Mitsubishi Electric Announces Consolidated and Non-Consolidated Financial Results for Fiscal 2004.Business Editors TOKYO--(BUSINESS WIRE)--April 28, 2004 Mitsubishi Electric Mitsubishi Electric Corporation (三菱電機株式会社 Corporation (President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. : Tamotsu Nomakuchi) today announced its consolidated and non-consolidated financial results for fiscal 2004 (April 1, 2003 - March 31, 2004).
Consolidated financial
results
Net sales 3.3096 trillion yen (9% decrease from
fiscal 2003)
Operating income 92.7 billion yen (47% increase from
fiscal 2003)
Income before
income taxes 84.7 billion yen (34 times larger,
year on year)
Net income 44.8 billion yen
Non-consolidated
financial results
Net sales 1.9965 trillion yen (14% decrease from
fiscal 2003)
Ordinary profit 41.7 billion yen (57% increase from
fiscal 2003)
Net income 26.3 billion yen
With regard to the business environment in 2003, the rise in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. as a result of the tax cuts in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. led to a revival in the corporate sector from mid-year onwards on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. Adv. 1. , centered on North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. . As the year drew to a close, a simultaneous worldwide economic recovery appeared to be well underway. As for the Japanese economy, despite ongoing deflation deflation: see inflation. deflation Contraction in the volume of available money or credit that results in a general decline in prices. A less extreme condition is known as disinflation. , the high value of the yen and concerns about stagnating consumer demand, in the latter half of the year the business environment showed a marked improvement as manufacturing activity and private capital expenditure were boosted by the revival of overseas demand. Meanwhile, the Mitsubishi Electric Group has been promoting structural reforms aimed at improving and strengthening profitability in each business segment. A considerable portion of the semiconductor business was spun-off to form a joint venture with Hitachi, Ltd., focusing mainly on system LSIs. The newly formed company, Renesas Technology Renesas Technology Corporation (ルネサス テクノロジ| Corporation opened for business on April 1, 2003. In addition, on October 1, 2003, a new joint venture with Toshiba Corporation (company) Toshiba Corporation - A Japanese technology manufacturer with 364 subsidiaries worldwide. Toshiba makes and sells electronics for home, office, industry and health care including information and communication systems, electronic components, heavy electrical apparatus, , Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), was established from the spinning off of an electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
Throughout the last year Mitsubishi Electric has been moving ahead with companywide measures aimed at improving business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and overall financial standing. These include the "inventory reduction project", measurements to improve financial position such as the expansion of group financing, the EA21 Program for reducing assets and fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). , as well as the E-Sigma 21 Program which aims to reduce operational costs by, for example, utilizing the dynamism of overseas suppliers and promoting Value Analysis (VA) activities with major suppliers. Furthermore, Mitsubishi Electric is pushing forward with two growth strategies, the "VI Strategy" and the "AD Strategy", in order to increase added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Consolidated financial
results by business segment
Energy & Electric Systems
Total sales: 797.4 billion yen (7% decrease from
fiscal 2003)
Operating income: 25.9 billion yen (33.4 billion yen
decrease from
fiscal 2003)
The social infrastructure systems business posted a decrease in orders and sales compared to last year, due to the tight constraints placed on public spending and capital investment by electric power companies, and also to the spinning off of power transmission and distribution businesses and of an electrical equipment business for manufacturing plants. In the building systems business, business improved in Korea though the number of large-scale construction projects in the Tokyo Metropolitan area decreased. As a result, orders and sales did not differ greatly from the previous year.
Industrial Automation
Systems
Total sales: 709.6 billion yen (11% increase from
fiscal 2003)
Operating income: 66.4 billion yen (8.4 billion yen
increase from
fiscal 2003)
In the factory automation systems business, the greater demand for semiconductor manufacturing equipment, and from the automobile and liquid crystal panel manufacturing sectors, led to an increase in orders and sales of programmable controllers Programmable controllers Electronic computers that are used for the control of machines and manufacturing processes through the implementation of specific functions such as logic, sequencing, timing, counting, and arithmetic. , servo An electromechanical device that uses feedback to provide precise starts and stops for such functions as the motors on a tape drive or the moving of an access arm on a disk. motor systems and numerical controllers, both in domestic and Asian markets, in particular China, Taiwan and South Korea. In the automotive equipment business, sales of car navigation See GPS. systems, ETC ETC - ExTendible Compiler. Fortran-like, macro extendible. "ETC - An Extendible Macro-Based Compiler", B.N. Dickman, Proc SJCC 38 (1971). (electronic toll collection Electronic Toll Collection (ETC), an adaptation of military "identification friend or foe" technology, aims to eliminate the delay on toll roads. It is a technological implementation of a road pricing concept. ) onboard Refers to a chip or other hardware component that is directly attached to the printed circuit board (motherboard). Contrast with offboard. See inboard. units, and alternators and starters for both domestic and overseas automobile manufacturers all rose. As a result, both orders and sales increased.
Information and Communication Systems
Total sales: 681.7 billion yen (1% decrease from
fiscal 2003)
Operating income 0.5 billion yen (27.7 billion yen
improvement from
fiscal 2003)
Orders and sales in the telecommunications equipment business rose due to increased domestic and overseas mobile handset sales, while sales in the information systems and service business rose due to an expansion of the information systems outsourcing business and the systems integration business. Sales in the electronic systems business rose although orders decreased as a result of a temporary downturn in the number of government projects being undertaken.
Electronic Devices
Total sales: 170.4 billion yen (63% decrease from
fiscal 2003)
Operating income (loss): 4.6 billion yen (48.4 billion yen
improvement from
fiscal 2003)
The semiconductor business posted sales increases in laser diodes A semiconductor-based laser used to generate analog signals or digital pulses for transmission through optical fibers. Both laser diodes and LEDs (light-emitting diodes) are used for this purpose, but the laser diode generates a smaller beam that is easier to couple with the smaller core for recordable DVD See DVD-R, DVD-RW, DVD+RW and DVD-RAM. players, power modules for semiconductor manufacturing equipment, and industrial machinery bound for Asia, especially China. However, the impact from spinning off the system LSI LSI: see integrated circuit. (Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. and system memory businesses caused orders and sales for the year to decrease. In the liquid crystal business, orders and sales increased thanks to greater sales of small and medium sized products to the industrial and mobile handset sectors such as display equipment, and large screen panels for the overseas market.
Home Appliances
Total sales: 782.2 billion yen (1% decrease from
fiscal 2003)
Operating income: 19.3 billion yen (16.8 billion yen
decrease from
fiscal 2003)
In the home appliances segment, although sales of home air conditioners Conditioners used on leather take many shapes and forms. They are used mostly to keep leather from drying out and deteriorating. A very old and widely used conditioner is dubbin. and CRT (1) (C RunTime) See runtime library. (2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. type color Type color is a typographic term referring to the weight or boldness (or lack of boldness) of a font. It is such called because type color affects the amount of black on the page. "Black" fonts are bold and heavy. televisions fell, sales remained consistent with the previous year as a result of increases in sales of ventilators, solar power generation systems, electric water heaters, refrigerators and DVD-related products in the domestic market, and home and package air conditioners for the overseas market. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. decreased, partially due to price reductions.
Other
Total sales: 508.4 billion yen (10% decrease from
fiscal 2003)
Operating income: 8.2 billion yen (2.8 billion yen
decrease from
fiscal 2003)
Overall sales decreased from the previous year mainly due to the change of our credit subsidiary into an equity method company. Dividend Policy Due to the improvement in business operations and financial standing, along with the return to profitability, the company decided to pay a dividend of 4 yen per share. As a reference, the dividend payment for fiscal 2003 was 3 yen per share. FINANCIAL CONDITION Assets, liabilities and capital The financial condition of assets, liabilities and capital at the end of fiscal 2004 showed a marked improvement compared to the end of fiscal 2003. The promotion of companywide measures of improvement in business operations, and the repayment of the subrogated portion of the employee pension fund to the government were contributing factors. At the end of fiscal 2004 total assets had decreased by 448.4 billion yen to 3.2252 trillion yen. Investments increased by 104.9 billion yen due to the appropriation of shares in the newly spun-off semiconductor business, among others. Inventories were down by 109.1 billion yen due mainly to activities related to asset reduction and spin-offs. Trade receivables decreased by 77.4 billion yen, and net tangible fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → fell by 161.3 billion yen. Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. fell by 194.0 billion yen because of a decrease in deferred tax assets. This decrease corresponds to a decrease in retirement and severance benefit, which was reserved against the shortfall of the pension fund, as a consequence of such factors as repayment of the subrogated portion of the employee pension fund to the government and the general recovery in share prices. The balance of debts and bonds was reduced by 279.6 billion yen to 904.5 billion yen, thus reducing the overall debt ratio by 4.2 points to 28.0%. Trade payables were also down by 31.2 billion yen, and other current liabilities Other Current Liabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. fell by 31.5 billion yen. Retirement and severance benefits were also down by 311.5 billion yen due to the repayment of the subrogated portion of the employee pension fund to the government. Capital increased by 206.9 billion yen to 601.5 billion yen due to the posting of a net income of 44.8 billion yen and the deduction for the adjustment of the minimum pension liability, and due to the increase in unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on securities, in line with the wider increase in share prices. The group's shareholder equity ratio increased by 8 points to 18.7%. Cash flow The cash flow from operating activities in fiscal 2004 was 243.5 billion yen, consistent with that of the previous year, as a result of the posting of a net income and the improved asset turnover. Meanwhile, cash flow from investing activities Cash Flow From Investing Activities An item on the cash flow statement that reports the aggregate change in a company's cash position resulting from any gains (or losses) from investments in the financial markets and operating subsidiaries, and changes resulting from amounts spent amounted to 70.0 billion yen, a 23.5 billion yen decrease from fiscal 2003, due to a reduction of investments in equipment for semiconductor related business in line with the spinning off and establishment of Renesas Technology Corporation. Total free cash flow in fiscal 2004 amounted to 173.4 billion yen. The cash flow from financing activities Cash Flow from Financing Activities A category in the cash flow statement that accounts for external activities such as issuing cash dividends, adding or changing loans, or issuing and selling more stock. amounted to 199.1 billion yen as a result of the repayment of debts and redemption of bonds to improve our financial position.
FY '00 FY '01 FY '02 FY '03 FY '04
----------- ---------- ----------- ---------- ----------- -----------
Debt
repayment
period(1) 4.0 years 3.6 years 13.0 years 5.7 years 4.3 years
----------- ---------- ----------- ---------- ----------- -----------
Interest
coverage
ratio(2) 9.4 times 11.0 times 4.0 times 10.0 times 17.0 times
----------- ---------- ----------- ---------- ----------- -----------
(1) Debt repayment period: interest-bearing debts* divided by cash flow from operating activities (2) Interest coverage ratio: cash flow from operating activities divided by interest paid * interest-bearing debts are calculated as an average of the year-end balances of two consecutive fiscal years (the present one and the previous one) Current forecast for fiscal 2005 Though an economic revival, both at home and abroad, looks set to continue for the first half of the year, a slowdown in the American economy looks likely as the effect of the tax cut on consumer spending gradually begins to recede re·cede 1 intr.v. re·ced·ed, re·ced·ing, re·cedes 1. To move back or away from a limit, point, or mark: waited for the floodwaters to recede. 2. . Added to the intensification in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: of competition in the global economy and anxiety about exchange rate fluctuations, an optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op forecast for business conditions in fiscal 2005 would be premature. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , the Mitsubishi Electric Group will continue to improve and strengthen profitability in each business segment, and will strive to upgrade its performance and overall financial standing. The growth strategies will be steadfastly adhered to in the interest of maintaining sustainable growth and the continued expansion of added value.
Current forecast for
fiscal 2005: consolidated
Net sales 3.4000 trillion yen (3% increase from
fiscal 2004)
Operating income 110.0 billion yen (19% increase from
fiscal 2004)
Income before
income taxes 95.0 billion yen (12% increase from
fiscal 2004)
Net income 60.0 billion yen (34% increase from
fiscal 2004)
Current forecast for fiscal
2005: non-consolidated
Net sales 2.0500 trillion yen (3% increase from
fiscal 2004)
Ordinary profit 45.0 billion yen (8% increase from
fiscal 2004)
Net income 28.0 billion yen (6% increase from
fiscal 2004)
MANAGEMENT POLICY Management Policy The Mitsubishi Electric Group aims to contribute to the development of new societies, industries and lifestyles, all leading to a "better tomorrow", based on the spirit of our corporate statement "Changes for the Better." With this outlook in mind, Mitsubishi Electric will implement management improvement measures from the three perspectives of "Growth," "Profitability & Efficiency" and "Soundness", in order to swiftly establish a solid business foundation. Based on this strategy, Mitsubishi Electric will strive to further enhance its corporate value and surpass the expectations of all our customers, shareholders and other stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . Via a process of self-reform, the company intends to evolve into a new complex of strong electric and electronics businesses by activating the power of synergy. Policy for Profit Distribution With the ultimate target of enhancing corporate value, Mitsubishi Electric's basic policy is to comprehensively improve shareholder profitability both in terms of profit distribution in line with the earnings for the relevant fiscal year, and reinforcement of our financial standing by increasing internal reserves. Policy on Reducing Minimum Stock Purchase Requirement Mitsubishi Electric recognizes that increasing corporate value and the acquisition of long-term and stable investors are important managerial issues. Mitsubishi Electric has been considering the effects and expenses related to reducing the minimum stock purchase requirement and will continue to carefully study this issue. Criteria for Management Targets Measures to improve our business foundation and financial standing have resulted in the Mitsubishi Electric Group posting a ratio of interest-bearing debt to total assets of 28% in fiscal 2004, which was less than our management target of 30%. The Group will strive to achieve and maintain a ratio of interest-bearing debt to total assets of 25% or less hereafter In the future. The term hereafter is always used to indicate a future time—to the exclusion of both the past and present—in legal documents, statutes, and other similar papers. and to achieve further improvements to our financial standing business results. Current management targets are outlined below:
Management Target
------------------------------------------------- --------------------
Ratio of operating profit to sales 5% or more
------------------------------------------------- --------------------
ROE 10% or more
------------------------------------------------- --------------------
Ratio of interest-bearing debt to total assets 30% or less ... 25%
or less
------------------------------------------------- --------------------
Corporate Agenda The Mitsubishi Electric Group pursues a policy of "balanced management" from the three perspectives of "Growth," "Profitability & Efficiency" and "Soundness." Based on this, the Group is executing a reformation Reformation, religious revolution that took place in Western Europe in the 16th cent. It arose from objections to doctrines and practices in the medieval church (see Roman Catholic Church) and ultimately led to the freedom of dissent (see Protestantism). of its business structure in accordance with changes to the business environment while continually pursuing improvements to reinforce the essential competitiveness of manufacturing, including quality, cost, technological development and sales ability. Through this corporate agenda we will devote ourselves to achieving our management targets. Specifically, we will continue to pursue measures for suppressing fixed expenses, reducing production costs and further improving our financial standing. Further, we will strive to increase added value, and implement our two growth strategies - the "VI Strategy" (reinforcing of individual business strategies) and the "AD strategy" (reinforcing of solutions across multiple business areas), which are based on our perspective of "making strong business stronger." Furthermore, the Group is implementing the "global integration" strategy to build the optimal business structure from a global perspective. In particular, the Group is reinforcing its business implementation structure in the Chinese market, with its high growth potential. This is being pursued in the functions of area marketing, finance and risk management. In addition, we are pursuing environmental management based on our "Fourth Environmental Plan (fiscal years 2003-2005)" a voluntarily implemented strategy for the whole Group. Basic Policy for Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and the Current Status Mitsubishi Electric has transformed itself into a company with committee system and reformed its management structure. Through this governance structure reform we will strive to achieve sustainable growth as well as enable more flexible operations, further enhance management transparency and reinforce the supervisory functions of management. This transfer to the new structure has separated the supervisory function from the executive function, with the board of directors handling the supervision function and the executive officers handling the execution of operations. In addition, the diverse rights and authority that was exclusively the realm of the board of directors have been transferred to the executive officers. The present board is comprised of twelve directors (five of whom are outside directors) offering advice and supervision to management from an objective standpoint. The board of directors has three internal bodies: the Auditing, Nomination and Compensation Committees, which each have five members (of whom three are outside directors). The Auditing Committee has its own dedicated, independent staff and supports the auditors. A key feature of our management structure is the separation of the Chairman and CEO, with the Chairman as the head of the supervisory functions as a member of the board of directors and the President & CEO as the head of the executive officers. Neither the Chairman nor President is a member of the Nomination or Compensation Committees. This clear separation of supervising and execution powers makes our corporate governance more effective. To maintain compliance and secure management efficiency, each executive officer possesses responsibility for their individual scope of duties, while operating conditions are audited by the internal auditor Internal auditor An employee of a company who analyzes the company's accounting records to that the company is following and complying with all regulations. (Audit Department). The internal auditors (Audit Department) and outside auditors report on audit results to the Audit Committee and responsible executive officer. The risk management structure is constructed in a manner in which each executive officer possesses responsibility for his assigned duties. In addition, important material items regarding management implementation are discussed and decided by all the executive officers in the executive officers meetings. The objective of these meetings is to seek the participation of all executive officers in managerial decision-making, sharing of information and management synergy as well as attain multi-dimensional risk management for the Mitsubishi Electric Group. Further, no special interest relationship exists between the outside directors and our company. About Mitsubishi Electric With over 80 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. The company recorded consolidated group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. of 3,309 billion yen (US$31.2 billion*) in the year ended March 31, 2004. For more information visit http://global.mitsubishielectric.com *At an exchange rate of 106 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2004. Cautionary Statement The expectation of operating results herein and any associated statement to be made with respect to Company's current plans, estimates, strategies and beliefs and any other statements that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Words such as "expects", "anticipates", "plans", "believes", "scheduled", "estimated", "targeted" along with any variations of these words and similar expressions are intended to identify forward-looking statements which include but are not limited to projections of revenues, earnings, performance and production. While the statements herein are based on certain assumptions and premises that trusts and considers to be reasonable under the circumstances to the date of announcement, you are requested to kindly take note that actual operating results are subject to change due to any of the factors as contemplated hereunder Adv. 1. hereunder - in a subsequent part of this document or statement or matter etc.; "the landlord demises unto the tenant the premises hereinafter called the demised premises"; "the terms specified hereunder" hereafter, hereinafter 2. and/or any additional factor unforeseeable Un`fore`see´a`ble a. 1. Incapable of being foreseen. Adj. 1. unforeseeable - incapable of being anticipated; "unforeseeable consequences" unpredictable - not capable of being foretold as of the date of this announcement. Such factors materially affecting the expectations expressed herein shall include but are not limited to the following: (1) Any change in operating circumstances in any of the markets, in which the Company conducts its business operation inter alia [Latin, Among other things.] A phrase used in Pleading to designate that a particular statute set out therein is only a part of the statute that is relevant to the facts of the lawsuit and not the entire statute. Japan, the USA and Europe: such change shall include but not limited to changes in economic situation, political regime, legal system and legislation, relevant laws and regulations, administrative policies and practices by any competent authorities, taxation in any of such markets. (2) Foreign exchange fluctuations, in particular, the rate of Japanese yen “Yen” redirects here. For the other use, see Yen (disambiguation). “JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. against US Dollar. (3) Relative disproportion disproportion /dis·pro·por·tion/ (dis?prah-por´shun) a lack of the proper relationship between two elements or factors. cephalopelvic disproportion between demand and supply of any products that may affect price and volume, which could be highly intrusive in such fields like information, telecommunication, electronic devices and home appliances, without limitation thereto. (4) Shortage of any devices, components and/or parts necessary for manufacturing operation and difficulties in material procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. arising out of such shortage, which could even lead to substantial disconformity dis·con·form·i·ty n. pl. dis·con·form·i·ties 1. Geology A type of unconformity in which the rock layers are parallel. 2. Refusal or failure to conform; nonconformity. with the operating results as expected herein. Also this factor could be highly intrusive in such fields as information, telecommunication, electronic devices and home appliances, without limitation thereto. (5) Any change in technical and technological trends that may be relevant to businesses of the Company, including but not limited to IT-based or IT-related fields. (6) Any patent and its licensing that may be granted from time to time and may affect businesses of the Company. (7) Any development of products incorporating new technological innovation and the time of their introduction in the marketplace. (8) Any business alliances of any nature whatsoever, including but not limited to joint ventures, business transfers, mergers, acquisitions, capital contributions, technical licensing or co-development. (9) Any change in fund raising or procurement, inter alia in the Japanese financial market. (10) Any fluctuation Fluctuation A price or interest rate change. in stock quotations at any relevant markets including securities exchanges and over-the counter stock markets, inter alia in Japan. |
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