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Mitsubishi Electric Announces Revised Consolidated Earnings Forecast for Fiscal 2013 (April 1, 2012-March 31, 2013)

Tokyo, December 21, 2012 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today it has revised its consolidated earnings forecast for the current fiscal year, which was previously announced on October 31, 2012, due to the expected impact of recording a reserve to pay refunds in relation to the company's electronic systems business, as announced separately today, as well as recent business performance and other factors.
Forecast for fiscal 2013 (April 1, 2012 - March 31, 2013)
(In millions of yen)
Net sales Operating income Income before income taxes Net income attributable to Mitsubishi Electric Corp. Basic net income per share attributable to Mitsubishi Electric Corp.
Previous forecast (A) 3,640,000 200,000 180,000 120,000 55.89 yen
Revised forecast (B) 3,520,000 150,000 40,000 50,000 23.29 yen
Change (B-A) (120,000) (50,000) (140,000) (70,000) -
Percentage of change (3.3%) (25.0%) (77.8%) (58.3%) -
Fiscal 2012 actual results 3,639,468 225,444 224,080 112,063 52.20 yen

Explanation of revised forecast
In view of China and other Asian markets experiencing economic slowdown, including stagnant demand for capital expenditures, as well as the impact of decreased production mainly by Japanese automotive-related manufacturers in China, Mitsubishi Electric's consolidated net sales for fiscal 2013 ending March 31, 2013 are expected to fall below previous forecasts, mainly in the company's Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated income before income taxes and net income attributable to Mitsubishi Electric Corporation is expected to fall below the previous forecast due to a decrease in operating income resulting from lower sales, the impact of recording a reserve for paying refunds related to electronic systems business and other factors.

Note: The forecast above is based on assumptions deemed reasonable by the company at the present time. Actual results may differ significantly from forecasts. Please refer to the cautionary statement in the PDF version.