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Corporate Strategy Nov. 2017 © Mitsubishi Electric Corporation Contents 1. Forecast for FY2017 2. Management Policy 3. Embodiment of the Corporate Mission 4. Simultaneously Achieve a “Sustainable Society” and “Safety/ Security/ Comfort” 5. Pursue Sustainable Growth 6. Growth through Value Creation 7. Make Strong Businesses Stronger 8. Technology Synergies and Business Synergies 9. Intellectual Property Activities Supporting Business Competitiveness 10. Strengthen Business Competitiveness 11. Future-oriented R&D for Continuous and Stable Growth 12. Greater Corporate Value Note FY2013: April 1, 2013-March 31, 2014 13. Corporate Governance FY2014: April 1, 2014-March 31, 2015 FY2015: April 1, 2015-March 31, 2016 FY2016: April 1, 2016-March 31, 2017 FY2017: April 1, 2017-March 31, 2018 1 © Mitsubishi Electric Corporation 1. Forecast for FY2017 (Consolidated performance) FY2013 FY2014 FY2015 FY2016 FY2017 Actual Actual Actual 6-Month Actual 6-Month Forecast (Oct. 2017) 2nd half rate 100JPY/USD 111JPY/USD 120JPY/USD 105JPY/USD 109JPY/USD 111JPY/USD 105JPY/USD (Billions of yen) 135JPY/EUR 138JPY/EUR 133JPY/EUR 118JPY/EUR 119JPY/EUR 128JPY/EUR 120JPY/EUR Net Sales 4,054.3 4,323.0 4,394.3 1,972.3 4,238.6 2,076.3 4,390.0 Operating Income 235.1 317.6 301.1 121.7 270.1 149.2 315.0 (%) 5.8% 7.3% 6.9% 6.2% 6.4% 7.2% 7.2% Income before income taxes 248.9 322.9 318.4 123.7 296.2 185.2 350.0 Net Income 153.4 234.6 228.4 88.3 210.4 131.1 250.0 ROE (Return On Equity) 10.9% 13.9% 12.4% - 10.9% - Shareholders’ Equity 1,524.3 1,842.2 1,838.7 1,777.6 2,039.6 2,170.5 (%) 42.2% 45.4% 45.3% 46.6% 48.9% 52.2% Debt 373.4 381.9 404.0 370.7 352.1 338.5 (%) 10.3% 9.4% 10.0% 9.7% 8.4% 8.1% FCF (Free Cash Flow) 310.2 180.1 111.2 118.6 217.3 39.8 Dividend (yen per share) 17 27 27 9 27 14 Dividend ratio(%) 23.8% 24.7% 25.4% - 27.5% - 2 © Mitsubishi Electric Corporation 1. Forecast for FY2017 (Segment Forecast) FY2013 FY2014 FY2015 FY2016 FY2017 Actual Actual Actual Actual Forecast (Oct. 2017) 100JPY/USD 111JPY/USD 120JPY/USD 109JPY/USD 108JPY/USD (Billions of Yen) 135JPY/EUR 138JPY/EUR 133JPY/EUR 119JPY/EUR 124JPY/EUR Energy & Net Sales 1,180.0 1,228.9 1,264.6 1,227.9 1,250.0 Operating Electric Income/Loss 76.3 72.4 50.3 44.3 61.0 Systems (%) 6.5% 5.9% 4.0% 3.6% 4.9% Industrial Net Sales 1,098.7 1,282.7 1,321.9 1,310.1 1,420.0 Operating Automation Income/Loss 98.0 145.9 159.1 140.0 177.0 Systems (%) 8.9% 11.4% 12.0% 10.7% 12.5% Information & Net Sales 548.2 559.5 561.1 447.7 450.0 Operating Communication Income/Loss 5.5 18.9 14.9 12.7 15.0 Systems (%) 1.0% 3.4% 2.7% 2.8% 3.3% Net Sales 194.6 238.4 211.5 186.5 200.0 Electronic Operating Devices Income/Loss 10.0 30.1 16.8 8.3 13.0 (%) 5.2% 12.7% 8.0% 4.5% 6.5% Net Sales 944.3 944.8 982.0 1,004.4 1,030.0 Home Operating Appliances Income/Loss 52.8 54.2 63.8 69.6 56.0 (%) 5.6% 5.7% 6.5% 6.9% 5.4% Net Sales 676.0 740.5 707.7 713.6 730.0 Operating Others Income/Loss 19.8 23.7 23.6 23.2 23.0 (%) 2.9% 3.2% 3.3% 3.3% 3.2% Net Sales 4,054.3 4,323.0 4,394.3 4,238.6 4,390.0 Operating Total Income/Loss 235.1 317.6 301.1 270.1 315.0 (%) 5.8% 7.3% 6.9% 6.4% 7.2% *Inter-segment sales are included in the above chart. 3 © Mitsubishi Electric Corporation 2. Management Policy Maintain Balanced Corporate Management for Sustainable Growth Toward a Higher Level of Growth Growth Targets to be Achieved by FY2020 Net Sales 5 trillion yen or more OPM 8% or more Management Targets to be Continuously and Stably Achieved Accelerate growth of strong businesses ROE 10% or more Further global expansion Debt Ratio 15% or less Create new strong The debt ratio target, “15% or less,” represents the Company’s financial businesses discipline, which will allow the Company to secure the financing capability Reinforce the solutions to raise necessary funds for further, greater investment. business Strive for Continuous Innovation Through continuous innovation, we develop new frontiers. Constantly review and refresh business portfolio Pursue the Satisfaction Enhance capital efficiency Maintain sound financial of the Four Stakeholder Categories Create a stronger business standing Social Contributions Excellent Products and Services foundation Promote thorough Ethics and Compliance and Society Customers CSR initiatives Increase Corporate Value Rewarding Workplace Shareholders Employees 4 © Mitsubishi Electric Corporation 3. Embodiment of the Corporate Mission Corporate Mission The Mitsubishi Electric Group will continually improve its technologies and services by applying creativity to all aspects of its business. By doing so, we enhance the quality of life in our society. 【Contemporary Social Issues】 Environmental issues Resource/ Energy issues 【Initiatives of Mitsubishi Electric Group】 Global Development of Products, Systems, and Services Make Strong Businesses Technology Synergies/ Stronger Business Synergies Realize Provide a Sustainable Society Safety, Security, and Comfort 【Embodiment of the Corporate Mission in the Context of the Current Environment】 Growth Targets to be Achieved by FY2020 “Global, Leading Green Company” Net Sales 5 trillion yen or more Contribute to the realization OPM 8% or more of a prosperous society 5 © Mitsubishi Electric Corporation 4. Simultaneously Achieve a “Sustainable Society” and “Safety/ Security/ Comfort” Selected as the Realize a sustainable society Provide safety, security, and comfort CDP A list Low-carbon society 【examples】 Security 【examples】 company (the Provide security systems for buildings and top award) for SiC power module mounted products factories according to their varying security levels “Climate” and All-SiC power module inverter equipment for railcars “Water” for Safe driving assistance 2 years in a row ・ Achieved significant miniaturization and Realize a safe and comfortable motorized society 40% increased energy-savings compared to before through advances in driving-assistance technology which combine High efficiency packaged air-conditioner for shops/ offices automobile control/ HMI/ communication/ sensors technologies ・ Realize high levels of energy-savings (APF 5.5) by all-SiC DIPIPM Artificial satellite and high efficiency compressors ・ Contribute to monitoring weather phenomenon, global environment, ・ Reduce environmental impact by adopting low global warming understanding disaster situations, and surveillance of marine and Selected as a potential refrigerant R32 forest environments stock name ・ Improve safety precision of automated driving systems and realize included in the Hybrid battery energy storage system appropriate maintenance of social infrastructure by utilizing high- FTSE4 Good Contribute to expanding the introduction of accuracy positioning information (Utilizing of quasi-zenith satellites) Index Series, renewable energies by a coordinated control ・ Contribute to the development of communication and broadcast infra- an index for SRI of storage batteries with different features structure in each area through developing communication satellites (e.g. Amount of renewable energy which can be introduced in Oki islands increased from Safety standard (FA equipment) c. 3,000kW→ c. 11,000kW) Provide safety and security to production sites around the world through the wide range of product lineup, which are certified by international 【 】 safety standards, assisting a sustainable increase in productivity Resource conservation/ Recycling examples Chosen as a Aftermarket service Room air conditioner stock name for Improve comfort by advanced sensing technology and all of the 3 ESG Renewal of elevators (minimum refurbishing), etc. prediction prefetching driving of “Move Eye mirA.I.” indexes which Recycling (home appliances) GPIF adopts ・ FTSE Blossom Use technology to sort main plastics (PP/ PS/ ABS) from Respect human rights and promote the active participation of diverse human resources Japan index mixed plastics of home appliances and reuse them in the ・ MSCI Japan Company’s products (Closed recycling) Promote diversity (hire and utilize diverse talents), etc. ESG Select 【 】 Leaders Index Reduce environmental burden examples Strengthen corporate governance and compliance on a ・ MSCI Japan Improve environmental management level of continuous basis Empowering Promote CSR procurement (such as environment, quality, human Women Index domestic and overseas manufacturing bases rights, compliance), etc. (WIN) Mitsubishi Electric Group will contribute to SDGs by further pursuing sustainable growth SDGs： “Sustainable Development Goals” adopted by the United Nations as goals to achieve towards 2030 *SiC: Silicon Carbide, DIPIPM: Dual Inline Package Intelligent Power Module, APF: Annual Performance Factor, PP: Polypropylene, PS: Polystyrene, ABS: Acrylonitrile Butadiene Styrene, 6 HMI: Human Machine Interface, SRI: Socially Responsible Investment, ESG: Environment/ Social/ Governance, GPIF: Government Pension Investment Fund © Mitsubishi Electric Corporation 5. Pursue Sustainable Growth (1) Ensure “High-Quality” Growth Billions of yen 5,000 or more6,000 ・ 50,000 CAGR 4.4% OPM Target Sales Operating Income by Segment ・ Operating Income 4,323 4,394 4,390 Make Strong 4,238 6%5,000or more 4,129 4,049 4,054 Businesses Stronger Others40,000 ・Proactive investments ・Realize investment Home 3,665 3,645 3,639 3,567 mainly in growth drivers results ・ ・ 7% or more Appliances 3,353 Strengthen business Strengthen 4,000 portfolios service businesses 5% or more Electronic30,000 317.6 315.0 ・Measures for 301.1 unprofitable businesses Devices 3,000 264.0 Information & Technology & 233.7 225.4 235.1 270.1 Business Synergies
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