Revised Forecast- Fiscal 2004
September 22 2003 - 2:09AM
UK Regulatory
RNS Number:0015Q
Mitsubishi Electric Corporation
22 September 2003
Investor Relations Inquiries: Media Contact:
Yasumitsu Kugenuma Katsuyuki Hashimoto
Corporate Finance Department Public Relations Department
Tel: +81-3-3218-2391 Tel:+81-3-3218-2346
Yasumitsu.Kugenuma@hq.melco.co.jp katsuyuki.hashimoto@hq.melco.co.jp
MITSUBISHI ELECTRIC ANNOUNCES REVISED SALES
AND EARNINGS FORECAST FOR FISCAL 2004
(APRIL 1, 2003 - MARCH 31, 2004)
TOKYO, September 22, 2003 Mitsubishi Electric Corporation today revised its
fiscal 2004 business performance forecasts for the first half and the full-year
periods.
1. Forecasts for fiscal 2004 consolidated results, made upon announcement of
fiscal 2003 results in April 2003, have been revised as follows:
(1) Interim Period (April 2003 - September 2003) (Unit: 100 million yen)
Net Sales Income Before Income Taxes Net Income
Revised Forecast (A) 15,500 150 20
Original Forecast (B) 15,000 50 0
Change (A-B) 500 100 20
Fiscal 2003 Interim Results 16,389 117 67
(2) Full-Year Period (April 2003 - March 2004) (Unit: 100 million yen)
Net Sales Income Before Income Taxes Net Income (Loss)
Revised Forecast (A) 33,000 200 120
Original Forecast (B) 32,500 0 50
Change (A-B) 500 200 70
Fiscal 2003 Results 36,390 24 (18)
2. Forecasts for fiscal 2004 non-consolidated results, made upon announcement of fiscal 2003 results in
April 2003, have been revised as follows:
(1) Interim Period (April 2003 - September 2003) (Unit- 100 million yen)
Net Sales Ordinary Profit Net Income
Revised Forecast (A) 9,000 210 170
Original Forecast (B) 8,500 50 50
Change (A-B) 500 160 120
Fiscal 2003
Interim Results 10,450 90 91
(2) Full-Year Period (April 2003 - March 2004) (Unit: 100 million yen)
Net Sales Ordinary Profit Net Income (Loss)
Revised Forecast (A) 20,500 350 290
Original Forecast (B) 20,000 250 200
Change (A-B) 500 100 90
Fiscal 2003 Results 23,192 264 (121)
3. Reasons for Forecast Revisions
Due to the unseasonably cool summer in Japan, Mitsubishi Electric expects air
conditioners and other home appliances to show decreased sales. However, backed
by increasing private-sector capital investment in Asia and Japan, sales in
industrial automation systems and information and communications systems, both
on a consolidated and non-consolidated basis, are expected to outgrow original
forecasts. These factors have led Mitsubishi Electric to revise its business
performance forecasts, both on a consolidated and non-consolidated basis.
4. Dividend Policy for Fiscal 2004
Regarding the dividend, the company suspends payment of an interim dividend. The
company plans to implement a dividend payment at the end of the fiscal year
after carefully assessing business performance over the full-year. (As a
reference, the Fiscal 2003 interim dividend was nil and the year-end was 3 yen.)
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: 6503) is a recognized world leader in the
manufacture, marketing and sales of electrical and electronic equipment used in
information processing and communications, space development and satellite
communications, consumer electronics, industrial technology, energy,
transportation and building equipment. The company has operations in 35
countries and recorded consolidated group sales of 3,639 billion yen (US$30.3
billion* ) in the year ended March 31, 2003.
For more information visit http://global.mitsubishielectric.com
*At an exchange rate of 120 yen to the US dollar, the rate given by the Tokyo
Foreign Exchange Market, on March 31,2003.
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. 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 and/or any additional factor unforeseeable 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 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 against
US Dollar. (3) Relative 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
arising out of such shortage, which could even lead to substantial disconformity
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
in stock quotations at any relevant markets including securities exchanges and
over-the counter stock markets, inter alia in Japan.
This information is provided by RNS
The company news service from the London Stock Exchange
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