[February 13, 2013] |
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Mitsubishi Electric Completes Refund Payments Regarding Overcharged Expenses in Defense Business
TOKYO --(Business Wire)--
Mitsubishi
Electric Corporation (TOKYO: 6503) announced that today it
reimbursed a total of 49,511,910,061 yen to the national treasury as
refunds regarding overcharged expenses to Japan's Ministry of Defense
(MOD) in the defense business of its Electronic Systems Group.
Mitsubishi (News - Alert) Electric's bidding suspension from MOD will be lifted as of
midnight tonight.
Three subsidiaries of Mitsubishi Electric, namely, Mitsubishi Precision
Co., Ltd., Mitsubishi Electric (News - Alert) TOKKI Systems Corporation and Mitsubishi
Space Software Co., Ltd., also reimbursed a total of 10,768,312,869 yen
to the national treasury on February 13.
Reimbursements of 60,280,222,930 yen to MOD announced today and refund
payments of 15,436,571,720 yen made to three other public entities
regarding space systems business, as announced on January 18, amount to
a total of 75,716,794,650 yen. This sum has been recorded as
non-operating expenses in the company's consolidated financial results
for the third quarter of the current fiscal year ending March 31, 2013.
Taiyo Musen Co., Ltd., an equity-method affiliate in which Mitsubishi
Electric has a 25% share, also made refunds to the national treasury
today regarding overcharged expenses.
The impact of the reimbursements on the company's business performance
has already been considered in the company's current consolidated
financial results forecast for the current fiscal year, as announced on
December 21, 2012.
Mitsubishi Electric is committed to strengthening its corporate ethics
and compliance systems to prevent any recurrence and to restore public
trust.
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Reference: Four affiliates' reimbursements and bidding
suspension periods
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Company
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Mitsubishi Precision Co., Ltd.
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Mitsubishi Electric TOKKI Systems Corporation
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Mitsubishi Space Software Co., Ltd.
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Taiyo Musen Co., Ltd.
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Category
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Consolidated subsidiary
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Consolidated subsidiary
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Consolidated subsidiary
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Equity-method affiliate
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Capital
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3,167 million yen
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600 million yen
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500 million yen
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120 million yen
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Shares held by Mitsubishi Electric as of March 31, 2012
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66.38%
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100.0%
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86.0%
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25.0%
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Net sales in fiscal year ended March 2012
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18,339 million yen
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27,698 million yen
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16,312 million yen
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3,186 million yen
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Reimbursement
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1,926,586,383 yen
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7,254,885,602 yen
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1,586,840,884 yen
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2,968,519,285 yen
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End of bidding suspension
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February 13, 2013
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February 13, 2013
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February 13, 2013
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February 13, 2013
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About Mitsubishi Electric
With over 90 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO: 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.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 3,639.4
billion yen (US$ 44.4 billion*) in the fiscal year ended March 31, 2012.
For more information visit http://www.MitsubishiElectric.com *At
an exchange rate of 82 yen to the US dollar, the rate given by the Tokyo
Foreign Exchange Market on March 31, 2012

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