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09-09-12 Mitsubishi Electric Results Q1-1

09-09-12 Mitsubishi Electric Results Q1-1

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Published by: Tom Jones on Sep 09, 2012
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09/09/2012

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FOR IMMEDIATE RELEASENo.
2690
 
 Investor Relations Inquiries:
 
 Media Contact:
 
Investor Relations Group, Corporate Finance DivisionPublic Relations DivisionMitsubishi Electric Corporation
 
Mitsubishi Electric CorporationTel: +81-3-3218-2391 Tel: +81-3-3218-3380Cad.Irg@rk.MitsubishiElectric.co.jp prd.gnews@nk.MitsubishiElectric.co.jphttp://www.MitsubishiElectric.com/news/
Mitsubishi Electric Announces Consolidated Financial Resultsfor the First Quarter of Fiscal 2013
Tokyo, July 31, 2012
– Mitsubishi Electric Corporation(TOKYO: 6503) announced today its financialresults for the first quarter ending June 30, 2012, of the current fiscal year ending March 31, 2013 (fiscal2013).
Consolidated Financial Results
 Net sales: 782.7 billion yen(4% decrease from the same quarter last year)Operating income: 46.5 billion yen(11% decrease from the same quarter last year)Income before income taxes: 48.0 billion yen(2% decrease from the same quarter last year) Net income attributable toMitsubishi Electric Corp.: 30.4 billion yen (12% increase from the same quarter last year)With a setback in the European and Asian economy, and the yen remaining strong against US dollars andeuro, business conditions during the first quarter of fiscal 2013 worsened despite buoyancy in the Japaneseand US economies.Under these circumstances, first quarter consolidated net sales fell by 4% compared to the same period of the previous fiscal year to 782.7 billion yen, due to decreased revenue in the Industrial Automation Systems,Electronic Devices and Home Appliances segments, and other factors.Consolidated operating income decreased by 11% compared to the same period of the previous fiscal year to46.5 billion yen due to lower profits in the Industrial Automation Systems, Electronic Devices and HomeAppliances segments, and other factors.
Consolidated Financial Results by Business Segment
 Energy and Electric Systems
Total sales: 205.0 billion yen(6% increase from the same quarter last year)Operating income: 18.3 billion yen(3.8 billion yen increase from the same quarter last year)The social infrastructure systems business saw a decrease in orders compared to the same period of the previous fiscal year due to decreases in large projects for the rolling stock equipment business overseas, aswell as lower demand compared to the same period of the previous fiscal year in which there was a demandfor recovery from the Great East Japan Earthquake. Sales, meanwhile, increased from the same period of the previous fiscal year owing to a rise in the energy systems business both inside and outside Japan.The building systems business experienced a decrease in orders compared to the same period of  the previous fiscal year mainly due to fewer large-scale projects for elevators and escalators in marketsoverseas, while sales increased compared to the same period of the previous fiscal year owing to increases indemand for renewal elevators and escalators in Japan and for new installations in China.
 
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As a result, total sales for this segment increased by 6% from the same period of the previousfiscal year. Operating income increased by 3.8 billion yen compared to the same period of the previous fiscalyear due primarily to an increase in sales.
 Industrial Automation Systems
Total sales: 224.0 billion yen(4% decrease from the same quarter last year)Operating income: 21.1 billion yen(6.7 billion yen decrease from the same quarter last year)The factory automation systems business saw decreases in both orders and sales from the same period of the previous fiscal year due to decreases in semiconductor and flat panel display-related investments in China,Korea and Taiwan.The automotive equipment business saw increases in both orders and sales from the same periodof the previous fiscal year with uplifting support from subsidies for eco-cars in the Japanese market, as wellas recovery in the North American market and expansion in emerging markets, despite stagnation inautomotive sales in Western Europe.As a result, total sales for this segment decreased by 4% from the same period of the previousfiscal year. Operating income decreased by 6.7 billion yen compared to the same period of the previousfiscal year mainly due to a decrease in sales.
 Information and Communication Systems
Total sales: 94.4 billion yen (10% increase from the same quarter last year)Operating income: 0.7 billion yen (1.1 billion yen improvement from the same quarter last year)The telecommunications equipment business saw increases in both orders and sales compared to the same period of the previous fiscal year due to growth in demand for communications infrastructures.The information systems and service business saw an increase in sales from the same period of the previous fiscal year owing to an increase mainly in the system integration business.The electronic systems business saw increases in both orders and sales compared to the same period of the previous fiscal year due to increased orders for the space systems and commercial device businesses, despite a decrease in orders for the electronic business.As a result, total sales for this segment showed an increase of 10% compared to the same period of the previous fiscal year. Operating income improved by 1.1 billion yen to profitability compared to the same period of the previous fiscal year due primarily to increased sales.
 Electronic Devices
Total sales: 39.0 billion yen(22% decrease from the same quarter last year)Operating income: 0 billion yen(2.4 billion yen decrease from the same quarter last year)The semiconductor business saw decreases in both orders and sales from the same period of the previousfiscal year due to a decline in demand for power modules used in industrial, consumer and railwayapplications.The LCD module business also saw decreases in both orders and sales from the same period of the previous fiscal year due to decreased demand for industrial and automotive-use products.As a result, total sales for the segment decreased by 22% compared to the same period of the previous fiscal year. Operating income decreased by 2.4 billion yen compared to the same period of the previous fiscal year due primarily to a decrease in sales.
 Home Appliances
Total sales: 205.8 billion yen(11% decrease from the same quarter last year)Operating income: 12.9 billion yen(1.7 billion yen decrease from the same quarter last year)
 
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The home appliances business saw a decrease in sales by 11% compared to the same period of the previousfiscal year due primarily to decreases in LCD televisions for the Japanese market, which, in the first quarter of the previous fiscal year, experienced a last-minute surge before the termination of analog broadcasting.Operating income decreased by 1.7 billion yen from the same period of the previous fiscal year  primarily due to decreased sales.
Others
Total sales: 131.5 billion yen(5% decrease from the same quarter last year)Operating income: 0.6 billion yen(0.4 billion yen decrease from the same quarter last year)Sales decreased by 5% compared to the same period of the previous fiscal year mainly in affiliatedcompanies involved in material procurement and logistics. Operating income showed a decrease by 0.4 billion yen compared to the same period of the previous fiscal year primarily due to decreased sales.
Financial Standing
 
The company’s total assets for the fiscal quarter decreased from the end of the previous fiscal year by 65.5 billion yen to 3,326.0 billion yen. This was mainly due to credit collection resulting in a decrease of tradereceivables by 148.5 billion yen, while inventories increased by 73.2 billion yen mainly due to variation of the balance of work-in-process as recorded in commensurate with progress in job orders under pertinentcontracts.The balance of outstanding debt and corporate bonds rose by 55.5 billion yen from the balance as of the endof the previous fiscal year to 597.8 billion yen, while the ratio of interest bearing debt to total assets was18.0%, a 2.0-point increase compared to the end of the previous fiscal year. Trade payables decreased by87.1 billion yen, and retirement and severance benefits increased by 15.9 billion yen
 
due primarily to anincrease in deficiency of pension assets resulting from a decline in stock prices and other factors.Mitsubishi Electric Corporation shareholders’ equity decreased by 14.8 billion yen compared to the end of the previous fiscal year to 1,117.6 billion yen. Shareholders’ equity ratio showed a 0.2-point increasecompared to the end of the previous fiscal year to 33.6%. Retained earnings increased by 17.5 billion yendue to consolidated net income attributable to Mitsubishi Electric Corporation of 30.4 billion yen anddividend payment of 12.8 billion yen, while accumulated other comprehensive income decreased by 32.3 billion yen amidst strong yen, decline in stock prices and other factors.Operating cash flow for this quarter increased by 13.5 billion yen compared to the same period of the previous fiscal year to 32.7 billion yen (cash in). Investment cash flow increased by 5.0 billion yencompared to the same period of the previous fiscal year to 36.8 billion yen (cash out), resulting from purchases of tangible fixed assets and other factors. As a result, free cash flow totaled 4.0 billion yen (cashout). Financial cash flow was 38.3 billion yen (cash in) due to an increase in bank loans and other factors.

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