REG-Mitsui & Co Ltd Consolidated Financial Results for the Three-Month Period Ended June 30, 2021 <Origin Href="NewsSearch">IFRS</Origin>
03/08/2021 08:40
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Consolidated Financial Results for the Three-Month Period Ended June 30, 2021
IFRS
This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note
Programme.
Mitsui & Co., Ltd. announced its consolidated financial results for the
three-month period ended June 30, 2021, based on International Financial
Reporting Standards ("IFRS").
Mitsui & Co., Ltd. and subsidiaries
(Web Site : https://www.mitsui.com/jp/en/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.mitsui.com%2Fjp%2Fen%2F&esheet=52470559&newsitemid=20210803005450&lan=en-US&anchor=https%3A%2F%2Fwww.mitsui.com%2Fjp%2Fen%2F&index=1&md5=02a086d996dfdb4dd948e315742fc91d)
)
President and Chief Executive Officer : Kenichi Hori
Investor Relations Contacts : Masaya Inamuro, Investor Relations Division TEL
81-3-3285-1111
1. Consolidated financial results
(1) Consolidated operating results information for the three-month period
ended June 30, 2021
(from April 1, 2021 to June 30, 2021)
Three-month period ended June 30,
2021 2020
% %
Revenue Millions of yen 2,658,034 44.0 1,845,373 (12.1)
Profit before income taxes Millions of yen 256,191 151.2 101,990 (40.8)
Profit for the period Millions of yen 200,005 200.0 66,663 (50.6)
Profit for the period attributable to owners of the parent Millions of yen 191,264 205.7 62,557 (50.0)
Comprehensive income for the period Millions of yen 399,150 131.7 172,237 447.1
Earnings per share attributable to owners of the parent, basic Yen 115.74 36.92
Earnings per share attributable to owners of the parent, diluted Yen 115.68 36.90
Note:
1. Percentage figures for Revenue, Profit before income taxes, Profit for the
period, Profit for the period attributable to owners of the parent, and
Comprehensive income for the period represent changes from the previous year.
2. As described in the Note in Condensed Consolidated Statements of Income, we
have reconsidered the presentation of revenue from certain transactions, and
have restated revenues for the three-month period ended June 30, 2020.
(2) Consolidated financial position information
June 30, 2021 March 31, 2021
Total assets Millions of yen 13,105,504 12,515,845
Total equity Millions of yen 5,065,760 4,822,887
Total equity attributable to owners of the parent Millions of yen 4,809,796 4,570,420
Equity attributable to owners of the parent ratio % 36.7 36.5
2. Dividend information
Year ended March 31, Year ending March
31, 2022 (Forecast)
2022 2021
Interim dividend per share Yen 40 45
Year-end dividend per share Yen 45 45
Annual dividend per share Yen 85 90
Note :
Change from the latest released dividend forecast: None
3. Forecast of consolidated operating results for the year ending March 31,
2022 (from April 1, 2021 to March 31, 2022)
Year ending
March 31, 2022
Profit attributable to owners of the parent Millions of yen 640,000
Earnings per share attributable to owners of the parent, basic Yen 389.73
Note :
Change from the latest released earnings forecast: Yes
4. Others
(1) Increase/decrease of important subsidiaries during the period : None
(2) Changes in accounting policies and accounting estimates :
(i) Changes in accounting policies required by IFRS None
(ii) Other changes None
(iii) Changes in accounting estimates None
(3) Number of shares :
June 30, 2021 March 31, 2021
Number of shares of common stock issued, including treasury stock 1,687,104,808 1,717,104,808
Number of shares of treasury stock 49,602,472 48,628,466
Three-month period ended Three-month period ended
June 30, 2021 June 30, 2020
Average number of shares of common stock outstanding 1,652,601,680 1,694,434,804
This quarterly earnings report is not subject to quarterly review.
A Cautionary Note on Forward-Looking Statements:
This report contains forward-looking statements including those concerning
future performance of Mitsui & Co., Ltd. ("Mitsui"), and those statements
are based on Mitsui’s current assumptions, expectations and beliefs in light
of the information currently possessed by it. Various factors may cause
Mitsui’s actual results to be materially different from any future
performance expressed or implied by these forward-looking statements.
Therefore, these statements do not constitute a guarantee by Mitsui that such
future performance will be realized.
For cautionary notes with respect to forward-looking statements, please refer
to the "Notice" section on page 13.
Supplementary Materials and IR Meetings on Financial Results:
Supplementary materials on financial results can be found on our web site.
We will hold an IR meeting on financial results for analysts and institutional
investors on August 3, 2021.
Contents of the meeting (English and Japanese) will be posted on our web site
immediately after the meeting.
Table of Contents
1. Qualitative Information
(1) Operating Environment 2
(2) Results of Operations 3
(3) Financial Condition and Cash Flows 8
2. Management Policies 11
3. Other Information 13
4. Condensed Consolidated Financial Statements
(1) Condensed Consolidated Statements of Financial Position 14
(2) Condensed Consolidated Statements of Income and Comprehensive Income 16
(3) Condensed Consolidated Statements of Changes in Equity 17
(4) Condensed Consolidated Statements of Cash Flows 18
(5) Assumption for Going Concern 19
(6) Segment Information 19
(7) The Fire Incident of Intercontinental Terminals Company LLC 20
(8) Taxation on Capital Gain in India 20
(9) Impact of the Security Situation in Northern Mozambique on LNG Project 20
1. Qualitative Information
As of the date of disclosure of this quarterly earnings report, the review
procedures for quarterly financial statements in accordance with the Financial
Instruments and Exchange Act are in progress.
As used in this report, "Mitsui" and the "Company" refer to Mitsui & Co.,
Ltd. (Mitsui Bussan Kabushiki Kaisha), and "we", "us", "our" and the
"companies" are used to indicate Mitsui & Co., Ltd. and its subsidiaries,
unless otherwise indicated.
(1) Operating Environment
In the three-month period ended June 30, 2021, the global economy continued to
rebound, with the U.S. and China leading the overall trend.
In the U.S., the pace of growth increased, especially in consumption,
benefiting from large-scale economic stimulus measures and progress in
vaccination. It is expected that the effects of the economic resumption will
run their course in the second half of the year, but that corporate capital
investment will recover and that the recovery will continue to be supported by
robust consumption. In Europe, progress in vaccination and the easing of
restrictions on activities led to a recovery in consumption. The economic
recovery is expected to strengthen in the second half of the year, partly due
to allocations from the European Recovery Fund. In Japan, although exports
continued to recover, consumption weakened against the backdrop of
intermittent declarations of a state of emergency, which weighed on the
economic recovery. However, the economy is expected to rebound from autumn
onwards due to progress in vaccination and recovery in capital investment. In
China, the recovery continued to be supported by exports and investment. In
the future, the special demand for Chinese products in exports is expected to
fade away, and the growth of investment is expected to slow down due to the
government’s restraint measures. Nevertheless, moderate growth is expected
to continue overall. In Russia and Brazil, exports are expected to increase
against the backdrop of rising prices for resources, energy, and food.
Going forward, it is expected that, while China and the U.S., which have
already recovered to the level before the spread of COVID-19 will continue to
lead the global economic recovery although the pace of growth will slow down,
Europe and Japan are also expected to return to a recovery track in the second
half of the year due to progress in vaccination. Japan is expected to return
to its pre-COVID-19 level by the end of this year, and Europe by the first
half of next year.
(2) Results of Operations
1) Analysis of Consolidated Income Statements
(Billions of Yen) Current Period Previous Period Change
Revenue 2,658.0 1,845.4 +812.6
Gross profit 268.2 189.7 +78.5
Selling, general and administrative expenses (138.6) (134.7) (3.9)
Other Income (Expenses) Gain (Loss) on Securities and Other Investments—Net (4.7) 8.4 (13.1)
Impairment Reversal (Loss) of Fixed Assets—Net 0.2 (0.3) +0.5
Gain (Loss) on Disposal or Sales of Fixed Assets—Net 1.7 (0.1) +1.8
Other Income (Expense)—Net 8.9 0.3 +8.6
Finance Income (Costs) Interest Income 4.7 6.2 (1.5)
Dividend Income 33.7 13.9 +19.8
Interest Expense (14.4) (15.4) +1.0
Share of Profit (Loss) of Investments Accounted for Using the Equity Method 96.4 34.0 +62.4
Income Taxes (56.2) (35.3) (20.9)
Profit for the Period 200.0 66.7 +133.3
Profit for the Period Attributable to Owners of the Parent 191.3 62.6 +128.7
* May not match with the total of items due to rounding off. The same shall
apply hereafter.
Revenue
Revenue for the three-month period ended June 30, 2021 ("current period") was
¥2,658.0 billion, an increase of ¥812.6 billion from ¥1,845.4 billion for
the corresponding three-month period of the previous year ("previous period").
* The figure for the previous period has been restated to conform to the
presentation for the current period. This restatement has no impact on gross
profit, profit for the period attributable to owners of the parent, or total
equity attributable to owners of the parent. For further details, please refer
to "4. Condensed Consolidated Financial Statements (2) Condensed Consolidated
Statements of Income and Comprehensive Income".
Gross Profit
Mainly the Mineral & Metal Resources Segment, the Chemical Segment and the
Innovation & Corporate Development Segment recorded an increase while the
Energy Segment recorded a decrease.
Selling, General and Administrative Expenses
Overall selling, general and administrative expenses recorded an increase
while the Mineral & Metal Resources Segment recorded a decrease. The table
provides a breakdown of selling, general and administrative expenses.
Billions of Yen
Current Period Previous Period Change
Personnel ¥ (76.8) ¥ (72.3) ¥ (4.5)
Welfare (2.8) (2.2) (0.6)
Travel (2.2) (1.4) (0.8)
Entertainment (0.5) (0.4) (0.1)
Communication (11.9) (11.2) (0.7)
Rent (2.6) (2.2) (0.4)
Depreciation (8.2) (9.8) +1.6
Fees and Taxes (3.0) (2.8) (0.2)
Loss Allowance (5.1) (8.0) +2.9
Others (25.5) (24.4) (1.1)
Total ¥ (138.6) ¥ (134.7) ¥ (3.9)
Other Income (Expenses)
Gain (Loss) on Securities and Other Investments—Net
For the previous period, a gain on sale of securities was recorded in the
Machinery & Infrastructure Segment.
Other Income (Expense)—Net
Mainly the Energy Segment recorded a decrease.
Finance Income (Costs)
Dividend Income
Mainly the Mineral & Metal Resources Segment and the Energy Segment
recorded an increase.
Share of Profit (Loss) of Investments Accounted for Using the Equity Method
Mainly the Mineral & Metal Resources Segment, the Lifestyle Segment and
the Machinery & Infrastructure Segment recorded an increase.
Income Taxes
Income taxes for the current period were ¥56.2 billion, an increase of ¥20.9
billion from ¥35.3 billion for the previous period. The effective tax rate
for the current period was 21.9%, a decline of 12.7 points from 34.6% for the
previous period. The major factors for the decline were unrecognized tax
effect in respect to a part of increase in the "Share of Profit (Loss) of
Investments Accounted for Using the Equity Method" and a decrease in
proportion of tax burden out of resource-related high rate taxes in the Energy
Segment.
Profit for the Period Attributable to Owners of the Parent
As a result, profit for the period attributable to owners of the parent was
¥191.3 billion, an increase of ¥128.7 billion from the previous period.
2) Operating Results by Operating Segment
The fluctuation analysis for the results by operating segment is below.
The description order of reporting segments has been changed in the segment
information from the current period and this change also applies for the
previous period.
Mineral & Metal Resources Segment
(Billions of Yen) Current Period Previous Period Change
Profit for the period attributable to owners of the parent 119.0 32.2 +86.8
Gross profit 106.8 50.3 +56.5
Profit (loss) of equity method investments 31.8 13.4 +18.4
Dividend income 21.7 2.5 +19.2
Selling, general and administrative expenses (7.4) (10.4) +3.0
Others (33.9) (23.6) (10.3)
・ Gross profit increased mainly due to the following factors:
- Iron ore mining operations in Australia recorded an increase of ¥51.2
billion mainly due to higher sales prices.
- Coal mining operations in Australia recorded an increase of ¥3.4 billion
mainly due to higher sales prices and a reduction in operating costs.
・ Profit (loss) of equity method investments increased mainly due to the
following factors:
- Iron ore mining operations in Australia recorded an increase of ¥8.2
billion mainly due to higher sales prices.
- Compañía Minera Doña Inés de Collahuasi SCM, a copper mining company in
Chile, recorded an increase of ¥5.2 billion mainly due to higher sales
prices.
・ Dividend income increased mainly due to higher dividends from Vale S.A.
and iron ore mining operations in Australia.
・ Selling, general and administrative expenses decreased mainly due to the
following factor:
- For the previous period, an impairment loss of ¥4.1 billion for doubtful
debts was recorded regarding the Moatize mine business in Mozambique following
the revisions to our various assumptions.
・ In addition to the above, the following factor also affected results:
- For the current period, a reversal of deferred tax liability of ¥6.2
billion was recorded related to the reorganization of Japan Collahuasi
Resources B.V., which invested in Compañía Minera Doña Inés de Collahuasi
SCM, a copper mining company in Chile.
Energy Segment
(Billions of Yen) Current Period Previous Period Change
Profit for the period attributable to owners of the parent (1.2) 3.5 (4.7)
Gross profit 18.0 25.6 (7.6)
Profit (loss) of equity method investments 6.5 5.7 +0.8
Dividend income 4.1 2.1 +2.0
Selling, general and administrative expenses (12.3) (11.1) (1.2)
Others (17.5) (18.8) +1.3
・ Gross profit decreased mainly due to the following factors:
- Business division at the Headquarters recorded a decrease mainly due to less
profit related to LNG trading business.
- Mitsui & Co. Energy Trading Singapore Pte. Ltd. recorded a decrease of
¥6.8 billion mainly due to a swing-back effect following the good trading
performance in the previous period.
- Mitsui E&P Middle East B.V. recorded a decrease of ¥4.1 billion mainly
due to a decline in production.
- Mitsui E&P USA LLC recorded an increase of ¥3.8 billion mainly due to a
higher gas price.
・ Dividends from six LNG projects (Sakhalin II, Qatargas 1, Abu Dhabi, Oman,
Qatargas 3 and Equatorial Guinea) were ¥4.0 billion in total, an increase of
¥2.0 billion from the previous period.
・ Others increased mainly due to the absence of a one-time loss in the
previous period, while there was a decrease of ¥3.0 billion due to
derivative-related profit and loss in MOEX North America LLC.
Machinery & Infrastructure Segment
(Billions of Yen) Current Period Previous Period Change
Profit for the period attributable to owners of the parent 29.2 18.5 +10.7
Gross profit 32.0 26.7 +5.3
Profit (loss) of equity method investments 28.7 17.3 +11.4
Dividend income 1.4 1.6 (0.2)
Selling, general and administrative expenses (31.2) (29.2) (2.0)
Others (1.7) 2.1 (3.8)
・ Profit (loss) of equity method investments increased mainly due to the
following factors:
- For the current period, MBK USA Commercial Vehicles Inc. recorded an
increase of ¥4.7 billion due to good performance in the truck leasing and
rental business.
- For the current period, a gain was recorded at an automobile company in
Canada due to steady sales results.
・ In addition to the above, the following factor also affected results:
- For the previous period, a gain on sale of the IPP business in North America
was recorded.
Chemicals Segment
(Billions of Yen) Current Period Previous Period Change
Profit for the period attributable to owners of the parent 15.9 6.3 +9.6
Gross profit 44.9 29.9 +15.0
Profit (loss) of equity method investments 3.9 0.9 +3.0
Dividend income 1.3 1.1 +0.2
Selling, general and administrative expenses (27.4) (23.4) (4.0)
Others (6.8) (2.2) (4.6)
・ Gross profit increased mainly due to the following factor:
- European agrochemical company, Belchim Crop Protection NV/SA has been
consolidated from the current period.
Iron & Steel Products Segment
(Billions of Yen) Current Period Previous Period Change
Profit for the period attributable to owners of the parent 6.7 (1.3) +8.0
Gross profit 7.9 5.4 +2.5
Profit (loss) of equity method investments 5.8 (1.9) +7.7
Dividend income 0.5 0.7 (0.2)
Selling, general and administrative expenses (6.0) (5.6) (0.4)
Others (1.5) 0.1 (1.6)
Lifestyle Segment
(Billions of Yen) Current Period Previous Period Change
Profit for the period attributable to owners of the parent 13.9 (5.6) +19.5
Gross profit 34.6 27.8 +6.8
Profit (loss) of equity method investments 13.9 (3.8) +17.7
Dividend income 2.2 2.2 0
Selling, general and administrative expenses (32.1) (31.7) (0.4)
Others (4.7) (0.1) (4.6)
・ Profit (loss) of equity method investments increased mainly due to the
following factors:
- WILSEY FOODS INC. recorded an increase of ¥5.3 billion due to the good
performance of Ventura Foods LLC, a U.S. manufacturer of processed oil food,
reflecting higher soybean oil prices and recovery in demand for food service.
- IHH Healthcare Berhad recorded an increase of ¥5.1 billion due to the
absence of an impairment loss of goodwill over subsidiary in India and the
effect of the COVID-19 pandemic for the previous period, and an operation
improvement and increased demand for COVID-19 related services for the current
period.
- For the current period, PHC Holdings Corporation recorded an increase due to
a gain on valuation for convertible bonds and good sales performance of
COVID-19 related products.
Innovation & Corporate Development Segment
(Billions of Yen) Current Period Previous Period Change
Profit for the period attributable to owners of the parent 10.4 10.5 (0.1)
Gross profit 23.8 23.2 +0.6
Profit (loss) of equity method investments 5.8 2.3 +3.5
Dividend income 2.0 3.1 (1.1)
Selling, general and administrative expenses (17.2) (16.1) (1.1)
Others (4.0) (2.0) (2.0)
・ Gross profit increased mainly due to the following factor:
- For the current period, a gain of ¥3.5 billion in the valuation of fair
value was recorded following the public listing of Proterra Inc.
(3) Financial Condition and Cash Flows
1) Financial Condition
(Billions of yen) June 30, 2021 March 31, 2021 Change
Total Assets 13,105.5 12,515.8 +589.7
Current Assets 4,447.7 4,207.5 +240.2
Non-current Assets 8,657.8 8,308.4 +349.4
Current Liabilities 2,990.4 2,701.7 +288.7
Non-current Liabilities 5,049.4 4,991.2 +58.2
Net Interest-bearing Debt 3,396.2 3,299.8 +96.4
Total Equity Attributable to Owners of the Parent 4,809.8 4,570.4 +239.4
Net Debt-to-Equity Ratio (times) 0.71 0.72 (0.01)
Assets
Current Assets:
・ Cash and cash equivalents declined by ¥87.6 billion.
・ Trade and other receivables increased by ¥62.9 billion, mainly due to the
following factors:
- An increase in trade receivables by ¥110.3 billion, mainly due to an
increase in trading volume in the Energy Segment, and due to higher market
price and the increase in trading volume as well as consolidation of European
agrochemical company, Belchim Crop Protection NV/SA in the Chemicals Segment;
and
- A decrease in the current portion of long-term receivables by ¥53.9
billion, mainly due to loan collection of ¥57.6 billion in the copper
business.
・ Other financial assets increased by ¥134.8 billion, mainly due to market
fluctuation and increases in trading volume of derivative trading in the
Innovation & Corporate Development Segment and the Lifestyle Segment.
・ Inventories increased by ¥103.6 billion, mainly due to consolidation of
European agrochemical company, Belchim Crop Protection NV/SA in the Chemicals
Segment, and due to market fluctuation and increases in trading volume in the
Innovation & Corporate Development Segment and the Lifestyle Segment.
Non-current Assets:
・ Investments accounted for using the equity method increased by ¥43.3
billion, mainly due to the following factors:
- An increase of ¥25.6 billion resulting from foreign currency exchange
fluctuations;
- An increase of ¥12.1 billion due to an investment in Mitsui E&P
Mozambique Area 1 Limited, which participates in the Mozambique LNG Project;
and
- An increase of ¥96.4 billion corresponding to the profit of equity method
investments for the current year, despite a decline of ¥101.2 billion due to
dividends from equity accounted investees.
・ Other investments increased by ¥301.6 billion, mainly due to the
following factors:
- As a result of higher share prices, fair value on financial assets measured
at FVTOCI increased by ¥223.1 billion; and
- As a result of subscription to convertible bonds of PT CT Corpora, the
holding company for CT Corp., for ¥67.0 billion.
・ Property, plant and equipment decreased by ¥43.2 billion, mainly due to
the following factors:
- A decline of ¥23.8 billion (including foreign exchange translation loss of
¥1.0 billion) at the oil and gas projects;
- A decline of ¥21.6 billion due to reclassification of agricultural land
owned by XINGU AGRI AG to Investment property, upon conclusion of lease
contracts;
- A decline of ¥11.1 billion due to sale of assets by MyPower Corp, a company
engaged in the power generating business; and
- An increase by ¥12.6 billion due to acquiring ships on lease for LNG
transportation.
・ Investment property increased by ¥34.5 billion, mainly due to the
following factors:
- An increase by ¥21.6 billion due to reclassification of agricultural land
owned by XINGU AGRI AG from Property, plant and equipment, upon conclusion of
lease contracts; and;
- An increase by ¥12.0 billion due to completion of construction at Hibiya
Fort Tower, redeveloped by Mitsui & Co. Real Estate Ltd.
・ Intangible assets increased by ¥29.8 billion, mainly due to consolidation
of European agrochemical company, Belchim Crop Protection NV/SA.
Liabilities
Current Liabilities:
・ Short-term debt increased by ¥67.4 billion mainly due to consolidation of
European agrochemical company, Belchim Crop Protection NV/SA.
・ Trade and other payables increased by ¥99.2 billion, corresponding to the
increase in trade and other receivables.
・ Other financial liabilities increased by ¥83.5 billion, mainly due to
corresponding increase in other financial assets.
Non-current Liabilities:
・ Deferred tax liabilities increased by ¥70.8 billion, mainly due to
corresponding increase in financial assets measured at FVTOCI.
Total Equity Attributable to Owners of the Parent
・ Retained earnings increased by ¥63.3 billion.
・ Other components of equity increased by ¥194.8 billion, mainly due to the
following factors:
- Financial assets measured at FVTOCI increased by ¥157.4 billion; and
- Foreign currency translation adjustments increased by ¥21.5 billion, mainly
reflecting the appreciation of the Brazilian real against the Japanese yen,
even though the Australian dollar has depreciated.
・ Treasury stock which is a subtraction item in shareholders' equity
increased by ¥19.3 billion, mainly due to the shares buy-back for ¥74.7
billion, despite cancellation of the stock for ¥55.4 billion.
2) Cash Flows
(Billions of yen) Current Period Previous Period Change
Cash flows from operating activities 179.3 164.0 +15.3
Cash flows from investing activities (92.5) (108.5) +16.0
Free cash flow 86.8 55.5 +31.3
Cash flows from financing activities (172.3) (88.2) (84.1)
Effect of exchange rate changes on cash and cash equivalents etc. (2.1) 15.4 (17.5)
Change in cash and cash equivalents (87.6) (17.3) (70.3)
Cash Flows from Operating Activities
(Billions of Yen) Current Period Previous Period Change
Cash flows from operating activities a 179.3 164.0 +15.3
Cash flows from change in working capital b (103.9) 37.4 (141.3)
Repayments of lease liabilities c (13.3) (15.8) +2.5
Core Operating Cash Flow a-b+c 269.9 110.8 +159.1
・ Net cash from an increase or a decrease in working capital, or changes in
operating assets and liabilities for the current year was ¥103.9 billion of
net cash outflow. Repayments of lease liabilities for the current period was
¥13.3 billion of cash outflow. Core Operating Cash Flow, which equaled cash
flows from operating activities without both cash flows from changes in
working capital and repayments of lease liabilities, for the current period
amounted to ¥269.9 billion.
- Net cash inflow from dividend income, including dividends received from
equity accounted investees, for the current period totaled ¥118.5 billion, an
increase of ¥69.2 billion from ¥49.3 billion for the previous period; and
- Depreciation and amortization for the current period was ¥73.9 billion, an
increase of ¥10.9 billion from ¥63.0 billion for the previous period.
The following table shows Core Operating Cash Flow by operating segment.
(Billions of Yen) Current Period Previous Period Change
Mineral & Metal Resources 127.4 41.9 +85.5
Energy 47.2 36.4 +10.8
Machinery & Infrastructure 38.0 12.9 +25.1
Chemicals 24.5 15.7 +8.8
Iron & Steel Products 3.8 1.6 +2.2
Lifestyle 16.6 3.6 +13.0
Innovation & Corporate Development 12.1 12.7 (0.6)
All Other and Adjustments and Eliminations 0.3 (14.0) +14.3
Consolidated Total 269.9 110.8 +159.1
Cash Flows from Investing Activities
・ Net cash outflows that corresponded to investments in equity accounted
investees (net of sales of investments in equity accounted investees) were
¥17.0 billion, mainly due to the following factor:
- An investment in Mitsui E&P Mozambique Area 1 Limited, which
participates in the Mozambique LNG Project, for ¥12.1 billion.
・ Net cash outflows that corresponded to other investments (net of sales and
maturities of other investments) were ¥58.2 billion, mainly due to the
following factor:
- A subscription to convertible bonds of PT CT Corpora, the holding company
for CT Corp, for ¥67.0 billion(Net amount of ¥100.0 billion for subscription
to convertible bonds and ¥33.0 billion from redemption of corporate bonds).
・ Net cash inflows that corresponded to an increase in loan receivables (net
of collections of loan receivables) were ¥58.3 billion, mainly due to loan
collection of ¥57.6 billion in the copper business.
・ Net cash outflows that corresponded to purchases of property, plant, and
equipment (net of sales of those assets) were ¥37.5 billion, mainly due to
the following factors:
- An expenditure for iron ore mining operations in Australia for ¥13.1
billion; and
- An expenditure for the oil and gas projects for ¥10.1 billion.
Cash Flows from Financing Activities
・ Net cash inflow from net change in short-term debt was ¥34.5 billion, net
cash outflow from net change in long-term debt was ¥32.9 billion, and cash
outflow from repayments of lease liabilities was ¥13.3 billion.
・ The cash outflow from the purchases of treasury stock was ¥74.7 billion.
・ The cash outflow from payments of cash dividends was ¥75.1 billion.
2. Management Policies
(1) Forecasts for the Year Ending March 31, 2022
(Billions of yen) March 31, 2022 March 31, 2022 Increase / Description
Revised Forecast Original Forecast (Decrease)
Gross Profit 980.0 820.0 +160.0 Mineral & Metal Resources, Energy
Selling, General and Administrative Expenses (590.0) (590.0) －
Gain (Loss) on Investments, Fixed Assets and Other 0.0 0.0 －
Interest Expenses (30.0) (30.0) －
Dividend Income 160.0 120.0 +40.0 Mineral & Metal Resources, Energy
Profit (Loss) of Equity Method Investments 310.0 280.0 +30.0 Mineral & Metal Resources, Energy
Profit before Income Taxes 830.0 600.0 +230.0
Income Taxes (170.0) (130.0) (40.0) Mineral & Metal Resources, Energy
Non-Controlling Interests (20.0) (10.0) (10.0)
Profit for the Year Attributable to Owners of the Parent 640.0 460.0 +180.0
Depreciation and Amortization 300.0 300.0 －
Core Operating Cash Flow 900.0 680.0 +220.0
・ Following the favorable commodity market, the Mineral & Metal
Resources Segment and the Energy Segment have been revised up.
The revised forecast for Profit for the Year Attributable to Owners of the
Parent by operating segment compared to the original forecast is as follows:
(Billions of yen) March 31, 2022 March 31, 2022 Increase / Description
Revised Forecast Original Forecast (Decrease)
Mineral & Metal Resources 420.0 260.0 +160.0 Steady iron ore, copper and coal prices
Energy 70.0 50.0 +20.0 Steady oil and gas prices
Machinery & Infrastructure 80.0 80.0 －
Chemicals 40.0 40.0 －
Iron & Steel Products 10.0 10.0 －
Lifestyle 20.0 20.0 －
Innovation & Corporate Development 30.0 30.0 －
Others / Adjustments (30.0) (30.0) －
and Eliminations
Consolidated Total 640.0 460.0 +180.0
The revised forecast for Core Operating Cash Flow by operating segment
compared to the original forecast is as follows:
(Billions of yen) March 31, 2022 March 31, 2022 Increase / Description
Revised Forecast Original Forecast (Decrease)
Mineral & Metal Resources 480.0 290.0 +190.0 Steady iron ore, copper and coal prices
Energy 200.0 170.0 +30.0 Steady oil and gas prices
Machinery & Infrastructure 100.0 100.0 －
Chemicals 55.0 55.0 －
Iron & Steel Products 5.0 5.0 －
Lifestyle 30.0 30.0 －
Innovation & Corporate Development 30.0 30.0 －
Others / Adjustments 0.0 0.0 －
and Eliminations
Consolidated Total 900.0 680.0 +220.0
(2) Profit Distribution Policy
Our profit distribution policy is as follows:
・ In order to increase corporate value and maximize shareholder value, we
seek to maintain an optimal balance between (a) meeting investment demand in
our core and growth areas through re-investments of our retained earnings, and
(b) directly providing returns to shareholders by paying out cash dividends.
・ In addition to the above, share buy-backs aimed at improving capital
efficiency should be decided in a prompt and flexible manner as needed
concerning buy-back timing and amount by taking into consideration the
business environment such as, future investment activity trends, free cash
flow and interest-bearing debt levels, and return on equity.
For the current period, we had repurchased our own stock for ¥24.6 billion
from April 1 to April 26, 2021 and ¥50.0 billion from May 6 to June 23, 2021
following the announcements "Notification of Stock Repurchase" on February 24,
2021 and April 30, 2021. Furthermore, on August 3, 2021, we announced a new
buy-back program up to ¥50.0 billion of our own shares from August 4, 2021 to
October 29, 2021. For details, please refer to the "Notification of Stock
Repurchase and Cancellation of Treasury Stock" on our website.
We will continue to flexibly and strategically allocate funds for investment
in growth and additional shareholder returns (additional dividends and share
buy-backs) according to the business performance during the Medium-term
Management Plan period.
For the fiscal year ending March 31, 2022, we plan to pay an annual dividend
of ¥90 per share (an increase of ¥5 from the previous fiscal year).
3. Other Information
Notice:
This flash report contains forward-looking statements about Mitsui and its
consolidated subsidiaries. These forward-looking statements are based on
Mitsui’s current assumptions, expectations and beliefs in light of the
information currently possessed by it and involve known and unknown risks,
uncertainties and other factors. Such risks, uncertainties and other factors
may cause Mitsui’s actual consolidated financial position, consolidated
operating results or consolidated cash flows to be materially different from
any future consolidated financial position, consolidated operating results or
consolidated cash flows expressed or implied by these forward-looking
statements.
These important risks, uncertainties and other factors include, among others,
(1) business investment risks, (2) country risks, (3) risks regarding climate
changes, (4) commodity market risks, (5) foreign currency risks, (6) stock
price risks of listed stock Mitsui and its subsidiaries hold, (7) credit
risks, (8) risks regarding fund procurement, (9) operational risks, (10) risks
regarding employee’s compliance with laws, regulations, and internal
policies, (11) risks regarding information systems and information securities,
(12) risks relating to natural disasters, terrorism, violent groups and
infectious diseases. For further information on the above, please refer to
Mitsui’s Annual Securities Report.
Forward-looking statements may be included in Mitsui’s Annual Securities
Report and Quarterly Securities Reports or in its other disclosure documents,
press releases or website disclosures. Mitsui undertakes no obligation to
publicly update or revise any forward-looking statements.
4. Condensed Consolidated Financial Statements
(1) Condensed Consolidated Statements of Financial Position
(Millions of Yen)
Assets
June 30, March 31,
2021 2021
Current Assets:
Cash and cash equivalents ¥ 975,517 ¥ 1,063,150
Trade and other receivables 1,874,887 1,811,990
Other financial assets 564,817 429,986
Inventories 718,763 615,155
Advance payments to suppliers 154,465 143,714
Other current assets 159,219 143,477
Total current assets 4,447,668 4,207,472
Non-current Assets:
Investments accounted for using the equity method 3,087,342 3,044,001
Other investments 2,257,174 1,955,607
Trade and other receivables 297,915 305,952
Other financial assets 147,771 141,848
Property, plant and equipment 2,131,870 2,175,072
Investment property 309,322 274,847
Intangible assets 218,358 188,555
Deferred tax assets 103,236 112,055
Other non-current assets 104,848 110,436
Total non-current assets 8,657,836 8,308,373
Total ¥ 13,105,504 ¥ 12,515,845
(Millions of Yen)
Liabilities and Equity
June 30, March 31,
2021 2021
Current Liabilities:
Short-term debt ¥ 367,938 ¥ 300,485
Current portion of long-term debt 443,302 450,941
Trade and other payables 1,412,542 1,313,341
Other financial liabilities 454,791 371,298
Income tax payables 74,304 58,915
Advances from customers 138,701 123,806
Provisions 40,697 36,909
Other current liabilities 58,117 46,027
Total current liabilities 2,990,392 2,701,722
Non-current Liabilities:
Long-term debt, less current portion 3,991,586 3,995,311
Other financial liabilities 110,544 116,531
Retirement benefit liabilities 39,182 40,253
Provisions 259,997 261,365
Deferred tax liabilities 621,605 550,776
Other non-current liabilities 26,438 27,000
Total non-current liabilities 5,049,352 4,991,236
Total liabilities 8,039,744 7,692,958
Equity:
Common stock 342,080 342,080
Capital surplus 396,816 396,238
Retained earnings 3,611,078 3,547,789
Other components of equity 568,572 373,786
Treasury stock (108,750) (89,473)
Total equity attributable to owners of the parent 4,809,796 4,570,420
Non-controlling interests 255,964 252,467
Total equity 5,065,760 4,822,887
Total ¥ 13,105,504 ¥ 12,515,845
(2) Condensed Consolidated Statements of Income and Comprehensive Income
Condensed Consolidated Statements of Income
(Millions of Yen)
Three-month Three-month
period ended period ended
June 30, 2021 June 30, 2020
(As restated)
Revenue ¥ 2,658,034 ¥ 1,845,373
Cost (2,389,797) (1,655,666)
Gross Profit 268,237 189,707
Other Income (Expenses):
Selling, general and administrative expenses (138,599) (134,708)
Gain (loss) on securities and other investments－net (4,669) 8,427
Impairment reversal (loss) of fixed assets－net 213 (305)
Gain (loss) on disposal or sales of fixed assets－net 1,680 (97)
Other income (expense) －net 8,924 282
Total other income (expenses) (132,451) (126,401)
Finance Income (Costs):
Interest income 4,658 6,218
Dividend income 33,692 13,896
Interest expense (14,390) (15,433)
Total finance income (costs) 23,960 4,681
Share of Profit (Loss) of Investments Accounted for Using the Equity Method 96,445 34,003
Profit before Income Taxes 256,191 101,990
Income Taxes (56,186) (35,327)
Profit for the Period ¥ 200,005 ¥ 66,663
Profit for the Period Attributable to:
Owners of the parent ¥ 191,264 ¥ 62,557
Non-controlling interests 8,741 4,106
(Note)
Considering the presentation of revenue in the condensed consolidated
statement of income in more detail in accordance with IFRS 15 "Revenue from
Contracts with Customers", we have presented the "revenue" and corresponding
"cost" of certain transactions in gross amounts for the three-month period
ended June 30, 2021. Those amounts for the three-month period ended June 30,
2020 have also been restated to conform to the presentation for the
three-month period ended June 30, 2021. This restatement has no impact on
gross profit, profit for the period attributable to owners of the parent, or
total equity attributable to owners of the parent.
Condensed Consolidated Statements of Comprehensive Income
(Millions of Yen)
Three-month Three-month
period ended period ended
June 30, 2021 June 30, 2020
Profit for the Period ¥ 200,005 ¥ 66,663
Other Comprehensive Income:
Items that will not be reclassified to profit or loss:
Financial assets measured at FVTOCI 225,395 97,758
Remeasurements of defined benefit plans 300 (1,374)
Share of other comprehensive income of investments accounted for using the 2,156 (16,031)
equity method
Income tax relating to items not reclassified (67,714) (9,247)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments (300) 72,176
Cash flow hedges (6,834) 3,275
Share of other comprehensive income of investments accounted for using the 51,955 (40,096)
equity method
Income tax relating to items that may be reclassified (5,813) (887)
Total other comprehensive income 199,145 105,574
Comprehensive Income for the Period ¥ 399,150 ¥ 172,237
Comprehensive Income for the Period Attributable to:
Owners of the parent ¥ 388,605 ¥ 160,312
Non-controlling interests 10,545 11,925
(3) Condensed Consolidated Statements of Changes in Equity
(Millions of Yen)
Attributable to owners of the parent Non- Total
controlling Interests Equity
Common Capital Retained Other Treasury Total
Stock Surplus Earnings Components of Stock
Equity
Balance as at April 1, 2020 ¥ 341,776 ¥ 402,652 ¥ 3,362,297 ¥ (223,910) ¥ (65,138) ¥ 3,817,677 ¥ 243,255 ¥ 4,060,932
Profit for the period 62,557 62,557 4,106 66,663
Other comprehensive income for the period 97,755 97,755 7,819 105,574
Comprehensive income for the period 62,557 97,755 160,312 11,925 172,237
Transaction with owners:
Dividends paid to the owners of the parent (68,301) (68,301) (68,301)
Dividends paid to non-controlling interest (1,129) (1,129)
shareholders
Acquisition of treasury stock (39,067) (39,067) (39,067)
Sales of treasury stock (16) (23) 39 0 0
Cancellation of treasury stock (46,722) 46,722 - -
Equity transactions with non-controlling 106 0 106 (589) (483)
interest shareholders
Transfer to retained earnings 722 (722) - -
Balance as at June 30, 2020 ¥ 341,776 ¥ 402,742 ¥ 3,310,530 ¥ (126,877) ¥ (57,444) ¥ 3,870,727 ¥ 253,462 ¥ 4,124,189
(Millions of Yen)
Attributable to owners of the parent Non- Total
controlling Equity
Interests
Common Capital Retained Other Treasury Total
Stock Surplus Earnings Components of Stock
Equity
Balance as at April 1, 2021 ¥ 342,080 ¥ 396,238 ¥ 3,547,789 ¥ 373,786 ¥ (89,473) ¥ 4,570,420 ¥ 252,467 ¥ 4,822,887
Profit for the period 191,264 191,264 8,741 200,005
Other comprehensive income for the period 197,341 197,341 1,804 199,145
Comprehensive income for the period 191,264 197,341 388,605 10,545 399,150
Transaction with owners:
Dividends paid to the owners of the parent (75,083) (75,083) (75,083)
Dividends paid to non-controlling interest (10,962) (10,962)
shareholders
Acquisition of treasury stock (74,725) (74,725) (74,725)
Sales of treasury stock (11) (14) 25 0 0
Cancellation of treasury stock (55,423) 55,423 - -
Compensation costs related to share-based payment 448 448 448
Equity transactions with non-controlling 141 (10) 131 3,914 4,045
interest shareholders
Transfer to retained earnings 2,545 (2,545) - -
Balance as at June 30, 2021 ¥ 342,080 ¥ 396,816 ¥ 3,611,078 ¥ 568,572 ¥ (108,750) ¥ 4,809,796 ¥ 255,964 ¥ 5,065,760
(4) Condensed Consolidated Statements of Cash Flows
(Millions of Yen)
Three-month period ended Three-month period ended
June 30, 2021 June 30, 2020
Operating Activities:
Profit for the period ¥ 200,005 ¥ 66,663
Adjustments to reconcile profit for the period to cash flows
from operating activities:
Depreciation and amortization 73,885 63,018
Change in retirement benefit liabilities 889 (398)
Loss allowance 5,052 7,953
(Gain) loss on securities and other investments-net 4,669 (8,427)
Impairment (reversal) loss of fixed assets-net (213) 305
(Gain) loss on disposal or sales of fixed assets-net (1,680) 97
Interest income, dividend income and interest expense (31,382) (12,835)
Income taxes 56,186 35,327
Share of (profit) loss of investments accounted for using the equity method (96,445) (34,003)
Valuation (gain) loss related to contingent considerations and others 303 (3,656)
Changes in operating assets and liabilities:
Change in trade and other receivables (86,278) 225,662
Change in inventories (84,175) 24,209
Change in trade and other payables 71,394 (123,169)
Other-net (4,826) (89,302)
Interest received 13,145 14,923
Interest paid (14,994) (17,451)
Dividends received 118,508 49,339
Income taxes paid (44,736) (34,215)
Cash flows from operating activities 179,307 164,040
Investing Activities:
Net change in time deposits (35,600) (677)
Net change in investments in equity accounted investees (16,968) (2,211)
Net change in other investments (58,229) (148)
Net change in loan receivables 58,285 7,966
Net change in property, plant and equipment (37,466) (78,831)
Net change in investment property (2,545) (34,637)
Cash flows from investing activities (92,523) (108,538)
Financing Activities:
Net change in short-term debt 34,540 2,601
Net change in long-term debt (32,875) 32,572
Repayments of lease liabilities (13,336) (15,796)
Purchases and sales of treasury stock (74,725) (39,067)
Dividends paid (75,083) (68,301)
Transactions with non-controlling interest shareholders (10,775) (250)
Cash flows from financing activities (172,254) (88,241)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (2,163) 15,394
Change in Cash and Cash Equivalents (87,633) (17,345)
Cash and Cash Equivalents at Beginning of Period 1,063,150 1,058,733
Cash and Cash Equivalents at End of Period ¥ 975,517 ¥ 1,041,388
“Interest income, dividend income and interest expense”, “Interest
received”, “Interest paid” and “Dividends received” of Condensed
Consolidated Statements of Cash Flows include not only interest income,
dividend income and interest expense that are included in “Finance Income
(Costs)” of Condensed Consolidated Statements of Income, but also interest
income, dividend income, interest expense that are included in Revenue and
Cost respectively and cash flows related with them.
(5) Assumption for Going Concern: None
(6) Segment Information
Three-month period ended June 30, 2021 (from April 1, 2021 to June 30, 2021)
(Millions of Yen)
Mineral & Metal Resources Energy Machinery & Infrastructure Chemicals Iron & Steel Products Lifestyle Innovation & Corporate Development Total Others / Adjustments and Eliminations Consolidated Total
Revenue 469,926 558,696 172,241 664,439 139,521 601,781 50,607 2,657,211 823 2,658,034
Gross Profit 106,833 17,967 31,993 44,881 7,944 34,649 23,784 268,051 186 268,237
Share of Profit (Loss) of Investments Accounted for Using the Equity Method 31,804 6,463 28,720 3,890 5,822 13,932 5,808 96,439 6 96,445
Profit （Loss）for the Period Attributable to Owners of the parent 118,975 △1,243 29,241 15,865 6,654 13,858 10,401 193,751 △2,487 191,264
Core Operating Cash Flow 127,425 47,249 38,033 24,542 3,827 16,594 12,074 269,744 112 269,856
Total Assets at June 30, 2021 2,684,839 2,662,525 2,339,150 1,449,941 585,482 2,130,630 1,328,257 13,180,824 △75,320 13,105,504
Three-month period ended June 30, 2020 (from April 1, 2020 to June 30, 2020)
(As restated)
(Millions of Yen)
Mineral & Metal Resources Energy Machinery & Infrastructure Chemicals Iron & Steel Products Lifestyle Innovation & Corporate Development Total Others / Adjustments and Eliminations Consolidated Total
Revenue 299,926 174,551 262,628 403,997 102,368 552,374 47,771 1,843,615 1,758 1,845,373
Gross Profit 50,266 25,647 26,736 29,933 5,447 27,797 23,203 189,029 678 189,707
Share of Profit (Loss) of Investments Accounted for Using the Equity Method 13,395 5,682 17,316 914 △1,874 △3,769 2,321 33,985 18 34,003
Profit （Loss）for the Period Attributable to Owners of the parent 32,182 3,451 18,510 6,329 △1,263 △5,599 10,536 64,146 △1,589 62,557
Core Operating Cash Flow 41,860 36,426 12,926 15,673 1,589 3,589 12,732 124,795 △13,951 110,844
Total Assets at March 31, 2021 2,566,491 2,566,305 2,291,278 1,345,469 566,020 2,009,315 1,191,842 12,536,720 △20,875 12,515,845
Notes: 1. “Others / Adjustments and Eliminations” includes of the Corporate Staff
Unit which provides financing services and operations services to the
companies and affiliated companies. Total assets of “Others / Adjustments
and Eliminations” at March 31, 2021 and June 30, 2021 includes cash, cash
equivalents and time deposits related to financing activities, and assets of
the Corporate Staff Unit and certain subsidiaries related to the above
services amounting to ¥ 7,202,925 million and ¥ 7,098,166 million,
respectively.
2. Transfers between reportable segments are made at cost plus a markup.
3. Profit (Loss) for the Period Attributable to Owners of the parent of “Others
/Adjustments and Eliminations” includes income and expense items that are
not allocated to specific reportable segments, and eliminations of
intersegment transactions.
4. Total assets of “Others / Adjustments and Eliminations” at March 31, 2021
and June 30, 2021 includes elimination of receivables and payables between
segments amounting to ¥ 7,223,800 million and ¥ 7,173,486 million,
respectively.
5. Core Operating Cash Flow is calculated by deducting the total of the
“Changes in Operating Assets and Liabilities” from the “Cash Flows from
Operating Activities”, and further deducting the “Repayments of lease
liabilities” in the “Cash Flows from Financing Activities” from it, in
the Condensed Consolidated Statements of Cash Flows.
6. The description order of reporting segments has been changed in the segment
information from the three-month period ended June 30, 2021, and this change
also applies for three-month period ended June 30, 2020.
7. As described in the Note in Condensed Consolidated Statements of Income, we
have reconsidered the presentation of revenue from certain transactions, and
have restated revenues for three-month period ended June 30, 2020, based on
the results of the reconsideration.
(7) The Fire Incident of Intercontinental Terminals Company LLC
On March 17, 2019 (US time) a fire began at the Deer Park tank terminal of
Intercontinental Terminals Company LLC (“ITC”), a wholly owned U.S.
subsidiary of Mitsui & Co., Ltd. The Deer Park tank terminal is located in
the outskirts of Houston, Texas. The fire partially damaged tanks owned by
ITC. ITC has resumed its operation after discussions with related authorities.
Harris County Fire Marshal's Office released its final report with respect to
the fire incident on December 6, 2019 (US time) and the report classified the
fire as accidental, while not specifying the cause of the fire. The cause of
the fire is still under investigation by other relevant authorities.
The profit and loss related to this incident recognized in the three-month
period ended June 30, 2021 and 2020, and the outstanding balance of related
provision as of June 30, 2021 are immaterial.
There are multiple lawsuits that have been brought against ITC in relation to
this incident. These lawsuits are at the early stages and the ultimate outcome
of these lawsuits is not expected to have significant impact on our
consolidated financial position, operating results and cash flow.
(8) Taxation on Capital Gain in India
Earlyguard Limited (“EG”), a UK subsidiary of Mitsui & Co., Ltd.,
received a tax payment notice dated January 21, 2020 which requested payment
of 24.0 billion Indian Rupees (¥36.0 billion) from Indian tax authority.
The taxable income of this notice is the capital gain on sales of Finsider
International Company Limited (a UK company that owned 51% of Sesa Goa, an
Indian iron ore company) shares held by EG in April 2007. Although EG treated
the capital gain properly according to the tax laws at that time, the tax
payment notice has been issued. On February 17, 2021, EG commenced arbitration
under the UK-India bilateral investment treaty in order to dispute this tax
payment notice.
The company does not expect a significant impact on our consolidated financial
position, operating results and cash flow at this stage.
(9) Impact of the Security Situation in Northern Mozambique on LNG Project
The Company participates in the Mozambique LNG Project through Mitsui E&P
Mozambique Area 1 Limited, its joint venture in the Energy Segment. In April
2021, all project personnel evacuated the project site due to the
deteriorating security situation in northern Mozambique where the project site
is located, and on April 26, the project operator, TotalEnergies SE of France,
announced that it had declared force majeure under the Joint Operating
Agreement.
While the prospect of this project is still under examination, the company do
not expect a significant impact on our consolidated financial position,
operating results and cash flow at this stage.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210803005450/en/
(https://www.businesswire.com/news/home/20210803005450/en/)
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