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30.04.2010 06:30
Mitsubishi Electric Announces Consolidated and Non-Consolidated Financial Results for Fiscal 2010


Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated and non-consolidated financial results for fiscal 2010 (April 1, 2009- March 31, 2010).


Consolidated Financial Results
Net sales: 3,353.2 billion yen (9% decrease from the previous fiscal year)
Operating income: 94.3 billion yen (33% decrease from the previous fiscal year)
Income before income taxes: 64.2 billion yen (46% increase from the previous fiscal year)

Net income attributable to
Mitsubishi Electric Corp.:
28.2 billion yen (132% increase from the previous fiscal year)


Non-consolidated Financial Results
Net sales: 2,052.3 billion yen (9% decrease from the previous fiscal year)
Operating income (loss): (11.4 billion yen) -
Ordinary profit: 61.9 billion yen (48% increase from the previous fiscal year)
Net income: 14.9 billion yen -

Although the business environment in fiscal year 2010 saw some recovery from the severe economic stagnation that started in the second half of the previous fiscal year, owing to stimulus programs by various countries and progress in inventory adjustments, the buoyancy was limited, as could be seen in low demand for capital expenditures. With the yen appreciating mainly against the U.S. dollar compared to the previous fiscal year, the business environment continues to be severe.

In order to respond to these changes particularly in the business environment, the Mitsubishi Electric Group has been working to reduce fixed costs and implement further cost reduction activities to maintain and improve its business performance. The company has also continued its efforts to strengthen its business structure through Group-wide management improvement programs, growth strategies and structural reforms.

CONSOLIDATED FINANCIAL RESULTS BY BUSINESS SEGMENT

Energy and Electric Systems
Total sales: 1,039.6 billion yen (No change from the previous fiscal year)
Operating income: 74.7 billion yen (0.1 billion yen increase from the previous fiscal year)

The social infrastructure systems business saw increases in orders and sales from the previous fiscal year due to expansion in the rolling-stock equipment business both inside and outside Japan, as well as power generation and publicworks businesses in the Japanese market.

The building systems business experienced decreases in both orders and sales from the previous fiscal year, due primarily to decreases in global demand for elevators and escalators, as well as postponements and cancellations in large-scale projects.

As a result, total sales for this segment showed no change from the previous fiscal year. Operating income increased by 0.1 billion yen from the previous fiscal year mainly due to cost improvements.

Industrial Automation Systems
Total sales: 733.1 billion yen (14% decrease from the previous fiscal year)
Operating income: 26.1 billion yen (23.7 billion yen decrease from the previous fiscal year)

The factory automation systems business saw decreases in both orders and sales from the previous fiscal year due to decreases, up to the second quarter of the fiscal year, in demand for industrial machinery in the global market and investments in Japan related to surface mounting systems.

The automotive equipment business also saw decreases in both orders and sales from the previous fiscal year due to a drop in global demand until the second quarter of the fiscal year, despite increases in some products, upheld mainly by promotional incentives in various countries and other factors.

As a result, total sales for this segment decreased by 14% from the previous fiscal year. Operating income decreased by 23.7 billion yen from the previous fiscal year due primarily to a decrease in sales.

Information and Communication Systems
Total sales: 526.1 billion yen (10% decrease from the previous fiscal year)
Operating income: 18.6 billion yen (6.1 billion yen decrease from the previous fiscal year)

The telecommunications equipment business saw decreases in both orders and sales from the previous fiscal year due to reduced demand in optical access systems for broadband services.

The information systems and services business saw lower sales compared to the previous fiscal year mainly due to a decrease in the system integration business, reflecting a drop in demand for IT investments.

The electronic systems business saw an increase in orders from the previous fiscal year due to large orders received, such as Himawari-8 and -9 - Japan's next generation Geostationary Meteorological Satellites (GMS), while sales decreased from the previous fiscal year mainly due to a decrease in the electronics business.

As a result, total sales for this segment decreased by 10% from the previous fiscal year. Operating income decreased by 6.1 billion yen from the previous fiscal year due primarily to lower sales.

Electronic Devices
Total sales: 138.9 billion yen (17% decrease from the previous fiscal year)
Operating income (loss): (7.1 billion yen) (22.6 billion yen improvement from the previous fiscal year)

The semiconductor business saw an increase in orders, despite a drop in sales from the previous fiscal year, mainly due to a rapid expansion in demand for commercial-use power modules.

The LCD module business experienced decreases in both orders and sales from the previous fiscal year due to low demand, up to the second quarter of the fiscal year, mainly in industrial-use products.

As a result, total sales for the segment decreased by 17% from the previous fiscal year. Operating income improved by 22.6 billion yen from the previous fiscal year mainly due to cost reductions.

Home Appliances
Total sales: 824.6 billion yen (10% decrease from the previous fiscal year)
Operating income: 4.8 billion yen (29.8 billion yen decrease from the previous fiscal year)

The home appliances business saw a 10% decrease in sales from the previous fiscal year due primarily to lower sales in air conditioners both inside and outside Japan as well as in overseas photovoltaic systems, despite increases in photovoltaic systems, LCD televisions and other products in Japan, owing mainly to government subsidies such as the "eco-points" incentive.

Operating income fell by 29.8 billion yen from the previous fiscal year due primarily to a decrease in sales.

Others
Total sales: 552.9 billion yen (7% decrease from the previous fiscal year)
Operating income: 3.2 billion yen (9.1 billion yen decrease from the previous fiscal year)

Sales decreased 7% from the previous fiscal year mainly in affiliated companies involved in materials procurement and logistics.

Operating income decreased by 9.1 billion yen from the previous fiscal year due primarily to a decrease in sales.

Fundamental dividend distribution policy

Our fundamental policy is to comprehensively promote improvement in shareholder profits from the viewpoints of appropriate profit distribution commensurate with earnings performance of the respective fiscal year, as well as strengthening our financial standing through our internal reserves, with the ultimate goal of enhancing corporate value.

FY 2010 and FY 2011 dividend

With the company's business performance and financial standing having improved in the second half of fiscal 2010, we have decided to pay a year-end retained earnings dividend of 4 yen per share for fiscal 2010. With no interim dividends paid in fiscal 2010, the total annual dividend is 4 yen per share. Payment of year-end dividends will start on June 2, 2010.

The retained earnings dividend for fiscal 2011 is still undecided.
cf. Fiscal 2009 dividend was 6 yen per share (interim dividend of 6 yen per share and no year-end dividend)

FINANCIAL CONDITION (CONSOLIDATED BASIS)

Assets, Liabilities, and Shareholders' Equity

The company's total assets for the fiscal year decreased from the end of the previous fiscal year by 119.0 billion yen to 3,215.0 billion yen. This decrease is mainly due to a 57.3 billion yen reduction in inventories and a 36.8 billion yen decrease in tangible fixed assets, mainly in response to input control.

The balance of outstanding debts and corporate bonds fell by 140.3 billion yen from the balance as of the end of the previous fiscal year to 537.5 billion yen, resulting in a decline of its ratio to total assets to 16.7% (improvement of 3.6 points compared to the end of the previous fiscal year). Trade payables increased by 21.5 billion yen, while reserves for retirement and severance benefits decreased by 136.7 billion yen mainly due to an increase in stock prices, leading to an increase in pension assets, etc.

Shareholders' equity increased by 115.1 billion yen compared to the previous fiscal year to 964.5 billion yen. The ratio of shareholders' equity to total assets was 30.0%, a 4.5-point increase compared to the previous fiscal year. Accumulated other comprehensive income increased by 88.5 billion yen mainly due to a rise in stock prices. Retained earnings also increased, owing to a 28.2 billion yen net income attributable to Mitsubishi Electric Corporation.

Cash Flow

Cash flows from operating activities for this financial year increased by 149.1 billion yen compared to the same period of the previous fiscal year to 330.2 billion yen (positive). Investment cash flow decreased by 80.4 billion yen compared to the previous fiscal year to 134.4 billion yen (used) due to decreases in purchases of tangible fixed assets and securities, etc. As a result, free cash flow was 195.7 billion yen (positive). Financial cash flow was 165.2 billion yen (used) mainly due to repayment of loans.

Cash Flow related index
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

Cash Flow to interest
bearing debt ratio1
2.4 times 2.4 times 2.3 times 3.4 times 1.8 times
Interest coverage ratio2 31.5 times 28.1 times 26.3 times 16.1 times 37.8 times

1Balance of outstanding debts and corporate bonds* divided by cash flow from operating activities
*Balance of outstanding debts and corporate bonds is the average of the year-start and year-end balance of outstanding debts and corporate bonds.
2Cash flow from operating activities divided by interest paid

CURRENT FORECAST FOR FISCAL 2011

The world economy is expected to experience a continuous gradual recovery owing to buoyancy in demand for social infrastructures mainly in emerging markets, despite remaining factors that could depress the economy, such as the effects of reduction or termination of stimulus programs by various countries, as well as continuously low capital expenditures for construction mainly in developed countries. A stronger yen and the risk of material prices soaring again are also areas of concern regarding our management environments.

Under these circumstances, the Mitsubishi Electric Group will continue to increase and strengthen profitability in each business segment. To enforce initiatives in achieving the management targets of the Mitsubishi Electric Group, we are not only committed to continuously implementing various company-wide measures toward improving business performance and financial standing, but will also proceed in strongly promoting our growth strategies, including the promotion of environment-related businesses, strengthening of the social infrastructure business and executing our global strategies.

Current forecast for fiscal 2011: consolidated
Net sales 3,480.0 billion yen (4% increase from fiscal 2010)
Operating income 140.0 billion yen (48% increase from fiscal 2010)
Income before income taxes 110.0 billion yen (71% increase from fiscal 2010)

Net income attributable to
Mitsubishi Electric Corp.
70.0 billion yen (148% increase from fiscal 2010)

MANAGEMENT POLICY

Fundamental Management Policy

Based on its corporate statement "Changes for the Better", the Mitsubishi Electric Group hopes to build a better tomorrow by contributing to the creation of new societies, industries and lifestyles.

Keeping this corporate approach in mind, Mitsubishi Electric will establish a solid business foundation and implement sustainable growth through a threefold balanced management policy of "Growth," "Profitability&Efficiency" and "Soundness".

Mitsubishi Electric will also work to further enhance its corporate value by becoming a conglomerate of highly competitive electric-electronic businesses with a synergistic unity, capable of responding to the expectations of customers, shareholders, and all of our stakeholders.

Management Targets

The Mitsubishi Electric Group has established three management targets that it continuously aims to achieve: an operating income ratio of 5% or more, ROE of 10% or more, and an interest-bearing debt ratio of 15% or less. Business performance for fiscal 2010 showed an operating income ratio of 2.8%, an ROE of 3.1% and an interest-bearing debt ratio of 16.7%.

Corporate Agenda

Based on its threefold balanced management policy of "Growth," "Profitability&Efficiency" and "Soundness", the Mitsubishi Electric Group will continuously improve by strengthening quality, cost, productivity, R&D, intellectual property as well as sales and service capabilities. We will also strengthen our two-tiered growth strategy, made up of our VI1 strategy, for 'making strong businesses stronger', and our AD2 strategy, for 'reinforcing solutions businesses centered on strong businesses'. By implementing continuous structural reforms, we strive to create a strong management base, while also continuing to bolster and improve our business performance.

Specifically, as a part of the Mitsubishi Electric Group's growth strategy, we will strengthen our efforts in growing business fields by: promoting environment-related businesses; expanding our businesses in emerging markets such as in China and India; strengthening our social infrastructure business; and rolling out solution businesses by integrating our technologies and expertise from our security and other businesses. Also, with an objective of strengthening our integrated "manufacturing craftsmanship," we will strengthen our development and productivity in software and hardware, and continue to streamline our productivity with measures such as Just-In-Time production. From the very first stages of design and development, we will strengthen activities that contribute to quality consciousness. We will utilize and optimally deploy human resources to enhance competitiveness, and engage in activities such as streamlining our human resources structure from a mid- and long-term perspective. We intend to improve our financial standing by further pursuing such measures as inventory reduction. In addition, we will build an optimal business structure and strengthen it both in global terms and for the entire corporate Group. Finally, we will enhance our operational structure to manage our businesses through integration and coordination among multiple aspects, including research, development, procurement, production, sales and services.

In addition, we are committed to enhancing Corporate Social Responsibility (CSR) efforts based on the Corporate Mission3 and Seven Guiding Principles4. In particular, in terms of legal and ethical compliance, we will intensively implement internal control measures and internal training, etc., as a priority task spanning the entire consolidated Mitsubishi Electric Group. We will also promote environmental initiatives to create a low-carbon and recycling-based society.

Steadily executing the above strategy, the Mitsubishi Electric Group will work to further enhance its corporate value.

1


VI, the first two letters of 'Victory'

2


AD, the first two letters of 'Advance'
3

Corporate Mission: The Mitsubishi Electric Group will continually improve its technologies and services through creativity, and, at the same time, contribute to society.
4

These principles are:
Trust: Establish relationships with all stakeholders based on strong mutual trust and respect,
Quality: Provide the best products and services with unsurpassed quality,
Technology: Pioneer new markets by promoting research and development,
Citizenship: As a global player, contribute to the development of communities and society as a whole,
Ethics: Honor high ethical standards in all endeavors,
Environment: Respect nature, and strive to protect and improve the global environment,
Growth: Assure fair earnings to build a foundation for future growth.

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17.05.2010 08:30
Mitsubishi Electric to Invest 7 Billion JPY in Smart Grid Technology

New Facilities to Allow All-Round Experiments on Renewable Energy-Based Power Supply

Mitsubishi Electric Corporation (TOKYO:6503) announced today that it will invest a total of 7 billion yen by March 2012 in a project to build facilities within the company's production sites in Japan for experiments designed to establish advanced smart grid technologies. The project will contribute to the company's efforts to support the adoption of sustainable power supplies worldwide.

For an image of the facility, please visit:
http://global.mitsubishielectric.com/news/index.html

To address global environmental issues, Japan and many other countries are promoting the production of energy from photovoltaic, wind-power and other renewable energy sources as an alternative to fossil fuels. Generating power from weather-dependent sources such as sun or wind, may impact the reliability of the power system due to the fluctuation in electricity generation. Smart grid technologies will help to integrate in the power system a large amount of renewable sources without negative effects on the stability and reliability.

Mitsubishi Electric will build experimental facilities at the company's three Japanese domestic production sites located in Amagasaki, Wakayama and Ofuna. The facilities will all be connected by a wide-area communication network and be remotely monitored.

At the Amagasaki site, located in Hyogo Prefecture, Mitsubishi Electric will install a 4-megawatt photovoltaic system, a 500-kilowatt rechargeable battery for transmission purposes, a power system simulator, power system stabilizer, 150 smart meters, an electric vehicle charging station and other related equipment. Advance Metering Infrastructure, advanced energy management and distribution automation system, will monitor and operate the assets and equipment. The total system will be used to demonstrate the benefit of smart grid technologies in each sector of the electricity industry.

The company will also install a 200-kilowatt photovoltaic system at its Wakayama site, located in Wakayama Prefecture, and a demonstration facility at its Ofuna site, located in Kanagawa Prefecture. To demonstrate optimal energy management in private residences, the facility in Ofuna will feature a residential photovoltaic system, appliances for all-electric homes, smart meter, home-gateway and other network-connected equipment

By March 2011, Mitsubishi Electric plans to equip each site with the components and build systems required for the company to begin basic experiments. By March 2012, the company plans to conduct full-fledged experiments, including analysis of power supply when electricity generated from renewable energy sources flows into power grids. Mitsubishi Electric aims to market smart grid related products and systems in the near future, and contribute to the realizing of a low carbon society.

Future visions of Mitsubishi Electric's smart grid business

Mitsubishi Electric's smart grid business will be carried out as a company-wide project spanning the company's five business segments. In April 2010, Mitsubishi Electric established two project teams to promote development in smart grid technology. The Power Grid Project in the Transmission&Distribution Systems Center will be responsible for smart grid electric systems and equipment. The Next Generation Energy Communication Project in the Communication Networks Center will be responsible for the smart grid communication network.

Mitsubishi Electric's smart grid related technologies and know-how, as well as the products developed from this project are not only targeted at the Japanese market, but are also intended deployment in markets overseas. For the European market, in particular, where a large amount of electricity is expected to be generated from renewable energy sources, Mitsubishi Electric plans to utilize its findings mainly to promote its photovoltaic systems business. In regions where there is demand for the upgrade and expansion of electric infrastructure, such as China, India and North America, Mitsubishi Electric intends to focus on transmission and distribution equipment business. Meanwhile, in areas such as South-east Asia, where there is strong demand for "comprehensive smart community packages," including operation of electric infrastructure, the company will look into entering the market through participation in Japan Smart Community Alliances (JSCA).

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System to Help Reduce 91 Tons of CO2 Emissions

Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has completed installation of a 191-kilowatt (kW) photovoltaic (PV) system which will start operation on September 14, 2010 at Nabeya-ueno Waterworks in Nagoya, Japan's fourth largest city. The waterworks, owned and operated by the Nagoya City Waterworks&Sewerage Bureau, are the city's oldest water treatment facility and the first to introduce a PV system.

Electricity generated by a total of 1,008 PV modules installed over a surface area of 1,430 square meters will partially cover the air conditioning and lighting requirements at Nabeya-ueno Waterworks. The system is expected to generate approximately 192 megawatt-hours (MWh) of electricity annually and reduce 91 tons of carbon dioxide emissions.

The 191kW system will contain a 146kW sub-system composed of 768 PV modules installed on the lid of the filtration system, as well as a 45kW system made up of 240 modules installed on the building roof. The PV system will be equipped with five 3-phase PV inverters in total: two 50kW, one 40kW and two 30kW inverters, all manufactured by Mitsubishi Electric that will convert generated electricity into AC current.

The Nagoya City Waterworks&Sewerage Bureau has to date set mid-term management policies for green operations, striving to utilize new energy sources and technologies that can reduce environmental impact in addition to operational cost. The installation of the 191kW PV system at the Nabeya-ueno Waterworks is part of these efforts.

Established in 1914, the Nabeya-ueno Waterworks are Nagoya's first water treatment facility, and can currently supply 29 tons of water daily. The facility is electronically linked to water distribution facilities and pumps located across Nagoya, and controls water storage and hydraulic pressure. During an electric power failure, the waterworks can connect with and switch functions over to other facilities in Nagoya.

Mitsubishi Electric is the only Japanese manufacturer that makes all key components of a PV system, such as PV modules and inverters, in addition to power devices, which are the main components in inverters. Mitsubishi Electric aims to continue expanding its sales of PV systems for commercial facilities and public utilities.

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Mitsubishi Electric Corporation (TOKYO:6503) announced today its financial results for the first 9 months and third quarter ending December 31, 2010, of the current fiscal year ending March 31, 2011 (fiscal 2011).

1. Consolidated First 9 Months Results (April 1, 2010 - December 31, 2010)

Net sales: 2,601.3 billion yen (13% increase from the same period last year)
Operating income: 192.5 billion yen (254% increase from the same period last year)
Income before income taxes: 187.3 billion yen (577% increase from the same period last year)
Net income attributable to
Mitsubishi Electric Corp.:

116.9 billion yen -
During the first 9 months of fiscal 2011, the global economy saw a continued trend of gradual recovery owing mainly to emerging countries, despite severe conditions due primarily to the yen appreciating against other currencies and material prices soaring.

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2011 increased by 13% compared to the same period of the previous fiscal year to 2,601.3 billion yen, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Operating income for the first 9 months of fiscal 2011 increased by 254% compared to the same period of the previous fiscal year to 192.5 billion yen, owing to income increases in each business segment.