FIVE-YEAR SUMMARY
Mitsubishi Electric Corporation and Subsidiaries
| Yen (millions) | U.S. dollars (thousands) |
|||||
| Years ended March 31 | 2007 | 2008 | 2009 | 2010 | 2011 | 2011 |
| Summary of Operations | ||||||
Net sales |
¥3,855,745 | ¥4,049,818 | ¥3,665,119 | ¥3,353,298 | ¥3,645,331 | $43,919,651 |
Cost of sales |
2,831,309 | 2,957,185 | 2,710,976 | 2,505,095 | 2,622,959 | 31,601,916 |
Selling, general, administrative and R&D expenses |
791,434 | 825,428 | 783,673 | 736,959 | 784,606 | 9,453,084 |
Loss on impairment of long-lived assets |
14,630 | 3,189 | 30,742 | 16,942 | 4,005 | 48,253 |
Operating costs |
3,637,373 | 3,785,802 | 3,525,391 | 3,258,996 | 3,411,570 | 41,103,253 |
Operating income |
218,372 | 264,016 | 139,728 | 94,302 | 233,761 | 2,816,398 |
Income before income taxes |
210,733 | 244,137 | 43,933 | 64,259 | 210,237 | 2,532,976 |
Net income attributable to Mitsubishi Electric Corp. |
¥123,080 | ¥157,977 | ¥12,167 | ¥ 28,278 | ¥124,525 | $1,500,301 |
| Financial Ratios | ||||||
Return on sales (%) |
3.19 | 3.90 | 0.33 | 0.84 | 3.42 | - |
Return on equity (%) |
12.30 | 15.11 | 1.29 | 3.12 | 12.36 | - |
Return on assets (%) |
3.64 | 4.55 | 0.36 | 0.86 | 3.80 | - |
Equity ratio (%) |
30.68 | 29.60 | 25.48 | 30.00 | 31.52 | - |
| Per-Share Amounts | ||||||
Net income attributable to Mitsubishi Electric Corp. |
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(yen/U.S. dollars) |
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Basic |
¥57.34 | ¥73.60 | ¥5.67 | ¥13.18 | ¥58.00 | $0.699 |
Diluted |
57.34 | 73.59 | 5.67 | 13.18 | - | - |
Cash dividends declared |
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(yen/U.S. dollars) |
¥10 | ¥13 | ¥6 | ¥ 4 | ¥12 | $0.145 |
NOTES:
- 1
- Operating income is presented as net sales less cost of sales, selling, general, administrative and R&D expenses, and loss on impairment of long-lived assets. Total operating income for each segment conforms to above mentioned operating income. Business restructuring expenses are shown as non-operating expenses.
- 2
- For the year ended March 31, 2010, the Company applies FASB ASC Topic 810 "Consolidation". Due to the adoption of ASC Topic 810, "Net Income" is renamed "Net income attributable to Mitsubishi Electric Corp.". Also, income before income taxes includes equity in earnings (losses) of affiliated companies, while excluding net income attributable to noncontrolling interests. Consequently, the Company has reclassified the figures for all prior periods.
- 3
- For the year ended March 31, 2011, diluted net income per share attributable to Mitsubishi Electric Corp. is not included in the above figure as no dilutive securities existed.
Overview
During fiscal 2011, the year ended March 31, 2011, although the business environment saw such setbacks as rapid yen appreciation and soaring raw material prices, conditions continued improving overall on the back of a widespread recovery in the global economy, particularly in emerging countries. However, the business environment has been affected by the Great East Japan Earthquake, resulting in the suspension of production and, due to rolling blackouts and other factors, a decrease in the capacity utilization ratio at some operational sites.
Under these circumstances, the Mitsubishi Electric Group placed greater emphasis than ever before on promoting growth strategies rooted in the advantages it has over the competition as well as on Group efforts to boost its competitiveness and strengthen its management structure.
As a result, in fiscal 2011, the Mitsubishi Electric Group recorded net sales of ¥3,645.3 billion, operating income of ¥233.8 billion, income before income taxes of ¥210.2 billion, and net income attributable to Mitsubishi Electric Corp. of ¥124.5 billion.
Financial Position
The outstanding balance of debt and corporate bonds fell by ¥53.1 billion compared with the end of the previous fiscal year to ¥484.4 billion. As a result, the ratio of interest-bearing debt to total assets was 14.5%, a decrease of 2.2 points year on year. Retirement and severance benefits decreased by ¥39.8 billion. However, taking into account such factors as increases in trade payables, accrued income taxes and accrued expenses by ¥64.1 billion, ¥24.2 billion and ¥11.3 billion, respectively, total liabilities rose by ¥29.8 billion to ¥2,223.7 billion.
Capital Expenditures
In line with its policy of expanding and accelerating performance by implementing Balanced Corporate Management while pursuing further growth, the Mitsubishi Electric Group aims to realize its growth strategies as it increases profitability. To that end, the Group directed its capital investment mainly toward the areas of energy and electric systems, factory automation equipment, automotive products and power devices. At the same time the Group continued to reinforce its solid business platform through the careful selection and concentration of investments.
Cash Flows
In the year ended March 31, 2011, net cash provided by operating activities amounted to ¥327.6 billion, while net cash used in investing activities was ¥145.6 billion. As a result, free cash flow was an inflow of ¥182.0 billion, down ¥13.7 billion compared with the previous fiscal year. Taken into account along with net cash used in financing activities of ¥89.2 billion, fiscal year-end cash and cash equivalents amounted to ¥472.1 billion, an increase of ¥80.9 billion year on year.