During the fiscal year ended March 31, 2019 (hereinafter fiscal 2019), the economy saw a buoyant expansion in the U.S. and a slight slowdown in the Chinese economy, while there were gradual trends of recovery in Japan and Europe despite a recent slowdown in some indicators such as export and production. In addition, the yen, compared to the previous fiscal year, was substantially unchanged against the U.S. dollar, and remained strong against the euro in and after August.
Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies rooted in its advantages, while continuously implementing initiatives to strengthen its competitiveness and business structure.
As a result, in fiscal 2019, the Mitsubishi Electric Group recorded revenue of ¥4,519.9 billion, up 2% from the previous fiscal year, operating profit of ¥290.4 billion, down 11%.
In accordance with its management targets, the Group will remain committed to maintaining a return on equity (ROE) of above 10% and keeping the ratio of interest-bearing debt to total assets below 15% while striving to achieve its growth targets for fiscal 2021, namely, consolidated revenue of ¥5 trillion or more and an operating income ratio of 8% or more. Moving forward toward securing sustained business expansion thereafter, the Mitsubishi Electric Group will also keep a focus on committing to a variety of management initiatives.
Based on our Corporate Mission and Seven Guiding Principles, we of the Mitsubishi Electric Group position Corporate Social Responsibility (CSR) initiatives as our main pillar of corporate management. Accordingly, the entire Group is committed to providing solutions that combine products, systems, and services to address the challenges that society faces, such as environmental issues and resource and energy issues. In this way, we will further promote initiatives to create value, such as simultaneous achievement of "sustainability," and "safety, security, and comfort" in the four fields of Life, Industry, Infrastructure and Mobility.
In an effort to promote value creation, in addition to enhancing business foundations (connection with customers, technologies, personnel, products, corporate culture, etc.) and evolving Technology Synergies and Business Synergies through strengthening all forms of collaboration while maintaining Balanced Corporate Management based on three perspectives: growth, profitability and efficiency, and soundness, the Mitsubishi Electric Group will transform our business models.
As we resolutely advance forward to achieve our goals, we ask for your continued support.
President & CEO
The Mitsubishi Electric Group will continually improve its technologies and services by applying creativity to all aspects of our business. By doing so, we enhance the quality of life in our society. To this end, all members of the Group will pursue the following Seven Guiding Principles.
Establish relationships with society, customers, shareholders, employees, and business partners based on strong mutual trust and respect.
Provide the best products and services with unsurpassed quality.
Pioneer new markets by promoting research and development, and fostering technological innovation.
As a global player, contribute to the development of communities and society as a whole.
In all endeavors, conduct ourselves in compliance with applicable laws and high ethical standards.
Respect nature, and strive to protect and improve the global environment.
Assure fair earnings to build a foundation for future growth.