.0

72.3

10.3

117

Income before income taxes

78.0

65.8

(12.1)

84

54.8

46.6

(8.2)

85

25.54 yen

21.71 yen

(3.83 yen)85

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 176 consolidated subsidiaries.

7/20

B–A

B/A
(%)

Consolidated Profit and Loss Statement (First Half, 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 1st half
(Apr. 1, 2014 –Sept. 30, 2014)
% of
(A)
total
1,972,838
100.0
1,382,107
70.1

FY ’16 1st half
(Apr. 1, 2015 –Sept. 30, 2015)
% of
(B)
total
2,063,285
100.0
1,432,770
69.4

B–A

B/A (%)

90,44750,663105
104

468,64123.7

499,49724.2

30,856

107

699

0.0

4,004

0.2

3,305

573

121,391
40,256
4,270

6.2
2.0
0.2

127,014
26,573
4,279

6.2
1.2
0.2

5,623
(13,683)
9

105
66
100

12,1540.6

13,261

0.6

1,107

109

23,832
15,721
1,963
13,758145,926
43,167102,759

1.2
0.8
0.1
0.7
7.4
2.2
5.2

9,033
20,5291,830
18,699133,058
33,925
99,133

0.4
1.0
0.1
0.9
6.4
1.6
4.8

(14,799)
4,808
(133)
4,941
(12,868)(9,242)(3,626)

38
131
93
136
91
79
96

4,905

0.2

6,208

0.3

1,303

127

97,854

5.0

92,925

4.5(4,929)95

Consolidated Comprehensive Income Statement (First Half, 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 (losses) on derivative instruments

Total
Comprehensive income
Comprehensive income attributable tothe noncontrolling interests
Comprehensive income attributable to
Mitsubishi Electric Corp.

8/20

FY ’15
1st half (A)(Apr. 1, 2014 –Sept. 30, 2014)
102,759

FY ’16
1st half (B)(Apr. 1, 2015 –Sept. 30, 2015)
99,133

19,951
18,17423,265(12)
61,378164,137(32,458)(25,977)(30,153)(17)(88,605)
10,528(52,409)(44,151)(53,418)(5)(149,983)(153,609)

7,348

2,236

(5,112)

156,789

8,292(148,497)

B–A(3,626)

Consolidated Profit and Loss Statement (Second Quarter, Fiscal 2016)(In millions of yen)
FY ’15 Q2(Jul. 1, 2014 –Sept. 30, 2014)

B–A

B/A (%)

12,655(12,741)

101
98

23.9

11,781

105

4,004

0.4

3,305

573

5.8
2.2
0.1

72,382
13,393
1,245

6.7
1.3
0.1

10,310(9,935)
(123)

117
57
91

8,559

0.8

8,212

0.8

(347)

96

13,401
7,333
1,010
6,323
78,067
20,91257,155

1.3
0.7
0.1
0.6
7.3
1.9
5.4

3,936
19,894904
18,99065,881
16,42749,454

0.4
1.9
0.1
1.8
6.1
1.5
4.6

(9,465)
12,561(106)
12,667(12,186)(4,485)(7,701)

29
271
90
300
84
79
87

2,322

0.2

2,846

0.3

524

123

54,833

5.2

46,6084.3(8,225)85

1,062,190
754,463

% of
total
100.0
71.0

1,074,845
741,722

% of
total
100.0
69.0

244,95623.1

256,737699

0.1

62,072
23,328
1,368(A)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 ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)(B)

Consolidated Comprehensive Income Statement (Second 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 (losses) on derivative instruments

Total
Comprehensive income (loss)
Comprehensive income (loss) attributable tothe noncontrolling interests
Comprehensive income (loss) attributable to
Mitsubishi Electric Corp.

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FY ’15 Q2 (A)(Jul. 1, 2014 –Sept. 30, 2014)
57,155

FY ’16 Q2 (B)(Jul. 1, 2015 –Sept. 30, 2015)
49,45432,087
16,936
17,12736
66,186
123,341(37,989)(36,849)(36,960)(54)(111,852)(62,398)(70,076)(53,785)(54,087)(90)(178,038)(185,739)

5,589(1,668)(7,257)

117,752(60,730)(178,482)

B–A(7,701)

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

10/20

FY ’ 16
1st half (B)(ended Sept.
30, 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

2,471,761
573,445871,041
717,260
310,015
4,322
549,676
703,575
134,562
3,863,896(161,684)
4,928(177,501)
11,840(951)(1,311)(46,152)(2,900)16,492(195,555)

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

1,419,405
131,065
690,128598,212226,429
199,164
120,844
1,965,842(193,177)(33,337)(117,161)(42,679)
8,837
16,882
4,016(163,442)

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

1,811,827(30,376)
175,820－
211,155－
1,385,779
54,28339,431(84,633)(358)(26)
86,227(1,737)
1,898,054(32,113)
3,863,896 (195,555)

381,994

357,494(24,500)

102,959(98,108)
119,252(39)

74,575(124,085)
89,005(64)(28,384)(25,977)(30,247)(25)

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 and cash
equivalents
V
Net increase in cash and cash equivalents
VI
Cash and cash equivalents at beginning of periodVII
Cash and cash equivalents at end of period

FY ’15 1st half
(Apr. 1, 2014 –Sept. 30, 2014)(A)

FY ’16 1st half
(Apr. 1, 2015 –Sept. 30, 2015)(B)

102,759

99,133(3,626)

68,891
112,729(97,130)(27,453)
65,496225,292

69,774
173,200(19,907)(98,053)(44,274)
179,873883
60,471
77,223(70,600)(109,770)(45,419)(89,943)
4,842(86,019)
1,177

3,924
(3,665)(1,253)(4,139)(2,886)

6,326

2,240

(4,086)(8,172)(88,200)
137,092(8,269)(95,010)84,863(97)(6,810)(52,229)

50,243(51,676)
6,320(23,615)(24)
0(2,801)(21,553)

30,100(53,818)(2,040)(38,642)(27)
0(5,018)(69,445)(20,143)(2,142)(8,360)(15,027)(3)
0(2,217)(47,892)

8,250(10,490)(18,740)

123,789
418,049
541,838

4,928
568,517573,445(118,861)
150,468
31,607

B–A

I

11/20

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

FY ’15 1 half
(Apr. 1, 2014 –Sept. 30, 2014)

Business Segment

Energy and Electric Systems
Industrial Automation
Systems
Information andCommunication Systems
Electronic Devices
Home Appliances
Othersst

FY ’16 1 half
(Apr. 1, 2015 –Sept. 30, 2015)
OperatingOperatingincomeSales (A) income (B) Sales (C)(loss) (D)502,194
12,515
523,778
3,773

C–A

D–B

C/A
(%)

21,584(8,742)

104

609,301

66,263

661,520

83,91952,21917,656

109

248,5125,340

224,037(3,815)(24,475)(9,155)90

106,525

7,772

123,208

16,351

16,6838,579

116

477,100
351,243

35,225
8,273

511,138
338,484

33,194
7,367

34,038(12,759)(2,031)
(906)

107
96

Subtotal
Eliminations and other

2,294,875(322,037)

135,388 2,382,165(13,997) (318,880)

140,789(13,775)

87,290
3,157

5,401
222

104
－

Total

1,972,838

121,391

127,01490,4475,623

105

2,063,285*Note: Inter-segment sales are included in the above chart.

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

st

FY ’15 1 half
(Apr. 1, 2014 –Sept. 30, 2014)
OperatingSales (A)income (B)FY ’16 1 half
(Apr. 1, 2015 –Sept. 30, 2015)
OperatingSales (C)income (D)1,621,249

71,991

1,625,040

61,219North America

177,0272,500

223,338

Asia (excluding Japan)

486,962

40,101

Europe193,530

Others

D–B

C/A
(%)

3,791

(10,772)

100

4,439

46,3111,939

126544,863

48,28057,901

8,179

112

6,788

207,060

9,755

13,5302,967

107

21,657244

24,906

575

3,249

331

115

Subtotal

2,500,425

121,624

2,625,207

124,268

124,782

2,644

105

Eliminations(527,587)(233)(561,922)

2,746(34,335)

2,979

－

Total

1,972,838

121,391

2,063,285

127,01490,447

5,623

105

Location

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

12/20

C–A

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

Location of Customers

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

FY ’15 1 half
(Apr. 1, 2014 –Sept. 30, 2014)% of total
Sales (A)net sales
1,120,549
56.8

stFY ’16 1 half
(Apr. 1, 2015 –Sept. 30, 2015)% of total
Sales (B)net sales
1,105,521
53.6

B–A

B/A (%)(15,028)99

182,9079.3

222,936

10.8

40,029122447,73722.7

494,960

24.0

47,223

111

181,731
39,9149.2
2.0

194,096
45,7729.4
2.2

12,365
5,858

107
115

852,289
1,972,838

43.2
100.0

957,764
2,063,285

46.4
100.0

105,475
90,447

112
105

13/20

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

Business Segment

FY ’15 Q2(Jul. 1, 2014 –Sept. 30, 2014)

FY ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)
OperatingincomeSales (C)(loss) (D)

C–A

D–B

C/A
(%)

Sales (A)Operatingincome (B)278,961

4,685

287,097

10,439

8,136

5,754

103

313,974

31,104

333,170

41,052

19,1969,948

106

155,972

7,104

128,628(2,060)(27,344)(9,164)82

55,2903,913

57,091

4,019

1,801

106

103

242,383
183,185

13,975
6,554

257,046
175,294

16,9506,464

14,663(7,891)

2,975
(90)

106
96

Subtotal
Eliminations and other

1,229,765(167,575)

67,335(5,263)1,238,326(163,481)

76,864(4,482)

8,561
4,094

9,529
781

101
－

Total

1,062,190

62,072

1,074,845

72,382

12,655

10,310101

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

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

Location

FY ’15 Q2(Jul. 1, 2014 –Sept. 30, 2014)
OperatingSales (A)income (B)FY ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)
OperatingSales (C)income (D)

C–A

D–B

C/A
(%)

Japan

889,001

32,848866,669

34,404(22,332)

1,556

97

North America

86,177248

111,183

3,363

25,006

3,115

129

Asia (excluding Japan)

242,536

17,677

255,312

19,262

12,776

1,585

105Europe94,211

3,206

102,762

5,553

8,551

2,347

109

Others

11,763

6

12,630

368

867

362

107

Subtotal

1,323,688

53,985

1,348,556

62,95024,8688,965

102

Eliminations(261,498)

8,087(273,711)

9,432(12,213)

1,345

－

Total

1,062,190

62,072

1,074,845

72,382

12,655

10,310101*Note: Inter-segment sales are included in the above chart

14/20

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 Q2(Jul. 1, 2014 –Sept. 30, 2014)% of total
Sales (A)net sales
636,420
59.9

FY ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)% of total
Sales (B)net sales
606,016
56.4

B–A

B/A (%)(30,404)

95

91,8438.6

110,120

10.2

18,277120

224,91621.2

238,356

22.2

13,440106

87,94521,0668.3
2.0

96,22824,125

9.0
2.2

8,283
3,059

109
115

425,770
1,062,190

40.1
100.0

468,829
1,074,845

43.6
100.0

43,05912,655

110
101

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.

15/20

(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 our 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 4,323.0 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, 201516/20

【Supplementary Materials】
October 29, 2015
Mitsubishi Electric Corporation

Fiscal 2016 First Half 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
6. Capital Expenditures
7. Depreciation of Tangible Fixed Assets and Other
8. Research and Development Expenditures＜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

17/20

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 '15
1st Half(Actual)FY '16
Full Year(Actual)

1st Half(Actual)

Full Year(Forecast)

Net sales

1,972.8(+9)

4,323.0(+7)

2,063.2(+5)

4,380.0(+1)

Operating income

121.3

(+52)

317.6

(+35)

127.0

(+5)

300.0

(-6)

Income before income taxes

145.9

(+75)

322.9

(+30)

133.0

(-9)

315.0

(-2)

Net income attributable to
Mitsubishi Electric Corp.

97.8(+102)

234.6

(+53)

92.9

(-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 '15
1st Half(Actual)FY '16
Full Year(Actual)

1st Half(Actual)

Full Year(Forecast)

Energy and Electric Systems

502.1

(+5)

1,228.9

(+4)

523.7

(+4)

1,250.0(+2)

Industrial Automation Systems

609.3

(+20)

1,282.7

(+17)

661.5

(+9)

1,300.0(+1)

Information and Communication Systems

248.5

(+2)

559.5

(+2)

224.0

(-10)

550.0

(-2)

Electronic Devices

106.5

(+18)

238.4

(+22)

123.2

(+16)

210.0

(-12)

Home Appliances

477.1

(+4)

944.8

(0)

511.1

(+7)

990.0

(+5)

Others

351.2

(+14)

740.5

(+10)

338.4

(-4)

730.0

(-1)

2,294.8(+10)

4,994.9(+8)

2,382.1(+4)

5,030.0

(+1)

(+9)

4,323.0(+7)

2,063.2(+5)

4,380.0

Subtotal
Eliminations-322.0Consolidated total

1,972.8-671.9-318.8-650.0(+1)

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

FY '15
1st Half(Actual)FY '16
Full Year(Actual)

1st Half(Actual)

Full Year(Forecast)

Energy and Electric Systems

12.5

(-32)

72.4

(-5)

3.7

(-70)

68.0

(-6)

Industrial Automation Systems

66.2

(+70)

145.9

(+49)

83.9

(+27)

152.0

(+4)

Information and Communication Systems

5.3

(+70)

18.9

(+242)

-3.8

(-)

14.0

(-26)

Electronic Devices

7.7

(+72)

30.1

(+200)

16.3(+110)

19.0

(-37)

Home Appliances

35.2

(+52)

54.2

(+3)

33.1

(-6)

54.0

(-1)

Others

8.2

(+60)

23.7

(+20)

7.3

(-11)

21.0

(-12)

Subtotal

135.3

(+45)

345.5

(+32)

140.7

(+4)

328.0

(-5)

Eliminations and other-13.9

Consolidated total

121.3

-27.9
(+52)

317.6

-13.7
(+35)

127.0

-28.0
(+5)

300.0

(-6)

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

FY '15
1st Half(Actual)FY '16
Full Year(Actual)

1st Half(Actual)

Full Year(Forecast)

Energy and Electric Systems

199.3

(+12)

461.4

(+19)

221.6

(+11)

Industrial Automation Systems

342.7

(+26)

734.8

(+25)

390.8

(+14)

Information and Communication Systems

6.2

(-16)

17.5

(-47)

12.5

(+101)

Electronic Devices

50.3

(+9)

103.6

(+2)

52.0

(+3)

Home Appliances

243.8

(+12)

474.4

(+6)

273.3

(+12)

9.7

(+28)

18.6

(+7)

7.3

(-25)

852.2

(+17)

1,810.6

(+15)

957.7

(+12)

OthersConsolidated total
Ratio of overseas net sales tototal sales

43.2%

41.9%

18/20

46.4%

5. Foreign Exchange Rates for Recording Net Sales and Impact of Exchange Rate Fluctuations on Net Sales
FY '15
1st Half(Actual)FY '16
Full Year(Actual)

1st Half(Actual)2nd Half(Forecast)

US$

¥103

¥110

¥122

¥115

Euro

¥139

¥139

¥135

¥130

Consolidated total

About ￥40.0 billion
increase in sales

About ￥124.0 billion
increase in sales

About ￥83.0 billion
increase in sales

US$

About ￥10.0 billion
increase

About ￥50.0 billion
increase

About ￥40.0 billion
increase

Euro

About ￥9.0 billion
increase

About ￥8.0 billion
increase

About ￥4.0 billion
decrease

Exchange rates for recording
net sales

Impact of exchange rate
fluctuations on net sales

6. Capital Expenditures(Billions of yen, year-on-year % change)

FY '15Full Year(Actual)Energy and Electric Systems
Industrial Automation Systems
Information and Communication Systems

Electronic Devices
Home Appliances
OthersCommonConsolidated total

52.1
53.1
24.8
14.3
43.7
5.4
13.4
206.8

FY '16
Full Year(Forecast)
(+44)
(-7)
(+5)
(-65)
(-9)
(-25)
(+40)
(-7)

42.0
79.0
29.0
18.0
43.0
9.0
15.0
235.0

(-19)
(+49)
(+17)
(+26)
(-2)
(+67)
(+12)
(+14)

7. Depreciation of Tangible Fixed Assets and Other(Billions of yen, year-on-year % change)

FY '15
1st Half(Actual)Consolidated

68.8

FY '16
Full Year(Actual)

(+12)

158.9

1st Half(Actual)(+16)

8. Research and Development Expenditures(Billions of yen, year-on-year % change)

FY '15Full Year(Actual)Consolidated

195.3
Ratio to net sales

FY '16
Full Year(Forecast)
(+9)
4.5%

202.0

(+3)
4.6%

19/20

69.7

Full Year(Forecast)
(+1)

160.0

(+1)

＜Reference＞
1. Quarterly Financial Results for Fiscal 2016
(Consolidated)(Billions of yen, year-on-year % change)

FY '15
1st Quarter(Actual)FY '16

2nd Quarter(Actual)1st Quarter(Actual)

1st Half(Actual)2nd Quarter(Actual)

1st Half(Actual)

Net sales

910.6

(+9)

1,062.1(+9)

1,972.8

(+9)

988.4

(+9)

1,074.8(+1)

Operating income

59.3

(+73)

62.0

(+36)

121.3

(+52)

54.6

(-8)

72.3

Income before income taxes

67.8

(+59)

78.0

(+91)

145.9

(+75)

67.1

(-1)

65.8

Net income attributable to
Mitsubishi Electric Corp.

43.0

(+69)

54.8

(+140)

97.8(+102)

46.3

(+8)

46.6

2,063.2

(+5)

(+17)

127.0

(+5)

(-16)

133.0

(-9)

(-15)

92.9

(-5)

2. Quarterly Net Sales by Segment for Fiscal 2016
(Billions of yen, year-on-year % change)

FY '15
1st Quarter(Actual)FY '16

2nd Quarter(Actual)

1st Half(Actual)1st Quarter(Actual)2nd Quarter(Actual)Energy and Electric Systems

223.2

(+3)

278.9

(+7)

502.1

(+5)

236.6

(+6)

Industrial Automation Systems

295.3

(+23)

313.9

(+18)

609.3

(+20)

328.3

(+11)

333.1

(+6)

661.5

(+9)

Information and Communication Systems

92.5

(-11)

155.9

(+12)

248.5

(+2)

95.4

(+3)

128.6

(-18)

224.0

(-10)

Electronic Devices

51.2

(+21)

55.2

(+15)

106.5

(+18)

66.1

(+29)

57.0

(+3)

123.2

(+16)

Home Appliances

234.7

(+7)

242.3

(0)

477.1

(+4)

254.0

(+8)

257.0

(+6)

511.1

(+7)

Others

168.0

(+19)

183.1

(+10)

351.2

(+14)

163.1

(-3)

175.2

(-4)

338.4

(-4)

Subtotal

1,065.1(+11)

1,229.7(+10)

2,294.8(+10)

1,143.8(+7)

1,238.3(+1)

2,382.1(+4)

Eliminations-154.4

Consolidated total

910.6

(+9)

1,062.1(+9)

1,972.8(+9)

1,074.8(+1)

2,063.2-167.5-322.0-155.3
(+9)

988.4

287.0

1st Half(Actual)(+3)-163.4

523.7

(+4)

-318.8(+5)

3. Quarterly Operating Income by Segment for Fiscal 2016
(Billions of yen, year-on-year % change)

FY '15
1st Quarter(Actual)FY '16

2nd Quarter(Actual)Energy and Electric Systems

7.8

(-47)

4.6

Industrial Automation Systems

35.1(+133)

Information and Communication Systems

-1.7

(-)

Electronic Devices

3.8

Home Appliances
Others

1st Half(Actual)1st Quarter(Actual)2nd Quarter(Actual)

1st Half(Actual)

(+33)

12.5

(-32)

-6.6

(-)

10.4

(+123)

3.7

(-70)

31.1

(+30)

66.2

(+70)

42.8

(+22)

41.0

(+32)

83.9

(+27)

7.1

(+74)

5.3

(+70)

-1.7

(-)

-2.0

(-)

-3.8

(-)

(+228)

3.9

(+17)

7.7

(+72)

12.3

(220)

4.0

(+3)

16.3

(+110)

21.2

(+74)

13.9

(+28)

35.2

(+52)

16.2

(-24)

16.9

(+21)

33.1

(-6)

1.7

(+111)

6.5

(+51)

8.2

(+60)

0.9

(-47)

6.4

(-1)

7.3

(-11)

(+58)

67.3

(+34)

135.3

(+45)

63.9

(-6)

76.8

(+14)

140.7

(+4)

Subtotal

68.0

Eliminations and other-8.7

Consolidated total

59.3

-5.2
(+73)

62.0

-13.9
(+36)

20/20

121.3

-9.2
(+52)

54.6

-4.4
(-8)

72.3

-13.7
(+17)

127.0

(+5)