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Revision of FY2008 Consolidated Financial Results Estimates
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Tokyo, February 5, 2009 - Mitsubishi Heavy Industries, Ltd. (MHI), reflecting recent business conditions, today revised the estimates of the company's consolidated financial results for the fiscal year (FY) 2008 (April 1, 2008, to March 31, 2009,) announced on October 31, 2008.
Revised estimates of consolidated results for FY2008
(April 1, 2008, to March 31, 2009)
(billions of yen)
| | Net Sales | Operating Income | Ordinary Income | Net Income |
| Previously announced estimates (A) | 3,400.0 | 130.0 | 110.0 | 54.0 |
| The latest estimates announced today (B) | 3,300.0 | 105.0 | 65.0 | 20.0 |
| Changes (amount): B-A | -100.0 | -25.0 | -45.0 | -34.0 |
| Changes (%) | -2.9% | -19.2% | -40.9% | -63.0% |
| FY2007 results (For reference) | 3,203.0 | 136.0 | 109.5 | 61.3 |
Reasons for the revision
MHI expects that the company's net sales and income for FY2008 will be lower than the previously announced estimates as a result of: 1) the downward revision of projected sales, mainly in the operational segment of Mass and Medium-Lot Manufactured Machinery, reflecting the sharp deterioration of market conditions in this global-scale economic recession; 2) reexamination of unfixed currency exchange rates to bring them in line with recent market rates, on which financial results estimates were premised and 3) the reflection of the most recent estimates for financial results of the company's equity method affiliates.
Please note that this estimate has been projected with currently available information and data. The actual results, therefore, may diverge broadly with the influence of a variety of outside factors such as economics surrounding MHI, currency movement of the yen to the U.S. dollar and other foreign currencies, and trends of stock markets in Japan.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.