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

No. 3065

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 the First Half and Second Quarter of Fiscal 2017TOKYO, October 31, 2016 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today its
financial results for the first half and second quarter, ended September 30, 2016, of the current fiscal year
ending March 31, 2017 (fiscal 2017).

1. Consolidated Half-year Results (April 1, 2016 – September 30, 2016)
Net sales:
1,972.3 billion yen (4% decrease from the same period last year)
Operating income:
121.7 billion yen (4% decrease from the same period last year)
Income before income taxes:
123.7 billion yen (7% decrease from the same period last year)
Net income attributable to88.3 billion yen (5% decrease from the same period last year)
Mitsubishi Electric Corp.:
The business environment in the first half of fiscal 2017, from April through September 2016, experienced acontinuing gradual slowdown in China and weak consumption in Japan, while the U.S. economy showedstrong signs of expansion and European economy continued to recover gradually. In addition, the yen
became stronger against foreign currencies compared to the same period of the previous year.
Under these circumstances, consolidated net sales in the first half of fiscal 2017 decreased by 4% comparedto the same period of the previous fiscal year to 1,972.3 billion yen, owing to factors such as decreased sales
in the Industrial Automation Systems, Electronic Devices and Information and Communication Systems
segments. Consolidated operating income decreased by 4% compared to the same period of the previous
fiscal year to 121.7 billion yen, due to decreased profits in the Industrial Automation Systems and Electronic
Devices segments.
Consolidated Financial Results by Business Segment (First Half, Fiscal 2017)
Energy and Electric Systems
Total sales:
525.4 billion yen(unchanged from the same period last year)
Operating income:9.1 billion yen(5.4 billion yen increase from the same period last year)
The social infrastructure systems business saw a decrease in orders compared to the same period of theprevious fiscal year due primarily to a decrease in the transportation systems business outside Japan. Sales,
meanwhile, increased compared to the same period of the previous fiscal year due mainly to increases in the
power systems business and in the transportation systems business in Japan.
The building systems business experienced decreases in both orders and sales compared to thesame period of the previous fiscal year, due primarily to negative influences caused by the stronger yen,despite the growth in the renewal business in Japan, as well as the installation business of new elevators andescalators outside Japan.

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As a result, total sales for this segment remained substantially unchanged from the same period of
the previous fiscal year. Operating income increased by 5.4 billion yen from the same period of the previous
fiscal year due primarily to a shift in project portfolios.

Industrial Automation Systems
Total sales:
617.6 billion yen
Operating income:62.1 billion yen(7% decrease from the same period last year)(21.8 billion yen decrease from the same period last year)

The factory automation systems business saw an increase in orders from the same period of the previous
fiscal year mainly due to growth in capital expenditures in the fields of smartphones and electrical
automotives in China, while sales experienced a decrease from the same period of the previous fiscal year
due to decreased capital expenditures of photovoltaic systems in Japan and the negative influences caused by
the stronger yen.
The automotive equipment business saw decreases in both orders and sales from the same periodof the previous fiscal year due primarily to stagnation in car sales in Japan and the negative influence of thestronger yen, despite growth in car sales mainly in Europe.
As a result, total sales for this segment decreased by 7% from the same period of the previous
fiscal year. Operating income decreased by 21.8 billion yen from the same period of the previous fiscal year
due primarily to a decrease in sales.

Information and Communication Systems
Total sales:
198.2 billion yen
3.8 billion yen
Operating income:(12% decrease from the same period last year)(7.6 billion yen improvement from the same period lastyear, turning into profit)

The telecommunications equipment business saw decreases in both orders and sales compared to the same
period of the previous fiscal year due primarily to the sellout of an affiliated company in the beginning of the
fiscal year and decreased sales of communications infrastructure equipment.
The information systems and service business saw a decrease in sales compared to the same periodof the previous fiscal year, owing to a decrease in the IT infrastructure service business.
The electronic systems business saw a decrease in orders compared to the same period of theprevious fiscal year due to a shift in the portfolio of large-scale projects in the space business, while sales
experienced an increase compared to the same period of the previous fiscal year due primarily to theprogress with large-scale projects in the defense systems business.
As a result, total sales for this segment decreased by 12% compared to the same period of theprevious fiscal year. Operating income improved by 7.6 billion yen from the same period of the previous
fiscal year, turning into profit, due primarily to a shift in project portfolios.

Electronic Devices
Total sales:
Operating income:86.5 billion yen
1.7 billion yen(30% decrease from the same period last year)(14.5 billion yen decrease from the same period last year)

The electronic devices business saw an increase in orders from the same period of the previous fiscal year
due to an increase in optical communication devices, while sales decreased by 30% compared to the same
period of the previous fiscal year due to a decrease in demand for power modules, along with the negative
influences of the 2016 Kumamoto earthquakes and the stronger yen.
As a result, operating income decreased by 14.5 billion yen compared to the same period of theprevious fiscal year due primarily to a decrease in sales.

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Home Appliances
Total sales:
Operating income:

519.3 billion yen
48.6 billion yen(2% increase from the same period last year)(15.4 billion yen increase from the same period last year)

The home appliances business saw an increase in sales of 2% compared to the same period of the previous
fiscal year due to increases in sales of air conditioners in the European and North American markets andsales of residential and industrial air conditioners in Japan, despite negative influences caused by thestronger yen.
Operating income increased by 15.4 billion yen compared to the same period of the previous fiscal
year largely due to an increase in sales and the improvement in profitability of air conditioners outside Japan.

OthersTotal sales:
Operating income:

336.7 billion yen
9.3 billion yen(1% decrease from the same period last year)(2.0 billion yen increase from the same period last year)

Sales decreased by 1% compared to the same period of the previous fiscal year mainly due to decreases insales among affiliated companies involved in materials procurement.
Operating income increased by 2.0 billion yen from the same period of the previous fiscal year due
primarily to cost reductions.

2. Consolidated Second-quarter Results (July 1, 2016 – September 30, 2016)
Net sales:
1,045.2 billion yen (3% decrease from the same period last year)
Operating income:
62.0 billion yen (14% decrease from the same period last year)
Income before income taxes:
62.7 billion yen (5% decrease from the same period last year)
Net income attributable to45.4 billion yen (3% decrease from the same period last year)
Mitsubishi Electric Corp.:
Consolidated net sales for this quarter, from July through September 2016, was 1,045.2 billion yen, a 3%
decrease from the same period of the previous fiscal year, due primarily to decreased sales in the Industrial
Automation Systems, Electronic Devices and Information and Communication Systems segments.
Consolidated operating income was 62.0 billion yen, a decrease of 14% from the same period of
the previous fiscal year, with decreased profits in the Industrial Automation Systems, Energy and Electric
Systems, and Electronic Devices segments.

Consolidated Financial Results by Business Segment (Second Quarter, Fiscal 2017)
Energy and Electric Systems
Total sales:
287.4 billion yen (Unchanged from the same period last year)
Operating income:5.2 billion yen (5.1 billion yen decrease from the same period last year)
The social infrastructure systems business saw increases in both orders and sales compared to the same
period of the previous fiscal year mainly due to increases in the power systems business and thetransportation systems business in Japan, despite a decrease in sales of the transportation systems businessoutside Japan.
The building systems business experienced decreases in both orders and sales compared to thesame period of the previous fiscal year, owing to negative influences caused by the stronger yen, despite thegrowth in the renewal business in Japan and the installation business of new elevators and escalators outside
Japan.
As a result, total sales for this segment were unchanged from the same period of the previous fiscal
year. Operating income decreased by 5.1 billion yen from the same period of the previous fiscal year due
primarily to a shift in project portfolios.

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Industrial Automation Systems
Total sales:
315.3 billion yen
Operating income:29.6 billion yen(5% decrease from the same period last year)(11.3 billion yen decrease from the same period last year)

The factory automation systems business saw an increase in orders from the same period of the previous
fiscal year mainly due to a growth in capital expenditures in the fields of smartphones and electrical
automotives in China, while sales experienced a decrease from the same period of the previous fiscal year
due to decreased capital expenditures of the power distribution products in Japan and the negative influences
caused by the stronger yen.
The automotive equipment business saw decreases in both orders and sales from the same periodof the previous fiscal year due primarily to stagnation in car sales in Japan and the negative influence of thestronger yen, despite growth in car sales mainly in Europe.
As a result, total sales for this segment decreased by 5% from the same period of the previous
fiscal year. Operating income decreased by 11.3 billion yen from the same period of the previous fiscal year
due primarily to a decrease in sales.

Information and Communication Systems
Total sales:
124.7 billion yen
7.0 billion yen
Operating income:(3% decrease from the same period last year)(9.1 billion yen improvement from the same period lastyear, turning into profit)

The telecommunications equipment business saw decreases in both orders and sales compared to the same
period of the previous fiscal year due primarily to the sellout of an affiliated company in the beginning of the
fiscal year and decreased sales of communications infrastructure equipment.
The information systems and service business saw a decrease in sales compared to the same periodof the previous fiscal year, owing to a decrease in the IT infrastructure service business.
The electronic systems business saw a decrease in orders compared to the same period of theprevious fiscal year due to a shift in the portfolio of large-scale projects in the space business, while sales
experienced an increase compared to the same period of the previous fiscal year due primarily to theprogress with large-scale projects in the defense systems business.
As a result, total sales for this segment decreased by 3% compared to the same period of theprevious fiscal year. Operating income improved by 9.1 billion yen from the same period of the previous
fiscal year, turning into profit, due primarily to a shift in project portfolios.

Electronic Devices
Total sales:
Operating income:47.4 billion yen
0.8 billion yen(17% decrease from the same period last year)(3.2 billion yen decrease from the same period last year)

The electronic devices business saw an increase in orders from the same period of the previous fiscal year
due to an increase in optical communication devices, while sales decreased by 17% compared to the same
period of the previous fiscal year due to a decrease in demand for power modules, along with the negative
influences of the 2016 Kumamoto earthquakes and the stronger yen.
As a result, operating income decreased by 3.2 billion yen compared to the same period of theprevious fiscal year due primarily to a decrease in sales.

Home Appliances
Total sales:
Operating income:

257.4 billion yen
16.8 billion yen(Unchanged from the same period last year)(Unchanged from the same period last year)

The home appliances business remained unchanged compared to the same period of the previous fiscal year,with an increase in sales of air conditioners in the European and North American markets, despite of thenegative influence of the stronger yen.
Operating income remained unchanged compared to the same period of the previous fiscal year.

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Others
Total sales:
Operating income:180.3 billion yen
6.7 billion yen(3% increase from the same period last year)(0.2 billion yen increase from the same period last year)

Sales increased by 3% compared to the same period of the previous fiscal year mainly due to increases
among affiliated engineering companies.
Operating income increased by 0.2 billion yen from the same period of the previous fiscal year due
primarily to an increase in sales.

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 243.2 billion yen to 3,816.6 billion yen. The change in the balance of total assets is mainly
attributable to increases in the balances of cash and cash equivalents by 10.9 billion yen, and of inventories
by 10.9 billion yen as a result of work-in-process as recorded in commensurate with progress in job orders
under pertinent contracts, while trade receivables decreased by 190.2 billion yen primarily as a result ofcredit collection and investments decreased by 48.0 billion yen mainly due to falling stock prices.
Total liabilities decreased from the end of the previous fiscal year by 175.2 billion yen to 1,947.1 billion yen.
The outstanding balances of debts and corporate bonds decreased by 33.2 billion yen from the end of theprevious fiscal year to 370.7 billion yen, resulting in a decline in the ratio of interest bearing debt to total
assets to 9.7%, representing a 0.3 point decrease compared to the end of the previous fiscal year. Retirement
and severance benefits increased by 8.4 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 107.5 billion
yen and other current liabilities decreased by 39.0 billion yen.
Mitsubishi Electric Corporation shareholders’ equity decreased by 61.1 billion yen compared to the end of
the previous fiscal year to 1,777.6 billion yen. The shareholders’ equity ratio was recorded at 46.6%,
representing a 1.3 point increase compared to the end of the previous fiscal year. These changes referred toabove primarily resulted from a dividend payment of 38.6 billion yen and a decrease in accumulated othercomprehensive income by 109.9 billion yen caused by such factors as the stronger yen and falling stock
prices, despite an increase from recording a net income attributable to Mitsubishi Electric Corporation of
88.3 billion yen.
Cash flows from operating activities decreased by 2.2 billion yen compared to the same period of theprevious fiscal year to 177.5 billion yen (cash in). Cash flows from investing activities decreased by 36.0
billion yen compared to the same period of the previous fiscal year to 58.9 billion yen (cash out) due toincreases in proceeds from the sale of short-term investments and investment securities and other factors. As
a result, free cash flow was 118.6 billion yen (cash in). Cash flows from financing activities were 77.7 billion
yen (cash out) mainly due to dividend payment.

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Forecast for Fiscal 2017 (year ending March 31, 2017)
The consolidated earnings forecast for fiscal 2017, ending March 31, 2017, has been revised from theprevious forecast announced on July 28, 2016. Net sales is expected to fall below the previous forecast,mainly as a result of the company’s revised terms of foreign currency rates in which it sees the yen stronger
in and after the third quarter of fiscal 2017. Operating income and other figures, however, are expected to
exceed the previous forecast owing mainly to the improved profitability of air conditioners outside Japan in
the Home Appliances segment and the positive results of business improvement measures in the Information
and Communication Systems segment.
Consolidated Earnings Forecast for Fiscal 2017
Previous forecast
Consolidated(announced July 28)
Net sales:
4,180.0 billion yen
Operating income:
235.0 billion yen
Income before income taxes:
255.0 billion yen
Net income attributable to175.0 billion yen
Mitsubishi Electric Corp.:

Current forecast
4,150.0 billion yen (6% decrease from fiscal 2016)250.0 billion yen (17% decrease from fiscal 2016)
265.0 billion yen (17% decrease from fiscal 2016)
185.0 billion yen (19% decrease from fiscal 2016)

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.

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Consolidated Financial Results Summary
1. Consolidated Half-year Results(In billions of yen except where noted)
FY ’16 1st half (A)(Apr. 1, 2015 –Sept. 30, 2015)

FY ’17 1st half (B)(Apr. 1, 2016 –Sept. 30, 2016)

2,063.2

1,972.3(90.9)

96

Operating income

127.0

121.7

(5.2)

96

Income before income taxes

133.0

123.7

(9.3)

93

92.9

88.3

(4.5)

95

43.29 yen

41.16 yen

(2.13 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 ’16 Q2 (A)(Jul. 1, 2015 –Sept. 30, 2015)

FY ’17 Q2 (B)(Jul. 1, 2016 –Sept. 30, 2016)

1,074.8

1,045.2(29.5)

97

Operating income

72.3

62.0

(10.3)

86

Income before income taxes

65.8

62.7

(3.1)

95

46.6

45.4

(1.1)

97

21.71 yen

21.17 yen

(0.54 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.

7/20

B–A

B/A
(%)

Consolidated Profit and Loss Statement (First Half, Fiscal 2017)(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 ’16 1st half
(Apr. 1, 2015 –Sept. 30, 2015)
% of
(A)
total
2,063,285
100.0
1,432,770
69.4

FY ’17 1st half
(Apr. 1, 2016 –Sept. 30, 2016)
% of
(B)
total
1,972,354
100.0
1,358,355
68.9

B–A

B/A (%)(90,931)(74,415)96
95

499,49724.2

490,30824.8(9,189)

98

4,004

0.2

1,944

0.1

(2,060)49

127,014
26,573
4,279

6.2
1.2
0.2

121,747
35,843
4,262

6.2
1.8
0.2

(5,267)
9,270
(17)

96
135
100

13,261

0.6

9,523

0.5

(3,738)72

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

22,05833,864
1,562
32,302
123,726
29,15894,568

1.1
1.7
0.1
1.6
6.3
1.5
4.8

13,025
13,335(268)
13,603(9,332)(4,767)(4,565)

244
165
85
173
93
86
95

6,208

0.3

6,226

0.3

18

100

92,925

4.5

88,342

4.5(4,583)95

Consolidated Comprehensive Income Statement (First Half, Fiscal 2017)(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.

8/20

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

FY ’17
1st half (B)(Apr. 1, 2016 –Sept. 30, 2016)
94,568(32,458)(25,977)(30,153)(17)(88,605)
10,528(93,760)(4,776)(20,191)(42)(118,769)(24,201)(61,302)21,201
9,962(25)(30,164)(34,729)2,236(2,596)(4,832)

8,292(21,605)(29,897)

B–A(4,565)

Consolidated Profit and Loss Statement (Second Quarter, Fiscal 2017)(In millions of yen)
FY ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)

B–A

1,045,277
730,852

% of
total
100.0
69.9

(29,568)(10,870)

97
99

23.9

250,438

24.0(6,299)

98

4,004

0.4

1,944

0.2

(2,060)49

72,382
13,393
1,245

6.7
1.3
0.1

62,043
9,303
1,401

5.9
0.9
0.1

(10,339)(4,090)
156

86
69
113

8,212

0.8

5,936

0.6

(2,276)72

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

0.4
1.9
0.1
1.8
6.1
1.5
4.6

1,966
8,629
803
7,826
62,717
14,39848,319

0.2
0.8
0.1
0.7
6.0
1.4
4.6

(1,970)(11,265)(101)(11,164)(3,164)(2,029)(1,135)

50
43
89
41
95
88
98

2,846

0.3

2,891

0.3

45

102

46,6084.3

45,428

4.3(1,180)97

1,074,845
741,722

% of
total
100.0
69.0

256,737(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 ’17 Q2(Jul. 1, 2016 –Sept. 30, 2016)(B)

B/A (%)

Consolidated Comprehensive Income Statement (Second Quarter, Fiscal 2017)(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 ’16 Q2 (A)(Jul. 1, 2015 –Sept. 30, 2015)
49,454

FY ’17 Q2 (B)(Jul. 1, 2016 –Sept. 30, 2016)
48,319(37,989)(36,849)(36,960)(54)(111,852)(62,398)(26,216)
10,0647,776(8)(8,384)39,935

11,773
46,91344,736
46
103,468
102,333(1,668)

865

2,533

(60,730)

39,07099,800

B–A(1,135)

Consolidated Balance Sheet(In millions of yen)
FY ’16 (A)(ended Mar.
31, 2016)(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

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FY ’ 17
1st half (B)(ended Sept.
30, 2016)

B–A

2,551,863
574,170
1,035,168
644,127
298,398
4,661
537,706
712,599
253,1124,059,941

2,377,463
585,160
846,089
655,035
291,179
3,486
489,634
702,666
243,449
3,816,698(174,400)
10,990(189,079)
10,908(7,219)(1,175)(48,072)(9,933)(9,663)(243,243)

1,507,943
116,532
773,714617,697
287,507229,750
97,2382,122,438

1,343,084
98,272666,214578,598
272,514238,216
93,378
1,947,192(164,859)(18,260)(107,500)(39,099)(14,993)
8,466(3,860)(175,246)

1,838,773
175,820
211,999
1,502,027(50,699)(374)
98,7301,937,503
4,059,941

1,777,600(61,173)
175,820－
211,926(73)
1,551,727
49,700(160,646) (109,947)(1,227)(853)
91,906(6,824)
1,869,506(67,997)
3,816,698 (243,243)

404,039

370,786(33,253)

39,847(184,231)
93,742(57)(45,109)(189,007)73,560(90)(84,956)(4,776)(20,182)(33)

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 (net of cash disposed)
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 ’16 1st half
(Apr. 1, 2015 –Sept. 30, 2015)(A)

FY ’17 1st half
(Apr. 1, 2016 –Sept. 30, 2016)(B)

99,133

94,568(4,565)69,774
173,200(19,907)(98,053)(44,274)
179,873

64,755
143,347(45,816)(78,220)(1,045)
177,589(5,019)(29,853)(25,909)19,83343,229(2,284)(86,019)
1,177(82,648)
4,413

3,371
3,236

(4,139)(2,385)

1,754

2,240

17,033

14,793(8,269)(95,010)84,863

4,630(58,957)
118,632

12,89936,05333,76930,100(53,818)(2,040)(38,642)(27)
0(5,018)(69,445)47(30,939)(2,830)(38,642)(1,095)0(4,307)(77,766)(30,053)
22,879(790)
0(1,068)0711(8,321)(10,490)(29,876)(19,386)

4,928
568,517573,445

10,990574,170
585,160

6,062
5,653
11,715

B–A

I

11/20

Consolidated Segment Information (First Half, Fiscal 2017)
1. Sales and Operating Income by Business Segment(In millions of yen)st

FY ’16 1 half
(Apr. 1, 2015 –Sept. 30, 2015)
OperatingSales (A)income(loss) (B)Business Segment

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

FY ’17 1 half
(Apr. 1, 2016 –Sept. 30, 2016)
C–A
Sales (C)Operatingincome (D)

D–B

C/A
(%)

523,778

3,773

525,471

9,182

1,693

5,409

100

661,520

83,919617,620

62,111(43,900)(21,808)93

224,037(3,815)

198,266

3,868(25,771)

7,683

88

123,208

16,351

86,537

1,774(36,671)(14,577)70

511,138
338,484

33,194
7,367

519,397336,771

48,6689,395

8,259(1,713)

15,474
2,028

102
99

Subtotal
Eliminations and other

2,382,165(318,880)

140,789 2,284,062(13,775) (311,708)

134,998(13,251)(98,103)
7,172(5,791)
524

96
-

Total

2,063,285

127,014

121,747(90,931)(5,267)96

1,972,354*Note: Inter-segment sales are included in the above chart.

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

st

FY ’16 1 half
(Apr. 1, 2015 –Sept. 30, 2015)
OperatingSales (A)income (B)FY ’17 1 half
(Apr. 1, 2016 –Sept. 30, 2016)
OperatingSales (C)income (D)

C–A

D–B

C/A
(%)

1,625,040

61,2191,540,435

48,362(84,605)(12,857)

95

North America

223,338

4,439

203,856

4,120(19,482)

(319)

91

Asia (excluding Japan)

544,863

48,280506,153

49,270(38,710)990

93Europe207,060

9,755

213,063

8,643

6,003

(1,112)103

Others24,906575

22,019877(2,887)302

88

Subtotal

2,625,207

124,268

2,485,526

111,272(139,681)(12,996)

95

Eliminations(561,922)

2,746(513,172)

10,47548,750

7,729

-

Total

2,063,285

127,014

1,972,354

121,747(90,931)(5,267)96

Location

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

12/20

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

stFY ’17 1 half
(Apr. 1, 2016 –Sept. 30, 2016)% of total
Sales (B)net sales
1,081,895
54.9

B–A

B/A (%)(23,626)

98

222,93610.8

202,738

10.3(20,198)91

494,960

24.0

450,99422.9(43,966)

91

194,096
45,7729.4
2.2

196,446
40,281

9.9
2.0

2,350
(5,491)10188957,764
2,063,285

46.4
100.0

890,459
1,972,354

45.1
100.0

(67,305)(90,931)

93
96

13/20

Consolidated Segment Information (Second Quarter, Fiscal 2017)
1. Sales and Operating Income by Business Segment(In millions of yen)

Business Segment

Energy and Electric
Systems
Industrial Automation
Systems

FY ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)
OperatingincomeSales (A)(loss) (B)FY ’17 Q2(Jul. 1, 2016 –Sept. 30, 2016)

C–A

Sales (C)Operatingincome (D)

D–B

C/A
(%)

287,097

10,439287,420

5,256

323

(5,183)

100

333,170

41,052

315,393

29,690(17,777)(11,362)95

128,628(2,060)124,741

7,047(3,887)

9,107

97

57,091

4,019

47,457815(9,634)(3,204)

83

257,046
175,294

16,9506,464

257,472
180,381

16,882
6,752

426
5,087

(68)
288

100
103

Subtotal
Eliminations and other

1,238,326(163,481)

76,864(4,482)

1,212,864(167,587)

66,442(4,399)(25,462)(4,106)(10,422)
83

98
-

Total

1,074,845

72,382

1,045,277

62,043(29,568)(10,339)

97

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 ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)
OperatingSales (A)income (B)FY ’17 Q2(Jul. 1, 2016 –Sept. 30, 2016)
OperatingSales (C)income (D)

C–A

D–B

C/A
(%)

Japan

866,669

34,404

845,720

30,416(20,949)(3,988)98

North America

111,183

3,363

101,731507(9,452)(2,856)91

Asia (excluding Japan)

255,312

19,262

244,377

19,876(10,935)614

96Europe102,7625,553

102,370

4,492

(392)

(1,061)100

Others12,630368

11,012434(1,618)66

87

Subtotal

1,348,556

62,9501,305,210

55,725(43,346)(7,225)97

Eliminations(273,711)

9,432(259,933)

6,318

13,778(3,114)-

Total

1,074,845

72,382

1,045,277

62,043(29,568)(10,339)

97*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 ’16 Q2(Jul. 1, 2015 –Sept. 30, 2015)% of total
Sales (A)net sales
606,016
56.4

FY ’17 Q2(Jul. 1, 2016 –Sept. 30, 2016)% of total
Sales (B)net sales
610,307
58.4

B–A

B/A (%)

4,291

101

110,12010.2

101,209

9.7(8,911)

92

238,356

22.2

220,77621.1(17,580)93

96,22824,1259.0
2.2

92,95020,0358.9
1.9(3,278)(4,090)97
83

468,829
1,074,845

43.6
100.0

434,970
1,045,277

41.6
100.0

(33,859)(29,568)

93
97

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 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:
http://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, 201616/20

【Supplementary Materials】
October 31, 2016
Mitsubishi Electric Corporation

Fiscal 2017 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 2017
2. Quarterly Net Sales by Segment for Fiscal 2017
3. Quarterly Operating Income by Segment for Fiscal 2017

17/20

FY '16: Apr. 1, 2015 – Mar. 31, 2016
FY '17: Apr. 1, 2016 – Mar. 31, 2017
1. Financial Results(Consolidated)(Billions of yen, year-on-year % change)

FY '16
1st Half(Actual)FY '17Full Year(Actual)

1st Half(Actual)

Full Year(Forecast)

Net sales

2,063.2(+5)

4,394.3(+2)

1,972.3(-4)

4,150.0(-6)

Operating income

127.0

(+5)

301.1

(-5)

121.7

(-4)

250.0

(-17)

Income before income taxes

133.0

(-9)

318.4

(-1)

123.7

(-7)

265.0

(-17)

Net income attributable to
Mitsubishi Electric Corp.

92.9

(-5)

228.4

(-3)

88.3

(-5)

185.0

(-19)

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

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

FY '16
1st Half(Actual)FY '17Full Year(Actual)

1st Half(Actual)

Full Year(Forecast)

Energy and Electric Systems

523.7

(+4)

1,264.6

(+3)

525.4

(0)

1,200.0

Industrial Automation Systems

661.5

(+9)

1,321.9

(+3)

617.6

(-7)

1,250.0(-5)

Information and Communication Systems

224.0

(-10)

561.1

(0)

198.2

(-12)

460.0

(-18)

Electronic Devices

123.2

(+16)

211.5

(-11)

86.5

(-30)

170.0

(-20)

Home Appliances

511.1

(+7)

982.0

(+4)

519.3

(+2)

1,000.0(+2)

Others

338.4

(-4)

707.7

(-4)

336.7

(-1)

690.0

(-3)

Subtotal

2,382.1(+4)

5,049.0(+1)

2,284.0(-4)

4,770.0(-6)

Eliminations-318.8

Consolidated total

2,063.2-654.6(+5)

4,394.3-311.7(+2)

1,972.3(-5)-620.0(-4)

4,150.0(-6)

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

FY '16
1st Half(Actual)FY '17Full Year(Actual)

1st Half(Actual)

Full Year(Forecast)

Energy and Electric Systems

3.7

(-70)

50.3

(-31)

9.1

(+143)

49.0(-3)

Industrial Automation Systems

83.9

(+27)

159.1

(+9)

62.1

(-26)

125.0

(-21)
(-13)

Information and Communication Systems

-3.8

(-)

14.9

(-21)

3.8

(-)

13.0

Electronic Devices

16.3(+110)

16.8

(-44)

1.7

(-89)

3.0

(-82)

Home Appliances

33.1

(-6)

63.8

(+18)

48.6

(+47)

71.0

(+11)

Others

7.3

(-11)

23.6

(-1)

9.3

(+28)

19.0

(-20)

(+4)

328.8

(-5)

134.9

(-4)

280.0

(-15)

Subtotal

140.7

Eliminations and other-13.7

Consolidated total

127.0

-27.6
(+5)

301.1

-13.2
(-5)

121.7

-30.0
(-4)

250.0

(-17)

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

FY '16

FY '17Full Year(Actual)

1st Half(Actual)

1st Half(Actual)

Full Year(Forecast)

Energy and Electric Systems

221.6

(+11)

458.9

(-1)

197.3

Industrial Automation Systems

390.8

(+14)

755.5

(+3)

357.4

(-9)

Information and Communication Systems

12.5(+101)

46.3(+164)

5.4

(-56)

(-5)

46.9

(-10)

(+5)
(-24)
(+3)

275.8

(+1)

7.4

(+2)

Electronic Devices

52.0

(+3)

98.5

Home Appliances

273.3

(+12)

499.6

7.3

(-25)

14.1

(+12)

1,873.1

OthersConsolidated total
Ratio of overseas net sales to total sales

957.7

46.4%

42.6%

18/20

890.4

(-11)

(-7)
45.1%

5. Foreign Exchange Rates for Recording Net Sales and Impact of Exchange Rate Fluctuations on Net Sales
FY '16
1st Half(Actual)FY '17Full Year(Actual)

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

US$

¥122

¥121

¥107

¥100

Euro

¥135

¥133

¥120

¥110

Consolidated total

About ￥83.0 billion
increase

About ￥60.0 billion
increase

About ￥127.0 billion
decrease

US$

About ￥40.0 billion
increase

About ￥47.0 billion
increase

About ￥31.0 billion
decrease

Euro

About ￥4.0 billion
decrease

About ￥14.0 billion
decrease

About ￥25.0 billion
decrease

Exchange rates forrecording net sales

Impact of exchange rate
fluctuations on net sales

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

FY '16
Full Year(Actual)Energy and Electric Systems
Industrial Automation Systems
Information and Communication Systems

Electronic Devices
Home Appliances
OthersCommonConsolidated total

35.2
75.0
22.3
17.1
45.9
7.3
9.7
212.5

FY '17Full Year(Forecast)
(-32)
(+41)
(-10)
(+20)
(+5)
(+35)
(-28)
(+3)

45.0
80.0
31.0
18.0
48.0
8.0
15.0
245.0

(+28)
(+7)
(+39)
(+5)
(+5)
(+10)
(+55)
(+15)

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

FY '16
1st Half(Actual)Consolidated

69.7

FY '17Full Year(Actual)(+1)

1st Half(Actual)

151.0

(-5)

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

FY '16
Full Year(Actual)Consolidated

202.9
Ratio to net sales

FY '17Full Year(Forecast)
(+4)
4.6%

213.0

(+5)
5.1%

19/20

64.7

Full Year(Forecast)
(-7)

160.0

(+6)

＜Reference＞
1. Quarterly Financial Results for Fiscal 2017
(Consolidated)(Billions of yen, year-on-year % change)

FY '16
Q1(Actual)FY '17

Q2(Actual)

1st Half(Actual)Q1(Actual)Q2(Actual)

1st Half(Actual)

Net sales

988.4

(+9)

1,074.8(+1)

2,063.2

(+5)

927.0

(-6)

1,045.2(-3)

1,972.3

Operating income

54.6

(-8)

72.3

(+17)

127.0

(+5)

59.7

(+9)

62.0

(-14)

121.7

(-4)

Income before income taxes

67.1

(-1)

65.8

(-16)

133.0

(-9)

61.0

(-9)

62.7

(-5)

123.7

(-7)

Net income attributable to
Mitsubishi Electric Corp.

46.3

(+8)

46.6

(-15)

92.9

(-5)

42.9

(-7)

45.4

(-3)

88.3

(-5)

(-4)

2. Quarterly Net Sales by Segment for Fiscal 2017
(Billions of yen, year-on-year % change)

FY '17

FY '16
Q1(Actual)Q2(Actual)

1st Half(Actual)Energy and Electric Systems

236.6

(+6)

Industrial Automation Systems

328.3

(+11)

333.1

(+6)

Information and Communication Systems

95.4

(+3)

128.6

(-18)

Electronic Devices

66.1

(+29)

57.0

(+3)

123.2

Home Appliances

254.0

(+8)

257.0

(+6)

511.1

Others

163.1

(-3)

175.2

(-4)

(+7)

1,238.3(+1)

Subtotal

1,143.8

Eliminations-155.3

Consolidated total

988.4

287.0

(+3)

-163.4(+9)

1,074.8

523.7

Q1(Actual)
238.0

661.5

(+9)

302.2

(-8)

315.3

(-5)

617.6

(-7)

224.0

(-10)

73.5

(-23)

124.7

(-3)

198.2

(-12)

(+16)

39.0

(-41)

47.4

(-17)

86.5

(-30)

(+7)

261.9

(+3)

257.4

(0)

519.3

(+2)

338.4

(-4)

156.3

(-4)

180.3

(+3)

336.7

(-1)

2,382.1(+4)

1,071.1(-6)

1,212.8(-2)

2,284.0(-4)

2,063.2(+1)-144.1
(+5)

927.0

287.4

1st Half(Actual)(+4)-318.8(+1)

Q2(Actual)(0)-167.5(-6)

1,045.2

525.4

(0)

-311.7(-3)

1,972.3(-4)

3. Quarterly Operating Income by Segment for Fiscal 2017
(Billions of yen, year-on-year % change)

FY '16
Q1(Actual)FY '17

Q2(Actual)

1st Half(Actual)Q1(Actual)Q2(Actual)

1st Half(Actual)Energy and Electric Systems

-6.6

(-)

10.4

(+123)

3.7

(-70)

3.9

(-)

5.2

(-50)

9.1

(+143)

Industrial Automation Systems

42.8

(+22)

41.0

(+32)

83.9

(+27)

32.4

(-24)

29.6

(-28)

62.1

(-26)

Information and Communication Systems

-1.7

(-)

-2.0

(-)

-3.8

(-)

-3.1

(-)

7.0

(-)

3.8

(-)

Electronic Devices

12.3(+220)

4.0

(+3)

16.3

(+110)

0.9

(-92)

0.8

(-80)

1.7

(-89)

Home Appliances

16.2

(-24)

16.9

(+21)

33.1

(-6)

31.7

(+96)

16.8

(0)

48.6

(+47)

Others

0.9

(-47)

6.4

(-1)

7.3

(-11)

2.6

(+193)

6.7

(+4)

9.3

(+28)

(-6)

76.8

(+14)

140.7

(+4)

68.5

(+7)

66.4

(-14)

134.9

(-4)

Subtotal

63.9

Eliminations and other-9.2

Consolidated total

54.6

-4.4
(-8)

72.3

-13.7
(+17)

20/20

127.0

-8.8
(+5)

59.7

-4.3
(+9)

62.0

-13.2
(-14)

121.7

(-4)